Increase Minus
Tuesday, September 19, 2017   SENSEX  32402.37  Down  -21.39      Adani Ports :   405.90  Up  1.20      Asian Paints :   1253.05  Down  -2.80      Axis Bank :   520.85  Down  -2.70      Bajaj Auto :   3115.60  Down  -14.20      Bharti Airtel :   394.70  Down  -2.10      Cipla :   573.50  Up  3.45      Coal India :   258.20  Down  -6.60      Dr Reddy's Labs :   2239.10  Down  -5.60      H D F C :   1752.85  Down  -18.05      HDFC Bank :   1851.55  Down  -8.45      Hero Motocorp :   3948.60  Down  -2.45      Hind. Unilever :   1279.90  Up  0.40      ICICI Bank :   294.35  Up  1.75      Infosys :   911.30  Up  2.85      ITC :   267.80  Up  1.00      Kotak Mah. Bank :   1034.45  Up  15.60      Larsen & Toubro :   1226.40  Down  -11.40      Lupin :   1005.80  Down  -3.75      M & M :   1294.05  Down  -0.80      Maruti Suzuki :   8148.30  Down  -6.15      NTPC :   168.90  Up  0.90      O N G C :   165.95  Up  0.55      Power Grid Corpn :   215.40  Up  0.50      Reliance Inds. :   840.00  Down  -5.40      St Bk of India :   267.80  Down  -2.35      Sun Pharma.Inds. :   516.60  Down  -4.40      Tata Motors :   423.90  Up  18.55      Tata Motors-DVR :   240.65  Up  7.50      Tata Steel :   676.55  Up  3.50      TCS :   2498.30  Down  -0.75      Wipro :   288.90  Up  0.30    
GET QUOTES NAV NEWS
SENSEX
32402.37
-21.39
NIFTY
10147.55
-5.55
GOLD
29669
122.00
SILVER
40026
262.00
equity
Daily Market Tracker
Gainers & Losers  
Live Indices  
Index Movers  
Advances & Declines  
Value & Volume Toppers  
Only Buyers/Sellers  
Sector Watch  
Bulk Deals  
Block Deals  
New Highs & Lows  
52 Week High & Low  
Out/Under Performers
Index Constituents  
Unusual Volume  
Historical Returns  
News Analysis
Market Analysis
Technical Chart
Company Profile
Other Markets
Corporate Action
Debt Content
Submit Your Query
You Are Here : Markets  |  Equity   |   Company Profile  |   Auditor's Report
Tata Consultancy Services Ltd(Industry :   Computers - Software - Large)
 
BSE Code:532540NSE Symbol: TCSP/E  (TTM): 19.48
ISIN Demat:INE467B01029Div Yield %:1.92EPS   (TTM) :128.22
Book Value (Rs):404.7376639Market Cap (RsCr):478246.47Face Value (Rs) :1
  Change Company 

TO THE MEMBERS OF TATA CONSULTANCY SERVICES LIMITED

Report on the Consolidated Ind AS Financial Statements

We have audited the accompanying consolidated Ind AS financial statements of Tata Consultancy Services Limited (Rsthe CompanyRs) and its subsidiary companies (the Company and its subsidiary companies together referred to as Rsthe GroupRs) comprising the Consolidated Balance Sheet as at March 31, 2017, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows for the year then ended, and a summary of the significant accounting policies and other explanatory information (Rsthe consolidated Ind AS financial statementsRs).

ManagementRss Responsibility for the Consolidated Ind AS Financial Statements

The CompanyRss Board of Directors is responsible for the preparation of these consolidated Ind AS financial statements in terms of the requirements of the Companies Act, 2013 (Rsthe ActRs) that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act. The respective Board of Directors of the Company and its subsidiary companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated Ind AS financial statements by the Board of Directors of the Company.

AuditorsRs Responsibility

Our responsibility is to express an opinion on these consolidated Ind AS financial statements based on our audit.

In conducting our audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the consolidated Ind AS financial statements. The procedures selected depend on the auditorsRs judgment, including the assessment of the risks of material misstatement of the consolidated Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the CompanyRss preparation of the consolidated Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the CompanyRss Board of Directors, as well as evaluating the overall presentation of the consolidated Ind AS financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in the RsOther MatterRs below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of the other auditors on separate financial statements of the subsidiary companies referred to in the RsOther MatterRs below, the aforesaid consolidated Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the consolidated state of affairs of the Group, as at March 31, 2017, and their consolidated profit, consolidated total comprehensive income, consolidated changes in equity and consolidated cash flows for the year ended on that date.

Other Matter

We did not audit the financial statements of 9 subsidiaries, whose financial statements reflect total assets of Rs 10,572 crores as at March 31, 2017, total revenues of Rs 17,102 crores and net cash inflows amounting to Rs 640 crores for the year ended on that date, as considered in the consolidated Ind AS financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated Ind AS financial statements in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, and our report in terms of Section 143(3) of the Act, insofar as it relates to the aforesaid subsidiaries is based solely on the reports of the other auditors.

Our opinion on the consolidated Ind AS financial statements above, and our report on Other Legal and Regulatory Requirements below, is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Consolidated Financial Statements

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit and on the consideration of the report of the other auditors on separate financial statements and the other financial information of the subsidiary companies, referred in the RsOther MatterRs paragraph above, we report, to the extent applicable, that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS financial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated Ind AS financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditors.

(c) The Consolidated Balance Sheet, the Consolidated Statement of Profit and Loss (including other comprehensive income), the Consolidated Statement of Changes in Equity and the Consolidated Statement of Cash Flows dealt with by this Report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated Ind AS financial statements.

(d) In our opinion, the consolidated Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act, as applicable.

(e) On the basis of the written representations received from the Directors of the Company as on March 31, 2017 taken on record by the Board of Directors of the Company and the reports of the statutory auditors of its subsidiary companies incorporated in India, none of the directors of the Group companies, incorporated in India is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financial reporting and the operating effectiveness of such controls, refer to our separate Report in RsAnnexure ARs, which is based on the auditorsRs reports of the Company and its subsidiary companies incorporated in India. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the internal financial controls over financial reporting of Company and its subsidiary companies incorporated in India.

(g) With respect to the other matters to be included in the AuditorRss Report in accordance with Rule 11 of the Companies (Audit and AuditorRss) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:

i) The consolidated Ind AS financial statements disclose the impact of pending litigations on the consolidated financial position of the Group.

ii) Provision has been made in the consolidated Ind AS financial statements, as required under the applicable law or accounting standards, for material foreseeable losses on long term contracts including derivative contracts.

iii) There has been no delay in transferring amounts required to be transferred, to the Investor Education and Protection Fund by the Company and its subsidiary companies incorporated in India.

iv) The Company has provided requisite disclosures in the consolidated Ind AS financial statements as regards the holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated November 8, 2016 of the Ministry of Finance, during the period from November 8, 2016 to December 30, 2016 of the Group entities as applicable. Based on audit procedures performed and the representations provided to us by the management we report that the disclosures are in accordance with the relevant books of account maintained by those entities for the purpose of preparation of the consolidated Ind AS financial statements and as produced to us by the management of the respective Group entities.

ANNEXURE RSARS TO THE INDEPENDENT AUDITORSRS REPORT (Referred to in paragraph (f) under RsReport on Other Legal and Regulatory RequirementsRs section of our report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (Rsthe ActRs)

We have audited the internal financial controls over financial reporting of Tata Consultancy Services Limited (Rsthe CompanyRs) and its subsidiary companies incorporated in India as at March 31, 2017 in conjunction with our audit of the consolidated Ind AS financial statements of the Company for the year ended and as at March 31, 2017.

ManagementRss Responsibility for Internal Financial Controls

The respective Board of Directors of the company and its subsidiary companies incorporated in India, are responsible for establishing and maintaining internal financial controls based on the respective internal control over financial reporting criteria established by the Company and its subsidiary companies incorporated in India considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India (Rsthe Guidance NoteRs). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the respective companyRss policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

AuditorsRs Responsibility

Our responsibility is to express an opinion on the internal financial controls over financial reporting of the Company and its subsidiary companies incorporated in India, based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls over financial reporting. The Guidance Note and those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorsRs judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained and the audit evidence obtained by the other auditors of the subsidiary companies incorporated in India, in terms of their reports referred to in the RsOther MatterRs paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting of the Company and its subsidiary companies incorporated in India.

Meaning of Internal Financial Controls Over Financial Reporting

A companyRss internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyRss internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyRss 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the 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 given to us and based on the consideration of the reports of the other auditors referred to in the Other Matter paragraph below, the Company and its subsidiary companies incorporated in India, have, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based on the internal control over financial reporting criteria established by the respective companies considering the essential components of internal control stated in the Guidance Note.

Other Matters

Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial reporting insofar as it relates to 6 subsidiary companies, which are incorporated in India, is based solely on the corresponding reports of the auditors of such companies incorporated in India.

Our opinion is not modified in respect of the above matters.
For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(FirmRss Registration No. 1 17366W / W - 100018)
P. R. RAMESH
Partner
Mumbai, April 18, 2017 (Membership No. 70928)

   

  A    |   B   |   C    |  D    |    E    |  F  |    G   |   H  |  I  |    J   |   K  |   L  |    M  |   N  |   O  |   P  |  Q  |  R  |  S  |  T   |  U   |   V   |    W   |  X   |  Y  |    Z
Left Decrease Increase Right SEBI Regn. No. NSE: INB/INF/INE 230881235   |   BSE: INB/INF/INE 010881234   |   DSE: INB 050881235   |   MCX-SX : INE 260881235  |   USE - INE 270881235   |   NSDL- DP ID: IN-DP-NSDL-14-96   |   CDSL DP ID: IN-ID-CDSL-43-99         Commodity Membership No.: MCX-10705, NCDEX-0016, NMCE-CL0044, NSPOT-10002, NSEL-10700, SNX-2255, ICEX-1025   |   Dubai Gold and Commodity Exchange (DGCX)-3035   |   Indian Energy Exchange (IEX)- Electricity Trading N2DLOAIL0000
4E/2, Jhandewalan Extension New Delhi Delhi 110 055 India
Copyright@2012 Alankit . All rights reserved. Designed, developed and powered by C-MOTS Infotech (ISO 9001:2008 certified)