Statutory Reports
Corporate Overview
69th Annual Report 2013-14
170
Financial Statements
(Consolidated)
INDEPENDENT AUDITORS’ REPORT
TO THE BOARD OF DIRECTORS OF
TATA MOTORS LIMITED
Report on the Consolidated Financial Statements
We have audited the accompanying consolidated financial statements of
TATA MOTORS LIMITED
( the “Company”), its subsidiaries and jointly
controlled entities (the Company, its subsidiaries and jointly controlled entities constitute “the Group”), which comprise the Consolidated Balance
Sheet as at March 31, 2014, the Consolidated Statement of Profit and Loss and the Consolidated 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 Consolidated Financial Statements
The Company’s Management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the
consolidated financial position, consolidated financial performance and consolidated cash flows of the Group 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 consolidated 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 consolidated 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 consolidated financial statements are free from
material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated financial statements.
The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated
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 presentation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on 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 consolidated financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.
As stated in the Other Matters paragraph below, our opinion, in so far as it relates to the amounts and disclosures included in respect of the subsidiaries,
jointly controlled entity and associates not audited by us, is based solely on the reports of such other auditors.
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 the reports of the
other auditors on the financial statements of the subsidiaries, and associates and based on the consideration of the unaudited financial statements
of the subsidiaries, jointly controlled entity and associates; referred to below in the Other Matters paragraph, the aforesaid consolidated financial
statements give a true and fair view in conformity with the accounting principles generally accepted in India:
a)
in the case of the Consolidated Balance Sheet, of the state of affairs of the Group as at March 31, 2014;
b)
in the case of the Consolidated Statement of Profit and Loss, of the profit of the Group for the year ended on that date; and
c)
in the case of the Consolidated Cash Flow Statement, of the cash flows of the Group for the year ended on that date.
Emphasis of Matter
We draw attention to Note k (i) under significant accounting policies. As stated in the note, the changes in actuarial valuation (net) amounting to
R
1,343.67 crores (debit) (net of tax of
R
40.39 crores) for the year ended March 31, 2014 and
R
7,568.38 crores (debit) as at March 31, 2014, have been
accounted in “Reserves and Surplus” in respect of a group of subsidiary companies.
Our opinion is not qualified in respect of this matter.
