Page 137 - Tata_Chemicals_yearly-reports-2017-18

Independent Auditors’ Report

TO THE MEMBERS OF that we comply with ethical requirements and plan and perform the
TATA CHEMICALS LIMITED audit to obtain reasonable assurance about whether the standalone
Ind AS financial statements are free from material misstatement.
Report on the Audit of Standalone Ind AS Financial Statements
An audit involves performing procedures to obtain audit evidence
We have audited the accompanying standalone Ind AS financial about the amounts and the disclosures in the standalone Ind AS
statements of Tata Chemicals Limited (“the Company”), which financial statements. The procedures selected depend on the
comprise the balance sheet as at 31 March, 2018, the statement auditors’ judgment, including the assessment of the risks of material
of profit and loss (including other comprehensive income), the misstatement of the standalone Ind AS financial statements, whether
statement of changes in equity and the statement of cash flows for due to fraud or error. In making those risk assessments, the auditor
the year then ended, and a summary of the significant accounting considers internal financial control relevant to the Company’s
policies and other explanatory information (hereinafter referred to as Integrated Report
preparation of the standalone Ind AS financial statements that give
the “standalone Ind AS financial statements”).
a true and fair view in order to design audit procedures that are
Management’s Responsibility for the Standalone Ind AS appropriate in the circumstances. An audit also includes evaluating
Financial Statements the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company’s
The Company’s Board of Directors is responsible for the matters stated
Directors, as well as evaluating the overall presentation of the
in Section 134(5) of the Companies Act, 2013 (“the Act”) with respect
standalone Ind AS financial statements.
to the preparation of these standalone Ind AS financial statements
that give a true and fair view of the state of affairs, profit (including We are also responsible to conclude on the appropriateness of
other comprehensive income), changes in equity and cash flows of management’s use of the going concern basis of accounting and,
the Company in accordance with the accounting principles generally based on the audit evidence obtained, whether a material uncertainty
accepted in India, including the Indian Accounting Standards (Ind AS) exists related to events or conditions that may cast significant doubt
prescribed under Section 133 of the Act. on the entity’s ability to continue as a going concern. If we conclude
that a material uncertainty exists, we are required to draw attention
This responsibility also includes maintenance of adequate
in the auditor’s report to the related disclosures in the standalone
accounting records in accordance with the provisions of the Act Statutory Reports
Ind AS financial statements or, if such disclosures are inadequate, to
for safeguarding the assets of the Company and for preventing and
modify the opinion. Our conclusions are based on the audit evidence
detecting frauds and other irregularities; selection and application of
obtained up to the date of the auditor’s report. However, future
appropriate accounting policies; making judgments and estimates
events or conditions may cause an entity to cease to continue as a
that are reasonable and prudent; and design, implementation and
going concern.
maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of We believe that the audit evidence we have obtained is sufficient and
the accounting records, relevant to the preparation and presentation appropriate to provide a basis for our audit opinion on the standalone
of the standalone Ind AS financial statements that give a true and fair Ind AS financial statements.
view and are free from material misstatement, whether due to fraud
Opinion
or error.
In preparing the standalone Ind AS financial statements, management In our opinion and to the best of our information and according
is responsible for assessing the Company’s ability to continue as a to the explanations given to us, the aforesaid standalone Ind AS
going concern, disclosing, as applicable, matters related to going financial statements give the information required by the Act in
concern and using the going concern basis of accounting unless the manner so required and give a true and fair view in conformity Financial Statements
management either intends to liquidate the Company or to cease with the accounting principles generally accepted in India
operations, or has no realistic alternative but to do so. including the Ind AS, of the state of affairs of the Company as at
31 March, 2018, its profit (including other comprehensive income),
Auditors’ Responsibility
changes in equity and its cash flows for the year ended on that date.
Our responsibility is to express an opinion on these standalone Ind AS
Other matters
financial statements based on our audit.
The comparative financial information of the Company for the year
We have taken into account the provisions of the Act, the accounting
ended 31 March, 2017 prepared in accordance with Ind AS included
and auditing standards and matters which are required to be included
in these standalone Ind AS financial statements were audited by the
in the audit report under the provisions of the Act and the Rules made
predecessor auditor who expressed an unmodified opinion thereon
thereunder.
as per their report dated 26 May, 2017. Our opinion is not modified in
We conducted our audit in accordance with the Standards on Auditing respect of this matter.
specified under Section 143 (10) of the Act. Those Standards require
Standalone Financial Statements 135