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Mahindra and Mahindra Ltd.

BSE: 500520 | NSE: M&M |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE101A01026 | SECTOR: Auto - Cars & Jeeps

BSE Live

Jul 15, 09:31
548.45 3.55 (0.65%)
Volume
AVERAGE VOLUME
5-Day
143,707
10-Day
282,291
30-Day
253,033
13,416
  • Prev. Close

    544.90

  • Open Price

    554.00

  • Bid Price (Qty.)

    548.20 (117)

  • Offer Price (Qty.)

    548.60 (144)

NSE Live

Jul 15, 09:31
548.20 3.00 (0.55%)
Volume
AVERAGE VOLUME
5-Day
4,262,858
10-Day
8,073,768
30-Day
7,850,543
558,423
  • Prev. Close

    545.20

  • Open Price

    550.00

  • Bid Price (Qty.)

    548.20 (84)

  • Offer Price (Qty.)

    548.45 (241)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached balance sheet of Mahindra & Mahindra Limited as at 31st March, 2009, the profit and loss account and also the cash flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with the auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 (hereinafter referred to as the Order) issued by the Central Government of India in terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we enclose in the Annexure, a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the Annexure referred to in paragraph 3 above, we report that: i. we have obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit; ii. in our opinion, proper books of account as required by law have been kept by the company so far as appears from our examination of those books; iii. the balance sheet and the profit and loss account dealt with by this report are in agreement with the books of account; iv. in our opinion, the balance sheet and the profit and loss account dealt with by this report comply with the accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956; v. in our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India: (a) in the case of the balance sheet, of the state of affairs of the company as at 31st March, 2009; (b) in the case of the profit and loss account, of the profit for the year ended on that date; and (c) in the case of the cash flow statement, of the cash flows for the year ended on that date. 5. On the basis of the written representations received from the directors, as on 31st March, 2009, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on 31st March, 2009 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. Annexure to the Auditors Report (Referred to in paragraph (3) of the Auditors Report of even date to the members of Mahindra & Mahindra Limited.) (i) (a) The company is maintaining proper records showing full particulars, including quantitative details and situation of 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. (c) During the year, in our opinion, a substantial part of fixed assets has not been disposed off by the company. (ii) (a) The inventory of the company has been physically verified by the management as at the year end. In respect of stocks lying with third parties, a substantial portion has been confirmed by third parties. In our opinion the frequency of verification is reasonable. (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 found reasonable and adequate in relation to the size of company and the nature of its business. (c) On the basis of our examination of records of inventory, in our opinion, the company has maintained proper records of inventory and the discrepancies noticed on physical verification between the physical stocks and the book records were not material in relation to the operations of the company. (iii) According to the information and explanations given to us, the company has neither granted nor taken any loans, secured or unsecured, to/from companies, firms, or other parties covered in the register maintained under section 301 of the Companies Act, 1956 and accordingly paragraphs 4(iii) (b), (c), (d), (f) and (g) of the Companies (Auditors Report) Order, 2003, are not applicable. (iv) In our opinion and according to the information and explanations given to us, having regard to the explanation that many of the items are of a special nature and their prices cannot be compared with alternative quotations, there are adequate internal control systems commensurate with the size of the company and the nature of its business for purchase of inventory, fixed assets and for the sale of goods and services. Further, on the basis of our examination and according to the information and explanations given to us we have neither come across nor have we been informed of any instance of major weakness in the aforesaid internal control system. (v) (a) In our opinion and according to the information and explanations given to us the particulars of contracts or arrangements referred to in section 301 of the Companies Act, 1956 have been entered in the register required to be maintained under that section. (b) In our opinion and according to the information and explanations given to us, having regard to comment in (iv) above, the transactions made in pursuance of such contracts or arrangements and exceeding the value of rupees five lakhs in respect of any party during the year have been made at prices, which are reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanations given to us, the company has complied with the provisions of Section 58A, 58AA and any other relevant provisions of the Companies Act, 1956 and the Companies (Acceptance of Deposits) Rules, 1975, as applicable, with regard to the deposits accepted from the public. According to the information and explanations given to us, no order under the aforesaid sections has been passed by the Company Law Board or National Company Law Tribunal or Reserve Bank of India or any Court or any other Tribunal, on the company. (vii) In our opinion, the company has an internal audit system commensurate with its size and nature of its business. (viii) We have broadly reviewed the books of account maintained by the company relating to the manufacture of motor vehicles and tractors pursuant to the rules made by the Central Government for the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956 and we are of the opinion that prima facie the prescribed accounts and records have been maintained and are being made up. We have not, however, made a detailed examination of the records with a view to determining whether they are accurate or complete. To the best of our knowledge and according to the information given to us, the Central Government has not prescribed the maintenance of cost records under section 209 (1) (d) of the Companies Act, 1956, for any other products of the Company. (ix) (a) 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, the undisputed statutory dues including provident fund, investor education and protection fund, income-tax, sales-tax, service tax, value added tax, customs duty, excise duty, cess and other material statutory dues as applicable have been generally regularly deposited by the company during the year with the appropriate authorities. According to the information and explanations given to us, there are no arrears of outstanding statutory dues as mentioned above as at 31st March, 2009 for a period of more than six months from the date they became payable. (b) As at 31st March, 2009 according to the records of the company and the information and explanations given to us, the following are the particulars of dues on account of income-tax, sales-tax, wealth tax, service tax, customs duty, excise duty and cess matters that have not been deposited on account of any dispute: Nature of the Nature of Amount statute the dues Rs. in crores Income-Tax Laws Income-Tax 0.81 46.81 Sales-Tax Laws Sales-Tax 15.57 184.65 1.56 Service Tax Laws Service Tax 0.17 Excise Duty Laws Excise Duty 377.88 110.51 Custom Duty Laws Custom Duty 4.55 Period to which Forum where pending the amount relates various years covering the period 1999 Appellate Authority Tribunal Level 2004-2008 Appellate Authority Commissioner (Appeals) 1988-2009 Appellate Authority Commissioner (Appeals) 1987-2008 High Court 1986-2006 Appellate Authority Tribunal Level 2002 Appellate Authority Commissioner 1987-2009 Appellate Authority Tribunal Level 2007-2009 Appellate Authority Commissioner 1996-2001 Appellate Authority Tribunal Level (x) The company does not have accumulated losses as at 31st March, 2009 and has not incurred cash losses during the financial year ended on that date and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a financial institution, bank or to debenture holders during the year. (xii) In our opinion and according to the information and explanations given to us, the company has not granted any loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The provisions of any special statute as specified under paragraph 4(xiii) of the said Order are not applicable to the company. (xiv) In our opinion the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of paragraph 4(xiv) of the Order are not applicable to the company. (xv) 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 interest of the company. (xvi) In our opinion and according to the information and explanations given to us, the term loans were applied for the purpose for which the loans were obtained. (xvii) Based on the information and explanations given to us and on an overall examination of the balance sheet of the company, in our opinion, funds raised on short term basis have not been used for long term investments. (xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956, during the year. (xix) According to the information and explanations given to us, the company has created security in respect of debentures issued during the year. (xx) The company has not raised any money by public issue during the year. (xxi) During the course of our examination of the books and records of the company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of significant fraud on or by the company, noticed or reported during the year nor have we been informed of such case by the management. For DELOITTE HASKINS & SELLS Chartered Accountants B.P. Shroff (Partner) Membership Number: 34382 Mumbai, 28th May, 2009