Professional Documents
Culture Documents
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(O &
)
True learning happens out of experience and observation. And for
more improvement, new tools and techniques have been developed to
meet the needs of modern business which works in complex
environment. As a part of the S.Y. B.B.A. syllabus, practical studies
help us to link classroom knowledge with practical scenario.
Index
1 General information o
Introduction of
company
Introduction of c
finanace
Ratio analysis c
A Profit &loss a/c o
o Balance sheet o
m Comparative statement oo
of p&l a/c
8 Comparative o
statement of balance
sheet
Cash flow m
10 Director¶s report m
11 Auditor¶s report mo
1
Conclusion
1 Bibilogarphy
A
A.K Nanda
A S Ganguly
Anupam Puri
Deepak S Parekh
M M Murugappan
Nadir B Godrej
Narayanan Vaghul
R K Kulkarni
Deloitte Haskins & Sells
o
Gateway Building,
Apollo Bunder
Mumbai
Maharashtra
00001
investors@mahindra.com
http://www.mahindra.com
Auto - Cars & Jeeps
M & M Group
0
/10/1A
m
The Company was Incorporated and converted into Public Limited in 1AA at
Mumbai. The Company Manufacture Jeep type vehicles, petrol industrial engines,
industrial process control instruments and flow meters. Trading in steel and
manufacture of professional grade electronic components.
Jeeps are manufactured under a license and an agreement with Willys Motors Inc.,
Toledo, Ohio, U.S.A., for whom the Company also acts as exclusive distributors
for the whole of India for their entire range of vehicles including utility vans,
cargo/personnel carriers and pick-up trucks.
Few groups can identify as closely with India's destiny and
industrial progress as the Mahindra Group. In fact, Mahindra is
like a microcosm of India. Both were born around the same time,
had the same aspirations and both experienced the inevitable
troughs
And crests in the journey towards their goals. And both continue to
march on the path to progress and global recognition.
Since then, Mahindra & Mahindra has grown steadily in size and
stature and evolved into a Group that occupies a premier position in
almost all key sectors of the economy. The Group's history is
studded with milestones.
For Mahindra & Mahindra, this translates into many more milestones to
be set up before it rests. If ever.
According to "
µFinancial Management is the business activity which is concern
with acquisition and conservation of capital funds in meeting financial
needs and overall objectives of business enterprise¶.
cc
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Financial ratios are essentially concerned with the identification of
significant accounting data relationships, which give the decision-maker
insights into the financial performance of a company. The advantages of
ratio analysis can be summarized as follows:
c
%
%&
Ratio analysis has its limitations. These limitations are described below:
'
ù Ratios require quantitative information for analysis but it is not
decisive about analytical
output .
ù The figures in a set of accounts are likely to be at least several
months out of
date, and so might not give a proper indication of the company¶s current
financial
position.
ù Where historical cost convention is used, asset valuations in
the balance sheet
could be misleading. Ratios based on this information will not
be very useful for
decision-making.
'
(
'
)
ù Companies may have different capital structures and to
make comparison of performance when one is all equity
financed and another is a geared company it may not be a good
analysis.
ù Selective application of government incentives to various
companies may also distort intercompany comparison.
comparing the performance of two enterprises may be
misleading
ù When comparing performance over time, there is need to
consider the changes in price. The movement in performance
should be in line with the changes in price.
ù When comparing performance over time, there is need to
consider the changes in technology. The movement in
performance should be in line with the changes in technology.
ù Changes in accounting policy may affect the comparison of
results between different accounting years as misleading.
co
As per requirement of various users (for e.g. short term creditors,
management, investors) the ratios may be classified in following
groups:
% * %
(
(
Gross Profit Current Ratios Debt Equity Stock Turnover
Ratio Ratio Ratios
cm
#
) This ratio shows the relationship between Gross Profit
and Net sales.
+
(
) The main Objective of computing this ratio is to find
out the efficiency with which production or purchase operation are
carried on.
) There are
components of this ratio which are as
under:
Gross profit is the excess of net sales over cost of cost sold
i.e. Net sales (-) cost of goods sold.Cost of goods sold =
Opening stock + Net purchase (purchase ±purchase return)
+ Direct Expenses (purchase related expenses) - Closing
stock.Net sales which is gross sales (both cash and credit)
± Sales return.
)
This ratio is calculated by dividing the gross profit by
net sales. It is expressed as percentage. In the form of a
formula this ratio may be expressed as under:
è
?
c
ÿ
?
!" ") )
*
o c
o Ac AA
A m
c o c
o co c A
*
m
A m o
o
A
c
c
c
) Here gross profit ratio increased in
008-
0.which shows efficient use of raw material and there is
increase in manufacturing expenses. It means that a high
ratio suggests that the firm is able to buy at reasonable
prices or that the cost of production is under control.
The firm has to work better for it and reduce its cost of
production.
c
#
)
+
(
)
The main objective of computing this ratio is to find the
overall profitability due to various factors such as
operational efficiency, trading on equity etc.
)
There are two components of this ratio which are as
under:
1.Net Profit
.Net Sales
)
è
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!" ") )
*
mmA oA
A m
c o c
o o c A
*
A o
o oc
A
o
A
c
c
c
) Here in the three years the net profit ratio of
the company shows upward trend. It shows profitability of
firm and management of the firm is efficient this suggest
that company is at satisfactory position and can be helpful for
the company.
c
#
"
"
,
)
This ratio measures a relationship between net profit after
interest, tax and preference dividend and equity shareholder¶s
funds.
+
(
)
The objective of calculating this ratio is to find out how
efficiently the funds supplies by the equity shareholder¶s have
been used.
)
There are two components of this ratio they are as under:
1.Net Profit after Interest, Tax & Preference dividend
.Equity Shareholder¶s Fund which means Equity Share Capital +
Reserves & Surplus ± Fictitious Assets
ÿ
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A A
AA A mc mo
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o
cA
o o
o
A
c
c
c
)
Return on equity share holder fund was 11o.m in
00m-08 which
decreased 8o.m8 and again increased to
08m.mA it indicates that
fund which is provided by the owners have been not used properly by
the firm which can be unsatisfactory for the company in the future.
#
)
This ratio measures a relationship between operating cost and
net sales.
+
(
)
The main objective of computing this ratio is to find out the
operating efficiency with which production or purchase &
selling operations are carried on.
)
There are two components of this ratio which are as under:
A.Cost of Goods Sold
B.Other Operating expenses
!" ") )
o m
oc
c
c o c
o o c A
c
c
c
)
This ratio indicates an average operating cost incurred on sales
of goods worth rs. 100. Lower the ratio, greater is the operating
profit to cover the operating expense to pay dividend and to
create reserves & vice-versa.
A
#-
)
This ratio measures the relationship between different types of
ratio with expenses & net sales.
+
(
)
The main objective of computing different types of expenses the
incurrence of different types of expenses.
)
There are two components of this ratio which are as under:
1.Different type of expenses
.Net Sales
)
This ratio is calculated by dividing different types of expenses
by the net sales. This ratio is expressed as a percentage. In the
form of a formula this ratio may be expressed as under:
-
L ..
o
c
-
L ..
c o c
o o co A
-
c o o
c
c
m
z
-
L ..
+-*
A
o
m c
c o c
o o c A
-
o cA
o
A
c
c
c
)
This ratio indicates an average expenses incurred on sales of
goods worth rs. 100. Lower the ratio, greater is the operating
profit to cover operating expenses, to pay dividend and to create
reserves & surplus & vice-vers
#
)
This ratio measures a relationship between not profit before
interest & tax and capital employed.
+
(
)
The objective of calculating this ratio is to find out how
efficiently the long term fund supplied by the creditors &
shareholders has been used.
)
There are two Components of this ratio which are as under:
1.Net Profit Before Interest & Tax
.Capital Employed Which Refers to Long Term Fund Supplied
by the long term creditors & shareholders.
It comprises the long term debts & shareholder¶s fund.
ÿ
?
Calculation of Capital Employed Equity Share Capital +
Preference Share Capital + Reserves & Surplus + Profit & Loss
A/C Credit balance + Long term debt - Fictitious Assets.
!" ") )
$
c Ac cm Ao
mA
o
A
c
c
c
) It indicates firm¶s ability of generating profit per
rupee of capital employed. In this company Return on Capital Employed
is changing from 1.A1 to 1m.Ao to
.mA in the years
00m-08,
008-0,
00-10 respectively. This shows that for the year
010 the
company has been able to utilize its capital effectively.
"
)
This ratio measures the earnings available to an equity
shareholder on a per share basis.
+
(
)
The objective of computing this ratio is to find out the
profitability of the firm on per equity share basis.
)
There are two components of this ratio which are as under:
1.Net Profit after Interest, Tax & Preference dividend
è
?
c
% , ' m m
A A A
c
c
) It indicates firm¶s ability of generating profit per
Equity Share. In this company Earning per Share is changing from
o cA to 0.01 to m.m in
008,
00,
010 respectively. This shows
that the company is utilizing its funds effectively and this has helped
the company to increase its profitability on per share basis.
(
"
)
This ratio measures relationship between dividend and no. of equity
shares.
+
(
)
The objective of computing this ratio is to find out net distributed
profit
after interest, tax and preference dividend to equity shareholders.
)
There are two components of this ratio which are as under:
1. Dividend paid to equity shareholders
.No. of equity shares
Calculation:-
This ratio is calculated by dividing dividend paid to equity
shareholders by no. of equity shares. It is expressed as absolute
figure. In the form of a formula this ratio can be expressed as
under:
è
?
!" ") )
0
5
oc
m A A
% '
c
m
o Ao A
c
c
)
Dividend per share has increase from 11.8
to .m1 it means that
constant downward trend in the firm. It gives bad impression on
the share holders mind.
#
)
This ratio measures relationship between market value of equity
shares & earning per share.
Î
5?
The objective of computing this ratio is to find out expected
return on investment in equity shares.
)
There are two components of this ratio which are as under:
1.Market price per equity share
.Earnings per share
:-
This ratio is calculated by dividing market price per equity share
by earning per share. It is expressed has an absolute this figure.
In the form of a formula this ratio may be expressed as under:
è
?
A
!" ") )
+ * ' c o c
# ( co o c cA c m
c
c
)
This ratio indicates price earning per share with market price of
share has decreased. Here price-earning ratio is increased
from 1o.0o times to 1.m times which can be satisfactory for
the company and it effect the well being of the company.
Higher the ratio is better for the company.
o
% *
%ÿ
?
)
This ratio establishes a relationship between current assets &
current liabilities.
+
(
)
The objective of computing this ratio is to find the ability of
the firm to meet its short term obligation & to reflect the
short term financial strength or solvency of the firm.
)
There are two components of this ratio which are as under:
#
Current Assets means the assets which are convertible in too cash
within a year & include the following:
Cash balance, Marketable securities, Bills Receivables(less
provisions), Prepaid expenses, advanced payment of tax,
Bank balance, Debtors(less provisions), Stock of all types
(raw-materials, work in progress, Finished goods), Short term
loans and advances(debit balance), Incomes due but not
received.
The provision for bed debt & or bills is deducted from the total
amount of trade.
m
#
%
A current liability means the liabilities which are the expected to
be matured within a year and include the following.
Creditors, Bills payable, short term loans & advances,
Provision for taxation, Bank overdraft, and income received
in advances, unclaimed dividend.
ÿ
?
c
è
?
ÿ
ÿ
ÿ
!" ") )
ÿ
A
o c A
c
ÿ
o AA A
ÿ
c
c c A c c
A c
c
c
c
-
Current ratio of the firm has decreased and it shows downward trend.
The company has not satisfactory current assets for its future need.
Current assets are less than current liabilities. It means company cannot
utilized properly current assets. The ideal ratio is
:1
#% * /0 1
)
This ratio establishes the relationship between quick assets and
liquid liabilities.
+
(
)
The objective of calculating this ratio is to find out the ability of
the firm to meet its short term obligations as and when due
without relying upon the realization of stock.
)
There are two components of this ratio which are as under:
1.2uick assets/Liquid assets:
Which means those assets which can be converted short noticed
without a loss of value. They are:
Cash balance, Marketable securities, Bills receivable,
Bankbalance & debtors.
.Liquid Liabilities:
Liquid Liabilities = Current liabilities ± Bank over Draft
?
This ratio is calculated by dividing by the liquid assets by liquid
liabilities. This ratio is usually express as a pure ratio.
Ex. 1:1
In the form of a formula this ratio may be expressed as under:
è
?
,
ÿ
&
ÿ
& 5
7! !" ")
,
co
c co A
c
,
o AA A
,
coc mcc mmc
c
c
)
Liquidity ratio of the firm has decreased from 0.81o in
00o-0m to
0.m1 in
008-0. It shows inefficient management and inefficient use
of liquid assets. Ideal ratio is 1:1 so company has satisfactory ratio.
c
(
This ratio measures the effectiveness with which a firm uses its
available resources. These ratios are also called turnover ratios since
they indicate the speed with which the resources are converted in to
sales. Usually the following activity ratios are calculated.
1.Stock Turnover Ratio
(
This ratio establishes a relationship between costs of goods sold
(COGS)And average inventory.
+
(
The objective of computing this ratio is to find out the efficiency
with which the inventory is utilized.
There are two components of this ratio they are as under:
1.Cost of Goods Sold which is calculated as under
Opening stock + Net purchases + Direct expenses ± Closing
stock
(
(
(
Calculation: -
7! !" ")
&
5
#
( oo
o
A
c
c
c
This ratios signifies that the average stock is turned over eight times
during the year. If figure for cost of sales are not available, then the ratio
may be calculated on the basis of sales. The ratio is very important in
judging the ability of management with which it can move the stock.
The higher the turnover ratio the more profitability the business would
be. Thus,a firm should have neither a very high nor a very low stock
turnover ratio.
(
Meaning:-
This ratio establishes a relationship between net sales &
working capital.
Objective
The objective of computing this ratio is to find out the efficiency
with which the working capital is utilized.
Components:)
There are two components of this ratio which are as under:
1.Net Sales which means Gross Profit ± Sales Return
: )
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0
5
;
A
)
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c o c
o o c A
åÿ0 co m m
c A
c
c
c
)
This ratio indicates the firm¶s ability to generate sales per rupee
of working capital. In general, higher the ratio, the more
efficient the management & utilization of working capital and
vice-versa.
o
(
This ratio measures the overall performance or activity of the
business enterprise.
+
(
The objective of calculating this ratio is to point out the efficiency
or inefficiency in the use of total assets.
There are two components of this ratio which
1.Net Sales
.Total Assets
(
m
Calculation: -
7! !" ")
/+ c o c
o o c A
c
co om coc c
0
5
c o c ccm
c
c
An ideal total assets turnover ratio is
:1 i.e. sales are twice the
value of total assets. A lower ratio than this will signify that the assets
are not utilized properly.
"
This ratio establishes relationship between equity share capital &
reserves and surplus with no. of shares.
+
(
The objective of computing this ratio is to find out the proportion
of share capital & reserves & surplus with no. of equity shares.
There are two components of this ratio
1.Equity share capital & reserves and surplus
.No. of equity shares
!" ") )
% , '
c
m
o Ao
2& 5
* ' cc c c c
o
A
c
c
c
In general higher the ratio better it is because this ratio measures
relationship between share capital and reserves & surplus with no. of
equity shares. In the most of the companies the amount of equity share
capital remains constant & the value of reserves & surplus charges.
Whenever company has high amount of profits, the value of reserves &
surplus will increase. Therefore higher book value per share means high
amount of profitability.
A
This ratio establishes a relationship between debtors and bills
receivables with average daily credit sales.
+
(
The objectives of computing this ratio is to find out the efficiency
with the trade debtors are managed.
There are two components of this ratio
1.Debtors and Bills receivable
.Net Credit Sales
This ratio is calculated by dividing debtors and bills receivables by
net credit sales. This ratio is usually expressed as X no. of times (days).
Ac
-
!" ") )
c
c
c
This ratio shows average collection period for credit
sales. Debtors ratio for the company is changing from
to .
to
in year
008,
00 and
010 respectively.
(
"2
"
"
"
"
3
#
?
This ratio establishes a relationship between creditors and bills
payable and average daily credit purchases.
Î
5?
The objective of computing this ratio is to determine the efficiency
with which creditors are managed.
There are two components of this ratio
1.Creditors and Bills Payable
.Net Credit Purchases
This ratio is calculated by dividing the creditors and Bills Payables
by Net credit purchases. This ratio is usually expressed as X no. of times
(days).
è
?
"
A
: -
!" ") )
ÿ
cA
o
o
ÿ
#(
o
m
c
c
-
This ratio of the firm has increased in
in
00o-0m to o in
008-0. It
shows the good position of the company and company can collect debt
easily which can be a profit to the company.
A
%
(
/
Capital structure of a company consist of a verity of securities
Ex. Equity share & preference share which satisfy its share capital
requirements while by other securities such as debentures, warrants etc.
the company satisfies its access requirement of long term capital &
borrowed capital, leverage ratios are calculated. Sum of the leverage
ratios are as under.
1.Debt equity ratio
.Proprietary ratio
.Capital Gearing ratio
.Long term funds to fixed assets ratio
AA
*
This ratio establishes a relationship between long term debts &
shareholders funds.
+
(
The objective of computing this ratio is to find out the relative
proportion of debt & equity in financing the assets of a firm.
There are two components of this ratio which are as under:
1.Long term debt which means all types of secured and unsecured
loans.
Ex. Debtors, Loans from financial institution
.Shareholder¶s funds which means equity share capital +
Preference share capital + Reserves & surplus ± Fictitious
Assets
This ratio is calculated by dividing the long term debts of the firm
by shareholder¶s fund. This ratio is usually expressed as a pure ratio.
Ex.
:1
Ao
!" ") )
A Ac o c o c
' '
A A
mc o
c
c
This ratio indicates the margin of safety to long term creditors. Lower
ratio means a larger safety margin for creditors & vice-versa.
Am
,
This ratio measures the relationship between shareholder¶s funds &
total assets of the company.
+
(
The objective of calculating this ratio is to find out how efficiency
the properties have utilized the funds for purchasing the assets.
There are two components of this ratio which are as under:
1.Shareholder¶s funds or proprietor¶s fund
)
,
"
"
,
..
1
A
)
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*
o A A
mc o
c
co om coc c
*
m o
c
c
)
This ratio indicates assets of the firm purchased out of
Owners¶ funds. Higher ratio means owners¶ funds are properly utilized
by the company and vice-versa. "
"
#
m# #o ..2..2 . .
(
# "
"3
"
"
3
4
#
A
This ratio measures a relationship between equity shares capital
and fixed interest bearing capital.
+
(
The objective of computing this ratio is to find out the proportion
between fixed interest bearing capital & equity share capital.
There are two components of this ratio which are as under:
1.Fixed interest bearing capital (preference share capital,
debenture, long term loan)
.Equity share capital
This ratio is calculated by dividing fixed increased bearing capital
by equity share capital. This ratio is expressed as a pure ratio. In the
form of a formula this ratio may be expressed as under:
o
)
!" ") )
-
)
c cc
oc A cA o
* "
m
m
o
A
c c A cc
c
c
c
Higher the ratio, more portion of borrowed capital in such
circumstances, a huge part of profit is paid to fixed charge bearing
securities. As a result dividend on equity shares and market price of
equity share will frequently fluctuate.
oc
%
-
This ratio measures a relationship between long term funds to fixed
assets.
+
(
With the help of this ratio one can move how efficiently the long
term funds have been invested in fixed assets.
There are two components of this ratio which are as under:
1.Shareholder¶s funds + Long term debts
.Fixed assets
This ratio is calculated by dividing shareholder¶s funds & long
term debts by fixed assets. It is expressed as pure ratio.
%
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co mm m
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c oc c
oc mc
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Ratio analysis is a part another useful way of analyzing financial
statement is to convert them into common size statement by expressing
absolute rupee amounts into percentages. When this method is pursued
the income statement exhibits each expense item or group of expense.
Items as a percentage of net sales and net sales are taken at 100 percent.
Similarly, each individual asset and liability respectively statement are
prepared. His ways are referred to as common size statement.
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The changes taking place and liabilities over a period of years are
reveled by comport balance sheets such comparative balance sheet may
be shown. Such percentages are generally based on value of total assets.
In order to show the working capital position the current liabilities are
shown as deduction from current assets.
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" 3
Cash Flow
Particulars Mar'10 Mar'0 Mar'08
Profit Before Tax
,mAo.00 1,0
o.
0 1,
1.Am
" 3
2o# 2o #. #
(
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(
( 2# 2 #.. 2.m#.
"
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(
1
.m# m# )m#
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"
* (
Cash and Cash 1,1m.o
1,o1.m
Equivalent - 1,A.o
Beginning of the
Year
Cash and 1,mA0.81 1,Ao1.8
.88
Equivalent - End
of the Year
mc
.
The Directors present their Report together with the audited accounts of
your Company for the year ended 1st March,
010.
Financial Highlights
(Rs. in crores)
010
00
Gross Income
0AA 18
mm
m
(
mA
5
1. We have audited the attached Balance Sheet of Mahindra &
Mahindra Limited as at 1st March,
010, the Profit and Loss Account
and the Cash Flow Statement of the Company for the year ended on that
date, both annexed thereto. These financial statements are the
responsibility of the Companys Management.
m(A)
of the Companies Act, 1Ao, we enclose in the Annexure a statement on
the matters specified in paragraphs and A of the said Order.
mo
(b) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
# The Company has neither granted nor taken any loans, secured or
unsecured, to/from companies, firms or other parties listed in the
Register maintained under Section 01 of the Companies Act, 1Ao.
. In our opinion, the Company has an adequate internal audit system
commensurate with the size and the nature of its business.
á
m
/ÿÿÎ 03 ÿÎ<+03Î
m
Sale of products are recognized when risk and rewards of ownership
of the products are passed onto the customers, which is generally on
the dispatch of goods. Sales are exclusive of sales tax. License Fee is
accounted based on terms of contract. Interest income is recognized
on time proportion basis.
Buildings -
0 to 0 years
Plant & Machinery- A-18 years
Furniture & Fixtures- 10-1A years
Office equipments- 1-A years
Moulds & Dyes - 1- years
Vehicles - -8 years
Depreciation is charged on a pro-rata basis for assets purchased/sold
during the year. Individual fixed assets costing less than ` A000 are
depreciated in full, in the year of purchase. Cost of lease hold land is
amortized over the period of the lease or management estimates
whichever is lower.
Inventories consist of raw and packing materials, stores and spares, work
in progress and finished goods. Inventories are valued at lower of cost
and net realizable value. Cost of Inventories is determined on weighted
average basis.
%
c
Lease payments under operating lease are recognized as an expense in
the profit and loss a/c on a straight line basis over the lease term.
%
Income tax expense comprise of current tax, fringe benefit tax(i.e:
amount of tax for the year determined in accordance with the income tax
laws) and deferred tax charge or credit (reflecting the tax effect of
timing differences between accounting income and taxable income for
the year). The deferred tax charge or credit and the corresponding
deferred tax liabilities and/or assets are recognized using the tax rates
that have been enacted or substantively enacted by the balanced sheet
date. Deferred tax rates are recognized only to the extent there is
reasonable certainty that the assets can be realized in future. However
where there is unabsorbed depreciation or carry forward losses under
taxation laws, deferred tax assets are recognized only if there is virtual
certainty of realization of such assets. Deferred tax assets are reviewed
as at each balance sheet date and are written down or up to reflect the
amount that is reasonably/virtually certain (as the case may be ) to be
realized. The Fringe benefit tax has been calculated and accounted for in
accordance with the provisions of the Income Tax Act, 1o1 and the
guidance note on accounting for fringe benefit tax issued by the Institute
of Chartered Accountants of India.
From the analysis of three years published data of Mahindra and
Mahindra ltd one find that it is professionally well managed company.it
has enough experience of business when I read aanual report of three
years of the company and after analysis the figure of three years I find
that current year is best for the company compared to last two years.
At least, I would like to give my best wishes to the company and I also
wish company make splendid success and achieve glorious moments.
"
This report has been prepared with the help of annual reports and
website detailed information is as below:
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