SENSEX NIFTY
Tata Motors | Auditor's Report > Auto - LCVs & HCVs > Auditor's Report from Tata Motors - BSE: 500570, NSE: TATAMOTORS
YOU ARE HERE > MONEYCONTROL > MARKETS > AUTO - LCVS & HCVS > AUDITORS REPORT - Tata Motors
Tata Motors
BSE: 500570|NSE: TATAMOTORS|ISIN: INE155A01022|SECTOR: Auto - LCVs & HCVs
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Sep 01, 16:01
329.60
-10.55 (-3.1%)
VOLUME 1,101,980
LIVE
NSE
Sep 01, 16:01
329.90
-10.25 (-3.01%)
VOLUME 8,606,005
« Mar 14
Auditor's Report (Tata Motors) Year End : Mar '15
We have audited the accompanying financial statements of TATA MOTORS
 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 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 the financial statements that give a true and fair view
 and are free from material misstatement, whether due to fraud or error.
 
 Auditor's 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 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 loss 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 of India in terms of
 sub-section (11) of Section 143 of the Companies Act, 2015, we give in
 the Annexure a statement on the matters specified in paragraphs 3 and 4
 of the Order, to the extent applicable.
 
 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 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 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 - Refer Note 28 and Note
 45
 
 (i) to the financial statements;
 
 ii.  The Company has made provisions as required under the applicable
 laws or accounting standards for material foreseeable losses on long -
 term contracts including derivative contracts- Refer Note 43 to the
 financial statements;
 
 iii. There were no amounts which were 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 to the Members of Tata
 Motors Limited)
 
 (i) In respect of its 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 all the
 fixed assets at reasonable intervals. According to the information and
 explanations given to us, no material discrepancies were noticed on
 such verification.
 
 (ii) In respect of its inventories:
 
 (a) As explained to us, the stock of finished goods and
 work-in-progress in the Company's custody have been physically verified
 by the Management as at the end of the financial year, before the
 year-end or after the year-end, other than a significant part of the
 spare parts held for sale, and raw materials in the Company's custody
 for both of which, there is a perpetual inventory system and a
 substantial portion of the stocks have been verified during the year.
 In our opinion, the frequency of verification is reasonable. In case of
 materials and spare parts held for sale lying with third parties,
 certificates confirming stocks have been received periodically for
 stocks held during the year and for a substantial portion of such
 stocks held at the year-end;
 
 (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.
 
 (iii) According to the information and explanations given to us, the
 Company has granted loans, secured or unsecured, to companies, firms or
 other parties covered in the Register maintained under Section 189 of
 the Companies Act, 2013. In respect of such loans:
 
 (a) The receipts of principal amounts and interest have been as per
 stipulations.
 
 (b) There is no overdue amount in excess of Rs. 1 lakh remaining
 outstanding as at the year-end.
 
 (iv) 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.
 
 (v) According to the information and explanations given to us, the
 Company has not accepted any deposit during the year. In respect of
 unclaimed deposits, the Company has complied with the provisions of
 Sections 73 to 76 or any other relevant provisions of the Companies
 Act.
 
 (vi) We have broadly reviewed the cost records maintained by the
 Company pursuant to the Companies (Cost Accounting Records) Rules, 2014
 as amended and prescribed by the Central Government under sub-section
 (1) of Section 148 of the Companies Act, 2013, and are of the opinion
 that prima facie, the prescribed cost records have been made and
 maintained. We have, however, not made a detailed examination of the
 cost records with a view to determine whether they are accurate or
 complete.
 
 (vii) 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, Wealth Tax, Service Tax, Customs Duty, Excise
 Duty, Cess and other material statutory dues applicable to it with the
 appropriate authorities. We are informed by the Company that the
 Employees' State Insurance Act, 1948 is applicable only to certain
 locations of the Company.  With regard to the contribution under the
 Employees' Deposit Linked Insurance Scheme, 1976 (the Scheme), we are
 informed that the Company has its own Life Cover Scheme, and
 consequently, an application has been made seeking an extension of
 exemption from contribution to the Scheme, which is awaited.
 
 (b) There were no undisputed amounts payable in respect of Provident
 Fund, Investor Education and Protection Fund, Employees' State
 Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs
 Duty, Excise Duty, 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, Service Tax, Customs
 Duty, Excise Duty and Cess which have not been deposited as on March
 31,2015 on account of disputes are given below :
 
 Name of Statute          Nature of Dues       Forum where Dispute is
                                               pending
 
 Income Tax Act 1961      Income Tax           Commissioner (Appeals)
 
                          Income Tax           Appellate Tribunal
 
 Central Excise Laws      Excise Duty &        Tribunal
                          Service Tax
 
                          Excise Duty &        Commissioner (Appeals)
                          Service Tax
 
 Sales Tax Laws           Sales Tax            Supreme Court
 
                          Sales Tax            High Court
 
                          Sales Tax            Tribunal
 
 Sales Tax Laws           Sales Tax            Commissioner
 
                          Sales Tax            Joint Commissioner
 
                          Sales Tax            Addl Commissioner
 
                          Sales Tax            Deputy Commissioner
 
                          Sales Tax            Astt Commissioner
 
                          Sales Tax            Trade Tax Officer
 
 Custom Laws              Custom Duty          High Court
 
                                               CESTAT
 
 Name of Statute         Period to which the Amount Relates
 
 Income Tax Act 1961     2004-05, 2005-06, 2008-09, 2010-11
 
                         2008-09, 2009-10, 2010-11
 
 Central Excise Laws     1991-92, 1993-94, 2005-06 to 2014-15
 
                         1984-85, 1995-96, 2010-11 to 2013-14
 
 Sales Tax Laws          1995-96
 
                         1984-85   to 1988-89,1990-91, 1993-94,
                         1994-95,1997-98, 1999-00, 2000-01,
                         2001-02, 2002-03 to 2004-05
 
                         1985-86 to 1989-90, 1992-93, 1995-96 to 1998-
                         99, 2000-01, 2002-03, 2003-04,
                         2004-05, 2006-07, 2007-08, 2010-11,
 
 Sales Tax Laws          1996-97, 1998-99, 2001-02, 2007-2008, 2008-
                         2009
 
                         1993-94, 1997-98, 2001-02 to 2009-10, 2011-12
                         to 2014-15
 
                         1989-90, 1997-98, 2003-04, 2007-2008 to 2012-
                         13, 2014-15
 
                         1979-80, 1986-87, 1991-92, 1992-93,
                         1994-95, 1995-96, 1999-00 to 2010-11, 2013-
                         14, 2014-15
 
                         1990-91, 1995-96, 1997-98, 2006-07,
                         2008-09 to 2011-12
 
                         1986-87, 1990-91,1991-92, 1993-94, 1996-97,
                         1997-98, 1999-00, 2000-01, 2010-11
 
 Custom Laws             2008-09
 
                         1998-99
 
 Name of Statute                         Amount
                                         Involved
                                      (Rs. In crores)
 
 Income Tax Act 1961                       23.46
 
                                            7.25
 
 Central Excise Laws                    2,317.87
 
                                            5.41
 
 
 Sales Tax Laws                            13.01
 
                                          152.58
 
                                           27.69
 
 Sales Tax Laws                             0.43
 
                                          449.53
 
                                           37.86
 
                                           72.42
 
                                            4.49
 
                                            3.32
 
 Custom Laws                                4.38
 
 (d) The Company has been generally regul   0.08ar in transferring amounts to
 the Investor Education and Protection Fund in accordance with the
 relevant provisions of the Companies Act, 1956 (1 of 1956) and Rules
 made thereunder within time.
 
 (viii) The accumulated losses of the Company at the end of the
 financial year are less than fifty per cent of its net worth and the
 Company has incurred cash losses during the financial year covered by
 our audit but has not incurred cash losses in the immediately preceding
 financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repayment of dues to
 financial institutions, banks and debenture holders.
 
 (x) According to the information and explanations given to us, the
 Company has not given guarantees for loans taken by others from banks
 or financial institutions.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied by the Company during the
 year for the purposes for which they were obtained, other than
 temporary deployment pending application.
 
 (xii) To the best of our knowledge 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's Registration No.117366W / W100018)
 
                                                             B.P. SHROFF
                                                                 Partner
                                                  (Membership No. 34382)
 
 Place: Mumbai
 Date: May 26, 2015
Source : Dion Global Solutions Limited
Quick Links for tatamotors
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.