Page 193 - Tata_Chemicals_yearly-reports-2017-18

ventures, the aforesaid consolidated Ind AS financial statements give 3. The consolidated Ind AS financial statements also include the
the information required by the Act in the manner so required and Group's share of net profit of ` 51.16 crore for the year ended
give a true and fair view in conformity with the accounting principles 31 March 2018, as considered in the consolidated Ind AS
generally accepted in India, of the consolidated state of affairs of financial statements, in respect of 2 joint ventures, whose
the Group and its joint ventures as at 31 March, 2018 and their financial statements have not been audited by us. These
consolidated profit (including other comprehensive income), their financial statements are unaudited and have been furnished to
consolidated statement of changes in equity and consolidated cash us by the Management and our opinion on the consolidated
flows for the year ended on that date. Ind AS financial statements, in so far as it relates to the amounts
and disclosures included in respect of these joint ventures, and
Other matters our report in terms of sub-section (3) of Section 143 of the Act
in so far as it relates to the aforesaid joint ventures, is based
1. The comparative financial information of the Group and its
solely on such unaudited financial statements. In our opinion
joint ventures for the year ended 31 March, 2017 prepared in
and according to the information and explanations given to
accordance with Ind AS included in these consolidated Ind AS
us by the Management, these financial statements are not
financial statements were audited by the predecessor auditor Integrated Report
material to the Group.
who expressed an unmodified opinion thereon as per their
report dated 26 May, 2017. Our opinion above on the consolidated Ind AS financial statements,
and our report on Other Legal and Regulatory Requirements below,
2. We did not audit the financial statements of 34 subsidiaries,
is not modified in respect of the above matters with respect to our
included in the consolidated Ind AS financial statements,
reliance on the work done and the reports of the other auditors and
whose financial statements reflect total assets of ` 18,095.88
the financial statements certified by the management.
crore as at 31 March, 2018, total revenues of ` 6,057.39 crore
and net cash inflows amounting to ` 273.38 crore for the year Report on other Legal and Regulatory Requirements
ended 31 March, 2018, as considered in the consolidated Ind
AS financial statements. The consolidated Ind AS financial 1 As required by Section 143 (3) of the Act, based on our audit
statements also include the Group’s share of net loss (and other and on the consideration of reports of the other auditors
comprehensive income) of ` 1.93 crore for the year ended on separate financial statements and the other financial
31 March, 2018 in respect of 2 joint ventures, whose financial information of subsidiaries and joint ventures, as noted in the
statements have not been audited by us. These financial ‘Other matters’ paragraph, we report, to the extent applicable, Statutory Reports
statements and other financial information have been audited that:
by other auditors whose reports have been furnished to us by
the management and our opinion on the consolidated Ind AS (a) we have sought and obtained all the information and
financial statements, in so far as it relates to the amounts and explanations, which to the best of our knowledge and
disclosures included in respect of these subsidiaries and joint belief, were necessary for the purposes of our audit of
ventures and our report in terms of sub-section (3) of Section the aforesaid consolidated Ind AS financial statements;
143 of the Act, insofar as it relates to the aforesaid subsidiaries
(b) in our opinion, proper books of account as required by
and joint ventures is based solely on the reports of the other
law relating to preparation of the aforesaid consolidated
auditors.
Ind AS financial statements have been kept so far as it
Certain of these subsidiaries and joint ventures are located appears from our examination of those books and the
outside India whose financial statements and other financial reports of the other auditors;
information have been prepared in accordance with
(c) the consolidated balance sheet, the consolidated
accounting principles generally accepted in their respective
statement of profit and loss (including other
countries and which have been audited by other auditors Financial Statements
comprehensive income), the consolidated statement
under generally accepted auditing standards applicable in
of changes in equity and the consolidated statement
their respective countries. The Company’s management has
of cash flows dealt with by this report are in agreement
converted the financial statements of such subsidiaries and
with the relevant books of account maintained for the
joint ventures located outside India from accounting principles
purpose of preparation of the consolidated Ind AS
generally accepted in their respective countries to accounting
financial statements;
principles generally accepted in India. We have audited these
conversion adjustments made by the Company’s management.
(d) in our opinion, the aforesaid consolidated Ind AS
Our opinion in so far as it relates to the balances and affairs of
financial statements comply with the Indian Accounting
such subsidiaries and joint ventures located outside India is
Standards (Ind AS) specified under Section 133 of the
based on the reports of the other auditors and the conversion
Act;
adjustments prepared by the management of the Company
and audited by us.
Consolidated Financial Statements 191