Report on the Audit of the Standalone Financial Statements
Opinion
1. We have audited the accompanying Standalone Financial Statements of Tata Steel Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2019, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows for the year then ended, and Notes to the Standalone Financial Statements, including a summary of significant accounting policies and other explanatory information (hereinafter referred to as “the Standalone Financial Statements”).
2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid Standalone Financial Statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2019, its total comprehensive income (comprising of profit and other comprehensive income), its changes in equity and its cash flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Standalone Financial Statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the Standalone Financial Statements of the current year. These matters were addressed in the context of our audit of the Standalone Financial Statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key Audit Matter
How our audit addressed the Key Audit Matter
Assessment of litigations and related disclosure of
Our audit procedures included the following:
contingent liabilities
- We understood, assessed and tested the design and operating
[Refer to Note 2 (c) to the Standalone Financial Statements- “Use
effectiveness of key controls surrounding assessment of
of estimates and critical accounting judgements - Provisions and
litigations relating to the relevant laws and regulations;
contingent liabilities’; Note 36 (A) to the Standalone Financial Statements - “Contingencies” and Note 37 to the Standalone Financial Statements - “Other significant litigations”]
- We discussed with management the recent developments and
the status of the material litigations which were reviewed and noted by the audit committee;
As at March 31, 2019, the Company has exposures towards litigations relating to various matters as set out in the aforesaid Notes.
- We performed our assessment on a test basis on the underlying
calculations supporting the contingent liabilities/other
significant litigations made in the Standalone
Significant management judgement is required to assess such
Financial Statements;
matters to determine the probability of occurrence of material outflow of economic resources and whether a provision should
- We used auditor’s experts to gain an understanding and to evaluate the disputed tax matters;
be recognised, or a disclosure should be made. The management
judgement is also supported with legal advice in certain cases as
- We considered external legal opinions, where relevant,
considered appropriate.
obtained by management;
As the ultimate outcome of the matters are uncertain and the
- We met with the Company’s external legal counsel to
positions taken by the management are based on the application
understand the interpretation of laws/regulations considered
of their best judgement, related legal advice including those
by the management in their assessment relating to a
relating to interpretation of laws/regulations, it is considered to be
material litigation;
a Key Audit Matter.
- We evaluated management’s assessments by understanding precedents set in similar cases and assessed the reliability of the management’s past estimates/judgements;
- We evaluated management’s assessment around those matters that are not disclosed or not considered as contingent liability, as the probability of material outflow is considered to be remote by the management; and
- We assessed the adequacy of the Company’s disclosures.
Based on the above work performed, management’s assessment in respect of litigations and related disclosures relating to contingent liabilities/other significant litigations in the Standalone Financial Statements are considered to be reasonable.
Assessment of carrying value of equity investments in subsidiaries, associates and joint ventures and fair value of
other investments
- We obtained an understanding from the management, assessed and tested the design and operating effectiveness of the
[Refer to Note 2 (c) to the Standalone Financial Statements - “Use
Company’s key controls over the impairment assessment and
of estimates and critical accounting judgements - Impairment and fair value measurements of financial instruments’; Note 2
fair valuation of material investments.
(m) to the Standalone Financial Statements - “Investments in subsidiaries, associates and joint ventures’’ Note 2(n)(I) to the
- We evaluated the Company’s process regarding impairment assessment and fair valuation by involving auditor’s valuation
Standalone Financial Statements - “Financial assets’’ Note 6 to the
experts to assist in assessing the appropriateness of the valuation
Standalone Financial Statements - “Investments in subsidiaries, associates and joint ventures’; Note 7 to the Standalone Financial
model including the independent assessment of the underlying assumptions relating to discount rate, terminal value etc.
Statements - “Investments’ and Note 39 (b) to the Standalone
- We assessed the carrying value/fair value calculations of
Financial Statements - “Fair value hierarchy’]
The Company has equity investments in various subsidiaries,
all individually material investments, where applicable, to determine whether the valuations performed by the Company were within an acceptable range determined by us and the
associates, joint ventures and other companies. It also has made investments in preference shares in certain subsidiaries/associates
auditor’s valuation experts.
and debentures in a joint venture.
- We evaluated the cash flow forecasts (with underlying economic
The Company accounts for equity investments in subsidiaries, associates and joint ventures at cost (subject to impairment
growth rate) by comparing them to the approved budgets and our understanding of the internal and external factors.
assessment) and other investments at fair value.
For investments carried at cost where an indication of impairment exists, the carrying value of investment is assessed for impairment
- We checked the mathematical accuracy of the impairment model and agreed relevant data back to the latest budgets, actual past results and other supporting documents.
and where applicable an impairment provision is recognised, if
- We assessed the Company’s sensitivity analysis and evaluated
required, to its recoverable amount.
For investments carried at fair values, a fair valuation is done at the
whether any reasonably foreseeable change in assumptions could lead to impairment or material change in fair valuation.
year-end as required by Ind AS 109. In case of certain investments,
- We discussed with the component auditors of certain entities
cost is considered as an appropriate estimate of fair value since
to develop an understanding of the operating performance
there is a wide range of possible fair value measurements and
and outlook used in their own valuation model and to assess
cost represents the best estimate of fair value within that range as
consistency with the assumptions used in the model.
permitted under Ind AS 109.
- We had discussions with management to obtain an
The accounting for investments is a Key Audit Matter as the
understanding of the relevant factors in respect of certain
determination of recoverable value for impairment assessment/fair
investments carried at fair value where a wide range of fair
valuation involves significant management judgement.
The impairment assessment and fair valuation for such investments have been done by the management in accordance
values were possible due to various factors such as absence of recent observable transactions, restrictions on transfer of shares, existence of multiple valuation techniques, investee’s
with Ind AS 36 and Ind AS 113 respectively.
varied nature of portfolio of investments for which significant estimates/judgements are required to arrive at fair value.
The key inputs and judgements involved in the impairment/fair valuation assessment of unquoted investments include:
- We evaluated the adequacy of the disclosures made in the Standalone Financial Statements.
- Forecast cash flows including assumptions on growth rates
Based on the above procedures performed, we did not identify
- Discount rates
any significant exceptions in the management’s assessment in
- Terminal growth rate
Economic and entity specific factors are incorporated in valuation used in the impairment assessment.
relation to the carrying value of equity investments in subsidiaries, associates and joint ventures and fair value of other investments.
Other Information
5. The Company’s Board of Directors is responsible for the other information. The other information comprises the information in the Integrated Report, Board’s Report alongwith its Annexures and Financial Highlights included in the Company’s Annual Report (titled as ‘Tata Steel Integrated Report & Annual Accounts 2018-19’), but does not include the financial statements and our auditor’s report thereon.
Our opinion on the Standalone Financial Statements does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Financial Statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the Standalone Financial Statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements
6. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these Standalone Financial Statements that give a true and fair view of the financial position, financial performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
7. In preparing the Standalone Financial Statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the Standalone Financial Statements
8. Our objectives are to obtain reasonable assurance about whether the Standalone Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Standalone Financial Statements.
9. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to Standalone Financial Statements in place and the operating effectiveness of such controls.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
- Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Standalone Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the Standalone Financial Statements, including the disclosures, and whether the Standalone Financial Statements represent the underlying transactions and events in a manner that achieves fair presentation.
10. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
11. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
12. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the Standalone Financial Statements of the current year and are therefore the Key Audit Matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.
Report on Other Legal and Regulatory Requirements
13. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure B a statement on the matters specified in paragraphs 3 and 4 of the Order, to the extent applicable.
14. 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 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 (including Other Comprehensive Income), the Statement of Changes in Equity and the Statement of Cash Flows dealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid Standalone Financial Statements comply with the Accounting Standards specified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors taken on record by the Board of Directors, none of the directors is disqualified as on March 31, 2019 from being appointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the internal financial controls with reference to Standalone Financial Statements of the Company and the operating effectiveness of such controls, refer to our separate Report in Annexure A.
(g) With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has disclosed the impact of pending litigations as on March 31, 2019 on its financial position in its Standalone Financial Statements - Refer Notes 36 (A) and 37 to the Standalone Financial Statements.
ii. The Company has long-term contracts including derivative contracts as on March 31, 2019 for which there were no material foreseeable losses.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended March 31, 2019 except for amounts aggregating to Rs.5.21 crore, which according to the information and explanations provided by the management is held in abeyance due to dispute/pending legal cases.
iv. The reporting on disclosures relating to Specified Bank Notes is not applicable to the Company for the year ended March 31, 2019.
Referred to in paragraph 14(f) of the Independent Auditor’s Report of even date to the members of Tata Steel Limited on the Standalone Financial Statements as of and for the year ended March 31, 2019
Report on the Internal Financial Controls with reference to Standalone Financial Statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”)
1. We have audited the internal financial controls with reference to Standalone Financial Statements of Tata Steel Limited (“the Company”) as of March 31, 2019 in conjunction with our audit of the Standalone Financial Statements of the Company for the year ended on that date.
Management’s Responsibility for Internal Financial Controls
2. The Company’s management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to company’s policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.
Auditor’s Responsibility
3. Our responsibility is to express an opinion on the Company’s internal financial controls with reference to Standalone Financial Statements based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the “Guidance Note”) and the Standards on Auditing deemed to be prescribed under Section 143(10) of the Act to the extent applicable to an audit of internal financial controls, both applicable to an audit of internal financial controls and both issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to Standalone Financial Statements was established and maintained and if such controls operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system with reference to Standalone Financial Statements and their operating effectiveness. Our audit of internal financial controls with reference to Standalone Financial Statements included obtaining an understanding of internal financial controls with reference to Standalone Financial Statements, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the Standalone Financial Statements, whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company’s internal financial controls system with reference to Standalone Financial Statements.
Meaning of Internal Financial Controls with reference to financial statements
6. A company’s internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal financial controls with reference to financial statements includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use or disposition of the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls with reference to financial statements
7. Because of the inherent limitations of internal financial controls with reference to financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system with reference to Standalone Financial Statements and such internal financial controls with reference to Standalone Financial Statements were operating effectively as at March 31, 2019, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Referred to in paragraph 13 of the Independent Auditor’s Report of even date to the members of Tata Steel Limited on the Standalone Financial Statements as of and for the year ended March 31, 2019
i. (a) The Company is maintaining proper records showing full particulars, including quantitative details and situation, of fixed assets.
(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of three years, which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets has been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.
(c) According to the information and explanations given to us and the records examined by us, the title deeds of immovable properties, as disclosed in Note 3 on property, plant and equipment to the Standalone Financial Statements, are held in the name of the Company, except for the following:
(i) title deeds of freehold land with gross and net carrying amount of Rs.60.44 crore and title deeds of buildings with gross carrying amount and net carrying amount of Rs.83.48 crore and Rs.74.49 crore respectively, which are held in the name of erstwhile companies which have subsequently been amalgamated with the Company;
(ii) title deeds of freehold land with gross and net carrying amount of Rs.202.67 crore and title deeds of buildings with gross carrying amount and net carrying amount of Rs.95.62 crore and Rs.76.91 crore respectively, which are not readily available.
ii. The physical verification of inventory (excluding stocks with third parties) have been conducted at reasonable intervals by the Management during the year. In respect of inventory lying with third parties, these have substantially been confirmed by them. In respect of inventories of stores and spares, the Management has a verification programme designed to cover the items over a period of three years. The discrepancies noticed on physical verification of inventory as compared to book records were not material.
iii. The Company has granted unsecured loans, to eleven companies covered in the register maintained under Section 189 of the Act. The Company has not granted any loans, secured or unsecured, to firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Act.
(a) In respect of the aforesaid loans, the terms and conditions under which such loans were granted are not prejudicial to the Company’s interest except for two inter corporate loans aggregating Rs.0.52 crore granted to two joint venture companies during the year ended March 31, 2019, with a maximum amount of Rs.1.12 crore from the aforesaid joint venture companies outstanding during the year. These companies are under liquidation, and are therefore in our opinion prejudicial to the Company’s interests.
(b) In respect of the aforesaid loans, the schedule of repayment of principal and payment of interest has been stipulated by the Company. Except for amounts aggregating Rs.670.10 crore outstanding as at March 31, 2019 towards principal and interest from four subsidiary companies and two joint venture companies, the parties are repaying the principal amounts, as stipulated, and are also regular in payment of interest as applicable.
(c) In respect of the aforesaid loans, the total amount overdue for more than ninety days as at March 31, 2019 is Rs.640.58 crore outstanding from three subsidiary companies and a joint venture company. In such instances, in our opinion, reasonable steps, as applicable, have been taken by the Company for the recovery of the principal amounts and interest.
iv. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of the loans and investments made, and guarantees and security provided by it, as applicable.
v. The Company has not accepted any deposits from the public within the meaning of Sections 73, 74, 75 and 76 of the Act and the Rules framed there under to the extent notified. In our opinion, and according to the information and explanations given to us, the Company has complied with the provisions of Sections 73, 74, 75 and 76 or any other relevant provisions of the Act and the Rules framed thereunder to the extent notified, with regard to the unclaimed deposits accepted from the public, as applicable. According to the information and explanations given to us, no order has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal on the Company in respect of the aforesaid deposits.
vi. Pursuant to the rules made by the Central Government of India, the Company is required to maintain cost records as specified under Section 148(1) of the Act in respect of its products. We have broadly reviewed the same, and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the records with a view to determine whether they are accurate or complete.
vii. (a) According to the information and explanations given to us and the records of the Company examined by us, in our opinion, the Company is generally regular in depositing undisputed statutory dues in respect of provident fund, income tax, goods and service tax, though there has been a slight delay in a few cases, and is regular in depositing undisputed statutory dues, including employees’ state insurance, sales tax, service tax, duty of customs, duty of excise, value added tax, cess, and other material statutory dues, as applicable, with the appropriate authorities, other than arrear dues outstanding for a period of more than six months as at March 31, 2019 in respect of pension set out below. We are informed that the Company has applied for exemption from operations of Employees’ State Insurance Act at some locations. We are also informed that actions taken by the authorities at some locations to bring the employees of the Company under the Employees’ State Insurance Scheme has been contested by the Company and payment has not been made of the contributions demanded. The extent of the arrears of statutory dues outstanding as at March 31, 2019, for a period of more than six months from the date they became payable are as follows:
Name of the
Nature of
Amount
Period to which the
Date of
statute
dues
(Rs. crore)
amount relates
payment
Coal Mines
Pension
29.43
OctRs.17 to SeptRs.18
April 23,
2019*
Scheme, 1998
*Writ petition filed with High Court of Jharkhand subsequent to the balance sheet date on April 24, 2019.
Also refer Note 42 to the Standalone Financial Statements regarding management’s assessment on certain matters relating to provident fund.
(b) According to the information and explanations given to us and the records of the Company examined by us, there are no dues of goods and service tax as at March 31, 2019 which have not been deposited on account of any dispute. The particulars of dues of income tax, sales tax, service tax, duty of customs, duty of excise and value added tax as at March 31, 2019, which have not been deposited on account of a dispute, are as follows:
Name of the Statute
Nature of dues
Amount paid
Forum where the
(net of payments)
dispute is pending
Income- tax Act, 1961
Income Tax
1,427.24*
965.00*
1998-1999, 2006-2008, 2009-2012, 2013-2014
Tribunal
235.82
100.00
2010-2011, 2014-2015
Commissioner (Appeals)
Customs Act,1962
Customs Duty
3.95
0.07
2002-2003
High Court
79.67
50.00
2005-2008
Commissioner
Central Excise Act,1944
Excise Duty
33.23
0.10
1988-1990, 2003-2009
1,132.71
57.85
1990-1991, 1992-1997, 1998-2017
170.30
111.63
1988-1990, 1994-2002, 2003-2004, 2005-2017
0.03
0.01
1998-1999
Joint Commissioner
0.18
-
1985-1987, 1998-1999
Deputy Commissioner
0.85
1983-1985
Assistant Commissioner
Sales Tax Laws
Sales Tax
33.90
19.22
1983-1984, 1991-1997, 2000-2004, 2008-2009
71.78
6.19
1977-1978, 1980-1981, 1983-1985, 1987-1988, 1989-1999, 2000-2002, 2003-2005, 2009-2011, 2013-2017
247.17
7.06
1988-1990, 1991-1992, 1993-1994, 2001-2004, 2006-2007, 2008-2009, 2010-2012, 2013-2015
1.91
2011-12
28.18
2.47
2002-2003, 2006-2010, 2012-2015
Additional Commissioner
63.97
3.01
1975-1976, 1983-1988, 1994-1995, 1997-2009, 2013-2016
61.77
3.40
1973-1974, 1980-1997, 2004-2005, 2008-2009, 2012-2013, 2015-2016
Value Added Tax Laws
Value Added Tax
252.84
1.07
1994-1996, 2007-2008, 2012-2016
19.06
1.72
2005-2011, 2012-2016
273.75
0.89
2006-2015, 2016-2017
72.89
8.10
2010-2017
2.61
0.47
2005-2006, 2012-2015
165.39
3.72
1.63
0.06
1997-1998, 2005-2006, 2015-2017
*excluding net excess payments/adjustments for the year 2008-2009 aggregating Rs.123.21 crore.
Amount (net of payments) (Rs. crore)
Amount paid (Rs.crore)
Period to which the amount relates
Forum where the dispute is pending
Finance Act,1994
Service Tax
1,286.52
23.34
2004-2016
5.98
0.13
2005-2013, 2014-2017
0.97
2009-2010
The following matters have been decided in favour of the Company although the department has preferred appeal at higher levels:
235.48
2004-2005
Supreme Court
16.98
2009-2010, 2013-2014
viii. According to the records of the Company examined by us and the information and explanations given to us, the Company has not defaulted in repayment of loans or borrowings to any financial institution or bank or Government or dues to debenture holders, as applicable, as at the balance sheet date.
ix. The Company has not raised any moneys by way of initial public offer. In our opinion, and according to the information and explanations given to us, the moneys raised by way of further public offer (including debt instruments) and term loans have been applied for the purposes for which they were obtained.
x. 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, and according to the information and explanations given to us, we have neither come across any instance of material fraud by the Company or on the Company by its officers or employees, noticed or reported during the year, nor have we been informed of any such case by the Management.
xi. The Company has paid/ provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Act.
xii. As the Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it, the provisions of Clause 3(xii) of the Order are not applicable to the Company.
xiii. The Company has entered into transactions with related parties in compliance with the provisions of Sections 177 and 188 of the Act. The details of related party transactions have been disclosed in the Standalone Financial Statements as required under Indian Accounting Standard 24, Related Party Disclosures specified under Section 133 of the Act.
xiv. The Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly, the provisions of Clause 3(xiv) of the Order are not applicable to the Company.
xv. The Company has not entered into any non-cash transactions with its directors or persons connected with him. Accordingly, the provisions of Clause 3(xv) of the Order are not applicable to the Company.
xvi. The Company is not required to be registered under Section 45-IA of the Reserve Bank ofIndia Act, 1934. Accordingly, the provisions of Clause 3(xvi) of the Order are not applicable to the Company.
For Price Waterhouse & Co Chartered Accountants LLP
Firm Registration Number: 304026E/ E-300009
Chartered Accountants
Russell I Parera
Place: Mumbai Partner
Date: April 25, 2019 Membership Number 042190