TTM » Topics » AUDITORS REPORT

This excerpt taken from the TTM 6-K filed Sep 29, 2008.

AUDITOR’S REPORT

To,

The Board of Directors,

Tata Motors Limited,

Bombay House,

24, Homi Mody Street,

Mumbai 400 001,

India.

Dear Sirs,

 

1. We have examined the attached financial information of Tata Motors Limited (‘the Company’), as approved by the Board of Directors of the Company, prepared in terms of the requirements of Paragraph B of Part II of Schedule II of the Companies Act, 1956 (‘the Act’) and the Securities and Exchange Board of India (‘SEBI’) - (Disclosure and Investor Protection) Guidelines, 2000 as amended till August 28, 2008 (the ‘SEBI Guidelines’) issued by SEBI under Section 11 of the Securities and Exchange Board of India Act, 1992 and related clarifications thereto and in terms of our engagement agreed upon with the Company in accordance with our engagement letter dated July 3, 2008 in connection with the proposed simultaneous but unlinked issue of Ordinary Shares and ‘A’ Ordinary Shares on a Rights basis (“Rights Issue”).

 

2. Financial Information as per Audited Financial Statements

We have examined the attached ‘Summary Statement of Assets and Liabilities, as restated of Tata Motors Limited’ as at March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure I) and the attached ‘Summary Statement of Profit and Losses, as restated of Tata Motors Limited’ (Annexure II) for each of the years ended March 31, 2008, 2007, 2006, 2005 and 2004 together referred to herein as ‘Non-consolidated Restated Summary Statements’. These Non-consolidated Restated Summary Statements have been extracted from the financial statements of Tata Motors Limited as at and for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 and have been approved/ adopted by the Board of Directors/ Members for those respective years. Audit for the financial years ended March 31, 2005 and 2004 was conducted by Messrs A. F. Ferguson & Co. (“AFF”) and Messrs S. B. Billimoria & Co., (“SBB”) (AFF together with SBB, the “Erstwhile Auditors”) and our opinion in so far as they relate to the amounts included in respect of these years are based solely on the reports submitted by them. The financial statements of the Company as at and for the year ended March 31, 2008, 2007 and 2006 have been audited by us. Based on our examination of these Non-consolidated Restated Summary Statements, we state that:

 

  i. The ‘Non-consolidated Restated Summary Statements’ have to be read in conjunction with the ‘Significant Accounting Policies and Notes to the Summary Statements of Assets and Liabilities, Summary Statement of Profit and Loss and Cash Flow Statement, as restated of Tata Motors Limited given in Annexure IV to this report.

 

  ii. The restated profits have been arrived after adjusting for the changes in accounting policies retrospectively in respective financial years to reflect the same accounting treatment as per changed accounting policy for all the reporting periods.

 

  iii. The restated profits have been arrived at after making such adjustments and regroupings as in our opinion are appropriate in the year to which they relate and are described under note [B] appearing in Annexure IV to this report;

 

  iv. There are no extra ordinary items that need to be disclosed separately in the Non-consolidated Restated Summary Statements.

 

  v. There are no qualifications in the auditors’ report on the financial statements that require adjustments to the Non-consolidated Restated Summary Statements.

 

3. Other Financial Information

We have also examined the following financial information relating to the Company as at and for the financial years ended March 31, 2008, 2007, 2006, 2005 and 2004 approved by the Board of Directors and annexed to this report:

 

  a. Statement of Cash Flows, as restated for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure III);

 

  b. Significant Accounting Policies adopted by the Company and notes to the Restated Summary Statements and Cash Flow Statement (Annexure IV);

 

  c. Details of Secured and Unsecured Loans as at March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure V)

 

  d. Details of Sundry Debtors as at March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure VI)

 

  e. Details of Loans and Advances as at March 31, 2008, 2007, 2006, 2005 and 2004, (Annexure VII)

 

  f. Details of Investments as at March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure VIII)

 

  g. Details of Deferred Tax as at March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure IX)

 

  h. Details of Dividend and Other Income for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure X)

 

  i. Details of Dividends Paid for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure XI)

 

  j. Statement of Tax Shelter for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure XII)

 

  k. Accounting Ratios relating to earnings per share, net asset value and return on net worth (Annexure XIII)

 

  l. Capitalisation Statement as at March 31, 2008 (Annexure XIV)

 

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  m. Related Party Information as at and for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 (Annexure XV)

 

4. Based on our examination of the financial information of the Company attached to this report, we state that in our opinion, the ‘Non-consolidated Restated Summary Statements’ and ‘Other Financial Information’ mentioned above, as at and for the years ended March 31, 2008, 2007, 2006, 2005 and 2004 have been prepared in accordance with Paragraph B of Part II of Schedule II of the Act and the SEBI Guidelines.

 

5. This report should not, in any way, be construed as a reissuance or re-dating of any of the previous audit reports nor should this be construed as a new opinion on any of the financial statements referred to herein.

 

6. This report is intended solely for use of the management and for inclusion in the Letter of Offer, in connection with the proposed simultaneous but unlinked issue of Ordinary Shares and ‘A’ Ordinary Shares on a Rights basis, to the existing shareholders of the Company and is not to be used, referred to or distributed for any other purpose without our prior written consent.

For Deloitte Haskins & Sells

Chartered Accountants

M. S. Dharmadhikari

Partner

(Membership No. 30802)

Place: Mumbai

Dated: September 15, 2008

 

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