Bajaj Auto Ltd

BSE: 532977 | NSE: BAJAJ-AUTO | ISIN: INE917I01010 
Market Cap: [Rs.Cr.] 73,152.74 | Face Value: [Rs.] 10
Industry: Automobiles - Scooters And 3 - Wheelers

Auditor's Report
Independent Auditors

To the Members of Bajaj Auto Ltd.

Report on the financial statements

1. We have audited the accompanying financial statements of Bajaj Auto Ltd. (the"Company"), which comprise the Balance Sheet as at 31 March 2014, and theStatement of Profit and Loss and Cash Flow Statement for the year then ended, and asummary of significant accounting policies and other explanatory information, which wehave signed under reference to this report.

Management’s responsibility for the financial statements

2. The Company’s Management is responsible for the preparation of these financialstatements that give a true and fair view of the financial position, financial performanceand cash flows of the Company in accordance with the Accounting Standards referred to insub-section (3C) of section 211 of ‘the Companies Act, 1956’ of India (the"Act") and Accounting Standard 30, Financial Instruments: Recognition andMeasurement issued by the Institute of Chartered Accountants of India to the extent itdoes not contradict any other accounting standard referred to in sub-section (3C) ofsection 211 of the Act. This responsibility includes the design, implementation andmaintenance of internal control relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.

Auditors’ responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. We conducted our audit in accordance with the Standards on Auditing and otherapplicable authoritative pronouncements issued by the Institute of Chartered Accountantsof India. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence, about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors’ judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditors consider internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances, but not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Management, as well as evaluating the overall presentation of thefinancial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

6. In our opinion, and to the best of our information and according to the explanationsgiven to us, the accompanying financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) in the case of the Balance Sheet, of the state of affairs of the Company as at 31March 2014;

(b) in the case of the Statement of Profit and Loss, of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement, of the cash flows for the year ended onthat date.

Report on other legal and regulatory requirements

7. As required by ‘the Companies (Auditor’s Report) Order, 2003’, asamended by ‘the Companies (Auditor’s Report) (Amendment) Order, 2004’,issued by the Central Government of India in terms of sub-section (4A) of section 227 ofthe Act (hereinafter referred to as the "Order"), and on the basis of suchchecks of the books and records of the Company as we considered appropriate and accordingto the information and explanations given to us, we give in the Annexure a statement onthe matters specified in paragraphs 4 and 5 of the Order.

8. 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 ourknowledge and belief, were necessary for the purpose of our audit;

(b) In our opinion, proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

(d) In our opinion, the Balance Sheet, Statement of Profit and Loss, and Cash FlowStatement dealt with by this report comply with the Accounting Standards referred to insub-section (3C) of section 211 of the Act;

(e) On the basis of written representations received from the directors as on 31 March2014, and taken on record by the Board of Directors, none of the directors is disqualifiedas on 31 March 2014, from being appointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the Act.

For Dalal & Shah

Firm Registration Number: 102021W

Chartered Accountants

Anish P Amin

Partner

Membership Number: 40451

Pune: 15 May 2014

Annexure to Independent Auditors’ Report

Referred to in paragraph 7. of the Independent Auditors’ Report of even date tothe members of Bajaj Auto Ltd. on the financial statements as of and for the year ended 31March 2014

1. (a) The Company is maintaining proper records showing full particulars, includingquantitative details and situation, of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phasedprogramme designed to cover all the items over a period of three years which, in ouropinion, is reasonable having regard to the size of the Company and the nature of itsassets. Pursuant to the programme, a portion of the fixed assets has been physicallyverified by the Management during the year and no material discrepancies have been noticedon such verification.

(c) In our opinion, and according to the information and explanations given to us, asubstantial part of fixed assets has not been disposed off by the Company during the year.

2. (a) The inventory (excluding stocks with third parties) has been physically verifiedby the Management during the year. In respect of inventory lying with third parties, thesehave substantially been confirmed by them. In our opinion, the frequency of verificationis reasonable.

(b) In our opinion, the procedures of physical verification of inventory followed bythe Management are reasonable and adequate in relation to the size of the Company and thenature of its business.

(c) On the basis of our examination of the inventory records, in our opinion, theCompany is maintaining proper records of inventory. The discrepancies noticed on physicalverification of inventory as compared to book records were not material.

3. The Company has not granted/taken any loans, secured or unsecured, to companies,firms or other parties covered in the register maintained under section 301 of the Act.Therefore, the provisions of clause 4(iii)[(b),(c) and (d)/(f) and (g)] of the said Orderare not applicable to the Company.

4. In our opinion, and according to the information and explanations given to us, thereis an adequate internal control system commensurate with the size of the Company and thenature of its business for the purchase of inventory and fixed assets and for the sale ofgoods and services. Further, on the basis of our examination of the books and records ofthe Company, and according to the information and explanations given to us, we haveneither come across, nor have been informed of, any continuing failure to correct majorweaknesses in the aforesaid internal control system.

5. (a) According to the information and explanations given to us, we are of the opinionthat the particulars of all contracts or arrangements that need to be entered into theregister maintained under section 301 of the Companies Act, 1956 have been so entered.

(b) In our opinion, and according to the information and explanations given to us, thetransactions made in pursuance of such contracts or arrangements and exceeding the valueof H 5 lakh in respect of any party during the year have been made at prices which arereasonable having regard to the prevailing market prices at the relevant time.

6. In our opinion, and according to the information and explanations given to us, theCompany has complied with the provisions of sections 58A and 58AA or any other relevantprovisions of the Act and the ‘Companies (Acceptance of Deposits) Rules, 1975’with regard to the deposits accepted from the public. According to the information andexplanations given to us, no order has been passed by the Company Law Board or NationalCompany Law Tribunal or Reserve Bank ofSPARK India or any Court or any otherTribunal on the Company in respect of the aforesaid deposits.

7. In our opinion, the Company has an internal audit system commensurate with its sizeand the nature of its business.

8. We have broadly reviewed the books of account maintained by the Company in respectof products where, pursuant to the rules made by the Central Government of India, themaintenance of cost records has been prescribed under clause (d) of sub-section (1) ofsection 209 of the Act, and are of the opinion that, prima facie, the prescribed accountsand records have been made and maintained. We have not, however, made a detailedexamination of the records with a view to determine whether they are accurate or complete.

9. (a) According to the information and explanations given to us and the records of theCompany examined by us, in our opinion, the Company is regular in depositing theundisputed statutory dues, including provident fund, investor education and protectionfund, employees’ state insurance, income tax, sales tax, wealth tax, service tax,customs duty, excise duty and other material statutory dues, as applicable, with theappropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany examined by us, there are no dues of wealth-tax which have not been deposited onaccount of any dispute. The particulars of dues of income tax, sales tax, service tax,customs duty and excise duty as at 31 March 2014 which have not been deposited on accountof a dispute, are as follows:

Name of the statute Nature of dues Amount Period to which the amount relates Forum where the dispute is pending
Excise Duty Additional demand received 0.88 Various years Commissioner Appeals
Additional demand received 3.79 Various years CEGAT
Additional demand received 1.79 Various years High Court
Additional demand received 6.25 Various years Supreme Court
Sales Tax Additional demand received on the basis of Assessment Order 77.21 Various years Joint Commissioner of Sales tax
Additional demand received on the basis of Assessment Order 39.89 Financial year 2001-02 to 2004-05, 2008-09, 2009-10 and 2011-12 Tribunal
Income Tax Department appeal received on the basis of Assessment Order 12.19 Financial Year 2007-08 ITAT
Service Tax Other matters 3.78 For the year 1997-2000 High Court
Denial of credit 2.38 Various years 2004 to 2008 CESAT
Customs Duty Recovery of duty by treating the vehicles as not fuel efficient 3.85 Financial year 1984-86 High Court

10. The Company has no accumulated losses as at the end of the financial year and ithas not incurred any cash losses in the financial year ended on that date or in theimmediately preceding financial year.

11. As the Company does not have any borrowings from any financial institution or banknor has it issued any debentures as at the Balance Sheet date, the provisions of clause4(xi) of the Order are not applicable to the Company.

12. The Company has not granted any loans and advances on the basis of security by wayof pledge of shares, debentures and other securities. Therefore, the provisions of clause4(xii) of the Order are not applicable to the Company.

13. As the provisions of any special statute applicable to chit fund/ nidhi/ mutualbenefit fund/ societies are not applicable to the Company, the provisions of clause4(xiii) of the Order are not applicable to the Company.

14. In our opinion, the Company is not dealing in or trading in shares, securities,debentures and other investments. Accordingly, the provisions of clause 4(xiv) of theOrder are not applicable to the Company

15. In our opinion, and according to the information and explanations given to us, theCompany has not given any guarantee for loans taken by others from banks or financialinstitutions during the year. Accordingly, the provisions of clause 4(xv) of the Order arenot applicable to the Company

16. The Company has not raised any term loans. Accordingly, the provisions of clause4(xvi) of the Order are not applicable to the Company.

17. The Company has not raised any funds on short-term basis. Accordingly, theprovisions of clause 4(xvii) of the Order are not applicable to the Company.

18. The Company has not made any preferential allotment of shares to parties andcompanies covered in the register maintained under section 301 of the Act during the year.Accordingly, the provisions of clause 4(xviii) of the Order are not applicable to theCompany.

19. The Company has not issued any debentures during the year and does not have anydebentures outstanding as at the beginning of the year and at the year end. Accordingly,the provisions of clause 4(xix) of the Order are not applicable to the Company.

20. The Company has not raised any money by public issues during the year. Accordingly,the provisions of clause 4(xx) of the Order are not applicable to the Company.

21. During the course of our examination of the books and records of the Company,carried out in accordance with the generally accepted auditing practices in India, andaccording to the information and explanations given to us, we have neither come across anyinstance of material fraud on or by the Company, noticed or reported during the year, norhave we been informed of any such case by the Management.

For Dalal & Shah

Firm Registration Number: 102021W

Chartered Accountants

Anish P Amin

Partner

Membership Number: 40451

Pune: 15 May 2014

   
Futures & Options Quote
Expiry Date :
2,082.80    [22] ([1.05]%)
Instrument: FUTSTK
Expiry Date: 31-Jul-2014
Open Price: 2,105.80
Average Price: 2,083.96
No. of Contracts Traded: 4,423
Open Interest: 6,37,125
Underlying: BAJAJ-AUTO
Market Lot: 125
Previous Close: 2,082.80
Day's High | Low: 2,114.95 | 2,075
Turnover (Cr.): 115.22
Open Int. Change: -2,34,250 ([26.88]% )
Key Information

Key Executives:

Rahul Bajaj , Chairman

Madhur Bajaj , Vice Chairman

Rajiv Bajaj , Managing Director

Sanjiv Bajaj , Director


Company Head Office / Quarters:

Bajaj Auto Ltd Complex,
Mumbai-Pune Road Akurdi,
Pune,
Maharashtra-411035
Phone : Maharashtra-91-20-27472851(Extn 6063)/27406063 / Maharashtra-
Fax : Maharashtra-91-20-27407380 / Maharashtra-
E-mail : investors@bajajauto.co.in
Web : http://www.bajajauto.com

Registrars:

Karvy Computershare Pvt Ltd
Plot No 17-24 ,Vittal Rao Nagar ,Madhapur ,Hyderabad-500081

 
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