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Independent Auditor’s Report

TO THE MEMBERS OF Auditor’s responsibility
TATA CHEMICALS LIMITED
Our responsibility is to express an opinion on these consolidated
Report on the Audit of Consolidated Ind AS Financial Ind AS financial statements based on our audit. While conducting
Statements the audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required
We have audited the accompanying consolidated Ind AS financial to be included in the audit report under the provisions of the Act and
statements of Tata Chemicals Limited (‘the Holding Company’) and its the Rules made thereunder.
subsidiaries (the Holding Company and its subsidiaries are together
referred to as the ‘Group’) and its joint ventures, which comprise the We conducted our audit in accordance with the Standards on Auditing
consolidated balance sheet as at 31 March, 2018, the consolidated specified under Section 143(10) of the Act. Those Standards require
statement of profit and loss (including other comprehensive that we comply with ethical requirements and plan and perform the
income), the consolidated statement of changes in equity and the audit to obtain reasonable assurance about whether the consolidated
consolidated statement of cash flow, for the year then ended, and Ind AS financial statements are free from material misstatement.
a summary of significant accounting policies and other explanatory
An audit involves performing procedures to obtain audit evidence
information (hereinafter referred to as the ‘consolidated Ind AS
financial statements’). about the amounts and the disclosures in the consolidated Ind
AS financial statements. The procedures selected depend on the
Management’s Responsibility for the Consolidated Ind AS auditor’s judgment, including the assessment of the risks of material
Financial Statements misstatement of the consolidated Ind AS financial statements,
whether due to fraud or error. In making those risk assessments,
The Holding Company's Board of Directors is responsible for the the auditor considers internal financial control relevant to the
preparation of these consolidated Ind AS financial statements in terms Holding Company’s preparation of the consolidated Ind AS financial
of the requirements of the Companies Act, 2013 (hereinafter referred statements that give a true and fair view in order to design audit
to as ‘the Act’) that give a true and fair view of the consolidated state of procedures that are appropriate in the circumstances. An audit also
affairs, consolidated profit (including other comprehensive income), includes evaluating the appropriateness of the accounting policies
consolidated statement of changes in equity and consolidated cash used and the reasonableness of the accounting estimates made by
flows of the Group including its joint ventures in accordance with the Holding Company’s Board of Directors, as well as evaluating the
the accounting principles generally accepted in India, including the overall presentation of the consolidated Ind AS financial statements.
Indian Accounting Standards (Ind AS) specified under section 133 of
the Act. The respective Board of Directors of the companies included We are also responsible to conclude on the appropriateness of
in the Group and its joint ventures are responsible for maintenance management’s use of the going concern basis of accounting and,
of adequate accounting records in accordance with the provisions of based on the audit evidence obtained, whether a material uncertainty
the Act for safeguarding the assets of the Group and its joint ventures exists related to events or conditions that may cast significant doubt
and for preventing and detecting frauds and other irregularities; the on the ability of Group and its joint ventures to continue as a going
selection and application of appropriate accounting policies; making concern. If we conclude that a material uncertainty exists, we are
judgments and estimates that are reasonable and prudent; and required to draw attention in the auditor’s report to the related
the design, implementation and maintenance of adequate internal disclosures in the consolidated Ind AS financial statements or, if such
financial controls that were operating effectively for ensuring the disclosures are inadequate, to modify our opinion. Our conclusions
accuracy and completeness of the accounting records, relevant to are based on the audit evidence obtained up to the date of our
the preparation and presentation of the consolidated Ind AS financial auditor’s report. However, future events or conditions may cause the
statements that give a true and fair view and are free from material Group and its joint ventures to cease to continue as a going concern.
misstatement, whether due to fraud or error, which have been used
We believe that the audit evidence obtained by us and the audit
for the purpose of preparation of the consolidated Ind AS financial
statements by the Directors of the Holding Company, as aforesaid. evidence obtained by the other auditors in terms of their reports
referred to in paragraph 2 of the Other Matters paragraph below, is
In preparing the consolidated Ind AS financial statements, the sufficient and appropriate to provide a basis for our audit opinion on
respective Board of Directors of the companies included in the the consolidated Ind AS financial statements.
Group and its joint ventures are responsible for assessing the ability
of the Group and its joint ventures to continue as a going concern, Opinion
disclosing, as applicable, matters related to going concern and using
In our opinion and to the best of our information and according
the going concern basis of accounting unless management either
to the explanations given to us and based on the consideration
intends to liquidate the Group or to cease operations, or has no
of reports of the other auditors on separate financial statements
realistic alternative but to do so.
and on the other financial information of the subsidiaries and joint
190 Annual Report 2017-18