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AUDIT REPORT OF TATA MOTORS

EXECUTIVE SUMMARY
Tata Motors Limited is India's largest automobile company, with consolidated revenues
of INR 1,88,818 crores (USD 34.7 billion) in 2012-13. It is the leader in commercial
vehicles in each segment, and among the top in passenger vehicles with winning
products in the compact, midsize car and utility vehicle segments. It is also the world's
fourth largest truck and bus manufacturer.
The Tata Motors Group's over 60,000 employees are guided by the mission "to be
passionate in anticipating and providing the best vehicles and experiences that excite
our customers globally."
Established in 1945, Tata Motors' presence cuts across the length and breadth of India.
Over 7.5 million Tata vehicles ply on Indian roads, since the first rolled out in 1954.
The company's manufacturing base in India is spread across Jamshedpur (Jharkhand),
Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand), Sanand
(Gujarat) and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it
has set up an industrial joint venture with Fiat Group Automobiles at Ranjangaon
(Maharashtra) to produce both Fiat and Tata cars and Fiat powertrains. The company's
dealership, sales, services and spare parts network comprises over 3,500 touch points.
Tata Motors, also listed in the New York Stock Exchange (September 2004), has
emerged as an international automobile company. Through subsidiaries and associate
companies, Tata Motors has operations in the UK, South Korea, Thailand, Spain, South
Africa and Indonesia. Among them is Jaguar Land Rover, acquired in 2008. In 2004, it
acquired the Daewoo Commercial Vehicles Company, South Korea's second largest
truck maker. The rechristened Tata Daewoo Commercial Vehicles Company has
launched several new products in the Korean market, while also exporting these
products to several international markets. Today two-thirds of heavy commercial
vehicle exports out of South Korea are from Tata Daewoo. In 2005, Tata Motors
acquired a 21% stake in Hispano Carrocera, a reputed Spanish bus and coach
manufacturer, and subsequently the remaining stake in 2009.

INDEX
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SR.
NO.

TITLE

PAG
E
NO.
3

1.

MEANING OF AUDITING

2.

RELATION OF ACCOUNTING AND AUDITING

3.

FUNCTIONS AND OBJECTIVE OF AUDITING

4.

PRINCIPLE GOVERNING AN AUDIT & ASPECTS TO BE


COVERED IN AUDIT

5.

ADVANTAGES AND LIMITATION OF AUDITING

12

6.

MEANING OF AUDITOR

14

7.

POWERS & DUTIES OF AUDITOR

17

8.

INTRODUCTION OF TATA MOTORS

20

9.

HISTORY OF TATA MOTORS

24

10.

AUDITOR'S REPORT OF TATA MOTORS

26

11.

COMMENTS ON AUDITOR'S REPORT OF TATA MOTORS

37

12.

CONCLUSION

39

13.

BIBLIOGRAPHY

40

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1.MEANING OF AUDITING
The word audit is derived from the Latin word audire which means to hear. It is an
important tool of management. It is concerned with making an analytical an critical
analysis of the books of accounts, checking and verification of evidence in support of
entries appearing in the books of accounts, and ascertaining the authenticity of the
financial statements. It is also concerned with the examination of accounting data to
determine the extent of an audit examination is too made on the basis of evidential
document such as invoice, money receipts and other records by the authorized
representative of the client. Auditor has used to send for the accountants and hear
whatever they had to say in connection with the accounts. The auditor has to look into
the facts behind figures and he must certify their accuracy. Auditing is to ascertain the
balance sheet and profit and loss account that they show a true and fair view of the
financial state of affairs of a concern. The Institute of Charted Accountants of India has
issued a number of statements of standard auditing practices and accounting standards
for guidance of Auditor of India.

DEFINITION OF AUDITING
According to DICKSEE, An audit may be said to be such an examination of the books,
accounts and vouchers of a business, as will enable the auditor to satisfy himself that
the balance sheet is properly drawn up, so as to exhibit a true and fair value of the state
of the affairs of the business, whether the profit and loss account gives a true and fair
value of the profit and loss for the financial year. According to the best of his
information and explanations given to him and as shown by the books, and if not, in
what respect he is not satisfy.

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ORIGIN OF AUDITING
Auditing has its origin in the necessity in the development of some system to put a
check on the persons whose duties were to record receipts and disbursements of money
on the behalf of owners. In the ancient days auditing was confined to public accounts
only. With the development of trade and commerce, the need for recording transactions
was felt by businessman. This had necessitated the development of some system of
check upon the persons who recorded such transactions on the behalf of businessman.
The audit in its present shape is the result of large-scale production in
consequence of Industrial Revolution during the 18th Century. With the development of
banking facilities, communication and transport means, the concept of corporate
management has taken birth. It necessitated the investors to know whether their
investment is safe or not. Shareholders need an independent person having expert
knowledge of accounts to report on the working of the company and truthfulness of the
profit or loss and financial position disclosed by the management.

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2. RELATION OF ACCOUNTING AND AUDITING


Both accounting and auditing are closely related with each other as auditing reviews the
financial statements which are nothing but a result of the overall accounting process. It
naturally calls on the part of the auditor to have a thorough and sound knowledge of
GAAP before he can review the financial statements.
In fact, auditing as a discipline is also closely related with various other disciplines as
there is lot of linkages in the work which is done by an auditor in his day-to-day
activities. To begin with, it may be noted that the discipline of auditing itself is a logical
construct and everything done in auditing must be bound by the rules of logic. The
knowledge of language is also considered essential in the field of auditing as the auditor
shall be required to communicate, both in writing as well as orally, in day-to-day
work .For example, if the business has really earned a profit but because of wrong
accounting, the annual accounts show a loss, the proprietor may take the decision to sell
the business at a loss. Thus from the point of view of the management itself,
authenticity of financial statements is essential. It is more essential for those who have
invested their money in the business but cannot take part in its management, for
example, shareholders in a company, such persons certainly need an assurance that the
annual statements of accounts sent to them are fully reliable. It is auditing which
ensures that the accounting statements are authentic. In todays economic environment,
information and accountability have assumed a larger role than ever before. As a result,
the independent audit of an entitys financial statements is a vital service to investors,
creditors, and other participants in economic exchange.

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3. FUNCTIONS AND OBJECTIVE OF AUDITING


FUNCTIONS OF AUDITING
Important functions of auditing can be summed up as follows:
Reviewing systems and procedures of business.
Examining documentary evidence to establish the accuracy of recorded

transactions.
Reviewing the system of accounting and Internal Controls.
To verify the valuation and existence of assets.
To examine the mathematical accuracy of accounting statements.
To see whether the statutory requirements have been complied with.
Reporting as to what extent, accounts exhibit true and fairness.
To make recommendations for improvement in Internal Control and Accounting

System.
To verify the distinction between capital and revenue items.

OBJECTIVES OF AUDITING
(A) Verification of accounts and financial statement
The main objective of an audit is to verify and establish that at a given date balance
sheet presents true and fair view of financial position of the business and the profit and
loss account gives the true and fair value of the profit or loss for the accounting period.
The auditor must:Verify the accuracy of posting, balancing etc
Confirm the validity of transactions with supporting documents
Confirm existence of assets and liabilities
Assess the system of internal control
Ascertain whether distinction has been made between capital and revenue items
(B) Fraud
Fraud is the word used to mean intentional error. This is done deliberately which
implies that there is intent to deceive, to mislead. These are more serious than
intentional errors. A great variety of intentional errors may be found. Intentional errors
are the most difficult to detect and auditors generally devote greater attention to this
type. Auditors while studying the possibility and nature of fraud must keep this always
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in mind and should not take any exception for those who held high offices. These things
generally start in a non-consequential way after a subordinate staff member first borrow
small amounts from the cash box to meet his temporary difficulty and gradually it
becomes his habit to borrow in such a manner. Fraud also takes place in forms other
than cash defalcations.

FRAUDS MAY BE DIVIDED INTO THE FOLLOWING


CATEGORIES:Misappropriation of goods
In these types the businessman appropriates the goods to wrong accounts for
committing frauds and escaping from tax liabilities. Misappropriation of goods can be
detected by thorough checking of records and physical verification of stock as well as
purchase and sale.
Misappropriation of cash
This system can be done by theft of cash receipts, petty cash cheques, creditors,
purchases etc. The transaction relating to the receipt of cash are omitted from the
records or recorded with lesser amount in the cash book. Some of the examples are as
follows:Cash sale may not be recorded at all
Omitting credit not received from supplier and discount allowed to them
Manipulation of accounts
These frauds may be committed by manipulated wrong statement and accounts. These
are made only to give fraud to the higher authorities. This type of fraud is committees
by manager, director or board of directors.

(C) Detection and Prevention of Errors

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Accounting is the device for collecting and presenting useful information in financial
terms about a business enterprise. It should as well be recognized that accounting data
may contain errors for a variety of reasons. Even today human element is the most
important element of recording and processing the accounting data. It is the
management that is responsible for prevention of errors and fraud.

4. PRINCIPLE GOVERNING AN AUDIT & ASPECTS TO BE


C0VERED IN AUDIT
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PRINCIPLES GOVERNING AN AUDIT


Principle of Independence
The audit work should be independent from accountancy and the auditor should
examine the books of accounts indifferently and independently. He should be free from
any such interests which may affect his integrity and objectivity.
Principle of Objectivity
The audit work should be based on evidence and should be done impartially and in an
unbiased way.
Principle of Materiality
The principle of materiality is and has always been fundamental to the whole process of
counting. An auditor has also to be quiet concerned regarding the concept of
materiality. The auditor has to analyze and take decisions regarding various items
whether they are material or not during the course of audit. In case the auditor finds that
an item is quiet material in nature he would have to give careful consideration to its
checking and would care for more evidence in support.
Confidentiality
The auditor should maintain the confidentiality of the clients information. It is well
said that an auditor keeps his ears and eyes open, but his mouth shut. He should
disclose the information only when:He has obtained permission of his client.
There is legal or professional duty to do so.
Work performed by others
The auditor can delegate work to assistants or can use work performed by others,
auditors or experts. But he will continue to be responsible for expressing an opinion of
financial statements. The auditor should obtain reasonable assurance that work
performed by other auditors or experts is adequate for his purpose. ICAI has issued
AAS-7, AAS-9, AAS-10, AAS-12 and AAS-17 in regard to this issue.Documentation

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Documentation is an important aspect of any audit. An auditor should maintain
sufficient working papers for each audit assignment. Such documentation is very
important in providing evidence that the audit was carried out in accordance with the
basic principles.
Planning
The Auditor should plan his work to enable him to conduct an effective audit in an
efficient and timely manner. Plans should be based on knowledge of business client.
Plans should be revised as necessary during the course of audit. AAS-8 issued by ICAI
deals with aspects of planning.
Audit Evidence
The information which may be oral or written, obtained for the purpose of the audit is
known as audit evidence. Auditor should obtain sufficient and appropriate evidence to
enable him to draw conclusions so as to make an opinion on financial statements. Audit
evidence can be obtained with the help of following:Compliance Procedures
Substantial Procedures
Tests of Details
Analytical Procedures
Accounting System and Internal Control
Management is responsible for maintaining an auditable adequate accounting system
incorporating various internal controls to the extent appropriate to the size and nature of
the business. The internal controls contribute to audit assurance that the accounting
system is adequate and that all the accounting information has been duly recorded.
AAS-6 has established standards for obtaining an understanding of accounting and
internal control system.
Audit Conclusion and Reporting
Auditor should review and assess the conclusions drawn from the audit evidence
obtained. He should assess whether the financial information complies with recognized
accounting principles. He should also assess the disclosure requirements. The audit
report should contain a clear and written expression of opinion on financial
information. AAS-28 describes the elements and types of audit report.
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ASPECTS TO BE COVERED IN AUDIT


The principal aspects to be covered in an audit concerning final statements of accounts
are as follows:

An examination of the system of accounting and integral controls to ascertain whether

it is appropriate for the business and helps in properly recording all transactions.
Reviewing the systems and procedures to find out whether they are adequate and

comprehensive.
Check the arithmetical accuracy of books of accounts by the verification of postings,

balances etc.
Examine the documentary evidence to establish the accuracy, authenticity and validity

of transactions recorded.
Verifying that a proper distinction is made between capital and revenue items.
Verification of the title, existence and valuation of assets appearing in the balance sheet.
Examination that the statutory requirements are complied with.
Verifications of the liabilities stated in the balance sheet.
Comparison of balance sheet and profit and loss account and other statements with

underlying records in order to see that they are in accordance there with.
Checking the results shown by the balance sheet and profit and loss account to see

whether the results shown are true and fair.


Reporting to the proper person as to what extent, accounts reveal a true and fair view of
the state of affairs and of the profit and loss account of the organization.

5. ADVANTAGES AND LIMITATIONS OF AUDITING:ADVANTAGES :The fact that audit is compulsory by law, in certain cases by itself should show that
there must be some positive utility in it. The chief utility of audit lies in reliable
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financial statements on the basis of which the state of affairs may be easy to
understand. Apart from this obvious utility, there are other advantages of audit. Some or
all of these are of considerable value even to those enterprises and organizations where
audit is not compulsory, these Advantages are given below:(a) It safeguards the financial interest of persons who are not associated with the
management of the entity, whether they are partners or shareholders.
(b) It acts as a moral check on the employees from committing defalcations or
embezzlement.
(c) Audited statements of account are helpful in settling liability for taxes, negotiating
loans and for determining the purchase consideration for a business.
(d) These are also useful for settling trade disputes for higher wages or bonus as well as
claims in respect of damage suffered by property, by fire or some other calamity.
(e) An audit can also help in the detection of wastages and losses to show the different
ways by which these might be checked, especially those that occur due to the absence
or inadequacy of internal checks or internal control measures.
(g) Audit ascertains whether the necessary books of account and allied records have
been properly kept and helps the client in making good deficiencies or inadequacies in
this respect
(h) As an appraisal function, audit reviews the existence and operations of various
controls in the organizations and reports weaknesses, inadequacies, etc., in them.

LIMITATIONS OF AUDIT
At this stage, it must be clear that the objective of an audit of financial statements is
to enable an auditor to express an opinion on such financial statements. In fact, it is the
auditors opinion which helps determination of the true and fair view of the financial
position and operating results of an enterprise. It is very significant to note that the

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AAS-2 makes it a subtle point that such an opinion expressed by the auditor is neither
an assurance as to the future viability of the enterprise nor the efficiency or
effectiveness with which management has conducted affairs of the enterprise. Further,
he process of auditing is such that it suffers from certain inherent limitations, i.e., the
limitation which cannot be overcome irrespective of the nature and extent of audit
procedures. It is very important to understand these inherent limitations of an audit
since understanding of the same would only provide clarity as to the overall objectives
of an audit. The inherent limitations are :(i) First of all, auditors work involves exercise of judgment, for example, in deciding
the extent of audit procedures and in assessing the reasonableness of the judgment and
estimates made by the management in preparing the financial statements. Further much
of the evidence available to the auditor can enable him to draw only reasonable
conclusions there from. The audit evidence obtained by an auditor is generally
persuasive in nature rather than conclusive in nature. Because of these factors, the
auditor can only express an opinion. Therefore, absolute certainty in auditing is rarely
attainable. There is also likelihood that some material misstatements of the financial
information resulting from fraud or error, if either exists, may not be detected

6. MEANING OF AUDITOR
The person conducting audit is known as the Auditor;
he makes a report to the person appointing him after due examination of the accounting
records and the accounting statement in the form of an opinion on the financial

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statements. The opinion that he is called upon to express is whether the financial
statement reflect a true and fair view. Auditing, especially of companies and for public
purposes has become the preserve of persons having recognized professional training
and qualification. In India, under the authority of the Companies Act, 1956, only
Chartered Accountants are professionally qualified for the audit of the accounts of
companies... Chartered Accountants are in a position to undertake auditing of almost
any accounting aspect, unlike cost accountants whose sphere has been restricted to
audit of the cost accounting records and statements. It is C.A. or a firm whose all
partners are Chartered Accountants who act as auditors in India.
TYPES OF AUDITORS:Functional Classification of Auditors :Internal vs. External Auditors
External auditors are the persons who practice the profession of accountancy having
qualified in the professional examination and are external vis--vis the organizational
which they audit the accounts. The Internal auditors, on the other hand, may also be
professionally qualified and are internal vis--vis the organization in which they are
appointed to perform specific work.
There are following types of audit
Statutory Audit
Nonstatutory Audit
External Audit
Internal audit
Final Audit
social audit
performance Audit
Statutory audit: This is the audit governed by statute such as the company's Act....
Non statutory audit : This are the audit not specially required by law this scope of the
audit will be outline by the contract between the auditor and the clients.
External audit :external audit is that which is critical review of the representation of
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the published financial statements it is compulsary for all company;s which are listed in
the stock exchange.
Internal Audit: this is a review of operation carried out sometimes continuosly
specially assigned staff with in the client business.
Final Audit: final audit is commenced when all account has been closed and final
accounts is been prepared.
Social Audit: social audit is performed to know the corporate social responsibility.
What is an auditor's report?
Definition: an auditor's report provides an opinion of the validity and reliability of a
company or organizations financial statements.
When financial statements are finalized, they usually must contain an evaluation an
auditor's report - from an accountant or auditor. The audit report evaluates the validity
and

reliability

of

company

or

organizations

financial

statements.

The goal of an auditor's report is ultimately to document reasonable assurance that a


companys financial statements are free from material error.

Preparing the auditor's report


An audit of a companys financial statements should result in a report where the
accountant or auditor is free to share their opinion about the validity and reliability of a
companys financial statements.
In this report, the auditor should give a true picture of the company and their financial
statements. The auditor should also state their connection with the financial statements,

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and whether they are externally or internally connected to the company.
In their report, the auditor can also share any reservations or additional information.
Reservations could arise if the auditor disagrees something within the financial
statements, e.g. if the auditor disagrees with management about the valuation of an
asset and they believe that this has a significant impact on the of financial statements.
What must an auditor's report contain?
There are rules about what an auditor's report should include, and in what order various
items should be reported.
Auditor's reports must adhere to generally accepted standards established by governing
bodies. Standards such as the UK Generally Accepted Accounting Practice help to
assure external users that the auditor's opinion on the fairness of financial statements is
based on a commonly accepted framework.
A typical auditor's report will state:

1.

1. The company that has been audited and what their accounting method is

2.

2. The responsibility of the auditor and their report

3.

3. Reservations (if any)

4.

4. Conclusion

5.

5. Any additional information*

6.

6. A management report*

7.

7. The date and auditors signature

7. POWERS & DUTIES OF AUDITOR


POWERS OF AUDITORS

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The rights of the company auditor can not be limited or abridged in any way. Any
resolution limiting the powers of the auditor or any such provision in articles of
association will be void. Following are powers/rights of auditors:Access to books and vouchers
Every auditor of company shall have a right to access at all times to the books and
accounts and vouchers, whether kept at head office of company or elsewhere. Auditor is
not required to wait for the closing of accounts for conducting the audit. The words all
times means only the normal business hours. All types of documents, agreements,
correspondences, financial books, statistical books, memorandum books, etc are
covered.
Right to obtain information and explanations
Auditor may require the officers of the company to provide such information as he may
think necessary for the permanence of his duties. It will be obligatory for the officers of
the company to furnish without delay the relevant information to the auditors.
Right to visit branch offices and access to branch accounts
Where accounts of any branch office are audited by another person, the company
auditor:

Shall be entitled to visit the branch office, if he deems it necessary to do so for the
performance of his duties as auditor
Shall have a right to access at all times to books and accounts and vouchers of the
company maintained at the branch office.
Right to attend General Meeting
All the notices and other communications relating to any general meeting also be
forwarded to the auditors of a company along with shareholders/members. Auditors
shall be entitled to attend any general meeting and to be heard at any general meeting
which he attends on any part of the business which concerns him as auditor.
Auditors lien
Auditors lien on his clients books and records is unconditional. Auditor can exercise

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lien on books and documents subject to following conditions:Documents retained must belong to client
Such documents must be in possession of auditor on clients authority
On such documents, some work must have been done
The fees for work performed must be outstanding.
Right to receive remuneration
Remuneration of the auditor of a company may be fixed by the authority which
appoints him. Therefore, Board of Directors will fix remuneration in case of first
auditors or auditors appointed to fill up casual vacancy. If he is appointed at the annual
general meeting his remuneration will be fixed by the company at the general meeting.
A separate disclosure of all the amounts paid to the auditor in whatever capacity and
whether as fees or expenses, is required to be made in profit and loss account, classified
as follows:(a) As auditor
(b) As advisor or in any other capacity in respect of:

DUTIES OF AUDITOR
The statutory duties of an auditor cannot be limited in any way either by Articles of
Association or Directors or by members. However, a company may extend them. The
following are the duties that the auditor has to perform:

Auditor has to state whether in his opinion and to the best of his information and
according to the explanations given to him, the accounts, give a fair and true view in
the case of the balance sheet, of the state of the companys affairs as at the end of its
financial year and in the case of the profits and loss account, of the profits and losses
for its financial year. Following guidelines may be laid down in this regard:

Balance sheet and profit and loss account should be as per requirements of The

Companies Act, 1956


There should be no window dressing
All material facts should be properly disclosed
All usual, exceptional or non recurring items should be disclosed separately
The financial statements should convey the required information clearly

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Auditor has to state whether he has obtained all the information and explanations
which to the best of his knowledge and belief were necessary for the purpose of his

audit.
He is required to state whether in his opinion, proper books of accounts as required by
law have been kept by the company, so far as appears from his examination of these
books, and proper returns adequate for the purpose of his audit have been received

from branches not visited by him.


Whether in his opinion the balance sheet and profit and loss account comply with the

accounting standards referred in Section 211 of The Companies Act, 1956.


Auditor is required to state whether any director is disqualified from being appointed

as director under Section 274


He will state whether the cess payable under Section 441A of the act has been paid by

the company and if the same remains to be paid, details thereof.


Whether the companys balance sheet and profit and loss account dealt with by the

reports are in agreement with the books of accounts and returns.


He will state whether the report on the account of any branch office audited under
Section 228 by a person other than the company auditor has been forwarded to him
and how he was dealt with the same in preparing auditors report.

8. INTRODUCTION ABOUT TATA MOTORS:


Tata Motors Limited is India's largest automobile company, with consolidated revenues
of Rs. 92,519 crores (USD 20 billion) in 2009-10. It is the leader in commercial
vehicles in each segment, and among the top three in passenger vehicles with winning
products in the compact, midsize car and utility vehicle segments. The Company is the

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world's fourth largest truck manufacturer, and the world's second largest bus
manufacturer.
The Company's 24,000 employees are guided by the vision to be "best in the manner in
which we operate, best in the products we deliver, and best in our value system and
ethics."
Established in 1945, Tata Motors' presence indeed cuts across the length and breadth of
India. Over 5.9 million Tata vehicles ply on Indian roads, since the first rolled out in
1954. The Company's manufacturing base in India is spread across Jamshedpur
(Jharkhand), Pune (Maharashtra), Lucknow (Uttar Pradesh), Pantnagar (Uttarakhand)
and Dharwad (Karnataka). Following a strategic alliance with Fiat in 2005, it has set up
an industrial joint venture with Fiat Group Automobiles at Ranjangaon (Maharashtra) to
produce both Fiat and Tata cars and Fiat powertrains. The Company is establishing a
new plant at Sanand (Gujarat). The Company's dealership, sales, services and spare
parts network comprises over 3500 touch points; Tata Motors also distributes and
markets Fiat branded cars in India.
Tata Motors, the first Company from India's engineering sector to be listed in the New
York Stock Exchange (September 2004), has also emerged as an international
automobile company. Through subsidiaries and associate companies, Tata Motors has
operations in the UK, South Korea, Thailand and Spain. Among them is Jaguar Land
Rover, a business comprising the two iconic British brands that was acquired in 2008.
In 2004, it acquired the Daewoo Commercial Vehicles Company, South Korea's second
largest truck maker. The rechristened Tata Daewoo Commercial Vehicles Company has
launched several new products in the Korean market, while also exporting these
products to several international markets. Today two-thirds of heavy commercial
vehicle exports out of South Korea are from Tata Daewoo. In 2005, Tata Motors
acquired a 21% stake in Hispano Carrocera, a reputed Spanish bus and coach
manufacturer, and subsequently the remaining stake in 2009. Hispano's presence is
being expanded in other markets. In 2006, Tata Motors formed a joint venture with the
Brazil-based Marcopolo, a global leader in body-building for buses and coaches to
manufacture fully-built buses and coaches for India and select international markets. In
2006, Tata Motors entered into joint venture with Thonburi Automotive Assembly Plant
Company of Thailand to manufacture and market the Company's pickup vehicles in
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Thailand. The new plant of Tata Motors (Thailand) has begun production of the Xenon
pickup truck, with the Xenon having been launched in Thailand in 2008.
Tata Motors is also expanding its international footprint, established through exports
since 1961. The Company's commercial and passenger vehicles are already being
marketed in several countries in Europe, Africa, the Middle East, South East Asia,
South Asia and South America. It has franchisee/joint venture assembly operations in
Kenya, Bangladesh, Ukraine, Russia, Senegal and South Africa.
The foundation of the Company's growth over the last 50 years is a deep understanding
of economic stimuli and customer needs, and the ability to translate them into
customer-desired offerings through leading edge R&D. With over 3,000 engineers and
scientists, the Company's Engineering Research Centre, established in 1966, has
enabled pioneering technologies and products. The Company today has R&D centres in
Pune, Jamshedpur, Lucknow, Dharwad in India, and in South Korea, Spain, and the
UK. It was Tata Motors, which developed the first indigenously developed Light
Commercial Vehicle, India's first Sports Utility Vehicle and, in 1998, the Tata Indica,
India's first fully indigenous passenger car. Within two years of launch, Tata Indica
became India's largest selling car in its segment. In 2005, Tata Motors created a new
segment by launching the Tata Ace, India's first indigenously developed mini-truck.
In January 2008, Tata Motors unveiled its People's Car, the Tata Nano, which India and
the world have been looking forward to. The Tata Nano has been subsequently
launched, as planned, in India in March 2009. A development, which signifies a first for
the global automobile industry, the Nano brings the comfort and safety of a car within
the reach of thousands of families. The standard version has been priced at Rs.100,000
(excluding VAT and transportation cost).
Designed with a family in mind, it has a roomy passenger compartment with generous
leg space and head room. It can comfortably seat four persons. Its mono-volume design
will set a new benchmark among small cars. Its safety performance exceeds regulatory
requirements in India. Its tailpipe emission performance too exceeds regulatory
requirements. In terms of overall pollutants, it has a lower pollution level than twowheelers being manufactured in India today. The lean design strategy has helped
minimise weight, which helps maximise performance per unit of energy consumed and

M.COM-2(SEM-3)

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AUDIT REPORT OF TATA MOTORS


delivers high fuel efficiency. The high fuel efficiency also ensures that the car has low
carbon dioxide emissions, thereby providing the twin benefits of an affordable
transportation solution with a low carbon footprint.
In May 2009, Tata Motors introduced ushered in a new era in the Indian automobile
industry, in keeping with its pioneering tradition, by unveiling its new range of world
standard trucks called Prima. In their power, speed, carrying capacity, operating
economy and trims, they will introduce new benchmarks in India and match the best in
the world in performance at a lower life-cycle cost.
Tata Motors is equally focussed on environment-friendly technologies in emissions and
alternative fuels. It has developed electric and hybrid vehicles both for personal and
public transportation. It has also been implementing several environment-friendly
technologies

in

manufacturing

processes,

significantly

enhancing

resource

conservation.
Through its subsidiaries, the Company is engaged in engineering and automotive
solutions, construction equipment manufacturing, automotive vehicle components
manufacturing and supply chain activities, machine tools and factory automation
solutions, high-precision tooling and plastic and electronic components for automotive
and computer applications, and automotive retailing and service operations.
Tata Motors is committed to improving the quality of life of communities by working
on four thrust areas employability, education, health and environment. The activities
touch the lives of more than a million citizens. The Company's support on education
and employability is focussed on youth and women. They range from schools to
technical education institutes to actual facilitation of income generation. In health, our
intervention is in both preventive and curative healthcare. The goal of environment
protection is achieved through tree plantation, conserving water and creating new water
bodies and, last but not the least, by introducing appropriate technologies in our
vehicles and operations for constantly enhancing environment care.
With the foundation of its rich heritage, Tata Motors today is etching a refulgent future.

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9. HISTORY OF TATA MOTORS:


The Tata Group was founded in 1868 when India was under British Empire. The group
formed their textile business in 1874 and Steel manufacturing in 1907. In 1945, Tata
Sons Limited started the automotive business with manufacturing steam locomotive
boilers after purchasing the shops of East Indian Railways from Government of India,
which was under the British Government in that year.
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AUDIT REPORT OF TATA MOTORS

After purchasing these shops, the Tata sons decided to establish Tata Engineering and
Locomotive Company Limited (TELCO Limited) and establish the primary
manufacturing facility in Jamshedpur (an industrial city in Eastern India). This
company was managed by J.R.D. Tata from 1945 to 1973 and by Sumand Moolgaokar
from 1973 to 1988.

Sumand established the second manufacturing facility in Pune India looking into the
boom in the auto market. In 1991 Ratan Tata took over the Tata Empire from his uncle
and moved the Tata group out of the sectors where they were not very competitive
like Cement and Textiles. Today, Tatas largest manufacturing businesses are Steel and
Motors after the consolidation carried out by Ratan Tata. As on end of financial year
2008, the Tata Group has an annual turnover in excess of $30 Billion out of which more
than $9 Billion is contributed by Tata Motors.

TELCO Limited is now widely known as Tata Motors that is among the worlds top
five manufacturers of medium and heavy trucks and worlds second largest
manufacturer of medium and heavy busses. Tata possess a strategic engagement with
Mercedes Benz for assembling and selling Mercedes Benz commercial vehicles and
passenger cars in India.

Another strategic tie up that they possess is with Cummins pertaining to their diesel
engines through Tata Holset Limited. In fact, Tata Motors contributed to the Cummins
Diesel engines by adding turbo chargers on them vide their joint manufacturing
operations with Tata Holset Limited.

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AUDIT REPORT OF TATA MOTORS


The only partnership of Tata that didnt go well was with Rover Group of Britain that
went bankrupt in year 2005. Tata tried entering the European markets through a model
named CityRover that faired poorly due to its negative publicity, higher price and poor
quality compared to the competition.Ratan Tata is now 70 years old but still presents
the image of a dynamic, innovative and revolutionary entrepreneur. He is known for
high aggressive moves for the benefits of Tata Motors customers. In 1997, Tata Motors
launched its first indigenously developed car named Indica that currently possesses
more than 15% of the car market share in India.

The other car models of Tata Motors that are popular in India and some markets of Asia
are Tata Indigo, Tata Sierra, Tata Sumo and Tata Safari. In 2008, Tata achieved a global
publicity due to two major activities that made headlines worldwide. In the Geneva
Motor show they presented their four-seater small car named Nano priced about
$2500 which is expected to be the cheapest car of the world.

In March 2008, Tata Motors acquired the two globally prestigious companies Jaguar
and Land Rove
from Ford Motor Company. It is assessed that Tata Motors did so to achieve a new
image of a global
automotive company like Ford Motor Company given that their business span has
largely remained indigenous within India for a long time.

10. AUDITOR'S REPORT OF TATA MOTORS


Year End : Mar '13
We have audited the accompanying financial statements of TATA MOTORS LIMITED
(the Company), which comprise the Balance Sheet as at March 31, 2013, the Profit and

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AUDIT REPORT OF TATA MOTORS


Loss Statement and the Cash Flow Statement for the year then ended, and a summary
of the significant accounting policies and other explanatory information.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL STATEMENTS
The Company Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position, financial performance
and cash flows of the Company in accordance with the Accounting Standards referred
to in Section 211(3C) of the Companies Act, 1956 (the Act) and in accordance with the
accounting principles generally accepted in India. This responsibility includes the
design, implementation and maintenance of internal control relevant to the preparation
and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.

AUDITORS RESPONSIBILITY
Our responsibility is to express an opinion on these financial statements based on our
audit. We conducted our audit in accordance with the Standards on Auditing issued by
the Institute of Chartered Accountants of India. Those Standards require that we comply
with ethical requirements and plan and perform the audit to obtain

reasonable

assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts
and the disclosures in the financial statements. The procedures selected depend on the
auditors judgment, including the assessment of the risks of material misstatement of the
financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the
Companys preparation and fair presentation of the financial statements in order to
design audit procedures that are appropriate in the circumstances, but not for the
purpose of expressing an opinion on the effectiveness of the Companys internal control.
An audit also includes evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by the Management, as well
as evaluating the overall presentation of the financial statements.
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AUDIT REPORT OF TATA MOTORS

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

OPINION
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the Act
in the manner so required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March
31, 2013;
(b) in the case of the Profit and Loss Statement, of the profit of the Company for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows of the Company for the
year ended on that date.

Report on Other Legal and Regulatory Requirements


1. As required by the Companies (Auditors Report) Order, 2003 (the Order) issued by
the Central Government in terms of Section 227(4A) of the Act, we give in the
Annexure a statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:

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AUDIT REPORT OF TATA MOTORS


(a) We have 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 Profit and Loss Statement, and the Cash Flow Statement
dealt with by this report are in agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Profit and Loss Statement, and the Cash
Flow Statement comply with the Accounting Standards referred to in Section 211(3C)
of the Act.
(e) On the basis of the written representations received from the directors as on March
31, 2013 taken on record by the Board of Directors, none of the directors is disqualified
as on March 31, 2013 from being appointed as a director in terms of Section 274(1)(g)
of the Act.

ANNEXURE TO THE INDEPENDENT AUDITORS REPORT


(Referred to in paragraph 1 under Report on Other Legal and Regulatory Requirements
section of our report of even date)
(i) Having regard to the nature of the Companys business / activities results during the
year, clauses (xiii) and (xiv) of paragraph 4 of the Order are not applicable to the
Company.

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AUDIT REPORT OF TATA MOTORS

(ii) In respect of its fixed assets:


(a) The Company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets;
(b) The fixed assets were physically verified during the year by the Management in
accordance with a regular programme of verification
which, in our opinion, provides for physical verification of all the fixed assets at
reasonable intervals. According to the information and explanations given to us, no
material discrepancies were noticed on such verification;
(c) The fixed assets disposed off during the year, in our opinion, do not constitute a
substantial part of the fixed assets of the Company and such disposal has, in our
opinion, not affected the going concern status of the Company.
(iii) In respect of its inventories:
(a) As explained to us, the stock of finished goods (other than a significant part of the
spare parts held for sale) and work-in-progress in the Companys custody have been
physically verified by the Management as at the end of the financial year, before the
year-end or after the year-end, and in respect of stocks of stores and spares, the
aforesaid spare parts held for sale and raw materials in the Companys custody, there is a
perpetual inventory system and a substantial portion of the stocks have been verified
during the year. In our opinion, the frequency of verification is reasonable. In case of
materials and spare parts held for sale lying with the third parties, certificates
confirming stocks have been received in respect of a substantial portion of the stocks
held during the year or at the year-end;
(b) In our opinion and according to the information and explanations given to us, the
procedures of physical verification of inventories followed by the Management were
reasonable and adequate in relation to the size of the Company and the nature of its
business;

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AUDIT REPORT OF TATA MOTORS


(c) In our opinion and according to the information and explanations given to us, the
Company has maintained proper records of its inventories and no material
discrepancies were noticed on physical verification.
(iv) In respect of loans, secured or unsecured, granted by the Company to
companies, firms or other parties covered in the Register maintained under Section 301
of the Companies Act, 1956, according to the information and explanations given to
us:
(a) The Company has granted unsecured loans aggregating Rs. 194.36 crores to two
parties during the year. At the year-end, the outstanding balances of such loans granted
aggregated Rs. 711.07 crores (number of parties - three) and the maximum amount
involved during the year was Rs. 794.46 crores (number of parties - four).
(b) The rate of interest and other terms and conditions of such loans are, in our opinion,
prima facie not prejudicial to the interest of the Company having regard to the business
relationship with the Company to whom loans have been granted.
(c) The receipts of principal amount have been as per stipulations. However, there have
been delays in receipts of interest.
(d) There are no overdue amounts in respect of principal amount outstanding. In
respect of overdue interest amounts of more than rupees one lakh remaining
outstanding as at the year-end, except in respect of interest outstanding from a
subsidiary company for which the provision has been made, the Management has taken
reasonable steps for the recovery of the overdue interest amounts.
In respect of loans, secured or unsecured, taken by the Company from companies,
firms or other parties covered in the Register maintained under Section 301 of the
Companies Act, 1956, according to the information and explanations given to us:
(a) The Company has not taken loans from parties during the year. At the year-end, the
outstanding balances of such loans taken aggregated Rs. Nil (number of parties Nil)

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AUDIT REPORT OF TATA MOTORS


and the maximum amount involved during the year was Rs. 0.26 crores (number of
parties - one).
(b) The rate of interest and other terms and conditions of such loans taken are, in our
opinion, prima facie not prejudicial to the interests of the Company.
(c) The payments of principal amounts and interest in respect of such loans are regular.
(v) In our opinion and according to the information and explanations given to us,
having regard to the explanations that some of the items purchased are of special nature
and suitable alternative sources are not readily available for obtaining comparable
quotations, there exists an adequate internal control system commensurate with the size
of the Company and the nature of its business with regard to purchases of inventory and
fixed assets and with regard to the sale of goods and services. During the course of our
audit, we have not observed any major weakness in such internal control system.
(vi) In respect of contracts or arrangements entered in the Register maintained in
pursuance of Section 301 of the Companies Act, 1956, to the best of our knowledge and
belief and according to the information and explanations given to us:
(a) The particulars of contracts or arrangements referred to in Section 301 that needed
to be entered in the Register maintained under the said Section have been so entered.
(b) Where each of such transaction is in excess of rupees five lakhs in respect of any
party, and having regard to the para (v) above, the transactions have been made at
prices which are prima facie reasonable having regard to the prevailing market prices at
the relevant time.
(vii) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of Sections 58A, 58AA or any other
relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of
Deposits) Rules, 1975 with regard to the deposits accepted from the public. According
to the information and explanations given to us, no order has been passed by the

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AUDIT REPORT OF TATA MOTORS


Company Law Board or the National Company Law Tribunal or the Reserve Bank of
India or any Court or any other Tribunal.
(viii) In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
(ix) We have broadly reviewed the cost records maintained by the Company pursuant
to the Companies (Cost Accounting Records) Rules, 2011 prescribed by the Central
Government under Section 209 (1)(d) of the Companies Act, 1956 and are of the
opinion that prima facie, the prescribed cost records have been maintained. We have,
however, not made a detailed examination of the cost records with a view to determine
whether they are accurate or complete.
(x) According to the information and explanations given to us in respect of statutory
dues:
(a) The Company has generally been regular in depositing undisputed statutory dues,
including Provident Fund, Investor Education and Protection Fund, Employees State
Insurance, Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
Duty, Cess and other material statutory dues applicable to it with the appropriate
authorities. With regard to the contribution under the Employees Deposit Linked
Insurance Scheme, 1976 (the Scheme), we are informed that the Company has its own
Life Cover Scheme, and consequently, an application has been made seeking an
extension of exemption from contribution to the Scheme, which is awaited.
(b) There were no undisputed amounts payable in respect of Provident Fund, Investor
Education and Protection Fund, Employees State Insurance, Income-tax, Sales Tax,
Wealth Tax, Service Tax, Customs Duty, Excise Duty, Cess and other material statutory
dues in arrears as at March 31, 2013 for a period of more than six months from the date
they became payable.

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AUDIT REPORT OF TATA MOTORS


(c) Details of dues of Income-tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty,
Excise Duty and Cess which have not been deposited as on March 31, 2013 on account
of disputes are given below:
Name of
Statute
Pending
Income tax

Central
Excise
Laws

Sales Tax
Laws

Nature of Dues

Forum where
Dispute is

Income tax

Commissioner (Appeals)

Income tax

Appellate Tribunal

Excise Duty & Service Tax

Tribunal

Excise Duty & Service Tax

Commissioner (Appeals)

Excise Duty & Service Tax

Additional Commissioner

Excise Duty & Service Tax

Joint Commissioner

Excise Duty & Service Tax

Deputy Commissioner

Excise Duty & Service Tax

Asst. Commissioner

Sales Tax

Supreme Court

Sales Tax

High Court

Sales Tax

Tribunal

Sales Tax

Commissioner (Appeals)

Sales Tax

Joint Commissioner

Sales Tax

Additional Commissioner

Sales Tax

Deputy Commissioner

Sales Tax

Assistant Commissioner

Sales Tax

Trade Tax Officer

Name of Statute

Period to which the Amount Relates

Income tax

2003-04 to 2009-10
2007-08

M.COM-2(SEM-3)

Amount
Involved
(Rs. in
crores.)
44.97
3.40

Page 33

AUDIT REPORT OF TATA MOTORS

Central Excise Laws

1993-94, 1999-00, 2002-03, 2004-05


to 2012-13
1984-85, 1995-96, 2003-04, 2006-07,
2010-11,
2011-12, 2012-13

Sales Tax Laws

2249.15
83.13

2012-13

0.66

2012-13

0.21

2012-13

0.04

2012-13

0.09

1995-96

13.01

1984-85 to 1988-89, 1990-91,


1993-94, 1994-95,
1997-98, 1999-00, 2005-06 to 2007-08

18.83

1988-89, 1989-90, 1995-96, 1998-99,


1999-00,
2000-01, 2004-05, 2007-08, 2010-11

7.21

1996-97, 1998-99, 2001-02

0.20

1997-98, 1999-00, 2001-02 to 2008-09


1988-89, 1989-90, 1995-96,
1997-98, 2005-06 to
2009-10, 2012-13
1979-80, 1986-87, 1991-92, 1992-93,
1994-95 to
1997-98, 2000-01,2003-04, 2005-06,
2008-09
1986-87, 1988-89, 1990-91, 1995-96,
1997-98,
1999-00, 2010-11
1995-96, 1996-97, 1998-99 to
2000-01, 2006-07

222.33
19.46

3.68

1.06

1.83

(xi) The Company does not have any accumulated losses at the end of the financial year
and has not incurred cash losses during the financial year covered by our audit and the
immediately preceding financial year.

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AUDIT REPORT OF TATA MOTORS

(xii) In our opinion and according to the information and explanations given to us, the
Company has not defaulted in the repayment of dues to financial institutions, banks and
debenture holders.
(xiii) Based on our examination of the records and the information and explanations
given to us, the Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
(xiv) In our opinion and according to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from banks or financial
institutions.
(xv) In our opinion and according to the information and explanations given to us, the
term loans have been applied by the Company during the year for the purposes for
which they were obtained.
(xvi) In our opinion and according to the information and explanations given to us and
on an overall examination of the Balance Sheet of the Company, as at March 31, 2013,
we report that funds raised on short term basis of Rs.8,439.39 crores have been used
during the year for long-term investment. Further the Company has explained that
steps are being taken to augment long term funds.
(xvii) According to the information and explanations given to us, the Company has not
made any preferential allotment of shares to parties and companies covered in the
Register maintained under Section 301 of the Companies Act, 1956.
(xviii) According to the information and explanations given to us, during the period
covered by our audit report, the Company has not issued any secured debentures.

(xix) According to the information and explanations given to us, during the year
covered by our audit report, the Company has not raised any money by public issue.

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AUDIT REPORT OF TATA MOTORS

(xx) To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company has been
noticed or reported during the year.
For DELOITTE HASKINS & SELLS
Chartered Accountants
(Firm Registration No. 117366W)
N. VENKATRAM
Partner
(Membership No. 71387)

MUMBAI, May 29, 2013


Source : Dion Global Solutions Limited

11. COMMENTS ON AUDITOR'S REPORT OF TATA MOTORS

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AUDIT REPORT OF TATA MOTORS


.
1. Tata motor company is the company with a profit and loss statement which is
declared at the end of the month i.e. 31st march 2013. which is good for the
company to know the profit and loss at the end of the month which is declared
on time.
2. In our opinion and according to the information and explanations given to us,
the Company has not defaulted in the repayment of dues to financial
institutions, banks and debenture holders.
3. To the best of our knowledge and according to the information and explanations
given to us, no fraud by the Company and no material fraud on the Company
has been noticed or reported during the year.
4. In our opinion and according to the information and explanations given to us,
the Company has not given any guarantee for loans taken by others from banks
or financial institutions.
5. The Company does not have any accumulated losses at the end of the financial
year and has not incurred cash losses during the financial year covered by our
audit and the immediately preceding financial year.
6. In our opinion and according to the information and explanations given to us,
the Company has not defaulted in the repayment of dues to financial
7.

institutions, banks and debenture holders.


Based on our examination of the records and the information and explanations
given to us, the Company has not granted any loans and advances on the basis

of security by way of pledge of shares, debentures and other securities.


8. TATA MOTORS COMPANY which provides fair view and are free from
material. It does not uses fraud or error materials or things. An auditor provides
a better accounting policies.
9. Tata motors have obtained the better information and the best of the knowledge.
They also keep the true books of accounts. The records of all the books is
received from the directors, board of directors. Etc
10. All the records are maintained in a proper manner and also in quantitative
details. In this company, the verification of all the records is done on time to
time.
11. The assets which gets disposed during the year, the company does not use the
disposed assets they just used the fresh and fair assets for the company. So that
the status of the company remains the same.

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AUDIT REPORT OF TATA MOTORS


12. Tata motors company follows the information and explanation which is given to
them so that they can maintained the proper records. In tata motors company ,
the payments of principal amounts an interest are regular.
13. In this company, the information and the explanations which they get , in which
no order has been passed by the law of the company or the national company
law tribunal. In this company, there is no losses yet has been done at the end of
the financial year.
14. In tata motors company, all the money is covered by the audit report. So that the
company does not raise any money of public issue. In this company. No fraud
by the company and no material fraud on the company has been noticed or
reported during the year.
15. In this company, they does not give any guarantee for loans taken by others
from banks of financial institution.

12. CONCLUSION
Tata Motors is also expanding its international footprint, established through exports
since 1961. The company's commercial and passenger vehicles are already being
marketed in several countries in Europe, Africa, the Middle East, South East Asia,

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AUDIT REPORT OF TATA MOTORS


South Asia, South America, CIS and Russia. It has franchisee/joint venture assembly
operations in Bangladesh, Ukraine, and Senegal. Tata Motors also introduced India's
first Sports Utility Vehicle in 1991 and, in 1998, the Tata Indica, India's first fully
indigenous passenger car.
In January 2008, Tata Motors unveiled its People's Car, the Tata Nano. The Tata Nano
has been subsequently launched, as planned, in India in March 2009, and subsequently
in 2011 in Nepal and Sri Lanka. A development, which signifies a first for the global
automobile industry, the Nano brings the joy of a car within the reach of thousands of
families.
Tata Motors is equally focussed on environment-friendly technologies in emissions and
alternative fuels. It has developed electric and hybrid vehicles both for personal and
public transportation. It has also been implementing several environment-friendly
technologies

in

manufacturing

processes,

significantly

enhancing

resource

conservation. Through its subsidiaries, the company is engaged in engineering and


automotive solutions, automotive vehicle components manufacturing and supply chain
activities, vehicle financing, and machine tools and factory automation solutions.
Tata Motors is committed to improving the quality of life of communities by working
on four thrust areas - employability, education, health and environment. The activities
touch the lives of more than a million citizens. The company's support on education and
employability is focused on youth and women. They range from schools to technical
education institutes to actual facilitation of income generation. In health, the company's
intervention is in both preventive and curative health care. The goal of environment
protection is achieved through tree plantation, conserving water and creating new water
bodies and, last but not the least, by introducing appropriate technologies in vehicles
and operations for constantly enhancing environment care.

13. BIBLIOGRAPHY

1.

^ "Audit assurance".

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AUDIT REPORT OF TATA MOTORS

2.

^ Auditing and Assurance. ICAI. July 2012. p. 1.1.

3.

^ McKenna, Francine. "Auditors and Audit Reports: Is The Firm's


"John Hancock" Enough?". Forbes. Retrieved 22 July 2011.

4.

http://www.tata.com

5.

http://tatamotors.com

6.

http://www.wikipedia.com

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