M.COM SEMESTER – I ROLL NO. 65 PROJECT REPORT TITLE OF THE PROJECT A REPORT ON ANALYSIS OF PUBLISHED FINANCIAL STATEMENT OF MAHINDRA AND MAHINDRA LIMITED. SUBMITTED TO: JAI HIND COLLEGE ‘A’ ROAD, CHRUCHGATE, MUMBAI – 400020, MAHARSHTRA SUBMITTED IN PA RTIAL FULFILMENT OF THE REQUIREMENT FOR THE AARD OF THE DEGREE OF MASTER OF COMMERCE !A"#. A $$%&'()'$*+ SUBMITTED BY: HARSH TANANI MASTERS OF COMMERCE – ADANCED ACCOUNTANCY SEMESTER – I ACADEMIC YEAR 20-/-JAI HIND COLLEGE, MUMBAI. SUBMITTED THROUGH: PROF. SANTOSH GHAG MONTH AND YEAR OF SUBMISSION: OCTOBER, 20-M.COM SEMESTER / I ADA NCED FINANCIAL ACCOUNTING Page 1 | 44
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A REPORT ON ANALYSIS OF PUBLISHED FINANCIAL STATEMENT OF MAHINDRA AND MAHINDRA LIMITED.
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7/24/2019 A REPORT ON ANALYSIS OF PUBLISHED FINANCIAL STATEMENT OF MAHINDRA AND MAHINDRA LIMITED.
Sta)ili*ation and reco+ery are the t,o ,ords that )est characteri*e India-s
econoic /er0orance in the inancial ear 2&1415. Su//orted )y )enign /rices
across the coodity co/le 0ood6 etals and crude oil6 the country-s acros
,itnessed a shar/ and reassuring consolidation. The center-s 0iscal de0icit dro//ed
to 4.1 0ro 4.4 a year ago and is set to consolidate 0urther in the currentinancial ear. The country-s )alance o0 /ayents registered a healthy sur/lus6
,hile the current account de0icit cae in )elo, 2 o0 89P 0or the second year in
succession. urtherore6 consuer /rice in0lation is currently trending around the
5 ar:6 a shar/ dro/ 0ro the entrenched dou)le digit /rice acceleration
e/erienced during the last cou/le o0 years and considera)ly )elo, the $ target
that the ;<I had set 0or itsel0 a year ago. The latter-s onetary stance has6
conse'uently6 eased considera)ly and ay ease 0urther in the coing onths.
=conoic acti+ity6 at the sae tie6 ,itnessed a steady6 al)eit slo,6 reco+erythrough the year. !hile the regulatory and /rocedural re0ors underta:en )y the
ne, 8o+ernent since ta:ing o00ice in >une last year did hel/ i/ro+e the
)usiness cliate /re+ailing in the country6 ,ea: deand continued to constrain
/ri+ate sector acti+ity 0or the second year in succession. !ith glo)al gro,th across
de+elo/ed and eerging ar:ets reaining )elo, /ar in 2&146 eternal deand
reained te/id and unins/iring through the year. #t the sae tie6 a /oor onsoon
season cou/led ,ith )enign 0ood /rices se+erely constrained rural incoes and
doestic deand. The one )right s/ot ,as the turnaround in in+estent /lans and
e/enditures signaled )y the shar/ /ic: u/ in ca/ital goods /roduction and ne, /ro?ect announceents in the second hal0 o0 2&14156 ,hich /ortends ,ell 0or
0uture gro,th.
Ho,e+er6 e+en aidst this scenario6 your Co/any deonstrated resilience to
econoic cycles ,ith a decline o0 only 3.47 in net incoe at ;s. 3%67%4 crores in
the year under re+ie, as against ;s. 41622( crores in the /re+ious year.
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Mahindra 3 Mahindra was established on 5ctober $, 16%' when 7./. Mahindra visited the 8nited
#tates of *merica as /hairman of the India #upply Mission. +e met !arney "oos, inventor of the
rugged 9general purpose vehicle9 or :eep and had a flash of inspiration; wouldn9t a vehicle that had
proved its invincibility on the battlefields of <orld <ar II be ideal for India9s rugged terrain and its
kutcha rural roads. #wift action followed thought. he Mahindra brothers (oined hands with a
distinguished gentleman called Ghulam Mohammed. *nd, Mahindra 3 Mohammed was set up as a
franchise for assembling (eeps from <illys, 8#*.
wo years later, India became an independent nation and Mahindra 3 Mohammed changed its name
to Mahindra 3 Mahindra. Ghulam Mohammed migrated to 4akistan post=partition and became the
first &inance Minister of 4akistan.
Mahindra 3 Mahindra is the only Indian company among the top three tractor manufacturers in the
world. he Group has a leading presence in key sectors of the Indian economy. he Group employs
over '0,000 people and has several state=of=the=art facilities in India and overseas.
Mahindra 3 Mahindra has comprehensive manufacturing facilities with high level of vertical
integration. /atering to the #ector9s diverse customer base spanning rural and semi urbancustomers, defense requirements and lu>urious urban utility vehicles or #8?s. hese manufacturing
plants keep abreast with the latest technology to meet the growing market e>pectations. hese
manufacturing facilities have some of the best technologies and equipment in India and provide for a
very challenging and satisfying work environment. Its plants in Mumbai and @asik manufacture
multi=utility vehicles and engines are produced at the Igatpuri plant. 8tility ?ehicles, 2ight
commercial vehicles and A wheelers are manufactured at the Baheerabad plant in *ndhra 4radesh
and three=wheelers at the +aridwar plant.
The business area of the company spreads to:
Automotive sector
he company manufactures 3 markets utility vehicles, light commercial vehicles that includes three
wheeler vehicles, namelyC #corpio, !olero, /hampion and many more. he company also e>ports its
products to several countries in urope, *frica, #outh *merica, #outh *sia and the Middle ast.
M3M has a tie up with "enault for production 3 marketing of 2ogan. Mahindra International is into
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The +ision o0 the co/any is to )e the @Aeading inde/endent /layer in the glo)al 8ears B
Transissions S/ace-.
This ,e ,ish to achie+e through a t,o /ronged a//roach o0 de+elo/ing a /ort0olio o0 /roductsthere)y )eing a)le to /ro+ide a di00erentiated /roduct o00ering to our custoers and etensi+e
0ocus on o/erational ecellence there)y i/ro+ing internal e00iciencies in the syste.
M33%'
"ur Core /ur/ose is deri+ed 0ro the Mahindra 8rou/-s /ur/ose
!e ,ill challenge con+entional thin:ing and inno+ati+ely use all our resources to dri+e /ositi+e
change in the li+es o0 our sta:eholders and counities across the ,orld6 to ena)le the to ;ise.
)9&3
!e are go+erned )y the Core +alues o0 the Mahindra 8rou/. They are an aalgaation o0 ,hat
,e ha+e )een6 ,hat ,e are and ,hat ,e ,ant to )e. These +alues are the co/ass that guides our
actions6 )oth /ersonal and cor/orate. They are
• G%%" C%5%5)( C('31: !e ,ill continue to see: long ter success in alignent
,ith the needs o0 the counities ,e ser+e. !e ,ill do this ,ithout co/roising on
ethical )usiness standards.
• P5%633%')938: !e ha+e al,ays sought the )est /eo/le 0or the ?o) and gi+en the the
0reedo and the o//ortunity to gro,. !e ,ill continue to do so. !e ,ill su//ort
inno+ation and ,ellreasoned ris: ta:ing6 )ut ,ill deand /er0orance.
• C&3(%85 653(: !e eist and /ros/er only )ecause o0 the custoer. !e ,ill res/ond to
the changing needs and e/ectations o0 our custoers s/eedily6 courteously and
e00ecti+ely.
• Q&)9(* 6%$&3: Duality is the :ey to deli+ering +alue 0or oney to our custoers. !e
,ill a:e 'uality a dri+ing +alue in our ,or:6 in our /roducts and in our interactions ,ith
others. !e ,ill do it Eirst Tie ;ight.E
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8eneral Motors6 ,here he ,as anaging the ,orld-s thenlargest cara:er-s
engine design and de+elo/ent.
He had not e/ected MBM-s ;B9 in0rastructure to atch that o0 8eneral Motors
,hich6 in the early 1%%&s6 had an annual )udget o0 L1 )illion as ,ell as a tea o02&6&&& engineers s/read across ulti/le locations. <ut neither ,as 8oen:a
/re/ared 0or the ground reality in Fashi:. Consider that the research 0acility ,as
erely a shed and had only 5& engineers. GI ust adit that the starting /oint ,as
a lot less than ,hat I had iagined6 says 8oen:a6 ,ho is no, eecuti+e director
and /resident autooti+e B 0ar e'ui/ent sectorsJ o0 the Mahindra grou/.
T,entyone years on6 MBM-s re+enue has risen 25 ties to ;s 436$3$ crore 0ro
;s 16715 crore /ro0its ha+e gone u/ 55 ties to ;s 3675$ crore 0ro ;s ($ crore atthe tie. The autooti+e and 0ar e'ui/ent )usiness accounts 0or close to ((
/ercent o0 its o+erall re+enues.J #lso6 the co/any has )ecoe the largest tractor
anu0acturer in the ,orld a/art 0ro doinating the Indian SNV ar:et in ,hich
alost e+ery a?or glo)al cara:er is 0ighting 0or a share. The ost signi0icant
change has )een this ;iding on strong /roduct de+elo/ent a)ilities6 MBM has
anaged to launch se+eral success0ul /roducts during this /eriod.
Fot that 8oen:a6 then 3$6 could ha+e /redicted this outcoe at the tie. He ,as
a:ing his coe)ac: to India ,ith the )road /lan o0 hel/ing )uild a hoegro,n
co/any. #nd his eeting ,ith #nand Mahindra6 then de/uty anaging director
o0 MBM6 had deterined his ?ourney. Mahindra told hi ho, the country-s
econoic li)eralisation and /otential co/etition 0ro glo)al /layers had le0t
MBM6 a a:er o0 /ic:u/ truc:s and ?ee/s 0or the rural ar:et6 ,ith three o/tions
=it the autooti+e sector6 )ecoe a licenced anu0acturer 0or another co/any
or de+elo/ o,n /roducts. G!e ha+e chosen to de+elo/ our o,n /roducts and
co/ete ,ith the ,orld. I a loo:ing 0or soe)ody to underta:e this )ig tas:. ou
,ill ha+e all the 0reedo. >ust gi+e e a /roduct in a reasona)le tie6 Mahindra
had told hi.
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The ;eser+e <an: o0 India ;<IJ on !ednesday a//ro+ed the erger o0 ota:
Mahindra <an: and IF8 Vysya <an:. ro no, on6 all IF8 )ranches ,ill
0unction as ota: )ranches6 said the central )an:.
The ac'uisition ,ill a:e ota: Mahindra <an: the 0ourth largest /ri+ate sectorlender in the country6 ,ill ha+e a)out 162&& )ranches and a total )usiness o0 ;s
2.25 la:h crore6 as on 9ece)er 2&146 and a co)ined ar:et ca/italisation o0
close to ;s 1.25 la:h crore.
>aiin <hatt6 /resident B grou/ chie0 0inancial o00icer6 ota: Mahindra6 said there
,ould )e a total o0 3&6&&& e/loyees in the )an: a0ter the erger6 ,hile at the
grou/ le+el6 there ,ould )e 4&6&&& e/loyees.
In Fo+e)er 2&146 ota: Mahindra had announced it ,as ac'uiring <engaluru
head'uartered IF8 Vysya in an allstoc: deal.
!ith res/ect to the )ranches6 <hatt said change at signage in IF8 Vysya )ranches
had already )egun and the /rocess ,ould )e co/leted ,ithin a onth. or #TMs6
too6 the sae has started.
"n e/loyee rationalisation6 <hatt said6 they ,ere in a gro,th /hase and ,ould
need /eo/le 0or )ranch e/ansion. G!e ,ill :ee/ gro,ing and ,ould 0irst utilise
Aight Coercial Vehicle ACVJ industry continues to shrin: and the 2 to 3.5T
ACV industry Pic:N/sJ su00ered due to slo,do,n in #gri incoes and 0inance
a+aila)ility.
our Co/any-s NV sales +olue declined )y 5.76 )ut your Co/any continued
to aintain its leadershi/ /osition in the doestic NV ar:et )y /osting a ar:et
share o0 37.4. 9uring this year6 <olero sales once again crossed the ilestone o01 la:h sales in a year. This is the 0ourth consecuti+e year that <olero has achie+ed
this ilestone. #lso6 <olero retained the title o0 India-s largest selling S/orts Ntility
Vehicle SNVJ 0or the %th consecuti+e year. It is also the 5th highest selling
/assenger +ehicle in India. In Se/te)er6 2&146 the Co/any launched the Fe,
8eneration Scor/io. The Fe, 8eneration Scor/io is )uilt on an all ne, /lat0or
and coes ,ith conte/orary styling and ad+anced technology 0eatures. Fe,
8eneration Scor/io is all set to ta:e the Scor/io )rand to ne, heights. The Scor/io
/osted record sales since launch and strengthened its iconic status ,ith sales o0
o+er 5&6&&& units 0or the 0ourth successi+e year. The ONV5&& continued to )e the
custoer-s choice in the /reiu NV segent ,ith sales o0 o+er 346&&& units in
the year. In the Pi:N/ segent o0 coercial +ehicles ACV 2 to 3.5TJ6 your
Co/any strengthened its leadershi/ /osition ,ith a ar:et share o0 73.3 a gain
o0 %.5 /ointsJ. our Co/any recorded total sales o0 $6%12 coercial +ehicles
Qincluding 56413 ACVs in the ACV 3.5T segent and 364%% HCVs Hea+y
Coercial VehiclesJR ,hich is a gro,th o0 %.2 o+er the /re+ious year-s
+olues o0 $61(1 coercial +ehicles Qincluding 56$7( ACVs in the ACV 3.5T
segent and 262$5 HCVsR. In the "+erseas ar:et6 your Co/any-s +olue gre,1.$ o+er the /re+ious year. !hile the ar:ets o0 Sri Aan:a6 Fe/al6 <angladesh
and <hutan ,itnessed good gro,th6 there ,as a decline in Chile and South #0rica.
9uring the year under re+ie,6 your Co/any sold 27655( +ehicles and 26(4& three
,heelers in the o+erseas ar:et as co/ared to 2767(3 +ehicles Qincluding 452
+ehicles sourced 0ro the erst,hile GTruc:s and <us 9i+ision o0 Mahindra Truc:s
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and <uses Aiited ,hich su)se'uently got deerged into the Co/anyR and
16$%( three,heelers in the /re+ious year.
S/are /arts sales 0or the year stood at ;s. 16(&%.%& crores including e/orts o0 ;s.
1&4.&4 croresJ as co/ared to ;s. 16427.$1 crores including e/orts o0 ;s. %2.%$
croresJ in the /re+ious year6 registering a gro,th o0 12.$.
Farm Division:
In the inancial ear 2&14156 the Indian tractor industry ,itnessed a stee/ decline
o0 13.1. This ,as on account o0 /oor onsoon 0ollo,ed )y unseasonal rains. The
doestic ar:et recorded sales o0 565&6%(3 tractors as co/ared to (6336(5(
tractors in the /re+ious year. In the 0ace o0 this challenging industry situation6 your
Co/any-s ar 9i+ision including S,ara? 9i+isionJ recorded sales o0 263467((
tractors as against 26($64$7 tractors sold in the /re+ious year6 registering a decline
o0 12.(.
our Co/any-s sales in the doestic ar:et stood at 26216&2& tractors as
co/ared to 265$633% tractors in the /re+ious year6 registering a decline o0 14.4.
Ho,e+er6 your Co/any continues to )e the ar:et leader ,ith a 4& ar:et
share. !ith a +ision to o00er class leading tractors to the Indian 0arer6 your
Co/any launched the technologically ad+anced and stylishly designed #r?un Fo+o. #r?un Fo+o is the 0irst tractor odel to roll out o0 the all ne, high Horse
Po,er HPJ /lat0or6 creating ne, )enchar:s in /er0orance6 technology6
co0ort and ergonoics. #r?un Fo+o )oasts o0 a ,ide array o0 ,orldclass and
category 0irst 0eatures. or the year under re+ie,6 your Co/any e/orted 13674(
tractors registering a gro,th o0 35.5 o+er the /re+ious year. This is the highest
e+er tractor e/orts )y the Co/any. <eyond tractors6 your Co/any has /resence
in cro/ care solutions and distri)ution o0 seeds. The 0ocus o0 this )usiness is to
/ro+ide 'uality in/uts and hel/ i/ro+e 0ar /roducti+ity. In the inancial ear
2&14156 this )usiness sa, a good gro,th o0 4%.( in ters o0 re+enue. In the
/o,er generation s/ace6 under the Mahindra Po,erol <rand6 your Co/any
continues to )e aongst the leaders in the industry. our Co/any earned a
re+enue o0 ;s. $34.5 crores in the current inancial ear as against ;s. 775.5
crores in the /re+ious year6 registering a gro,th o0 7.(. #long ,ith the re+enue
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gro,th6 your Co/any has i/ro+ed its /resence in the retail segent and ade
good /rogress in the @=nergy Manageent Solutions- s/ace.
S/are /arts sales 0or the year stood at ;s. 54%.43 crores including e/orts o0 ;s.
4$.$4 croresJ as co/ared to ;s. 521.71 crores including e/orts o0 ;s. 3%.%1
croresJ in the /re+ious year6 registering a gro,th o0 5.3.
C&55'( Y)5’3 5#7
9uring the /eriod 1st #/ril6 2&15 to 2$th May6 2&156 5$6%&5 +ehicles ,ere
des/atched as against 5%6243 +ehicles during the corres/onding /eriod o0 the
/re+ious year. 9uring the sae /eriod6 37651% tractors ,ere des/atched as against
436$2( tractors des/atched during the corres/onding /eriod in the /re+ious year.
Aoo:ing ahead6 your Co/any e/ects that the econoic reco+ery6 currentlyunder,ay6 ,ill gather 0urther strength through 2&151(6 led )y a /ic: u/ in ining
and in0rastructural acti+ity. The glo)al econoy6 ,hile ri0e ,ith ris:s6 is 0orecast to
gro, at a 0aster /ace in 2&151(. =/orts6 conse'uently6 are e/ected to /ic: u/
/ace in this inancial ear. !hile rural incoes are di00icult to 0orecast6 the =l
Fino ,arning currently in /lace6 suggests that rural deand ay reain )elo, /ar
this year as ,ell. Ho,e+er6 ulti/lier e00ects 0lo,ing 0ro 8o+ernent and6 to a
saller etent6 /ri+ate sector initiati+es in the in0rastructure s/ace roads6 ining6
/o,er6 rail,ays6 ur)ani*ation and sart cities including /ro?ects already under
i/leentation6 ,ill hel/ sustain deand through the year.
F')'$
The inancial ear 2&1415 ,itnessed di+ergent econoic /er0orance and
onetary /olicies around the ,orld. The Nnited States econoy sa, continued
i/ro+eent ,ith ?o) creation6 the NS ed ended its 'uantitati+e easing D=J
/rogra in "cto)er6 2&14 and is the only econoy aong 82& countries e/ected
to go into an interest rate hi:e cycle. "n the other hand6 stagnant econoic acti+ityand 0alling coodity /rices es/ecially crudeJ /ro/ted central )an:s in =uro/e
and >a/an to e)ar: on D= /rogras. =erging ar:ets ,itnessed a 0all in
gro,th rates6 led )y a slo,do,n in China6 a stee/ contraction in ;ussia and a
recession in <ra*il. # large nu)er o0 central )an:s ha+e cut rates in the 0ourth
'uarter o0 the inancial ear 2&1415 as they 0ight the threat o0 de0lation ,ith the
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achie+ed In0lation 0or March6 2&15 at 5.25J and the 0uture outloo: 0or coing'uarters )eing )enign6 ;<I reduced re/o rate )y cuulati+e o0 5& )/s in the last
'uarter o0 the inancial ear 2&1415. ;<I6 in addition6 e00ecti+ely anaged the
systeic li'uidity conditions )y ,ay o0 its li'uidity anageent 0rae,or:
co/rising 0ied and +aria)le rate re/o and re+erse re/o6 ter re/o and arginal
14 standing 0acility. 8oing 0or,ard6 ,hile ;<I is e/ected to )roadly aintain an
@C;ISIA ###USta)le- and @QIC;#R ### sta)leJ- res/ecti+ely. urther6 C#;= has
also re+ised the ratings o0 the Co/any-s longter )an: 0acilities u/,ards to
@C#;= ###-. India ;atings and ;esearch Ind;a6 a itch 8rou/ Co/anyJ has
assigned AongTer Issuer ;ating o0 @IF9 ###- ,ith a Sta)le outloo: to your
Co/any since last year. The ### ratings indicate highest degree o0 sa0etyregarding tiely ser+icing o0 0inancial o)ligations and is also a +ote o0 con0idence
re/osed in your Co/any-s Manageent )y the rating agencies. It is an
ac:no,ledgeent o0 the strong credit /ro0ile o0 your Co/any o+er the years6
resilience in earnings des/ite cyclical u/turnsUdo,nturns6 ro)ust 0inancial
0lei)ility arising 0ro the signi0icant ar:et +alue o0 its holdings and /rudent
anageent. 9uring the year6 your Co/any earned recognition 0or G<est
inancing Solution 0ro Treasury Today #sia 0or its issuance o0 5& year Fon
Con+erti)le 9e)entures6 ,hich ,as the 0irst o0 its :ind in the Indian 0inancial
ar:ets.
I'#3(%5 R9)(%'3 !IR+
In the continuous search 0or ecellence6 your Co/any continued to engage ,ith
in+estors in any ,ays6 including one on one eetings6 tele/resence eetings6
/artici/ation in in+estor con0erences6 'uarterly earnings calls and annual analyst
eet. our Co/any interacted ,ith around (5& Indian and o+erseas in+estors and
analysts ecluding 'uarterly earnings calls and s/eci0ic e+ent related callsJ duringthe year. our Co/any continuously stri+es to i/ro+e I; engageent ,ith
International and Indian in+estors and has set u/ 0eed)ac: echanis to easure
I; e00ecti+eness. Structured concalls and /eriodic in+estorUanalyst interactions
,ith the Chairan B Managing 9irector6 =ecuti+e 9irector and <usiness Heads
,ere organised during the year. our Co/any al,ays )elie+es in leading 0ro the
0ront ,ith eerging )est /ractices in I; and )uilding a relationshi/ o0 utual
understanding ,ith in+estorUanalysts. #s a :ey ilestone in this continuing
endea+our6 your Co/any organi*ed its 0irst e+er concall on =n+ironent6 Social
and Cor/orate 8o+ernance =S8J call 0or analysts and in+estors. The Co/anyensures that critical in0oration a)out the Co/any is a+aila)le to all the in+estors
)y u/loading all such in0oration at the Co/any-s ,e)site. our Co/any has
created a @8rou/ In+estor ;elations Council- to share )est /ractices across all the
listed grou/ co/anies and learn 0ro each other.
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dJ The Securities and =change <oard o0 India =/loyee Stoc:
"/tion Schee and =/loyee Stoc: Purchase ScheeJ 8uidelines6
1%%% and The Securities and =change <oard o0 India Share <ased
=/loyee <ene0itsJ ;egulations6 2&14
eJ The Securities and =change <oard o0 India Issue and Aisting o0
9e)t SecuritiesJ ;egulations6 2&&$
0J The Securities and =change <oard o0 India ;egistrars to an Issue
and Share Trans0er #gentsJ ;egulations6 1%%3 regarding the
Co/anies #ct and dealing ,ith client
gJ The Securities and =change <oard o0 India 9elisting o0 ='uity
SharesJ ;egulations6 2&&% Fot a//lica)le to the Co/any during the
#udit /eriodJ and
hJ The Securities and =change <oard o0 India <uy)ac: o0
SecuritiesJ ;egulations6 1%%$ Fot a//lica)le to the Co/any during
the #udit /eriodJ.
I 0urther re/ort that ha+ing regard to the co/liance syste /re+ailing in the
Co/any and on eaination o0 the rele+ant docuents and records in /ursuance
thereo06 the Co/any has co/lied ,ith the 0ollo,ing la,s a//lica)le s/eci0ically
to the Co/any
aJ The Motor Vehicles #ct6 1%$$ and the ;ules ade thereunder)J The Tractor Cess ;ules6 1%%2cJ The <atteries Manageent and HandlingJ ;ules6 2&&1dJ The Petroleu #ct6 1%34 and the ;ules ade thereundereJ The "*one 9e/leting Su)stances ;egulation and ControlJ ;ules 2&&&
and The "*one 9e/leting Su)stances ;egulation and ControlJ
#endent ;ules6 2&&1
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0J The Plastic Manu0acture6 Sale and Nsage ;ules6 1%%%gJ ood Sa0ety and Standards #ct6 2&&(hJ Insecticide #ct61%($ B ;ules ade thereunderiJ #gricultural Produce 8rading and Mar:ingJ #ct6 1%37?J The Seeds #ct6 1%((:J The Seeds Control "rder6 1%$3lJ Mandi taes o0 +arious StatesJ The =ssential Coodities #ct6 1%55.
I ha+e also eained co/liance ,ith the a//lica)le clauses o0 the 0ollo,ing
iJ Secretarial Standards issued )y the Institute o0 Co/any Secretaries
o0 India Fot noti0ied and hence not a//lica)le to the Co/any during
the #udit /eriodJiiJ Aisting #greeents entered into )y the Co/any ,ith <S= Atd. and
the Fational Stoc: =change o0 India Atd.
9uring the /eriod under re+ie, the Co/any has co/lied ,ith the /ro+isions o0
the #ct6 ;ules6 ;egulations6 8uidelines6 Standards6 etc. entioned a)o+e.
I 0urther re/ort that
The <oard o0 9irectors o0 the Co/any is duly constituted ,ith /ro/er )alance o0
=ecuti+e 9irectors6 Fon=ecuti+e 9irectors and Inde/endent 9irectors. The
changes in the co/osition o0 the <oard o0 9irectors that too: /lace during the
/eriod under re+ie, ,ere carried out in co/liance ,ith the /ro+isions o0 the #ct.
#de'uate notice is gi+en to all directors to schedule the <oard Meetings6 agenda
and detailed notes on agenda ,ere sent at least se+en days in ad+ance6 and a
syste eists 0or see:ing and o)taining 0urther in0oration and clari0ications on
the agenda ites )e0ore the eeting and 0or eaning0ul /artici/ation at the
eeting.
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7/24/2019 A REPORT ON ANALYSIS OF PUBLISHED FINANCIAL STATEMENT OF MAHINDRA AND MAHINDRA LIMITED.
I. EQUITY AND LIABILITIESSA<REAOLERSB :NS=a> Sha!e Ca+i&a) .................................................................................... 2 295.0295.16=#> Re"e!,e" an S'!+)'"....................................................................... ! 1"#959.!916496.03