MIRA INFORM REPORT
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Report No. : |
349263 |
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Report Date : |
20.11.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
Gateway Building, Apollo Bunder, Mumbai – 400 001,
Maharashtra |
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Tel. No.: |
91-22-22021031 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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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.2957.000
Million |
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CIN No.: [Company Identification
No.] |
L65990MH1945PLC004558 |
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IEC No.: |
0388033878 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM01692F |
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PAN No.: [Permanent Account No.] |
AAACM3025E |
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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
: |
38046 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
Aaa (86) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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Maximum Credit Limit : |
USD 550000000 |
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Status : |
Excellent |
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Payment Behavior : |
Regular |
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Litigation : |
Exist |
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Comments : |
Mahindra and Mahindra limited is a Flagship company of Mahindra Group.
It is an established company having an excellent track record. Subject is one of the most diversified auto companies in India. Its
core business include manufacturer of auto [Passenger Vehicles (PV),
Commercial Vehicles (CV), three-wheelers, two-wheelers etc.], defense,
aerospace and farm equipment (tractors and other farm equipment). Mahindra and Mahindra enjoys a dominant position in its leading
business segments. It is the largest tractor company in the world. Available financial indicates robust financial risk profile marked by
healthy net worth base along with comfortable liquidity position and decent
profit margin of the company. The rating also takes into consideration long established position and
strong operating efficiency of the company. Directors are reported to be well experienced, knowledgeable and
resourceful businessman. Share price are quoted high on stock exchange (Share price Rs. 1253
with Face value Rs. 5 Trade relations are reported as trustworthy. Business is active.
Payments are reported as regular and as per commitments. In view of the aforesaid, the company can be considered good for
normal business dealings at usual trade terms and condition. It can be considered as a promising business partner in medium to long
run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
HENKEL RATING
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HENKEL’s Rating : |
100 (Very low risk (blue ships) |
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Credit
Rating |
Henkel
Rating (Customer Risk Assesment- CRA) |
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|
Mira
Inform |
Risk
Category |
Credit
Limit |
Description |
|
Aaa |
100 |
Inter Company, credit limit
not required |
Very low risk (blue ships) |
|
Aa |
200,
201 |
(120% of Gross Annualised
Sales/365)*Credit Term. |
Low risk |
|
A |
300,
301 |
(100% of Gross Annualised
Sales/365)*Credit Term. |
Moderate risk |
|
Ba |
350 |
(90% of Gross Annualised
Sales/365)*Credit Term. |
Significant risk |
|
B |
400 |
(80% of Gross Annualised
Sales/365)*Credit Term. |
High risk |
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450 |
Very high risk |
||
|
Ca
or C |
500* |
NIL/ Legal/ Bad/No Transaction |
Doubtful accounts |
|
007* |
NIL |
Small unrated customers |
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|
009* |
NIL |
Inactive customers |
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999* |
Initially First Invoice vales,
CRA will be done and based on report the CL would get revised. |
New customer |
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ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating: AAA |
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Rating Explanation |
Highest degree of safety and carry 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+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
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
31-03-2015.
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:
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Branch Office : |
Located At :
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DIRECTORS
As on: 31.03.2015
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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. 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
|
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
Governance,
Remuneration and Nomination Committee
Corporate Social
Responsibility Committee
Strategic
Investment Committee
Loan And Investment
Committee
Reserch and
Development Committee
Risk Management Committee
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
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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|
|
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|
3998552 |
0.64 |
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|
71128386 |
11.45 |
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|
83035549 |
13.37 |
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|
29169465 |
4.70 |
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|
2030870 |
0.33 |
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|
51835214 |
8.35 |
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|
158162487 |
25.47 |
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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) |
158768259 |
25.56 |
|
(B) Public Shareholding |
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|
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|
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|
21318850 |
3.43 |
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|
1470898 |
0.24 |
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|
333194 |
0.12 |
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|
96598897 |
15.55 |
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|
186121671 |
29.97 |
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|
34707738 |
5.59 |
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|
34707738 |
5.59 |
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|
340551248 |
54.91 |
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|
32439549 |
5.23 |
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|
31850550 |
5.88 |
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|
8498852 |
1.40 |
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|
7474024 |
1.26 |
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|
1592382 |
0.31 |
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|
1607720 |
0.26 |
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|
2065794 |
0.33 |
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|
1885195 |
0.30 |
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|
322389 |
0.05 |
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|
544 |
0.00 |
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|
80262975 |
13.77 |
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Total Public shareholding (B) |
420814223 |
68.68 |
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Total (A)+(B) |
579582482 |
94.25 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
35740783 |
5.75 |
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|
35740783 |
5.75 |
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Total (A)+(B)+(C) |
615323265 |
100.00 |
BUSINESS DETAILS
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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 : |
38046 [Approximately] |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
Deloittee Haskins and Sells Chartered Accountants |
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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 (upto 8th December, 2014) 9 Mahindra Gears and Transmissions Private Limited (upto 10th
December, 2014) 10 Mahindra Overseas Investment Company (Mauritius) Limited 11 Mahindra Europe S.r.l. 12 Jiangxi Mahindra Yueda Tractor Co. Ltd (upto 17th June, 2014) 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 (upto 19th May, 2014) 19 Mahindra Hotels and Residences India Limited 20 Mahindra Holdings Limited 21 NBS International Limited 22 Mahindra Ugine Steel Company Limited (upto 10th December, 2014) 23 Mahindra and Mahindra Financial Services Limited 24 Mahindra Insurance Brokers Limited 25 Mahindra Rural Housing Finance Limited 26 Bristlecone Limited 27 Bristlecone Inc. 28 Bristlecone UK Limited 29 Bristlecone India Limited 30 Bristlecone (Singapore) Pte. Limited 31 Bristlecone GmbH 32 Bristlecone (Malaysia) Sdn. Bhd. 33 Mahindra Automobile Distributor Private Limited 34 Mahindra Trucks and Buses Limited 35 Mahindra Engineering Services (Europe) Limited (upto 8th December,
2014) 36 Mahindra Engineering GmbH (upto 8th December, 2014) 37 Mahindra Lifespace Developers Limited 38 Mahindra Infrastructure Developers Limited 39 Mahindra World City (Jaipur) Limited 40 Mahindra Integrated Township Limited 41 Mahindra Residential Developers Limited 42 Mahindra World City Developers Limited 43 Mahindra World City (Maharashtra) Limited 44 Knowledge Township Limited 45 Mahindra Vehicle Manufacturers Limited 46 Mahindra Logistics Limited 47 Mahindra Heavy Engines Private Limited 48 Mahindra Aerospace Private Limited 49 Heritage Bird (M) Sdn.Bhd. 50 Mahindra First Choice Services Limited 51 Mahindra Graphic Research Design S.r.l. 52 Mahindra Gears International Limited (upto 10th December, 2014) 53 Mahindra Gears Global Limited (upto 10th December, 2014) 54 Mahindra Gears Cyprus Limited (upto 15th September, 2014) 55 Metalcastello S.p.A (upto 10th December, 2014) 56 Mahindra Bebanco Developers Limited 57 Industrial Township (Maharashtra) Limited 58 Crest Geartech Private Limited (upto 10th December, 2014) 59 Mahindra Business and Consulting Services Private Limited 60 Mahindra Two Wheelers Limited 61 Mahindra Automotive Australia Pty. Limited 62 Mahindra Internet Commerce Private Limited (formerly known as
Mahindra United Football Club Private Limited) 63 Defence Land Systems India Limited (formerly known as Defence Land
Systems India Private Limited) 64 Mahindra Yueda (Yancheng) Tractor Company Limited 65 Mahindra Electrical Steel Private Limited 66 Mahindra Aerospace Australia Pty. Limited 67 Aerostaff Australia Pty. Limited 68 Mahindra Reva Electric Vehicles Private Limited 69 Bristlecone Consulting Limited 70 Anthurium Developers Limited 71 Gipp Aero Investments Pty. Limited 72 Gippsaero Pty. Limited 73 GA8 Airvan Pty. Limited 74 GA200 Pty. Limited 75 Airvan Flight Services Pty. Limited 76 Nomad TC Pty. Limited 77 Mahindra Emirates Vehicle Armouring FZ-LLC 78 Mahindra Integrated Business Solutions Private Limited 79 Mahindra Aerostructures Private Limited 80 Ssangyong Motor Company 81 Ssangyong European Parts Center B.V. 82 Ssangyong Motor (Shanghai) Company Limited 83 Mahindra EPC Services Private Limited 84 Bristlecone International AG 85 EPC Industrie Limited 86 Mahindra Telecommunications Investment Private Limited 87 Mahindra Sanyo Special Steel Private Limited 88 Bell Tower Resorts Private Limited (upto 31st July, 2014) 89 Mahindra Racing S.r.l. 90 Swaraj Automotives Limited 91 Mahindra Defence Naval Systems Private Limited 92 Mahindra Defence Systems Limited 93 Divine Heritage Hotels Private Limited 94 Gables Promoters Private Limited 95 2 X 2 Logistics Private Limited 96 Holiday on Hills Resorts Private Limited 97 MH Boutique Hospitality Limited 98 Infinity Hospitality Group Company Limited 99 Mahindra Tractor Assembly Inc. 100 Industrial Cluster Private Limited (formerly known as Mahindra
Housing Private Limited) 101 Mahindra Telephonics Integrated Systems Limited 102 Mahindra Investments (India) Private Limited (upto 10th December,
2014) 103 Mahindra HZPC Private Limited (formerly known as Mahindra
Investments (International) Private Limited) 104 Mahindra Offgrid Services Private Limited 105 Mahindra Asset Management Company Private Limited 106 Mahindra Trustee Company Private Limited 107 Cleansolar Renewable Energy Private Limited 108 Brightsolar Renewable Energy Private Limited 109 Mahindra Auto Steel Private Limited 110 Mahindra 'Electoral Trust' Company 111 Mahindra North American Technical Centre, Inc. 112 Raigad Industrial and Business Park Limited 113 Retail Initiative Holdings Limited 114 Mahindra Retail Private Limited 115 Mahindra Technologies Services Inc. (upto 8th December, 2014) 116 Mahindra Punjab Tractors Private Limited 117 Mahindra Namaste Private Limited 118 Mahindra Conveyor Systems Private Limited (upto 31st July, 2014) 119 Competent Hotels Private limited (w.e.f 18th June, 2014) 120 Mahindra Racing UK Limited (w.e.f 22nd May, 2014) 121 Mahindra UNIVEG Private Limited (w.e.f 9th July, 2014) 122 MHR Holdings (Mauritius) Limited (w.e.f. 11th July, 2014) 123 Convington S.á.r.l. (w.e.f. 17th July, 2014) 124 Lords Freight (India) Private Limited (w.e.f. 7th August, 2014) 125 Mriyalguda Farm Solution Limited (w.e.f. 11th August, 2014) 126 Mahindra Two Wheelers Europe Holdings S.á.r.l. (w.e.f. 2nd
December, 2014) 127 Mahindra Industrial Park Chennai Limited (w.e.f. 22nd December,
2014) 128 Peugeot Motocycles S.A.S. (w.e.f. 19th January, 2015) 129 Peugeot Motocycles Italia S.p.A (w.e.f. 19th January, 2015) 130 Peugeot Motocycles Deutschland GmbH (w.e.f. 19th January, 2015) |
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Associates: |
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Joint Venture: |
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Joint Venture of a Subsidiary: |
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Enterprise over which KMP is able to exercise significant influence : |
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Welfare Funds : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1200000000 |
Ordinary (Equity) Shares |
Rs.5/- each |
Rs.6000.000 Million |
|
2500000 |
Unclassified Shares |
Rs.100/- each |
Rs.250.000 Million |
|
|
Total |
|
Rs.6250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
621092384 |
Ordinary (Equity) Shares |
Rs.5/- each |
Rs.3105.500
Million |
|
29700106 |
Less : Ordinary (Equity) Shares |
Rs.5/- each |
Rs.148.500
Million |
|
|
Total |
|
Rs.2957.000 Million |
Reconciliation of
number of Ordinary (Equity) Shares and amount outstanding:
|
|
2015 |
|
|
|
No. of shares |
Rupees in Million |
|
Issued and
Subscribed : |
|
|
|
Balance as at the beginning of the year |
615892384 |
3079.500 |
|
Add : |
|
|
|
Shares issued under Schemes of Arrangement |
|
|
|
Shares issued to ESOP Trust |
5200000 |
26.000 |
|
Balance as at the end of the year |
621092384 |
3105.500 |
|
Less : |
|
|
|
Shares issued to ESOP Trust but not allotted to Employees |
29700106 |
148.500 |
|
Adjusted : Issued
and Subscribed Share Capital |
59139278 |
2957.000 |
* 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 |
11.39 |
|
(ii) Life Insurance Corporation of India |
78203359 |
12.59 |
|
(iii) M&M Benefit Trust |
51835214 |
8.35 |
|
(iv) The Bank of New York Mellon (for GDR holders) |
33413833 |
5.38 |
Issued and Subscribed Share Capital includes an aggregate of 40,647 (2014 : 40,647) 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 Million]
Note: FINANCIAL
DETAILS FILE ATTACHED
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
84069.900 |
68943.900 |
54823.100 |
|
Cash generated from operations |
40662.400 |
46218.600 |
50189.400 |
|
Net Cash flows from operating activities |
32194.900 |
37276.400 |
41457.100 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
2951.600 |
2951.600 |
2957.000 |
|
Reserves & Surplus |
143637.600 |
164960.300 |
189593.900 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
146589.200 |
167911.900 |
192550.900 |
|
|
|
|
|
|
long-term borrowings |
31724.400 |
37444.200 |
25141.300 |
|
Short term borrowings |
546.300 |
7.400 |
1062.500 |
|
Current Maturities of
Long Term Debt |
54823.100 |
68943.900 |
84069.900 |
|
Total borrowings |
87093.800 |
106395.500 |
110273.700 |
|
Debt/Equity ratio |
0.594 |
0.634 |
0.573 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
404411.600 |
405085.000 |
389454.200 |
|
|
|
0.167 |
(3.859) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
404411.600 |
405085.000 |
389454.200 |
|
Profit |
33528.200 |
37583.500 |
33211.100 |
|
|
8.29% |
9.28% |
8.53% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
--- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Debentures. |
5000.000 |
5000.000 |
|
Term Loans from Banks |
9375.000 |
17974.500 |
|
Fixed Deposits |
216.900 |
587.100 |
|
Other Loans |
10549.400 |
10942.100 |
|
Short-term
borrowings |
|
|
|
Term Loan from Bank |
1062.500 |
0.000 |
|
Fixed Deposits |
0.000 |
6.900 |
|
Total |
26203.800 |
34510.600 |
|
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 : 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 ailment of loan i.e. Rs. 6250.000 million in August, 2016 and Rs. 3125.000 million in September, 2016. Rs. 9375.000 Million payable in February, 2016 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 9.75%. Term loan from bank is an Export credit facility carrying
interest rate of 0.58% and is repayable within a year from the date of an
ailment of loan. |
||
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||
|
Bench:- Bombay |
||||||
|
Presentation
Date : 12.05.2014 |
||||||
|
Stamp No.:- |
ITXAL/1005/2014 |
Failing Date:- |
12.05.2014 |
|
||
|
Reg No.:- |
ITXA/1148/2014 |
Reg Date: |
22.07.2014 |
|
||
|
Petitioner:- |
COMMISSIONER OF INCOME TAX-2 |
Respondent:- |
MAHINDRA AND MAHINDRA LIMITED |
|
||
|
Petn.Adv:- |
SURESH KUMAR (12100 |
|||||
|
District:- |
MUMBAI |
|||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
|
||
|
|
|
Stage:- |
- |
|
||
|
Status:- |
PRE-ADMISSIN |
|
||||
|
Last Date:- |
19.01.2016 |
|||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
|||||
|
Act:- |
INCOME TAX ACT, 1961 |
|
||||
FINANCIAL HIGHLIGHTS
Stabilization and recovery are the two words that best characterize India’s economic performance in the Financial Year 2014-15. Supported by benign prices across the commodity complex – food, metals and crude oil, the country’s macros witnessed a sharp and reassuring consolidation. The centre’s fiscal deficit dropped to 4.1% from 4.4% a year ago and is set to consolidate further in the current Financial Year. The country’s balance of payments registered a healthy surplus, while the current account deficit came in below 2% of GDP for the second year in succession. Furthermore, consumer price inflation is currently trending around the 5% mark, a sharp drop from the entrenched double digit price acceleration experienced during the last couple of years and considerably below the 8% target that the RBI had set for itself a year ago. The latter’s monetary stance has, consequently, eased considerably and may ease further in the coming months. Economic activity, at the same time, witnessed a steady, albeit slow, recovery through the year. While the regulatory and procedural reforms undertaken by the new Government since taking office in June last year did help improve the business climate prevailing in the country, weak demand continued to constrain private sector activity for the second year in succession. With global growth across developed and emerging markets remaining below par in 2014, external demand remained tepid and uninspiring through the year. At the same time, a poor monsoon season coupled with benign food prices severely constrained rural incomes and domestic demand. The one bright spot was the turnaround in investment plans and expenditures signalled by the sharp pick up in capital goods production and new project announcements in the second half of 2014-15, which portends well for future growth. However, even amidst this scenario, the Company demonstrated resilience to economic cycles with a decline of only 3.47% in net income at Rs. 397940.000 million in the year as against Rs. 41,2260.000 million in the previous year. The Profit for the year before Depreciation, Finance Costs, Exceptional items and Taxation recorded a decrease of 7.67% at Rs. 5,0220.000 million as against Rs. 5,4390.000 million in the previous year. Similarly, Profit after tax declined by 11.62% at Rs. 3,321 million as against Rs. 3,7580.000 million 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 and process efficiencies. No material changes and commitments have occurred after the closure of the Financial Year 2014-15 till the date of this Report, which would affect the financial position of the Company.
PERFORMANCE REVIEW
AUTOMOTIVE DIVISION:
The Company’s Automotive Division recorded total sales of 3,96,534 vehicles and 59,404 three-wheelers as compared to 4,34,505 vehicles and 64,510 three-wheelers in the previous year registering a decline of 8.7% in vehicle sales and a decline of 7.9% in three-wheeler sales.
On the domestic sales front, the Company sold 2,23,968 Passenger Vehicles [including 2,06,837 Utility Vehicles (UVs), 13,947 Multi-Purpose Vehicles (MPVs) and 3,184 Cars] which is a decline of 11.9% over the previous year’s volumes of 2,54,344 Passenger Vehicles [including 2,19,421 UVs, 25,189 MPVs and 9,734 Cars]. In the commercial vehicle segment, the Company sold 1,45,010 vehicles [including 15,255 vehicles < 2T GVW and 1,29,755 vehicles between 2-3.5T GVW] registering a decline of 4.8% over the previous year’s volume of 1,52,398 commercial vehicles, [including 29,223 vehicles < 2T GVW and 1,23,175 vehicles between 2-3.5T GVW]. In the three-wheeler segment, the Company sold 56,764 three-wheelers registering a decline of 9.3% over the previous year’s volume of 62,614 three-wheelers.
For the year, the Passenger Vehicle (PV) industry has shown signs of revival, but this has been patchy. The Car industry growth is largely driven by new launches. The Company’s volume decline in the UV segment is a reflection of the UV market shift towards compact UVs attracting lower excise rates. The < 2T Light Commercial Vehicle (LCV) industry continues to shrink and the 2 to 3.5T LCV industry (Pik- Ups) suffered due to slowdown in Agri incomes and finance availability.
The Company’s UV sales volume declined by 5.7%, but the Company continued to maintain its leadership position in the domestic UV market by posting a market share of 37.4%. During this year, Bolero sales once again crossed the milestone of 1 lakh sales in a year. This is the fourth consecutive year that Bolero has achieved this milestone. Also, Bolero retained the title of India’s largest selling Sports Utility Vehicle (SUV) for the 9th consecutive year. It is also the 5th highest selling passenger vehicle in India. In September, 2014, the Company launched the New Generation Scorpio. The New Generation Scorpio is built on an all new platform and comes with contemporary styling and advanced technology features. New Generation Scorpio is all set to take the Scorpio brand to new heights. The Scorpio posted record sales since launch and strengthened its iconic status with sales of over 50,000 units for the fourth successive year. The XUV500 continued to be the customer’s choice in the premium UV segment with sales of over 34,000 units in the year. In the Pik-Up segment of commercial vehicles (LCV 2 to 3.5T), the Company strengthened its leadership position with a market share of 73.3% (a gain of 9.5% points).
The Company recorded total sales of 8,912 commercial vehicles [including 5,413 LCVs in the LCV > 3.5T segment and 3,499 HCVs (Heavy Commercial Vehicles)] which is a growth of 9.2% over the previous year’s volumes of 8,161 commercial vehicles [including 5,876 LCVs in the LCV > 3.5T segment and 2,285 HCVs].
In the Overseas market, the Company’s volume grew 1.8% over the previous year. While the markets of Sri Lanka, Nepal, Bangladesh and Bhutan witnessed good growth, there was a decline in Chile and South Africa. During the year, the Company sold 27,556 vehicles and 2,640 three-wheelers in the overseas market as compared to 27,763 vehicles [including 452 vehicles sourced from the erstwhile “Trucks and Bus Division of Mahindra Trucks and Buses Limited” which subsequently got demerged into the Company] and 1,896 three-wheelers in the previous year.
.
Spare parts sales for the year stood at Rs. 16099.000 million (including exports of Rs. 1040.400 million) as compared to Rs. 1,4278.100 million (including exports of Rs. 929.800 million) in the previous year, registering a growth of 12.8%.
FARM DIVISION:
In the Financial Year 2014-15, the Indian tractor industry witnessed a steep decline of 13.1%. This was on account of poor monsoon followed by unseasonal rains. The domestic market recorded sales of 550963 tractors as compared to 633656 tractors in the previous year.
In the face of this challenging industry situation, the Company’s Farm Division (including Swaraj Division) recorded sales of 2,34,766 tractors as against 2,68,487 tractors sold in the previous year, registering a decline of 12.6%.
The Company’s sales in the domestic market stood at 221020 tractors as compared to 258339 tractors in the previous year, registering a decline of 14.4%. However, the Company continues to be the market leader with a 40% market share. With a vision to offer class leading tractors to the Indian farmer, the Company launched the technologically advanced and stylishly designed Arjun Novo. Arjun Novo is the first tractor model to roll out of the all new high Horse Power (HP) platform, creating new benchmarks in performance, technology, comfort and ergonomics. Arjun Novo boasts of aside array of world-class and category first features. For the year, the Company exported 13,746 tractors registering a growth of 35.5% over the previous year. This is the highest ever tractor exports by the Company. 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 2014-15, this business saw a good growth of 49.6% in terms of revenue. In the power generation space, under the Mahindra Powered Brand, the Company continues to be amongst the leaders in the industry. The Company earned a revenue of Rs. 8345. 000 million in the current Financial Year as against Rs. 7755. 000 million in the previous year, registering a growth of 7.6%. Along with the revenue growth, the Company has improved its presence in the retail segment and made good progress in the ‘Energy Management Solutions’ space. Spare parts sales for the year stood at Rs. 5494.300 million (including exports of Rs. 488.400 million) as compared to Rs. 5217.100 million (including exports of Rs. 399.100 million) in the previous year, registering a growth of 5.3%.
MANAGEMENT DISCUSSION
ANALYSIS
The Company (M&M) or (Mahindra) is the flagship company of the Mahindra Group, which consists of 137 companies with diverse business interests across the globe and aggregate revenues of around US $ 16.9 billion. The Financial Year 2014-15 was characterized by an economic environment that was lukewarm. A below par monsoon affected domestic demand even while global demand remained sluggish. While, as compared to the previous year, the automotive industry was in better shape overall it is still some distance away from full recovery. During the year, the tractor industry also faced strong headwinds and steep industry slowdown. Impact of this sluggish economic environment was felt by the Company as well, with the Automotive Sector registering a decline of 8.3% in vehicle sales and tractor sales declining by 12.6%, respectively, compared to the previous year. Even amidst this scenario, the Company demonstrated its resilience, with a Net Income for the year of Rs. 397940.000 million, a decline of only 3.5%, as compared to the previous year and Profit before Tax of Rs. 41690.000 million, a decline of only 4.6% over the previous year.
GLOBAL AUTOMOTIVE
INDUSTRY
In the calendar year (CY) 2014, global automotive sales stood at a record 88.2 million vehicles, a growth of around 3% over the The slowdown in rural consumption and agri incomes is reflected in the demand for two wheelers (especially motorcycles) and three wheelers, with a marked slowdown in H2 FY2015 as compared to H1 FY2015. In the Financial Year 2014-15, interest rates were on the higher side, but a drop in fuel prices and only a marginal escalation of vehicle prices (as a result of benign commodity prices) resulted in the cost of ownership remaining unchanged for the consumer. With deregulation of fuel prices, the differential between petrol and diesel prices has reduced and there is a noticeable shift in preference for petrol and CNG as a fuel, especially in the car and van segments. The Utility Vehicle (UV) segment posted a growth of 5.3%, driven by 10.9% growth in the Compact UV segment, whereas the rest of the UV segment (large UVs) has declined by 1.5%. The growth in Compact UVs is on account of consumer preference for smaller, more car like vehicles and the lower excise duty on sub 4m vehicles. However, UVs as a vehicle category continue to find preference with the customer. The ratio of UVs to passenger vehicles remained at ~ 21% over the last two years. The uptick in the MHCV segment is driven by the partial lifting of the mining ban, opening up of investment in the road and infrastructure sectors and some revival of manufacturing in H2 FY15. However, LCV < 3.5 tons (50% of total CV industry by volume) continues to be under pressure in the face of a slowdown in rural consumption and drop in agri incomes and consumer durables.
OUTLOOK – AUTOMOTIVE
AND FARM EQUIPMENT SECTORS
Both the Automotive and Farm Sectors strive to maintain their leadership position in the domestic market and at the same time America, China, Africa and South East Asia and at the same explore global opportunities. Simultaneously, the Company continues its focus on achieving cost leadership through focused cost optimization, productivity improvements, value engineering, improved efficiency measures like supply chain management and exploiting synergies between its sectors. The mid-term outlook for the Indian auto industry is very positive. SIAM (Society of Indian Automobile Manufacturers) has forecasted that the potential size of the Indian vehicle market (PV + CV) by the Financial Year 2018-19 will be as large as ~5.8 million vehicles (current size 3.8 million) which is an annual growth rate of 11%. In the Financial Year 2015-16, growth in the automotive industry will be driven by economic recovery, overall positive sentiment in the country and increased investment in
Infrastructure. However, some challenges do exist in the
short term, in the form of a low agri sentiment that impacts rural India in
general. This aspect has to be carefully watched in the coming months when the
monsoon will act as an important driver of sentiment. The cost of ownership of
vehicles is likely to see a marginal increase due to a rise in both fuel and
commodity prices. However, interest rates are likely to soften from current
levels. For the Financial Year 2015-16, SIAM forecasts single digit growth for
the Indian auto industry. The Passenger Vehicle segment is expected to grow by
5-7%, LCV Goods by 3-5%, MHCV Goods by 12-14%, three wheelers by 2-4% and two
wheelers by 7-9%. On the export front, they see some opportunity for growth
which will be aided by an upswing in the global auto industry, especially in
the European Union and Africa. On the tractor front, the unseasonal rains in
Q4F15, resulting in lower Rabi crop production, coupled with subdued crop
prices, is expected to have a negative effect on agri incomes. This is also
likely to have an adverse impact on domestic tractor demand in the early part
of the Financial Year 2015-16. However, a timely and near normal monsoon has
the potential to help improve the sentiment and lead to industry growth. The
impact of this is likely to be felt only in the latter part of the Financial
Year 2015-16. On the international front, the Company plans to strengthen its
presence in existing markets of USA, South and Central America, China, Africa
and South East Asia and at the same evaluate opportunities in new geographies.
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2015 |
|
|
|
|
a) Guarantees given by the Company For other companies |
13444.800 |
|
|
|
(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. 2,0032.600 million before tax (2014 : Rs. 1,7507.700 million 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. 5264.900 million (2014: Rs. 4955.800 million).
(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. 1536.500 million (2014: Rs. 1552.200 million).
– Surtax matters: Rs. 1.300 million (2014: Rs. 1.300 million).
(d) 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 million 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) read with Maharashtra Motor Vehicles Rules, 1989 (MMVR) and as such attracted a higher rate of excise duty. The Company has challenged the CESTAT order in the Supreme Court.
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. The Department had challenged the CESTAT order in the Supreme Court.
Without prejudice to the grounds raised in this appeal, the Company has paid an amount of Rs. 400.000 million in January, 2010. The Supreme Court has admitted the Company’s appeal and has stayed the recovery of the balance amount till further orders. Both these orders of the Tribunals were heard and disposed off by the Honorable Supreme Court, in August 2014. Since contrary views were expressed by the Tribunals in two parallel proceedings, the Honorable Supreme Court directed that a larger bench of the Tribunal be constituted to hear the appeals without expressing any opinion on the issues.
The Larger Bench of the CESTAT heard the matter in February, 2015 and by an order dated 27 February, 2015, remanded the matter to the Commissioner of Central Excise for consideration of the case afresh keeping all issues open.
The company strongly believes, based on legal advice it has received, that it has a good case on merits so as to ultimately succeed in the matter.
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 million, 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.
As such, the Company does not expect any liability on this account. However, in view of the CESTAT orders and subsequent proceedings, pending their final outcome, the Company has reflected the above amount aggregating Rs. 3288.500 million (2015: Rs. 3288.500 million) and the interest of Rs. 3414.400 million (2014: Rs. 3053.400 million) accrued on the same up to 31st March, 2015,
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, COLABA, MUMBAI - 400005, MAHARASHTRA, INDIA |
A57476277 |
|
2 |
80017445 |
08/05/2004 * |
20,000,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
3 |
80017447 |
16/08/2002 * |
500,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
4 |
80017449 |
16/08/2002 * |
1,000,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
5 |
80017450 |
06/09/2002 * |
700,000,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
6 |
90172400 |
08/01/1996 |
30,000,000.00 |
INDIAN OVERSEAS BANK |
762 ANNA SALAI, MADRAS, TAMILNADU, INDIA |
- |
|
7 |
80017435 |
28/06/2000 * |
61,600,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
8 |
80017433 |
28/06/2000 * |
44,800,000.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
9 |
80017432 |
21/09/1998 * |
784,772,330.00 |
ICICI LIMITED |
BACKBAY
RECLAMATION, MUMBAI -400020, MAHARASHTRA, |
- |
|
10 |
90168101 |
27/04/1987 |
2,100,000.00 |
IND. FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING,
16 SANSAD MARG P.O. BOX |
- |
* Date of charge modification
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30TH
JUNE, 2015
(Rs. In Million)
|
Particulars |
|
Quarter Ended (Unaudited) |
|
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
1. / Gross sales / Income from operations |
|
|
103378.800 |
|
Less : Excise duty on sales |
|
|
6298.300 |
|
a) Net sales/ Income from operation (net of excise duty) |
|
|
97080.500 |
|
b) Other operating income |
|
|
1223.300 |
|
Total
income from Operations(net) |
|
|
98303.800 |
|
2.Expenditure |
|
|
|
|
Cost of material consumed |
|
|
52769.500 |
|
Purchase of stock in trade |
|
|
19009.700 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
|
|
(1786.300) |
|
Employees benefit expenses |
|
|
6074.400 |
|
Depreciation and amortization expenses |
|
|
2323.800 |
|
Other expenditure |
|
|
9711.900 |
|
Total expenses |
|
|
88103.000 |
|
3. Profit from operations before other income and
financial costs |
|
|
10200.800 |
|
4. Other income |
|
|
1692.000 |
|
5.
Profit from ordinary activities before finance costs |
|
|
11892.800 |
|
6. Finance costs |
|
|
393.500 |
|
7. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
|
|
11499.300 |
|
8. Exceptional item |
|
|
0.000 |
|
9. Profit from ordinary
activities before tax Expense: |
|
|
11499.300 |
|
10.Tax expenses |
|
|
2977.300 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
|
|
8522.000 |
|
12.Extraordinary Items (net of tax expense) |
|
|
0.000 |
|
13.Net Profit / (Loss) for
the period (11 -12) |
|
|
8522.000 |
|
14.Paid-up equity share capital (Nominal value
Rs.5/- per share) |
|
|
2958.600 |
|
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 |
|
|
14.41 |
|
(b) Diluted |
|
|
13.72 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
427349600 |
|
- Percentage of shareholding |
|
|
68.61 |
|
2. Promoters and Promoters group Shareholding- |
|
|
- |
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
8669815 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
|
|
5.45 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
1.40 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
|
150298318 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
94.55 |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
24.20 |
|
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
Million)
|
|
Particulars |
|
Quarter
Ended (Unaudited) |
|
|
|
|
|
|
30.06.2015 |
|
A. |
Segment Revenue : (Net Sales / income from operations & other
operating income) |
|
|
|
|
|
Automotive Segment |
|
|
62599.300 |
|
|
Farm Equipment Segment |
|
|
35721.700 |
|
|
Other Segments |
|
|
38.300 |
|
|
Total |
|
|
98359.300 |
|
|
Less: Intersegment Revenues |
|
|
55.500 |
|
|
Net Sales / income from operations and other operating income |
|
|
98303.800 |
|
|
|
|
|
|
|
B. |
Segment Results (After Exceptional item) |
|
|
|
|
|
Automotive Segment |
|
|
5370.800 |
|
|
Farm Equipment Segment |
|
|
6310.200 |
|
|
Other Segments |
|
|
5.500 |
|
|
Total Segment Results |
|
|
11686.500 |
|
|
Less : |
|
|
|
|
|
Finance costs |
|
|
393.500 |
|
|
Other un-allocable expenditure net off un-allocable income |
|
|
(206.300) |
|
|
Total Profit before tax |
|
|
11499.300 |
|
|
|
|
|
|
|
C. |
Capital Employed : (Segment assets - Segment liabilities) |
|
|
|
|
|
Automotive Segment |
|
|
61296.500 |
|
|
Farm Equipment Segment |
|
|
34204.300 |
|
|
Other Segments |
|
|
76.800 |
|
|
Total Segment Capital Employed |
|
|
95577.600 |
Note:
|
|
Particulars |
|
Quarter
Ended (Unaudited |
|
|
|
|
|
|
30.06.2015 |
|
|
Other Income includes dividend received from subsidiaries. |
|
|
805.600 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Equipment
·
Office
Equipment
·
Furniture
and Fixture
·
Aircraft
·
Vehicles
·
Technical
Knowhow
·
Development
Expenditure
·
Computer
Software
PRESS
RELEASE:
Mahindra & Mahindra forays into branded pulses business
Oct 20, 2015: The company on Monday launched the NuPro Tur dal in Mumbai and said it will soon expand its footprint in other pulses and related value added products like besan in nearby areas like Pune and Nashik.
Mahindra and Mahindra's (M&M) agri business division has forayed into branded pulses space with NuPro brand. The company on Monday launched the NuPro Tur dal in Mumbai and said it will soon expand its footprint in other pulses and related value added products like besan in nearby areas like Pune and Nashik.
It also plans to introduce a range of other branded pulses under the NuPro brand across major markets over the next three years.
"Their agri business helps us to deliver their long-term aspiration of 'Farm-Tech Prosperity'. Today, with NuPro pulses, they are taking another important step in their journey towards becoming a complete value chain player," M&M Executive Director Pawan Goenka said in a statement.
They are hopeful that on the basis of its unmatched quality, NuPro will establish itself as a premium brand for pulses in India, he added.
M&M group's agri-Africa and South Asia operations President and Chief
Executive, Ashok Sharma said NuPro is 100 per cent unpolished dal with minimum
moisture content and is prepared by splitting through natural sun drying.
"As a result, NuPro pulses can be cooked up to 50 per cent faster than the
average dal in the market," Sharma added. A USD 16.9 billion group based in
Mumbai, M&M deals in tractors, utility vehicles, financial services,
information technology and real estate among others.
M&M stock price
On November 17, 2015, at 12:44 hrs Mahindra and Mahindra was quoting at Rs 1280.60, up Rs 2.45, or 0.19 percent. The 52-week high of the share was Rs 1441.45 and the 52-week low was Rs 1095.00.
The company's trailing 12-month (TTM) EPS was at Rs 52.62 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.34. The latest book value of the company is Rs 310.09 per share. At current value, the price-to-book value of the company is 4.13.
Mahindra enters digital market for intra-city logistics
Oct 20, 2015: Under the initiative, cargo owners -- both businesses and individual users -- can access the Smart Shift service through a mobile app available on android, website or the dedicated call centre, M&M said in a statement.
Mahindra & Mahindra (M&M) today launched Smart Shift, a technology enabled load exchange platform for cargo owners and transporters, enabling them to work with each other. Under the initiative, cargo owners -- both businesses and individual users -- can access the Smart Shift service through a mobile app available on android, website or the dedicated call center, M&M said in a statement.
"At Mahindra, they regularly challenge conventional thinking and create disruptions with our unique product and service offerings. Smart Shift is one such idea that was seeded by a young team and has now been charged with growing this service offering independent of existing Mahindra businesses," M&M Executive Director, Pawan Goenka said.
Mart Shift is a digitally enabled, value added service that
would benefit both cargo owners and
transporters, he added.
The goods transport industry in India is a fragmented
market. A platform or marketplace that connects load owners and
transporters can bring significant efficiencies," M&M Group President
(Strategy), Anish Shah said. The resulting reduction in cost and travel time
would delight the end consumer as Smart Shift will be the marketplace for load
transport within cities, he added.
M&M stock
price
On November 17, 2015, at 12:51 hrs Mahindra and Mahindra was quoting at Rs 1281.45, up Rs 3.30, or 0.26 percent. The 52-week high of the share was Rs 1441.45 and the 52-week low was Rs 1095.00.
The company's trailing 12-month (TTM) EPS was at Rs 52.62 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.35. The latest book value of the company is Rs 310.09 per share. At current value, the price-to-book value of the company is 4.13.
Moody's Assigns Lowest Investment Grade Rating to M&M
October 09, 2015: New Delhi: Moody's on Thursday assigned lowest investment grade rating, Baa3, to auto major Mahindra & Mahindra, although with a stable outlook.
The declining profitability of its automotive business -mainly because of the
weak performance of its Korea-based subsidiary Ssangyong Motor and the limited
geographic diversification of the group's non-IT businesses constrain the
ratings, it said.
Elaborating on the first time issuer rating to M&M, Moody's Vice-President
and Senior Analyst Kaustubh Chaubal said: "The rating reflects M&M's
long track record of operations and, at the same time, its adoption of strong
corporate governance practices and a prudent approach to management, as well as
its close operational oversight of its group companies".
The rating takes into account the group's diversified business profile across
many areas, including farm equipment, automotive, IT, financial services,
hospitality and real estate, Moody's said in a statement.
"Furthermore, M&M's credit profile is supported by its strong
financial flexibility across listed but group- controlled companies - based on
the market value of its investments and which show substantial unrealized
value," said Chaubal, who is also Moody's lead analyst for M&M.
Moody's said the rating also factored M&M's leading market position in
India in farm equipment and light commercial vehicle (LCV) goods carriers.
"At the same time, although the group's leading, albeit declining, market
position in utility vehicles (UVs) is a strength, increasing competition in the
UV segment is a concern," it added.
The ratings agency further said: "The stable outlook reflects their
expectation that M&M will retain its diversified business profile, while
maintaining its leading market position in its core farm equipment and
automotive businesses in India."
The outlook also anticipates that the company will preserve its very solid
balance sheet and modest financial leverage.
An upgrade of M&M's rating will require continued strong operational and
financial performance and a further diversification in its businesses, Moody's
said.
The Baa3 rating could come under pressure if M&M's business profile weakens
because of a sustained loss of market share in its key operating segments of
tractors, utility vehicles and light commercial vehicles in India, or if
SsangYong Motors continues to report losses, it said.
It could also be under pressure if the company undertakes large debt-funded
acquisitions that materially weaken its financial profile, Moody's said.
M&M sells entire stake in Swaraj Automotive for Rs 25 cr
Under the agreement, the company sold 1706925 equity shares of Rs 10
each at a price of Rs 145.5 per equity share, it added.
Homegrown auto major Mahindra & Mahindra has sold its entire 71.19 percent stake in Swaraj Automotives Limited (SAL) for Rs 248.400 million to b4S Solutions. "The company has on Friday entered into a share purchase agreement with b4S Solutions... for the sale of its entire stake in SAL," M&M said in a regulatory filing.
Under the agreement, the company sold 17,06,925 equity shares of Rs 10 each at a price of Rs 145.5 per equity share, it added.
M&M said the transaction in expected to be completed in the first week of
January 2016, subject to regulatory approvals.
It had acquired stake in SAL through open offers when it bought 43.3 percent in Punjab Tractors, which held shares in the company.
Swaraj Automotive Limited is into manufacturing of seats and seat mechanisms for tractors, commercial vehicles and passenger vehicles.
b4S Solutions is engaged in the business of telecom and transmission tower management, manufacturing in packaging industry, automotive dealerships and service centers and manpower outsourcing.
M&M shares were trading at Rs 1,274.15 in mid-day trade, down 0.06 percent from the previous close on BSE.
M&M stock price
On November 17, 2015: at 13:01 hrs Mahindra and Mahindra was quoting at Rs 1279.95, up Rs 1.80, or 0.14 percent. The 52-week high of the share was Rs 1441.45 and the 52-week low was Rs 1095.00.
The company's trailing 12-month (TTM) EPS was at Rs 52.62 per share as per the quarter ended September 2015. The stock's price-to-earnings (P/E) ratio was 24.32. The latest book value of the company is Rs 310.09 per share. At current value, the price-to-book value of the company is 4.13.
Pininfarina sees agreement to
sell to Mahindra in next few weeks
Nov 12 Italian car designer Pininfarina said on Thursday it expects to reach a deal to be acquired by Indian automaker Mahindra and Mahindra in the next few weeks.
"Negotiations between controlling shareholder Pincar, creditor banks and Mahindra ... over the acquisition of Pinifarina's shares owned by Pincar and debt restructuring never broke off," the car designer said.
Pininfarina - which has designed cars for Ferrari, Maserati, Rolls-Royce and Cadillac - has been loss-making for years and its net debt stood at 52.7 million euros ($57 million) at end-June.
It has been struggling to stay in business as carmakers moved to hire more in-house stylists at the expense of independent design firms. ($1 = 0.9281 euros) (Reporting by Francesca Landini, editing by Isla Binnie)
M&M + MVML PAT
Rs. 8310.000 Million – Breaking News
Mumbai, 7th Aug 2015: The Board of Directors of The Company today announced the unaudited financial results for the quarter ended 30th June 2015 of the company and the consolidated Mahindra Group.
Mahindra Vehicle Manufacturers Limited (MVML), was set up as a 100% subsidiary of the company with a view to sourcing contemporary products for expanding the market offerings of the company. Hence it is a critical part of its business and only the combined results of M&M and MVML (Combined Entity) can provide a comprehensive view of the company’s performance.
Q1 F2016 – M&M +
MVML Results
The Gross Revenues and Other Income of the Combined Entity for the quarter ended 30th June 2015 is Rs. 104740.000 million as against Rs. 107340.000 million in the corresponding quarter of the previous year. The Profit before tax for the current quarter is Rs. 11490.000 million as against Rs.12020.000 million in the corresponding quarter of the previous year. The Net Profit after tax for the current quarter is Rs. 8310.000 million as against Rs. 8960.000 million in the corresponding quarter of the previous year.
The Net profit before tax for the current quarter is Rs. 11490.000 million as against Rs. 11080.000 million (after adjusting for one time gain) in the corresponding quarter of the previous year – a growth of 3.7%. The Net Profit after tax for the current quarter is marginally lower at Rs. 8310.000 million as against the adjusted Rs. 8340.000 million in the corresponding quarter of the previous year.
In the current quarter, the passenger vehicle market grew 8% driven by growth in the car segment. The UV segment continued to be under pressure and de-grew by 0.6%. In the commercial vehicle industry, the LCV segment continues to be in the negative but the MHCV goods segment continued to grow on back of improvement in industrial activity, movement in infrastructure projects and some replacement demand. The tractor industry witnessed a sharp de-growth in Q4 F2015 owing to the stress in the Agri Economy caused primarily by crop damage due to unseasonal rains. Going into Q1 F2016, uncertainty loomed over the prospect of a good Kharif crop with the IMD forecasting a less than normal monsoon. This, along with only a marginal increase in Minimum Support Prices, resulted in subdued rural sentiments, leading to another quarter of de-growth in the Tractor industry. However, some positivity is seen in the later part of June 2015 with the monsoon setting in on time.
The Combined Entity with sales of 49354 utility vehicles during the current quarter maintained its leadership position with a market share of 38.5%. In May 2015, the Combined Entity launched the All New XUV500 packed with a host of cutting-edge technology features, bold new cheetah-inspired exterior styling, plush and premium new interiors, exhilarating performance and best-in-class safety. In June 2015, the company launched its all new small commercial vehicle, the Jeeto. The Jeeto is the first ever product in its category with a modular range of 8 mini-trucks to cater to the varied needs of customers in the sub 1 tonne load segments of mini-truck, micro-truck and 3 wheelers. In Q1 F2016, the domestic tractor industry de-grew 16.4%. With sales of 59348 tractors in the domestic market, the Combined Entity maintained its market leadership with a market share of 41.5%. The Combined Entity exported 8449 vehicles and 3208 tractors, a growth of 29% and 24% respectively over the corresponding quarter in the previous year.
Q1 F2016 – M&M
Standalone results
The Gross Revenues and Other Income of the company for the quarter ended 30th June 2015 is Rs. 106290.000 million as against Rs. 108630.000 million in the corresponding quarter of the previous year. The Net Profit after tax for the quarter is Rs. 8520.000 million for the current quarter as against Rs. 8820.000 million in the corresponding quarter of the previous year.
The Net profit before tax for the current quarter is Rs. 11500.000 million as against Rs. 11110.000 million (after adjusting for one time gain) in the corresponding quarter of the previous year – a growth of 3.5%. The Net Profit after tax for the current quarter is marginally lower at Rs. 8520.000 million as against the adjusted Rs. 8540.000 million in the corresponding quarter of the previous year.
Q1 F2016 – Group
Consolidated Results
The consolidated Gross Revenues and Other Income of the Group for the Quarter ended 30th June 2015 is Rs. 198160.000 million (USD 3.2 billion) as against Rs. 198310.000 million (USD 3.2 billion) in the corresponding quarter of the previous year. The consolidated profit after tax after minority interest for the current quarter is Rs. 7780.000 million (USD 125.8 million) as compared to Rs. 9620.000 million (USD 155.5 million) in the corresponding quarter of the previous year. The Net Profit after tax after minority interest for the current quarter is Rs. 7780.000 million as against Rs. 8140.000 million (after adjusting for onetime gains) in the corresponding quarter of the previous year.
The Group as on 30th June 2015 comprised of 114 Subsidiaries, 8 Joint Ventures and 15 Associates. A full summation of Gross Revenues and other income of all the group companies taken together for the quarter ended 30th June 2015 is Rs.273180.000 million (USD 4.4 billion).
Outlook:
The Indian economy is gradually gaining momentum. Stalled projects are coming back online while new project announcements have picked up pace in the last couple of quarters. Capex trends, as a result, are far healthier today than they were a year ago, which bodes well for future growth. While consumer demand remains weak, the better than expected rainfall received in the monsoon season thus far, provides room for optimism on this front as well. The country’s domestic and external vulnerabilities, at the same time, have moderated significantly on the sharp decline in its current account deficit, moderating inflation trend, improving fiscal position, and a return of capital inflows that have allowed for a significant buildup in foreign exchange reserves. Downside risks, nonetheless, remain. Despite the consolidation in its macros, the economy remains vulnerable to potential surges in global financial market volatility and weaker global growth. Domestic risks stemming from overstretched corporate and bank balance sheets and the slowing pace of structural reforms, are also a source of some concern. The company’s balance sheet, however, remains healthy and well buffered, and it looks to the future with optimism, while remaining alert to the near term risks outlined above
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 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.66.11 |
|
|
1 |
Rs.100.51 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.