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What is the auditor’s opinion on financial statements? Do you agree? Why, why not, Justify? The auditors conducted the audit in accordance with the auditing standards nearly accepted in India and all the information and explanations obtained was to the best of their knowledge and belief . Len their opinion, proper books of account as required by law have been kept by the company so far as it appears from their examination of these books .

The balance sheet, the statement of profit and loss and the cash flow statement dealt with by this report is in agreement with the books of account. MY OPINION Yes,’ do agree with financial statements as they have given all the information required and have all the entries according to the accounting standards . The Balance Sheet, the Statement of Profit and Loss and the Cash Flow Statement Dealt with by this report are in compliance with the Accounting Standards. The standards used for auditing are to obtain reasonable assurance about whether the financial statements are free of material misstatements.

It also includes assessing the accounting principles used and the significant estimates made by the Management, as well as evaluating the overall financial statement presentation. Activities. Corporate governance At Hero Motorcar Ltd. , it is our firm belief that the essence of Corporate Governance lies in the Phrase Your Company. It is Your’ Company because it belongs to you – the shareholders. The Chairman and Directors are Your’ fiduciaries and trustees. Their objective is to take the business forward in such a way that it maximizes Your’ long- term value.

Your Company is committed to benchmarking itself with global standards for providing good Corporate Governance. The Board has also evolved and adopted a Code of Conduct based on the principles of Good Corporate Governance and best management practices being followed globally. Corporate social responsibilities The Ministry of Corporate Affairs had in July 2011, come out with the “National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business”.

Further SIB has in-principally approved the reporting of measures taken by the Companies along with The key principals elucidated in the above referred Guidelines. The Board of Directors wish to place on record that in this Annual Report, the same are covered at appropriate places, though may be not in a structured manner. Your Company has taken number of initiatives and achieved many milestones in the areas of Economic, Environmental and Social Sustainability and the Same are reported to concerned agencies from time to time.


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