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Tata Metaliks Ltd.

BSE: 513434 Sector: Metals & Mining
NSE: TATAMETALI ISIN Code: INE056C01010
BSE 00:00 | 22 Jun 719.55 2.70
(0.38%)
OPEN

713.95

HIGH

725.50

LOW

708.50

NSE 00:00 | 22 Jun 720.50 2.95
(0.41%)
OPEN

724.95

HIGH

729.00

LOW

708.50

OPEN 713.95
PREVIOUS CLOSE 716.85
VOLUME 7117
52-Week high 975.10
52-Week low 585.00
P/E 15.08
Mkt Cap.(Rs cr) 1,820
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 713.95
CLOSE 716.85
VOLUME 7117
52-Week high 975.10
52-Week low 585.00
P/E 15.08
Mkt Cap.(Rs cr) 1,820
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Tata Metaliks Ltd. (TATAMETALI) - Auditors Report

Company auditors report

To the Members of Tata Metaliks Limited

Report on the Indian Accounting Standards (Ind AS) Financial Statements

1. We have audited the accompanying Ind AS financial statements of TataMetaliks Limited ("the Company") which comprise the Balance Sheet as at March31 2018 the Statement of Profit and Loss (including Other Comprehensive Income) theCash Flow Statement and the Statement of Changes in Equity for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS Financial Statements

2. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these Ind AS financial statements to give a true and fair view of thefinancial position financial performance (including other comprehensive income) cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards specified in theCompanies (Indian Accounting Standards) Rules 2015 (as amended) under Section 133 of theAct. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of 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 ofthe Ind AS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

3. Our responsibility is to express an opinion on these Ind ASfinancial statements based on our audit.

4. We have taken into account the provisions of the Act and the Rulesmade thereunder including the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade thereunder.

5. We conducted our audit of the Ind AS financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act andother applicable authoritative pronouncements issued by the Institute of CharteredAccountants of India. Those Standards and pronouncements require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the Ind AS financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and the disclosures in the Ind AS financial statements. The proceduresselected depend on the auditors' judgment including the assessment of the risks ofmaterial misstatement of the Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the Ind AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Ind AS financialstatements.

7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Ind AS financialstatements.

Opinion

8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2018 and its total comprehensive income(comprising of profit and other comprehensive income) its cash flows and the changes inequity for the year ended on that date.

Other Matter

9. The Ind AS financial statements of the Company for the year endedMarch 31 2017 were audited by another firm of chartered accountants under the CompaniesAct 2013 who vide their report dated April 21 2017 expressed an unmodified opinionon those financial statements. Our opinion is not qualified in respect of this matter.

Report on Other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order 2016 issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Act("the Order") and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure B a statement on the matters specified in paragraphs3 and 4 of the Order.

11. As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen 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 (includingother comprehensive income) the Cash Flow Statement and the Statement of Changes inEquity dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements complywith the Indian Accounting Standards specified under Section 133 of the Act.

(e) On the basis of the written representations received from thedirectors as on March 31 2018 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director in termsof Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controlswith reference to financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate Report in Annexure A.

(g) With respect to the other matters to be included in the Auditors'Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our knowledge and belief and according to the informationand explanations given to us: i. The Company has disclosed the impact if any of pendinglitigations as at March 31 2018 on its financial position in its Ind AS financialstatements – Refer Note 28 and Note 15 to the Ind AS financial statements; ii. TheCompany did not have any have any material foreseeable losses on long-term contractsincluding derivative contracts as at March 31 2018. iii. There has been no delay intransferring amounts required to be transferred to the Investor Education and ProtectionFund by the Company during the year ended March 31 2018. iv. The reporting on disclosuresrelating to Specified Bank Notes is not applicable to the Company for the year ended March31 2018.

For Price Waterhouse & Co Chartered Accountants LLP

Firm Registration Number: 304026E/E-300009 Chartered Accountants

Pinaki Chowdhury

Kolkata

Partner

April 26 2018

Membership Number: 057572

ANNEXURE A TO INDEPENDENT AUDITORS' REPORT

Referred to in paragraph 11(f) of the Independent Auditors' Report ofeven date to the members of Tata Metaliks Limited on the Ind AS financial statements forthe year ended March 31 2018

Report on the Internal Financial Controls with reference to financialstatements under Clause (i) of Sub-section 3 of Section 143 of the Act

1. W the have audited the internal financial controls with financialstatements of Tata Metaliks Limited ("the Company") as of March 31 2018 inconjunction with our audit of the Ind AS financial statements of the Company for the yearended on that date.

Management's Responsibility for Internal Financial Controls

2. T he Company's management is responsible for establishingmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities includethedesignimplementationandmaintenanceofadequate 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 Act.

Auditors' Responsibility

3. O ur responsibility is to express an opinion on the internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting (the "Guidance Note") and the Standards on Auditingdeemed to be prescribed under section 143(10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to and financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements

6. A c ompany's internal financial controls with reference financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of Ind AS financial statements for externalpurposes in accordance with generally accepted accounting principles. A company's internalfinancial controls with reference to financial statements includes those policies andprocedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of

Ind AS financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorisations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorisedacquisition use or disposition of the company's assets that could have a material effecton the Ind AS financial statements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements

7. B ecause of the inherent limitations of internal financial withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial controls with reference to financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

8. I n our opinion the Company has in all material respects anadequate internal financial controls system with reference to financial statements andsuch internal financial controls with reference to financial statements were operatingeffectively as at March 31 2018 based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India. For PriceWaterhouse & Co Chartered

Accountants LLP

Firm Registration Number: 304026E/E-300009

Chartered Accountants

Pinaki Chowdhury

Partner

Membership Number: 057572

Kolkata April 26 2018 i. (a) The Company is maintaining proper recordsshowing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Managementaccording to a phased programme designed to cover all the items over a period of threeyears which in our opinion is reasonable having regard to the size of the Company andthe nature of its assets. Pursuant to the programme a portion of the fixed assets hasbeen physically verified by the Management during the year and no material discrepancieshave been noticed on such verification. (c) The title deeds of immovable properties asdisclosed in

Note 4A on Property Plant and Equipment to the Ind AS financialstatements are held in the name of the Company. ii. The physical verification ofinventory (excluding stocks with third parties) have been conducted at reasonableintervals by the Management during the year. In respect of inventory lying with thirdparties these have substantially been confirmed by them. The discrepancies noticed onphysical verification of inventory as compared to book records were not material. iii. TheCompany has not granted any loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under Section189 of the Act. Therefore the provisions of Clause 3(iii) (iii)(a) (iii)(b) and(iii)(c) of the said Order are not applicable to the Company.

31 2018 iv. The Company has not granted any loans or made anyinvestments or provided any guarantees or security to the parties covered under Section185 and 186. Therefore the provisions of Clause 3(iv) of the said Order are notapplicable to the Company. v. The Company has not accepted any deposits from the publicwithin the meaning of Sections 73 74 75 and 76 of the Act and the Rules framed thereunder to the extent notified. vi. Pursuant to the rules made by the Central Government ofIndia 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 theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have not however made a detailed examination of the records with a viewto determine whether they are accurate or complete. vii. (a) According to the informationand explanations given to us and the records of the Company examined by us in ouropinion the Company is generally regular in depositing undisputed statutory dues inrespect of employees' state insurance income tax and provident fund though there hasbeen a slight delay in a few cases and is regular in depositing undisputed statutorydues including service tax sales tax duty of customs duty of excise value addedtax cess goods and service tax with effect from July 1 2017 and other materialstatutory dues as applicable with the appropriate authorities.

(b) According to the information and explanations given to us and therecords of the Company examined by us there are no dues of duty of customs value addedtax and goods and services tax as at March 31 2018 which have not been deposited onaccount of any dispute. The particulars of dues of income tax sales tax service tax andduty of excise as at March 31 2018 which have not been deposited on account of a disputeare as follows

Name of the statute

Nature of dues

Amount (` Lakh)

Period to which the amount relates Forum where the dispute is pending
Income Tax Act 1961 Income Tax

328.15

1993-94 1999-00 2001-02 and 2009-10 High Court -Calcutta
Income Tax Act 1961 Income Tax

1768.03

2008-092009-10 2010-11 and 2011-12 Income Tax Appellate Tribunal
Income Tax Act 1961 Income Tax

1524.13

2012-13 2013-14 and 2015-16 Commissioner of Income Tax (Appeals)
West Bengal Sales tax Act 1994 Sales Tax

94.49

2006-07 West Bengal Commercial Tax Appellate & Revision Board
West Bengal Sales tax Act 1994 Sales Tax

221.35

2012-13 2013-14 and 2014-15 Senior Joint Commissioner (Appeals)
Finance Act 1994 Service Tax

58.95

2007-08 Customs Excise And Service Tax Appellate Tribunal
Finance Act 1994 Service Tax

63.84

2008-09 2009-10 2012-13 and 2013-14 Commissioner (Appeals)
Finance Act 1994 Service Tax

71.22

2010-11 to 2016-17 Assistant Commissioner
Finance Act 1994 Service Tax

87.81

2005-06 2006-07 2007-08 2008-09 2009-10 and 2010-11 Additional Commissioner
Finance Act 1994 Service Tax

84.31

2011-12 Joint Commissioner
Central Excise Act 1944 Excise Duty

10376.50

2002-03 to 2011-12 Customs Excise And Service Tax Appellate Tribunal
Central Excise Act 1944 Excise Duty

211.48

2000-01 to 2015-16 Commissioner (Appeals)
Central Excise Act 1944 Excise Duty

43.76

2010-11 and 2015-16 Joint Commissioner
Central Excise Act 1944 Excise Duty

24.20

2010-11 2011-12 2012-13 and 2016-17 Assistant Commissioner
Central Excise Act 1944 Excise Duty

99.44

2008-09 2009-10 2010-11 2012-13 2013-14 2014-15 and 2015-16 Additional Commissioner
Central Excise Act 1944 Excise Duty

7890.70

2005-06 to 2011-12 Commissioner

viii. According to the records of the Company examined by us and theinformation and explanations given to us the Company has not defaulted in repayment ofloans or borrowings to any financial institution or bank or Government or dues todebenture holders as at the balance sheet date. ix. In our opinion and according to theinformation and explanations given to us the moneys raised by way of term loans have beenapplied on an overall basis for the purposes for which they were obtained. The Companyhas not raised any moneys by way of initial public offer and further public offer(including debt instruments). x. During the course of our examination of the books andrecords of the Company carried out in accordance with the generally accepted auditingpractices in India and according to the information and explanations given to us we haveneither come across any instance of material fraud by the Company or on the Company by itsofficers or employees noticed or reported during the year nor have we been informed ofany such case by the Management. xi. The Company has paid/ provided for managperialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V to the Act. xii. As the Company is not a Nidhi Companyand the Nidhi Rules 2014 are not applicable to it the provisions of Clause 3(xii) of theOrder are not applicable to the Company. xiii. The Company has entered into transactionswith related parties in compliance with the provisions of Sections 177 and 188 of the Act.The details of such related party transactions have been disclosed in the Ind AS financialstatements as required under Indian Accounting Standard 24 Related Party Disclosuresspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. xiv. The Company has not made any preferential allotment or private placementof 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 theCompany. xv. The Company has not entered into any non cash transactions with its directorsor persons connected with him. Accordingly the provisions of Clause 3(xv) of the Orderare not applicable to the Company. xvi. The Company is not required to be registered underSection 45-IA of the Reserve Bank of India Act 1934.Accordingly the provisions of Clause3(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
Pinaki Chowdhury
Kolkata Partner
April 26 2018 Membership Number: 057572