Mar 31, 2023
Report on the Audit of the Standalone Financial Statements
Opinion
We have audited the standalone financial statements of Tata Motors Limited (the "Company") and its joint operation which comprise the standalone balance sheet as at 31 March 2023, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
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 Companies Act, 2013 ("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 31 March 2023, and its profit and other comprehensive loss, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Recognition of deferred tax asset on unused tax losses |
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See Note 28 to standalone financial statements |
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The key audit matter |
How the matter was addressed in our audit |
As detailed in note 28 of the standalone financial statements, during the year, the Company has recognised deferred tax asset (''DTA'') of Rs. 1,615.42 crores on unabsorbed depreciation and long-term capital losses. The Company''s ability to recover the deferred tax assets is assessed by the management at the end of each reporting period which is based on an assessment of the probability that future taxable income will be available against which the carried forward unused tax losses can be utilized. As per the assessment done by the management and election of tax planning opportunities available with the Company, the management believes that the carried forward unused tax losses will get offset against the capital gains projected by the Company in future years on sale of certain investments in subsidiaries held by the Company. |
In view of the significance of the matter we applied the following audit procedures in this area to obtain sufficient appropriate audit evidence. Test of Controls: We tested the design, implementation and operating effectiveness of key controls over the key inputs and assumptions, used in valuation of its investments proposed to be sold as part of the tax planning opportunities. Test of details: ⢠Evaluated the appropriateness of the assumptions applied to key inputs in valuation of the investments. ⢠Involved independent valuation specialists in testing the appropriateness of the valuation model including evaluating whether the comparable companies considered in the valuation are appropriate |
Recognition of deferred tax asset on unused tax losses |
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See Note 28 to standalone financial statements |
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The key audit matter |
How the matter was addressed in our audit |
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Thus, auditing the Company''s assessment of the ⢠recoverability of deferred tax assets is dependent on the Company''s ability to generate future taxable gains through sale of these investments. The valuation of these investments is subject to significant judgments and estimates applied by the management. This is considered to be a key audit matter, considering the past history of losses in the Company and complexity of the accounting requirements for recognition of deferred tax assets. |
Performed necessary procedures to verify the accuracy of amounts disclosed in the financial statements and adequacy of disclosures made for compliance with applicable Indian Accounting Standards and accounting principles generally accepted in India |
The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the financial statements and auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s and Board of Directors'' Responsibilities for the Standalone Financial Statements
The Company''s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/ loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Management and Board of Directors of the companies are responsible for maintenance of adequate accounting records in accordance
with the provisions of the Act for safeguarding of the assets of each 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the respective Management and Board of Directors are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors are responsible for overseeing the financial reporting process of each company.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
⢠Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the Company and such other entity included in the standalone financial statements of which we are the independent auditors regarding, among other matters, the planned scope
and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 (âthe Order") issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the âAnnexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2 A. 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 standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows 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 Ind AS specified under Section 133 of the Act.
e. On the basis of the written representations received from the directors of the Company and its joint operation company incorporated in India as on 31 March 2023, taken on record by the Board of Directors of the respective companies, none of the directors of the companies is disqualified as on 31 March 2023 from being appointed as a director in terms of Section 164(2) of the Act.
f. With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and its joint operation company incorporated in India and the operating effectiveness of such controls, refer to our separate Report in âAnnexure B".
B. 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:
a. The standalone financial statements disclose the impact of pending litigations as at 31 March 2023 on the financial position of the Company and its joint operation - Refer Note 37 to the standalone financial statements.
b. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts - Refer Note 49(ii) to the standalone financial statements.
c. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company or its joint operation company incorporated in India.
d. (i) The management of the Company and
its joint operation company incorporated in India whose financial statements has been audited under the Act has represented to us that, to the best of its knowledge and belief, as disclosed in the Note 48(iv) to the standalone
financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company and its joint operation company incorporated in India to or in any other person(s) or entity(ies), including foreign entities (âIntermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company and its joint operation company incorporated in India (âUltimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(ii) The management of the Company and its joint operation company incorporated in India whose financial statements has been audited under the Act has represented to us that, to the best of its knowledge and belief, as disclosed in the Note 48(v) to the standalone financial statements, no funds have been received by the Company and its joint operation company incorporated in India from any person(s) or entity(ies), including foreign entities (âFunding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company and its joint operation company incorporated in India shall directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Parties (âUltimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.
(iii) Based on the audit procedures performed that have been considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under sub-clause (i) and (ii) of Rule 11(e), as provided under
(i) and (ii) above, contain any material misstatement.
e. As stated in Note 21 (B)(e) to the standalone financial statements, the Board of Directors of the Company have proposed final dividend for the year which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with Section 123 of the Act to the extent it applies to declaration of dividend. The final dividend paid by the joint operation company during the year, in respect of the same declared for the previous year, is in accordance with Section 123 of the Act to the extent it applies to payment of dividend. The interim dividend declared and paid by the joint operation company during the year is in accordance with Section 123 of the Act.
f. As proviso to rule 3(1) of the Companies (Accounts) Rules, 2014 is applicable for the Company and its joint operation company incorporated in India only with effect from 1 April 2023, reporting under Rule 11(g) of the Companies (Audit and Auditors) Rules, 2014 is not applicable.
C. With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act: We draw attention to Note 35(d) to the standalone
financial statements for the year ended 31 March 2023 according to which the managerial remuneration payable to certain non-executive directors of the Company (amounting to Rs. 3.75 crores) and consequently the total managerial remuneration for the financial year (amounting to Rs. 10.14 crores) exceed the prescribed limits under Section 197 read with Schedule V to the Companies Act,2013 by Rs. 3.28 crores. As per the provisions of the Act, the excess remuneration is subject to approval of the shareholders which the Company proposes to obtain in the forthcoming Annual General Meeting. Further, with respect to the joint operation company included in the standalone financial statements, in our opinion and according to the information and explanations given to us, the provisions of Section 197 of the Act are not applicable to the joint operation company incorporated in India since it is not a public company. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
For B S R & Co. LLP
Chartered Accountants Firm''s Registration No.:101248W/W-100022
Shiraz Vastani
Partner
Membership No.: 103334 ICAI UDIN:23103334BGYMRR6797
Place: Mumbai Date: 12 May 2023
Mar 31, 2022
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the standalone financial statements of Tata Motors Limited (the " Company") and its joint operations, which comprise the standalone balance sheet as at 31 March 2022, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of report of other auditor on separate financial information of one joint operation as was audited by the other auditor, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("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 31 March 2022, and its loss and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of report of the other auditor referred to in the "Other Matters" section below, is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
We draw attention to Note 2(c) of the standalone financial statements, which describes in detail the economic and social consequences/ disruption the Company is facing as a result of COVID-19 which is impacting supply chains / consumer demand / financial markets / commodity prices / personnel available for work. Our opinion is not modified in respect of this matter.
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of Key Audit Matter
Transfer of Passenger Vehicle Undertaking (PV Undertaking) |
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The key audit matter |
How the matter was addressed in our audit |
During the current year, the Company has transferred its PV Undertaking |
In view of the significance of the matter we applied the following audit |
to its step down subsidiary ''Tata Motors Passenger Vehicles Limited'' |
procedures in this area, among others to obtain sufficient appropriate |
(TMPVL) (formerly known as TML Business Analytics Services Limited) |
audit evidence: |
in accordance with the Scheme of Arrangement (Scheme) approved by |
Test of Controls: |
the National Company Law Tribunal (''NCLT'') vide its Order dated August |
⢠We evaluated the design and tested the operating effectiveness |
24, 2021. The Company has filed the NCLT approved scheme with the |
of the key control over the identification of assets and liabilities |
Registrar of Companies and received all other regulatory approvals and |
of the PV Undertaking to be transferred from the Company to |
the scheme is effective from January 01, 2022. Accordingly, the assets and liabilities of PV Undertaking have been transferred to TMPVL as on |
TMPVL pursuant to the Scheme and recording the impact of the |
January 01, 2022. |
Scheme. |
The Company has accounted for this transfer in accordance with the generally accepted accounting principles and has recognized the |
⢠We evaluated the design and tested the operating effectiveness |
excess of consideration received over the carrying value of net assets |
of the key control for identification of amounts to be disclosed |
transferred, amounting to '' 1,960.04 crores in Capital Reserve. |
as discontinued operations and related disclosures in the |
(Refer note 46 to the Standalone Financial Statements) |
standalone financial statements. |
The transfer of PV Undertaking has significant measurement and disclosure impacts on the Company''s standalone financial statements. |
Test of Details: |
This involves identification of assets and liabilities to be transferred as part of the Scheme and disclosure of revenue, expenses and pre- |
⢠We read minutes of meetings of the Board of Directors of the |
tax profit or loss of discontinued operations as a single amount in the |
Company, the Scheme of Arrangement and the NCLT Order to |
Statement of Profit or Loss for current and previous year in accordance with Ind AS 105: Non current Assets Held for Sale and Discontinued |
analyse the key terms and conditions of theunderlying Scheme |
Operations. Further, significant judgement is required in determining the |
of Arrangement; |
appropriate accounting treatment. Thus, we have identified transfer of PV Undertaking as a key audit |
⢠We have performed necessary procedures to determine |
matter given that it is a significant, complex, unusual / non-routine |
the completeness and accuracy of the assets and liabilities |
transaction and material to the standalone financial statements and that |
identified as part of transfer of PV Undertaking; |
is fundamental to the users'' understanding of the financial statements. |
⢠We evaluated the appropriateness of the accounting treatment followed by the Company; ⢠We have performed necessary procedures to verify the amounts disclosed as discontinued operations in the Statement of Profit or Loss for the current and previous year; ⢠We analysed the accounting treatment and adequacy of disclosure for compliance with applicable Indian Accounting Standards and accounting principles generally accepted in India; ⢠We evaluated the Company''s assessment of the income tax impact of the above business transfer (from a seller''s perspective) and its impact on the standalone financial statements. We involved tax specialist for the same. |
The Company''s Management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the standalone financial statements and our auditor''s report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, and based on the work done / audit report of the other auditor, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s and Board of Directors'' Responsibilities for the Standalone Financial Statements
The Company''s Management and Board of Directors are responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under Section 133 of the Act. The respective Management and Board of Directors of the companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial statements, the respective Management and Board of Directors are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors are also responsible for overseeing the financial reporting process of each company.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Management and Board of Directors.
⢠Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures,
and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
⢠Obtain sufficient appropriate audit evidence regarding the financial statements / financial information of joint operations of the Company to express an opinion on the standalone financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements / financial information of such joint operation included in the standalone financial statements of which we are the independent auditors. For the other joint operation included in the standalone financial statements, which has been audited by the other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in the section titled "Other Matters" in this audit report.
We communicate with those charged with governance of the Company and such other entity included in the standalone financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor''s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
We did not audit the financial information of one joint operation (which ceased to be a joint operation on January 01, 2022) included in the standalone financial statements of the Company whose financial information reflect total revenue (before consolidation adjustments) of '' 10,213.55 crores and net cash outflows (before consolidation adjustments) amounting to '' 657.82 crores for the period from April 01, 2021 to December 31, 2021, as considered in the standalone financial statements. The financial information of this joint operation has been audited by the other auditor whose report has been furnished to us, and our opinion in so far as it
relates to the amounts and disclosures included in respect of this
joint operation, is based solely on the report of such other auditor.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2020 ("the Order") issued by the Central Government of India in terms of Section 143 (11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
2. (A) As required by Section 143(3) of the Act, based on our
audit and on the consideration of report of the other auditor on separate financial statements of one joint operation that was audited by the other auditor, as noted in the "Other Matters" paragraph, 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 and its joint operations so far as it appears from our examination of those books and the report of the other auditor.
c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2022 taken on record by the Board of Directors and the report of the statutory auditors of the joint operation, none of the directors is disqualified as on 31 March 2022 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and its joint operations which are companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(B) With respect to the other matters to be included in the Auditor''s Report in accordance with Rule 11 of the Companies (Audit and Auditor''s) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditor on
separate financial statements of a joint operation, as noted in the "Other Matters" paragraph:
a) The standalone financial statements disclose the impact of pending litigations as at 31 March 2022 on the financial position of the Company and its joint operation to the standalone financial statements.
b) Provision has been made in the standalone financial statements, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts to the standalone financial statements.
c) There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Company or its joint operations incorporated in India during the year ended 31 March 2022.
d) (i) The management has represented that, to the best
of its knowledge and belief, except as disclosed in the note 49 (iv) to the standalone financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company or its joint operation companies incorporated in India to or in any other persons or entities, including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall:
⢠directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Company or its joint operation companies incorporated in India or
⢠provide any guarantee, security or the like to or on behalf of the Ultimate Beneficiaries.
(ii) The management has represented, that, to the best of its knowledge and belief, as disclosed in the note 49 (v) to the standalone financial statements, no funds have been received by the Company or its joint operation from any persons or entities, including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company or its joint operation companies incorporated in India shall:
⢠directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever ("Ultimate Beneficiaries") by or on behalf of the Funding Party or
⢠provide any guarantee, security or the like from or on behalf of the Ultimate Beneficiaries.
(iii) Based on such audit procedures as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the representations under subclause (d) (i) and (d) (ii) contain any material misstatement.
e) The Company has neither declared nor paid any dividend during the year. In respect of a joint operation, the final dividend paid by the joint operation during the year in respect of the same declared for the previous year is in accordance with section 123 of the Companies Act 2013 to the extent it applies to payment of dividend.
The Board of Directors of the joint operation have proposed final dividend for the year which is subject to the approval of the members of the joint operation at their ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.
(C) With respect to the matter to be included in the Auditor''s Report under Section 197(16) of the Act:
In our opinion and according to the information and explanations given to us, the remuneration paid by the Company to its directors during the current year is in accordance with the provisions of Section 197 of the Act. The remuneration paid to any director is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) of the Act which are required to be commented upon by us.
Further, with respect to the joint operations included in the standalone financial statements, in our opinion and according to the information and explanations given to us, the provisions of Section 197 of the Act are not applicable to the joint operation companies incorporated in India since none of these companies is a public company.
For B S R & Co. LLP
Chartered Accountants Firm''s Registration No. 101248W/W-100022
Shiraz Vastani
Place: Mumbai Partner
Date: 12 May 2022 Membership No.103334
UDIN -22103334AIVTXO1213
Mar 31, 2021
TO THE MEMBERS OF TATA MOTORS LIMITED Report on the Audit of the Standalone Financial StatementsOpinion
We have audited the standalone financial statements of Tata Motors Limited ("the Companyâ), which comprise the standalone balance sheet as at 31 March 2021, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended , and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information and includes two joint operations consolidated on a proportionate basis.
In our opinion and to the best of our information and according to the explanations
given to us, and based on the consideration of report of other auditor on separate financial statements of one joint operation as was audited by the other auditor, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("Actâ) 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 31 March 2021, and loss and other comprehensive income, changes in equity and its cash flows for the year ended on that date .
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those
SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report . We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in " Other Matterâ paragraph below, is sufficient and appropriate to provide a basis for our opinion on the standalone financial statements.
We draw your attention to Note 2(d) to these standalone financial statements, which describes the economic and social consequences/disruption the Company is facing as a result of COVID-19 which is impacting supply chains/consumer demand/financial markets/commodity prices/personnel available for work.
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of Key Audit Matter |
|
Key audit matter |
How the matter was addressed in our audit |
Assessment of indicators of impairment reversal of property, plant and equipment and intangible assets of the passenger vehicles cash generating unit |
|
The Company periodically assesses if there are any triggers for reversal of previously recognised impairment loss in respect of its passenger vehicle cash generating unit (CGU). In making this determination , the Company considers both internal and external sources of information to determine whether there is an indicator of impairment reversal and, accordingly , whether the recoverable amount of the CGU needs to be estimated. |
In view of the significance of the matter we applied the following audit procedures in this area, among others to obtain sufficient appropriate audit evidence Test of Controls: ⢠We evaluated the design and tested the operating effectiveness of the key control over the assessment of indicators of impairment reversal. |
An impairment loss accounted in earlier years is reversed if the recoverable amount is higher than the carrying value. The recoverable amount is determined based on the higher of value in use (VIU) and fair value less costs to sell (FVLCS) . As at 31 March 2021, the Company determined the recoverable amount of this CGU to be ''14,169 crores, being the FVLCS, and reversed the impairment loss. After reversal of the impairment loss, the carrying value of net assets for this CGU was ''7,750 crores as at 31 March 2021. This assessment of indicators of impairment reversal is considered to be a key audit matter due to the significant judgment required to assess the internal and external sources of information. |
Test of Details: ⢠We assessed internal and external sources of information used by the Company to determine that there are indicators of impairment reversal. ⢠In performing the above assessment we have examined: - The growth in total industry volume in current year and growth estimates as per industry forecasts. - The increase in share price of the Company during the current year and the market capitalisation attributable to the passenger vehicles CGU. - The improvement in sales multiple as per analyst report as compared to previous year. - The growth in the sales volume of the Company in the current year. - The increase in market share of the Company in the current year as compared to previous year. - The improvement in the contribution margin earned by the Company. ⢠We also assessed changes in the estimates used to determine the CGU'' s recoverable amount. |
(Refer notes 2(q) and 6(a) of the standalone financial statements. |
⢠We involved valuation professionals with specialized skills and knowledge who assisted in evaluating the principles used in selection of comparable companies and assessing the CGU'' s enterprise value (i.e. FVLCS) based on comparable companies '' enterprise value to sales multiple. |
⢠We performed a sensitivity analysis over the enterprise value to sales multiple to assess the impact on the recoverable amount. |
As part of an audit in accordance with SAs , we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
⢠Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations , or the override of internal control.
⢠Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls
⢠Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial statements made by the Management and Board of Directors.
⢠Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting in preparation of standalone financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company''s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company (including its joint operations) to cease to continue as a going concern.
⢠Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
⢠Obtain sufficient appropriate audit evidence regarding the financial information of the Company and its joint operations to express an opinion on the standalone financial statements, of which we are the independent auditors. We are responsible for the direction, supervision and performance of the audit of financial information of the Company and such joint operation included in the standalone annual financial results of which we are the independent auditors. For the other joint operation included in the standalone financial statements, which has been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in section titled '' Other Matter'' in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements .
We communicate with those charged with governance of the Company and such other entities included in the standalone financial statements of which we are the independent auditors regarding, among other matters,
The Company''s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the financial statements and our audi tors'' report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s and Board of Directors'' Responsibility for the Standalone Financial Statements
The Company''s Management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company including its joint operations , in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Management and Board of Directors of the Company and its joint operations are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the respective 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 accuracy and completeness of the accounting records , relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement , whether due to fraud or error, which have been used for the preparation of the standalone financial statements by the Management and Directors of the Company, as aforesaid .
In preparing the standalone financial statements, the respective Management and Board of Directors of the Company and its joint operations are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the Company and its joint operations is also responsible for overseeing the financial reporting process of each company.
Auditor''s Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
Standalone
c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2021 taken on record by the Board of Directors and the report of the statutory auditors of the joint operations , none of the directors of the Company and its joint operations is disqualified as on 31 March 2021 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and its joint operations which are companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(B) 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 and based on the consideration of the report of the other auditor on separate financial statements of a joint operation, as noted in the "Other Matter" paragraph:
i. The standalone financial statements disclose the impact of pending litigations as at 31 March 2021 on the financial position of the Company and its joint operations - Refer Note 39 to the standalone financial statements;
ii. Provision has been made in the standalone financial statements, as required under the applicable law or Ind AS, for material foreseeable losses, on long-term contracts including derivative contracts - Refer Note 49 (iii) to the standalone financial statements;
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Company or its joint operations incorporated in India during the year ended 31 March 2021;
iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to the financial year ended 31 March 2021.
( C) With respect to the matter to be included in the Auditors '' Report under section 197(16):
We draw your attention to Note 44 to the standalone financial statements for the year ended 31 March 2021 according to which the re-appointment of the CEO and
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence , and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
We did not audit the financial statements of one joint operation included in the standalone financial statements of the Company, whose financial statements reflect total assets (before consolidation adjustments) of ''8,039.78 crores as at 31 March 2021, total revenue (before consolidation adjustments) of ''8,010.01 crores and net profit after tax (before consolidation adjustments) of ''577.76 crores and net cash inflows (before consolidation adjustments) amounting to ''720.67 crores for the year ended 31 March 2021, as considered in the standalone financial statements. These financial statements have been audited by other auditor whose report has been furnished to us by the management and our opinion on the standalone financial statements, in so far as it relates to the amounts and disclosures included in respect of this joint operation, and our report in terms of sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid joint operation is based solely on the audit report of the other auditor.
Our opinion on the standalone financial statements, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2016 ("the Order") issued by the Central Government in terms of section 143 (11) of the Act, we give in the " Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order for the Company (excluding its joint operations), to the extent applicable.
2. (A) As required by Section 143(3) of the Act, based on our audit
and on the consideration of report of the other auditor on separate financial statements of a joint operation, as were audited by the other auditor as noted in the "Other Matter" paragraph, we report, to the extent applicable, 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) I n our opinion , proper books of account as required by law have been kept by the Company and its joint operations so far as it appears from our examination of those books and the report of the other auditor.
Managing Director for the period 15 February 2021 to 30 June 2021 and the remuneration for this period are subject to approval of the shareholders, which the Company proposes to obtain in the forthcoming Annual General Meeting, in accordance with the provisions of the Companies Act, 2013. Accordingly, the managerial remuneration aggregating ''2.22 crores paid to the CEO and Managing Director of the Company for the period from 15 February 2021 to 31 March 2021, calculated on a proportionate basis, exceeds the prescribed limits under Section 197 read with Schedule V to the Act, by ''1.89 crores. This amount excludes Performance and Long Term Incentives , which will be accrued post determination and approval by the Board of Directors of the Company, and such amounts will also exceed the prescribed limits. Further, the Company is also in the process of obtaining Central Government approval since the CEO and Managing Director is a non-resident. We draw attention to Note 36(d) to the standalone financial statements for the year ended 31 March 2021 according to which the remuneration payable to non executive independent directors aggregating ''1.70 crores is subject to approval of the shareholders, which the Company proposes to obtain in the forthcoming Annual General Meeting, in accordance with the provisions of the
Companies Act, 2013. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
Further, with respect to the joint operations included in the standalone financial statements, based on the reports of statutory auditors of such joint operations, we understand that the joint operations are private limited companies and accordingly matters to be included in Auditor'' s report under section 197(16) are not applicable for such joint operations.
For B S R & Co. LLP
Chartered Accountants Firm''s Registration No: 101248W/W-100022
Shiraz Vastani
Partner
Membership No. 103334 UDIN -21103334AAAAAW6929
Place: Pune Date: 18 May 2021
Mar 31, 2019
Independent Auditors'' Report
To the Members of Tata Motors Limited Report on the Audit of the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Tata Motors Limited ("the Company"), which comprise the standalone balance sheet as at 31 March 2019, and the standalone statement of profit and loss (including other comprehensive income), standalone statement of changes in equity and standalone statement of cash flows for the year then ended, and notes to the standalone financial statements, including a summary of the significant accounting policies and other explanatory information, and includes two joint operations consolidated on a proportionate basis.
In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of report of other auditor on separate financial statements of one joint operation as was audited by the other auditor, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ("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 31 March 2019, and profit and other comprehensive income, changes in equity and cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Act. Our responsibilities under those SAs are further described in the Auditor''s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Description of Key Audit Matter A. Impairment testing of long-life property, plant and equipment and intangible assets of passenger vehicles cash generating unit
The Company has identified passenger vehicle segment as a separate cash generating unit (''CGU''). The history of losses in the passenger vehicle business led the Company to perform an impairment assessment as at 31 March 2019.
The annual impairment testing of passenger vehicle CGU involves significant judgments and estimates in assessing the recoverable value. The recoverable value is considered to be the higher of the Company''s assessment of the value in use (VIU) and fair value less cost of disposal (FVLCD).
There is a risk over the Company''s assessment and measurement of impairment due to:
- VIU: uncertainties involved in forecasting of cash flows, including key assumptions such as future sales volumes, prices, margins, overheads, growth rates and weighted average cost of capital.
- FVLCD: uncertainties involved in identifying appropriate comparable companies, estimating their market multiple and estimating the depreciated replacement cost of fixed assets.
(Refer note 2{p} of the standalone financial statements)
How the matter was addressed in the audit
The audit procedures included:
- Identification: Obtained an understanding of Company''s evaluation of identification of passenger vehicles segment as a cash generating unit;
- Controls: Tested management review controls on the assumptions including underlying cash flow forecasts and impact of macro-economic factors on the forecasts. Tested management''s review of the discounted cash flow calculations performed to support the impairment assessment including benchmarking of key assumptions (discount rates, growth rate) and assessment of sensitivities;
- Completeness and accuracy of the VIU model:
Obtained valuation computation performed by the Company for its impairment assessment and agreed the mathematical accuracy of the VIU by recalculating the cash flow build up;
- Cash flow forecast assumptions: Involved independent valuation specialists to assist in the evaluation of the assumptions (discount rate which included comparing the weighted average cost of capital with sector averages for the relevant markets in which the CGU operates and long-term growth rate) and challenged the key assumptions and judgments within the build
- up of the cash flow forecast (such as future sales volumes and prices, margins, overheads etc.) and methodologies used by the Company and its experts;
- Sensitivity analysis: Assessed the sensitivity of the outcome of impairment assessment to changes in key assumptions such as volumes and margins;
- FVLCD assumptions: Compared the market multiple used in the FVLCD to comparative companies and to market data sources with the assistance of specialists.
Description of Key Audit Matter B. Capitalization of product development cost
Product development costs incurred on new vehicle platforms, engines, transaxles and new vehicles are recognized as intangible assets only when technical feasibility has been established, the Company has committed technical and commercial resources to complete the development and use the intangible asset and it is probable that the asset will generate future economic benefits.
The costs capitalized during the year include the cost of technical know-how expenses, materials, direct labour, inspecting and testing charges, designing cost, software expenses and directly attributable overhead expenditure incurred up to the date the intangible asset is available for use including interest capitalized.
The capitalization of product development cost is considered to be a key audit matter given that the assessment of the capitalization criteria set out in Ind AS 38 ''Intangible Assets'' is made at an early stage of product development and there are inherent challenges with accurately predicting the future economic benefit, which must be assessed as ''probable'' for capitalization to commence. There is a risk therefore that development cost may get capitalized where the relevant criteria has not been met.
(Refer note 2{m} and note 5 of the standalone financial statements)
How the matter was addressed in the audit
The audit procedures included:
- Controls: Tested the Company''s design and implementation and operating effectiveness of controls around initiation of capitalization of the product development cost including:
- management review controls over calculations of the future economic benefit of the projects;
- observed management''s validation of relevant data elements and benchmarking the assumptions;
- evaluating management''s assessment of whether costs recorded meet the capitalization criteria;
- observed management''s assessment of sensitivity of the impact of the changes in key assumptions;
- discussed with senior management and challenged management assumptions including key inputs such as volumes, expected revenues and associated costs on projects which have lower headroom.
- Test of details: On selected sample of amounts capitalized, we tested:
- costs incurred towards projects;
- inspected the technical team''s approvals for initiation of capitalization;
- reviewed the central cost allocation for the year and determined costs capitalized are ''directly attributable'' including the interest capitalized.
Other Information
The Company''s management and Board of Directors are responsible for the other information. The other information comprises the information included in the Company''s annual report, but does not include the financial statements and our auditors'' report thereon.
Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
Management''s Responsibility for the Standalone Financial Statements
The Company''s management and Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company including its joint operations, in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) specified under section 133 of the Act. The respective Board of Directors of the Company and its joint operations are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and its joint operations and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the 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 standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error which have been used for the preparation of the standalone financial statements by the Directors of the Company, as aforesaid.
In preparing the standalone financial statements, the respective management and Board of Directors of the Company and its joint operations are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the Company and its joint operations is responsible for overseeing the financial reporting process of each company.
Auditors'' Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor''s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management''s use of the going concern basis of accounting in preparation of standalone financial statement and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor''s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor''s report. However, future events or conditions may cause the Company (including its joint operations) to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial information of such entities or business activities within the Company and its joint operations to express an opinion on the standalone financial statements, of which we are the independent auditors. We are responsible for the direction, supervision and performance of the audit of financial information of such entities. For the other entities included in the standalone financial statements, which have been audited by other auditor, such other auditor remains responsible for the direction, supervision and performance of the audit carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in section titled ''Other Matter'' in this audit report.
We believe that the audit evidence obtained by us along with the consideration of audit report of the other auditor referred to in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
We communicate with those charged with governance of the Company and such other entities included in the standalone financial statements of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors'' report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Other Matter
We did not audit the financial statements of one joint operation included in the standalone financial statements, whose annual financial statements reflect total assets of Rs,6,345.87 crores as at 31 March 2019, total revenue of Rs,6,782.43 crores and net cash flows amounting to Rs,75.02 crores for the year ended 31 March 2019, as considered on a proportionate basis in the standalone financial statements. These annual financial statements have been audited by other auditor whose report has been furnished to us by the management and our opinion on the standalone financial statements, to the extent they have been derived from such annual financial statements, is based solely on the report of the other auditor. Our opinion on the standalone financial statements is not modified in respect of the above matter with respect to our reliance on the work done and the report of the other auditor.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors'' Report) Order, 2016 ("the Order") issued by the Central Government in terms of section 143 (11) of the Act, we give in the "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order for the Company (excluding its joint operations), to the extent applicable.
2. (A) As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor on separate financial statements of a joint operation, as were audited by the other auditor as noted in the "Other Matter" paragraph, we report, to the extent applicable, 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 and its joint operations so far as it appears from our examination of those books and the report of the other auditor.
c) The standalone balance sheet, the standalone statement of profit and loss (including other comprehensive income), the standalone statement of changes in equity and the standalone statement of cash flows dealt with by this Report are in agreement with the relevant books of account
d) In our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2019 taken on record by the Board of Directors and the report of the statutory auditors of the joint operations, none of the directors of the Company and its joint operations is disqualified as on 31 March 2019 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and its joint operations which are companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
(B) 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 and based on the consideration of the report of the other auditor on separate financial statements of a joint operation, as noted in the "Other Matter" paragraph:
i. The standalone financial statements disclose the impact of pending litigations as at 31 March 2019
on the financial position of the Company and its joint operations. Refer note 39 to the standalone financial statements;
ii. Provision has been made in the standalone financial statements, as required under the applicable law or Ind AS, for material foreseeable losses, on long-term contracts including derivative contracts. Refer note 49 (iv) to the standalone financial statements;
iii. There has been no delay in transferring amounts to the Investor Education and Protection Fund by the Company or its joint operations incorporated in India during the year ended 31 March 2019.
iv. The disclosures in the standalone financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made in these financial statements since they do not pertain to the financial year ended 31 March 2019.
( C) With respect to the matter to be included in the Auditors'' Report under section 197(16):
I n our opinion and according to the information and explanations given to us and based on the reports of the statutory auditors of such joint operations incorporated in India which were not audited by us, the remuneration paid during the current year by the Company and joint operations to its directors is in accordance with the provisions of Section 197 of the Act, as applicable. The remuneration paid to any director by the Company and joint operations is not in excess of the limit laid down under Section 197 of the Act. The Ministry of Corporate Affairs has not prescribed other details under Section 197(16) which are required to be commented upon by us.
With reference to the Annexure referred to in paragraph 1 in Report on Other Legal and Regulatory Requirements of the Independent Auditor''s Report to the members of the Company on the Standalone financial statements for the year ended 31 March 2019, we report that:
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets except for certain tools where the Company is in the process of updating the location.
(b) The Company has a regular program of physical verification of its fixed assets by which its fixed assets are verified in a phased manner over a period of three years. In our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. During the year, the Company has physically verified a substantial portion of the fixed assets as per the program and has represented that the balance will be verified next year. According to the information and explanations given to us, no material discrepancies were noticed on verification of fixed assets.
( c) According to the information and explanations given to us, the records examined by us and based on the examination of the registered sale deed /transfer deed /conveyance deed /court orders approving schemes of arrangements /amalgamations provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the Balance Sheet date except for certain title deeds for land amounting to Rs,525.80 crores which are yet to be transferred in the name of the Company. In respect of immovable properties that have been taken on lease and disclosed as property, plant and equipment in the standalone financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) The inventory including inventory lying with third parties, except goods-in-transit, has been physically verified by the management during the year. In our opinion, the frequency of such verification is reasonable and adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.
(iii) According to 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 which:
(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company''s interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated and repayments or receipts of principal amounts and interest have been regular as per stipulations.
( c) There is no amount overdue for more than 90 days at the Balance Sheet date.
(iv) According to the information and explanations given to us, the Company has complied with provisions of section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year. In respect of unclaimed deposits, the Company has complied with the provisions of section 73 to 76 of the Act and the rules framed thereunder.
(vi) The maintenance of cost records has been specified by the Central Government under Section 148(1) of the Companies Act, 2013 in respect of the products manufactured by the Company. We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 148(1) of the Companies Act, 2013 in respect of manufacture of products and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) (a) According to the information and explanations given to us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees'' state insurance, Income tax, Duty of customs, Goods and services tax and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities, except for Provident fund dues referred to in note 39 to the financial statements. We are informed by the Company that the Employee''s State Insurance Act, 1948 is applicable only to certain locations of the Company. With regard to the contribution under the Employee''s Deposit Linked Insurance Scheme, 1976 (the scheme), the Company has sought exemption from making contribution to the scheme since it has its own Life Cover Scheme. The Company has made application on March 28, 2017 seeking an extension of exemption from contribution to the Scheme for a period of 3 years which is awaited. As explained to us, the Company does not have dues on account of Sales Tax, Service Tax, Value Added Tax and Duty of Excise.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees'' state insurance, Income tax, Duty of customs, Goods and services tax and other material statutory dues were in arrears as at 31 March 2019, for a period of more than six months from the date they became payable. We draw attention to note 39 to the financial statements which more fully explains the matter regarding non-payment of provident fund contribution pursuant to Supreme Court judgments dated 28 February 2019.
(b) According to the information and explanations given to us, there are no dues of Income tax, Sales tax, Service tax, Value added tax, Goods and services tax, Duty of customs and Duty of excise which have not been deposited by the Company with appropriate authorities on account of any disputes except for the following:
Name of the statute |
Nature of dues |
Amount ('' Crores) |
Amount paid under protest* ('' Crores) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income tax |
2.78 |
2.78 |
1982-83, 1991-92 and 1995-96 |
High Court |
147.27 |
147.27 |
2003-04, 2005-06 to 2011-12 and erstwhile Tata Finance Limited 1997-98 to 1999-2000 |
Income Tax Appellate Tribunal |
||
121.12 |
121.09 |
2012-13 to 2014-2015 and erstwhile Tata Motors Drivelines Limited 2015-16 |
Commissioner of Income Tax Appeals |
||
Central Excise Act, 1944 |
Duty of excise |
133.00 |
45.52 |
1991-92 to 1993-94, 2002-03, 2005-06 to 2010-11 |
High Court |
1,439.53 |
25.51 |
1991-92, 1992-93, 1994-95, 1996-97, 1997-98, 1999-2000 to 2017-18 |
The Custom, Excise and Service Tax Appellate Tribunal |
||
40.19 |
1.73 |
1984-85, 1999-2000 to 2017-18 |
Appellate Authority upto Commissioner''s level |
||
Finance Act, 1994 |
Service tax |
1,086.69 |
10.79 |
2004-05 to 2013-14 |
High Court |
76.14 |
4.64 |
2003-04, 2006-07 to 2008-09, 201011, 2013-14, 2014-15, 2017-18 |
The Custom, Excise and Service Tax Appellate Tribunal |
||
7.43 |
0.15 |
2004-05 to 2009-10, 2011-12, 2013-14 to 2017-18 |
Appellate Authority upto Commissioner''s level |
||
Sales Tax |
Sales tax |
13.18 |
- |
1995-96 |
Supreme Court |
301.93 |
70.95 |
1984-85 to 1988-89, 1990-91, 1992-93, 2001-02 to 2005-06, 2007-08 to 2016-17. |
High Court |
||
92.22 |
14.07 |
1983-84, 1985-86, 1989-90, 1998-99, 2000-01, 2004-05 to 2015-16 |
Sales Tax Tribunal |
||
545.03 |
28.62 |
1979-80, 1986-87, 1989-90 to 2018-19 |
Appellate Authority upto Commissioner''s level |
||
Customs Act, 1962 |
Duty of |
3.90 |
3.90 |
2011-12 |
Supreme Court |
customs |
7.49 |
3.11 |
2008-09 |
The Custom, Excise and Service Tax Appellate Tribunal |
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to banks and dues to debenture holders. The Company did not have any outstanding dues to any financial institution or government during the year.
(ix) In our opinion and according to the information and explanations given to us, the Company has not raised money by way of further public offer (including debt instruments) during the year and the term loans taken by the Company have been applied for the purpose for which they were raised.
(x) According to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act for the year ended 31 March 2019.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as per the Act. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with section 177 and 188 of the Act and the details, as required by the applicable accounting standards have been disclosed in the standalone financial statements.
(xiv) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partially convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them during the year. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to register under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the internal financial controls with reference to the aforesaid standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
(Referred to in paragraph 2(A)(f) under ''Report on Other Legal and Regulatory Requirements'' section of our report of even date)
Opinion
We have audited the internal financial controls with reference to financial statements of Tata Motors Limited ("the Company") as of 31 March 2019 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date which includes internal financial controls with reference to financial statements of the Company''s joint operations which are companies incorporated in India.
In our opinion, the Company and its joint operations which are companies incorporated in India, have, in all material respects, adequate internal financial controls with reference to financial statements and such internal financial controls were operating effectively as at 31 March 2019, based on the internal financial controls with reference to financial statements criteria established by the Company and its joint operations considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (the "Guidance Note").
Management''s Responsibility for Internal Financial Controls
The respective Company''s management and the Board of Directors are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note. These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013 (hereinafter referred to as "the Act").
Auditors'' Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls with reference to financial statements based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to financial statements. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements were established and maintained and whether such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor''s judgments, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditor of a joint operation in terms of their report referred in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to standalone financial statements.
Meaning of Internal Financial controls with Reference to Financial Statements
A company''s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial controls with Reference to Financial Statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Other Matter
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to standalone financial statements in so far as it relates to one joint operation, which is a company incorporated in India, is based solely on the corresponding report of the other auditor.
For B S R & Co. LLP
Chartered Accountants
Firm''s Registration No: 101248W/W-100022
Yezdi Nagporewalla
Place : Mumbai Partner
Date : 20 May 2019 Membership No: 049265
Mar 31, 2018
Independent Auditor''s Report
To the Members of Tata Motors Limited Report on the Audit of the Standalone Ind AS Financial Statements
We have audited the accompanying standalone ind AS financial statements of Tata Motors Limited ("the Company"), which comprise the Balance Sheet as at 31 March 2018, the Statement of Profit and Loss, the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and summary of the significant accounting policies and other explanatory information, and includes two joint operations consolidated on a proportionate basis.
Management''s Responsibility for the Standalone Ind AS 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 standalone ind AS financial statements that give a true and fair view of the state of affairs, profit/loss and other comprehensive income, changes in equity and cash flows of the Company including its joint operations in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (ind AS) prescribed under section 133 of the Act.
The respective Board of Directors of the Company and its joint operations are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and its joint operations 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 standalone ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
in preparing the financial statements, the respective Board of Directors of the Company and its joint operations are responsible for assessing the ability of the Company and its joint operations to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless respective management either intends to liquidate the Company / joint operation or to cease operations, or has no realistic alternative but to do so.
Auditor''s Responsibility
Our responsibility is to express an opinion on these standalone ind AS 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 there under.
We conducted our audit of the standalone ind AS financial statements 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 standalone ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone ind AS financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the standalone ind AS 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 standalone ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. 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 standalone ind AS financial statements.
We are also responsible to conclude on the appropriateness of management''s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the entity''s ability to continue as a going concern. if we conclude that a material uncertainty exists, we are required to draw attention in the auditor''s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the opinion. Our conclusions are based on the audit evidence obtained up to the date of the auditor''s report. However, future events or conditions may cause an entity to cease to continue as a going concern.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone ind AS financial statements.
Opinion
in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of report of other auditor on separate financial statements of one joint operation, the aforesaid standalone ind AS 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 31 March 2018, its loss and other comprehensive income, changes in equity and its cash flows for the year ended on that date.
Other Matters
1. The comparative financial information of the Company for the year ended 31 March 2017 prepared in accordance with Ind AS, included in these standalone Ind AS financial statements have been audited by the predecessor auditor, which have been adjusted to give effect to the scheme of merger explained in Note 47 (iii) to the standalone Ind AS financial statements. The report of the predecessor auditor on the comparative financial information dated 23 May 2017 expressed an unmodified opinion.
2. We did not audit the financial statements of one joint operation included in the standalone Ind AS financial statements, whose financial statements reflect total assets of '' 6,940.15 crores and net assets of '' 3,375.06 crores as at 31 March 2018, total revenues of '' 6,994.76 crores and net cash outflows amounting to '' 115.57 crores for the year ended on that date, as considered on a proportionate basis in the standalone Ind AS financial statements. These financial statements have been audited by other auditor whose report has been furnished to us by the management and our report on the standalone Ind AS financial statements, in so far as it relates to the amounts and disclosures included in respect of this joint operation, is based solely on the report of the other auditor.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by the Central Government in terms of Section 143(11) of the Act, we give in "Annexure A" a statement on the matters specified in paragraphs 3 and 4 of the Order for the Company (excluding its joint operations).
2. As required by Section 143(3) of the Act, based on our audit and on the consideration of report of the other auditor on separate financial statements of a joint operation 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 and its joint operations so far as it appears from our examination of those books and the report of the other auditor.
c) The Balance Sheet, the Statement of Profit and Loss, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under section 133 of the Act.
e) On the basis of the written representations received from the directors as on 31 March 2018 taken on record by the Board of Directors and the report of the statutory auditors of the joint operations, none of the directors of the Company and its joint operations is disqualified as on 31 March 2018 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls with reference to financial statements of the Company and its joint operations which are companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in "Annexure B".
g) 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 standalone Ind AS financial statements; - Refer Note 38 to the standalone Ind AS financial statements.
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts; - Refer Note 47 (v) to the standalone Ind AS financial statements.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company.
iv. The disclosures in the financial statements regarding holdings as well as dealings in specified bank notes during the period from 8 November 2016 to 30 December 2016 have not been made since they do not pertain to the financial year ended 31 March 2018.
(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets except for certain tools where the Company is in the process of updating the location.
(b) The Company has a regular program of physical verification of its fixed assets by which its fixed assets are verified in a phased manner over a period of three years. in our opinion, this periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its fixed assets. However, fixed assets aggregating to a carrying value of '' 210.14 crores were not verified during the year though planned. As represented by the management, these will be verified during the financial year 2018-19. According to the information and explanations given to us, no material discrepancies were noticed on verification of the balance fixed assets.
( c ) According to the information and explanations given to us, the records examined by us and based on the examination of the registered sale deed /transfer deed /conveyance deed /court orders approving schemes of arrangements /amalgamations provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the Balance Sheet date except for certain title deeds for lands amounting to '' 525.80 crores which are yet to be transferred in the name of the Company. in respect of immovable properties that have been taken on lease and disclosed as property, plant and equipment in the standalone ind AS financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) The inventory including inventory lying with third parties, except goods-in-transit, has been physically verified by the management during the year. in our opinion, the frequency of such verification is reasonable and adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on verification between the physical stocks and the book records were not material and have been properly dealt with in the books of account.
(iii) According to 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 which:
(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Company''s interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated and repayments or receipts of principal amounts and interest have been regular as per stipulations.
( c ) There is no amount overdue for more than 90 days at the Balance Sheet date.
(iv) According to the information and explanations given to us, the Company has complied with provisions of section 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) According to the information and explanations given to us, the Company has not accepted any deposits during the year. in respect of unclaimed deposits, the Company has complied with the provisions of section 73 to 76 of the Act and the rules framed there under.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules prescribed by the Central Government for maintenance of cost records under section 148(1) of the Companies Act, 2013 in respect of manufacture of products and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records.
(vii) (a) According to the information and explanations given to
us and on the basis of our examination of the records of the Company, amounts deducted / accrued in the books of account in respect of undisputed statutory dues including Provident fund, Employees'' state insurance, income tax, Sales tax, Service tax, Duty of customs, Duty of excise, Value added tax, Goods and services tax and other material statutory dues have generally been regularly deposited during the year by the Company with the appropriate authorities. We are informed by the Company that the Employee''s State insurance Act, 1948 is applicable only to certain locations of the Company. With regard to the contribution under the Employee''s Deposit Linked insurance Scheme, 1976 (the scheme), the Company has sought exemption from making contribution to the scheme since it has its own Life Cover Scheme. The Company has made application on March 28, 2017 seeking an extension of exemption from contribution to the Scheme for a period of 3 years which is awaited.
According to the information and explanations given to us, no undisputed amounts payable in respect of Provident fund, Employees'' state insurance, income tax, Sales tax, Service tax, Duty of excise, Duty of customs, Value added tax, Goods and services tax and other material statutory dues were in arrears as at 31 March 2018, for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us, there are no dues of income tax, Sales tax, Service tax, Value added tax, Goods and services tax, Duty of customs and Duty of excise which have not been deposited by the Company with appropriate authorities on account of any disputes except for the following:
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to financial institutions, banks and government and dues to debenture holders.
Name of the statute |
Nature of dues |
Amount (Rs, in Crores) |
Amount paid under protest (Rs, in Crores) |
Amount outstanding (Rs, in Crores) |
Period to which the amount relates |
Forum where dispute is pending |
Income Tax Act, 1961 |
Income tax |
2.78 |
2.78 |
- |
1982-83, 1991-92 and 1995-96 |
High Court |
162.51 |
162.51 |
- |
1997-98 to 1999-2000, 2003-04 to 2011-12 |
Income Tax Appellate Tribunal |
||
330.65 |
111.78 |
218.87 |
2007-08, 2012-13 and 2013-14 |
Commissioner of Income Tax Appeals |
||
Central Excise Act, 1944 |
Duty of excise |
133.13 |
45.37 |
87.76 |
1991-92 to 1993-94, 1995-96 to 1999-2000, 2002-03, 2005-06 to 2010-11 |
High Court |
1,384.72 |
22.06 |
1362.66 |
1989-90, 1990-91, 1992-93, 199495, 1996-97, 1997-98, 1999-2000 to 2016-17 |
The Customs, Excise and Service Tax Appellate Tribunal |
||
32.10 |
1.91 |
30.19 |
1984-85, 1994-95, 1995-96, 199798, 2000-01, 2006-07 to 2016-17 |
Appellate Authority upto Commissioner''s level |
||
Finance Act, 1994 |
Service tax |
1,116.13 |
12.79 |
1,103.34 |
2003-04 to 2014-15 |
The Customs, Excise and Service Tax Appellate Tribunal |
1.98 |
0.07 |
1.91 |
2011-12 |
Appellate Authority upto Commissioner''s level |
||
Sales Tax |
Sales tax |
13.18 |
- |
13.18 |
1995-96 |
Supreme Court |
254.33 |
50.40 |
203.93 |
1984-85 to 1988-89, 1990-91, 2001-02 to 2005-06 |
High Court |
||
99.24 |
27.92 |
71.32 |
1983-84, 1986-87, 1989-90, 199192, 2000-01, 2004-05 to 2016-17 |
The Customs, Excise and Service Tax Appellate Tribunal |
||
515.92 |
30.17 |
485.75 |
1979-80, 1986-87, 1988-89 to 2016-17 |
Appellate Authority up to Commissioner''s level |
||
Customs Act, 1962 |
Duty of customs |
3.90 |
3.90 |
- |
2011-12 |
Supreme Court |
7.49 |
3.11 |
4.38 |
2008-09 |
The Customs, Excise and Service Tax Appellate Tribunal |
(ix) In our opinion and according to the information and explanations given to us, the Company had not raised money by way of further public offer (including debt instruments) during the year and the term loans taken by the Company have been applied for the purpose for which they were raised.
(x) According to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the course of our audit.
(xi) According to the information and explanations given to us and based on our examination of the records of the Company, the Company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act for the year ended 31 March 2018.
(xii) In our opinion and according to the information and explanations given to us, the Company is not a Nidhi Company as per the Act. Accordingly, paragraph 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions with related parties are in compliance with section 177 and 188 of the Act and the details, as required by the applicable accounting standards have been disclosed in the standalone Ind AS financial statements.
(xiv) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or fully or partially convertible debentures during the year. Accordingly, paragraph 3(xiv) of the Order is not applicable to the Company.
(xv) According to the information and explanations given to us, the Company has not entered into any non-cash transactions with directors or persons connected with them during the year. Accordingly, paragraph 3(xv) of the Order is not applicable to the Company.
(xvi) In our opinion and according to the information and explanations given to us, the Company is not required to register under section 45-IA of the Reserve Bank of India Act, 1934.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls with reference to financial statements of Tata Motors Limited ("the Company") as of 31 March 2018 in conjunction with our audit of the standalone ind AS financial statements of the Company for the year ended on that date which includes internal financial controls with reference to financial statements of the Company''s joint operations which are companies incorporated in india.
Management''s Responsibility for Internal Financial Controls
The respective Board of Directors of the Company and its joint operations incorporated in india are responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to financial statements criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note on Audit of internal Financial Controls over Financial Reporting ("the Guidance Note") issued by the institute of Chartered Accountants of india ("iCAi). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company''s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor''s Responsibility
Our responsibility is to express an opinion on the internal financial controls with reference to financial statements of the Company based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by iCAi and deemed to be prescribed under section 143(10) of the Act, to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal Financial Controls and, both issued by the iCAi. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to financial statements was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to financial statements and their operating effectiveness. Our audit of internal financial controls with reference to financial statements included obtaining an understanding of internal financial controls with reference to financial statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.
We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditor of a joint operation in terms of their report referred in the Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system with reference to financial statements of the Company.
Meaning of Internal Financial Controls with reference to financial statements
A company''s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company;
(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of the management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company''s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to financial statements
Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion the Company and its joint operations which are incorporated in India, have, in all material respects, an adequate internal financial controls system with reference to financial statements and such internal financial controls with reference to financial statements were operating effectively as at 31 March
2018, based on the internal controls with reference to financial statements criteria established by the Company and its joint operations considering the essential components of internal control stated in the Guidance Note issued by the Institute of Chartered Accountants of India.
Other Matter
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls with reference to financial statements in so far as it relates to one joint operation, which is a Company incorporated in India, is based solely on the corresponding report of the other auditor. Our opinion is not modified in respect of this matter.
For B S R & Co. LLP
Chartered Accountants
Firm''s Registration No: 101248W/W-100022
Yezdi Nagporewalla
Mumbai Partner
23 May 2018 Membership No: 049265
Mar 31, 2017
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statements of Tata Motors Limited (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2017, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information, which includes two Joint Operation Companies on a proportionate basis.
Managementâs Responsibility for the Standalone Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company including its Joint Operation Companies in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act.
The respective Boards of Directors of the Company and its Joint Operation Companies are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and its Joint Operation Companies 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 standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
In conducting 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 of the standalone Ind AS financial statements 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 standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS 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, 2017, and its loss, total comprehensive loss, its cash flows and the changes in equity for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by Section 143(3) of the Act, based on our audit, we report to the extent applicable 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 and its Joint Operation Companies so far as it appears from our examination of those books.
c) The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.
d) In our opinion, the aforesaid standalone Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act.
e) On the basis of the written representations received from the directors of the Company as on March 31, 2017 taken on record by the Board of Directors of the Company and the reports of the statutory auditors of its Joint Operation companies, none of the directors of the Company and its Joint Operation Companies are disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164(2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and its joint operations which are companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Companyâs and its Joint Operation Companiesâ, internal financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, 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 standalone Ind AS financial statements;
ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on long-term contracts including derivative contracts;
iii. There have been no delays in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company;
iv. The Company has provided requisite disclosures in the standalone Ind AS financial statements as regards the Companyâs and its Joint Operation Companiesâ, holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated November 8, 2016 of the Ministry of Finance, during the period from November8, 2016 to December.30, 2016. However, as stated in Note No. 47 (ii) to the financial statements amounts aggregating to RS.79,500 /- as represented to us by the Management have been received from transactions which are not permitted.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
ANNEXURE âBâ TO THE INDEPENDENT AUDITORâS REPORT
(Referred to in paragraph 2 under âReport on Other Legal and Regulatory Requirementsâ section of our report of even date to the Members of Tata Motors Limited)
(i) In respect of its property, plant and equipment:
(a) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment.
(b) The property, plant and equipment 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 property, plant and equipment at reasonable intervals. According to the information and explanations given to us, no material discrepancies were noticed on such verification.
(c) According to the information and explanations given to us, the records examined by us and based on the examination of the registered sale deed /transfer deed /conveyance deed /confirmation from custodians /court orders approving schemes of arrangements /amalgamations provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings which are freehold, are held in the name of the Company as at the balance sheet date. In respect of immovable properties that have been taken on lease and disclosed as property, plant and equipment in the financial statements, the lease agreements are in the name of the Company, where the Company is the lessee in the agreement.
(ii) As explained to us, the stock of finished goods and work-in-progress in the Companyâs 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 Companyâs 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.
(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 which:
(a) The terms and conditions of the grant of such loans are, in our opinion, prima facie, not prejudicial to the Companyâs interest.
(b) The schedule of repayment of principal and payment of interest has been stipulated and repayments or receipts of principal amounts and interest have been regular as per stipulations.
(c) There is no amount overdue for more than 90 days at the balance sheet date.
(iv) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(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, 2013.
(vi) The maintenance of cost records has been specified by the Central Government under Section 148(1) of the Companies Act, 2013 in respect of its products. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (cost records and audit) Rules, 2014 and amended Companies (cost records and audit) Amendment Rules, 2016 as 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, Employeesâ State Insurance, Income-tax, Sales 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 Employeesâ State Insurance Act, 1948 is applicable only to certain locations of the Company. With regard to the contribution under the Employeesâ Deposit Linked Insurance Scheme, 1976 (the Scheme), we are informed that the Company has sought exemption from making contribution to the Scheme since it has its own Life Cover Scheme. The Company has made an application on March 28, 2017 seeking an extension of exemption from contribution to the Scheme for a period of 3 years which is awaited.
(b) There were no undisputed amounts payable in respect of Provident Fund, Employeesâ State Insurance, Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory dues in arrears as at March 31, 2017 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 and Excise Duty which have not been deposited as on March 31, 2017 on account of disputes are given below:
Name of Statute |
Nature of Dues |
Forum where Dispute is Pending |
Period to which the Amount Relates |
Amount (Rs. In Crores) |
Income Tax Act 1961 |
Income Tax |
High Court |
2001-02, 2003-04 |
0.08 |
Appellate Tribunal |
2011-12 |
19.21 |
||
Appellate Authority upto Commissionerâs level |
2007-08, 2008-09, 2009-10 to 2012-13 |
57.71 |
||
Central Excise Laws1 |
Excise Duty & Service Tax |
High Court |
2006-07 to 2008-09 |
45.35 |
Tribunal |
1989-90 to 1992-93, 1994-95, 1996-97 to 2015-16 |
2,444.86 |
||
Appellate Authority upto Commissionerâs level |
1984-85, 1995-96, 1997-98, 2000-01, 2007-08 to 2015-16 |
97.16 |
||
Sales Tax Laws2 |
Sales Tax |
Supreme Court |
1995-96 |
13.01 |
Sales Tax |
High Court |
1984-85 to 1988-89, 1990-91, 2001-02 to 2005-06, 200708, 2015-16 |
219.86 |
|
Sales Tax |
Tribunal |
1983-84, 1989-90, 1992-93, 1994-95, 2000-01 to 2001-02, 2005-06 to 2013-14 |
44.55 |
|
Sales Tax |
Appellate Authority upto Commissionerâs level |
1979-80, 1986-87, 1988-89 to 1990-91, 1992- 93 to 2015-16 |
533.75 |
|
Custom Laws3 |
Custom Duty |
CESTAT |
1998-99, 2008-09, 2011-12 |
4.46 |
1 Net of RS.76.94 crores paid under protest; 2 Net of RS.117.90 crores paid under protest; 3 Net of RS.7.01 crores paid under protest.
(viii) In our opinion and according to the information and explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to financial institutions, banks and government and dues to debenture holders.
(ix) In our opinion and according to the information and explanations given to us, the Company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and the term loans have been applied by the Company during the year for the purposes for which they were raised.
(x) 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 by its officers or employees has been noticed or reported during the year.
(xi) In our opinion and according to the information and explanations given to us, the Company has paid /provided managerial remuneration in accordance with requisite approval mandated by the provision of Section 197 read with Schedule V to the Companies Act, 2013 except for remuneration paid to the Managing Director which is in excess of prescribed limits. The Central Government approval is awaited.
(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, where applicable, for all transactions with the related parties and the details of related party transactions have been disclosed in the financial statements etc. as required by the applicable accounting standards.
(xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause (xiv) of the Order is not applicable to the Company.
(xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or associate company or persons connected with them and hence provisions of Section 192 of the Companies Act, 2013 are not applicable.
(xvi) The Company is not required to be registered under Section 45-I of the Reserve Bank of India Act, 1934.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm Registration No.117366W / W-100018)
B.P. SHROFF
Partner
Mumbai, May 23, 2017 (Membership No. 34382)
Mar 31, 2016
We have audited the accompanying standalone financial statements of
TATA MOTORS LIMITED ("the Company"), which comprise the Balance Sheet
as at March 31, 2016, 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 Standalone 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 standalone 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 prescribed under section 133 of the Act, as applicable. 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 standalone
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 and the Order under section 143(11) of the Act.
We conducted our audit of the standalone financial statements 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. 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 standalone
financial statements.
Opinion
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, 2016, 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 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 prescribed under section 133 of
the Act, as applicable.
(e) On the basis of the written representations received from the
directors as on March 31, 2016 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2016
from being appointed as a director in terms of Section 164(2) of the
Act.
(f) With respect to the adequacy of the internal financial controls
over financial reporting of the Company and the operating effectiveness
of such controls, refer to our separate Report in "Annexure
A". Our report expresses an unmodified opinion on the adequacy and
operating effectiveness of the Company''s internal financial controls
over financial reporting.
(g) 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;
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses on long-
term contracts including derivative contracts; iii. There has been no
delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Company. 2. As required
by the Companies (Auditor''s Report) Order, 2016 ("the Order") issued by
the Central Government of India in terms of Section 143(11) of the Act,
we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the Order.
(Referred to in paragraph 1(f) 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.
(c) According to the information and explanations given to us, the
records examined by us and based on the examination of the registered
sale deed /transfer deed /conveyance deed /confirmation from
custodians /court orders approving schemes of arrangements
/amalgamations provided to us, we report that, the title deeds,
comprising all the immovable properties of land and buildings which are
freehold, are held in the name of the Company as at the balance sheet
date. In respect of immovable properties of land and buildings that
have been taken on lease and disclosed as fixed asset in the financial
statements, the lease agreements are in the name of the
Company, where the Company is the lessee in the agreement.
(ii) 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.
(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 which:
(a) The terms and conditions of the grant of such loans are, in our
opinion, prima facie, not prejudicial to the Company''s interest.
(b) The schedule of repayment of principal and payment of interest has
been stipulated and repayments or receipts of principal amounts and
interest have been regular as per stipulations.
(c) There is no amount overdue for more than 90 days at the balance
sheet date.
(iv) In our opinion and according to the information and explanations
given to us, the Company has complied with the provisions of Sections
185 and 186 of the Companies Act, 2013 in respect of grant of loans,
making investments and providing guarantees and securities, as
applicable.
(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, 2013.
(vi) The maintenance of cost records has been specified by the Central
Government under Section 148(1) of the Companies Act, 2013 in respect
of its products. 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, 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, Employees'' State Insurance, Income-tax, Sales Tax, Service Tax,
Customs Duty, Excise Duty, Cess and other material statutory dues in
arrears as at March 31, 2016 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
and Excise Duty which have not been deposited as on March 31, 2016 on
account of disputes are given below:
Name of Statute Nature of
Dues Forum where
Dispute is Period to
which the Amount
Relates Amount
pending (Rs. In
Crores)
Income Tax Act
1961 Income Tax Commissioner
(Appeals) 2003-04, 2004-05,
2007-08, 2009-10 23.33
Excise Duty
&
Service Tax Tribunal 1989-90 to
2013-14 2,310.25
Central Excise
Laws1
Excise Duty
& Service ax Commissioner
(Appeals) 1984-85, 1995-96,
1997-98, 2000-01,
2004-05 to 3.26
2013-14
Sales Tax Supreme
Court 1995-96 13.01
Sales Tax High Court 1984-85 to
1988-89, 1990-91,
2001-02 to 2005-06, 202.39
2007-08
Sales Tax Tribunal 1983-84, 1989-90,
1992-93, 2000-01 to
2010-11 23.82
Sales Tax Commissioner 1996-97, 1998-99,
2001-02, 2010-11 3.13
Sales Tax
Laws2 Sales Tax Joint
Commissioner 1993-94, 1997-98,
2001-02
to 2014-15 289.05
Sales Tax Additional
Commissioner 1989-90, 1997-98,
2001-02 to 2013-14 170.63
Sales Tax Deputy
Commissioner 1979-80, 1986-87
to 2010-11,
2013-14 104.40
Sales Tax Assistant
Commissioner 1990-91, 1995-96,
1997-98, 1999-00,
2006-07, 173.06
2008-09 to
2012-13
Sales Tax Trade Tax
Officer 1995-96, 1996-97,
1998-99 to
2001-02, 2005-06, 1.83
2006-07
Custom Laws3 Custom
Duty CESTAT 1998-99, 2008-09,
2011-12 4.46
1 Net of Rs.66.24 crores paid under protest; 2 Net of Rs.136.5 crores
paid under protest; 3 Net ofRs.7.01 crores paid under protest.
(viii) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of loans or
borrowings to financial institutions, banks and government and dues to
debenture holders.
(ix) In our opinion and according to the information and explanations
given to us, money raised by way of rights issue during the year and
the term loans have been applied by the Company for the purposes for
which they were raised.
(x) 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 by its officers or employees has been noticed or
reported during the year.
(xi) In our opinion and according to the information and explanations
given to us, the Company has paid /provided managerial remuneration in
accordance with requisite approval mandated by the provision of Section
197 read with Schedule V to the Companies Act, 2013 except for
remuneration paid to Managing Director for which the Company is in
process of applying for the approval from Central Government and
Shareholders of the Company.
(xii) The Company is not a Nidhi Company and hence reporting under
clause (xii) of the Order is not applicable.
(xiii) In our opinion and according to the information and explanations
given to us, the Company is in compliance with Section 177 and 188 of
the Companies Act, 2013, where applicable, for all transactions with
the related parties and the details of related party transactions have
been disclosed in the financial statements etc. as required by the
applicable accounting standards.
(xiv) During the year the Company has not made any preferential
allotment or private placement of shares or fully or partly convertible
debentures and hence reporting under clause (xiv) of the Order is not
applicable to the Company.
(xv) In our opinion and according to the information and explanations
given to us, during the year the Company has not entered into any
non-cash transactions with its directors or directors of its holding,
subsidiary or associate company or persons connected with them and
hence provisions of Section 192 of the Companies Act, 2013 are not
applicable.
(xvi) The Company is not required to be registered under Section 45-I
of the Reserve Bank of India Act, 1934.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm Registration No.117366W / W-100018)
B.P. SHROFF
Partner
(Membership No. 34382)
Mumbai, May 30, 2016
Mar 31, 2014
Report on the Financial Statements
We have audited the accompanying financial statements of TATA MOTORS
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.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
financial statements that give a true and fair view of the financial
position, financia 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 materia 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 reguire that we comply with
ethical reguirements 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 control relevant to the
Company''s 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 Company''s 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 reguired by the Act in the manner so reguired 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 reguired by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government in terms of Section 22 7(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 reguired 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 reguired 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 as on March 31,2014 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2014
from being appointed as a director in terms of Section 274(l)(g) of the
Act.
(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) Having regard to the nature of the Company''s business / activities
/ results during the year, clauses (xiii) and (xiv) of paragraph 4 of
the Order are not applicable to the Company
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including guantitative 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
explanation 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
(iii) 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 freguency of verification is reasonable. In case of
materials and spare parts held for sale lying with the 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 adeguate 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.
(iv) In respect of loans, secured or unsecured, granted by the Company
to companies, firms 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:
(a) The Company has granted unsecured loans aggregating Rs.146.28
crores to two parties during the year. At the year-end, the outstanding
balances of such loans granted aggregated Rs.562.69 crores (number of
parties -three) and the maximum amount involved during the year wasRs.
875.18 crores (number of parties - four).
(b) The rate of interest and other terms and conditions of such loans
are, in our opinion, prima facie not prejudicial to the interests of
the Company having regard to the business relationship with the
companies to whom loans have been granted.
(c) The receipts of principal amounts have been as per stipulations.
However, there are delays in receipt of interest.
(d) In respect of overdue interest amounts of over Rs. 1 lakh remaining
outstanding as at the year-end, as explained to us, Management has
taken reasonable steps for recovery of the interest amount.
In respect of loans, secured or unsecured, taken by the Company from
companies, firms 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:
The Company has not taken any loans from such parties during the year
accordingly clauses (iii) (b) to (iii) (d) of Paragraph 4 of the
Companies (Auditor''s Report) Order, 2003 are not applicable to the
Company.
(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 are
not readily available for obtaining comparable guotations, there is an
adeguate 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.
(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 in 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 (excluding loans reported under
paragraph (iv) above) is in excess of Rs. 5 lakhs in respect of any
party, having regard to our comments in paragraph (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,
other than certain purchases which are of a special nature for which
comparable guotations are not available and in respect of which we are,
therefore, unable to comment if the transactions have been carried out
at prices 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, 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 adeguate internal audit
system commensurate with the size and the nature of its business.
(ix) 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
Companies Act, 1956 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.
(x) 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,
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''States
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 conseguently, 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 31,2014 for a period of more than six months from the date
they became payable.
(xi) The Company does not have any accumulated losses at the end of the
financial year and the Company has not incurred cash losses during the
financial year covered by our audit and in the immediately preceding
financial 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
financial institutions, banks 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) 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.
(xv) 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.
(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, we report that funds raised on short-term basis aggregatingRs.
11,521.20 crores have been used for long-term investments. Further the
Company has explained that steps are being taken to augment long term
funds.
(xvii) During the year 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) During the period covered by our audit report, the Company has
not issued any secured debentures.
(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 LLP
Chartered Accountants
(Firm Registration No. 117366W/W-100018)
B. P. SHROFF
Partner
(Membership No. 34382)
MUMBAI,May 29,2014
Mar 31, 2013
We have audited the accompanying financial statements of TATA MOTORS
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2013, the Profit and Loss Statement 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 referred to in Section 211(3C)
of the Companies Act, 1956 ("the Act") 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, 2013;
(b) in the case of the Profit and Loss Statement, 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 Profit and Loss Statement, 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 Profit and Loss Statement,
and the Cash Flow Statement comply with the Accounting Standards
referred to in Section 211(3C) of the Act.
(e) On the basis of the written representations received from the
directors as on March 31, 2013 taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2013
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)
(i) Having regard to the nature of the Companys business / activities
/ results during the year, clauses (xiii) and (xiv) of paragraph 4 of
the Order are not applicable to the Company.
(ii) 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;
(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.
(iii) In respect of its inventories:
(a) As explained to us, the stock of finished goods (other than a
significant part of the spare parts held for sale) and work-in-progress
in the Companys 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, 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 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 the third parties,
certificates confirming 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 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.
(iv) In respect of loans, secured or unsecured, granted by the Company
to companies, firms 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:
(a) The Company has granted unsecured loans aggregating Rs. 194.36
crores to two parties during the year. At the year-end, the outstanding
balances of such loans granted aggregated Rs. 711.07 crores (number of
parties - three) and the maximum amount involved during the year was
Rs. 794.46 crores (number of parties - four).
(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 business relationship with the Company to
whom loans have been granted.
(c) The receipts of principal amount have been as per stipulations.
However, there have been delays in receipts of interest.
(d) There are no overdue amounts in respect of principal amount
outstanding. In respect of overdue interest amounts of more than rupees
one lakh remaining outstanding as at the year-end, except in respect of
interest outstanding from a subsidiary company for which the provision
has been made, 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, firms 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:
(a) The Company has not taken loans from parties during the year. At
the year-end, the outstanding balances of such loans taken aggregated
Rs. Nil (number of parties Nil) and the maximum amount involved during
the year was Rs. 0.26 crores (number of parties - one).
(b) 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.
(c) The payments of principal amounts and interest in respect of such
loans are regular.
(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 are
not readily available 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 fixed 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 in 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 five lakhs in
respect of any party, and having regard to the 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, 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 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
Companies Act, 1956 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 cost records with a view to
determine whether they are accurate or complete.
(x) 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,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other
material statutory dues applicable to it with the appropriate
authorities. 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, 2013 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, 2013 on account of disputes are given below:
Name of Nature of Dues Forum where
Statute Dispute is Pending
Income tax Income tax Commissioner (Appeals)
Income tax Appellate Tribunal
Central
Excise Excise Duty & Service Tax Tribunal
Laws
Excise Duty & Service Tax Commissioner (Appeals)
Excise Duty & Service Tax Additional Commissioner
Excise Duty & Service Tax Joint Commissioner
Excise Duty & Service Tax Deputy Commissioner
Excise Duty & Service Tax Asst. Commissioner
Sales Tax
Laws Sales Tax Supreme Court
Sales Tax High Court
Sales Tax Tribunal
Sales Tax Commissioner (Appeals)
Sales Tax Joint Commissioner
Sales Tax Additional Commissioner
Sales Tax Deputy Commissioner
Sales Tax Assistant Commissioner
Sales Tax Trade Tax Officer
Name of Statute Period to which the Amount Relates Amount
Involved
(Rs. in
crores.)
Income tax 2003-04 to 2009-10 44.97
2007-08 3.40
Central Excise Laws 1993-94, 1999-00, 2002-03, 2004-05
to 2012-13 2249.15
1984-85, 1995-96, 2003-04, 2006-07,
2010-11, 83.13
2011-12, 2012-13
2012-13 0.66
2012-13 0.21
2012-13 0.04
2012-13 0.09
Sales Tax Laws 1995-96 13.01
1984-85 to 1988-89, 1990-91,
1993-94, 1994-95, 18.83
1997-98, 1999-00, 2005-06 to 2007-08
1988-89, 1989-90, 1995-96, 1998-99,
1999-00, 7.21
2000-01, 2004-05, 2007-08, 2010-11
1996-97, 1998-99, 2001-02 0.20
1997-98, 1999-00, 2001-02 to 2008-09 222.33
1988-89, 1989-90, 1995-96,
1997-98, 2005-06 to 19.46
2009-10, 2012-13
1979-80, 1986-87, 1991-92, 1992-93,
1994-95 to 3.68
1997-98, 2000-01,2003-04, 2005-06,
2008-09
1986-87, 1988-89, 1990-91, 1995-96,
1997-98, 1.06
1999-00, 2010-11
1995-96, 1996-97, 1998-99 to
2000-01, 2006-07 1.83
(xi) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial 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
financial institutions, banks 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 financial institutions.
(xv) 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.
(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, 2013, we report that funds raised on short
term basis of Rs.8,439.39 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 not
issued any secured debentures.
(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
(Firm Registration No. 117366W)
N. VENKATRAM
Partner
(Membership No. 71387)
MUMBAI, May 29, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA MOTORS LIMITED
("the Company") as at March 31, 2012, the Profit and Loss Statement and
the Cash Flow Statement of the Company for the year ended on that date,
both annexed thereto. These financial statements are the responsibility
of the Company's Management. Our responsibility is to express an
opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor's 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit and Loss Statement 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 Profit and Loss Statement
and the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Profit and Loss Statement, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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 Company's 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 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
explanation 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, in our opinion, has not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(a) As explained to us, the stock of finished goods (other than a
significant part of the spare parts held for sale) 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, and in respect of stocks of stores and spares, the
aforesaid spare parts held for sale, and raw materials in the Company's
custody, 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 the third parties,
certificates confirming 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 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 is maintaining proper records of inventory.
The discrepancies noticed on verification 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, firms 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.521.33 Crores
to four parties covered in the register maintained under Section 301 of
the Companies Act, 1956 (including Rs.86.92 Crores granted during the
year to two parties). At the year- end, the outstanding balances of
such loans aggregated Rs.579.36 Crores and maximum amount outstanding
during the year was Rs. 579.36 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 amount have been as per stipulations.
However, there have been delays in receipts of interest.
(d) There are no overdue amounts in respect of principal amount
outstanding. In respect of overdue interest amounts of more than rupees
one lakh remaining outstanding as at the year-end, except in respect of
interest outstanding from a subsidiary company for which the provision
has been made, 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, firms 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 loans aggregating Rs.11.52 Crores from six
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956. At the year-end, the outstanding balance of such
loans taken aggregated Rs. 0.20 Crores and the maximum amount outstanding
during the year was Rs.11.92 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
fixed 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 five 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 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
Companies Act, 1956 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 cost records with a view to
determine whether they are accurate or complete.
(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.
(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, 2012 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, 2012 on account of any disputes are given below:
Nature of the Statute Nature of the Dues Amount
(Rs.in crores)
Income Tax Laws Income Tax 7.48
Income Tax 45.24
Central Excise Laws Excise Duty & Service Tax 6.53
Excise Duty & Service Tax 564.55
Excise Duty & Service Tax 77.24
Excise Duty & Service Tax 0.20
Excise Duty & Service Tax 0.03
Sales Tax Laws Sales Tax 13.01
Sales Tax 77.52
Sales Tax 21.46
Sales Tax 0.20
Sales Tax 215.79
Sales Tax 24.34
Sales Tax 1.26
Sales Tax 0.07
Sales Tax 0.44
Name of the Period to which the amount Forum where Pending
Statue relates to
Income Tax Laws 1998-99, 1999-00, 2005-06 Appellate Tribunal
2003-04 to 2010-11 Commissioner
Central Excise Laws 2008-09 to 2011-12 High Court
2004-05 to 2011-12 Appellate Tribunal
1984-85, 1995-96,2003-04,
2006-07 to 2011-12 Commissioner (Appeals)
2011-12 Additional Commissioner
2011-12 Deputy Commissioner
Sales Tax Laws 1995-96 Supreme Court
1984-85 to 1990-91, 1993-94,
1994-95, 1997-98, 2000-01,
2002-03, 2005-06 to 2007-08 High Court
1988-89, 1989-90, 1992-93,
1994-95, 1995-96, 1998-99 to
2000-01, 2002-03 to 2007-08,
2010-11 Tribunal
1996-97, 1998-99, 2001-02 Commissioner (Appeals)
1997-98, 1999-00, 2001-02
to 2008-09 Joint Commissioner
1988-89, 1989-90, 1995-96,
1997-98, 2005-06 to 2007-08,
2009-10, 2010-11 Additional Commissioner
1979-80,1994-95 to 1997-98,
2000-01, 2003-04, 2006-07,
2010-11 Deputy Commissioner
1986-87, 1995-96, 1997-98,
1988-89, 1990-91, 1999-2000 Assistant Commissioner
1995-96, 2000-01, 2001-02,
2004-05, 2006-07, 2007-08,
2009-10 Trade Tax Officer
(xi) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial 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, financial 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 financial institutions. Accordingly, the
provisions of clause (xv) of Paragraph 4 of the Companies (Auditor's
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, 2012, we report that funds raised on short
term basis of Rs.3,595.61 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 not
issued any secured debentures. .
(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
MUMBAI, May 29, 2012. (Membership No.71387)
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2012
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at March 31, 2012, the Statement of
Profit and Loss and the Cash Flow Statement of the Company for
the year ended on that date, both annexed thereto. These financial
statements are the responsibility of the Company''s Management. Our
responsibility is to express an opinion on these financial
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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 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 dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2012 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2012
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) Having regard to the nature of the Company''s business / activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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 th fixed assets of the Company and
such disposal has, in our opinion, not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Registers maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at March 31, 2012 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,
Custom Duty and Cess which have not been deposited as on March 31, 2012
on account of disputes are given below:
Forum where Period to Amount
Statute Nature of Dispute which the involved
Dues amount
is pending relates (Rs.in crore)
Commissioner 2007-08 0.04
Income Tax
(Appeals)
Income
Tax Act''1961 Income
Tax Commissioner
of Income Tax
(Appeals) 2008-09 0.04
Deputy
Commissioner of
Sales
Tax(Appeals) 1997-98 0.03
Deputy
Commissioner of
Sales Tax
(Appeals) 1998-99 0.45
Central
Sales Tax,
1956 Sales Tax
Commissioner
(Appeals) 2003-06 0.75
Finance
Act, 1994
(Service
Tax
Provisions) Service Tax Commissioner
(Appeals) 2004-06 0.31
Commissioner
(Appeals) 2008-09 2.33
(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
banks and financial institutions.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiii) According to the information and explanations given to us,
during the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xiv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
Hemant M. Joshi For Deloitte Haskins & Sells
Partner Chartered Accountants
(Membership No. 38019) (Registration No. 117366W)
Date: May 8, 2012
Place: Pune
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2011
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2011, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2011;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2011 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 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) Having regard to the nature of the Company''s business/activities
clauses (i)(c), (vi), (viii), (xii), (xiii), (xiv), (xix), (xx) of CARO
are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation given to us, no material discrepancies were noticed on such
verification.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
items purchased are of a special nature and suitable alternative
sources are not readily available for obtaining comparable quotations,
there is an adequate internal control systems commensurate with the
size of the Company and the nature of its business with regard to
purchase of inventory, fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness in such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(viii) According to the information and explanations given to us, in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2011 on account of disputes are given below:
Statute Nature of Dues Forum where Period to
which Amount
involved
Dispute is the amount (Rs. in
lakhs)
pending relates
Income Tax
Act'' Income Tax Commissioner 2009-10 11.47
1961 of Income Tax
(Appeals)
Central
Sales Tax, Sales Tax Deputy 1997-98 2.65
1956 Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 1998-99 44.82
Commissioner
of Sales Tax
(Appeals)
Sales Tax Deputy 2003-04 0.25
Commissioner
of Sales Tax
(Appeals)
Finance Act, Service Tax Commissioner 2003-06 72.78
1994 (Service
Tax
(Appeals)
Provisions)
Service Tax Commissioner 2004-06 29.30
(Appeals)
Service Tax Commissioner 2008-09 211.66
(Appeals)
(ix) 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.
(x) 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 or debenture holders.
(xi) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xii) 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.
(xiii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long- term investment.
(xiv) According to the information and explanations given to us, during
the period covered by our audit report, the Company has not made
preferential allotment of equity shares to parties and companies
covered in the register maintained under Section 301 of the Companies
Act, 1956.
(xv) To the best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no fraud on the
Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : April 30, 2011
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA MOTORS LIMITED
(Ãthe CompanyÃ) as at March 31, 2010, the Profit and Loss Account and
the Cash Flow Statement of the Company for the year ended on that date,
both annexed thereto. These financial statements are the
responsibility of the CompanyÃs Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (AuditorÃs 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at March 31, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows 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, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2010
from being appointed as a director in terms of Section 274(1) (g) of
the Companies Act, 1956.
ANNEXURE TO THE AUDITORSÃ REPORT (Referred to in paragraph 3 of our
report of even date)
(i) The nature of the CompanyÃs business activities during the year are
such that clauses (xiii), and (xiv) of paragraph 4 of the Companies
(Auditorsà Report) Order, 2003 are not applicable to the Company.
(ii) 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
explanation 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, in our opinion, has not affected the going concern
status of the Company.
(iii) In respect of its inventory:
(a) As explained to us, the stock of finished goods (other than a
significant part of the spare parts held for sale) and work-in-progress
in the CompanyÃs 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, and in respect of stocks of stores and spares, the
aforesaid spare parts held for sale, and raw materials in the CompanyÃs
custody, 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 the third parties,
certificates confirming 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 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 is maintaining proper records of inventory.
The discrepancies noticed on verification 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, firms 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. 352.11
crores to three parties covered in the register maintained under
Section 301 of the Companies Act, 1956 (including Rs.109.17 crores
granted during the year to two parties). At the year-end, the
outstanding balances of such loans aggregated Rs. 244.94 crores and
maximum amount outstanding during the year was Rs. 296.68 crores.
(b) the rate of interest and other terms and conditions on 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, firms 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 loans aggregating Rs.16.64 crores from six
parties covered in the Register maintained under Section 301 of the
Companies Act, 1956 (including Rs.2.58 crores from five parties during
the year). At the year-end, the outstanding balance of such loans taken
aggregated Rs.16.64 crores and the maximum amount outstanding during
the year was Rs.16.64 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
fixed 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 five 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 products 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, employeesà state insurance,
income-tax, sales tax, wealth tax, service tax, customs duty, e xcise
duty, cess and other material statutory dues applicable to it. With
regard to the contribution under the Employeesà 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, employeesà 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, 2010 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, cess which have not been deposited as on
March 31, 2010 on account of any disputes are given below:
Name of Nature of the Amount Period to which the
the Statute Dues (Rs. in crores) amount relates
Income Tax
Laws Income Tax 0.22 1997-98
Income Tax 118.54 1985-86, 2002-2003 to
2004-05 and 2006-07
Central Excise
Laws Excise Duty
& Service Tax 172.12 1993-94 to 1994-95,
1999-00
and 2002-03 to 2009-10
Excise Duty &
Service Tax 3.92 2003-04 , 2006-07to 2007-08
and 2009-10
Excise Duty &
Service Tax 0.03 2009-10
Sales Tax Laws Sales Tax 64.52 1983-84 to1990-91,1993-94to
1995-96,1997-98 and 2000-01
Sales Tax 126.43 1987-88 to 1992-93,
1995-1996 to
1996-97, 1999-2000 to 2000-01,
2002-03 to2005-06
Sales Tax 0.20 1996-97, 1998-99, 2001-02
Sales Tax 235.91 1997-98 to 2008-09
Sales Tax 11.98 1979-80,1986-87,1991-92 to
1992-93,1994-95,1996-97 to
2000-01, 2003-04 to 2006-07
Sales Tax 0.62 1988-89 to 1989-90,1991-92 to
1992-93, 1995-96,1997-98,
2005-06 to 2006-07
Sales Tax Laws Sales Tax 2.11 1984-85 to1986-87,1988-89,
1990-91,1995-96,1997-98,
1999-2000,2008-09 to 2009-10
Sales Tax 1.84 1986-87,1990-91 to 1991-92,
1993-94,1996-97,1999-2000 to
2001-02
Name of Forum where
the Statue pending
Income Tax Laws Appellate Tribunal
Commissioner
Central Excise Laws Appellate Tribunal
Commissioner (Appeals)
Additional Commissioner
Sales Tax Laws High Court
Appellate Tribunal
Commissioner (Appeals)
Joint Commissioner
Deputy Commissioner
Additional Commissioner
Sales Tax Laws Assistant Commissioner
Trade Tax Officer
(xi) The Company does not have any accumulated losses at the end of the
financial year and has not incurred cash losses during the financial
year covered by our audit and the immediately preceding financial 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, financial 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 financial institutions. Accordingly, the
provisions of clause (xv) of Paragraph 4 of the Companies (AuditorÃs
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, 2010, we report that short term funds of
Rs.6,697.88 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
44,000 debentures of Rs.10,00,000 each. The Company has created
security in respect of 42,000 debentures and in respect of 2,000
debentures issued in month of March 2010, the Company is in process of
executing the Debenture Trust deed and creation of security.
(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 27, 2010.
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010
Mar 31, 2010
1. We have audited the attached Balance Sheet of TATA TECHNOLOGIES
LIMITED ("the Company") as at 31st March, 2010, the Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date, both annexed thereto. These financial statements are the
responsibility of the Company''s Management. Our responsibility is to
express an opinion on these financial 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
financial statements are free of material misstatements. An audit
includes examining, on a test basis, evidence supporting the amounts
and the disclosures in the financial statements. An audit also includes
assessing the accounting principles used and the significant estimates
made by the Management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
3. As required by the Companies (Auditor''s 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 specified 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 law have
been kept by the Company so far as it appears from our examination of
those books;
(c) the Balance Sheet, the Profit 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 Profit and Loss Account and
the Cash Flow Statement dealt with by this report are in compliance
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 affairs of the
Company as at 31st March, 2010;
(ii) in the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
5. On the basis of the written representations received from the
Directors as on 31st March, 2010 taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March, 2010
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) Having regard to the nature of the Company''s business/activities
clauses (vi), (viii), (x), (xii), (xiii), (xiv), (xviii), (xix), (xx)
of CARO are not applicable.
(ii) In respect of its fixed assets:
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of the 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
explanation 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.
(iii) In respect of its inventory:
(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 explanation
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.
(iv) The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 301 of the Companies Act, 1956.
(v) In our opinion and according to the information and explanations
given to us, and having regard to the explanations that some of the
Company''s transactions of purchase involve goods and services of a
specialized nature for which comparative prices are not available,
there are adequate internal control systems 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. During
the course of our audit, we have not observed any major weakness in
such internal control systems.
(vi) To the best of our knowledge and belief and according to the
information and explanations given to us there are no contracts or
arrangements with companies, firms or other parties covered in the
register maintained under section 301 of the Companies Act, 1956.
(vii) In our opinion, the internal audit functions carried out during
the year by the internal audit department of the holding Company
appointed by the management have been commensurate with the size of the
Company and the nature of its business.
(viii) According to the information and explanations given to us in
respect of statutory dues:
(a) The Company has generally been regular in depositing undisputed
dues, including Provident Fund, Investor Education and Protection Fund,
Employees'' State Insurance, Income-tax, Sales Tax, Wealth Tax, Service
Tax, Custom Duty, Cess and other material statutory dues applicable to
it with the appropriate authorities.
(b) There were no undisputed amounts payable in respect of Income-tax,
Wealth Tax, Custom Duty, Cess and other material statutory dues in
arrears as at 31st March, 2010 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,
Custom Duty and Cess which have not been deposited as on 31st March,
2010 on account of disputes are given below:
Statute Nature of Dues Forum where Dispute is
pending
The Income Tax Income Tax Commissioner
Act, 1961 of Income Tax (Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Income Tax Commissioner of Income Tax
(Appeals)
Central Sales
Tax, Sales Tax Deputy
1956 Commissioner of Sales Tax
(Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Sales Tax Deputy Commissioner of Sales
Tax (Appeals)
Finance Act, 1994 Service Tax Commissioner
(Service Tax (Appeals)
Provisions)
Statute Period to which Amount involved
the amount relates (Rs. in lakhs)
The Income Tax
Act, 1961 2003-04 47.17
2004-05 34.56
2008-09 11.47
Central Sales Tax,
1956 1997-98 2.65
1998-99 44.82
2003-04 0.25
Finance Act,1994
(Service Tax Provisions) 2009-10 100.91
(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
banks, financial institutions and debenture holders.
(x) In our opinion and according to the information and explanations
given to us, the terms and conditions of the guarantees given by the
Company for loans taken by others from banks and financial institutions
are not prima facie prejudicial to the interests of the Company.
(xi) 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.
(xii) In our opinion and according to the information and explanations
given to us and on an overall examination of the Balance Sheet, we
report that funds raised on short-term basis have not been used during
the year for long-term investment.
(xiii) To the best of our knowledge and according to the information
and explanations given to us, no fraud by the Company and no fraud on
the Company has been noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
Registration No.117366W
Hemant Joshi
Partner
Membership No. 38019
Place : Pune,
Date : 12th May 2010