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Tata Metaliks: Independent insurance for non-financial information Download

Tata Metaliks: Independent insurance for non-financial information Download



The stakeholders of Tata Metaliks Ltd

Introduction and goals for the work

AGENCY VERITAS has been engaged by Tata Metaliks Ltd (hereinafter abbreviated “TML”) to carry out an independent insurance on its Integrated report for the year 2021-22. This statement applies to the related information included in the scope of work described below. This information and its presentation in Integrated report 2021-22 is the sole responsibility of the management of TML.Bureau Veritas was not involved in the preparation of the report. Our sole responsibility was to provide independent assurance regarding the content.

The scope of the work

The certification process was carried out in accordance with the requirements of the Assurance Standard AA1000AS ver3, Type 2-Moderate ‘ insurance. The scope of work included:

  • Data and information included in integrated report 2021-22 for reporting period 1st April 2021 to 31st
    March 2022.
  • Appropriateness and robustness of underlying reporting systems and processes, used to collect, analyze and review the reported information;
  • Evaluation of the report against the main principles in AA1000 AS Assurance Standard ver3 o Inclusion
    o Significance
    o Response o impact


As part of its independent insurance, Bureau Veritas undertook the following activities:

  1. The certification process involved conducting an audit of experienced auditors from Bureau Veritas.
    The assessment process was performed in external (virtual) mode using appropriate information and communication tools (ICT).
  2. BV interviewed relevant personnel in TML, including managers for various departments and functions under external audit.
  3. TML had submitted performance data on reported Integrated Reporting Framework topics. The data associated with each location was revised by Bureau Veritas through the process described above
  4. The data were revised on a random basis. It was later confirmed that the same verified data were included in the preparation of the final data in the integrated report 2021-22.
  5. Bureau Veritas reviewed the stakeholder engagement activities that had been undertaken by TML. Evidence of the stakeholder engagement activities was reviewed to confirm how aspects that were significant to TML stakeholders had been determined. TML has used the materiality matrix that was prepared for the previous financial year developed in accordance with the Integrated Reporting Framework.
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The above work was carried out against Bureau Veritas’ standard procedures and guidelines for external securing of integrated reports, based on current best practices in independent insurance.


Our findings

Based on our methodology and the activities described above, it is our opinion that:

  • Nothing has come to our attention that indicates that the statements reviewed within the scope of our verification are inaccurate and that the information included there is not fairly stated;
  • The organization has categorized material problems as critical, very high and high. They have reported critical materiality issues with action plan and status; Consideration of very high and high materiality issues together with action and status will strengthen the holistic view of the stakeholders.
  • In our view, there is no indication that TML has not established appropriate and reliable systems for the collection, aggregation and analysis of quality data with respect to specified performance information related to the environment, health and safety, human resources, labor and community interventions. as product and investor related data.

Alignment with the principles of AA1000AS ver. 3


There is nothing we came across that indicates that TML does not have processes in place to engage with a number of key stakeholders, including socially responsible investors, shareholders, suppliers and contractors, government officials, community representatives and employees.


We did not come across any findings that indicate that the report does not address the range of environmental, social and economic issues that TML and its stakeholders have identified as of the utmost importance. The identification of significant issues has taken into account both internal assessments of risks and opportunities for the business, as well as the stakeholders’ views and concerns. The significant problems were identified through a process of stakeholder engagement through one-on-one meetings and other engagements. TML has used the materiality matrix prepared for the previous financial year developed in accordance with the Integrated Reporting Framework, including feedback from internal and external stakeholders.

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There are no indications that TML has not responded to the problems it has identified as significant and has not shown this in its guidelines, goals, indicators and performance targets. The reported information can be used by the organization and its stakeholders as a reasonable basis for their opinions and decision-making.


We did not come across any findings that indicate that TML did not monitor, measure or evaluate the effect of its behavior, performance and results on the economy, environment, society, stakeholders and the organization itself.

Evaluation against the Integrated Reporting Framework by the International Integrated Reporting Council

Bureau Veritas conducted an evaluation of TML Integrated Report 2021-22 against the Integrated Reporting Framework.

Based on our work, it is our opinion that Integrated report 2021-22 has been prepared in accordance with the integrated reporting framework.


Restrictions and exceptions

Excluded from the scope of our work is any assurance of information related to:

  • Activities outside the defined insurance period specified above;
  • Position statements (expressions of opinion, beliefs, goals or future intentions) from TML and statements about future commitment;
  • Our insurance does not extend to TML’s activities and operations outside the scope and geographical boundaries mentioned in the report, as well as the operations performed by other entities that may be affiliated with or have a business relationship with TML;
  • Our assurance about the financial and financial performance data of TML is based solely on the audited annual reports of TML, and our conclusions are completely dependent on the audited report.

This independent statement should not be relied upon to detect any errors, omissions or misinformation that may exist in the report.

Declaration of independence, impartiality and competence

Bureau Veritas is an independent professional service company specializing in quality, health, safety and social and environmental management with almost 190 years of history in providing independent insurance services. Bureau Veritas has implemented ethical guidelines across the business to maintain high ethical standards among employees in their daily business activities. We are especially vigilant when it comes to preventing conflicts of interest.

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The verification team has extensive experience in conducting insurance on environmental, social, ethical and health and safety information, systems and processes and has an excellent understanding of Bureau Verita’s standard methodology for insurance on sustainability reports.

Bureau Veritas (India) Private Limited

Address: Business Park 72, 9th Floor, MIDC Cross Road ‘C’, Andheri (East), Mumbai- 400 093 India



Main insurer

Technical reviewer

Regional Head-East & Center South Region (India)

Date: 08.07.2022



Tata Metaliks Ltd. published this content on July 9, 2022 and is solely responsible for the information therein. Distributed by Public, unedited and unchanged, on July 9, 2022 07:43:00 UTC.

Public now 2022


Sales 2022 27 310 M
345 M
345 M
Net income 2022 2 810 M
35.5 M
35.5 M
Net debt 2022

P / E ratio 2022 7.81x
Dividend 2022 1.15%
Capitalization 21 927 M
277 M
277 M
Capi. / Sales 2022 0.80x
Capi. / Sale 2023 0.69x
Number of employees 1 263
Free flow 40.0%


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