MIRA INFORM REPORT

Report Date :

29.12.2011

IDENTIFICATION DETAILS

Name :	MAHINDRA TWO WHEELERS LIMITED (w.e.f. 01.12.2008)
Formerly Known As :	MAHINDRA TWO WHEELERS PRIVATE LIMITED
Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.08.2008
Com. Reg. No.:	11-185462
Capital Investment / Paid-up Capital :	Rs.1475.000 Millions
CIN No.: [Company Identification No.]	U35911MH2008PLC185462
TAN No.: [Tax Deduction & Collection Account No.]	MUMM34881A
PAN No.: [Permanent Account No.]	AAFCM6870J
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer, Exporter and Importer of Motorised Two Wheelers.
No. of Employees :	125 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Slow but Correct
Litigation :	Clear
Comments :	Subject is a Mahindra Group Company. It is an established company having moderate track. There appears huge accumulated losses recorded by the company. Profitability of the company is under pressure. However, trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

INFORMATION PARTED BY

Name :	Mr. Yogesh Shah
Designation :	Manager
Contact No.:	91-9819042288
Date :	29.12.2011

LOCATIONS

Registered Office :	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-24931441 / 24961441 / 24916833 / 24917018
Mobile No.:	91-9823300822 (Mr. Santosh Katre)
Fax No.:	91-22-24983696 / 24900833
E-Mail :	sheth.yash@mahindra.com varma.arun@mahindra2wheelers.com enquiry@mahindra2wheelers.com katre.santosh@mahindra2wheelers.com arora.sonia@mahindra.com
Website :	http://www.mahindra2wheelers.com
Area :	10000 Sq. ft.
Location :	Owned
Factory 1 :	D-1, Block, Plot No. 18/2, M.I.D.C, Chinchwad, Pune – 411 019, Maharashtra, India
Tel. No.:	91-20-27602222 / 27602029 / 67336733 / 67336413
Fax No.:	91-20-27470562 / 27477227
E-Mail :	enquiry@mahindra2wheelers.com
Factory 2 :	Plot No.2, Industrial Area 1, Pitampur Dhar, Pithampur – 454 775, Madhya Pradesh, India
Tel. No.:	91-7292-253009 / 100
Fax No.:	91-7292-253087

DIRECTORS

As on 22.08.2011

Name :	Mr. Anand Gopal Mahindra
Designation :	Director
Address :	Goolestan, 65, Nepean Sea Road, Malabar Hill, Mumbai – 400 006, Maharashtra, India
Date of Birth/Age :	01.05.1955
Date of Appointment :	12.08.2009
DIN No.:	00004695

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L65110MH1985PLC038137	Kotak Mahindra Bank Limited	Director	11-06-86	11-06-86	21-03-11	Active	NO
2	L99999MH1962PLC012542	Mahindra Ugine Steel Company Limited	Director	30-10-86	30-10-86	-	Active	NO
3	L65990MH1945PLC004558	Mahindra and Mahindra Limited	Managing director	01-08-10	23-11-89	-	Active	NO
4	U51900MH1978PLC020222	Mahindra Intertrade Limited	Director	20-02-91	20-02-91	11-12-06	Active	NO
5	L65921MH1991PLC059642	Mahindra and Mahindra Financial Services Limited	Director	31-12-91	31-12-91	22-04-08	Active	NO
6	U80210MH1993NPL073071	The Mahindra United World College of India	Director	22-07-93	22-07-93	-	Active	NO
7	U30007MH1994PLC081637	Mahindra Sona Limited	Director	30-09-94	30-09-94	27-04-10	Active	NO
8	U65910MH1985PLC036060	Mahindra Holdings and Finance Limited	Director	03-03-95	03-03-95	-	Amalgamated	NO
9	L64200MH1986PLC041370	Tech Mahindra Limited	Nominee director	19-09-95	19-09-95	-	Active	NO
10	U99999MH1998PTC113514	Angular Constructions Private Limited	Director	14-02-98	14-02-98	-	Strike off	NO
11	U24240MH1989PTC051218	Avion Aerosols Private Limited	Director	29-06-99	29-06-99	-	Active	NO
12	U74999MH1999PTC121254	MW COM (India)Private Limited	Director	12-08-99	12-08-99	24-04-09	Active	NO
13	U64200MH1994PLC083996	Mahindra First Choice Wheels Limited	Director	16-06-00	16-06-00	-	Active	NO
14	U67120MH1992PLC069769	National Stock Exchange of India Limited	Director	02-05-02	02-05-02	28-12-10	Active	NO
15	L45200MH1999PLC118949	Mahindra Lifespace Developers Limited	Director	29-01-04	29-01-04	15-03-10	Active	NO
16	U85100MH1946GAP005082	Breach Candy Hospital Trust	Director	24-03-05	24-03-05	-	Active	NO
17	U63040MH1994PLC079098	Mahindra Navistar Automotives Limited	Director	14-07-06	11-01-06	-	Active	NO
18	L27100MH1999PLC121285	Mahindra Forgings Limited	Director	19-05-06	28-04-06	22-07-10	Active	NO
19	U74899DL1989PTC038453	M. A. R. K. Hotels Private Limited	Director	06-12-06	06-12-06	01-10-11	Active	NO
20	U85310MH2006PLC160651	Tech Mahindra Foundation	Director	20-07-07	19-04-07	-	Active	NO
21	U65993MH2007PLC175649	Mahindra Holdings Limited	Director	29-07-08	02-11-07	-	Active	NO
22	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	12-12-08	-	Active	NO
23	U01119AP2008PLC057694	Araku Originals Limited	Director	20-08-09	10-08-09	-	Active	NO
24	U62200DL2007GOI161431	Air India Limited	Director	05-03-10	05-03-10	09-03-11	Active	NO
25	U29268MH2009PTC190702	Defence Land Systems India Private Limited	Director	25-07-11	27-04-10	-	Active	NO
26	U74140MH1982PTC026770	Prudential Management and Services Private Limited	Director	29-09-10	30-04-10	-	Active	NO
27	U85300AP2010PTC068530	Naandi Community Water Services Private Limited	Director	21-05-10	21-05-10	-	Active	NO
28	U45200MH1996PTC099607	Moonshine Construction Private Limited	Additional director	07-06-11	07-06-11	17-09-11	Active	NO

Name :	Dr. Pawan Kumar Goenka
Designation :	Director
Address :	Flat No. 602, 9 JVPD, 10^th Road, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai – 400 056, Maharashtra, India
Date of Birth/Age :	23.09.1954
Date of Appointment :	12.08.2009
DIN No.:	00254502

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U72400MH1995PLC091404	Mahindra Engineering Services Limited	Director	30-04-03	30-04-03	-	Active	NO
2	U70100MH1999PTC122738	Sylvan Realty Private Limited	Director	26-05-03	26-05-03	-	Active	NO
3	U34100MH2005PTC153702	Mahindra Automobile Distributor Private Limited	Director	06-08-10	05-08-05	-	Active	NO
4	L65921MH1991PLC059642	Mahindra and Mahindra Financial Services Limited	Director	23-07-10	26-10-05	-	Active	NO
5	U51900MH1978PLC020222	Mahindra Intertrade Limited	Director	26-10-05	26-10-05	01-04-10	Active	NO
6	U63040MH1994PLC079098	Mahindra Navistar Automotives Limited	Director	14-07-06	11-01-06	-	Active	NO
7	U72200MH2000PTC173332	Plexion Technologies (India) Private Limited	Director	16-02-06	16-02-06	-	Amalgamated	NO
8	U64200MH1994PLC083996	Mahindra First Choice Wheels Limited	Director	23-08-06	29-04-06	-	Active	NO
9	U74999MH2007PTC167071	RN Automotive Private Limited	Nominee director	05-03-07	05-03-07	10-03-08	Strike off	NO
10	U34100MH2007PLC171151	Mahindra Vehicle Manufacturers Limited	Director	06-08-08	25-05-07	-	Active	NO
11	U35914MH2007PTC169753	Mahindra Navistar Engines Private Limited	Director	31-07-08	31-01-08	-	Active	NO
12	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	29-09-08	-	Active	NO
13	U34300DL1960NPL093535	Association of Indian Automobiles Manufacturers (Section-25 Company)	Director	28-08-09	28-08-09	-	Active	YES
14	L50210PB1985PLC006473	Swaraj Engines Limited	Director	03-08-10	06-05-10	-	Active	NO
15	L45202PB1974PLC003516	Swaraj Automotives Limited	Director	03-08-10	06-05-10	-	Active	NO
16	U34101KA1996PTC020195	Mahindra Reva Electric Vehicles Private Limited	Director	17-09-10	26-05-10	-	Active	NO

Name :	Mr. Zhooben Dossabhoy Bhiwandiwala
Designation :	Director
Address :	S-13, Cusrow Baug, Shahid Bhagat Singh Road, Colaba, Mumbai – 400 039, Maharashtra, India
Date of Birth/Age :	09.12.1959
Date of Appointment :	12.08.2009
DIN No.:	00110373

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U51900MH1988PTC046152	Albertville Exports Private Limited	Director	08-02-88	08-02-88	-	Dormant	NO
2	U22120MH1948PTC009314	The Indian and Eastern Engineer Company Private Limited	Additional director	10-08-09	20-01-92	-	Active	NO
3	U74140MH1992PLC066606	Mahindra and Mahindra Contech Limited	Director	22-02-93	22-02-93	27-05-08	Active	NO
4	U74140MH1982PTC026770	Prudential Management And Services Private Limited	Director	12-01-98	12-01-98	05-05-10	Active	NO
5	U51900MH1978PLC020222	Mahindra Intertrade Limited	Director	17-02-00	17-02-00	-	Active	NO
6	U74999MH1999PTC121254	MW COM (India)Private Limited	Director	06-10-03	06-10-03	29-03-10	Active	NO
7	U30007MH1991PLC064368	Bristlecone India Limited	Director	05-08-04	05-08-04	05-06-08	Active	NO
8	L27100MH1999PLC121285	Mahindra Forgings Limited	Director	19-05-06	28-04-06	-	Active	NO
9	U18101MH1995PLC095482	NBS International Limited	Director	28-09-07	15-11-06	29-10-08	Active	NO
10	U67120MH2007PLC168985	Mahindra Stokes Holding Company Limited	Director	24-09-07	21-03-07	-	Amalgamated	NO
11	U31200MH1954PLC019908	Mahindra Engineering And Chemical Products Limited	Director	25-09-08	27-08-07	-	Active	NO
12	U52190MH2007PTC173762	Mahindra Retail Private Limited	Director	20-08-08	03-09-07	-	Active	NO
13	U74999MH1995PLC093447	Tecpro Ashtech Limited	Additional director	05-11-07	05-11-07	05-01-08	Amalgamated	NO
14	U29130MH2004PTC168150	Mahindra Gears and Transmissions Private Limited	Director	22-07-08	24-12-07	-	Active	NO
15	U29299MH1963PLC019745	Mahindra Hinoday Industries Limited	Director	06-05-08	22-01-08	-	Amalgamated	NO
16	U27100MH2007PLC173636	Mahindra Hinoday Industries Limited	Director	25-07-08	22-01-08	-	Active	NO
17	U63032MH2008PTC186581	Mahindra Ocean Blue Marine Private Limited	Director	25-09-09	09-09-08	-	Active	NO
18	U67110MH2008PLC188837	Retail Initiative Holdings Limited	Director	11-12-09	11-12-08	16-08-11	Active	NO
19	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	12-12-08	-	Active	NO
20	U73100MH1995PTC124707	Owens-Corning (India) Private Limited	Director	26-09-09	01-04-09	24-11-10	Active	NO
21	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	11-08-09	28-04-09	-	Active	NO
22	U29268MH2009PTC190702	Defence Land Systems India Private Limited	Director	26-04-10	29-04-09	27-04-10	Active	NO
23	U27100MH2009PLC193205	Mahindra Electrical Steel Limited	Director	29-09-10	10-06-09	-	Active	NO
24	U92190MH2008PLC178894	Mumbai Mantra Media Limited	Director	30-09-10	29-03-10	-	Active	NO
25	U27100MH1993PLC070416	Mahindra Steel Service Centre Limited	Director	22-07-10	29-04-10	-	Active	NO
26	U55100DL2011PTC222498	Ekatra Hospitality Ventures Private Limited	Director	18-07-11	18-07-11	-	Active	NO
27	U65993MH2007PLC175649	Mahindra Holdings Limited	Director	29-08-11	18-07-11	-	Active	NO
28	U74899DL1989PTC038453	M. A. R. K. Hotels Private Limited	Director	30-09-11	30-09-11	-	Active	NO

Name :	Mr. Parag Chandulal Shah
Designation :	Director
Address :	7 Kailas, 50 Peddar Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/Age :	25.11.1975
Date of Appointment :	29.09.2008
DIN No.:	00374944

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01110MH1983PTC029216	Indira Agricultural Farm Private Limited	Director	04-09-96	04-09-96	-	Under Process of Striking off	NO
2	U67190MH1987PTC042205	Shah and Gala Finance Consultants Private Limited	Director	02-05-97	02-05-97	-	Strike off	NO
3	U51900MH1985PTC037329	Systems Marketing (India) Private Limited	Director	02-05-97	02-05-97	-	Strike off	NO
4	U25209MH1998PTC116707	C J Industries Private Limited	Director	29-09-98	29-09-98	-	Active	NO
5	U27100MH1981PTC025565	Hyd-Air Magnets Private Limited	Director	24-05-07	24-05-07	-	Strike off	NO
6	U63032MH2008PTC186581	Mahindra Ocean Blue Marine Private Limited	Director	25-09-09	09-09-08	-	Active	NO
7	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	29-09-08	-	Active	NO
8	U92412MH2008PTC187927	Mahindra United Football Club Private Limited	Director	01-09-09	03-11-08	-	Active	NO
9	U63000MH2007PLC173466	Mahindra Logistics Limited	Director	11-08-09	28-04-09	-	Active	NO
10	U52190MH2007PTC173762	Mahindra Retail Private Limited	Director	10-08-10	03-11-09	-	Active	NO
11	U29268MH2010PTC198438	Mahindra Conveyor Systems Private Limited	Director	23-06-11	04-01-10	-	Active	NO
12	U40101MH2010PTC205236	Mahindra Solar One Private Limited	Director	16-09-11	04-07-10	-	Active	NO
13	U22120MH1948PTC009314	The Indian and Eastern Engineer Company Private Limited	Additional director	09-07-10	09-07-10	-	Active	NO
14	U51900MH1978PLC020222	Mahindra Intertrade Limited	Director	22-07-11	22-07-10	-	Active	NO
15	U40300MH2010PTC205946	Mahindra Offgrid Services Private Limited	Director	26-07-10	26-07-10	-	Active	NO
16	U74990MH2010PTC207854	Mahindra Epc Services Private Limited	Director	19-09-10	19-09-10	11-03-11	Active	NO
17	U67110MH2008PLC188837	Retail Initiative Holdings Limited	Director	29-09-11	13-08-11	-	Active	NO

Name :	Mr. Anoop Krishna Mathur
Designation :	Director
Address :	Flat No. 13, Om Ratan, 70/71, Pochkanwala Road, Worli, Mumbai – 400 025, Maharashtra, India
Date of Birth/Age :	22.10.1947
Date of Appointment :	12.08.2009
DIN No.:	00014372

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-07	25-04-07	Active	NO
2	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	12-08-09	29-09-08	Active	NO

Name :	Ms. Veena Vedprakash Mishra
Designation :	Additional Director
Address :	1203, 12^th Floor, Raheja Tipco Height 04, West Express Highway, Malad (East), Mumbai – 400 097, Maharashtra, India
Date of Birth/Age :	14.07.1956
Date of Appointment :	26.04.2011
DIN No.:	03502175

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U35911MH2008PLC185462	Mahindra Two Wheelers Limited	Director	22-08-11	26-04-11	Active	NO
2	U01409MH2000PLC125781	Mahindra Shubhlabh Services Limited	Director	25-07-11	27-04-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Santosh Katre
Designation :	Head of Accounts
Name :	Mr. Yogesh Shah
Designation :	Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 22.08.2011

Names of Shareholders	No. of Shares
Mahindra and Mahindra Limited, India, Mumbai	297299969
Mahindra and Mahindra Limited, India Jointly with Narayan Shankar	1
Mahindra and Mahindra Limited, India Jointly with S Venkatraman	1
Mahindra and Mahindra Limited, India Jointly with K Chandrasekhar	1
Mahindra and Mahindra Limited, India Jointly with V. S. Parthasarathy	1
Mahindra and Mahindra Limited, India Jointly with Anoop Mathur	1
Mahindra and Mahindra Limited, India Jointly with V. R. Krishanan	1
Kinetic Motors Company Limited, India, Indore	61200000
Total	358499975

AS ON 22.08.2011

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer, Exporter and Importer of Motorised Two Wheelers.

Products :

Item Code No. (ITC Code)	Product Description
8711	Motorized Two Wheelers

Exports :

Products :

Two Wheelers

Countries :

Nepal, China. Gulf Countries

Imports :

Products :

· Components

· Raw Material

Countries :

China

Terms :

Selling :

L/C, Cash and Credit (30-60-90 Days)

Purchasing :

L/C, Cash and Credit (30-60-90 Days)

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Two Wheelers Scooters, Motor Cycles and Mopeds
Manufactured	Nos.	400000 p.a.	178599
Spare Parts and Others **	--	(See note 2)	(See note 6)

Notes:

1) Installed capacity is as certified by the management and relied on by the auditors as this is a technical matter.

2) Spare parts are manufactured out of the capacity for scooters, motorcycles and mopeds.

3) * It is not practicable to furnish quantitative information in view of considerable number of items diverse in size and nature.

4) ** Includes own manufactured components sold as spare parts.

5) Sales of manufactured vehicles exclude 3 (31^st march 2010 - 2) free of cost (FOC) vehicles.

6) The Company has also manufactured and sold 158824 Nos. components as spares. (31^st March, 2010 – 97214 Nos.)

7) Production of vehicles include Nil vehicles returned to factory for rework (31^st March 2010 – 292 vehicles), 71 vehicles capitaliased during the year (31^st March 2010 – 20 vehicles) and 4 vehicles donated during the year (31^st March 2010 – Nil vehicles)

GENERAL INFORMATION

Customers :

· End Users

· Dealers

No. of Employees :

125 (Approximately)

Bankers :

1. ING Vysya Bank Limited

- Plot C-12, “G” Block, 8^th Floor, BKC, Bandra (East), Mumbai – 400 051, Maharashtra, India

- 210, A-Wing, Mittal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India

2. HDFC Bank, Bandra, Mumbai, Maharashtra, India

Facilities :

SECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Long Term Loans and Advances from Banks	400.000	0.000
Long Term Loans and Advances from other than banks	700.000	0.000
Short Term Loans and Advances from banks	750.000	0.000
Total	1850.000	0.000

Notes:

(i) Long Term loan is secured by creating:-

- Pari passu and Equitable mortgage charge on Company's Fixed Assets

- First pari passu charge on Movable and Immovable Assets of the Company,

existing as well as future

(ii) Short term Loan is secured by creating:-

- First pari passu charge on stock and Receivable,

- Pari passu charge by hypothecation of all current Assets of the Company.

UNSECURED LOAN	31.03.2011 Rs. In Millions	31.03.2010 Rs. In Millions
Short Term Loans and Advances from other than banks: Inter Corporate deposit	1320.000	800.000
Long Term Loans and Advances from other than banks: Inter Corporate deposit	410.000	410.000
Total	1730.000	1210.000

Banking Relations :	--
Auditors :
Name :	Deloittte Haskins and Sells Chartered Accountants
Address :	12, Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
PAN No.:	AACFD4815A
Holding Company :	· Mahindra and Mahindra Limited, Worli, Mumbai, Maharashtra, India CIN No : L65990MH1945PLC004558 Line of Business: Manufacturer of General Purpose utility vehicles.
Fellow Subsidiary :	· Engines Engineering S. R. I · Mahindra Logistics Limited · Mahindra Intertrade · Mahindra Lifespace Limited · Mahindra and Mahindra Financial Services Limited · Mahindra Engineering Services Limited · Swaraj Engineering Limited

CAPITAL STRUCTURE

AS ON 22.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
400000000	Equity Shares	Rs.10/- each	Rs.4000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
358499975	Equity Shares	Rs.10/-each	Rs.3585.000 Millions

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
250000000	Equity Shares	Rs.10/- each	Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
147500000	Equity Shares	Rs.10/-each	Rs.1475.000 Millions

Notes

· Of the above shares, 118,000,000 shares are held by Mahindra and Mahindra Limited, the holding company.

· Of the above shares, 29,500,000 shares have been issued to Kinetic Motor Company Limited pursuant to an agreement for sale and purchase of assets without payment having been received in cash.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	05.08.2008 to 31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		1475.000	1475.000	1475.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(2886.332)	(1194.146)	(225.040)
NETWORTH		(1411.332)	280.854	1249.960
LOAN FUNDS
1] Secured Loans		1850.000	0.000	0.000
2] Unsecured Loans		1730.000	1210.000	350.000
TOTAL BORROWING		3580.000	1210.000	350.000
DEFERRED TAX LIABILITIES		72.000	0.000	0.000
TOTAL		2240.668	1490.854	1599.960
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		1357.646	1199.775	1316.296
Capital work-in-progress		336.822	228.539	80.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		72.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1076.123	472.614	256.937
	Sundry Debtors	332.552	71.925	17.428
	Cash & Bank Balances	41.802	127.630	14.726
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	304.701	232.485	232.132
Total Current Assets		1755.178	904.654	521.223
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	934.003	744.849	262.500
	Other Current Liabilities	163.148	62.076	2.633
	Provisions	183.827	35.189	52.426
Total Current Liabilities		1280.978	842.114	317.559
Net Current Assets		474.200	62.540	203.664
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2240.668	1490.854	1599.960

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	05.08.2008 to 31.03.2009
	SALES
		Sales - (Net)	5163.529	2370.352	165.300
		Other Income	7.544	5.713	1.726
		TOTAL (A)	5171.073	2376.065	167.026
Less	EXPENSES
		Raw Material, Work in progress and Finished Goods	4214.579	2025.220	117.524
		Employee Cost	499.958	269.346	81.041
		Other Expenses	1703.269	797.507	125.748
		Amount Capitalised	(1.236)	(0.792)	0.000
		TOTAL (B)	6416.570	3091.281	324.313
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(1245.497)	(715.216)	(157.287)
Less	INTEREST (D)		269.076	87.186	7.085
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(1514.573)	(802.402)	(164.372)
Less/ Add	DEPRECIATION/ AMORTISATION (F)		177.612	166.704	60.268
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(1692.185)	(969.106)	(224.640)
Less	TAX (H)		0.000	0.000	0.400
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(1692.185)	(969.106)	(225.040)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(1194.146)	(225.040)	0.000
	BALANCE CARRIED TO THE B/S		(2886.331)	(1194.150)	(225.040)
	EARNINGS IN FOREIGN CURRENCY
		Sales of goods abroad which were purchased abroad	100.103	173.145	67.750
		Export Sales	54.766	13.083	0.000
		Freight Charges	0.254	5.194	3.750
	TOTAL EARNINGS		155.123	191.422	71.500
	IMPORTS
		Components and Spare Parts	867.507	363.981	23.165
		Capital Goods	16.456	8.416	0.000
	TOTAL IMPORTS		883.963	372.397	23.165
	Earnings Per Share (Rs.)		(11.47)	(6.57)	(2.74)

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	05.08.2008 to 31.03.2009
PAT / Total Income	(%)	(32.72)	(40.79)	(134.73)
Net Profit Margin (PBT/Sales)	(%)	(32.77)	(40.88)	(135.90)
Return on Total Assets (PBT/Total Assets}	(%)	(54.36)	(46.05)	(12.23)
Return on Investment (ROI) (PBT/Networth)		1.19	(3.45)	(0.18)
Debt Equity Ratio (Total Liability/Networth)		(3.49)	7.31	0.53
Current Ratio (Current Asset/Current Liability)		1.37	1.07	1.64

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Particulars	As on 31.03.2011 Rs. In Millions	As on 31.03.2010 Rs. In Millions	As on 05.08.2008 to 31.03.2009 Rs. In Millions
Total outstanding dues of Micro Enterprises and small Enterprises	20.428	75.885	6.706
Total outstanding dues of creditors other than Micro Enterprises and Small Enterprises	913.575	668.964	255.793
Total	934.003	744.849	262.500

Sr. No.	Check List by Info Agents
1.	Year of Establishment	YES
2.	Locality of the firm	YES
3.	Constitutions of the firm	YES
4.	Premises details	YES
5.	Type of Business	YES
6.	Line of Business	YES
7.	Promoter’s background	--
8.	No. of employees	YES
9.	Name of person contacted	YES
10.	Designation of contact person	YES
11.	Turnover of firm for last two years	YES
12.	Profitability for last three years	NO
13.	Reasons for variations <> 20%	NO
14.	Estimation for coming financial year	NO
15.	Capital in the business	YES
16.	Details of sister concerns	YES
17.	Major Suppliers	NO
18.	Major Customers	NO
19.	Payment terms	YES
20.	Export / Import details (is applicable)	YES
21.	Market information	--
22.	Litigation that the firm / promoter involved in	--
23.	Banking Details	YES
24.	Banking facility details	NO
25.	Conduct of the banking account	--
26.	Buyer visit details	--
27.	Financials, if provided	NO
28.	Incorporation details, if applicable	--
29.	Last accounts filed at ROC	--
30.	Major Shareholders, is available	--

OPERATIONS

The Company recorded a sales volume of 1,65,717 vehicles registering a growth of 131% against the previous year. The Company has achieved cumulative sales volume of 2.4 lakhs vehicles, which is a very important milestone for the Company making it one of the few to achieve the same in short span of time.

Sales of Power Scooters continue to demonstrate strong growth momentum with volumes more than doubling to 1,60,467 units in the Financial Year 2011 as compared to 71,600 units in Financial Year 2010. The Mahindra Rodeo with its very innovative, contemporary features is popular amongst the Indian youth, while the Mahindra Duro is positioned as a family scooter. The Flyte is the Indian woman’s two-wheeler of choice.

Mahindra Two Wheelers also made its entry into the Motorcycle segment with the launch of Stallio in Q3 of Financial Year 2011. The Company will focus on progressively increasing its presence into this segment with a calibrated approach.

During the year, a new state of the art Motorcycle and engine assembly line was commissioned at the existing Pithampur facility. As part of the sustainability drive, The Company received OHSAS certification and many initiatives like GRI reporting and Kaizen policy have been launched in the plant.

OUTLOOK FOR THE CURRENT YEAR

As per the revised estimates released by the CSO (Central Statistical Organization), the Indian economy grew a creditable 8.5% in Financial Year 2011. However driven by rising commodity and fuel prices, inflation remained high, leading to a significant hardening in the monetary stance of the RBI throughout the year. With both input costs and interest rates rising, the economic environment is significantly more challenging today than it was a year ago. The Company will focus in improving the value proposition to the consumer by maintaining focus on value engineering, product quality, cost control and expanding the network to maintain the growth momentum.

FORM 8

Corporate identity number of the company	U35911MH2008PLC185462
Name of the company	MAHINDRA TWO WHEELERS LIMITED
Address of the registered office or of the principal place of business in India of the company	Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018, Maharashtra
This form is for	Modification of charge
Type of charge	Movable property (not being pledge)
Particular of charge holder	ING Vysya Bank Limited, 210, A-Wing, Mittal Tower, Nariman Point, Mumbai – 400 021, Maharashtra, India Email: giridharvvrn@ingvysyabank.com
Nature of instrument creating charge	Supplemental Deed Of Hypothecation Agreement Dated 9th May,2011.
Date of instrument Creating the charge	09.05.2011
Amount secured by the charge	Rs. 600.000 millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest TL (Capex) : Will be linked to IVBR decided mutually at the time of each drawdown. LC (Capex) (Sub limit of TL) : Commission 0.75%p.a. Terms of repayment TL (Capex) : Maximum 6 years. LC (Capex) (Sub limit of TL) : Maximum 3 years. Margin TL (Capex) : Nil LC (Capex) (Sub limit of TL) : Nil Extent and operation of the charge First pari passu charge on the moneable fixed assets of the Company. Other TL (Capex) : Rs. 150 millions LC (Capex) (Sub limit of TL) : (Rs. 150 millions)
Short particulars of the property charged (Including location of the property)	The whole of the movable assets of the company (Other than the current assets including but not limited to the movable machinery, consumable stores and spares relating to plant and machinery equipment kept at various places both present and future.
Particulars of the present modification	Enhancement of aggregate limit.

FIXED ASSETS

Tangible Assets

· Leasehold Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

Intangible Assets

· Technical Knowhow

· Brand

· Product Development Expenditure

· Software

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.53.21
UK Pound	1	Rs.83.32
Euro	1	Rs.69.51

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	--
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	--
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		28

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.