SENSEX NIFTY
Maruti Suzuki India | Auditor's Report > Auto - Cars & Jeeps > Auditor's Report from Maruti Suzuki India - BSE: 532500, NSE: MARUTI
YOU ARE HERE > MONEYCONTROL > MARKETS > AUTO - CARS & JEEPS > AUDITORS REPORT - Maruti Suzuki India

Maruti Suzuki India

BSE: 532500|NSE: MARUTI|ISIN: INE585B01010|SECTOR: Auto - Cars & Jeeps
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 27, 15:46
5511.05
-55.45 (-1%)
VOLUME 43,238
LIVE
NSE
Sep 27, 15:59
5511.40
-57.5 (-1.03%)
VOLUME 427,991
« Mar 15
Auditor's Report (Maruti Suzuki India) Year End : Mar '16
1.  We have audited the accompanying standalone financial statements of
 Maruti Suzuki India Limited (the Company), which comprise the Balance
 Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash
 Flow Statement for the year then ended, and a summary of the
 significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 2.  The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these standalone financial statements to
 give a true and fair view of the financial position, financial
 performance and cash flows of the Company in accordance with the
 accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014 and Accounting Standard
 30, Financial Instruments: Recognition and Measurement issued by the
 Institute of Chartered Accountants of India to the extent it does not
 contradict any other accounting standard referred to in Section 133 of
 the Act read with Rule 7 of Companies (Accounts) Rules, 2014. This
 responsibility also includes maintenance of adequate accounting records
 in accordance with the provisions of the Act for safeguarding of the
 assets of the Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, that were operating effectively for
 ensuring the accuracy and completeness of the accounting records,
 relevant to the preparation and presentation of the financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 3. Our responsibility is to express an opinion on these standalone
 financial statements based on our audit.
 
 4. We have taken into account the provisions of the Act and the Rules
 made thereunder including the accounting standards and matters which
 are required to be included in the audit report.
 
 5. We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act and other applicable
 authoritative pronouncements issued by the Institute of Chartered
 Accountants of India. Those Standards and pronouncements require that
 we comply with ethical requirements and plan and perform the audit to
 obtain reasonable assurance about whether the financial statements are
 free from material misstatement.
 
 6.  An audit involves performing procedures to obtain audit evidence
 about the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditors'' judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view, in order to design audit procedures that are
 appropriate in the circumstances. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 7.  We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 standalone financial statements.
 
 Opinion
 
 8. In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid standalone financial
 statements give the information required by the Act in the manner so
 required and give a true and fair view in conformity with the
 accounting principles generally accepted in India, of the state of
 affairs of the Company as at March 31, 2016, and its profit and its
 cash flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 9.  As required by ''the Companies (Auditor''s Report) Order, 2016'',
 issued by the Central Government of India in terms of sub-section (11)
 of section 143 of the Act (hereinafter referred to as the Order), and
 on the basis of such checks of the books and records of the Company as
 we considered appropriate and according to the information and
 explanations given to us, we give in the Annexure A, a statement on the
 matters specified in paragraphs 3 and 4 of the Order.
 
 10. As required by Section 143 (3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our Knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and
 Accounting Standard 30, Financial Instruments: Recognition and
 Measurement issued by the Institute of Chartered Accountants of India
 to the extent it does not contradict any other accounting standard
 referred to in Section 133 of the Act read with Rule 7 of Companies
 (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on March 31, 2016 taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2016
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the adequacy of the internal financial controls
 over financial reporting of the Company and the operating effectiveness
 of such controls, refer to our separate Report in Annexure B.
 
 (g) With respect to the other matters to be included in the Auditors''
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our knowledge and belief
 and according to the information and explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations as at
 March 31, 2016 on its financial position in its standalone financial
 statements – Refer Notes 7 and 32;
 
 ii. The Company has long-term contracts including derivative contracts
 as at March 31, 2016 for which there were no material foreseeable
 losses.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company during the year ended March 31, 2016.
 
 Annexure A to Independent Auditors'' Report
 
 Referred to in paragraph 9 of the Independent Auditors'' Report of even
 date to the members of Maruti Suzuki India Limited on the standalone
 financial statements as of and for the year ended March 31, 2016.
 
 i. (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 The fixed assets of the Company have been physically verified by the
 Management during the year except furniture and fixtures, office
 appliances and certain other fixed assets having an aggregate net book
 value of 2,141 million. The discrepancies noticed on such verification
 were not material and have been properly dealt with in the books of
 account. In our opinion, the frequency of verification is reasonable.
 
 (b) The title deeds of immovable properties, as disclosed in Note 12 on
 fixed assets to the financial statements, are held in the name of the
 Company, except for the two immovable properties which amounts to gross
 block of Rs. 16 million and net block of Rs. 14 million whose title
 deeds are not held in the Company''s name.
 
 ii. The physical verification of inventory excluding stocks with third
 parties and tools and machinery spares having an aggregate value of Rs.
 1,957 million have been conducted at reasonable intervals by the
 Management during the year. In respect of inventory lying with third
 parties, these have substantially been confirmed by them. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 iii. The Company has not granted any loans, secured or unsecured, to
 companies, firms, Limited Liability Partnerships or other parties
 covered in the register maintained under Section 189 of the Act.
 Therefore, the provisions of Clause 3(iii), (iii) (a), (iii)(b) and
 (iii)(c) of the said Order are not applicable to the Company.
 
 iv. The Company has not granted any loans or made any investments, or
 provided any guarantees or security to the parties covered under
 Section 185 and 186. Therefore, the provisions of Clause 3(iv) of the
 said Order are not applicable to the Company.
 
 v. The Company has not accepted any deposits from the public within the
 meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed
 there under to the extent notified.
 
 vi. Pursuant to the rules made by the Central Government of India, the
 Company is required to maintain cost records as specified under Section
 148(1) of the Act in respect of its products. We have broadly reviewed
 the same, and are of the opinion that, prima facie, the prescribed  
 accounts and records have been made and maintained. We have not,
 however, made a detailed examination of the records with a view to
 determine whether they are accurate or complete.
 
 vii. (a) According to the information and explanations given to us and
 the records of the Company examined by us, in our opinion, the Company
 is generally regular in depositing undisputed statutory dues in respect
 of Income Tax and Service Tax, and is regular in depositing undisputed
 statutory dues, including provident fund, employees'' state insurance,
 sales tax, duty of customs , duty of excise , value added tax, cess and
 other material statutory dues, as applicable, with the appropriate
 authorities.
 
 (b) According to the information and explanations given to us and the
 records of the Company examined by us, the particulars of dues of
 income tax, sales tax, service tax, duty of customs and duty of excise,
 value added tax as at March 31, 2016 which have not been deposited on
 account of a dispute, are as follows:
 
                                      Amount under     Amount deposited
 Name of the statute                  dispute          under dispute
                                     (Rs. In million) (Rs. In million)
 
 Income Tax Act, 1961 (Tax & Interest)    34,261           5,169
 
 Wealth Tax Act, 1957 (Tax)                    1               1
 
 The Central Excise Act, 1944 (Duty,      17,444           2,096 
 Interest & Penalty)
 
 The Finance Act, 1994 (Service Tax,       3,455             126 
 Interest & Penalty)
 
 Haryana General Sales Tax Act                 3               0
 (Tax & Interest)
 
 Delhi Sales Tax Act (Tax)                    48              18
 
 Customs Act, 1962 (Duty & Interest)         129              22
 
 Name of the Statute     Period to which the   Forum where the dispute
                         amount relates        is pending
 
 Income Tax Act,1961     1991 to 2014          Income Tax Appellate 
                                               Tribunal/ High Court/
                                               AO(TDS)
 
 Wealth Tax Act,1957     1997 to 1998          High Court
 
 The Central Excise
 Act,1944                May 1989 to           Customs Excise & Service 
                                               Tax 
                         October 2015          Appellate Tribunal/ High
                                               Court/ Supreme Court
 
 The Finance Act,1994    July 2003 to          Customs Excise & Service
                         December 2014         Tax Appellate Tribunal/
                                               Commissioner (Appeals)
 
 Haryana General 
 Sales Tax Act           1983 to 1988          Assessing authority
 
 Delhi Sales Tax Act     1987 to 1991          Additional Commissioner
 
 Customs Act, 1962       May 1991 to           Commissioner Customs
                         March 2014
 
 viii. According to the records of the Company examined by us and the
 information and explanation given to us, the Company has not defaulted
 in repayment of loans or borrowings to any financial institution or
 bank or Government or dues to debenture holders as at the balance sheet
 date.
 
 ix. The Company has not raised any moneys by way of initial public
 offer, further public offer (including debt instruments) and term
 loans. Accordingly, the provisions of Clause 3(ix) of the Order are not
 applicable to the Company.
 
 x. During the course of our examination of the books and records of the
 Company, carried out in accordance with the generally accepted auditing
 practices in India, and according to the information and explanations
 given to us, we have neither come across any instance of material fraud
 by the Company or on the Company by its officers or employees, noticed
 or reported during the year, nor have we been informed of any such case
 by the Management.
 
 xi. The Company has paid/ provided for managerial remuneration in
 accordance with the requisite approvals mandated by the provisions of
 Section 197 read with Schedule V to the Act.
 
 xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014
 are not applicable to it, the provisions of Clause 3(xii) of the Order
 are not applicable to the Company.
 
 xiii. The Company has entered into transactions with related parties in
 compliance with the provisions of Sections 177 and 188 of the Act. The
 details of such related party transactions have been disclosed in the
 financial statements as required under Accounting Standard (AS) 18,
 Related Party Disclosures specified under Section 133 of the Act, read
 with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 xiv. The Company has not made any preferential allotment or private
 placement of shares or fully or partly convertible debentures during
 the year under review. Accordingly, the provisions of Clause 3(xiv) of
 the Order are not applicable to the Company.
 
 xv. The Company has not entered into any non-cash transactions with its
 directors or persons connected with him. Accordingly, the provisions of
 Clause 3(xv) of the Order are not applicable to the Company.
 
 xvi. The Company is not required to be registered under Section 45-IA
 of the Reserve Bank of India Act, 1934. Accordingly, the provisions of
 Clause 3(xvi) of the Order are not applicable to the Company.
 
 
  
                                             For Price Waterhouse
 
                                Firm Registration Number: 301112E
 
                                            Chartered Accountants
 
                                                    ANUPAM DHAWAN
 
                                                          Partner 
 
                                       Membership Number - 084451 
 
 Place: New Delhi 
 
 Date: Apri 26, 2016
Source : Dion Global Solutions Limited
Quick Links for marutisuzukiindia
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.