Statutory Reports
Corporate Overview
69th Annual Report 2013-14
126
Financial Statements
(Standalone)
INDEPENDENT AUDITORS’ REPORT
TO THE MEMBERS OF
TATA MOTORS LIMITED
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, financial
performance and cash flows of the Company in accordance with the Accounting Standards notified under the Companies Act, 1956 (“the Act”) (which continue
to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated September 13, 2013 of the Ministry of
Corporate Affairs) and in accordance with the accounting principles generally accepted in India. This responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
Auditors’ Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected
depend on the 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 required
by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
(a)
in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;
(b)
in the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and
(c)
in the case of the Cash Flow Statement, of the cash flows of the Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1.
As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”) issued by the Central Government in terms of Section 227(4A) of the
Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
2.
As required by Section 227(3) of the Act, we report that:
(a)
We have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our
audit.
(b)
In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those
books.
(c)
The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement dealt with by this Report are in agreement with the books of
account.
(d)
In our opinion, the Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statement comply with the Accounting Standards notified
under the Act (which continue to be applicable in respect of Section 133 of the Companies Act, 2013 in terms of General Circular 15/2013 dated
September 13, 2013 of the Ministry of Corporate Affairs).
(e)
On the basis of the written representations received from the directors 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(1)(g) of the Act.
For
DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
B. P. SHROFF
Partner
MUMBAI, May 29, 2014
(Membership No. 34382)
