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Tata Consultancy Services
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« Mar 14
Auditor's Report (Tata Consultancy Services) Year End : Mar '15
We have audited the accompanying financial statements of Tata
 Consultancy Services Limited (''the Company''), which comprise the
 Balance Sheet as at March 31, 2015 and 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.
 
 Management''s Responsibility for the Financial Statements
 
 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 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 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. This responsibility also includes
 maintenance of adequate accounting records in accordance with the
 provisions of the Act for safeguarding 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 these 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 have taken into account the provisions of the Act, the accounting
 and auditing standards and matters which are required to be included in
 the audit report under the provisions of the Act and the Rules made
 thereunder.
 
 We conducted our audit in accordance with the Standards on Auditing
 specified under Section 143(10) of the Act. 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 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 Board of Directors,
 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 on the financial
 statements.
 
 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, 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
 
 1. As required by the Companies (Auditor''s Report) Order, 2015 (''the
 Order'') issued by the Central Government in terms of Section 143(11) of
 the Act, we give in the Annexure a statement on the matters specified
 in paragraphs 3 and 4 of the Order.
 
 2. 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 financial statements comply with the
 Accounting Standards specified under 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, 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 Auditors''
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i) The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements as of March 31, 2015;
 
 ii) The Company has made provision in its financial statements, as
 required under the applicable law or accounting standards, for material
 foreseeable losses on long term contracts;
 
 iii) There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 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. In respect of the fixed assets of the Company:
 
 (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.
 
 2. In respect of the inventories of the Company:
 
 (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.
 
 3. 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.
 
 4. 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 purchase 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.
 
 5. In our opinion and according to the information and explanations
 given to us, the Company has not accepted deposits during the year and
 does not have any unclaimed deposits. Therefore, the provisions of the
 clause 3 (v) of the Order are not applicable to the Company.
 
 6. The provisions of clause 3 (vi) of the Order are not applicable to
 the Company as the Company is not covered by the Companies (Cost
 Records and Audit) Rules, 2014.
 
 7. 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, Employees'' State Insurance,
 Income Tax, Sales Tax and Value Added Tax, Wealth Tax, Service Tax,
 duty of Customs, duty of Excise, 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, Employees'' State Insurance, Income Tax, Sales Tax and Value Added
 Tax, Wealth Tax, Service Tax, duty of Customs, duty of Excise, Cess and
 other material statutory dues in arrears as at March 31, 2015 for a
 period of more than six months from the date they became payable.
 
 (c) Details of dues of Income Tax, Sales Tax and Value Added Tax and
 Service Tax which have not been deposited as at March 31, 2015 on
 account of dispute are given below:
 
 Particulars   Period to which 
               the amount relates   Forum where the dispute is   Amount
                                    pending                      (Rs.
                                                                 crores)
 
 Income Tax    2005-06, 2008-09    Income Tax Appellate Tribunal  157.16
 
               2007- 08, 2008-09, 
               2009-10, 2012-13    Commissioner of Income Tax
                                   (Appeals)                      505.15
 
 Sales Tax and 2001-02, 2003-04, 
               2004-05, 2005-06,   High court                      22.82
 Value Added 
 Tax           2007-08, 2009-10,
               2012-13
 
               2002-03, 2003-04, 
               2004-05, 2005-06,   Tribunal                         7.06
 
               2006- 07, 2007-08
 
               2008- 09, 2009-10, 
               2010-11             Deputy Commissioner              7.56
 
               2005-06, 2009-10,
               2010-11, 2011-12, 
               2013-14             Joint Commissioner               4.42
 
               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              12.12
               2008- 09, 2009-10
 
               2008-09, 2009-10    Commissioner of Service Tax 
                                   (Appeals)                        0.15
 
 There were no dues of Wealth Tax, duty of Customs, duty of Excise and
 Cess which have not been deposited as at March 31, 2015 on account of
 dispute.
 
 (d) The Company has been regular in transferring amounts to the
 Investor Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 1956 and Rules made thereunder within
 time.
 
 8. 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.
 
 9. 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 during the year and did not have any amount outstanding to
 financial institutions or debenture holders.
 
 10. In our opinion and according to the information and explanations
 given to us, the terms and conditions of the guarantee given by the
 Company for loan taken by a subsidiary from a bank is not prima facie
 prejudicial to the interest of the Company.
 
 11. According to the information and explanations given to us, the
 Company did not avail any term loan during the year.
 
 12. 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, 2015
 
 
Source : Dion Global Solutions Limited
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