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TVS Motor Company Ltd

BSE: 532343 | NSE: TVSMOTOR ISIN: INE494B01023
Market Cap: [Rs.Cr.] 11,305 Face Value: [Rs.] 1
Industry: Automobiles - Motorcycles / Mopeds

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Auditor's Report

FOR THE YEAR ENDED 31ST MARCH 2015

To the members of TVS Motor Company Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of TVS MotorCompany Limited, Chennai ('the Company'), which comprises the Balance Sheet as at 31March, 2015, the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended, and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

2. The Company's 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 with theaccounting 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.

3. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design, implementation and maintenance of adequate internal financialcontrols, that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement, whetherdue to fraud or error.

Auditors' Responsibility

4. 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 specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment, including the assessment of the risks of material misstatement of thefinancial statements, whether due to fraud or error. In making those risk assessments, theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances, but not for the purpose of expressing anopinion on whether the Company has an adequate internal financial controls system overfinancial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors, as well as evaluating theoverall presentation of the financial statements.

6. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone financial statements.

Opinion

7. In our opinion and to the best of our information and according to the explanationsgiven to us, the financial statements give the information required by the Act in themanner 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 31stMarch 2015, and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

8. As required by the Companies (Auditor's Report) Order, 2015 ('the Order'), issued bythe Central Government of India in terms of sub-section (11) of section 143 of the Act, wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of thesaid Order, to the extent applicable.

9. 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 appears from our examination of those books;

(c) the Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statementdealt with by 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 of theCompanies (Accounts) Rules, 2014;

(e) on the basis of written representations received from the directors as on 31 March2015, and taken on record by the Board of Directors, none of the directors aredisqualified as on 31 March 2015, from being appointed as a director in terms of Section164 (2) of the Act; and

(f) With respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to thebest of our information and according to explanations given to us:

i. the Company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer Note 12(a) to the financial statements.

ii. the Company did not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses - Refer Note 2 to the financialstatements.

iii. there have been no delays in transferring amounts, required to be transferred tothe Investor Education and Protection Fund by the Company.

For V. Sankar Aiyar & Co
Chartered Accountants
Firm Regn. No.: 109208W
S. VENKATRAMAN
Place: Bengaluru Partner
Date : 29th April 2015 Membership No.: 34319

Annexure referred to in our report of even date on the accounts for the year ended 31stMarch 2015

(i) (a) The Company has maintained proper records showing full particulars, includingquantitative details and situation of fixed assets.

(b) The Company has a regular program of physically verifying all the fixed assets atits plants/ offices in a phased manner over a period of 2 years, which in our opinion isreasonable having regard to the size of the Company and the nature of its assets.

No material discrepancies as compared to book records were noticed on suchverification.

(ii) (a) The inventories have been physically verified by the management during theyear. In our opinion, the frequency of physical verification is reasonable.

(b) In our opinion and according to the information and explanations given to us, theprocedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the Company and nature of its business.

(c) In our opinion, the Company has maintained proper records of inventory. Thediscrepancies noticed on verification between the physical stocks and the book stocks werenot material and have been properly dealt with in the books of account.

(iii) The Company has granted unsecured loans to companies covered in the registermaintained under Section 189 of the Companies Act 2013, the recovery of principal andinterest thereon, wherever stipulated, is regular.

(iv) In our opinion and according to the information and explanations given to us,having regard to the explanation that some of the items are of special nature and suitablealternative sources are not available for obtaining comparable quotation, there areadequate internal control procedures commensurate with the size of the Company and thenature of its business, with regard to purchase of inventory, fixed assets and for thesale of goods and services. During the course of our audit, we have not observed anycontinuing failure to correct major weaknesses in the internal control system.

(v) According to the information and explanations given to us, the Company has notaccepted any deposits from the public. Therefore, the provisions of clause (v) of the para3 of the Order are not applicable to the Company.

(vi) The Central Government has not prescribed maintenance of cost records underSection 148(1) of the Companies Act, 2013 read with the Companies (cost records and audit)Rules 2014, for any of the products manufactured / services rendered by the Company.

(vii) (a) According to the records of the Company, the Company is generally regular indepositing undisputed statutory dues payable including Provident Fund, Employees' StateInsurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty,Value Added Tax and Cess and other statutory dues with the appropriate authorities.

(b) According to the information and explanations given to us and the records of theCompany, the dues of sales tax / income-tax / customs duty / wealth tax / service tax /excise duty /value added tax/ cess which have not been deposited on account of any disputeare as follows:

Name of the Statute/ (Nature of dues) Period of dues Amount (Rs. in Cr) Forum where dispute is pending
1986-2015 42.96 Central Excise and Service Tax Appellate Tribunal, Chennai
Central Excise Act, 1944 (Cenvat/Excise Duty) 2005-2014 2.08 Assistant/Deputy/ Commissioner of Central Excise, Hosur and Mysore
2008-2010 0.07 Hon'ble High Court of Karnataka
2005-2014 10.11 Hon'ble Supreme Court
Finance Act, 1994 (Service Tax) 1999-2014 4.63 Assistant/Deputy/ Commissioner of Central Excise, Hosur and Mysore
2005-2006 0.22 Central Excise and Service Tax Appellate Tribunal, Chennai/Bangalore
Customs Act, 1962 (Customs Duty) 2011-2012 0.09 Assistant/Deputy/ Commissioner of Central Excise, Hosur and Mysore
1999-2001 1.87 Hon'ble High Court of Judicature at Madras
1998-2014 0.90 Department Authorities
Sales Tax / VAT Laws (Sales Tax) 1998-2013 0.37 Tribunals
2006-2012 0.05 Hon'ble High Court of Orissa
Income Tax Act, 1961 (Income Tax and Interest thereon) 2009-2010 87.31 Commissioner of Income Tax (Appeals)

(c) According to the information and explanations given to us, the amount required tobe transferred to the investor education and protection fund in accordance with therelevant provisions of the Companies Act 1956 and rules made thereunder have beentransferred by the Company to the fund within time.

(viii) The Company does not have any accumulated losses at the end of the financialyear. The Company has not incurred any cash losses during the financial year covered byour audit and in the immediately preceding financial year.

(ix) On the basis of verification of records and according to the information andexplanations given to us, the Company has not defaulted in repayment of dues to FinancialInstitutions/Banks. The Company has not raised any monies against issue of debentures.

(x) In our opinion and according to the information and explanations given to us, theterms and conditions of guarantees given by the Company for loans taken by others frombanks or financial institutions are not prejudicial to the interest of the Company.

(xi) In our opinion, the term loans availed by the Company have been applied for thepurpose for which they 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 to us by the Management, no material fraud on or by the Company has been noticed orreported during the course of our audit.

For V. Sankar Aiyar & Co
Chartered Accountants
Firm Regn. No.: 109208W
S. VENKATRAMAN
Place: Bengaluru Partner
Date : 29th April 2015 Membership No.: 34319

   

Futures & Options Quote
Future Data Not present
Key Information

Key Executives:

Venu Srinivasan , Chairman & Managing Director

H Lakshmanan , Director

T Kannan , Director

C R Dua , Director


Company Head Office / Quarters:

Jayalakshmi Estates,
29(Old No 8) Haddows Road,
Chennai,
Tamil Nadu-600006
Phone : Tamil Nadu-91-044-28272233 / Tamil Nadu-
Fax : Tamil Nadu-91-044-28257121 / Tamil Nadu-
E-mail : ks.srinivasan@scl.co.in
Web : http://www.tvsmotor.in

Registrars:

Sundaram-Clayton Limited
Jayalakshmi Estates ,29 Haddows Road , ,Chennai - 600006

 
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