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Tech Mahindra Ltd.

BSE: 532755 | NSE: TECHM |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE669C01036 | SECTOR: Computers - Software

BSE Live

May 22, 16:00
529.70 9.80 (1.89%)
Volume
AVERAGE VOLUME
5-Day
64,186
10-Day
94,968
30-Day
182,666
304,388
  • Prev. Close

    519.90

  • Open Price

    515.00

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

May 22, 15:58
529.65 9.60 (1.85%)
Volume
AVERAGE VOLUME
5-Day
3,053,447
10-Day
4,069,304
30-Day
5,277,743
4,254,552
  • Prev. Close

    520.05

  • Open Price

    517.10

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    529.65 (1388)

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 Tech Mahindra Limited as at March 31, 2007, the Profit and Loss Account and the Cash Flow Statement for the year ended on that date, annexed thereto. These financial statements are the responsibility of the Company's 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 Companies (Auditor's Report) Order, 2003 issued by the Central Government in terms of section 227 (4A) 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 above, we report that: a) 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; b) 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 the books; c) The Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account; d) In our opinion, the Balance sheet, Profit and Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956; e) On the basis of written representations received from the directors as on March 31, 2007 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2007 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. f) In our opinion and to the best of our information, and according to the explanations given to us, the said accounts read with the Significant Accounting Policies and notes thereon, 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: i) in case of the Balance sheet, of the state of affairs of the Company as at 31st March, 2007; ii) in case of the Profit and Loss Account, of the profit for the year ended on that date; and iii) in the case of the Cash Flow Statement, of the cash flows for the year ended on that date. For Deloitte Haskins & Sells Chartered Accountants Mumbai A B Jani Dated: May 15, 2007 Partner Membership No. 46488 ANNEXURE TO THE AUDITOR'S REPORT Re: Tech Mahindra Limited (Referred to in Paragraph 3 of our report of even date) i) The nature of the Company's activities are such that clauses (xiii) and (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 are not applicable to the Company for the year. ii) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) All fixed assets have not been physically verified by the management during the year but there is a regular program of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification. (c) The Company has not disposed off a substantial part of fixed assets during the year. iii) The activities of the Company and the nature of its business do not involve use of inventory. Accordingly, clause (ii) of the Companies (Auditor's Report) Order, 2003 is not applicable. iv) (a) The Company granted unsecured loans to two of its subsidiary companies covered in the register maintained under Section 301 of the Companies Act, 1956 of which one of the subsidiaries has repaid the loan. The maximum amount involved during the year was Rs.291.95 million and the year-end balance of loan granted is Rs.217.45 million. (b) In our opinion, the rate of interest and other terms and conditions of such loan are not, prima facie, prejudicial to the interest of the Company. (c) As per the terms of the contract the principal amounts and interest amounts which are due for re-payment have been repaid as per stipulations. (d) There are no overdue amounts outstanding as at the year-end. (e) The Company has taken unsecured loan from one of its subsidiary company covered in the register maintained under Section 301 of the Companies Act, 1956.The maximum amount involved during the year is Rs.390 million and the year-end balance of such loan taken is Rs.390 million. (f) In our opinion the rate of interest and other terms and conditions on which loans have been taken by the Company are not prima facie, prejudicial to the interest of the Company. (g) As per the terms of the contract; the principal amounts are not due for re-payment and the Company has been regular in payment of interest as stipulated. v) In our opinion, and according to the information and explanations given to us, there is an adequate internal control system commensurate with the size of the Company and nature of its business with regard to purchase of fixed assets and sale of services. During the course of our audit we have not observed any continuing failure to correct major weaknesses in the internal control system. vi) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts/ arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956 have been so entered. (b) According to the information and explanations given to us, where transactions in pursuance of such contracts/arrangements are in excess of Rs. 0.5 Million in respect of any party during the year, these are at prices determined in negotiations with the said parties and are prima facie reasonable having regard to prevailing market prices where such market prices are available with the Company. vii) The Company has not accepted any deposits from the public. viii) In our opinion, the company has an internal audit system commensurate with the size of the Company and nature of its business. ix) According to the information and explanations given to us, the Central Government has not prescribed maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act. Therefore the provisions of clause (viii) of the Companies (Auditor's Report) Order, 2003 is not applicable to the Company. x) According to information and explanations given to us in respect of statutory and other dues: (a) The company has generally been regular in depositing undisputed statutory dues in respect of Provident Fund, Employees' State Insurance (ESI), Income-tax, Sales-tax, Wealth tax, Service tax, Custom duty, cess and any other material statutory dues with the appropriate authorities during the year except in case of ESI dues of Rs.1,722/- and service tax dues of Rs.51.79 million which are outstanding as at the year end. (b) According to information and explanation given to us there are no dues of Sales tax/Income-tax/Customs duty/Wealth tax/Service tax/Excise duty and cess, which have not been deposited with the appropriate authorities on account of any dispute, except in case of income-tax which is as detailed below: Forum where Nature of dues Amount Financial Year dispute is pending (Rs. Million) to which amount relates Income tax Appellate Authorities Corporate tax 21.18 1998-1999 Income tax Appellate Authorities Corporate tax 6.39 1999-2000 Commissioner of Income tax (Appeals) Corporate tax 72.27 2003-2004 99.84 xi) The Company has no accumulated losses at the end of the financial year and it has not incurred cash losses in the current year and in the immediately preceding financial year. xii) According to information and explanations given to us, there are no dues payable to a financial institution or bank or debenture holders. xiii) According to the information and explanations given to us, the Company has not granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities. xiv) According to the information and explanations given to us, the Company has not given any guarantee for loans taken by others from banks or financial institutions. xv) To the best of our knowledge and belief and according to the information and explanations given to us, term loans availed by the Company during the year were, prima facie, applied by the Company during the year for the purposes for which the loans were obtained. xvi) According to information and explanations given to us and on an overall examination of the Balance sheet of the Company, funds raised on short term basis have, prima facie, not been used during the year for long term investment. xvii) 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. xviii) The Company has not issued any debentures during the year. xix) The management has disclosed the end use of money raised by public issue and the same has been verified by us. xx) According to the information and explanations given to us, no fraud on or by the Company was noticed or reported during the year. For Deloitte Haskins & Sells Chartered Accountants Mumbai A B Jani Dated: May 15, 2007 Partner Membership No. 46488