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TATA MOTORS LTD - DVR Ltd.

BSE: 570001 | NSE: TATAMTRDVR |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: IN9155A01020 | SECTOR: Miscellaneous

BSE Live

Apr 03, 16:00
29.60 -0.40 (-1.33%)
Volume
AVERAGE VOLUME
5-Day
430,433
10-Day
460,477
30-Day
403,520
350,879
  • Prev. Close

    30.00

  • Open Price

    29.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Apr 03, 15:59
29.55 -0.40 (-1.34%)
Volume
AVERAGE VOLUME
5-Day
2,753,508
10-Day
4,198,424
30-Day
5,090,401
1,732,848
  • Prev. Close

    29.95

  • Open Price

    29.00

  • Bid Price (Qty.)

    29.55 (1838)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. We have audited the attached Balance Sheet of TATA MOTORS LIMITED (the Company) as at March 31, 2011, the Proft and Loss Account and the Cash Flow Statement of the Company for the year ended on that date, both annexed thereto. T hese fnancial statements are the responsibility of the Companys Management. Our responsibility is to express an opinion on these fnancial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the fnancial statements are free of material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and the disclosures in the fnancial statements. An audit also includes assessing the accounting principles used and the signifcant estimates made by the Management, as well as evaluating the overall fnancial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (CARO) issued by the Central Government in terms of Section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specifed in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report as follows: (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 l aw have been kept by the Company so far as it appears from our examination of those books; (c) the Balance Sheet, the Proft and Loss Account 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 Proft and Loss Account and the Cash Flow Statement dealt with by this report are in c ompliance with the Accounting Standards referred to in Section 211(3C) of the Companies Act, 1956; (e) in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956 in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (i) in the case of the Balance Sheet, of the state of afairs of the Company as at March 31, 2011; (ii) in the case of the Proft and Loss Account, of the proft of the Company for the year ended on that date; and (iii) in the case of the Cash Flow Statement, of the cash fows of the Company for the year ended on that date. 5. On the basis of the written representations received from the Directors as on March 31, 2011 taken on record by the Board of Directors, none of the Directors is disqualifed as on March 31, 2011 from being appointed as a director in terms of Section 274(1) (g) of the Companies Act, 1956. ANNEXURE TO THE AUDITORS REPORT (Referred to in paragraph 3 of our report of even date) (i) The nature of the Companys business activities during the year are such that clauses (xiii), and (xiv) of paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (ii) In respect of its fxed assets: (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fxed assets; (b) The fxed assets were physically verifed during the year by the Management in accordance with a regular programme of verifcation which, in our opinion, provides for physical verifcation of all the fxed assets at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verifcation; (c) The fxed assets disposed of during the year, in our opinion, do not constitute a substantial part of the fxed assets of the Company and such disposal, in our opinion, has not afected the going concern status of the Company. (iii) In respect of its inventory: (a) As explained to us, the stock of fnished goods (other than a signifcant part of the spare parts held for sale) and work-in-progress in the Companys custody have been physically verifed by the Management as at the end of the fnancial year, before the year-end or after the year- end, and in respect of stocks of stores and spares, the aforesaid spare parts held for sale, and raw materials in the Companys custody, there is a perpetual inventory system and a substantial portion of the stocks have been verifed during the year. In our opinion, the frequency of verifcation is reasonable. In case of materials and spare parts held for sale lying with the third parties, certifcates confrming stocks have been received in respect of a substantial portion of the stocks held during the year or at the year-end; (b) In our opinion and according to the information and explanation given to us, the procedures of physical verifcation 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 is maintaining proper records of inventory. The discrepancies noticed on verifcation between the physical stocks and the book records were not material having regard to the size of the operations of the Company and have been properly dealt with in the books of account. (iv) In respect of loans, secured or unsecured, granted by the Company to companies, frms or other parties covered in the Register under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (a) the Company has granted unsecured loans aggregating Rs.415.24 Crores to four parties covered in the register maintained under Section 301 of the Companies Act, 1956 (including Rs.174.24 Crores granted during the year to four parties). At the year-end, the outstanding balances of such loans aggregated Rs.434.41 Crores and maximum amount outstanding during the year was Rs. 434.41 Crores. (b) the rate of interest and other terms and conditions of such loans are, in our opinion, prima facie not prejudicial to the interest of the Company having regard to the market yields and the business relationship with the Company to whom loans have been granted. (c) The receipts of principal amounts have been as per stipulations however there have been delays in receipts of interests. (d) There are no overdue amounts in respect of principal outstanding. In respect of overdue interest amounts of more than rupees one lakh remaining outstanding as at the year-end, the Management has taken reasonable steps for the recovery of the overdue interest amounts. In respect of loans, secured or unsecured, taken by the Company from companies, frms or other parties covered in the Register maintained under Section 301 of the Companies Act, 1956, according to the information and explanations given to us: (e) the Company has taken l oans aggregating Rs.11.52 Crores from six parties c overed in the Register maintained under Section 301 of the Companies Act, 1956 (including Rs.1 Crore from one party during the year). At the year-end, the outstanding balance of such loans taken aggregated Rs.11.52 Crores and the maximum amount outstanding during the year was Rs.18.04 Crores. (f) the rate of interest and other terms and conditions of such loans taken are, in our opinion, prima facie not prejudicial to the interests of the Company. (g) The principal amount is not due for repayment and the Company has been regular in payment of interest. (v) 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 do not exist for obtaining comparable quotations, there exists 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 fxed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any major weakness in such internal control system. (vi) In respect of contracts or arrangements entered in the register maintained in pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and belief and according to the information and explanations given to us: (a) The particulars of contracts or arrangements referred to Section 301 that needed to be entered in the register maintained under the said section have been so entered. (b) Where each of such transaction is in excess of rupees fve lakhs in respect of any party, and having regard to our comments in para (v) above, the transactions have been made at prices which are prima facie reasonable having regard to the prevailing market prices at the relevant time. (vii) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 58A and 58AA or any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975 with regard to the deposits accepted from the public. According to the information and explanations given to us, no order has been passed by the Company Law Board or the National Company Law Tribunal or the Reserve Bank of India or any Court or any other Tribunal. (viii) In our opinion, the Company has an adequate internal audit system commensurate with the size and the nature of its business. (ix) We have broadly reviewed the books of account relating to the manufacture of motor vehicles pursuant to the Rules made by the Central Government for the maintenance of cost records under Section 209 (1)(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have, however, not made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records for any other product of the Company. (x) According to the information and explanations given to us in respect of statutory dues: (a) The Company has generally been regular in depositing with the appropriate authorities undisputed dues, including 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 applicable to it. 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. Further, since the Central Government has till date not prescribed the amount of cess payable under Section 441A of the Companies Act, 1956, we are not in a position to comment upon the regularity or otherwise of the Company in depositing the same. (b) There were no undisputed amounts payable in respect of provident fund, investor education and protection fund, employees state insurance, income-tax, wealth tax, service tax, customs duty, excise duty, cess and other material statutory dues applicable to the Company that were in arrears as at March 31, 2011 for a period of more than six months from the date they became payable. (c) Details of dues of income-tax, sales tax, wealth tax, service tax, customs duty, excise duty and cess which have not been deposited as on March 31, 2011 on account of any disputes are given below: Name of the Statute Nature of the Dues Amount (Rs. in crores) Income Tax Laws Income Tax 27.94 Income Tax 38.92 Central Excise Laws Excise Duty & Service Tax 0.49 Excise Duty & Service Tax 481.22 Excise Duty & Service Tax 7.96 Excise Duty & Service Tax 0.18 Sales Tax Laws Sales Tax 13.01 Sales Tax 574.86 Sales Tax 21.61 Sales Tax 0.20 Sales Tax 216.79 Sales Tax 16.31 Sales Tax 128.57 Sales Tax 0.07 Sales Tax 1.84 Name of the Period to which Statue the amount relates Forum where pending Income Tax Laws 1997-98, 2002-03 and 2005-06 Appellate Tribunal 1984-85, 1985-86, 1986-87, 2004-05, Commissioner 2005-06, 2006-07, 2007-08 and 2008-09 Central Excise Laws 2010-11 High Court 1993-94 to 1994-95,1999-00, 2002-03 Appellate Tribunal 2004-05 to 2010-11 1984-85, 1994-95 to 1995-96, 2003-04, Commissioner (Appeals) 2006-07 to 2007-08 and 2009-10 to 2010-11 2007-08, 2008-09 Additional Commissioner Sales Tax Laws 1995-96 Supreme Court 1984-85 to 1990-91,1993-94 to 2007-08 High Court 1988-89 to 1989-90, 1992-93, 1995-1996 to1996-97, Appellate Tribunal 1999-2000 to 2000-01, 2004-05 to 2006-07 1996-97, 1998-99, 2001-02 Commissioner (Appeals) 1997-98 to 2008-09 Joint Commissioner 1979-80, 1986-87, 1992-93, 1994-95, 1996-97 Deputy Commissioner 1998-99 to 2000-01, 2003-04 to 2008-09 1988-89 to 1989-90, 1995-96, 1997-98, Additional Commissioner 2005-06 to 2010-11 1986-87, 1988-89, 1990-91, 1995-96, Assistant Commissioner 1997-98, 1999-2000 1986-87, 1990-91 to 1991-92, 1993-94, Trade Tax Officer 1996-97, 1999-2000 to 2001-02 (xi) The Company does not have any accumulated losses at the end of the fnancial year and has not incurred c ash losses during the fnancial year covered by our audit and the immediately preceding fnancial year. (xii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of dues to banks, fnancial institutions and debenture holders. (xiii) Based on our examination of the records and the information and explanations given to us, the Company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiv) 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 fnancial institutions. Accordingly, the provisions of clause (xv) of Paragraph 4 of the Companies (Auditors Report) Order, 2003 are not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, the term loans have been applied for the purposes for which they were obtained. (xvi) 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, as at March 31, 2011, we report that funds raised on short term basis of Rs. 4,797.78 Crores have been used during the year for long-term investment. Further the Company has explained that steps are being taken to augment long term funds. (xvii) According to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Companies Act, 1956. (xviii)According to the information and explanations given to us, during the period covered by our audit report, the Company has issued 5,000 debentures of Rs.10 lakhs each. The Company has created security in respect of 5,000 debentures issued in the current year and in respect of 2,000 debentures issued in month of March 2010. (xix) According to the information and explanations given to us, during the year covered by our audit report, the Company has not raised any money by public issue. (xx) 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 Chartered Accountants (Registration No. 117366W) N. VENKATRAM Partner (Membership No.71387) MUMBAI, May 26, 2011