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Maruti Suzuki India
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« Mar 14
Auditor's Report (Maruti Suzuki India) Year End : Mar '15
 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, 2015, 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 the 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 auditor''s 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, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. 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, 2015, 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, 2015'',
 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 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 the
 Companies  (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on March 31, 2015, and taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015,
 from being appointed as a director in terms of Section 164 (2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 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, 2015, on its financial position in its standalone financial
 statements - Refer Note 7 & 32.
 
 ii.  The Company has long-term contracts including derivative contracts
 as at March 31, 2015 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, 2015.
 
 Annexure 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, 2015.
 
 i.  (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 (b) 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 assets having an aggregate net book value
 of Rs. 2,638 million and no material discrepancies have been noticed on
 such verification. In our opinion, the frequency of verification is
 reasonable.
 
 ii.  (a) The inventory excluding stocks with third parties and tools
 and machinery spares having an aggregate value of Rs. 1,585
 million has been physically verified by the Management during the year.
 In respect of inventory lying with third parties, these have
 substantially been confirmed by them. In our opinion, the frequency of
 verification is reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the Management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c) On the basis of our examination of the inventory records, in our
 opinion, the Company is maintaining proper records of inventory. 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 or other parties covered in the register maintained
 under Section 189 of the Act. Therefore, the provisions of Clause
 3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to
 the Company.
 
 iv.  In our opinion and according to the information and explanations
 given to us, having regard to the explanation that, except for certain
 items of inventory/fixed assets which are of special nature for which
 suitable alternative sources do not exist, there is an adequate
 internal control system commensurate with the size of the Company and
 the nature of its business for the purchase of inventory, fixed assets
 and for the sale of goods and services.  Further, on the basis of our
 examination of the books and records of the Company, and according to
 the information and explanations given to us, we have neither come
 across nor have been informed of any continuing failure to correct
 major weaknesses in the aforesaid internal control system.
 
 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.  The Central Government of India has not specified the maintenance
 of cost records under sub-section (1) of Section 148 of the Act for any
 of the products of the Company.
 
 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 the undisputed statutory dues in
 respect of income tax, service tax and is regular including provident
 fund, employees'' state insurance, sales tax, wealth 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, wealth tax, service tax, duty of customs and
 duty of excise, value added tax or cess as at March 31, 2015 which have
 not been deposited on account of a dispute, are as follows:
 
 Name of the statute             Amount under          Amount deposited
 where                          dispute                under dispute
 
                               (Rs. in  million)      ( Rs. in  million)
 
 Income Tax Act, 1961 (Tax           28,620                 7,136
 & Interest)
 
 
 Wealth Tax Act, 1957 (Tax)               1                     1
 
 Haryana General Sales Tax                3                     -
 Act ( Tax & Interest)
 
 Delhi Sales Tax Act (Tax)               50                     2
 
 The Central Excise Act,             17,429                   384
 1944 (Duty, Interest &
 Penalty)
 
 
 The Finance Act, 1994                4,940                    20
 
 (Service Tax, Interest &
 Penalty)
 
 Customs Act, 1962 (Duty &              135                    22
 Interest)
 
 Name of the statute          Period to which       Forum where dispute
                              the amount            is pending
                              relates
 
 Income Tax Act,
 1961 (Tax                   1991 to 2015          Income Tax Appellate
 & Interest)                                       Tribunal/ High Court/
                                                   AO(TDS)
 
 Wealth Tax Act,
 1957 (Tax)                  1997 to 1998          High Court
 
 Haryana General
 Sales Tax                   1983 to 1988          Assessing Authority
 Act ( Tax & Interest)
 
 Delhi Sales Tax
 Act (Tax)                   1987 to 1991          Additional
                                                   Commissioner
 The Central Excise
 Act,                        May1989 to            Customs Excise &
                                                   Service
 1944 (Duty,
 Interest &                  December 2014         Tax Appellate
                                                   Tribunal/
 Penalty)                                          High Court/ Supreme
                                                   Court
 
 The Finance Act,
 1994                        July 2003 to          Customs Excise &
                                                   Service
 (Service Tax,
 Interest &                  December 2014         Tax Appellate
                                                   Tribunal/
 Penalty)                                         Commissioner (Appeals)
 
 Customs Act, 1962
 (Duty &                     May 1991 to          Commissioner Customs
 Interest)                   March 2014
 
 c) The amount required to be transferred to Investor Education and
 Protection Fund has been transferred within the stipulated time in
 accordance with the provisions of the Companies Act, 1956 and the rules
 made thereunder.
 
 viii. The Company has no accumulated losses as at the end of the
 financial year and it has not incurred any cash losses in the financial
 year ended on that date or in the immediately preceding financial year.
 
 ix.  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 dues to any financial institution or bank or debenture
 holders as at the balance sheet date.
 
 x.  In our opinion, and according to the information and explanations
 given to us, the Company has not given any guarantee for loans taken by
 others from banks or financial institutions during the year.
 Accordingly, the provisions of Clause 3(x) of the Order are not
 applicable to the Company.
 
 xi.  In our opinion, and according to the information and explanations
 given to us, the term loans have been applied, on an overall basis, for
 the purposes for which they were obtained.
 
 xii. 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 on or by the Company, noticed or reported during the
 year, nor have we been informed of any such case by the Management.
 
                                                       Price Waterhouse
                                      Firm Registration Number: 301112E
                                                  Chartered Accountants
 
                                                          ABHISHEK RARA
                                                                Partner
                                             Membership Number - 077779
 
 Place: New Delhi
 Date : April 27, 2015
Source : Dion Global Solutions Limited
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