1. Summary Information
|
|
|
Country |
|
|
Company Name |
Mahindra And
Mahindra Limited |
Principal Name 1 |
Mr. Keshub Mahindra |
|
Status |
Good |
Principal Name 2 |
Mr. Anand G. Mahindra |
|
|
|
Registration # |
11-4558 |
|
Street Address |
|
||
|
Established Date |
02.10.1945 |
SIC Code |
-- |
|
Telephone# |
91-22-22021031 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-22-22028780
/ 22875485 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Light Commercial Vehicles |
|
|
# of employees |
15147
Approximately |
Product Name 2 |
Agricultural Tractors |
|
Paid up capital |
Rs.2,936,200,000 |
Product Name 3 |
Implements and Utility Vehicles |
|
Shareholders |
Shareholding of
Promoter and Promoter Group (26.56%) Public
Shareholding (73.44%) |
Banking |
Standard Chartered Bank |
|
Public Limited Corp. |
YES |
Business Period |
66 Years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
A
(69) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates
|
-- |
Mahindra Composites Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
44,492,700,000 |
Current Liabilities |
67,675,600,000 |
|
Inventories |
16,942,100,000 |
Long-term Liabilities |
24,052,900,000 |
|
Fixed Assets |
33,859,900,000 |
Other Liabilities |
3,543,800,000 |
|
Deferred Assets |
000 |
Total Liabilities |
95,272,300,000 |
|
Invest& other Assets |
103,111,500,000 |
Retained Earnings |
99,858,000,000 |
|
|
|
Net Worth |
103,133,900,000 |
|
Total Assets |
198,406,200,000 |
Total Liab. & Equity |
198,406,200,000 |
|
Total Assets (Previous Year) |
161,472,500,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
227,575,100,000 |
Net Profit |
26,621,000,000 |
|
Sales(Previous yr) |
180,380,500,000 |
Net Profit(Prev.yr) |
20,877,500,000 |
MIRA
INFORM REPORT
|
Report Date : |
23.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
|
|
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|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
02.10.1945 |
|
|
|
|
Com. Reg. No.: |
11-4558 |
|
|
|
|
Capital Investment / Paid-up Capital : |
Rs.2936.200 millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L65990MH1945PLC004558 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM01692F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturers of Light Commercial Vehicles, Agricultural Tractors, Implements and Utility Vehicles. |
|
|
|
|
No. of Employees : |
15147 Approximately |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 410000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a Mahindra group company. It is a well established and a reputed company having good track records. Financial position appears to be sound. Directors are respectable and experienced businessmen, having satisfactory means of their own. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. It can be regarded as promising business partner in medium to long run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report number, name
and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DECLINED BY
Management Non Co Operative
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-22-22021031 |
|
Fax No.: |
91-22-22028780 / 22875485 |
|
E-Mail : |
|
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Website : |
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Head Office : |
|
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|
|
|
Factory : |
Located at: ·
·
Igatpuri, Nashik 422403, ·
·
·
Zaheerabad, ·
Rudrapur, · Haridwar · Pune |
|
|
|
|
Branches : |
Located at : ·
·
7, ·
·
Raheja
Chambers, First Floor, 12, ·
·
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Keshub Mahindra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Anand G. Mahindra |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Deepak S. Parekh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. K. Nanda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nadir B. Godrej |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. M. Murugappan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Narayanan Vaghul |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. S. Ganguly |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Kulkarni |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anupam Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Kanti Dasgupta |
|
Designation : |
Nominee of Life Insurance Corporation of |
|
|
|
|
Name : |
Mr. Bharat Doshi |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Narayan Shankar |
|
Designation : |
Company Secretary |
|
|
|
|
Committees of the board : |
Audit Committee : ·
Deepak S. Parekh ·
Nadir B. Godrej ·
M. M. Murugappan ·
R. K. Kulkarni Share Transfer and Shareholders/
Investors Grievance Committee : ·
Keshub Mahindra - Chairman ·
Anand G. Mahindra ·
Bharat Doshi ·
A. K. Nanda ·
R. K. Kulkarni Remuneration/Compensation Committee : ·
Narayanan Vaghul ·
Keshub Mahindra ·
Nadir B. Godrej ·
M. M. Murugappan Loans and Investment Committee : ·
Keshub Mahindra ·
Anand G. Mahindra ·
Bharat Doshi ·
A. K. Nanda ·
R. K. Kulkarni Research and Development Committee : ·
A. S. Ganguly ·
Anand G. Mahindra ·
Nadir B. Godrej ·
M. M. Murugappan ·
Bharat Doshi |
|
|
|
|
Group Executive Board : |
·
Mr.
Anand G. Mahindra Vice-Chairman and Managing Director ·
Mr.
Bharat Doshi Executive Director and Group Chief
Financial Officer ·
Mr.
Rajeev Dubey President (Group HR and After-Market) ·
Mr.
Pawan Goenka President (Automotive and Farm
Equipment Sectors) ·
Mr.
Hemant Luthra President (Systems and Technologies
Sector) ·
Mr.
Anoop Mathur President (Two-Wheeler Sector) ·
Mr.
Uday Y. Phadke President (Finance, Legal and
Financial Services Sector) ·
Mr.
Ulhas N. Yargop President-Information Technology
Sector, Group CTO ·
Ms.
Anita Arjundas Managing Director - Mahindra
Lifespace Developers Limited and CEO Real Estate Sector ·
Zhooben
Bhiwandiwala Executive Vice President and Managing
Partner, Mahindra Partners ·
Mr. C. P.
Gurnani Chief Executive Officer - Mahindra
Satyam ·
Ruzbeh
Irani Executive Vice President - Corporate
Strategy and Chief Brand Officer ·
Mr.
Ramesh Iyer Managing Director - Mahindra and
Mahindra Financial Services Limited ·
Mr.
Rajesh Jejurikar Chief Executive - Automotive Division
(Automotive Sector) ·
Mr.
Harsh Kumar Managing Director - Mahindra
Intertrade Limited ·
Mr.
Romesh Kaul Global Chief Executive Officer -
Gears Business, Systech Sector ·
Mr.
Bishwambhar Mishra Chief Executive - Tractor and Farm
Mechanization (Farm Equipment Sector) ·
Mr. V.
S. Parthasarathy Group CIO, Executive Vice President -
Finance and M and A ·
Mr.
Pravin Shah Chief Executive - International
Operations (Automotive and Farm Equipment Sectors) ·
Mr.
Rajan Wadhera Chief Executive - Technology, Product
Development and Sourcing (Automotive and Farm Equipment Sectors) ·
Mr.
Shriprakash Shukla President-Special Group Projects ·
Mr.
Rajiv Sawhney CEO,
Mahindra Holidays and Resorts India Limited |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3953087 |
0.69 |
|
|
66236030 |
11.52 |
|
|
81716216 |
14.22 |
|
|
51835214 |
9.02 |
|
|
2096660 |
0.36 |
|
|
27784342 |
4.83 |
|
|
151905333 |
26.43 |
|
|
|
|
|
|
731772 |
0.13 |
|
|
731772 |
0.13 |
|
Total shareholding of Promoter and Promoter Group (A) |
152637105 |
26.56 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
26493254 |
4.61 |
|
|
1434166 |
0.25 |
|
|
453682 |
0.08 |
|
|
110555667 |
19.23 |
|
|
144838170 |
25.20 |
|
|
283774939 |
49.37 |
|
|
|
|
|
|
63196781 |
10.99 |
|
|
|
|
|
|
42170935 |
7.34 |
|
|
9002410 |
1.57 |
|
|
23996140 |
4.17 |
|
|
1944821 |
0.34 |
|
|
972 |
- |
|
|
1607628 |
0.28 |
|
|
192761 |
0.03 |
|
|
625815 |
0.11 |
|
|
19624143 |
3.41 |
|
|
138366266 |
24.07 |
|
Total Public shareholding (B) |
422141205 |
73.44 |
|
Total (A)+(B) |
574778310 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
39196529 |
- |
|
|
39196529 |
- |
|
Total (A)+(B)+(C) |
613974839 |
- |
(1) Indian
Individuals / Hindu Undivided Family
M&M Benefit TrustBUSINESS DETAILS
|
Line of Business : |
Manufacturers of Light Commercial Vehicles, Agricultural Tractors, Implements and Utility Vehicles. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
1. a.
On Road Automobiles having four or more wheels such as light, medium and
heavy commercial vehicles, jeep type vehicles and passenger cars |
Nos. |
372000 |
304000 |
250906 |
|
b. Three Wheelers |
Nos. |
84000 |
72000 |
65203 |
|
2. Agricultural tractor |
Nos. |
255300 |
256000 |
216388 |
|
3. Manufactured and purchased parts and accessories for sale |
Nos. |
- |
These are manufactured against spare capacity under 1 and 2above |
764299 |
|
4. Internal Combustion Piston Engines |
Nos. |
225000 |
225000 |
196630 |
|
5. Diesel Genset |
Nos. |
24000 |
Assembly at 3rd Party Locations |
11786 |
|
6. Engines |
Nos. |
-- |
These are manufactured against spare capacity under 2 |
15559 |
|
7. Forklifts |
Nos. |
300 |
180 |
118 |
|
8. Harvester Combines |
Nos. |
300 |
540 |
267 |
Note:
(i) (a) The
installed capacity has been certified by President/Chief Executives, which the
auditors have relied on without verification as this is a technical matter.
(b) The licensed capacities
include/represent, as the case may be, registrations granted and Industrial
Entrepreneur Memorandum filed with, and duly acknowledged by, the Government
pursuant to the schemes of de-licensing.
(c) Within the
overall licensed capacity in item 1 above, the Company is permitted to
manufacture for outside sale 10,000 petrol/diesel engines and 4,000 tonnes grey
iron castings.
(d) The installed
capacity mentioned against item no. (A) 1(a) above includes 48,000 (2010 : 48,000) for
production of vehicles for third parties.
(ii) Actual
Production includes production for captive consumption.
(iii) (a) The
actual production disclosed against manufactured
components/sub-assemblies/steel blanks is the number of such components transferred
during the year to the Marketing Unit/Spare Parts Stores for sale
or sold otherwise.
(b) The Opening
and Closing Stocks and Sales of goods shown under item 3 above consist of
manufactured and purchased parts. The bifurcation of stocks/sales into
manufactured and bought-out parts is not practicable.
GENERAL INFORMATION
|
No. of Employees : |
15147 Approximately |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Standard Chartered Grindlays Bank Limited, Mumbai · Standard Chartered Bank ·
Bank of ·
Bank of ·
Bank of · Canara Bank, Mumbai ·
Central Bank of · HDFC Bank Limited, Mumbai ·
State Bank of ·
Union Bank of |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, |
|
|
|
|
Associates : |
·
Mahindra Composites Limited ·
Swaraj Automotives Limited ·
Swaraj Engines Limited ·
Mahindra and Mahindra Contech Limited ·
Vayugrid Marketplace Services Private Limited
(w.e.f. 3rd September, 2010) |
|
|
|
|
Subsidiaries : |
·
Mahindra Engineering and Chemical Products
Limited ·
Mahindra First Choice Wheels Limited ·
Mahindra USA Inc. ·
Mahindra Gujarat Tractor Limited ·
Mahindra ( ·
Mahindra Shubhlabh Services Limited ·
Mahindra and Mahindra South ·
Mahindra Europe S.r.l. ·
Mahindra Engineering Services Limited ·
Mahindra Gears and Transmissions Private Limited ·
Mahindra Overseas Investment Company ( ·
Mahindra-BT Investment Company ( ·
Mahindra Intertrade Limited ·
Mahindra Steel Service Centre Limited ·
Mahindra Middleeast Electrical Steel Service
Centre (FZC) ·
Mahindra Consulting Engineers Limited ·
Mahindra Holidays and Resorts India Limited ·
Mahindra Holidays and Resorts USA Inc. ·
NBS International Limited ·
Mahindra Ugine Steel Company Limited ·
Mahindra and Mahindra Financial Services Limited ·
Mahindra Insurance Brokers Limited ·
Bristlecone Limited ·
Bristlecone Inc. ·
Bristlecone UK Limited ·
Bristlecone India Limited ·
Bristlecone ( ·
Bristlecone GmbH ·
Mahindra Automobile Distributor Private Limited
(formerly known as Mahindra Renault Private Limited) ·
Mahindra Navistar Automotives Limited ·
Stokes Group Limited ·
Jensand Limited ·
Stokes Forgings Limited ·
Stokes Forgings Dudley Limited ·
Mahindra Engineering Services ( ·
Mahindra Engineering GmbH ·
Mahindra Lifespace Developers Limited ·
·
Mahindra World City Developers Limited ·
Mahindra Infrastructure Developers Limited ·
Mahindra Integrated Township Limited ·
·
Mahindra Forgings International Limited ·
Mahindra Forgings Europe AG ·
Gesenkschmiede Schneider GmbH ·
JECO-Jellinghaus GmbH ·
Falkenroth Umformtechnik GmbH ·
Mahindra Vehicle Manufacturers Limited ·
Schöneweiss and Co. GmbH ·
MHR Hotel Management GmbH ·
Mahindra Forgings Limited ·
Mahindra Rural Housing Finance Limited ·
Mahindra Hotels and Residences India Limited ·
Mahindra Forgings Global Limited ·
Bristlecone ( ·
Mahindra Hinoday Industries Limited (formerly
known as Mahindra Castings Limited) ·
Knowledge Township Limited ·
Mahindra Holdings Limited ·
Mahindra Logistics Limited ·
Mahindra Navistar Engines Private Limited ·
Mahindra Residential Developers Limited ·
Mahindra Graphic Research Design S.r.l. ·
Mahindra Aerospace Private Limited ·
Heritage Bird (M) SDN.BHD ·
Mahindra First Choice Services Limited ·
Mahindra Bebanco Developers Limited ·
Mahindra Gears Global Limited ·
Mahindra Gears Cyprus Limited ·
Mahindra Gears International Limited ·
Metalcastello S.p.A. ·
·
Crest Geartech Private Limited ·
Engines Engineering S.r.l. ·
EFF Engineering S.r.l. ·
ID-EE S.r.l. (upto 3rd August, 2010) ·
Mahindra Business and Consulting Services Private
Limited ·
Mahindra Automotive Australia Pty. Limited ·
Mahindra Two Wheelers Limited ·
Mahindra United Football Club Private Limited ·
Defence Land Systems India Private Limited ·
Mahindra Yeuda (Yancheng) Tractor Company Limited ·
Mahindra Electrical Steel Limited (formerly known
as Mahindra Metal One Steel Service Centre Limited) ·
Raigad Industrial and Business Park Limited ·
Retail Initiative Holdings Limited ·
Mahindra Retail Private Limited ·
Mahindra Technologies Services Inc. ·
Mahindra Punjab Tractors Private Limited ·
Mahindra EcoNova Private Limited ·
Mahindra Conveyor Systems Private Limited ·
BAH Hotelanlagen AG ·
Mahindra Aerospace Australia Pty. Limited (w.e.f.
13th April, 2010) ·
Aerostaff Australia Pty. Limited (w.e.f. 10th
May, 2010) ·
Mahindra Reva Electric Vehicles Private Limited
(formerly known as ·
Reva Electric Car Company Private Limited)
(w.e.f. 26th May, 2010) ·
Bristlecone Consulting Limited (w.e.f. 1st June,
2010) ·
Anthurium Developers Limited (w.e.f. 3rd June,
2010) ·
Watsonia Developers Limited (w.e.f. 3rd June,
2010) ·
Gipp Aero Investments Pty. Limited (w.e.f. 28th
June, 2010) ·
Gippsaero Pty. Limited (w.e.f. 28th June, 2010) ·
GA8 Airvan Pty. Limited (w.e.f. 28th June, 2010) ·
GA200 Pty. Limited (w.e.f. 28th June, 2010) ·
Airvan Flight Services Pty. Limited (w.e.f. 28th
June, 2010) ·
Gipp Aero International Pty. Limited (w.e.f. 28th
June, 2010) ·
Nomad TC Pty. Limited (w.e.f. 28th June, 2010) ·
Mahindra Emirates Vehicle Armouring FZ-LLC
(w.e.f. 5th August, 2010) ·
Mahindra BPO Services Private Limited (w.e.f.
18th January, 2011) ·
Mahindra Aerostructures Private Limited (w.e.f.
27th January, 2011) ·
Ssangyong Motor Company Limited (w.e.f. 15th
March, 2011) ·
Ssangyong European Parts Center B.V. (w.e.f. 15th
March, 2011) ·
Ssangyong Motor ( ·
Ssangyong (Yizheng) Auto Parts Manufacturing
Company Limited (w.e.f. 15th March, 2011) ·
Mahindra EPC Services Private Limited (w.e.f. 4th
March, 2011) |
|
|
|
|
Joint Venture Company : |
·
Mahindra Sona Limited ·
Tech Mahindra Limited |
CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital : Rs.6250.000 millions
Issued, Subscribed & Paid-up Capital : Rs.3069.874
millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000000 |
Ordinary Equity Share |
Rs.5/- each |
Rs.6000.000 millions |
|
2500000 |
Unclassified Share |
Rs.100/- each |
Rs.250.000 millions |
|
|
|
|
|
|
|
Total |
|
Rs.6250.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
613940109 |
Ordinary Equity Share |
Rs.5/- each |
Rs.3069.700 millions |
|
26692992 |
Less :Ordinary Shares (Fully Paid up issued to ESOP Trust but not allotted to employees) |
Rs.5/- each |
Rs.133.500 millions |
|
|
|
|
|
|
|
Total |
|
Rs.2936.200
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
2936.200 |
2829.500 |
2726.200 |
|
|
2] Share Capital Suspense Account |
0.200 |
0.000 |
0.000 |
|
|
3] Employee Stock Options Outstanding |
339.500 |
80.100 |
65.500 |
|
|
4] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
5] Reserves & Surplus |
99858.000 |
75358.100 |
49829.100 |
|
|
6] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
103133.900 |
78267.700 |
52620.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
4072.300 |
6024.500 |
9810.000 |
|
|
2] Unsecured Loans |
19980.600 |
22777.000 |
30717.600 |
|
|
TOTAL BORROWING |
24052.900 |
28801.500 |
40527.600 |
|
|
DEFERRED TAX LIABILITIES |
3543.800 |
2403.300 |
0.000 |
|
|
FOREIGN CURRENCY MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT |
0.000 |
34.600 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
130730.600 |
109507.100 |
93148.400 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
33859.900 |
27385.200 |
25676.000 |
|
|
Capital work-in-progress |
9858.600 |
9642.000 |
6467.300 |
|
|
|
|
|
|
|
|
INVESTMENT |
93252.900 |
63980.200 |
57864.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
182.700 |
|
|
|
|
|
|
|
|
FOREIGN CURRENCY
MONETARY ITEM TRANSLATION DIFFERENCE ACCOUNT |
0.000 |
0.000 |
181.100 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16942.100 |
11887.800 |
10606.700 |
|
|
Sundry Debtors |
13547.200 |
12580.800 |
10436.500 |
|
|
Cash & Bank Balances |
6146.400 |
17432.300 |
15744.300 |
|
|
Other Current Assets |
1067.400 |
508.700 |
15.600 |
|
|
Loans & Advances |
23731.700 |
18055.500 |
13826.200 |
|
Total
Current Assets |
61434.800 |
60465.100 |
50629.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
45939.700 |
32600.900 |
33368.000 |
|
|
Current Liabilities |
1677.100 |
1399.100 |
1834.000 |
|
|
Provisions |
20058.800 |
17965.400 |
12775.600 |
|
Total
Current Liabilities |
67675.600 |
51965.400 |
47977.600 |
|
|
Net Current Assets |
(6240.800) |
8499.700 |
2651.700 |
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
125.500 |
|
|
|
|
|
|
|
|
TOTAL |
130730.600 |
109507.100 |
93148.400 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
227575.100 |
180380.500 |
126490.600 |
|
|
|
Income from Operations |
7362.100 |
5640.600 |
4446.200 |
|
|
|
Other Income |
3095.200 |
1993.500 |
2703.400 |
|
|
|
TOTAL (A) |
238032.400 |
188014.600 |
133640.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials, Finished and Semi-finished Products |
162639.400 |
123329.200 |
92742.300 |
|
|
|
Excise Duty |
(6.900) |
132.900 |
(323.000) |
|
|
|
Personnel |
14455.600 |
11984.700 |
10246.100 |
|
|
|
Other Expenses |
23796.000 |
21617.400 |
17773.400 |
|
|
|
Cost of Manufactured Products Capitalised |
(508.700) |
(595.500) |
(428.300) |
|
|
|
Exceptional Items |
(1174.800) |
(907.500) |
(102.700) |
|
|
|
TOTAL (B) |
199200.600 |
155561.200 |
119907.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
38831.800 |
32453.400 |
13732.400 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST,
COMMITMENT AND FINANCE CHARGES (NET) (D) |
(502.900) |
278.100 |
452.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
39334.700 |
32175.300 |
13279.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4138.600 |
3707.800 |
2915.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
35196.100 |
28467.500 |
10364.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8575.100 |
7590.000 |
1689.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
26621.000 |
20877.500 |
8675.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
45883.700 |
33653.200 |
27754.800 |
|
|
|
|
|
|
|
|
|
Add |
AMOUNT
TRANSFERRED ON AMALGAMATION OF MAHINDRA HOLDINGS AND FINANCE LIMITED |
0.000 |
0.000 |
1599.400 |
|
|
|
|
|
|
|
|
|
Add/ Less |
TRANSFER
FROM/(TO) DEBENTURE REDEMPTION RESERVE (NET) |
357.100 |
(309.500) |
(296.200) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
2750.000 |
2100.000 |
1000.000 |
|
|
|
Credit of income – tax on proposed
dividend of previous year |
0.000 |
0.000 |
(40.700) |
|
|
|
Proposed Dividend |
7060.800 |
5495.200 |
2788.300 |
|
|
|
Income-tax on Proposed Dividend |
965.600 |
742.300 |
332.300 |
|
|
BALANCE CARRIED TO
THE B/S |
62085.400 |
45883.700 |
33653.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
10520.600 |
7193.700 |
6323.600 |
|
|
|
Interest |
97.200 |
96.000 |
147.400 |
|
|
|
Others (freight etc.) |
381.200 |
324.700 |
441.500 |
|
|
TOTAL EARNINGS |
10999.000 |
7614.400 |
6912.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.600 |
11.700 |
6.500 |
|
|
|
Components, Spare Parts |
3683.000 |
2258.600 |
1538.100 |
|
|
|
Capital Goods |
2751.200 |
986.100 |
814.800 |
|
|
|
Items imported for Resale |
241.200 |
270.100 |
137.700 |
|
|
TOTAL IMPORTS |
6692.000 |
3526.500 |
2497.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) Basic Diluted |
46.21 44.33 |
37.97 35.61 |
15.92 15.01 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 UnAudited |
|
Net Sales |
|
|
67335.400 |
|
Total Expenditure |
|
|
58362.000 |
|
PBIDT (Excl OI) |
|
|
8973.400 |
|
Other Income |
|
|
522.400 |
|
Operating Profit |
|
|
9495.800 |
|
Interest |
|
|
253.700 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
9242.100 |
|
Depreciation |
|
|
1098.800 |
|
Profit Before Tax |
|
|
8143.300 |
|
Tax |
|
|
2094.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
6048.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
6048.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
11.18
|
11.10
|
6.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.47
|
15.78
|
8.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.93
|
32.40
|
13.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.36
|
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.89
|
1.03
|
1.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
1.16
|
1.06 |
LOCAL AGENCY FURTHER INFORMATION
FINANCIAL SUMMARY
Yields in the
Agricultural Sector in
FINANCIAL PERFORMANCE
In these
challenging times, the Automotive and Farm Divisions of the Company have
secured their best performance for the second year in a row reflecting in
substantial growth in the net income of the Company by 26.60% to Rs.238030.000
millions in the year under review from Rs.188010.000 millions in the previous
year.
Consequent to this
remarkable performance, the Profit for the year before Depreciation, Interest,
Exceptional items and Taxation recorded an increase of 19.37% at Rs.37660.000
millions as against Rs.31550.000 millions in the previous year. Similarly,
Profit after tax clocked an increase of 27.51% at Rs.26620.000 millions as
against Rs.20880.000 millions in the previous year. The Company continues with
its rigorous cost restructuring exercises and efficiency improvements which
have resulted in significant savings through continued focus on cost controls,
process efficiencies and product innovations that exceed customer expectations
in all areas thereby enabling the Company to maintain profitable growth in the
current economic scenario.
PERFORMANCE REVIEW
Automotive Division
The Company’s
Automotive Division recorded total sales of 2,89,333 vehicles and 64,740
three-wheelers as compared to 2,36,759 vehicles and 45,360 three-wheelers in
the previous year registering a growth of 22.2% and 42.7% in vehicle sales and
three-wheeler sales respectively.
On the domestic
sales front, the Company sold 2,74,793 vehicles [including 2,30,110 Multi
Utility Vehicles (MUVs), 35,493 small 4-wheelers 0.75 Ton cargo/passenger and
9,190 mini 4 wheelers 0.5 Ton cargo/passenger] registering a growth of 21% over
the previous year’s volumes of 2,27,114 vehicles [including 2,14,128 MUVs,
3,722 small 4-wheelers 0.75 Ton cargo and 9,264 mini 4 wheelers 0.5 Ton cargo].
The domestic sales volumes of 62,142 three-wheelers was higher by 39.8% as
compared to the previous year’s volume of 44,438 three-wheelers.
The Company’s MUV
sales volume grew by 7.5% and the Company continued its leadership of the
domestic MUV market by posting a market share of 60.9%. All products of the
Company’s Passenger MUV portfolio performed very well. Bolero volumes grew by
17.8% over the previous year and Bolero is currently
In February, 2010,
the Company had launched Maxximo in a very competitive small 4-wheeler cargo
segment (0.75 Ton). During the first full year of sales, Maxximo has
impressively established itself in the market, with a sales volume of 35,464
vehicles and a market share of 19.1%.
With an aim to
strengthen its product portfolio and to offer better products, the Company has
launched four new products viz. Genio, Maxximo Mini Van, Compact Cab–Gio Passenger
and Thar which have received good response from the customers.
In the Overseas
market, the Company registered a volume growth of 62.2% over the previous year.
This growth was driven by volume growth in SAARC,
Spare parts sales
for the year stood at Rs.6669.700 millions (including Exports of Rs.283.000
millions) as compared to Rs.5149.600 millions (including Exports of Rs.224.000
millions) in the previous year, registering a growth of 29.5%.
Farm Division
The Company’s Farm
Division (including Swaraj Division) recorded sales of 2,14,325 tractors as
against 1,75,196 tractors sold in the previous year, recording a significant
growth of 22.3%. In the Financial Year 2011, the Indian tractor industry
witnessed consecutive second year of high growth. The domestic market recorded
sales of 4,80,377 tractors as compared to 4,00,203 tractors in the previous
year, recording a growth of 20%.
The Company
outperformed the tractor industry with domestic sales of 2,02,513 tractors as
compared to 1,66,359 tractors in the previous year recording a growth of 21.7%.
This has also helped the Company to
improve its market share which now stands at 42% as compared to 41.4% in the
previous financial year, thus completing 28 years of leadership in the Indian
tractor industry. The Company’s tractor exports grew by 33.7% to reach 11,812
tractors as compared to 8,837 tractors exported in the previous year.
Beyond
agriculture, in the power generation space under the Mahindra Powerol Brand,
the Company sold 27,748 engines in the current financial year as against 48,011
engines in the previous year. Volumes were severely affected due to adverse
market conditions in the Telecom Sector. The Company, while retaining its
leadership position in the genset market catering to the telecom space, has
focused its presence in the retail segment and has also introduced new products
like inverters.
Mahindra Defence Systems Division (MDS)
Mahindra Defence
Systems (MDS), a Division of the Company is engaged in two businesses – a)
Mahindra Defence Naval Systems (MDNS) and b) Mahindra Special Services Group
(MSSG).
In the Naval
Systems business, the Company currently manufactures Sea Mines, Torpedo
Launchers, Decoy Launchers and Composites for various Naval and other
applications from its Plant based in Chinchwadgaon, Pune. MDNS has been
servicing diverse customers by providing systems and sophisticated components.
The Naval Systems business has considerable potential and is poised for a major
growth in the field of different types of Sea Mines, Torpedo Decoy Systems and
Radar Systems.
In the Special
Services Group business, the Company provides
corporate risk management consultancy services, assisting organisations
in maintaining their competitive edge by protecting Information, Physical and
Personnel Assets through implementing the security strategy encompassing
people, process and technology. During the year, MSSG has been successful in
registering and maintaining the business growth across various industry
verticals through a wide range of service offerings in the Corporate Security
Risk landscape in
MSSG has witnessed
tremendous growth opportunities in the areas of Governance and Fraud Risk
Management during the year. MSSG’s marketing and brand promotion activities
have been strengthened with increased manpower and as a result, MSSG has been
able to make its brand visible in many cities across
FINANCE
The overall global
growth showed traction in the Financial Year 2011 with Financial Year 2012
promising further improvement, despite the temporary setback arising out of
natural calamities in
The Company
continued to focus on managing cash efficiently and ensured that it had
adequate liquidity and back up lines of credit. During the year, the Company
initiated suitable actions based on financial conditions, to facilitate
conversion of debt into equity and raised fresh debt to finance its growth
plans.
The Company had outstanding
Foreign Currency Convertible Bonds (“FCCBs”) aggregating USD 189.50 million at
the beginning of the year. It issued a notice on 8th October, 2010 for early
redemption of its outstanding FCCBs aggregating USD 141.20 million. Prior to
the notice for early redemption, the bondholders had opted for conversion of
FCCBs aggregating USD 48.30 million into Shares/GDRs. The Company’s call met
with a resounding success with FCCBs aggregating USD 140.10 million
representing 99.2% of the outstanding FCCBs of USD 141.20 million being
converted into Shares/ GDRs.
Consequently
during the year, the Company has on conversion of FCCBs aggregating USD 188.40
million allotted 18.15 million Shares (including Shares underlying GDRs) to the
bondholders, who exercised the option to convert these FCCBs into such Shares/
GDRs. Accordingly, the Company’s FCCB debt of Rs.8508.500 millions outstanding
on its books as at the beginning of the financial year stands extinguished
thereby strengthening the credit profile of the Company.
The Company has
also repaid foreign currency loan aggregating Rs.1760.000 millions and
Non-Convertible Redeemable Debentures (“NCDs”) of Rs.2000.000 millions during
the year. It has successfully raised External Commercial Borrowings aggregating
USD 150 million from banks at attractive terms and at benchmark pricing.
The Company
follows a prudent financial policy and aims to maintain optimum financial
gearing at all times. The Company’s total Debt to Equity Ratio was 0.23 as at
31st March, 2011.
The Company has
been rated by CRISIL, ICRA Limited (ICRA) and Credit Analysis and Research
Limited (CARE) for its banking facilities under Basel II norms. During the
year, CRISIL upgraded the rating for Long Term Banking facilities to
“AA+/Stable” from the earlier “AA/ Stable”. During the year, ICRA and CARE have
maintained a Long Term Rating of “LAA+/Stable” and “CARE AA+” respectively.
CRISIL, ICRA and
CARE have all reaffirmed the highest rating for the Company’s Short Term
facilities. The Company’s Bankers continue to rate the Company as a prime
customer and extend facilities/services at prime rates.
SUBSIDIARY COMPANIES
The subsidiary
companies of the Company continue to contribute to the overall growth of the
Company. Major subsidiaries such as Mahindra and Mahindra Financial Services
Limited with a 38.49% growth in its consolidated profits and Mahindra Lifespace
Developers Limited with a 37.81% growth in its consolidated profits deserve
special mention. The consolidated Group Profit for the year after exceptional
items, prior period adjustments and tax and after deducting minority interests
is Rs.30797.300 millions as against Rs.24785.600 millions earned in the
previous year.
During the year,
Mahindra Aerospace
During the year,
ID-EE S.r.l. and Mahindra Solar One Private Limited ceased to be subsidiaries
of the Company.
MANAGEMENT DISCUSSION AND ANALYSIS
Subject is the
flagship brand of the Mahindra Group, which consists of 130 companies with
diverse businesses across the globe and aggregate revenues of US $ 12.5
billion.
2010-11 was an
epochal year in the life of the 65 year old Company. It unveiled its new brand
position, Rise - a simple yet powerful verb which succinctly sums up the
aspirations of not only the Company’s employees but all the Company’s
Stakeholders. Customers across the world share a common desire to Rise, to
succeed and create a better future for themselves, their families and their
communities. The Company’s Core Purpose is to facilitate this by accepting no
limits, thinking innovatively and driving positive change in the lives of all
its Stakeholders.
The Automotive and
Farm Equipment Sectors of the Company continued to work together with distinct
and strong customer focus at the front end and structured for synergy at the
back end. This combined force has achieved sales of 3,77,065 vehicles and
2,14,325 tractors in the domestic and export markets.
Industry Structure
The Indian
automobile industry comprises of a number of Indian-origin and multinational
players, with varying degree of presence in different segments.
The domestic
tractor market too comprises of a large number of players and is segmented by
horsepower into the sub 30 HP segment, the 30-40 HP and 40-50 HP segments and
the higher segment of above 50 HP.
Economic overview
For the Indian
economy, Financial Year 2011 was a year of robust growth, with consumption led
demand fuelling manufacturing growth, supported by a record 5.4% growth in the
agricultural sector. However, with this high growth came a sharp rise in
inflation, both on the food and commodities front.
The Indian economy
continued on a robust growth path despite several challenges on the global
macroeconomic front, especially the sovereign debt crisis in
The Reserve Bank
of
INDUSTRY OVERVIEW AND TRENDS
Indian Automotive
Sector
The global
automobile industry production grew by nearly 26% in 2010 (Source: OICA
Organisation Internationale des Constructeurs d’Automobiles), recovering
smartly from two consecutive years of decline, driven primarily by growth in
emerging markets such as
Against the
backdrop of the challenging macroeconomic environment both domestically and globally,
the Indian
automobile
industry registered a robust growth during Financial Year 2010-11. The
passenger vehicle segment grew by 29% with domestic sales crossing 2.5 million
vehicles. In 2010, according to OICA,
During the year,
the Government of India introduced Bharat Stage (BS) IV emission norms for 13
major cities and BSIII norms for the rest of the country for passenger
vehicles. The transition was smooth despite a phased introduction, due to the
cooperative approach of both the Government and the Industry.
Within the
passenger vehicle segment, while the passenger car segment grew by 30%, in line
with the overall industry, the multipurpose vehicle (MPV) segment grew by 42%.
The Utility Vehicle (UV) segment registered a growth of 19%.
The Commercial
Vehicle (CV) segment grew by 27%, driven by a 32% growth in the Medium and
Heavy Commercial Vehicle (M and HCV) segment and a 23% growth in the Light
Commercial Vehicle (LCV) segment. The three-wheeler segment registered a 19%
growth during the year, driven largely by a 23% growth in the passenger segment
owing to the renewal of existing fleet permits and opening of new permits in
several states.
During Financial
Year 2011, the two-wheeler segment grew by 25.8%. Within two-wheelers,
Motorcycles grew by 22.9% and scooters recorded an impressive growth of 41.8%.
Mopeds grew at 23.5%.
Indian Tractor
Industry
The Indian tractor
market, comprising of a number of players, continued on its high growth path to
touch 4,80,377 tractors, a growth of 20% over the previous year. This was on the
back of a 31.7% growth in the corresponding period last year. This growth has
been fuelled by increasing rural liquidity, better crop realisations through
higher minimum support prices and increasing cost and scarcity of farm labour,
all of which were further strengthened by a normal monsoon and continued
government support for agriculture and for rural
THE COMPANY’S PERFORMANCE
Automotive Sector
– Accept No Limits
During the year,
the Company’s Automotive Sector exemplified the Rise tenet of ‘Accepting no
limits’. It achieved many milestones and landmarks on its journey to becoming a
globally recognised automotive brand. New products were launched along with
refreshes. The Sector won many awards and much recognition.
The Sector
achieved overall volumes, including those of major subsidiaries, of 3,58,021
vehicles in the domestic market, a significant growth of 25% during the
Financial Year 2011. This growth was contributed largely by its entry into
newer segments and the growth of its existing product range. The Maxximo,
launched in the last quarter of Financial Year 2010, gained a significant
market share in its segment, taking on incumbent competition successfully. As a
result, in the less than 3.5T LCV segment, the Company gained a 2 percentage
points market share to reach 38%.
OUTLOOK –
AUTOMOTIVE AND FARM EQUIPMENT SECTORS
Both the
Automotive and Farm Equipment Sectors with their updated product portfolios and
their exploration of global horizons will strive to maintain their leadership position
in their respective markets. Simultaneously, the Company will continue its
focus on achieving cost leadership through focused cost optimisation, value
engineering, improved efficiency measures like supply chain management,
countrywide connectivity of all its suppliers and dealers and exploiting
synergies between its Sectors.
The long term
outlook for the automobile industry is bright and robust, though in the near
term there are some challenges relating to the external environment that the
industry must overcome. In the past two financial years, the passenger vehicle
growth has been 26% and 29% respectively, while that for Commercial Vehicles
has been 38% and 27% - among the highest in the world. This high growth has
been partly driven by the low base effect of the previous year due to the
global financial crisis, partly by the stimulus measures taken by the
Government and partly by appropriate action on the part of vehicle
manufacturers. This support for industry growth may phase out gradually, returning
the industry to a more normal growth trajectory. In addition, rising inflation,
interest rates, fuel prices and commodity prices are likely to dampen consumer
confidence and sentiment, which has always been a key determinant of automobile
sales.
In the long term,
the Indian economy is projected to grow rapidly and demand conditions are
expected to remain strong. According to
Similarly in the
case of tractors, the long term outlook continues to be positive with the
tractor industry expected to continue to grow with a CAGR ranging between 7%
and 10%.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
Overview
The financial statements
have been prepared in compliance with the requirements of the Companies Act,
1956 and Generally Accepted Accounting Principles (GAAP) in
The Mahindra
Group’s consolidated financial statements have been prepared in compliance with
the standard AS 21 on Consolidation of Accounts and presented in a separate
section. The Company has provided segment reporting on a consolidated basis as
per standard AS 17 on segment reporting. This information appears along with
the consolidated accounts.
FIXED ASSETS
· Land Freehold
· Land Leasehold
· Buildings
· Plant and Machinery
· Furniture and Fitting
· Aircraft
· Vehicles, Cycles etc.
· Technical Knowhow
· Development Expenditure
· Software Expenditure
WEB DETAILS
BUSINESS
DESCRIPTION
Subject is engaged in financial services, tourism, infrastructure
development, trade and logistics. It operates in nine segments: Automotive,
which consists of sales of automobiles, spare parts and related services; Farm
Equipment, which consists of sales of tractors, spare parts and related
services; Financial Services, which consists of services relating to financing,
leasing and hire purchase of automobiles and tractors; Steel Trading and
Processing, which consists of trading and processing of steel; Infrastructure,
which consists of operating of commercial complexes, project management and
development; Hospitality, which consists of sale of timeshare; IT Services,
which consists of services rendered for information technology (IT) and
telecom; Systech, which consists of automotive components and other related
products and services, and Others, which consists of logistics, after-market,
two wheelers and investment. For the fiscal year ended 31 March 2010, Subject’s
revenue increased 18% to RS.316.88B. Net income increased 76% to RS.24.79B.
Revenues reflect increased income from both Automotive and Farm Equipment
segments. Net income was also reflects a decrease in traveling expense, lower
repairs and maintenance expense, a rise in gross and operating profit margins,
an increase in interest income and lower amortization expense.
BOARD OF DIRECTORS
Mr. Keshub Mahindra – Chairman
Mr. Keshub Mahindra, Esq., is Non-Executive Chairman of the Board of
company. He is a B.Sc. graduate from Wharton,
Mr. Anand G. Mahindra
Executive Vice Chairman of the Board, Managing Director
Mr. Anand G. Mahindra is Executive Vice Chairman of the Board, Managing
Director of company. He is a member of the class of '77,
MBA ,
BA ,
Mr. Arun Kanti Dasgupta
Non-Executive
Independent Director - Representative of Life Insurance Corporation of
Mr. Arun Kanti Dasgupta is Non-Executive Independent Director -
Representative of Life Insurance Corporation of
Education
Science,
Mr. Bharat N. Doshi
Group Chief
Financial Officer, Executive Director
Mr. Bharat N. Doshi is Group Chief Financial Officer, Executive Director
of company. He joined the Company in 1973 as an Executive. He is a fellow
Member of The Institute of Chartered Accountants of India and The Institute of
Company Secretaries of India and has a Master’s Degree in Law from the
Education
M Law,
B Commerce,
Mr. A. S. Ganguly
Non-Executive
Independent Director
Dr. A. S. Ganguly, Ph.D., is Non-Executive Independent Director of
company, since August, 1997. Dr. Ganguly is a graduate from the
Education
PHD ,
MS ,
Mr. Nadir B. Godrej
Non-Executive
Independent Director
Mr. Nadir B. Godrej is Non-Executive Independent Director of company, since
August, 1992. He joined the Board in 1992. He holds a Master of Science degree
in Chemical Engineering from
Education
MBA ,
MS Chemical Engineering,
BS Chemical Engineering, Massachusetts Institute of Technology
Mr. R. K. Kulkarni
Non-Executive
Independent Director
Mr. R. K. Kulkarni is Non-Executive Independent Director of company,
since August, 1977. Mr. Kulkarni holds a Masters in Law from the
Education
M Law,
Mr. M. M. Murugappan
Non-Executive
Independent Director
Mr. M. M. Murugappan is Non-Executive Independent Director of company,
since August, 1992. He holds a Bachelor of Technology degree in Chemical
Engineering from the
Education
MS Chemical Engineering,
B Chemical Engineering,
Mr. Arun K Nanda
Director
Mr. Arun Kumar Nanda is Non-Executive Non-Independent Director of
company, with effect from April 01, 2010. He served as Executive Director and
President, Infrastructure Development Sector, subject, has been with the
Mahindra Group for 30 years serving it in various capacities. He is also a
Fellow of the Institute of Chartered Accountants of India (FCA) as well as the
Institute of Company Secretaries of India (FCS). After a brief stint in Indian
Copper Corporation Limited,
Education
Law,
Mr. Deepak S. Parekh
Non-Executive
Independent Director
Mr. Deepak S. Parekh is Non-Executive Independent Director of company.
He is the Chairman of Housing Development Finance Corporation Limited (HDFC),
Education
B ,
Mr. Uday Phadke
President - Finance, Legal, and Financial Services Sector and Member of the Group Management Board
Mr.
Uday Y. Phadke is President - Finance, Legal and Financial Services Sector of
company. He joined the company in 1973. He is a member of the Institute of
Chartered Accountants of India and the Institute of Company Secretaries of
India and has a Bachelor's degree in Commerce and Law. He has attended the
General Management Course for Senior Executives conducted by the Administrative
Staff College of India (ASCI) and a course for Senior Executives organized by
the International Institute for Management Development (IMD) in
Mr. Anupam P. Puri
Non-Executive Independent Director
Mr. Anupam P. Puri
is Non-Executive Independent Director of company, since January, 2001. Mr. Puri
holds a B.A. in Economics from
Mr. Narayanan Vaghul
Non-Executive Independent
Director
Shri. Narayanan Vaghul is Non-Executive Independent Director of company.
He was Chairman of the Board of ICICI Bank Limited till April, 2009. Mr. Vaghul
joined ICICI in 1985 as Chairman and CEO and relinquished his position as CEO in
1996. During his eleven years tenure as CEO, ICICI was transformed from a small
size long term credit bank to a diversified financial conglomerate. He was
instrumental in starting an investment bank, commercial bank, venture capital
company and an asset management company, as part of the ICICI Group. He was
also responsible for the promotion of
Education
B Banking,
PRESS RELEASE
MAHINDRA ANNOUNCES DISMISSAL OF
Mahindra
and Mahindra Limited Announces Dismissal of all
Mahindra
and Mahindra Limited (“Mahindra”), a leading automobile manufacturer based in
On
January 13, 2011, an arbitral tribunal in
As
a result, GV filed for dismissal of the suit it filed against Mahindra in June
2010 in the Georgia Federal Court. Earlier, an administrative action filed by
GV against Mahindra in
Mahindra
continues to believe Global Vehicles’ claims in the arbitration are groundless
and looks forward to presenting its defenses in the arbitration in
MAHINDRA Q1 NET UP
AT RS.6623.200 MILLIONS
18 August 2011
Mumbai, Aug. 18 --
Mahindra and Mahindra (M and M), a tractor-to-technology conglomerate, said on
Thursday its net profit for first quarter this fiscal rose to Rs.6623.200
millions from Rs.6208.300 millions a year earlier.
In April-June
quarter, company's gross revenue also went up 62% to Rs142559.900 millions over
the last year. The earnings, however, are not comparable to the first quarter of
fiscal 2011 as it did not include Ssangyong Motor Co. Ltd and its subsidiaries,
and the share in profit of Satyam Computer Services Limited, the company said
in a filing to the Bombay Stock Exchange (BSE). Mahindra acquired the Korean
automaker, Ssangyong Motor in November 2010.
During the
quarter, some of the major group companies like Tech Mahindra, Mahindra
Finance, Mahindra Forgings, Mahindra Holidays, Mahindra Lifespaces and Mahindra
Satyam significantly improved their performance over first quarter of the
previous year. Mahindra Group comprised of 111 subsidiaries, 6 joint ventures
and 13 associates. A full summation of gross revenues and other income of all
the group companies taken together for the quarter ended 30 June 2011 is
Rs.158442.100 millions ($3.5 billion).
INDIAN STOCKS OPEN
HIGHER
17 August 2011
MUMBAI, Aug. 17
(Xinhua) -- Indian main stock index Sensex opened at 16,782.24 points
Wednesday, 51.30 points or 0.3 percent higher from previous close of 16,730.94
points on bargain hunting.
The index gained
63.15 points or 0.38 percent after 20 minutes of trading in the morning
session.
Fast moving
consumer goods, oil and gas, consumer durables and state-owned companies
sectors grew 0.96 percent, 0.66 percent, 0. 52 percent and 0.42 percent, respectively.
Oil and Natural
Gas Corporation, Sun Pharma, consumer goods maker ITC and Hindustan Unilever
picked up 2.12 percent, 1.96 percent, 1.58 percent and 1.43 percent.
Meanwhile, realty,
automobile and capital goods sectors dipped 1.22 percent, 0.81 percent and 0.08
percent, respectively.
Property developer
DLF, automobile producer Mahindra and Mahindra, Tata Motors and ICICI Bank
dropped 3.44 percent, 2.29 percent, 1.84 percent and 1.73 percent.
Sensex is the
common name for the Bombay Stock Exchange Sensitive Index. It consists of the
30 largest and most actively traded stocks, representative of various sectors,
on the Bombay Stock Exchange.
MAHINDRA AND MAHINDRA LIMITED - Q1 GROUP
CONSOLIDATED GROSS REVENUE GROWS BY 66.2%
Synopsis:
·
For Q1 – Gross Revenue and Other Income grows by
66.2%
·
Consolidated Group Profit for the year grows by
6.7%
August 17, 2011, Mumbai: Q1 F2012 – Group Consolidated Results (not subjected to Limited Review)
The
Gross Revenue and Other Income for the quarter ended 30th June
2011 grew by 66.2 % to Rs.142560.000 millions (USD 3.1 billion) from Rs.85762.000 millions
(USD 1.9 billion) in last year. The consolidated group profit for the year
after deducting minority interests is Rs.6623.000 millions (USD 146.0 million)
as compared to Rs.6208.000 millions (USD 136.9 million)
earned in the previous year - a growth
of 6.7%.
The
numbers for the current quarter as reported above are not strictly comparable
with those of Q1 last year since the previous year Revenue and PAT did not
include those of Ssangyong Motor Company Limited and its subsidiaries and share
in PAT of Satyam Computer Services Limited. On a comparable basis the growth in
Group revenue in Q1 F2012 over Q1 F2011 is 31.9% and that in PAT after
deducting minority interests, 15.2%.
During
the current quarter, some of the major group companies like Tech Mahindra,
Mahindra Finance, Mahindra Forgings, Mahindra Holidays, Mahindra Lifespaces and
Mahindra Satyam significantly improved their performance over Q1 of the
previous year. Mahindra Finance consolidated revenue grew by 42% to Rs.5846.000
millions and its profit at Rs.1055.000 millions
by 32%. The consolidated revenue of Tech Mahindra grew by 14% to Rs.12925.000
millions and its profit (excluding share of profit of Satyam
Computer Services Limited) at Rs.1805.000
millions by 25%. Mahindra Satyam did exceedingly well
recording a growth of 15% in consolidated revenue at Rs.14339.000 millions and
131% increase in profit at Rs.2252.000 millions.
As
on 30th June 2011, the Group comprised of 111 Subsidiaries, 6 Joint Ventures
and 13 Associates. A full summation of Gross Revenues and other income of
all the group companies taken together for the quarter ended 30th June 2011 is Rs.158442.100
millions (USD 3.5 billion).
Mr. Bharat Doshi, Executive Director and Group CFO said, “We are delighted to announce
the consolidated financials of the Mahindra Group which in addition to the Auto
and Farm businesses are a reflection of the robust growth of the various Group
Companies in the IT, Finance, Real Estate, Hospitality and Systech sectors.”
He
added, “Mahindra Satyam’s significant growth in margins and profit and
SsangYong’s improved sales volume is heartening to note; it is with great
satisfaction that we see the integration of both these companies in the Group.”
March 15, 2011, Seoul: Mahindra
and Mahindra Limited (M and M), India’s leading manufacturer of utility
vehicles, today announced that it has completed all formalities related to the
acquisition of a majority stake in SsangYong Motor Company (SYMC) and that the
company is no longer in Court Receivership. Mahindra had emerged as the
preferred bidder for SsangYong in August 2010.
This marks the beginning of a new
journey for SYMC and will also pave the way for both Mahindra and SYMC to
emerge as a strong force allied together in the global passenger vehicle
industry, through their strategic partnership.
Present on the occasion were Mr. Bharat
Doshi, Executive Director and Group CFO, Mahindra and Mahindra Limited and Dr.
Pawan Goenka who is President of Mahindra’s Automotive and Farm Equipment Sectors.
Key officials from the Mahindra Group and SYMC were also present.
For Mahindra, the biggest benefit from
this partnership will be the opportunity to harness synergies between the two
companies, while protecting their respective brand identities and ensuring
quality. Towards this end, a Synergy Council comprising of senior management
from both companies will be established to ensure focus and delivery of
synergies between the two companies. The Council will focus on various aspects
such as global procurement, new car development and business strategy to
penetrate international markets.
Strategic plans such as the
Mahindra
has also proposed the following five point agenda for SsangYong:
·
Strengthening the product pipeline
·
Harnessing synergies between the two
companies
·
Investing in the SYMC brand
·
Building human resources
·
Focusing on financial stability
SsangYong
has also proposed the following investments:
In 2011, the business plan calls for a
70% investment increase in product development, as compared to last year,
at over KRW 200 billion
Over 40 billion KRW for brand building
in
Dr. Pawan
Goenka, President, Automotive and Farm Equipment Sectors, Mahindra and Mahindra
Limited, mentioned that Mahindra was extremely conscious
of SYMC’s Korean heritage and would only want to enhance it. SsangYong will be
an independently run Korean company – with largely Korean Management – and will
remain a ‘Made in
He also announced that the new CEO of
SYMC will be Mr. Yoo-il Lee, while Mr. Dilip Sundaram from Mahindra will be the
new CFO. He also announced the names of the new Board of Directors of SsangYong
Motor Company.
“This is a landmark day for all of us
at Mahindra as it marks the beginning of what I am sure will be an enduring
partnership with SsangYong Motor Company. I would like to thank all the
employees of SsangYong as well as the company’s creditors for the help and
cooperation extended to us during this long process.
As one of the country’s premier
automotive companies, SsangYong brings with it a rich legacy of R and D and
innovation. This legacy, coupled with the synergies between the two companies
in the areas of R and D, product development and platform sharing, will make
the combined entity of Mahindra and SsangYong a force to reckon with in
the global utility vehicle space. We are committed to nurturing the SsangYong
brand in both the Korean and global markets and returning it to its days of
glory,” said Dr. Pawan Goenka.
“Mahindra brings with it a great deal
of passion, domain expertise and knowledge of the global UV market, as
“I would like to thank both
joint-receivers, Mr. Lee and Mr. Park, who were involved in the day to day
operations of the company and who ensured that SsangYong stood up to the
challenge through the entire rehabilitation period,” Said Mr. Bharat Doshi, Executive Director and
Group CFO, Mahindra and Mahindra Limited “I would also like to express
gratitude to the Seoul Central District Court which handled this daunting task
and guided SsangYong throughout this process,” he added.
MAHINDRA AND
MAHINDRA LIMITED, SSANGYONG MOTOR CO., LTD. TO JOINTLY DEVELOP VEHICLE
PLATFORMS-DJ
Aug 09, 2011
Dow Jones reported that Mahindra and Mahindra Limited plans to develop vehicle
platforms jointly with its South Korean unit Ssangyong Motor Co., Limited, the
first of which is expected to be ready in three to four years. Jointly
developing vehicles will let Mahindra and Ssangyong cut development costs,
especially of their core business of making sport-utility vehicles.
MAHINDRA AND
MAHINDRA LIMITED'S MAHINDRA AEROSPACE EYES STAKE IN EUROPE,
Aug 01, 2011
The Wall Street Journal reported that the aerospace unit of Mahindra and
Mahindra Limited is in talks with aircraft-part makers in the
MAHINDRA AND
MAHINDRA LIMITED LOSES INTEREST IN SCOOTERS INDIA LTD BUY-BUSINESS STANDARD
Jul 11, 2011
Business Standard reported that Mahindra and Mahindra Limited will not acquire
95% stake in the loss-making public sector unit, Scooters India Limited.
MAHINDRA AND
MAHINDRA LIMITED NO IMMEDIATE PLAN TO BUY SCOOTERS INDIA LTD-WSJ
Jul 11, 2011
The Wall Street Journal reported that Mahindra and Mahindra Limited has no
immediate plans to buy the Indian government's 95.38% stake in Scooters India
Limited.
MAHINDRA AND
MAHINDRA LIMITED, LARSEN, TATA MOTORS BID FOR $10 BILLION DEFENSE CONTRACT-DJ
Jul 06, 2011
Dow Jones reported that Tata Motors Limited, Larsen and Toubro Limited and
Mahindra and Mahindra Limited are among the companies that have put in bids for
a $10 billion defense ministry contract to supply combat vehicles to
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any
of its beneficial owners, controlling shareholders or senior officers as
terrorist or terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the
property or assets of the subject are derived from criminal conduct or a
prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available information exist that suggest
that subject or any of its principals have been formally charged or convicted
by a competent governmental authority for any financial crime or under any
formal investigation by a competent government authority for any violation of
anti-corruption laws or international anti-money laundering laws or standard.
8] Affiliation with
Government :
No record exists to suggest that any
director or indirect owners, controlling shareholders, director, officer or employee
of the company is a government official or a family member or close business
associate of a Government official.
9] Compensation Package :
Our market survey revealed that the amount
of compensation sought by the subject is fair and reasonable and comparable to
compensation paid to others for similar services.
10] Press Report :
No press reports /
filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit |
Indian Rupees |
|
US Dollar |
1 |
Rs.45.95 |
|
|
1 |
Rs.75.76 |
|
Euro |
1 |
Rs.66.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
69 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.