To the Members of CEAT Limited Report on the Financial Statements
We have audited the accompanying standalone financial statements of CEAT Limited("the Company"), which comprise the Balance Sheet as at March 31, 2015, theStatement of Profit and Loss and Cash Flow Statement for the year then ended, and asummary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition, financial performance and cash flows of the Company in accordance withaccounting principles generally accepted in India, including the Accounting Standardsspecified under section 133 of the Act, read with Rule 7 of the Companies (Accounts)Rules, 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and the design, implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records, relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement, whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act, the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing, issued by the Institute of CharteredAccountants of India, as specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures 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 auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the effectiveness of such controls. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Companys Directors, as wellas evaluating the overall presentation of the financial statements. We believe that theaudit evidence we have obtained is sufficient and appropriate to provide a basis for ouraudit opinion on the standalone financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us, the standalone financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31, 2015, its profit, and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors report) Order, 2015 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act, we give in the Annexure a statement on the matters specified inparagraphs 3 and 4 of the Order.
2. 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 bestof our knowledge 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 it 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 aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act, read with Rule 7 oftheCompanies (Accounts) Rules, 2014;
(e) On the basis of written representations received from the directors as on March 31,2015, and taken on record by the Board of Directors, none of the directors is disqualifiedas on March 31, 2015, from being appointed as a director in terms of section 164 (2) ofthe Act;
(f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand 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 financialposition in its financial statements - Refer Note 13(8) and Note 31(a)(1) & (4) to thefinancial statements;
ii. The Company has made provision, as required under the applicable law or accountingstandards, for material foreseeable losses,
if any, on long-term contracts including derivative contracts - Refer Note 13(2) to thefinancial statements;
iii. There has been no delay in transferring amounts, required to be transferred, tothe Investor Education and Protection Fund by the Company
For S R B C & CO LLP
ICAI Firm Registration Number: 324982E
per Vinayak Pujare
Membership Number: 101143
Date: May 22, 2015
I Annexure referred to in paragraph 1 of the section on "Report on other legal andregulatory requirements" of our report of even date
Re: CEAT Limited (the Company')
(i) (a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.
(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which, in our opinion, is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.
(ii) (a) The management has conducted physical verification of inventory at reasonableintervals during the year. Inventories lying with outside parties have been confirmed bythem as at year end.
(b) The procedures of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and the nature of itsbusiness.
(c) The Company is maintaining proper records of inventory. Discrepancies noted onphysical verification of inventories were not material, and have been properly dealt within the books of account.
(iii) (a) The Company has granted loan to two of its subsidiaries covered in theregister maintained under section 189 of the Companies Act, 2013. In respect of loansgranted, repayment of the principal amount is as stipulated and payment of interest hasbeen regular.
(b) Based on our audit procedures and the information and explanations made availableto us, there is no instance where overdue amount is more than rupees one lakh.
(iv) In our opinion and according to the information and explanations given to us,there is an adequate internal control system commensurate with the size of the Company andthe nature of its business, for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit, we have not observed any majorweakness or continuing failure to correct any major weakness in the internal controlsystem of the company in respect of these areas.
(v) In respect of deposits accepted, in our opinion and according to the informationand explanations given to us, directives issued by the Reserve Bank of India and theprovisions of section 73 to 76 or any other relevant provisions of the Companies Act,2013, and the rules framed there under, to the extent applicable, have been complied with.We are informed by the management that no order has been passed by the Company Law Board,National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal.
(vi) We have broadly reviewed the books of account maintained by the Company pursuantto the rules made by the Central Government for the maintenance of cost records undersection 148(1) of the Companies Act, 2013, related to the manufacture of rubber tyres andtubes for all types of vehicles, and are of the opinion that prima facie, the specifiedaccounts and records have been made and maintained. We have not, however, made a detailedexamination of the same.
(vii) (a) Undisputed statutory dues including provident fund, employees stateinsurance, income-tax, sales-tax, wealth-tax, service tax, customs duty, excise duty,value added tax, cess and other material statutory dues have generally been regularlydeposited with the appropriate authorities.
(b) According to the information and explanations given to us, no undisputed amountspayable in respect of provident fund, employees state insurance, income- tax,wealth-tax, service tax, sales-tax, customs duty, excise duty, value added tax, cess andother material statutory dues were outstanding, at the year end, for a period of more thansix months from the date they became payable.
Annexure referred to in paragraph 1 of the section on "Report on other legal andregulatory requirements" of our report of even date
According to the records of the Company, the dues outstanding of income-tax, sales-tax,wealth-tax, service tax, customs duty, excise duty and cess on account of any dispute, areas follows:
(Rs. in Lacs)
|Name of the Statute (Nature of dues)||Period to which the amounts relates||Commissionerate||Appellate Authorities and Tribunal||High Court||Supreme Court||Deposit||Net Amount|
|Central Excise Act/ Customs Act (Tax/ Interest/ Penalty)||1978 to 2007||1,112.04||3,745.36||519.00||2.00||5,374.40|
|Service tax under Finance Act,1994 (Tax/Interest/ Penalty)||1997 to 2013||1,899.91||1,899.91|
|Income Tax Act (Tax/ Penalty/ Interest)||1985 to 2012||6,572.66||1,754.23||165.66||8,492.54|
|Sales Tax (Tax/Penalty/ Interest)||1993 to 2013||3,137.41||1,824.97||59.35||4,903.03|
|Wealth Tax (Tax)||2002-03||-||6.73||-||-||-||6.73|
(c) According to the information and explanations given to us, the amount required tobe transferred to investor education and protection fund in accordance with the relevantprovisions of the Companies Act, 1956 (1 of 1956) and rules made thereunder, have beentransferred to such fund within time.
(viii) The Company has no accumulated losses at the end of the financial year and ithas not incurred cash losses in the current and immediately preceding financial year.
(ix) Based on our audit procedures and as per the information and explanations given bythe management, we are of the opinion that the Company has not defaulted in repayment ofdues to a financial institution, bank or debenture holders.
(x) According to the information and explanations given to us, the Company has givenguarantee for loans taken by others from banks and financial institutions, the terms andconditions whereof, in our opinion, are not prima- facie prejudicial to the interest ofthe Company.
(xi) Based on the information and explanations given to us by the management, termloans were applied for the purpose for which the loans were obtained.
(xii) Based upon the audit procedures performed for the purpose of reporting the trueand fair view of the financial statements and as per the information and explanationsgiven by the management, we report that no fraud on or by the Company has been noticed orreported during the year.
For S R B C & CO LLP
Firm registration number: 324982E
per Vinayak Pujare
Membership No.: 101143
Date: May 22, 2015
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H V Goenka , Vice Chairman
Paras K Chowdhary , Director
Anant Vardhan Goenka , Managing Director
Vinay Bansal , Director
Company Head Office / Quarters:
463 Dr Annie Besant Road,
Phone : Maharashtra-91-22-24930621 / Maharashtra-
Fax : Maharashtra-91-22-66606039 / Maharashtra-
E-mail : firstname.lastname@example.org
Web : http://www.ceattyres.in
TSR Darashaw Ltd
6-10 Haji Moosa ,Patrawala Ind.Estate,DrEMoses Rd Mahalaxm,Mumbai - 400 011
|Scheme Name||No. of Shares|
|UTI-Mid Cap Fund (G)||8,03,859|
|DSP BR Micro-Cap Fund (G)||4,48,911|
|UTI-Equity Fund (G)||2,63,490|
|UTI-Focussed Equity Fund-Sr.I (1100 Days)-Reg (G)||2,12,688|
|UTI-Transportation & Logistics Fund (G)||2,00,000|