Statutory Reports
Corporate Overview
69th Annual Report 2013-14
64
Financial Statements
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write to the Company Secretary.
STATUTORY AUDIT
M/s Deloitte Haskins & Sells LLP (DHS LLP), Chartered Accountants
(ICAI FirmRegistration No.117366W/W-100018), who are the Statutory
Auditors of the Company, hold office until the conclusion of the
ensuing Annual General Meeting. It is proposed to re-appoint them
to examine and audit the accounts of the Company for three years
to hold of ce from the conclusion of this AGM till the conclusion
of the seventy-second AGM of the Company to be held in the year
2017 subject to rati cation of their appointment at every AGM. DHS
have, under Section 139(1) of the Companies Act, 2013 and the
Rules framed thereunder furnished a certificate of their eligibility and
consent for re-appointment.
DHS converted itself into a Limited Liability Partnership (LLP) under
the provisions of the Limited Liability Partnership Act, 2008 and
is now known as Deloitte Haskins & Sells LLP (DHS LLP) with effect
from November 20, 2013. In terms of the Ministry of Corporate Affairs,
Government of India, General Circular No. 9/2013 dated April 30, 2013,
if a rm of CAs, being an auditor in a company under the Companies
Act, 1956, is converted into an LLP, then such an LLPwould be deemed
to be the auditor of the said company. The Board of Directors of the
Company has taken due note of this change. Accordingly, the audit of
the Company for FY 2013-14 was conducted by DHS LLP.
Cost Audit
As per the requirement of the Central Government and pursuant
to Section 233B of the Companies Act 1956, the audit of the cost
accounts pertaing to motor vehicles and other relevent products
groups is carried out every year. Pursuant to the approval of Ministry
of Corporate Affairs, M/s Mani & Co. having registration No. 00004
were appointed as the Cost Auditors for auditing the Company’s
cost accounts relating to the Company’s products for the year ended
March 31, 2014, for which the approval of Central Government was
received on July 24, 2013.
The Cost Audit Report and Compliance Report for the year ended
March 31, 2013 were filed by the Company on September 25, 2013
well within the prescribed due date of September 30, 2013. The Cost
Audit Report and compliance report for the financial year ended
March 31, 2014 is expected to be filed within the prescribed time.
DIRECTORS’ RESPONSIBILITY STATEMENT
Pursuant to Section 217 (2AA) of the Companies Act, 1956 (the
Act) the Directors, based on the representation received from the
Operating Management, confirm that:-
in the preparation of the annual accounts, the applicable
accounting standards have been followed and that there are
no material departures;
they have, in the selection of the accounting policies, consulted
the Statutory Auditors and have applied them consistently
and made judgments and estimates that are reasonable and
prudent so as to give a true and fair view of the state of affairs
of the Company at the end of the financial year and of the
profit of the Company for that period;
they have taken proper and sufficient care, to the best of
their knowledge and ability, for the 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 fraud and other irregularities;
they have prepared the annual accounts on a going concern
basis.
ACKNOWLEDGEMENTS
The Directors wish to convey their appreciation to all of the
Company’s employees for their enormous personal efforts as well
as their collective contribution to the Company’s performance. The
Directors would also like to thank the employee unions, shareholders,
customers, dealers, suppliers, bankers, Government and all the other
business associates for the continuous support given by them to the
Company and their confidence in its management.
On behalf of the Board of Directors
CYRUS P MISTRY
Chairman
Mumbai, May 29, 2014
