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Tata Consultancy Services
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« Mar 13
Auditor's Report (Tata Consultancy Services) Year End : Mar '14
We have audited the accompanying financial statements of Tata
 Consultancy Services Limited (the Company), which comprise the
 Balance Sheet as at March 31, 2014, the Statement of Profit and Loss
 and the Cash Flow Statement for the year then ended, and a summary of
 the significant accounting policies and other explanatory information.
 
 Managements Responsibility for the Financial Statements
 
 The Companys Management is responsible for the preparation of these
 financial statements that give a true and fair view of the financial
 position, financial performance and cash flows of the Company in
 accordance with the Accounting Standards notified under the Companies
 Act, 1956 (the Act) (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs)
 and in accordance with the accounting principles generally accepted in
 India. This responsibility includes the design, implementation and
 maintenance of internal control 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
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those Standards 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.
 
 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 control relevant to the
 Companys preparation and fair presentation of the financial statements
 in order to design audit procedures that are appropriate in the
 circumstances, but not for the purpose of expressing an opinion on the
 effectiveness of the Companys internal control. An audit also includes
 evaluating the appropriateness of the accounting policies used and the
 reasonableness of the accounting estimates made by the Management, as
 well as evaluating the overall presentation of the financial
 statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the aforesaid 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:
 
 (a) in the case of the Balance Sheet, of the state of affairs of the
 Company as at March 31, 2014;
 
 (b) in the case of the Statement of Profit and Loss, of the profit of
 the Company for the year ended on that date; and
 
 (c) in the case of the Cash Flow Statement, of the cash flows of the
 Company for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditors Report) Order, 2003 (the
 Order) issued by the Central Government in terms of Section 227(4A) of
 the Act, we give in the Annexure a statement on the matters specified
 in paragraphs 4 and 5 of the Order.
 
 2.  As required by Section 227(3) of the Act, we report that:
 
 (a) We have 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 Balance Sheet, the Statement of Profit and
 Loss, and the Cash Flow Statement comply with the Accounting Standards
 notified under the Act (which continue to be applicable in respect of
 Section 133 of the Companies Act, 2013 in terms of General Circular
 15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs).
 
 (e) On the basis of the written representations received from the
 Directors, taken on record by the Board of Directors, none of the
 directors is disqualified as at March 31, 2014 from being appointed as
 a director in terms of Section 274(1)(g) of the Act.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS REPORT
 
 (Referred to in paragraph 1 under Report on Other Legal and Regulatory
 Requirements section of our report of even date)
 
 1.  Having regard to the nature of the Companys business / activities
 during the year, clause(xiii) of paragraph 4 of the Order is not
 applicable to the Company.
 
 2.  In respect of the Companys fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of fixed assets.
 
 (b) The fixed assets were physically verified during the year by the
 Management in accordance with a regular programme of verification
 which, in our opinion, provides for physical verification of the fixed
 assets at reasonable intervals. According to the information and
 explanations given to us, no material discrepancies were noticed on
 such verification.
 
 (c) The fixed assets disposed off during the year, in our opinion, do
 not constitute a substantial part of the fixed assets of the Company
 and such disposal has, in our opinion, not affected the going concern
 status of the Company.
 
 3.  In respect of the Companys inventories:
 
 (a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 4.  The Company has neither granted nor taken any loans, secured or
 unsecured, to / from companies, firms or other parties covered in the
 Register maintained under Section 301 of the Act.
 
 5.  In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 purchased are of special nature and suitable alternative sources are
 not readily available for obtaining comparable quotations, there is an
 adequate internal control system commensurate with the size of the
 Company and the nature of its business with regard to purchases of
 inventory and fixed assets and the sale of goods and services. During
 the course of our audit, we have not observed any major weakness in
 such internal control system.
 
 6.  According to the information and explanations given to us, the
 Company has not entered into any contract or arrangement with
 companies, firms or other parties during the year covered in the
 Register maintained under Section 301 of the Act.
 
 7.  In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits from the public.
 Therefore, the provisions of the clause 4 (vi) of the Order are not
 applicable to the Company.
 
 8.  In our opinion, the internal audit functions carried out during the
 year by an external agency appointed by the Management have been
 commensurate with the size of the Company and the nature of its
 business.
 
 9.  We have broadly reviewed the cost records maintained by the Company
 pursuant to the Companies (Cost Accounting Records) Rules, 2011
 prescribed by the Central Government under Section 209(1)(d) of the Act
 and are of the opinion that, prima facie, the prescribed cost records
 have been maintained. We have, however, not made a detailed examination
 of the records with a view to determine whether they are accurate or
 complete.
 
 10.  According to the information and explanations given to us, in
 respect of statutory dues:
 
 (a) The Company has generally been regular in depositing undisputed
 statutory dues, including Provident Fund, Investor Education and
 Protection Fund, Employees State Insurance, Income Tax, Sales Tax and
 Value Added Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty,
 Cess and other material statutory dues applicable to it with the
 appropriate authorities.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employees State
 Insurance, Income Tax, Sales Tax and Value Added Tax, Wealth Tax,
 Service Tax, Customs Duty, Excise Duty, Cess and other material
 statutory dues in arrears as at March 31, 2014 for a period of more
 than six months from the date they became payable.
 
 (c) Details of dues of Sales Tax and Value Added Tax, Service Tax and
 Income Tax which have not been deposited as at March 31, 2014 on
 account of disputes are given below:
 
 
 
 Particulars    Period to which the 
                amount relates           Forum where the 
                                         dispute is pending       Amount
                                                                   (Rs.  
                                                                 crores)
 
 Sales Tax and  2001-02, 2003-04, 
                2004-05, 2005-06,        High Court                19.19
 
 Value Added 
 Tax            2007-08, 2009-10
 
                2002-03, 2003-04, 
                2004-05, 2005-06,        Tribunal                   7.27
                2006-07, 2007-08
 
                2007-08,2008-09 2009-10, 
                2010-11                  Deputy Commissioner        6.96
 
                2009-10                  Commissioner of
                                         Sales Tax                  0.01
 
                2004-05, 2005-06, 
                2006-07,2007-08          Joint Commissioner         7.24
 
                2008-09,2009-10, 
                2010-11, 2012-13
 
                2001-02,2005-06, 2011-12 Assistant 
                                         Commissioner               0.49
 
                2007-08,2008-09, 2009-10 Additional 
                                         Commissioner               0.02
 
 Service Tax    2004-05,2005-06, 
                2006-07,2007-08,         Appellate Tribunal        11.61
                2008-09, 2009-10
 
                2008-09, 2009-10         Joint Commissioner         0.02
 
 Income Tax     2005-06, 2008-09         Appellate Tribunal       157.16
 
                2007-08, 2008-09, 
                2009-10                  Commissioner of 
                                         Income Tax (Appeals)     999.51
 
 
 There were no dues of Wealth Tax, Customs Duty, Excise Duty and Cess
 which have not been deposited as at March 31, 2014 on account of
 disputes.
 
 11.  The Company does not have accumulated losses. The Company has not
 incurred cash losses during the financial year covered by our audit and
 in the immediately preceding financial year.
 
 12.  In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to a
 bank. Further, in our opinion and according to information and
 explanations given to us, the Company did not have any amount
 outstanding to financial institutions or debenture holders.
 
 13.  In our opinion and according to the information and explanations
 given to us, the Company has not granted loans and advances on the
 basis of security by way of pledge of shares, debentures and other
 securities.
 
 14.  In our opinion and according to the information and explanations
 given to us, the Company is not dealing in shares, securities and
 debentures. Therefore, the provisions of clause 4(xiv) of the Order are
 not applicable to the Company.
 
 15.  In our opinion and according to the information and explanations
 given to us, having regard to the fact that the subsidiary is wholly
 owned, the terms and conditions of the guarantee given by the Company
 for loan taken by the subsidiary from a bank are not prima facie
 prejudicial to the interest of the Company.
 
 16.  According to the information and explanations given to us, the
 Company did not avail any term loan during the year.
 
 17.  In our opinion and according to the information and explanations
 given to us, and on an overall examination of the Balance Sheet of the
 Company, we report that funds raised on short-term basis have prima
 facie not been used during the year for long- term investment.
 
 18.  According to the information and explanations given to us, during
 the year covered by our audit, the Company has not made preferential
 allotment of equity shares to parties and companies covered in the
 register maintained under Section 301 of the Act.
 
 19.  According to the information and explanations given to us, during
 the year covered by our report, the Company has not issued any secured
 debentures.
 
 20.  During the year covered by our report, the Company has not raised
 any money by way of public issue.
 
 21.  To the best of our knowledge and belief and according to the
 information and explanations given to us, no fraud by the Company and
 no material fraud on the Company has been noticed or reported during
 the year.
 
 
 
                                      For DELOITTE HASKINS & SELLS LLP
  
                                                 Chartered Accountants
 
                               (Firm Registration No. 117366W/W-100018)
 
 
 
 
                                                          P. R. RAMESH
 
                                                               Partner 
 
                                                 (Membership No. 70928) 
 
 Mumbai, April 16, 2014
Source : Dion Global Solutions Limited
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