MIRA
INFORM REPORT
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Report No. : |
305447 |
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Report Date : |
30.01.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.10.1945 |
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Com. Reg. No.: |
11-004558 |
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Capital Investment
/ Paid-up Capital : |
Rs.2951.600
Millions |
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CIN No.: [Company Identification
No.] |
L65990MH1945PLC004558 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM01692F |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Light Commercial Vehicles, Agricultural
Tractors, Implements and Utility Vehicles. |
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No. of Employees
: |
19427 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Aa (80) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track. The company possesses a strong financial profile marked by healthy debt coverage and liquidity indicators derived from its liquid investments, favourable working capital cycle with strong accruals from its operations during FY 14. The rating also take into consideration the high exposure to its group companies, most of which are incurring losses and prevalling slow down in the automobile sector with stiff competition. Trade relations are fair. Business is active. Payments are reported as regular and as per commitments. In view of vast experience of the promoters and well qualified management, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating: AAA |
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Rating Explanation |
Highest degree of safety and lowest credit risk. |
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Date |
26.12.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
26.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Cooperative. (91-22-22021031/ 24901441)
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-22021031 |
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Fax No.: |
91-22-22028780 / 22875485 |
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E-Mail : |
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Website : |
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Head Office : |
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Tel No.: |
91-22-24931441 / 24961441 |
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Fax No.: |
91-22-24975081 |
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Factory : |
Akurli Road, Kandivali (East), Mumbai, Maharashtra, India |
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Tel. No.: |
91-22-28849800 |
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Fax No.: |
91-22-28468523 |
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Factory : |
Also Located At: · Nashik · Nagpur · Zaheerabad · Rudrapur · Haridwar · Pune |
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Branch Office : |
Located At : · Chennai · Kolkata · New Delhi ·
Bangalore
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DIRECTORS
As on 31.03.2014
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Name : |
Mr. Keshub Mahindra |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Anand G Mahindra |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Bharat Doshi |
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Designation : |
Executive Director and Group Chief Financial Officer |
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Name : |
Dr. Pawan Goenka |
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Designation : |
Executive Director (Appointed w.e.f. 23rd September, 2013) |
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Name : |
Mr. Deepak S. Parekh |
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Designation : |
Director |
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Name : |
Mr. Nadir B Godrej |
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Designation : |
Director |
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Name : |
Mr. M. M. Murugappan |
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Designation : |
Director |
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Name : |
Mr. A .K. Nanda |
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Designation : |
Director |
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Name : |
Mr. Narayanan Vaghul |
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Designation : |
Director |
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Name : |
Mr. R. K. Kulkarni |
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Designation : |
Director |
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Name : |
Mr. Anupam Puri |
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Designation : |
Director |
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Name : |
Dr. Vishakha N Desai |
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Designation : |
Director |
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Date of Appointment : |
30.05.2012 |
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Name : |
Mr. Vikram Singh Mehta |
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Designation : |
Director |
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Date of Appointment : |
30.05.2012 |
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Name : |
Mr. S. B. Mainak |
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Designation : |
Nominee of Life Insurance Corporation of India (Appointed w.e.f. 13th November, 2013) |
KEY EXECUTIVES
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Name : |
Narayan Shankar |
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Designation : |
Company Secretary |
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Committees of The Board : |
Audit Committee : ·
Mr. Deepak S. Parekh (Chairman) ·
Mr. Nadir B. Godrej ·
Mr. M. M. Murugappan ·
Mr. R. K. Kulkarni · Mr. Bharat Doshi Stakeholders
Relationship Committee ·
Mr. A.K. Nanda (Chairman) · Mr. Anand G. Mahindra · Mr. Bharat Doshi · Mr. R. K. Kulkarni Governance,
Remuneration and Nomination Committee ·
Mr. Narayanan Vaghul (Chairman) ·
Mr. Nadir B. Godrej ·
Mr. M. M. Murugappan ·
Mr. R.K. Kulkarni Corporate Social
Responsibility Committee · Mr. Anand G. Mahindra (Chairman) · Dr. Pawan Goenka · Mr. Bharat Doshi · Mr. A. K. Nanda · Mr. R. K. Kulkarni · Dr. Vishakha N. Desai Strategic
Investment Committee · Mr. Anand G. Mahindra (Chairman) · Mr. Bharat Doshi · Mr. Deepak S. Parekh · Mr. Nadir B. Godrej · Mr. Vikram Singh Mehta · Mr. Anupam Purii Loan And Investment
Committee · Mr. Anand G. Mahindra (Chairman) · Mr. Bharat Doshi · Mr. A. K. Nanda · Mr. R. K. Kulkarni · Mr. Vikram Singh Mehta Reserch and
Development Committee · Mr. M. M. Murugappan (Chairman) · Mr. Anand G. Mahindra · Dr. Pawan Goenka · Mr. Bharat Doshi ·
Mr. Nadir B. Godrej |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
3998552 |
0.68 |
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|
71128386 |
12.11 |
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|
84162421 |
14.33 |
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|
51835214 |
8.82 |
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|
30296337 |
5.16 |
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|
2030870 |
0.35 |
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|
159289359 |
27.11 |
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|
605772 |
0.10 |
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|
605772 |
0.10 |
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Total shareholding of Promoter and Promoter Group (A) |
159895131 |
27.22 |
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(B) Public Shareholding |
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|
13841680 |
2.36 |
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|
1397640 |
0.24 |
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|
705540 |
0.12 |
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|
93825268 |
15.97 |
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|
232275793 |
39.54 |
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|
7401527 |
1.26 |
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|
7401527 |
1.26 |
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|
349447448 |
59.48 |
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26845913 |
4.57 |
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|
37043159 |
6.31 |
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|
8749344 |
1.49 |
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|
5480178 |
0.93 |
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|
1863340 |
0.32 |
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|
594 |
0.00 |
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|
1607960 |
0.27 |
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|
1414458 |
0.24 |
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|
206492 |
0.04 |
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|
387334 |
0.07 |
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|
78118594 |
13.30 |
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Total Public shareholding (B) |
427566042 |
72.78 |
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Total (A)+(B) |
587461173 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
33631211 |
0.00 |
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|
33631211 |
0.00 |
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Total (A)+(B)+(C) |
621092384 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares (including underlying shares assuming full conversion of
warrants and convertible securities) as a % of diluted share capital |
|
1 |
Keshub Mahindra |
3,73,644 |
0.06 |
0 |
0.00 |
0.00 |
0.06 |
|
2 |
Keshub Mahindra |
68,652 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
3 |
Anand Gopal Mahindra |
7,15,004 |
0.12 |
0 |
0.00 |
0.00 |
0.12 |
|
4 |
Anjali Mehra |
85,000 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
5 |
Anjali Kumari Mehra |
57,604 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
6 |
Anuja P Sharma |
34,259 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
7 |
Anuradha Mahindra |
2,28,545 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
8 |
Deveshwar Jagat Sharma |
12,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
9 |
Dhruv S Sharma |
12,000 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
10 |
Gautam P Khandelwal |
300 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
|
11 |
Leena S Labroo |
3,93,092 |
0.06 |
0 |
0.00 |
0.00 |
0.06 |
|
12 |
Leena S Labroo |
3,93,100 |
0.06 |
0 |
0.00 |
0.00 |
0.06 |
|
13 |
Radhika Nath |
46,808 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
14 |
Sanjay Labroo |
72,720 |
0.01 |
70000 |
96.26 |
0.01 |
0.01 |
|
15 |
Sudha K Mahindra |
71,164 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
16 |
Sudha K Mahindra |
1,07,728 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
17 |
Sudha K Mahindra |
1,60,000 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
18 |
Sudha K Mahindra |
1,73,792 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
19 |
Sudha Keshub Mahindra |
2,13,332 |
0.03 |
0 |
0.00 |
0.00 |
0.03 |
|
20 |
Uma R Malhotra |
2,59,932 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
21 |
Uma R Malhotra |
2,59,932 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
22 |
Uma R Malhotra |
2,59,944 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
23 |
Kema Services International Pvt Ltd |
3,67,416 |
0.06 |
0 |
0.00 |
0.00 |
0.06 |
|
24 |
Prudential Management And Services Pvt. Ltd. |
2,28,95,790 |
3.69 |
0 |
0.00 |
0.00 |
3.69 |
|
25 |
Prudential Management And Services Pvt. Ltd. |
1,62,40,766 |
2.61 |
0 |
0.00 |
0.00 |
2.61 |
|
26 |
Prudential Management And Services Pvt. Ltd. |
1,48,03,278 |
2.38 |
0 |
0.00 |
0.00 |
2.38 |
|
27 |
Prudential Management And Services Pvt. Ltd. |
90,81,984 |
1.46 |
6016000 |
66.24 |
0.97 |
1.46 |
|
28 |
Prudential Management And Services Pvt. Ltd. |
66,01,156 |
1.06 |
6210000 |
94.07 |
1.00 |
1.06 |
|
29 |
Prudential Management And Services Pvt. Ltd. |
10,17,900 |
0.16 |
0 |
0.00 |
0.00 |
0.16 |
|
30 |
Prudential Management And Services Pvt. Ltd. |
1,20,096 |
0.02 |
0 |
0.00 |
0.00 |
0.02 |
|
31 |
Anand Mahindra, Bharat Doshi, A.K. Nanda - Trustees, Mahindra And Mahindra Employees Stock Option Trust |
2,19,47,074 |
3.53 |
0 |
0.00 |
0.00 |
3.53 |
|
32 |
Anand Mahindra, Bharat Doshi, A.K. Nanda - Trustees, Mahindra And Mahindra Employees Stock Option Trust |
44,37,635 |
0.71 |
0 |
0.00 |
0.00 |
0.71 |
|
33 |
Anand Mahindra, Bharat Doshi, A.K. Nanda - Trustees, Mahindra And Mahindra Employees Stock Option Trust |
20,00,000 |
0.32 |
0 |
0.00 |
0.00 |
0.32 |
|
34 |
Anand Mahindra, Bharat Doshi, A.K. Nanda - Trustees, Mahindra And Mahindra Employees Stock Option Trust |
19,11,628 |
0.31 |
0 |
0.00 |
0.00 |
0.31 |
|
35 |
A M Choksey, M A Nazareth - Trustee M and M Farm Employees Welfare Fund |
12,63,156 |
0.20 |
0 |
0.00 |
0.00 |
0.20 |
|
36 |
A M Choksey, M A Nazareth - Trustee M and M Farm Equipment Sector Employees Welfare Fund |
6,82,914 |
0.11 |
0 |
0.00 |
0.00 |
0.11 |
|
37 |
A M Choksey, M A Nazareth - Trustee MSL Employees Welfare Fund |
84,800 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
|
38 |
Bharat N Doshi, A.K. Nanda - Trustees - M&M Benefit Trust |
5,18,35,214 |
8.35 |
0 |
0.00 |
0.00 |
8.35 |
|
39 |
Yuthica Keshub Mahindra |
6,05,772 |
0.10 |
0 |
0.00 |
0.00 |
0.10 |
|
|
Total |
15,98,95,131 |
25.74 |
12296000 |
7.69 |
1.98 |
25.74 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India |
76474287 |
12.31 |
12.31 |
|
|
2 |
National WestMinster Bank PLC as depositary of First State Asia Pacific Leaders Fund a Sub Fund of First State Investments ICVC |
14606995 |
2.35 |
2.35 |
|
|
3 |
Dodge and Cox International Stock Fund |
13923429 |
2.24 |
2.24 |
|
|
4 |
Government of Singapore |
11326486 |
1.82 |
1.82 |
|
|
5 |
Europacific Growth Fund |
10840000 |
1.75 |
1.75 |
|
|
6 |
ICICI Prudential Life Insurance Company Limited |
9536603 |
1.54 |
1.54 |
|
|
7 |
General Insurance Corporation of India |
7945400 |
1.28 |
1.28 |
|
|
8 |
Aranda Investments (Mauritius) Pte Ltd Limited |
6570230 |
1.06 |
1.06 |
|
|
|
Total |
151223430 |
24.35 |
24.35 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Life Insurance Corporation of India & PACs |
76474287 |
12.31 |
12.31 |
|
|
|
Total |
76474287 |
12.31 |
12.31 |
|
Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
|
1 |
Infina Finance Private Limited |
1,480 |
|
|
Total |
1,480 |
Details of Depository Receipts (DRs)
|
Sl. No. |
Type of Outstanding
DR (ADRs, GDRs, SDRs, etc.) |
No. of Outstanding
DRs |
No. of Shares
Underlying |
Shares Underlying
Outstanding DRs as % of Total No. of Shares |
|
1 |
GDRs |
3,36,31,211 |
3,36,31,211 |
5.41 |
|
|
Total |
3,36,31,211 |
3,36,31,211 |
5.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Light Commercial Vehicles, Agricultural
Tractors, Implements and Utility Vehicles. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
19427 [Approximately] |
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Bankers : |
· Bank of America N.A. · Bank of Baroda · Bank of India · Canara Bank · Central Bank of India · HDFC Bank Limited · Standard Chartered Bank · State Bank of India ·
Union Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Deloittee Haskins and Sells Chartered Accountants |
|
Address : |
Tower 3, 27th – 32nd Floor, Indiabulls Finance Centre, Elphinstone Mill Compound, Senapati Bapat Marg, Elphinstone (West), Mumbai 400 013, Maharashtra, India |
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Tel No.: |
91-22-61854000 |
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Fax No.: |
91-22-61854501/4601 |
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Advocate : |
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Name : |
Khaitan and Company |
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Address : |
One Indiabulls Centre, 13th Floor, 841, Senapati Bapat Marg, Elphinstone Road, Mumbai 400 013, Maharashtra, India |
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Memberships : |
-- |
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Collaborators |
-- |
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Subsidiaries : |
1. Mahindra Engineering and Chemical Products Limited 2. Mahindra Steel Service Centre Limited 3. Mahindra First Choice Wheels Limited 4. Mahindra USA Inc. 5. Mahindra Gujarat Tractor Limited 6. Mahindra Shubhlabh Services Limited 7. Mahindra and Mahindra South Africa (Proprietary) Limited 8. Mahindra Engineering Services Limited 9. Mahindra Gears and Transmissions Private Limited 10. Mahindra Overseas Investment Company (Mauritius) Limited 11. Mahindra Europe S.r.l. 12. Jiangxi Mahindra Yueda Tractor Company Limited 13. Mahindra-BT Investment Company (Mauritius) Limited 14. Mahindra Intertrade Limited 15. Mahindra MiddleEast Electrical Steel Service Centre (FZC) 16. Mahindra Consulting Engineers Limited 17. Mahindra Holidays and Resorts India Limited 18. Mahindra Holidays and Resorts USA Inc. 19. MHR Hotel Management GmbH (upto 28th November, 2013) 20. Mahindra Hotels and Residences India Limited 21. Mahindra Holdings Limited 22. NBS International Limited 23. Mahindra Ugine Steel Company Limited 24. Mahindra and Mahindra Financial Services Limited 25. Mahindra Insurance Brokers Limited 26. Mahindra Rural Housing Finance Limited 27. Bristlecone Limited 28. Bristlecone Inc. 29. Bristlecone UK Limited 30. Bristlecone India Limited 31. Bristlecone (Singapore) Pte. Limited 32. Bristlecone GmbH 33. Bristlecone (Malaysia) Sdn. Bhd. 34. Mahindra Automobile Distributor Private Limited 35. Mahindra Trucks and Buses Limited (formerly known as Mahindra Navistar Automotives Limited) 36. Mahindra Engineering Services (Europe) Limited 37. Mahindra Engineering GmbH 38. Mahindra Lifespace Developers Limited 39. Mahindra Infrastructure Developers Limited 40. Mahindra World City (Jaipur) Limited 41. Mahindra Integrated Township Limited 42. Mahindra Residential Developers Limited 43. Mahindra World City Developers Limited 44. Mahindra World City (Maharashtra) Limited 45. Knowledge Township Limited 46. Mahindra Vehicle Manufacturers Limited 47. Mahindra Logistics Limited 48. Mahindra CIE Automotive Limited (formerly known as Mahindra Forgings Limited) (upto 3rd October, 2013) 49. Mahindra Forgings International Limited (upto 3rd October, 2013) 50. Mahindra Forgings Europe AG (upto 3rd October, 2013) 51. Gesenkschmiede Schneider GmbH (upto 3rd October, 2013) 52. JECO-Jellinghaus GmbH (upto 3rd October, 2013) 53. Falkenroth Umformtechnik GmbH (upto 3rd October, 2013) 54. Stokes Group Limited (upto 3rd October, 2013) 55. Stokes Forgings Dudley Limited (upto 3rd October, 2013) 56. Stokes Forgings Limited (upto 3rd October, 2013) 57. Mahindra Forgings Global Limited (upto 3rd October, 2013) 58. Schöneweiss and Co. GmbH (upto 3rd October, 2013) 59. Mahindra Hinoday Industries Limited (upto 3rd October, 2013) 60. Mahindra Heavy Engines Private Limited (formerly known as Mahindra Navistar Engines Private Limited) 61. Mahindra Aerospace Private Limited 62. Heritage Bird (M) Sdn. Bhd. 63. Mahindra First Choice Services Limited 64. Mahindra Graphic Research Design S.r.l. 65. Mahindra Gears International Limited 66. Mahindra Gears Global Limited 67. Mahindra Gears Cyprus Limited 68. Metalcastello S.p.A. 69. Mahindra Bebanco Developers Limited 70. Industrial Township (Maharashtra) Limited 71. Crest Geartech Private Limited 72. Mahindra Business and Consulting Services Private Limited 73. Mahindra Two Wheelers Limited 74. Mahindra Automotive Australia Pty. Limited 75. Mahindra United Football Club Private Limited 76. Defence Land Systems India Private Limited 77. Mahindra Yueda (Yancheng) Tractor Company Limited 78. Mahindra Electrical Steel Private Limited 79. Raigad Industrial and Business Park Limited 80. Retail Initiative Holdings Limited 81. Mahindra Retail Private Limited 82. Mahindra Technologies Services Inc. 83. Mahindra Punjab Tractors Private Limited 84. Mahindra Namaste Private Limited 85. Mahindra Conveyor Systems Private Limited 86. BAH Hotelanlagen AG (upto 28th November, 2013) 87. Mahindra Aerospace Australia Pty. Limited 88. Aerostaff Australia Pty. Limited 89. Mahindra Reva Electric Vehicles Private Limited 90. Bristlecone Consulting Limited 91. Anthurium Developers Limited 92. Mahindra Homes Private Limited (formerly known as Watsonia Developers Limited) (upto 19th July, 2013) 93. Gipp Aero Investments Pty. Limited 94. Gippsaero Pty. Limited 95. GA8 Airvan Pty. Limited 96. GA200 Pty. Limited 97. Airvan Flight Services Pty. Limited 98. Nomad TC Pty. Limited 99. Mahindra Emirates Vehicle Armouring FZ-LLC 100. Mahindra Integrated Business Solutions Private Limited 101. Mahindra Aerostructures Private Limited 102. Ssangyong Motor Company 103. Ssangyong European Parts Center B.V. 104. Ssangyong Motor (Shanghai) Company Limited 105. Ssangyong (Yizheng) Auto Parts Manufacturing Company Limited (upto 19th November, 2013) 106. Mahindra EPC Services Private Limited 107. Bristlecone International AG 108. EPC Industrie Limited 109. Mahindra Telecommunications Investment Private Limited 110. Mahindra Sanyo Special Steel Private Limited 111. Bell Tower Resorts Private Limited 112. Mahindra Racing S.r.l. 113. Swaraj Automotives Limited 114. Mahindra Defence Naval Systems Private Limited 115. Mahindra Defence Systems Limited 116. Divine Heritage Hotels Private Limited 117. Gables Promoters Private Limited 118. 2 X 2 Logistics Private Limited 119. Holiday on Hills Resorts Private Limited 120. MH Boutique Hospitality Limited 121. Infinity Hospitality Group Company Limited 122. Mahindra Tractor Assembly Inc. 123. Mahindra Housing Private Limited 124. Mahindra Telephonics Integrated Systems Limited (w.e.f. 22nd April, 2013) 125. Mahindra Investments (India) Private Limited (w.e.f. 25th April, 2013) 126. Mahindra Investments (International) Private Limited (w.e.f. 25th April, 2013) 127. Mahindra Offgrid Services Private Limited (w.e.f. 28th June, 2013) 128. Mahindra Asset Management Company Private Limited (w.e.f. 20th June, 2013) 129. Mahindra Trustee Company Private Limited (w.e.f. 10th July, 2013) 130. Brightsolar Renewable Energy Private Limited (w.e.f. 3rd December, 2013) 131. Cleansolar Renewable Energy Private Limited (w.e.f. 3rd December, 2013) 132. Mahindra Auto Steel Private Limited (w.e.f. 12th December, 2013) 133. Mahindra North American Technical Centre, Inc. (w.e.f. 18th Dececember, 2013) 134. Mahindra 'Electoral Trust' Company (w.e.f. 30th December, 2013) |
|
|
|
|
Associates: |
· Mahindra Composites Limited (upto 3rd October, 2013) · Swaraj Engines Limited · Mahindra and Mahindra Contech Limited · Mahindra CIE Automotive Limited (formerly known as Mahindra Forgings Limited) (w.e.f. 4th October, 2013) · Tech Mahindra Limited |
|
|
|
|
Joint Venture: |
· Mahindra Sona Limited |
|
|
|
|
Joint Venture of a
Subsidiary: |
· Mahindra Solar One Private Limited · Mahindra Water Utilities Limited |
|
|
|
|
Enterprise over
which KMP is able to exercise significant influence : |
· Prudential Management and Services Private Limited |
|
|
|
|
Welfare Funds : |
· M and M Benefit Trust · M and M Employees’ Welfare Fund · M and M Employees’ Farm Equipment Sector Employees’ Welfare Fund · Mahindra World School Education Trust |
CAPITAL STRUCTURE
As on 08.08.2014
Authorised Capital : Rs. 6250.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 3105.462
Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000000 |
Ordinary (Equity) Shares |
Rs.5/- each |
Rs.6000.000 Millions |
|
2500000 |
Unclassified Shares |
Rs.100/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.6250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
615892384 |
Ordinary (Equity) Shares |
Rs.5/- each |
Rs.3079.500
Millions |
|
25569113 |
Less : Ordinary (Equity) Shares |
Rs.5/- each |
Rs.127.900
Millions |
|
|
Total |
|
Rs.2951.600 Millions |
Reconciliation of
number of Ordinary (Equity) Shares and amount outstanding :
|
|
2014 |
|
|
|
No. of shares |
Rupees in Millions |
|
Issued and
Subscribed : |
|
|
|
Balance as at the beginning of the year |
603980756 |
3069.900 |
|
Add : |
|
|
|
Shares issued under Schemes of Arrangement |
-- |
-- |
|
Shares issued to ESOP Trust |
1911628 |
0.96 |
|
Balance as at the end of the year |
615892384 |
3079.500 |
|
Less : |
|
|
|
Shares issued to ESOP Trust but not allotted to Employees |
25569113 |
127.900 |
|
Adjusted : Issued
and Subscribed Share Capital |
509323271 |
2951.600 |
* denotes amounts less than Rs. 0.050 Million
The Ordinary (Equity) shares of the Company rank pari-passu in all respects including voting rights and entitlement to dividend.
Details of Ordinary
(Equity) shares held by shareholders holding more than 5% of the aggregate
shares in the Company :
|
Name of the
Shareholder |
2014 |
|
|
|
No. of shares |
% shareholding |
|
(i) Prudential Management and Services Private Limited |
70760970 |
11.49 |
|
(ii) Life Insurance Corporation of India |
70077205 |
11.38 |
|
(iii) M&M Benefit Trust |
51835214 |
8.42 |
|
(iv) The Bank of New York Mellon (for GDR holders) |
|
|
Issued and Subscribed Share Capital includes an aggregate of 40647 (2013 : 66199551 Ordinary (Equity) Shares of Rs. 5 each allotted as fully paid-up pursuant to Schemes of Arrangement without payment having been received in cash, for a period of five years immediately preceding the end of the financial year.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2951.600 |
2951.600 |
2945.200 |
|
(b) Reserves & Surplus |
164960.300 |
143637.600 |
118101.700 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
167911.900 |
146589.200 |
121046.900 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
37444.200 |
31724.400 |
31738.300 |
|
(b) Deferred tax liabilities
(Net) |
8896.500 |
6148.500 |
5271.300 |
|
(c) Other long term
liabilities |
5862.700 |
4154.000 |
2747.700 |
|
(d) long-term provisions |
5103.300 |
4415.900 |
3634.900 |
|
Total
Non-current Liabilities (3) |
57306.700 |
46442.800 |
43392.200 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7.400 |
546.300 |
3.900 |
|
(b) Trade payables |
60688.000 |
55797.100 |
47363.500 |
|
(c) Other current liabilities |
11335.600 |
10521.700 |
12267.000 |
|
(d) Short-term provisions |
15636.900 |
14638.800 |
13626.100 |
|
Total
Current Liabilities (4) |
87667.900 |
81503.900 |
73260.500 |
|
|
|
|
|
|
TOTAL |
312886.500 |
274535.900 |
237699.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
57063.000 |
47510.600 |
40526.100 |
|
(ii) Intangible Assets |
1706.500 |
2068.000 |
2407.400 |
|
(iii) Capital work-in-progress |
3948.600 |
4955.400 |
5699.300 |
|
(iv) Intangible assets under
development |
8335.800 |
3679.400 |
2248.000 |
|
(b) Non-current Investments |
97877.300 |
105715.000 |
92604.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
30181.200 |
20874.700 |
14766.800 |
|
(e) Other Non-current assets |
884.900 |
298.500 |
364.500 |
|
Total
Non-Current Assets |
199997.300 |
185101.600 |
158616.600 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
15921.200 |
12619.600 |
10369.000 |
|
(b) Inventories |
28036.300 |
24197.700 |
23583.900 |
|
(c) Trade receivables |
25098.400 |
22083.500 |
19285.300 |
|
(d) Cash and cash equivalents |
29503.900 |
17814.100 |
11884.300 |
|
(e) Short-term loans and
advances |
9458.300 |
7634.000 |
9309.900 |
|
(f) Other current assets |
4871.100 |
5085.400 |
4650.600 |
|
Total
Current Assets |
112889.200 |
89434.300 |
79083.000 |
|
|
|
|
|
|
TOTAL |
312886.500 |
274535.900 |
237699.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
405085.000 |
404411.600 |
318471.900 |
|
|
Other Income |
7179.900 |
5491.700 |
4721.200 |
|
|
TOTAL
(A) |
412264.900 |
409903.300 |
323193.100 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
216300.800 |
207498.700 |
188045.200 |
|
|
Purchases of Stock-in-Trade |
80769.200 |
97526.800 |
52925.800 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2746.700) |
(780.300) |
(5973.300) |
|
|
Employees benefits expense |
21637.200 |
18664.500 |
17017.800 |
|
|
Other expenses |
42942.800 |
35240.100 |
29547.800 |
|
|
Cost of Manufactured Products Capitalised |
(1030.400) |
(831.200) |
(735.300) |
|
|
Exceptional Item |
(527.900) |
(906.200) |
(1082.700) |
|
|
TOTAL
(B) |
357345.000 |
356412.400 |
279745.300 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
54919.900 |
53490.900 |
43447.800 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2592.200 |
1911.900 |
1627.500 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52327.700 |
51579.000 |
41820.300 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
8633.400 |
7108.100 |
5761.400 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
43694.300 |
44470.900 |
36058.900 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
6110.800 |
10942.700 |
7270.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
37583.500 |
33528.200 |
28788.900 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
99520.000 |
79050.000 |
62090.000 |
|
|
|
|
|
|
|
|
TRANSFER
TO DEBENTURE REDEMPTION RESERVE |
170.000 |
150.000 |
140.000 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
General Reserve |
4000.000 |
4000.000 |
3000.000 |
|
|
Proposed Dividends |
8620.000 |
7980.000 |
7680.000 |
|
|
Income-tax on Proposed
Dividend |
1040.000 |
930.000 |
1010.000 |
|
|
Dividend for 2012-13 paid on
shares issued in June, 2013 |
20.000 |
0.000 |
0.000 |
|
|
Balance
Carried to the B/S |
123250.000 |
99520.000 |
79050.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on F.O.B. basis |
21252.900 |
22250.200 |
17024.900 |
|
|
Interest |
199.100 |
179.200 |
143.700 |
|
|
Consultancy fees |
51.500 |
0.000 |
0.000 |
|
|
Others |
1095.800 |
1104.300 |
763.000 |
|
|
TOTAL
EARNINGS |
22599.300 |
23533.700 |
17931.600 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
47.100 |
9.600 |
26.000 |
|
|
Components, Spare Parts |
5352.500 |
7068.600 |
6365.400 |
|
|
Capital Goods |
1419.700 |
1418.800 |
1501.100 |
|
|
Items imported for Resale |
150.100 |
462.400 |
724.700 |
|
|
TOTAL
IMPORTS |
6969.400 |
8959.400 |
8617.200 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
63.67 |
56.85 |
48.97 |
|
|
Diluted |
61.07 |
54.61 |
46.89 |
QUARTERLY RESULTS
|
Particulars |
30.09.2014 |
30.06.2014 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
95437.300 |
102619.000 |
|
Total Expenditure |
85345.200 |
89924.300 |
|
PBIDT (Excl OI) |
10092.100 |
12694.700 |
|
Other Income |
4854.600 |
1895.100 |
|
Operating Profit |
14946.700 |
14589.800 |
|
Interest |
494.200 |
585.700 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
14452.500 |
14004.100 |
|
Depreciation |
2482.900 |
2479.500 |
|
Profit Before Tax |
11969.600 |
11524.600 |
|
Tax |
2503.300 |
2706.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
9466.300 |
8817.800 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
9466.300 |
8817.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
9.28 |
8.29 |
9.04 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.56 |
13.23 |
13.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
21.55 |
27.76 |
26.29 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.30 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.22 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29 |
1.10 |
1.08 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2945.200 |
2951.600 |
2951.600 |
|
Reserves & Surplus |
118101.700 |
143637.600 |
164960.300 |
|
Net
worth |
121046.900 |
146589.200 |
167911.900 |
|
|
|
|
|
|
long-term borrowings |
31738.300 |
31724.400 |
37444.200 |
|
Short term borrowings |
3.900 |
546.300 |
7.400 |
|
Total
borrowings |
31742.200 |
32270.700 |
37451.600 |
|
Debt/Equity
ratio |
0.262 |
0.220 |
0.223 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
318471.900 |
404411.600 |
405085.000 |
|
|
|
26.985 |
0.167 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
318471.900 |
404411.600 |
405085.000 |
|
Profit |
28788.900 |
33528.200 |
37583.500 |
|
|
9.04% |
8.29% |
9.28% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
3001.700 |
2615.200 |
4065.400
|
|
|
|
|
|
|
Total |
3001.700 |
2615.200 |
4065.400
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
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] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date : 30.06.2014 |
||||||
|
Stamp No.:- |
CAFST/17739/2014 |
Failing Date:- |
04.07.2014 |
|
||
|
Stamp No.:- |
FAST/17739/2014 |
Main Matter |
|
|
||
|
|
||||||
|
Petitioner:- |
BAJAJ ALLIANCE GENERAL CO.LTD. |
Respondent:- |
MAHINDRA AND MAHINDRA LIMITED |
|
||
|
Petn.Adv:- |
MILIND M SATHAYE (I3046) |
|||||
|
District:- |
NASHIK |
|||||
|
|
||||||
|
Bench:- |
SINGLE |
Category:- |
For Stay |
|
||
|
Status:- |
Pre-Admission |
Stage:- |
|
|||
|
Last Date:- |
11.07.2014 |
|||||
|
Last Coram:- |
REGISTRAR (JUDICIAL) |
|||||
|
|
|
|||||
|
Act:- |
WORKMEN'S COMPENSATION ACT |
|
|
|||
FINANCIAL HIGHLIGHTS
India’s macroeconomic situation as it entered Financial Year 2014 was extremely weak. Growth had dropped to 4.5%, fiscal deficit and inflation were at uncomfortably high levels and the country’s current account deficit was at an alarming 4.8% of GDP leaving it extremely exposed to the global financial turbulence triggered by the US Fed’s ‘taper’ announcement, in May, 2013. As fund managers scrambled for safe havens, portfolio flows to India, given its macro fragility, witnessed a sharp reversal. The rupee, as a consequence, plunged over 25% against the US dollar, stoking fears of a self-fulfilling balance of payments crisis. Swift, defensive actions by the Government and the RBI, however, helped turn the tide and by the year end the Indian Rupee had stabilised, the current account deficit had halved, the fiscal deficit was contained and inflation, while still high, had moved back to single digit levels.
Domestic economic activity, though, remained weak and uninspiring through the year. While a robust monsoon season provided strong support to agricultural output and rural incomes, contra impact on demand stemming from fiscal contraction, rising interest rates, stalling infrastructure projects and, an increasingly uncertain business regulatory environment, weighed heavily on the economy. Manufacturing activity, as a result, witnessed a contraction in 2013-14, its worst performance in over 20 years, and overall GDP growth dropped below 5% for a second successive fiscal year.
FINANCIAL PERFORMANCE
In the challenging times that the Indian Auto Industry is currently passing through, with volumes shrinking, the
Company has registered a marginal growth of 0.57% in the net income at Rs. 41,2260.000 Millions in the year as against Rs. 40,9900.000 Millions in the previous year on the back of a strong sales performance by its Farm Equipment Division.
Consequent to this performance, the Profit for the year before Depreciation, Finance Costs, Exceptional items and Taxation recorded an increase of 3.44% at Rs. 5,4390.000 Millions as against Rs. 5,2580.000 Millions in the previous year. Similarly, Profit after tax clocked an increase of 12.08% at Rs. 3,7580.000 Millions as against Rs. 3,3530.000 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 4,34,505 vehicles and 64,510 three-wheelers as compared to 4,83,734 vehicles and 67,735 three-wheelers in the previous year registering a de-growth of 10.2% in vehicle sales and a de-growth of 4.8% in three-wheeler sales. On the domestic sales front, the Company sold 2,54,344 Passenger Vehicles [including 2,19,421 Utility Vehicles (“UVs”), 25,189 Multi Purpose Vehicles (“MPVs”) and 9,734 Cars] which is a de-growth of 18.1% over the previous year’s volumes of 3,10,706 Passenger Vehicles [including 2,63,925 UVs, 31,437 MPVs and 15,344 Cars]. In the commercial vehicle segment, the Company sold 1,52,398 vehicles [including 29,223 vehicles < 2T GVW and 1,23,175 vehicles between 2-3.5T GVW] registering a growth of 6.7% over the previous year’s volume of 1,42,797 commercial vehicles [including 39,911 vehicles < 2T GVW and 1,02,886 vehicles between 2-3.5T GVW]. In the three-wheeler segment, the Company sold 62,614 three-wheelers registering a de-growth of 4.4% over the previous year’s volume of 65,510 three-wheelers.
The volume de-growth in most market segments is a reflection of the prolonged slow-down faced by the Indian Automotive Industry. In fact, the 9.6% de-growth of the Indian Automotive Industry (excluding two-wheeler) is the worst ever since 1976. The Company’s UV sales volume de-grew by 16.9%, but the Company continued its leadership of the domestic UV market by posting a market share of 41.7%. During this year, Bolero once again crossed the milestone of 1 lakh sales in a year. This is the third consecutive year that Bolero has achieved this milestone. Bolero also retained the title of India’s largest selling Sports Utility Vehicle (“SUV”) for the 8th consecutive year. It is also the 5th highest selling passenger vehicle in India. The Scorpio posted record sales since launch and strengthened its iconic status with sales of over 50,000 units for the third successive year. The XUV500 continued to be the customers’ choice with over 30,000 sales in the year. In the commercial vehicle segment, the Company strengthened its product portfolio with two highly successful launches in the Pik-Up truck segment – The Bolero Maxitruck Plus and the New Bolero Pik-Up. These successful launches resulted in a volume growth of 19.7% and the Company’s market share of the Pik-Up segment now stands at 63.9% (a gain of 9.9%). Pursuant to the approval of the Scheme of Arrangement between Mahindra Trucks and Buses Limited (“MTBL”), a wholly owned subsidiary of the Company and its Shareholders and Creditors and Mahindra and Mahindra Limited which has become effective from 30th March, 2014, the erstwhile “Truck and Bus Division of MTBL” has been demerged and transferred into the Company and now forms a Division of the Company.
In the Overseas market, the Company’s volume de-grew 8.6% over the previous year. This de-growth was a result of the difficult market conditions in the key markets of Sri Lanka, South Africa and Chile. During the year, the Company sold 27,763 vehicles [including 452 vehicles sourced from the erstwhile “Truck and Bus Division of MTBL”] and 1,896 three-wheelers in the Overseas market as compared to 30,231 vehicles [including 209 vehicles sourced from the erstwhile “Truck and Bus Division of MTBL”] and 2,225 three-wheelers in the previous year.
During the year, the Company sold 5,876 Light Commercial Vehicles (“LCVs”) and 2,285 Heavy
Commercial Vehicles (“HCVs”) [comprising of the erstwhile “Truck and Bus Division of MTBL”] as compared to 8,925 LCVs and 2,977 HCVs in the previous year of the erstwhile “Truck and Bus Division of MTBL”. During the year, the overall Commercial Vehicle Industry (3.5 Tonne to 49 Tonne) was down by 23.2% and HCV Industry (25 Tonne to 49 Tonne) was down by 24.2% as compared to the previous year.
Spare parts sales for the year stood at Rs. 1,4278.100 Millions (including exports of Rs. 929.800 Millions) as compared to Rs. 1,1903.000 Millions (including exports of Rs. 903.000 Millions) in the previous year, registering a growth of 20%.
FARM DIVISION:
The Company’s Farm Division (including Swaraj Division) recorded sales of 2,68,487 tractors as against 2,24,844 tractors sold in the previous year, recording a growth of 19.4%. In the Financial Year 2013-14, the Indian tractor industry enjoyed good growth. The domestic market recorded sales of 6,33,656 tractors as compared to 5,27,384 tractors in the previous year, recording a growth of 20.2%. The Company performed marginally better than the tractor industry with domestic sales of 2,58,339 tractors as compared to 2,12,555 tractors in the previous year recording a growth of 21.5%. The Company’s domestic market share now stands at 40.6% as compared to 40.1% in the previous financial year, thus completing 31 years of leadership in the Indian tractor industry. The Company exported 10,148 tractors which is a decline of 17.4% over the previous year.
Beyond tractors, the Company has presence in crop care solutions and distribution of seeds. The focus of this business is to provide quality inputs and help improve farm productivity. In the Financial Year 2013-14, this business saw a good growth of 46% in terms of revenue.
Beyond agriculture, in the power generation space under the Mahindra Powerol Brand, the Company earned a revenue of Rs. 7755.000 Millions in the current Financial Year as against Rs. 9368. 000 Millions in the previous year. The decline in revenue has mainly been the result of an Industry slowdown. While retaining the leadership position in the genset market catering to the telecom space, the Company has improved its presence in the retail segment and also made its entry into the ‘Energy Management Solutions’ space.
MANAGEMENT DISCUSSION
ANALYSIS
Subject is the flagship brand of the Mahindra Group which consists of 140 companies with diverse businesses across the globe and aggregate revenues of US $ 16.5 billion. The Financial Year 2013-14 was a challenging one with several shocks in the global and domestic environment. The Company, however, fortified by its Rise philosophy of accepting no limits, thinking innovatively and driving positive change in the lives of others, successfully took on the challenge of performing in a very volatile environment. The Automotive and Farm Equipment Sectors of MandM worked together with distinct and strong customer focus at the front end and structured synergy at the back end. In the Financial Year 2013-14, the Company sold 268,487 tractors (a growth of 19.4% in comparison to the previous year) and 499,015 vehicles (a degrowth of 9.5% over the previous year).
The Automotive and Farm Equipment Sectors, along with their subsidiary companies and joint ventures, achieved global sales of 957,797 vehicles and tractors (657,145 vehicles and 300,652 tractors). Industry Structure, Overview and Trends The Indian automotive industry comprises of a number of Indian-origin and multinational players with varying degrees of presence in different segments. Today, nine of the top ten global automotive manufacturers have a presence in India which clearly points to its importance as a strategic market. Similarly, the domestic tractor market also has a mix of Indian origin and international manufacturers and is segmented by horsepower.
GLOBAL AUTOMOTIVE
INDUSTRY
In the calendar year (“CY”) 2013, global automotive sales stood at a record 85.4 million vehicles, which was a growth of 3.9% over the previous year. This growth was primarily driven by China, USA and UK, which collectively account for 47% of the global automotive market. Source: OICA (Organisation Internationale des Constructeurs d’Automobiles).
China retained the crown of being the world’s largest automotive market for the 5th consecutive year with total
sales of 21.9 million vehicles, a growth of 14%. The US market which had hit a low in 2008, has been on a slow recovery path and posted a growth of 7% in CY 2013. However, the China-US market size gap widened to 6.1 million vehicles from 4.5 million vehicles in CY 2012.
European auto sales continue to slide, with key markets of Germany at –4%, France at –6% and Italy at –8%. However, the UK market posted 11% growth on the back of stronger consumer confidence. The European market as a whole has shown some signs of recovery in H2 CY2013. The automotive market in Brazil was also down by 1% after posting growth for seven consecutive years, while the Russian automotive market posted a 6% degrowth.
OUTLOOK – AUTOMOTIVE
AND FARM EQUIPMENT SECTORS
Both the Automotive and Farm Equipment Sectors with their updated product portfolios strive to maintain their leadership position in the domestic market and at the same time eplore global opportunities. Simultaneously, the Company continues its focus on achieving cost leadership through focused cost optimisation, productivity improvements, value engineering, improved efficiency measures like supply chain management and exploiting synergies between its Sectors. The long term outlook for the automotive industry is robust, though in the near term there are some challenges relating to economic growth, inflation, cost of ownership, consumer confidence and sentiment which has always been a key determinant of automobile sales. Also, any steep increase in commodity prices will lead to increase in vehicle prices which could be a dampener. In the long term, the Indian economy is projected to grow rapidly and demand conditions are expected to remain strong. According to long term forecasts from SIAM (Society of Indian Automobile Manufacturers), the Indian automobile industry is expected to grow at an annual average rate of ~10%. However, in the near term, the challenges as outlined above will have a bearing on demand and OEM profitability. For the Financial Year 2014-15, SIAM has projected a growth of 4-6% for the passenger vehicle segment, 4-7% for LCV Goods in the less than 3.5T segment and 3-7% for the MHCV goods segment. 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%
UNSECURED LOAN
|
PARTICULARS |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Debentures. |
5000.000 |
0.000 |
|
Term Loans from Banks |
17974.500 |
17402.000 |
|
Fixed Deposits |
587.100 |
479.300 |
|
Other Loans |
10942.100 |
11176.400 |
|
Short-term
borrowings |
|
|
|
Term Loan from Bank |
0.000 |
542.800 |
|
Fixed Deposits |
6.900 |
3.500 |
|
Total |
34510.600 |
29604.000 |
|
Note: Debentures are Senior Redeemable Non-Convertible Debentures carrying an interest rate of 9.55% with a tenure of 50 years, repayable in July, 2063. Term loans from banks comprise of : (i) USD External Commercial Borrowings carrying an average margin of 157 basis points over three month USD Libor and are repayable after five years and one day from the date of respective availment of loan i.e. Rs. 8987.200 Millions in February, 2016, Rs. 5991.500 Millions in August, 2016 and Rs. 2995.800 Millions in September, 2016. (ii) JPY External Commercial Borrowings carrying an average margin of 39 basis points over six month JPY Libor is for a period of five years and one day. The loan is repayable in three equal annual installments from August, 2012. Rs. 113.04 payable in August, 2014 is shown under current maturities of long term borrowings. Fixed deposits are repayable three years from the date of deposit and carry an interest rate of 8.00% and 9.75%. Other loans comprise deferred sales tax loans which are interest free and repayable in five equal installments after ten years from the year of availment of respective loan. These loans are repayable : Term loan from bank was pre shipment credit carrying margin of 60 basis points over six month USD Libor and was repayable within a year from the date of availment of loan. Fixed deposits are for a period of one year and carry an
interest rate of 8.50% |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10144031 |
03/03/2009 |
4,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F',
13TH FLOOR, CUFFE PARADE, COLAB |
A57476277 |
|
2 |
80017445 |
08/05/2004 * |
20,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE
BRANCH, MUMBAI, MAHARASHTRA - 4 |
- |
|
3 |
80017447 |
16/08/2002 * |
500,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA -400020, |
- |
|
4 |
80017449 |
16/08/2002 * |
1,000,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA -400020, |
- |
|
5 |
80017450 |
06/09/2002 * |
700,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA -400020, |
- |
|
6 |
90172400 |
08/01/1996 |
30,000,000.00 |
INDIAN OVERSEAS BANK |
762 ANNA SALAI, MADRAS, TAMIL NADU, INDIA |
- |
|
7 |
80017435 |
28/06/2000 * |
61,600,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA -400020, |
- |
|
8 |
80017433 |
28/06/2000 * |
44,800,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, |
- |
|
9 |
80017432 |
21/09/1998 * |
784,772,330.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI, MAHARASHTRA - 400020, |
- |
|
10 |
90168101 |
27/04/1987 |
2,100,000.00 |
IND. FINANCE CORP. OF INDIA |
BANK OF BARODA
BUILD ., 16 SANSAD MARG P.O. BOX |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2014 |
|
|
|
|
a) Guarantees given by the Company For other companies |
8965.300 |
|
|
|
(b) Claims against the Company not acknowledged as debts comprise of :
(i) Excise Duty, Sales Tax and Service Tax claims disputed by the Company relating to issues of applicability and classification aggregating Rs. 1,7507.700 Millions before tax (2013 : Rs. 1,5260.900 Millions before tax).
(ii) Other matters (excluding claims where amounts are not ascertainable) : Rs. 284.900 Millions before tax (2013 : Rs. 269.400 Millions before tax).
c) Taxation matters :
(i) Demands against the Company not acknowledged as debts and not provided for, relating to issues of deductibility and taxability in respect of which the Company is in appeal and exclusive of the effect of similar matters in respect of assessments remaining to be completed :
– Income-tax : Rs. 4955.800 Millions (2013 : Rs. 1957.400 Millions).
(ii) Items in respect of which the Company has succeeded in appeal, but the Income-tax Department is pursuing/likely to pursue in appeal/reference and exclusive of the effect of similar matters in respect of assessments remaining to be completed :
– Income-tax matters : Rs. 1552.200 Millions (2013 : Rs. 1187.500 Millions).
– Surtax matters : Rs. 1.300 Millions (2013 : Rs. 1.300 Millions).
(d) Bills discounted not matured Rs. Nil Millions (2013 : Rs. 575.600 Millions).
(e) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by its order dated 7th December, 2009 has rejected the Company’s appeal against the order dated 30th March, 2005 passed by the Commissioner of Central Excise (Adjudication), Navi Mumbai confirming the demand made on the Company for payment of differential excise duty (including penalty) of Rs. 3041.000 Millions in connection with the classification of Company’s Commander range of vehicles, during the years 1991 to 1996. Whilst the Company had classified the Commander range of vehicles as 10-seater attracting a lower rate of excise duty, the Commissioner of Central Excise (Adjudication), Navi Mumbai, has held that these vehicles could not be classified as 10-seater as they did not fulfil the requirement of 10-seater vehicles, as provided under the Motor Vehicles Act, 1988 (MVA) and Maharashtra Motor Vehicles Rules, 1989 (MMVR) and as such attracted a higher rate of excise duty.
In earlier collateral proceedings on this issue, the CESTAT had by an order dated 19th July, 2005 settled the controversy in the Company’s favour. The CESTAT had accepted the Company’s submission that MVA and MMVR could not be referred to for determining the classification for the purpose of levy of excise duty and rejected the Department’s appeal against the order of the Collector, Central Excise classifying the Commander range of vehicles as 10-seater. While the Department’s appeal against the CESTAT order dated 19th July, 2005 has been admitted, the Supreme Court of India has not stayed the operation of this order.
The Company has filed an appeal in the Supreme Court against the aforesaid order dated 7th December, 2009 inter alia, on the grounds that the MVA and MMVR cannot be referred to for the purpose of determining the excise classification, as has been repeatedly held by various judicial fora, including the Supreme Court and particularly by CESTAT vide its order dated 19th July, 2005 in the Company’s own case referred to above.
Without prejudice to the grounds raised in this appeal, the Company has paid an amount of Rs. 400.000 Millions in January, 2010. The Supreme Court has admitted the Company’s appeal and has stayed the recovery of the balance amount till further orders. In another case relating to Armada range of vehicles manufactured during the years 1992 to 1996, by the Company at its Nashik facility, the Commissioner of Central Excise, Nashik passed an order dated 20th March, 2006 confirming a demand of Rs. 247.500 Millions, on the same grounds as adopted for Commander range of vehicles. The CESTAT has given an unconditional stay against this order. The final hearing in this matter has been adjourned till the disposal of the appeal by the Supreme Court in the matter relating to Commander range of vehicles. The Company strongly believes, based on legal advice it has received, that the CESTAT order dated 7th December, 2009 which is under appeal in the Supreme Court is not sustainable in law. As such, the Company does not expect any liability on this account. However, in view of the CESTAT order, the Company has reflected the above amount aggregating Rs. 3288.500 Millions (2013 : Rs. 3288.500 Millions) and the interest of Rs. 3053.400 Millions (2013 : Rs. 2692.400 Millions) accrued on the same upto 31st March, 2014,
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND
HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended (Unaudited) |
Half Years ended |
|
|
|
30.09.2014 |
30.06.2014 |
30.06.2014 |
|
|
|
|
|
|
1. / Gross sales / Income from operations |
99084.800 |
105970.700 |
205055.500 |
|
Less : Excise duty on sales |
4903.800 |
5010.200 |
9914.000 |
|
a) Net sales/ Income from operation (net of excise duty) |
94181.000 |
100960.500 |
195141.500 |
|
b) Other operating income |
1256.300 |
1658.500 |
2914.800 |
|
Total
income from Operations(net) |
95437.300 |
102819.000 |
198056.300 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
53140.400 |
24472.800 |
107613.200 |
|
Purchase of stock in trade |
18251.800 |
19106.300 |
37358.100 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(3011.200) |
186.900 |
(2824.300) |
|
Employees benefit expenses |
5687.300 |
5828.100 |
11515.400 |
|
Depreciation and amortization expenses |
2482.900 |
2479.500 |
4962.400 |
|
Other expenditure |
11276.900 |
10330.200 |
21607.100 |
|
Total expenses |
87828.100 |
92403.800 |
180231.900 |
|
3. Profit from operations before other income and
financial costs |
7609.200 |
10215.200 |
17824.400 |
|
4. Other income |
4854.600 |
1895.100 |
6749.700 |
|
5.
Profit from ordinary activities before finance costs |
12463.800 |
12110.300 |
24574.100 |
|
6. Finance costs |
494.200 |
585.700 |
1079.900 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
11969.600 |
11524.600 |
23494.200 |
|
8. Exceptional
item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
11969.600 |
11524.600 |
23494.200 |
|
10.Tax expenses |
2503.300 |
2706.800 |
5210.100 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
9466.300 |
8817.800 |
18284.100 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
9466.300 |
8817.800 |
18248.100 |
|
14.Paid-up equity share capital (Nominal
value Rs.5/- per share) |
2953.000 |
9451.600 |
2953.000 |
|
15. Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
-- |
|
16.i) Earnings per share
(before extraordinary items) of Rs.5/- each) (not annualised): |
|
|
|
|
(a) Basic |
16.03 |
14.95 |
30.97 |
|
(b) Diluted |
15.33 |
14.32 |
29.65 |
|
Debt Equity Ration |
|
|
|
|
Debt Services Coverage Ratio
|
|
|
11.24 |
|
Interest Service Coverage
Ratio |
|
|
20.79 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
427921399 |
429059708 |
427921399 |
|
- Percentage of shareholding |
68.89 |
69.67 |
68.89 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
12296000 |
12296000 |
12296000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
7.68 |
7.91 |
7.68 |
|
Percentage of shares (as a % of total share capital of the
company) |
1.98 |
2.00 |
1.98 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
147792854 |
143219687 |
147792854 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
92.32 |
92.09 |
92.32 |
|
Percentage of shares (as a % of total share capital of the
company) |
23.80 |
23.25 |
23.80 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
0 |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
|
Particulars |
Quarter
Ended (Unaudited) |
Half
Years ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.06.2014 |
|
A. |
Segment Revenue : (Net Sales / income from operations & other
operating income) |
|
|
|
|
|
Automotive Segment |
61356.900 |
63268.400 |
124625.300 |
|
|
Farm Equipment Segment |
34067.300 |
39328.500 |
73395.800 |
|
|
Other Segments |
64.000 |
65.200 |
129.200 |
|
|
Total |
95488.200 |
102662.100 |
198150.300 |
|
|
Less: Intersegment Revenues |
50.900 |
43.100 |
94.000 |
|
|
Net Sales / income from operations and other operating income |
95437.300 |
102619.000 |
198056.300 |
|
|
|
|
|
|
|
B. |
Segment Results (After Exceptional item) |
|
|
|
|
|
Automotive Segment |
3971.300 |
5035.800 |
9007.100 |
|
|
Farm Equipment Segment |
5231.900 |
6661.000 |
11892.900 |
|
|
Other Segments |
25.700 |
7.600 |
33.300 |
|
|
Total Segment Results |
9228.900 |
11704.400 |
20933.300 |
|
|
Less : |
|
|
|
|
|
Finance costs |
494.200 |
585.700 |
1079.900 |
|
|
Other un-allocable expenditure net off un-allocable income |
(3234.900) |
(405.900) |
(3640.800) |
|
|
Total Profit before tax |
11969.600 |
11524.600 |
23494.200 |
|
|
|
|
|
|
|
C. |
Capital Employed : (Segment assets - Segment liabilities) |
|
|
|
|
|
Automotive Segment |
52826.800 |
53238.000 |
52826.800 |
|
|
Farm Equipment Segment |
37747.800 |
31026.800 |
37747.800 |
|
|
Other Segments |
43.700 |
45.900 |
43.700 |
|
|
Total Segment Capital Employed |
90618.300 |
84310.700 |
90618.300 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
SOURCES
OF FUNDS |
30.09.2014 |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
2953.000 |
|
(b) Reserves & Surplus |
183251.700 |
|
Total
Shareholders’ Funds |
186204.700 |
|
|
|
|
(3) Non-Current Liabilities |
|
|
(a) long-term borrowings |
35814.200 |
|
(b) Deferred tax liabilities
(Net) |
9373.500 |
|
(c) Other long term
liabilities |
6523.400 |
|
(d) long-term provisions |
5891.200 |
|
Total
Non-current Liabilities (3) |
57602.300 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
4.300 |
|
(b) Trade payables |
58427.300 |
|
(c) Other current liabilities |
14276.700 |
|
(d) Short-term provisions |
6784.800 |
|
Total
Current Liabilities (4) |
79493.100 |
|
|
|
|
TOTAL |
323300.100 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
74781.200 |
|
(b) Non-current Investments |
102930.100 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
32797.700 |
|
(e) Other Non-current assets |
1051.800 |
|
Total
Non-Current Assets |
211560.800 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1904.900 |
|
(b) Inventories |
31160.500 |
|
(c) Trade receivables |
28561.500 |
|
(d) Cash and cash equivalents |
21663.300 |
|
(e) Short-term loans and
advances |
11100.400 |
|
(f) Other current assets |
17348.700 |
|
Total
Current Assets |
111739.300 |
|
|
|
|
TOTAL |
323300.100 |
NOTE:
Other income includes dividend received from subsidiaries.
As sanctioned by the Honourable High Court of Bombay which became effective on
30th March 2014, the full year results of the Trucks Business was transferred
from Mahindra Trucks and Buses Limited and was included in the results for the
quarter ended 31st March. 2014. The results of the current quarter and half
year are therefore not strictly comparable to the quarter and half year ended
30th September 2013 presented.
Pursuant to the enactment of the Companies Act 2013 (the 'Act'), the Company
has reviewed the estimated economic useful lives of its fixed assets generally
in accordance with that provided in the Schedule II to the Act. As a result
(after considering the transitional provision specified in the schedule II),
the Depreciation charge for the current quarter and half year ended 30th
September, 2014 is higher by Rs. 293.100 Millions and Rs. 620.800 Millions
respectively. Further, an amount of Rs. 636.700 Millions (net of tax Rs.
354.300 Millions) has been debited to retained earnings in accordance with the
transitional provision specified in the schedule II.
During the quarter the Company has allotted 5200000 Ordinary (Equity) shares to
the Mahindra & Mahindra Employees' Stock Option Trust for further issue
under the Employee Stock Option Scheme/s. The Share Capital will reflect the
increase when the options are exercised by the employees.
During the quarter Mahindra UNIVEG Private Limited. MHR Holdings (Mauritius)
Limited, Covington S.a r.l., Lords Freight (India) Private Limited became
subsidiaries of the Company. Miryalguda Farm Solution Limited ceased to be a
associate and became subsidiary of the Company. Bell Tower Resorts Private
Limited and Mahindra Gears Cyprus Limited ceased to be subsidiaries of the
Company. Mahindra Conveyor Systems Private Limited ceased 1o be a subsidiary
and became an associate of the Company.
Previous period's / year's figures have been regrouped wherever necessary, in
order to make them comparable.
The above results were approved by the Board of Directors of the Company at the
Board Meeting held on 31st October. 2014.
In compliance with Clause 41 of the Listing Agreement with the Stock Exchanges,
a limited review of the results for the quarter ended 30th September, 2014 has
been carried out by the Statutory Auditors.
THE UNAUDITED COMBINED RESULTS OF MAHINDRA AND MAHINDRA LIMITED AND
MAHINDRA VEHICLE MANUFACTURERS LIMITED QUARTER AND YEAR ENDED 30.09.2014
(Rs. in Millions)
|
|
|
Quarter Ended |
Year Ended |
||
|
Sr. No. |
Particulars |
30.09.2014 |
%
to Net Sales |
30.09.2014 |
%
to Net Sales |
|
|
Gross sales/income from operations |
99102.600 |
107.98 |
205888.900 |
107.88 |
|
|
Less: Excise duty on sales |
7324..100 |
7.98 |
15037.300 |
7.88 |
|
|
Total
Income from operation (net) |
91778.500 |
100.00 |
190851.600 |
100.00 |
|
2. |
Expenditure
: |
|
|
|
|
|
a. |
Materials Cost |
63072.300 |
68.72 |
131010.500 |
68.65 |
|
b. |
Employee benefits expense |
6092.500 |
6.64 |
12331.500 |
6.46 |
|
c. |
Depreciation and amortisation expense |
2783.200 |
3.03 |
5585.300 |
2.93 |
|
d. |
Other expenses (Net of cost of manufactured products capitalised) |
11609.200 |
12.65 |
22312.800 |
11.68 |
|
e. |
Total expenses |
83557.200 |
91.04 |
171240.100 |
89.72 |
|
3 |
Profit
from operations before other income, finance costs and exceptional items
(1-2) |
8221.300 |
8.96 |
19611.500 |
10.28 |
|
4. |
Other income |
4906.000 |
5.34 |
6352.900 |
3.30 |
|
5. |
Profit from
ordinary activities before finance costs and exceptional items (3 + 4) |
13127.300 |
14.30 |
25964.400 |
13.60 |
|
6. |
Finance costs |
726.700 |
0.79 |
1543.000 |
0.80 |
|
7. |
Profit from
ordinary activities after finance costs but before exceptional items (5 - 6) |
12400.600 |
13.51 |
24221.400 |
12.80 |
|
8. |
Exceptional items |
0.000 |
0.00 |
0.000 |
0.000 |
|
9. |
Profit
from ordinary activities before tax (7 + 8) |
12400.600 |
13.51 |
24421.400 |
12.80 |
|
10 |
Provision for tax expenses |
2660.100 |
2.90 |
5716.900 |
3.00 |
|
11. |
Net
Profit from ordinary activities after tax (9 - 10) |
9740.500 |
10.61 |
18704.500 |
9.80 |
Mahindra Vehicle Manufacturers Limited is a
subsidiary of the company.
Notes: the
Combined Results of Mahindra and Mahindra Limited and Mahindra Vehicle
Manufacturers Limited have not been subjected to limited review.
Previous period's / year's figures have been regrouped wherever necessary, in order to make them comparable.
THE UNAUDITED COMBINED RESULTS OF MAHINDRA AND MAHINDRA LIMITED AND
MAHINDRA VEHICLE MANUFACTURERS LIMITED QUARTER AND YEAR ENDED 30.09.2014
SEGMENT WISE REVENUES, RESULTS AND CAPITAL EMPLOYED
(Rs. in Millions)
|
|
Quarter Ended |
Year Ended |
|
|
|
Particulars |
30.09.2014 |
30.09.2014 |
|
A. |
Segment Revenue :
(Net Sales / income from operations & other operating income) |
|
|
|
|
Automotive Segment |
57930.400 |
117816.400 |
|
|
Farm Equipment Segment |
34067.300 |
73395.800 |
|
|
Other Segments |
64.000 |
129.200 |
|
|
Total |
92061.700 |
191341.400 |
|
|
Less: Intersegment Revenues |
283.200 |
489.800 |
|
|
Net Sales / income from
operations and other operating income |
91778.500 |
190851.600 |
|
B. |
Segment Results
(After Exceptional item) |
|
|
|
|
Automotive Segment |
4602.100 |
10845.300 |
|
|
Farm Equipment Segment |
5231.900 |
11892.900 |
|
|
Other Segments |
25.700 |
33.300 |
|
|
Unrealized Profit |
4.600 |
1.200 |
|
|
Total Segment
Results |
9864.300 |
22772.700 |
|
|
Less : |
|
|
|
|
Finance costs |
726.700 |
1543.000 |
|
|
Other un-allocable expenditure net off un-allocable income |
(3263.000) |
(3191.700) |
|
|
Total Profit before
tax |
12400.600 |
24421.400 |
|
C. |
Capital Employed :
(Segment assets - Segment liabilities) |
|
|
|
|
Automotive Segment |
77200.500 |
77200.500 |
|
|
Farm Equipment Segment |
37747.800 |
37747.800 |
|
|
Other Segments |
43.700 |
43.700 |
|
|
Unrealized Profit |
(2.500) |
(2.500) |
|
|
Total Segment
Capital Employed |
114989.500 |
114989.500 |
Mahindra Vehicle Manufacturers Limited is a
subsidiary of the company.
Notes: the Combined
Results of Mahindra and Mahindra Limited and Mahindra Vehicle Manufacturers
Limited have not been subjected to limited review.
Previous period's / year's figures have been regrouped
wherever necessary, in order to make them comparable.
THE UNAUDITED COMBINED RESULTS OF MAHINDRA AND MAHINDRA LIMITED AND
MAHINDRA VEHICLE MANUFACTURERS LIMITED
STATEMENT OF
BALANCE SHEET
|
Particulars |
As at 30.09.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
2953.000 |
|
(b) Reserves & Surplus |
188868.600 |
|
Total
Shareholders’ Funds (1) + (2) |
191821.6000 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
41114.200 |
|
(b) Deferred tax liabilities (Net) |
11021.000 |
|
(c) Other long term liabilities |
6523.400 |
|
(d) long-term provisions |
6451.800 |
|
Total Non-current Liabilities (3) |
65110.400 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
4.300 |
|
(b) Trade payables |
61013.200 |
|
(c) Other current
liabilities |
18613.000 |
|
(d) Short-term provisions |
6956.800 |
|
Total Current Liabilities (4) |
86587.300 |
|
|
|
|
TOTAL |
343519.300 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
94119.100 |
|
(b) Non-current Investments |
93335.600 |
|
(c) Long-term Loan and Advances |
37540.500 |
|
(d) Other Non-current assets |
1051.800 |
|
Total Non-Current Assets |
226047.000 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
2134.900 |
|
(b) Inventories |
35627.200 |
|
(c) Trade receivables |
27333.600 |
|
(d) Cash and cash
equivalents |
22179.700 |
|
(e) Short-term loans and
advances |
11596.100 |
|
(f) Other current assets |
18600.800 |
|
Total Current Assets |
117472.300 |
|
|
|
|
TOTAL |
343519.300 |
Mahindra Vehicle Manufacturers Limited is a
subsidiary of the company.
Notes: the
Combined Results of Mahindra and Mahindra Limited and Mahindra Vehicle Manufacturers
Limited have not been subjected to limited review.
Previous period's / year's figures have been regrouped
wherever necessary, in order to make them comparable.
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Equipment
·
Office
Equipment
·
Furniture
and Fixture
·
Aircraft
·
Vehicles
·
Technical
Knowhow
·
Development
Expenditure
·
Computer
Software
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 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.61.50 |
|
|
1 |
Rs.93.12 |
|
Euro |
1 |
Rs.69.33 |
INFORMATION DETAILS
|
Information Gathered
by : |
PAT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.