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Mahindra and Mahindra
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« Mar 14
Auditor's Report (Mahindra and Mahindra) Year End : Mar '15
 Report on the Standalone Financial Statements
 
 1.  We have audited the accompanying Standalone financial statements of
 Mahindra and Mahindra Limited (the Company), which comprise the
 Balance Sheet as at 31st March, 2015, the Statement of Profit and Loss
 and the Cash Flow Statement for the year then ended, and a summary of
 the significant accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 2.  The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these standalone financial statements
 that give a true and fair view of the financial position, financial
 performance and cash flows of the Company in accordance with the
 accounting principles generally accepted in India, including the
 Accounting Standards specified under Section 133 of the Act, read with
 Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and 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 financial
 statements that give a true and fair view and are free from material
 misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 3. Our responsibility is to express an opinion on these standalone
 financial statements based on 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 financial statements are free
 from material misstatement.
 
 4. An audit involves performing procedures to obtain audit evidence
 about the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Director, as well as
 evaluating the overall presentation of the financial statements.
 
 5. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 standalone financial statements.
 
 Opinion
 
 6. In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid standalone 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 state of
 affairs of the Company as at 31st March, 2015, and its profit and its
 cash flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 7. As required by the Companies (Auditor''s Report) Order, 2015 (the
 Order) issued by the Central Government in terms of Section 143(11) of
 the Act, we give in the Annexure a statement on the matters specified
 in paragraphs 3 and 4 of the Order.
 
 8. As required by Section 143(3) of the Act, we report 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.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid standalone financial statements
 comply with the Accounting Standards specified under Section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on 31st March, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31st March, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 (f) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i. The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements in accordance with
 Generally Accepted accounting practice - also Refer Note 34 to the
 financial statements.
 
 ii. The Company has made provision where required under any law or
 accounting standard 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.
 
 Annexure to the Independent Auditors'' Report
 
 (Referred to in paragraph 7 under ''Report on Other Legal and
 Regulatory Requirements'' section of our report of even date)
 
 i. In respect of its fixed assets:
 
 (a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of the fixed assets.
 
 (b) The fixed assets have not been physically verified by the
 Management during the year but the Company has a system of verifying
 the fixed assets once in every three years. In our opinion the
 frequency of verification is at reasonable intervals.
 
 ii. In respect of its inventory:
 
 (a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 (b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventory
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) In our opinion and according to the information and explanations
 given to us, the Company has maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 iii. The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013.
 
 iv. In our opinion and according to the information and explanations
 given to us, having regard to the explanations that some of the items
 are of special nature and suitable alternative sources are not readily
 available for obtaining comparable quotations, there is an adequate 
 internal control system commensurate with the size of the Company and 
 the nature of its business for purchase of inventory and fixed assets 
 and for the sale of goods and services. During the course of our audit,
 we have not observed any major weakness in such internal control 
 system.
 
 v. According to the information and explanations given to us, the
 Company has not accepted any deposit during the year and accordingly
 the question of complying with Section 73 and 76 of the Companies Act,
 2013 does not arise. In respect of unclaimed deposits, the Company has
 complied with the provisions of Sections 74 and 75 or any other
 relevant provisions of the Companies Act, 2013. According to the
 information and explanations given to us, no order has been passed by
 the Company Law Board or the National Company Law Tribunal or the
 Reserve Bank of India or any Court or any other Tribunal on the
 Company.
 
 vi. We have broadly reviewed the cost records maintained by the
 Company, pursuant to the Companies (Cost Records and Audit) Rules,
 2014, as amended and prescribed by the Central Government under
 sub-section (1) of Section 148 of the Companies Act, 2013, and are of
 the opinion that, prima facie, the prescribed cost records have been
 made and maintained.  We have, however, not made a detailed examination
 of the cost records with a view to determine whether they are accurate
 or complete.
 
 vii. According to the information and explanations given to us and
 according to the books and records as produced and examined by us, in
 our opinion:
 
 (a) The Company is regular in depositing undisputed statutory dues,
 including Provident Fund, Employees'' State Insurance, Income-Tax, Sales
 Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added
 Tax, Cess and other material statutory dues as applicable with the
 appropriate authorities.
 
 (b) As at 31st March, 2015, the following are the particulars of dues
 on account of Income-Tax, Sales Tax, Wealth Tax, Service Tax, Customs
 Duty, Excise Duty, Value Added Tax and Cess matters that have not been
 deposited on account of any dispute:
 
 Name of      Nature of    Forum where the      Period to       Amount 
 Statute      Dues         Dispute is           which the       involved
                           pending              amount          (Rs. in 
                                                                 crores)
 
 Income-     Income-Tax    Appellate 
 Tax                       Authority -          1998-2010         75.65
 Laws                      Tribunal Level
 
                           Appellate            2004-2014         50.75
                           Authority -
                           Commissioner
                          (Appeals)
 
 Sales       Sales Tax     High Court           1987-2008        181.78
 Tax 
 Laws                      Appellate
                           Authority -          1987-2011         26.06
                           Tribunal
                           Level
 
                           Appellate            1994-2014         42.29
                           Authority -
                          Commissioner
                          (Appeals)
 
 Service      Service     Appellate 
 Tax           Tax        Authority -           2001-2014         54.14
 Laws                     Tribunal
                          Level
 
                          Appellate             2003-2014         15.39
                          Authority -
                          Commissioner
 
 Excise      Excise       High Court            2006-2008         35.26
 Duty        Duty         Appellate
 Laws                     Authority -           1989-2013        881.19
                          Tribunal
                          Level
 
                          Appellate             1991-2013        636.68
                          Authority -
                          Commissioner
 
 Customs    Customs       High Court            1996-2001          1.49
 Duty        Duty
 Laws                     Appellate             2008-2009          1.51
                          Authority -
                          Tribunal
                          Level
 
 (c) The Company has been regular in transferring amounts to the
 Investor Education and Protection Fund in accordance with the relevant
 provisions of the Companies Act, 1956 (1 of 1956) and Rules made
 thereunder within time.
 
 viii.  The Company does not have accumulated losses at the end of the
 financial year and the Company has not incurred cash losses during the
 financial year covered by our audit and in the immediately preceding
 financial year.
 
 ix. According to the information and explanations given to us, the
 Company has not defaulted in repayment of dues to any financial
 institutions, banks and debenture holders during the year.
 
 x. According to the information and explanations given to us, the
 Company has not given any guarantees for loans taken by others from
 banks or financial institutions, the terms and conditions, whereof, in
 our opinion are prejudicial to the interests of the Company.
 
 xi. In our opinion and according to the information and explanations
 given to us, the term loans have been applied for the purposes for
 which they were obtained.
 
 xii. To the best of our knowledge and according to the information and
 explanations given to us, no fraud by the Company and no significant
 fraud on the Company has been noticed or reported during the year.
 
                                           For DELOITTE HASKINS & SELLS
                                                  Chartered Accountants
                                       (Firm''s Registration No. 117364W)
 
                                                         Shyamak R Tata
                                                                Partner
 MUMBAI, 29th May, 2015                          (Membership No. 38320)
 
 
 
Source : Dion Global Solutions Limited
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