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Tata Investment Corporation Ltd.

BSE: 501301 Sector: Financials
NSE: TATAINVEST ISIN Code: INE672A01018
BSE 00:00 | 14 Aug 796.95 0.70
(0.09%)
OPEN

800.20

HIGH

815.00

LOW

795.25

NSE 00:00 | 14 Aug 796.95 -4.90
(-0.61%)
OPEN

804.00

HIGH

804.00

LOW

795.00

OPEN 800.20
PREVIOUS CLOSE 796.25
VOLUME 2053
52-Week high 955.00
52-Week low 712.20
P/E 18.49
Mkt Cap.(Rs cr) 4,391
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 800.20
CLOSE 796.25
VOLUME 2053
52-Week high 955.00
52-Week low 712.20
P/E 18.49
Mkt Cap.(Rs cr) 4,391
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tata Investment Corporation Ltd. (TATAINVEST) - Auditors Report

Company auditors report

TO THE MEMBERS OF TATA INVESTMENT CORPORATION LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of TATA INVESTMENTCORPORATION LIMITED ("the Company") which comprise of the Balance Sheet as atMarch 31 2018 the Statement of Profit and Loss and the Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation of thefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2018 and its profits and its cash flows for the year ended on that date.

Other Matters

Corresponding _gures for the year ended March 31 2017 have been audited by anotherauditor who expressed an unmodified opinion dated May 24 2017 on the standalone financialstatements of the Company for the year ended March 31 2017.

Report on Other Legal and Regulatory Requirements

1) As required by the Companies (Auditor's Report) Order 2016 issued by the CentralGovernment of India in terms of subsection (11) of section 143 of the Act we give inAnnexure ‘A' a statement on the matters specified in paragraphs 3 and 4 of the Order.

2) As required by section 143 (3) of the Act based on our audit we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 from being appointed as a director in terms of section 164(2) of theAct.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in Annexure ‘B'.

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us wefurther report that:

i. The Company has disclosed the impact of pending litigations on its financialposition in the financial statements – Refer Note 6(i) to the standalone financialstatements.

ii. The Company did not have any Long Term Contracts including derivative contracts forwhich there were any material foreseeable losses.

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

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

(Firm's Registration No. 104607W / W100166)

Roshni Marfatia

Partner

(Membership No. 106548)

Mumbai 7th May 2018

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

Referred to in Para 1 ‘Report on Other Legal and Regulatory Requirements' of ourReport to the members of the Company on the standalone financial statements for the yearended March 31 2018: Statement on Matters Specified in paragraphs 3 and 4 of theCompanies (Auditors Report) Order 2016 (the Order)

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

(b) The fixed assets were physically verified during the year by the Management inaccordance with a regular program of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and the records examinedby us the company owns four immovable properties being apartments in Mumbai. The companyacquired these immovable properties through the agreement between the company and othercompanies of the Tata group. The common agreement appropriately speci_es the details ofownership of the four apartments owned by the Company.

2. The Company is an investment company primarily engaged in investment in securitiesdebentures and other products. Accordingly it does not hold any inventories. Thusparagraph 3 (ii) of the Order is not applicable.

3. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms and limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act.

4. In our opinion and according to the information and explanations given to us theCompany has not given loan to any director in accordance with the provisions of Section185 of the Companies Act 2013. The Company has not given any loans or guarantees andbeing an Non-banking financial company its investments are exempted under section 186(11)(b) hence the Company has complied with the provisions of Section 185 and 186 of the Actas applicable.

5. According to the information and explanations given to us the Company has notaccepted any deposits from the public. In respect of unclaimed deposits the Company hascomplied with the provisions of sections 73 to 76 or any other relevant provisions of theCompanies Act 2013.

6. The Central Government has not prescribed the maintenance of cost records undersection 148 (1) of the Companies Act for any of the services rendered by the Companyhence paragraph 3(vi) of the Order is not applicable.

7. According to the information and explanations given to us and the records examinedby us

(a) The Company has been regular in depositing undisputed statutory dues includingProvident Fund Employees' State Insurance Income-tax Service Tax Cess and othermaterial statutory dues applicable to it to the appropriate authorities. Considering thenature of business that the Company is engaged in Sales Tax Custom Duty Excise Duty andValue Added Tax are not applicable to the Company.

There were no undisputed amounts payable in respect of Provident Fund Employees' StateInsurance Income-tax Service Tax Cess and other material statutory dues in arrears asat March 31 2018 for a period of more than six months from the date they became payable.

(b) There are no dues of Service Tax and Income-tax that has not been deposited onaccount of disputes as on March 31 2018.

8. In our opinion and according to the information and explanations given to us theCompany did not have any loans or borrowing from financial institution bank governmentor dues to any debenture holders during the year. Accordingly paragraph 3 (viii) of theOrder is not applicable to the Company

9. The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) and term loans. Accordingly paragraph 3 (ix) of theOrder is not applicable to the Company.

10. Based upon the audit procedures performed by us to the best of our knowledge andbelief and according to the information and explanations given to us by the Management nofraud by the Company or fraud on the Company by its officers or employee has been noticedor reported during the year.

11. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

12. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3 (xii) of the Order is notapplicable to the Company.

13. According to the information and explanations given to us and based on thedocuments and records produced before us the transactions with related parties are incompliance with section 177 and 188 of the Act and the details thereof have been disclosedin the Financial Statements as required by the applicable accounting standards.

14. According to the information and explanations given to us and based on thedocuments and records produced before us the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year. Accordingly the provisions of Clause (xiv) of the Order are not applicable.

15. According to the information and explanations given to us and based on thedocuments and records produced before us the Company has not has entered into anynon-cash transactions with directors or persons connected with them. 16. The Company hasobtained the requisite registration as a non-banking financial institution under section45 – IA of the Reserve Bank of India Act 1934.

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

(Firm's Registration No. 104607W / W100166)

Roshni Marfatia

Partner

(Membership No. 106548)

Mumbai 7th May 2018

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in Para 2 (f) ‘Report on Other Legal and RegulatoryRequirements' of our Independent Auditors' Report to the members of the Company on thefinancial statements for the year ended March 31 2018: Report on the Internal FinancialControls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013("the Act")

We have audited the internal financial controls over financial reporting of TATAINVESTMENT CORPORATION LIMITED ("the Company") as of March 31 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of internal financial controls over financial reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial

Reporting (the "Guidance Note") and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of Internal Financial Controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the Company's internal financial controls system overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reffect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For KALYANIWALLA & MISTRY LLP

Chartered Accountants

(Firm's Registration No. 104607W / W100166)

Roshni Marfatia

Partner

(Membership No. 106548)

Mumbai 7th May 2018