MIRA INFORM REPORT

Report No. :	499759
Report Date :	24.03.2018

IDENTIFICATION DETAILS

Name :	MAHINDRA AND MAHINDRA LIMITED (w.e.f.1970)
Formerly Known As :	MAHINDRA VAN WIJK AND VISSER LIMITED
Registered Office :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra
Tel. No.:	91-22-22021031
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	02.10.1945
Com. Reg. No.:	11-004558
Capital Investment / Paid-up Capital :	INR 2968.100 Million
CIN No.: [Company Identification No.]	L65990MH1945PLC004558
IEC No.:	0388033878
TIN No.:	27750410573
GST No.:	27AAACM3025E1ZZ
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AAACM3025E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer of different range of Automotive Vehicles, Agricultural Tractors, Implements, Industrial Engines, etc. [Registered Activity] [Line of business is updated as per latest annual report 2017]
No. of Employees :	20,366 [Approximately] As per latest annual report there is an increase in the number of employees over past years and current number employees are 20,366.

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A++

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default

Maximum Credit Limit :	USD 733416000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Mahindra and Mahindra limited is a Flagship company of Mahindra Group. It is one of the most diversified auto companies in India. Its core business includes manufacturer of auto [Passenger Vehicles (PV), Commercial Vehicles (CV), three-wheelers, two-wheelers etc.], defense, aerospace and farm equipment (tractors and other farm equipment). It enjoys a dominant position in its leading business segments. It is the largest tractor company in the world. As per financials of March 2017, the company has registered a growth of 7.92% in its revenue as compared to its previous year’s revenue and has reported good profit margin of 8.40% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth base along with low solvency indicators and good liquidity position. Rating also takes into account leadership position in the Indian tractor industry and healthy market position in the light commercial vehicle (LCV) segment. Share price are quoted high on stock exchange. (Share price of INR 732 with Face value INR 5). However, ratings strength is partially offset by exposure to inherent cyclicality in the farm equipment (tractor) and automotive (auto) segments, exposure to risks pertaining to acquisitions and investments in subsidiaries and joint ventures (JV), and steady decline of market share in UV space. As per unaudited quarterly financials of December 2017, the company has achieved healthy revenue of 361,371 million and has reported decent profit margin of 9.12% (approx.) Payment terms are seems to be 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.

NOTES :

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

ECGC Country Risk Classification List

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk
Date	25.09.2017

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk
Date	25.09.2017

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 24.03.2018.

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-22-22021031/ 24931441]

LOCATIONS

Registered Office :	Gateway Building, Apollo Bunder, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-22021031
Fax No.:	91-22-22028780 / 22875485
E-Mail :	mahindra@giasbm01.vsnl.net.in narayan.shankar@mahindra.com pawar.ganesh@mahindra.com group.communications@mahindra.com
Website :	http://www.mahindra.com
Head Office :	Mahindra Towers, G.M. Bhosale Marg, Worli, Mumbai - 400 018, Maharashtra, India
Tel No.:	91-22-24931441 / 24961441
Fax No.:	91-22-24975081
Corporate Office	Road No 13, Lower Parel East), Mumbai-400013, Maharashtra, India
Factory :	Akurli Road, Kandivali (East), Mumbai, Maharashtra, India
Tel. No.:	91-22-28849800
Fax No.:	91-22-28468523
Truck and Bus Division :	The Affaires 19^Th Floor, Shop No 1902 and 1903, Sector 17, Plot No 9, Palm Beach Road, Sanapada, Navi Mumbai – 400705, Maharashtra, India
Factories:	Also Located At: Nashik Kandivali Igatpuri Jaipur Nagpur Zaheerabad Rudrapur Haridwar Mohali
Area office of Bangalore:	Automotive Sector, 1st Floor, 109, Raheja Chembers, 12, Musuem Road, Bangalore – 560601, Karnataka, India
Branch Offices :	Located At : Chennai Kolkata New Delhi Bangalore

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Keshub Mahindra

Designation :

Chairman Emeritus

Name :

Mr. Anand Gopal Mahindra

Designation :

Managing Director

Address :

Goolestan, 65, Nepean Sea Road, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Appointment :

01.08.2010

DIN No.:

00004695

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L64200MH1986PLC041370	TECH MAHINDRA LIMITED	26/09/2013	-
L99999MH1962PLC012542	MAHINDRA UGINE STEEL COMPANY LIMITED	30/10/1986	-
U01119MH2008PTC282862	ARAKU ORIGINALS PRIVATE LIMITED	20/08/2009	-
U34101MH2015PTC265665	CLASSIC LEGENDS PRIVATE LIMITED	25/07/2017	-
U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	16/06/2000	-
U65910MH1985PLC036060	MAHINDRA HOLDINGS & FINANCE LIMITED	03/03/1995	-
U65993MH2007PLC175649	MAHINDRA HOLDINGS LIMITED	02/11/2007	-
U74140MH1982PTC026770	PRUDENTIAL MANAGEMENT AND SERVICES PVT LTD	29/09/2010	-
U80210MH1993NPL073071	THE MAHINDRA UNITED WORLD COLLEGE OF INDIA	22/07/1993	-

Name :

Mr. Pawan Kumar Goenka

Designation :

Managing Director

Address :

Flat No.602, 9 Jvpd, 10th Road, Juhu Vile Parle Scheme, Vile Parle (West), Mumbai - 400056, Maharashtra, India

Date of Appointment :

23.09.2013

DIN No.:

00254502

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L50210PB1985PLC006473	SWARAJ ENGINES LTD	03/08/2010	-
L65990MH1945PLC004558	MAHINDRA AND MAHINDRA LIMITED	12/11/2016	-
U01400MH2000PLC125781	MAHINDRA AGRI SOLUTIONS LIMITED	26/04/2016	-
U34100MH2007PLC171151	MAHINDRA VEHICLE MANUFACTURERS LIMITED	25/05/2007	-
U34101KA1996PLC020195	MAHINDRA ELECTRIC MOBILITY LIMITED	17/09/2010	-
U34101MH2015PTC265665	CLASSIC LEGENDS PRIVATE LIMITED	25/07/2017	-
U34300DL1960NPL093535	ASSOCIATION OF INDIAN AUTOMOBILES MANUFACTURERS (SECTION-25 COMPANY)	28/08/2009	-
U35911MH2008PLC185462	MAHINDRA TWO WHEELERS LIMITED	12/08/2009	-
U64200MH1994PLC083996	MAHINDRA FIRST CHOICE WHEELS LIMITED	29/04/2006	-
U72200MH2000PTC173332	PLEXION TECHNOLOGIES (INDIA) PRIVATE LIMITED	16/02/2006	-

Name :

Mr. Nadir Burjor Godrej

Designation :

Director

Address :

40-D, B.G. Kher Marg, 2nd Floor, Malabar Hill, Mumbai - 400006, Maharashtra, India

Date of Appointment :

28.08.1992

DIN No.:

00066195

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24241MH1988PLC097781	GODREJ INDUSTRIES LIMITED	01/04/2014	-
L24246MH2000PLC129806	GODREJ CONSUMER PRODUCTS LIMITED	29/11/2000	-
L74120MH1985PLC035308	GODREJ PROPERTIES LIMITED	25/04/1990	-
L74999MH1902PLC000183	THE INDIAN HOTELS COMPANY LIMITED	03/08/2009	-
L99999MH1994PLC076236	ASTEC LIFESCIENCES LIMITED	26/07/2016	-
U15122MH2006PLC163857	GODREJ OIL PALM LIMITED	16/06/2008	-
U15122MH2008PLC177741	GODREJ TYSON FOODS LIMITED	06/07/2009	-
U15142MH1996PLC224176	CAUVERY PALM OIL LIMITED	07/07/2008	-
U15201TG1986PLC006912	CREAMLINE DAIRY PRODUCTS LTD.	21/07/2016	-

Name :

Mr. Ravindra Krishna Kulkarni

Designation :

Director

Address :

2, Samruddhi, Plot No.19, TPS Vi, Relief Road, Santacruz (West), Mumbai - 400054, Maharashtra, India

Date of Appointment :

21.08.1997

DIN No.:

00059367

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L24222PN1956PLC134746	ELANTAS BECK INDIA LIMITED	27/09/1990	-
L63090GA1963PLC000002	CHOWGULE STEAMSHIPS LIMITED	06/07/2012	-
L64200MH1986PLC041370	TECH MAHINDRA LIMITED	23/07/2009	-
L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LTD	07/09/2012	-
L92140MH1999PLC120516	ENTERTAINMENT NETWORK (INDIA) LIMITED	03/09/2007	-
U35203PN1999PTC020817	LAVGAN DOCKYARD PRIVATE LIMITED	08/07/2011	-
U74120MH2014NPL258367	NEW DEMOCRATIC ELECTORAL TRUST	30/09/2015	-
U74140WB1970PLC097052	KHAITAN CONSULTANTS LIMITED	06/09/2012	-
U91990MH1981NPL023742	LANDMARK EDUCATION INDIA	10/07/2009	-

Name :

Mr. Anupam Pradip Puri

Designation :

Director

Address :

17 East 16th Street, NY, New York, Ny10003, United States of America

Date of Appointment :

30.01.2001

DIN No.:

00209113

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
L64200MH1986PLC041370	TECH MAHINDRA LIMITED	18/10/2002	-
L85195TG1984PLC004507	DR.REDDY'S LABORATORIES LTD	04/06/2002	-
U92190MH2008PLC178894	MUMBAI MANTRA MEDIA LIMITED	11/08/2009	-

Name :

Dr. Vishakha Nirubhai Desai

Designation :

Director

Address :

320 Central Park West, # 12 - H, New York, 10025, United States of America

Date of Appointment :

30.05.2012

DIN No.:

05292671

Name :

Mr. Vikram Singh Mehta

Designation :

Director

Address :

18, Friends Colony, West, New Delhi - 110065, India

Date of Appointment :

30.05.2012

DIN No.:

00041197

CIN/FCRN	Company Name	Begin Date	End Date
L22121DL2002PLC117874	HT MEDIA LIMITED	25/09/2015	-
L24200MH1937PLC002700	COLGATE-PALMOLIVE (INDIA) LIMITED	25/10/2001	-
L25111KL1972PLC002449	APOLLO TYRES LIMITED.	07/08/2013	-
L99999MH1946PLC004768	LARSEN AND TOUBRO LIMITED	22/08/2013	-
L99999MH1992PLC066213	JET AIRWAYS (INDIA) LIMITED	27/12/2016	-
U11200MH2009PLC191426	L&T HYDROCARBON ENGINEERING LIMITED	12/08/2014	-
U23201MH1993PLC142782	BHARAT SHELL LIMITED	29/09/1999	-
U23209DL1996PTC083423	SHELL INDIA PRIVATE LIMITED	21/11/1996	-
U24119DL2004PTC124373	SHELL BITUMEN INDIA PRIVATE LIMITED	30/01/2004	-

Name :

Mr. Suryakant Balkrishna Mainak

Designation :

Nominee Director

Address :

B-1503, Oberoi Woods, Mohan Gokhale Marg, Off Western Express Highway, Goregaon East,, Mumbai - 400063, Maharashtra, India

Date of Appointment :

13.11.2013

DIN No.:

02531129

CIN/FCRN	Company Name	Begin Date	End Date
L16005WB1910PLC001985	ITC LIMITED	30/07/2014	-
L27106WB1987PLC042756	HIMADRI SPECIALITY CHEMICAL LIMITED	22/09/2017	-
L67190MH1993PLC071691	CARE RATINGS LIMITED	29/09/2015	-
U67100MH2016PTC284667	SUNCAP INSOLVENCY PROFESSIONALS PRIVATE LIMITED	16/03/2017	-
U72200MH1999PLC122456	NSEIT LIMITED	25/07/2017	-
U72200TG1996PLC024351	DECCAN HEALTH CARE LIMITED	28/08/2017	-
U74999MH2016PLC285575	CARE ADVISORY RESEARCH AND TRAINING LIMITED	06/09/2016	-

Name :

Thothala Narayanasamy Manoharan

Designation :

Additional Director

Address :

2 C.P. Ramaswamy St Abhiramapuram Chennai – 600018, Tamilnadu, India

Date of Appointment :

11.11.2016

DIN No.:

01186248

CIN/FCRN	Company Name	Begin Date	End Date
L64200MH1986PLC041370	TECH MAHINDRA LIMITED	26/09/2013	-
L72200AP1987PLC007564	SATYAM COMPUTER SERVICES LTD	07/09/2012	-

Name :

Mr. Murugappan Murugappan Muthiah

Designation :

Director

Address :

Coromandel House, New No.14(old No.12) Boat Club Road, Raja Annamalaipuram, Chennai - 600028, Tamilnadu, India

Date of Appointment :

28.08.1992

DIN No.:

00170478

No Company exists for a Director (Creditor Director note)

· Mr. Bharat Doshi

· Mr. A K. Nanda

· Mr. Narayanan Vaghul

KEY EXECUTIVES

Name :	Mr. Parthasarathy Vankipuram Srinivasa
Designation :	Chief Finance Officer
Address :	501-502,Mayfair Bliss, Lena Cottage Co-Operative Housing Society Limited, 7th Road, Khar (West) Mumbai - 400052, Maharashtra, India
Date of Appointment :	01.04.2014
DIN No.:	AADPV5236G
Name :	Mr. Narayan Shankar
Designation :	Company Secretary
Address :	G/703, Greenwoods, 7th Floor, Sir M.V. Road, Chakala, Andheri (East), Mumbai 400093, Maharashtra, India
Date of Appointment :	26.10.2006
DIN No.:	AGPPS7690K
COMMITTEES OF THE BOARD
Audit Committee	Mr. Deepak S. Parekh – Chairman Mr. Nadir B. Godrej Mr. M. M. Murugappan Mr. R. K. Kulkarni Mr. T. N. Manoharan
Stakeholders Relationship Committee :	Mr. R. K. Kulkarni – Chairman Mr. Anand G. Mahindra Dr. Pawan Goenka Dr. Vishakha N. Desai
Governance, Nomination and Remuneration Committee :	Mr. M. M. Murugappan – Chairman Mr. Nadir B. Godrej Mr. Vikram Singh Mehta Mr. R. K. Kulkarni
Corporate Social Responsibility Committee :	Dr. Vishakha N. Desai – Chairperson Mr. Anand G. Mahindra Dr. Pawan Goenka Mr. R. K. Kulkarni Mr. Vikram Singh Mehta
Strategic Investment Committee :	Mr. Anand G. Mahindra – Chairman Mr. Deepak S. Parekh Mr. Nadir B. Godrej Mr. Vikram Singh Mehta Mr. Anupam Puri Mr. T. N. Manoharan
Loans & Investment Committee :	Mr. Anand G. Mahindra – Chairman Dr. Pawan Goenka Mr. R. K. Kulkarni Mr. Vikram Singh Mehta
Research & Development Committee :	Mr. M. M. Murugappan – Chairman Mr. Anand G. Mahindra Dr. Pawan Goenka Mr. Nadir B. Godrej
Risk Management Committee :	Dr. Pawan Goenka – Chairman Mr. Deepak S. Parekh Mr. Nadir B. Godrej Mr. M. M. Murugappan Mr. R. K. Kulkarni Mr. T. N. Manoharan

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.12.2017

Category of shareholder	No. of Shares	% age holding
(A) Promoter & Promoter Group	254417603	20.46
(B) Public	865006493	69.58
(C1) Shares underlying DRs	65971096	5.31
(C2) Shares held by Employee Trust	57797352	4.65
Total	1243192544	100.00

Statement showing shareholding pattern of the Promoter and Promoter Group

Category of shareholder	No. of fully paid up equity shares held	Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a % of (A+B+C2)
A1) Indian		0.00
Individuals/Hindu undivided Family	7391559	0.63
KESHUB MAHINDRA#	884592	0.08
ANAND GOPAL MAHINDRA	1430008	0.12
ANJALI KUMARI MEHRA	222208	0.02
ANURADHA MAHINDRA	457090	0.04
DEVESHWAR JAGAT SHARMA	30000	0.00
DHRUV S SHARMA	30000	0.00
GAUTAM P KHANDELWAL	4585	0.00
LEENA S LABROO	1412384	0.12
NISHEETA LABROO	1,60,000	0.01
RADHIKA NATH	93616	0.01
SANJAY LABROO	145440	0.01
SUDHA KESHUB MAHINDRA*	1452032	0.12
UMA R MALHOTRA	1069604	0.09
ANUJA P SHARMA		0.00
Any Other (specify)	245927200	20.89
PRUDENTIAL MANAGEMENT & SERVICES PRIVATE LIMITED	141521940	12.02
KEMA SERVICES INTERNATIONAL PVT LTD	734832	0.06
M&M BENEFIT TRUST- BHARAT N DOSHI , A.K.NANDA -TRUSTEES	103670428	8.81
Sub Total A1	253318759	21.52
A2) Foreign		0.00
Individuals (NonResident Individuals/ Foreign Individuals)	1098844	0.09
YUTHICA KESHUB MAHINDRA	1098844	0.09
Sub Total A2	1098844	0.09
A=A1+A2	254417603	21.61

Statement showing shareholding pattern of the Public shareholder

Category & Name of the Shareholders	No. of fully paid up equity shares held	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)
B1) Institutions	0	0.00
Mutual Funds/	105153095	8.93
SBI FUND along with its sub-accounts	20955660	1.78
FRANKLIN TEMPLETON MUTUAL FUND along with its sub-accounts	18796439	1.60
ICICI PRUDENTIAL FUND along with its sub-accounts	13763169	1.17
Alternate Investment Funds	540678	0.05
Foreign Portfolio Investors	396859683	33.71
FIRST STATE INVESTMENTS ICVC- STEWART INVESTORS ASIA PACIFIC LEADERS FUND	42824384	3.64
GOVERNMENT OF SINGAPORE- along with its sub account	34552018	2.94
EUROPACIFIC GROWTH FUND	15700000	1.33
Financial Institutions/ Banks	2272198	0.19
Insurance Companies	131969370	11.21
LIFE INSURANCE CORPORATION OF INDIA alongwith its sub accounts	104653988	8.89
GENERAL INSURANCE CORPORATION OF INDIA	12580000	1.07
Sub Total B1	636795024	54.09
B2) Central Government/ State Government(s)/ President of India	0	0.00
Central Government/ State Government(s)/ President of India	1980716	0.17
Sub Total B2	1980716	0.17
B3) Non-Institutions	0	0.00
Individual share capital upto INR 0.200 Million	83878329	7.13
Individual share capital in excess of INR 0.200 Million	30900095	2.62
NBFCs registered with RBI	1393583	0.12
Any Other (specify)	110058746	9.35
Trusts	10571197	0.90
Overseas corporate bodies	3215440	0.27
NRI	1813984	0.15
Clearing Members	4343843	0.37
NRI – Non- Repat	2485437	0.21
Bodies Corporate	83524797	7.10
ICICI PRUDENTIAL LIFE INSURANCE COMPANY LIMITED along with its sub-account	33811317	2.87
Foreign Bodies	1901712	0.16
Foreign Nationals	1868	0.00
INVESTOR EDUCATION AND PROTECTION FUND AUTHORITY MINISTRY OF CORPORATE AFFAIRS	2200468	0.19
Sub Total B3	226230753	19.22
B=B1+B2+B3	865006493	73.48

Statement showing shareholding pattern of the Non Promoter- Non Public shareholder

Category & Name of the Shareholders(I)	Nos. of shares underlying Depository Receipts(VI)	Shareholding % calculated as per SCRR, 1957 As a % of (A+B+C2)(VIII)
C1) Custodian/DR Holder		0.00
Custodian/DR Holder	65971096	0.00
JP MORGAN CHASE BANK, NA (Shares held as Custodians against which Global Depository Receipts have been issued)	65971096	0.00
Sub Total C1	65971096	0.00
C2) Employee Benefit Trust		0.00
Employee Benefit Trust		4.91
Sub Total C2		4.91
C= C1+C2	65971096	4.91

BUSINESS DETAILS

Line of Business :

Manufacture of different range of Automotive Vehicles, Agricultural Tractors, Implements, Industrial Engines, etc. [Registered Activity]

[Line of business is updated as per latest annual report 2017]

Products :

Product Description	Item Code No.
Manufacture of Passenger Cars	29101
Manufacture of Commercial vehicles such as vans, lorries, over the road tractors for semi-trailers, etc.	29102
Manufacture of tractors used in agriculture and forestry	28211

Brand Names :

· Bolero

· Mahindra

· Scorpio

· Yuvraj 215

· Centuro, etc.

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

20,366 [Approximately]

As per latest annual report there is an increase in the number of employees over past years and current number employees are 20,366.

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

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
SHORT TERM BORROWINGS
Loans and Advances on cash credit account from Banks	83.000	0.000
Total	83.000	0.000

Auditors :
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
Tel. No.:	91-22-61854000
Fax No.:	91-22-61854501/4601
Memberships :	Not Available
Collaborators :	Not Available
Subsidiary Company :	Ssangyong Motor Company Mahindra Automotive Australia Pty. Limited Mahindra Lifespace Developers Limited Bristlecone Limited Mahindra Overseas Investment Company (Mauritius) Limited EPC Industrie Limited Mahindra USA Inc. Mitsubishi Mahindra Agricultural Machinery Company Limited Mahindra & Mahindra Financial Services Limited Mahindra do Brasil Industrial Ltda. (w.e.f. 14th October, 2016) Mahindra Agri Solutions Limited Mahindra Engineering and Chemical Products Limited Mahindra Vehicle Manufacturers Limited Mahindra Two Wheelers Europe Holdings S.a.r.l. Mahindra Holidays & Resorts India Limited Mahindra HZPC Private Limited Mahindra Automobile Distributor Private Limited NBS International Limited Mahindra and Mahindra South Africa (Proprietary) Limited Mahindra Defence Systems Limited Defence Land Systems India Limited Mahindra Trucks and Buses Limited Mahindra eMarket Limited Mahindra Consulting Engineers Limited Mahindra 'Electoral Trust' Company Mahindra Gujarat Tractor Limited Mahindra Holdings Limited Mahindra First Choice Wheels Limited Mahindra First Choice Services Limited Mahindra Tractor Assembly Inc. Orizonte Business Solutions Limited Mahindra West Africa Limited (w.e.f. 20th May, 2016) Trringo.com Limited (w.e.f. 23rd May, 2016) Classic Legends Private Limited (w.e.f. 18th October, 2016) Arabian Dreams Hotel Apartments LLC Sunrise Initiatives Trust Kismat Developers Private Limited Rathna Bhoomi Enterprises Private Limited Topical Builders Private Limited Mahindra & Mahindra Contech Limited Kota Farm Services Limited Mahindra Construction Company Limited Moonshine Construction Private Limited Deep Mangal Developers Private Limited Officemartindia.com Limited Ssangyong European Parts Center B.V. Ssangyong Motor (Shanghai) Company Limited Mahindra World City (Maharashtra) Limited Knowledge Township Limited Industrial Township (Maharashtra) Limited Mahindra Heavy Engines Limited Mahindra Steel Service Centre Limited Gables Promoters Private Limited Mahindra Hotels and Residences India Limited Heritage Bird (M) Sdn. Bhd. MH Boutique Hospitality Limited Infinity Hospitality Group Company Limited MHR Holdings (Mauritius) Limited Covington S.a.r.l. Holiday Club Resorts Oy HCR Management Oy Holiday Club Sweden Ab Åre Ownership Services Ab Holiday Club Canarias Investments S.L. Holiday Club Canarias Sales & Marketing S.L. Holiday Club Canarias Resort Management S.L. Holiday Club Rus LLC Suomen Vapaa-aikakiinteistöt Oy LKV Raigad Industrial & Business Park Limited Anthurium Developers Limited Industrial Cluster Private Limited Mahindra Infrastructure Developers Limited Mahindra Water Utilities Limited Mahindra Residential Developers Limited Bristlecone Inc. Bristlecone Consulting Limited Bristlecone UK Limited Bristlecone International AG Bristlecone India Limited Bristlecone GmbH Bristlecone (Singapore) Pte. Limited Bristlecone (Malaysia) Sdn. Bhd. Mahindra Europe s.r.l. Mahindra Graphic Research Design s.r.l. Mahindra Racing UK Limited Mahindra International UK Limited Mahindra Racing S.p.A. OFD Holding BV (w.e.f. 22nd February, 2017) Origin Direct Asia Limited (w.e.f. 22nd February, 2017) Origin Fruit Direct B.V. (w.e.f. 22nd February, 2017) Origin Fruit Services South America SpA (w.e.f. 22nd February, 2017) Origin Direct Asia (Shanghai) Trading Co. Limited (w.e.f. 22^nd February, 2017) Mahindra North American Technical Center, Inc. Mitsubishi Noki Hanbai Company Limited Ryono Factory Company Limited Ryono Engineering Comapny Limited Daiya Computer Services Company Limited MAM Rental Company Limited (ceased w.e.f. 24^th May, 2016) Daiya Kikou Company Limited Mahindra Insurance Brokers Limited Mahindra Rural Housing Finance Limited Mahindra Asset Management Company Private Limited Mahindra Trustee Company Private Limited Mahindra Greenyard Private Limited (Formerly known as Mahindra UNIVEG Private Limited w.e.f. 13^th January, 2017) Retail Initiative Holdings Limited Mahindra Retail Private Limited Mahindra Internet Commerce Private Limited (ceased w.e.f. 22^nd March, 2017) Mahindra Intertrade Limited Mahindra Auto Steel Private Limited Mahindra Electrical Steel Private Limited Mahindra MiddleEast Electrical Steel Service Centre (FZC) Mahindra Electric Mobility Limited (Formerly known as Mahindra Reva Electric Vehicles Limited w.e.f. 15^th February, 2017) Mahindra Two Wheelers Limited Mahindra MSTC Recycling Private Limited (w.e.f. 16th December, 2016) Peugeot Motocycles S.A.S. Peugeot Motocycles Italia S.p.A Peugeot Motocycles Deutshland GmbH Neo Solren Private Limited Astra Solren Private Limited Marvel Solren Private Limited Mahindra Namaste Limited Mahindra Suryaurja Private Limited (w.e.f. 16^th February, 2017) Auto Digitech Private Limited Mahindra Integrated Business Solutions Private Limited Mahindra Telecommunications Investment Private Limited Mumbai Mantra Media Limited BSA Company Limited (w.e.f. 21^st October, 2016) Mahindra Marine Private Limited Mahindra Integrated Township Limited Bristlecone Middle East DMCC (w.e.f. 18^th July, 2016) Mahindra Mexico S. de. R. L. (w.e.f. 8^th August, 2016) Ryono Asset Management Co., Limited Mahindra Airways Limited (w.e.f. 27^th July, 2016) Mahindra Susten Private Limited MachinePulse Tech Private Limited Cleansolar Renewable Energy Private Limited Kiinteistö Oy Himos Gardens Kiinteistö Oy Himoksen Tähti 2 Kiinteistö Oy Tunturinrivi (Ceased w.e.f. 28^th February, 2017) Kiinteistö Oy Vanha Ykköstii Kiinteistö Oy Katinnurkka Kiinteistö Oy Tenetinlahti Kiinteistö Oy Mällösniemi Kiinteistö Oy Rauhan Ranta 1 Kiinteistö Oy Rauhan Ranta 2 Kiinteistö Oy Tiurunniemi Kiinteistö Oy Rauhan Liikekiinteistöt 1 Kiinteistö Oy Kylpyläntorni 1 Kiinteistö Oy Spa Lofts 2 Kiinteistö Oy Spa Lofts 3 Kiinteistö Oy Kuusamon Pulkkajärvi 1 Divine Solren Private Limited M&M Benefit Trust ST-42-Jupiter Trust A Jan 13-Axis/ITSL ST-43-MM TRUST MAR 13 I-IDBI/ITSL ST-44-MM TRUST MAR 13 II-Citi/ITSL ST-46-MM TRUST MAR 13 IV-HDFC/ITSL ST-47-MM TRUST MARCH 14 I-IDBI/ITSL ST-48-MM TRUST MARCH 14 II-YES/ITSL MACEL ESO P Trust MHRIL ESOP Trust Saimaa Gardens Arena Oy (Ceased w.e.f. 28^th February, 2017) Supermarket Capri Oy Caribia Service Oy (Ceased w.e.f. 4^th July, 2016) Are Semesterby A (Ceased w.e.f. 7^th September, 2016) Are Semesterby B (Ceased w.e.f. 7^th September, 2016) Are Semesterby C (Ceased w.e.f. 7^th September, 2016) Are Semesterby D (Ceased w.e.f. 7^th September, 2016) Are Villas AB 1 Are Villas AB 2 Holiday Club Sport and Spa AB Mahindra Defence Naval Systems Private Limited Gateway Housing Company Limited Mahindra Renewables Private Limited Hisarlar Makina Sanayi ve Ticaret Anonim ùirketi (w.e.f. 30^th March, 2017) Hisarlar øthalat øhracat Pazarlama Anonim ùirketi (w.e.f. 30^th March, 2017) M & M ESOP Trust ST-49-MM TRUST MARCH 14 III-HDFC/ITSL ST-51-MM TRUST SEPTEMBER 14-YES/ITSL ST-52-MM TRUST NOVEMBER 14 I-ICICI/ITSL ST-53-MM TRUST Feb 15-ICICI/ITSL ST-54-MM TRUST Mar 15 I-ICICI/ITSL ST-55-MM TRUST Mar 15 II-HDFC/ITSL Mahindra First Choice ESOP Trust MMFSL ESOP Trust
Associates :	Swaraj Engines Limited Tech Mahindra Limited Subsidiaries of Associate Mahindra CIE Automotive Limited Satyam Venture Engineering Services Private Limited Mahindra Gears Transmission Private Limited Tech Mahindra (Americas) Inc. PF Holdings B.V. (w.e.f. 29^th April, 2016) Tech Mahindra (Shanghai) Co. Limited Pininfarina S.p.A. (w.e.f. 30^th May, 2016) Tech Mahindra Foundation
Joint Venture :	Mahindra Sanyo Special Steel Private Limited Mahindra Sona Limited (Ceased w.e.f. 16^th December, 2016) Mahindra Aerospace Private Limited Mahindra World City (Jaipur) Limited Mahindra Logistics Limited Mahindra World City Developers Limited Mahindra Solar One Private Limited Mahindra Yueda (Yancheng) Tractor Company Limited Subsidiaries of Joint Venture 2 x 2 Logistics Private Limited Mahindra Aerostructures Private Limited Gippsaero Pty. Limited Mahindra Suryaprakash Private Limited Lords Freight (India) Private Limited
Joint Venture of a Subsidiary :	Mahindra Tsubaki Conveyor Systems Private Limited
Enterprise over which KMP is able to exercise significant influence :	Prudential Management & Services Private Limited
Welfare Fund :	· Mahindra World School Education Trust · M&M Employees' Welfare Fund No. 1 · M&M Employees' Welfare Fund No. 2 · M&M Employees’ Welfare Fund No. 3

CAPITAL STRUCTURE

AFTER 04.08.2017

Authorised Capital : INR 40750.000 Million

Issued, Subscribed & Paid-up Capital : INR 6215.963 Million

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
1200000000	Ordinary (Equity) Shares	INR 5/- each	INR 6000.000 Million
2500000	Unclassified Shares	INR 100/- each	INR 250.000 Million
	Total		INR 6250.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
621092384	Ordinary (Equity) Shares	INR 5/- each	INR 3105.500 Million
27481857	Less : Ordinary (Equity) Shares	INR 5/- each	INR 137.400 Million
	Total		INR 2968.100 Million

Reconciliation of number of Ordinary (Equity) Shares and amount outstanding:

Particulars	2017
	No. of shares	INR in Million
Issued and Subscribed :
Balance as at the beginning of the year	621092384	3105.500
Add :
Shares issued to ESOP Trust
Balance as at the end of the year	621092384	3105.500
Less :
Shares issued to ESOP Trust but not allotted to Employees	27481857	13.74
Adjusted : Issued and Subscribed Share Capital	593610527	296.81

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 Shareholders	2017
	No. of shares	% shareholding
(i) Prudential Management and Services Private Limited	70760970	11.39
(ii) Life Insurance Corporation of India	68051139	10.96
(iii) M&M Benefit Trust	51835214	8.35
(iv) J. P. Morgan Chase Bank, N.A. (for GDR holders).	32879851	5.29
(v) The Bank of New York Mellon (for GDR holders)	--	--

Issued and Subscribed Share Capital includes an aggregate of 5,917 (2016: 40,647; 2015: 40,647) Ordinary (Equity) Shares of INR 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.

LISTING DETAILS:

Subject Stock Code :	BSE : 500520 NSE : M&M ISIN : INE101A01026 Industry: Passenger/Utility Vehicles
Stock Exchange Place :	· BSE Limited · National Stock Exchange of India Limited
Listed Date :	03.01.1996

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET [STANDALONE]

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2968.100	2963.200	2957.000
(b) Reserves & Surplus	253727.500	221268.500	197137.400
(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)	256695.600	224231.700	200094.400
(3) Non-Current Liabilities
(a) Long-term borrowings	22339.900	14954.200	25141.300
(b) Deferred tax liabilities (Net)	6948.600	4600.800	2220.700
(c) Other long term liabilities	5805.000	6203.400	6212.600
(d) long-term provisions	7004.500	6562.400	5952.400
Total Non-current Liabilities (3)	42098.000	32320.800	39527.000
(4) Current Liabilities
(a) Short term borrowings	5034.400	3481.300	1062.500
(b) Trade payables	71562.600	66747.100	52896.700
(c) Other current liabilities	13592.500	24129.400	22743.300
(d) Short-term provisions	4400.000	4085.400	4492.000
Total Current Liabilities (4)	94589.500	98443.200	81194.500
TOTAL	393383.100	354995.700	320815.900
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	64008.400	65457.300	54553.200
(ii) Intangible Assets	12338.000	10502.600	1340.200
(iii) Capital work-in-progress	4094.500	2315.300	7534.800
(iv) Intangible assets under development	16284.900	13306.200	14230.900
(b) Non-current Investments	142954.700	111614.200	113680.900
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	339.400	12235.500	231.400
(e) Other Non-current assets	28803.300	23207.800	27834.800
Total Non-Current Assets	268823.200	238638.900	219406.200
(2) Current assets
(a) Current investments	36067.000	23859.800	17707.600
(b) Inventories	27156.000	26879.300	24375.700
(c) Trade receivables	29184.500	25116.400	25580.300
(d) Cash and cash equivalents	16870.000	22870.300	20647.700
(e) Short-term loans and advances	5058.800	4867.600	2199.200
(f) Other current assets	10223.600	12763.400	10899.200
Total Current Assets	124559.900	116356.800	101409.700
TOTAL	393383.100	354995.700	320815.900

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	470960.400	436389.000	384448.300
		Other Income	13424.900	8499.300	8489.400
		TOTAL	484385.300	444888.300	392937.700
Less	EXPENSES
		Cost of Materials Consumed	209131.100	193648.800	202724.800
		Purchases of Stock-in-Trade	108936.300	104092.600	73593.700
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(40.100)	(2579.700)	3236.300
		Employees benefits expense	25953.700	23487.200	23169.300
		Other expenses	47550.400	44695.000	40999.800
		Excise Duty	33106.800	27638.300	0.000
		Cost of Manufactured Products Capitalized	(1370.700)	(792.600)	(1009.900)
		Exceptional Items	(5484.600)	(687.400)	(3357.200)
		TOTAL	417782.900	389502.200	339356.800
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		66602.400	55386.100	53580.900
Less	FINANCIAL EXPENSES		1455.800	1860.500	2143.000
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		65146.600	53525.600	51437.900
Less/ Add	DEPRECIATION/ AMORTISATION		13271.600	10681.000	9749.000
	PROFIT/ (LOSS) BEFORE TAX		51875.000	42844.600	41688.900
Less	TAX		12318.500	10798.900	8477.800
	PROFIT/ (LOSS) AFTER TAX		39556.500	32045.700	33211.100
	EARNINGS IN FOREIGN CURRENCY
		Export of goods on F.O.B. basis		23418.000	22247.900
		Interest		139.000	156.400
		Consultancy fees		0.000	41.900
		Others (freight etc.)		722.200	913.800
	TOTAL EARNINGS		NA	24279.200	23360.000
	IMPORTS
		Raw Materials		39.700	52.700
		Components, Spare Parts etc.		4310.600	4617.600
		Capital Goods		2550.400	2590.900
		Items imported for Resale		35.300	10.300
	TOTAL IMPORTS		NA	6936.000	7271.500
	Earnings/ (Loss) Per Share (INR)
	Basic		66.70	53.05	56.23
	Diluted		66.37	52.80	53.66

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	782.100	10733.700	11080.800
Cash generated from operations	49636.100	63983.800	40662.400
Net Cash from Operating Activities	39711.800	54705.000	32194.900

QUARTERLY RESULTS

PARTICULARS	30.06.2017	30.09.2017	31.12.2017
Type	1^st Quarter	2^nd Quarter	3^rd Quarter
Net Sales	123355.600	121820.700	115777.800
Total Expenditure	110690.000	104528.100	100824.500
PBIDT (Excl OI)	12665.600	17292.600	14953.300
Other Income	2046.400	5619.800	965.900
Operating Profit	14712.000	22912.400	15919.200
Interest	307.700	228.500	246.400
Exceptional Items	0.000	0.000	3857.500
PBDT	14404.300	22683.900	19530.300
Depreciation	3438.700	3632.700	3692.800
Profit Before Tax	10965.600	19051.200	15837.500
Tax	3306.000	5735.500	3678.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	7659.600	13315.700	12159.100
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	7659.600	13315.700	12159.100

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	22.62	21.01	24.29
Account Receivables Turnover (Income / Sundry Debtors)	16.14	17.37	15.03
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	82.12	81.83	69.87
Inventory Turnover (Operating Income / Inventories)	2.45	2.06	2.20
Asset Turnover (Operating Income / Net Fixed Assets)	0.69	0.60	0.69

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.30	0.35	0.37
Debt Equity Ratio (Total Liability / Networth)	0.11	0.13	0.19
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.37	0.44	0.41
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.38	0.41	0.39
Interest Coverage Ratio (PBIT / Financial Charges)	45.75	29.77	25.00

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	8.40	7.34	8.64
Return on Total Assets ((PAT / Total Assets) * 100)	%	10.06	9.03	10.35
Return on Investment (ROI) ((PAT / Networth) * 100)	%	15.41	14.29	16.60

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.32	1.18	1.25
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.03	0.91	0.95
G-Score Ratio Financial (Networth / Total Assets)	0.65	0.63	0.62
G-Score Ratio Debt (Debts / Equity Capital)	9.49	9.84	12.61
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.32	1.18	1.25

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

STOCK PRICES

Face Value	INR 5.00/-
Market Value	INR 732.00/-

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	2957.000	2963.200	2968.100
Reserves & Surplus	197137.400	221268.500	253727.500
Share Application money pending allotment	0.000	0.000	0.000
Net worth	200094.400	224231.700	256695.600
long-term borrowings	25141.300	14954.200	22339.900
Short term borrowings	1062.500	3481.300	5034.400
Current Maturities of Long term debt	11080.800	10733.700	782.100
Total borrowings	37284.600	29169.200	28156.400
Debt/Equity ratio	0.186	0.130	0.110

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	384448.300	436389.000	470960.400
		13.510	7.922

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	384448.300	436389.000	470960.400
Profit/ (Loss)	33211.100	32045.700	39556.500
	8.64%	7.34%	8.40%

LEGAL CASE

HIGH COURT OF BOMBAY

CASE DETAILS

BENCH: BOMBAY

Presentation Date:- 20/08/2014

Lodging No.:- NMAL/1909/2014 Filing Date:- 20/08/2014

Main Matter

Lodging No:- APPAL/516/2014

Petitioner: MNM MARKETING PRIVATE LTD AND ANR Respondent: MAHINDRA AND MAHINDRA LIMITED

Petn. Adv : MAHESH A. MAHADGUT (0)

District: NAGPUR

Bench: DIVISION

Status: PRE-ADMISSION Category: NOTICE OF MOTION (APPEAL)

Last Date: 15/03/2017 Stage: APPEALS FOR ADMISSION – FRESH

[ORIGINAL SIDE MATTERS]

Last Coram:

HON'BLE SHRI JUSTICE ANOOP V. MOHTA

HON’BLE SHRI JUSTICE A.M.BADAR

Act: Code of Civil Procedure 1908

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	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Z00074756	80017445	BANK OF BARODA	06/08/2001	08/05/2004	-	20000000.0	INDUSTRIAL FINANCE BRANCHMUMBAIMH400001IN
2	Z00074787	80017449	ICICI LIMITED	24/06/1998	16/08/2002	-	1000000000.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
3	Z00074767	80017447	ICICI LIMITED	24/06/1998	16/08/2002	-	500000000.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
4	Z00074793	80017450	ICICI LIMITED	16/01/1997	06/09/2002	-	700000000.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
5	Z00074701	80017435	ICICI LIMITED	27/03/1991	28/06/2000	-	61600000.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
6	Z00074696	80017433	ICICI LIMITED	14/03/1991	28/06/2000	-	44800000.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
7	Z00074685	80017432	ICICI LIMITED	30/03/1990	21/09/1998	-	784772330.0	BACKBAY RECLAMATIONMUMBAIMH400020IN
8	Y10270000	90168101	IND. FINANCE CORP. OF INDIA	27/04/1987	-	-	2100000.0	BANK OF BARODA BUILD .16 SANSAD MARG P.O. BOX NO. 363NEW DELHIDL110001IN
9	B28837565	80017448	STATE BANK OF INDIA	28/10/1985	07/12/2011	-	6500000000.0	NEVILLE HOUSE, JN HEREDIA MARGBALLARD ESTATEMUMBAIMH400001IN
10	Y10274416	90172517	THE GOVERNOR OF PUNJAB CHANDIGARH	16/12/1980	-	-	500000.0	THROUGHG DIRECTOR OF IND. PUNJABCHANDIGARHCHIN
11	Y10274410	90172511	THE GOVERNOR OF PUNJAB PUNJAB CHANDIGARH	12/09/1979	-	-	500000.0	THROUGH DIRECTOR OF IND. PUNJABCHANDIGARHCHIN
12	Y10274407	90172508	THE GOVERNOR OF PUNJAB CHANDIGARH	28/12/1978	-	-	500000.0	THROUGH DIRECTOR OF IND. PUNJABCHANDIGARHCHIN
13	Y10274402	90172503	THE GOVERNOR OF PUNJAB CHANDIGARH	15/04/1977	-	-	350000.0	THROUGH THE DIRECTOR OF IND. PUNJABCHANDIGARHCHIN
14	G30990295	90167568	INDIAN OVERSEAS BANK	28/08/1972	-	30/11/2016	3000000.0	SECTOR 7 BCHANDIGARHCHIN
15	G30991103	90167781	INDIAN OVERSEAS BANK	04/06/1982	-	30/11/2016	720000.0	SECTOR 7CHANDIGARHCHIN
16	G30992119	90172388	INDIAN OVERSEAS BANK	08/02/1983	14/03/1983	30/11/2016	15000000.0	762 ANNA SALAIMADRASTNIN
17	G30992721	90172400	INDIAN OVERSEAS BANK	08/01/1996	-	30/11/2016	30000000.0	762 ANNA SALAIMADRASTNIN
18	C75415455	10144031	AXIS TRUSTEE SERVICES LIMITED	03/03/2009	-	05/01/2016	4000000000.0	MAKER TOWERS 'F', 13TH FLOORCUFFE PARADE, COLABAMUMBAIMH400005IN
19	B77883809	10057186	UNION BANK OF INDIA	16/05/2007	-	03/06/2013	2500000000.0	IFB BRANCH, UNION BANK BHAVAN,239, VIDHAN BHAVAN MARG, NARIMAN POINT,MUMBAIMH400021IN
20	B77650224	90236216	STATE BANK OF INDIA	13/03/2003	-	27/05/2013	250000000.0	COROPRATE ASSOUNTING GROP BRANCH23 JN HEREDIA MARGMUMBAIMH400001IN
21	B75607440	80017436	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	01/08/2001	28/08/2001	21/05/2013	250000000.0	FORTMUMBAIMH400001IN
22	B75344150	10358184	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	21/05/2012	-	07/05/2013	3500000000.0	PLOT NO. 139-140 B, WESTERN EXPRESS HIGHWAYSAHAR ROAD JUNCTION,VILE PARLE EASTMUMBAIMH400057IN
23	B39323910	10093944	AXIS BANK LIMITED	01/04/2008	-	07/05/2012	2000000000.0	CENTRAL OFFICE, CAPITAL MARKET DEPARTMENT11TH FLOOR, F WING, MAKER TOWER, CUFFE PARADEMUMBAIMH400005IN
24	A44955821	80017459	UTI BANK LIMITED	30/09/2002	-	20/08/2008	50000000.0	MAKER TOWERCUFFE PARADEMUMBAIMH400005IN
25	A43924083	80017446	UTI BANK LIMITED	18/07/2001	03/05/2002	20/08/2008	3000000000.0	MAKER TOWERCUFFE PARADEMUMBAIMH400005IN
26	A43133529	80017453	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	23/12/2003	-	29/07/2008	470048000.0	5 FLOOR LES CASCADESEDITH CAVELL STREETPORT LOUISNA000000MU
27	A39577820	90236274	BNP PARIBAS	23/12/2003	-	22/05/2008	452850000.0	SINGAPURSINGAPUENASG
28	Y10273123	90171224	STATE BANK OF INDIA	30/07/2002	-	01/08/2005	10000000.0	CAG BRANCH 10 FLOORVIJAYA BUILD.NEW DELHIDL110001IN
29	Y10269800	90167901	CANARA BANK	19/12/1984	23/01/1987	13/05/2005	18500000.0	SECTOR 35CHANDIGARHCH160002IN
30	Y10274450	90172551	THE GOVERNOR OF PUNJAB CHANDIGARH	02/01/1986	-	05/05/2005	700000.0	THROUGH DIRECTOR OF IND. PUNJABCHANDIGARHCH160002IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Debentures	9736.200	5000.000
Term Loan From Bank	3446.600	0.000
Fixed Deposits	0.000	0.000
Other loans	9157.100	9954.200
SHORT TERM BORROWINGS
Term Loan from Banks	4951.400	3481.300
Total	27291.300	18435.500

GENERAL INFORMATION

Mahindra & Mahindra Limited (‘the Company’) is a limited company incorporated in India. The addresses of its registered office and principal activities of the Company are disclosed in the introduction to the Annual Report.

The Ordinary (Equity) shares of the Company are listed on the National Stock Exchange (“NSE”), the Bombay Stock Exchange (“BSE”) in India. The Global Depository Receipts (GDRs) (underlying equity shares) of the Company are listed on the Luxembourg Stock Exchange and London Stock Exchange.

FINANCIAL AND OPERATIONAL HIGHLIGHTS

The fiscal year gone by was marked by significant developments on both the global as well as domestic fronts. On the international front, Brexit and the US elections heralded a sea change, forebodingly laden with darker possibilities for the global and even the Indian economy. The political outlook for globalisation too changed in the wake of the above developments.

On the domestic side, a constitutional amendment paved the way for the long-awaited and transformational Goods and Services Tax (GST) while demonetisation of large denomination currency notes signalled a regime shift to punitively raise the costs of unaccounted transactions.

The currency swap move entailed short-term costs in the form of economic dislocations across Sectors, inconvenience and hardships, especially for those in the informal and cashintensive sectors of the economy who lost out on income and employment. These costs have been real and significant but they may be minimised in recorded GDP because the national income accounts estimate informal activity on the basis of formal sector indicators. However, the costs are likely to be transitory as demonetisation has the potential to generate meaningful long-term benefits. Gross value added (GVA) growth estimate for 2016-17 has been pared down to 6.6% year on year as compared to the estimate of 7.6% when the year began.

However, even amidst this scenario, the Company recorded an increase of 7.92% in revenue from operations at INR 470960.000 Million in the year as against INR 436390.000 Million in the previous year.

The Profit for the year before Depreciation, Finance Costs, Exceptional items and Taxation recorded an increase of 11.74% at INR 61120.000 Million as against INR 54700.000 Million in the previous year. Profit after tax increased by 23.43% at INR 39560.000 Million as against INR 32050.000 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 thereby enabling the Company to maintain profitable growth in the current economic scenario.

No material changes and commitments have occurred after the closure of the Financial Year 2016-17 till the date of this Report, which would affect the financial position of the Company.

PERFORMANCE REVIEW

AUTOMOTIVE SECTOR

The Company’s Automotive Sector recorded total sales of 5,06,624 vehicles (4,52,893 four-wheelers and 53,731 three wheelers) as against a total of 4,94,096 vehicles (4,37,911 four-wheelers and 56,185 three-wheelers) in the previous year, registering a growth of 2.5% in vehicle sales.

On the domestic sales front, your Company sold a total of 4,69,384 vehicles as compared to 4,58,065 vehicles in the previous year resulting in a growth of 2.5%. In the Passenger Vehicle segment, your Company’s volumes remained almost flat at 2,36,130 vehicles [including 2,22,541 Utility Vehicles (UVs), 10,370 Vans and 3,219 Cars] as compared to the previous year’s volume of 2,36,307 vehicles [including 2,22,324 UVs, 10,588 Vans and 3,395 Cars]. In the Commercial Vehicle (CV) segment, the Company sold 1,80,948 vehicles [including 30,043 vehicles < 2T GVW, 1,36,564 vehicles between 2-3.5T GVW, 7,626 Light Commercial Vehicles (LCVs) in the LCV > 3.5T segment and 6,715 Heavy Commercial Vehicles (HCVs)] registering a growth of 8.5% over the previous year’s volume of 1,66,783 CV [including 27,834 vehicles < 2T GVW, 1,26,819 vehicles between 2-3.5T GVW, 6,425 LCVs in the LCV > 3.5T segment and 5,705 HCVs].

In the three-wheeler segment, your Company sold 52,306 three-wheelers, registering a de-growth of 4.9% over the previous year’s volume of 54,975 three-wheelers. For the year, the Indian automotive industry (except 2-Wheeler) grew 6.5%, with the Passenger Vehicle (PV) industry growth of 9.2% and record sales crossing the three million mark. The CV industry grew 4.2% with the LCV 2-3.5T (PU segment) posting the highest ever sales of 0.2 million and taking 29% share of the total CV industry. However, the Medium and Heavy Commercial Vehicles (MHCV) segment remained flat at a volume of 0.3 million. The 2-Wheeler (2W) industry grew 6.9%, with sales crossing a record 17 million mark.

The Company’s UV sales volume remained flat at 2,22,541 vehicles, resulting in an UV market share of 29.2% as against 37.9% in the previous year. The Company’s UV sales were adversely impacted in the first, third quarter and the early fourth quarter of the Financial Year 2017.

In the first quarter of the Financial Year 2017, rural demand continued to be subdued – a low sentiment continuing from the Financial Years 2015 and 2016 due to two years of deficit monsoon. In the third quarter of the Financial Year 2017, volumes were adversely impacted due to demonetisation. Though the industry at large was quick to recover in January, 2017 recovery was slightly slower in rural India as compared to urban India, having an adverse impact on the Company’s volumes. Demand for the Company’s products from urban markets was also under pressure due to continued shift in customer preference.

Scorpio continues to enhance its iconic status and the demand for Scorpio remained strong at 49,319 vehicles, a growth of 2.6% over the previous year.

Bolero has been a very successful brand for the Company over the last 10 years, and in September, 2016, the Company launched the new Bolero Power+ with the mHawkD70 engine. The all New Bolero Power+ is an evolution of the Bolero brand, with an enhanced value proposition, delivering more power, mileage and a peppier drive.

In the LCV<2T segment, riding on the success of Jeeto, the Company’s volumes grew 7.9% and the market share

strengthened to 25.7% as against 23.9% in the previous year. To further strengthen its presence in this segment, the Company launched the Supro Minitruck and Supro cargo van in February, 2017.

In the PIK-UP segment of commercial vehicles (LCV 2 to 3.5T), the Company maintained its leadership position with a market share of 65.8%. In April, 2016, your Company launched the Big Bolero PIK-UP with several best-in class features. In February, 2016, your Company launched the Blazo series of heavy commercial (HCV) trucks with Fuelsmart technology. The Blazo series of trucks are backed by a superior mileage guarantee and a 48 hours service guarantee. For the year, the Company extended the Blazo range of trucks from 25 to 49 Tons, and the trucks are well received by the customer. The total HCV sales for the year stood at 6,715 trucks, clocking a 17.7% growth. The market share of the HCV segment stood at 4.0% as compared to 3.4% in the previous year.

During the year, the Company posted the highest ever export volumes of 37,240 vehicles as against the previous year exports of 36,031 vehicles, a growth of 3.4%.

The Company continued to grow in volumes and strengthen its presence in the neighbouring markets of Sri Lanka, Nepal and Bangladesh. With continued efforts of building its brand in key markets like South Africa and Chile, your Company reported a volume growth of 28.9% and 28.3% respectively. For the year under review, the KUV100 and TUV300 were launched in South Africa.

The spare parts sales for the year stood at INR 19372.000 Million (including Exports of INR 1156.000 Million) as compared to INR 17653.000 Million (including Exports of INR 1103.000 Million) in the previous year, registering a growth of 9.7%.

FARM EQUIPMENT SECTOR

The Company recorded a total sales of 2,63,021 tractors as against 2,14,173 tractors sold in the previous year thus recording a growth of 22.8%.

For the year, the tractor industry in India recorded sales of 5,82,084 tractors recording a growth of 18%. A normal monsoon, good increase in minimum support prices and Government’s focus on Agriculture and rural development, helped drive the positive sentiment in the

Agriculture Sector and the rural economy at large. This positive sentiment and the pent-up demand due to two consecutive years of industry de-growth in the Financial Years 2015 and 2016, helped boost the demand for tractors in the Financial Year 2017.

The Company sold 2,48,594 tractors in the domestic market in the year 2016-17, as compared to 2,02,628 tractors in the previous year, recording a growth of 22.7%. The Company gained market share by 1.8%, taking the total market share to 42.7% which is the highest ever market share. The Company’s market performance was supported by the good performance of YUVO, which has helped gain market share in the 30-50 HP segment. YUVO, an all-new tractor platform launched in April, 2016 has been highly successful in strengthening the technology leadership of Mahindra tractors.

After the successful launches of Arjun NOVO and YUVO in the previous two years, the Company launched its third new tractor platform JIVO in April, 2017. JIVO is a new age small tractor platform in the sub 25 HP category. With its narrow and compact design, high power and multi-application suitability, JIVO is an ideal choice for the growing segment of Horticulture and Row crop farming.

During the year, the Company exported 14,583 (including 156 Completely Knocked Down Units) tractors registering a growth of 26.3% over the previous year. This is the highest ever tractor exports by the Company. Spare parts sales for the year stood at INR 5307.000 Million (including exports of INR 438.000 Million) as compared to INR 4765.000 Million (including exports of INR 348.000 Million) in the previous year, registering a growth of 11.4%.

OTHER BUSINESSES

In the power generation space, under the Mahindra Powerol Brand, the Company continues to be amongst the leaders in the industry for over a decade. The Company earned its highest ever revenues of INR 12049.000 Million in the current Financial Year as against INR 11099.000 Million in the previous year, recording a growth of 8.6%. With a focus on changing customer needs, the Company has further expanded the business in Tele infra management and in the energy management solutions space. Amidst growing concerns on environmental sustainability, the Company took a step towards moving to greener solutions, by venturing into a new business of ‘Green Gensets’ through battery based solutions.

CURRENT YEAR’S REVIEW

During the period 1st April, 2017 to 29th May, 2017, 63,251 vehicles were produced as against 60,164 vehicles and 60,052 vehicles were despatched as against 57,697 vehicles during the corresponding period in the last year. During the same period 49,425 tractors were produced and 49,154 tractors despatched as against 44,730 tractors produced and 44,778 tractors despatched during the corresponding period in the previous year.

The outlook for 2017-18 remains positive with a favourable domestic and global backdrop. On the domestic front, the economy is set to experience a growth recovery and the RBI expects Gross Value Added to grow at 7.3% Year on Year in Financial Year 2018 with some favourable tailwinds.

Monsoon is forecast to be normal for the second consecutive year which bodes well for demand recovery. Moreover, the ongoing remonetisation process and lagged effect of past rate cuts along with a further reduction in banks’ lending rates will aid discretionary consumer spending and growth recovery.

Focused expenditure especially on the rural economy and affordable housing, implementation of Goods and Services Tax (GST) and steps to attract higher foreign direct investment (FDI) will also be supportive of growth. Importantly, notwithstanding initial challenges, GST implementation entails sustained positive gains for the economy in the long term.

On the global front too, demand backdrop is expected to be favourable with most forecasts pegging global output and trade higher in 2017 and 2018 as compared to the recent past.

FINANCE

Financial Year 2016-17 was a turbulent year for the world economy with events namely Brexit, US Presidential elections and Italian political reform referendum, which not only caused volatility during the year but also has the potential to have ramifications in the years to come. US economy continued showing signs of steady recovery and encouraging job growth which led the US Federal Reserve to hike interest rates two times in Financial Year 2016-17 by a cumulative 50 bps. Despite the political noise, the economic recovery in Eurozone was encouraging with growth picking up in the second half of 2016, which led the ECB to start tapering its quantitative easing program since December, 2016. Economic sentiment in Eurozone reached a nearly six-year high in February, 2017. Growth also remained solid in the United Kingdom, where spending proved resilient in the aftermath of Brexit. Growth prospects for emerging market economies have also improved with reduced concerns on China’s hard landing due to policy stimulus. Further, recessionary conditions also ebbed in Russia and Brazil due to firming up

of commodity prices. Crude prices which touched a 13 year low in January, 2016, rebounded during Financial Year 2016-17 as oil producing nations agreed on output cuts. However, global trade remains subdued due to an increasing tendency towards protectionist policies and heightened political tensions. The latest World Economic Outlook by IMF predicts the Global economic activity to pick up with a long awaited cyclical recovery in investment, manufacturing and trade projects.

On the domestic front in India also, the year was marked with two game changing events viz., Demonetization and passing of Goods and Services Tax (GST). Demonetisation, albeit its short term adverse impact on economy, has positively impacted the digital payments landscape in the country. GST holds the potential of providing impetus to growth and investments in the long term and is expected to benefit the GDP by more than 1%.

With positive macro-economic indicators, commitment to fiscal and monetary reforms and political stability, India continued to be a bright spot for global investors. Foreign Direct Investment (FDI) in Financial Year 2016-17 touched a record high of USD 60.1 billion. For the first time since the opening up of the economy in 1991, India’s current account deficit is being funded by FDI, a sign of rising confidence among long term investors. The Indian Rupee displayed two-way movements up to mid-January, 2017, but since then has appreciated on resumption of portfolio inflows in both the debt and equity segments.

CPI inflation remained firmly anchored within RBI’s target range which prompted them to reduce repo rates by a cumulative of 50 bps in Financial Year 2016-17. However, the persistence of core inflation, implementation of 7th pay commission and rise in global commodity prices led the RBI to undertake a calibrated shift in their policy stance from accommodative to neutral towards end of the Financial Year. Following the announcement of demonetisation in November, 2016, there was a huge surge in banking sector liquidity, impelling the Banks to reduce their lending rates and finally transmitting the policy rate cuts by the RBI over the last two years to the consumers.

The Company continued to focus on managing cash efficiently and ensured that it had adequate liquidity and back up lines of credit. During the year, your Company repaid INR10836.200 Million of long term borrowings from internal accruals. During the year, the Company raised INR 4750.000 Million by way of private placement of 7.57% Listed, Senior, Unsecured, Redeemable Non-Convertible Debentures with a 10 years’ maturity. In addition, Euro 50 million was raised by way of External Commercial Borrowings for 5 years. The above borrowings were raised to part finance its ongoing modernisation and expansion programmes. In addition, your Company also availed export finance of INR 6050.000 Million, out of which INR 3050.000 Million was under the interest equalization scheme of Government of India.

The Company’s Bankers continue to rate the Company as a prime customer and extend facilities/services at prime rates. The Company follows a prudent financial policy and aims not to exceed an optimum financial gearing at any time. The Company’s total Debt to Equity Ratio was 0.11 as at 31st March, 2017.

The Company has been rated by CRISIL Limited (“CRISIL”), ICRA Limited (“ICRA”), India Ratings and Research Private Limited (“India Ratings”) and Credit Analysis & Research Limited (“CARE”) for its Banking facilities under Basel II norms. All have re-affirmed the highest credit rating for the Company’s Short Term facilities. For Long Term facilities and Non-Convertible Debenture (“NCD”) programme, CRISIL and ICRA have re-affirmed their credit ratings of CRISIL AAA/ Stable and [ICRA]AAA (stable) respectively. Further, CARE has also re-affirmed the ratings of the Company’s long-term Bank facilities at CARE AAA. India Ratings and Research (Ind-Ra, a Fitch Group Company) has also re-affirmed Long-Term Issuer Rating of ‘IND AAA’ with a Stable outlook to your Company. With the above rating affirmations, your Company continues to enjoy the highest level of rating from all major rating agencies at the same time.

The AAA ratings indicate highest degree of safety regarding timely servicing of financial obligations and is also a vote of confidence reposed in your Company’s Management by the rating agencies. It is an acknowledgement of the strong credit profile of the Company over the years, resilience in earnings despite cyclical upturns/downturns, robust financial flexibility arising from the significant market value of its holdings and prudent management.

MANAGEMENT DISCUSSION AND ANALYSIS

INDUSTRY STRUCTURE, OVERVIEW AND TRENDS

The Indian automotive industry comprises of several Indianorigin and multinational players with varying degrees of presence in different segments.

After more than a decade of establishing manufacturing base in India, MNC OEMs have garnered 87.7% share of the domestic Passenger Vehicles (PV) market. However, in the Commercial Vehicle (CV) space, India Origin OEMs continue to hold a large share of 97.1% of the domestic market.

Many leading automotive MNCs now have well established India development and sourcing centres. These centres are being leveraged to design and develop emerging market products in India. In addition, a high degree of India sourcing delivers price competitiveness for these new products. Further, the MNCs have aggressively pursued channel expansion and today, have a good channel presence in urban centres and are in the process of expanding into rural parts. At the same time, MNCs are increasingly using India as an export base. Today, 22.0% of MNC production is exported from India.

The Indian OEMs, despite starting late (in late 1990’s) have gained significant experience in product development and have bridged the product performance and quality gaps with MNC designed products.

Today, the industry is focussed on managing portfolio readiness for the new safety norms which come into force in the Financial Year 2019 and the BSVI emission norms from the Financial Year 2021.

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) 2016, global automotive sales for Passenger and Commercial Vehicles stood at a record of 93.8 million, which was a growth of 4.7% over the previous year. This growth is marginally more than the five year CAGR of 3.7%. This growth was primarily driven by China, India and Europe, which collectively account for 55.2% of the global automotive market. The US market remained flat at 17.9 million mark, while the Japanese market de-grew 1.5%. Source: Organisation Internationale des Constructeurs d’Automobiles (OICA).

Performance of the auto industry in China and the US were a contrast to the economic sentiment in the respective countries. While the Chinese auto sales grew 13.7% amidst a slowing economy, the US auto sales were flat in a growing economy. Automotive sales in China stood at 28.0 million (~20% of global auto sales), which is 10.1 million more than USA. Auto sales in China, had crossed US sales first time in 2008 and have since grown at 12.9% CAGR.

Auto sales in Africa stood at 1.3 million, which is a de-growth of 15.2%. This is the second consecutive year of double digit de-growth and has taken the African auto industry to 2010 levels. This slowdown is a result of weak economic sentiment, high inflation and high interest rates.

The automotive markets in Brazil and Russia are almost at 50% of their all-time high in 2012. While the fall in Brazil market continued at a steep 20.2%, the Russian market de-grew just 2.5% and has shown signs of cautious stabilisation on back of some recovery in oil prices.

INDIAN AUTOMOTIVE INDUSTRY

In the Financial Year 2016-17, the auto industry continued the growth momentum from the Financial Year 2015-16, which was a turnaround year for the Indian Automotive industry.

Passenger Vehicle (PV) and Two Wheeler (2W) segments reported the highest ever sales, with PV sales crossing the three million mark and the 2W sales crossing the 17 million mark. The CV industry grew 4.2% with the LCV 2-3.5T (PU segment) posting the highest ever sales of 0.2 million and taking 29% share of total CV industry. However, the MHCV segment remained flat at a volume of 0.3 million.

The demand for automobiles was driven by the Indian economy continuing the growth path, bounce back in rural sentiment and coupled with moderate inflation. The easing of monetary policy by RBI helped the affordability of finance. New launches by OEMs created the necessary excitement in the market. Cost of ownership of an automobile is an important factor for demand and in the Financial Year 2017, this factor was also on the positive side due to benign price hikes and stable fuel prices. The performance of the auto industry in the Financial Year 2016-17 needs to reviewed in three parts.

The first half of the year, was the period of double digit growth – influenced by a positive rural sentiment, a normal

monsoon after two consecutive years of a below average rainfall and a healthy economic environment. The third quarter of the Financial Year 2017, was a speed breaker because of demonetisation, where the industry growth decelerated to a flat or negative growth in some cases. But the fourth quarter of the Financial Year 2017, was the recovery period, where the industry was quick to bounce back. However, the volume loss in the third quarter of the Financial Year 2017, adversely impacted the overall volumes for the second half and the full Financial Year 2017.

The Passenger Vehicle segment, has demonstrated a clear shift towards preference for UVs, with the UV segment growing 29.9% and UVs accounting for 25% of PV sales in Financial Year 2017, (which was 21% in the Financial Year 2016 and 14% in the Financial Year 2012). The launch of UVs with car like comfort, fuel economy and competitive prices have led to increased preference for UVs and blurring of boundaries between sedan cars and UVs. Further, the industry has seen multiple new UV launches in the price range of INR 0.600 to 0.900 million which accounts for ~50% of total UV market. The MHCV Goods segment posted a volume of 0.25 million vehicles, which is a de-growth of 1.2% over the previous year. Saturation in replacement demand and demonetisation had an adverse impact on the MHCV goods industry, however, pre-buying of BSIII vehicles has resulted in a flat industry. The industry is still ~ 15% lower than the all-time high volume of 0.3 million in 2011-12.

The Pik-UP segment (LCV 2 to 3.5T segment) posted a good 13.2% growth on back of good monsoon leading to demand coming in from the Agri economy and ease of finance availability. The LCV < 2T segment which was showing some signs of recovery after a gap of 3 years in first half of the Financial Year 2017, again reported a de-growth in the second half of the Financial Year 2017 due to demonetisation.

The growth in the two wheeler industry was at a sub potential level at 6.9%. The scooter segment continued to increase its share of total 2W sales. The share of scooters in total two wheelers has grown from 13% in the Financial Year 2012 to 32% in the Financial Year 2017.

OUTLOOK – AUTOMOTIVE & FARM SECTORS

Both the Automotive and Farm Sectors strive to maintain their leadership position in the domestic market and at the same time explore global opportunities for growth. Simultaneously, the Company continues its focus on achieving cost leadership through focused cost optimisation, productivity improvements, value engineering, supply chain management and exploiting synergies between its Sectors.

The mid-term outlook for the Indian auto industry is very positive. Society of Indian Automobile Manufacturers (SIAM) have forecasted the PV and CV industries to grow in double digits. The potential size of the Indian vehicle market (PV + CV) by the Financial Year 2019-20 to be as large as ~5.7 million vehicles (current size 3.8 million). This is a growth rate of ~15% CAGR.

In the Financial Year 2018, automotive industry growth is likely to be driven by economic growth, increased investment in infrastructure, a normal monsoon and an overall improvement in consumer confidence. Seventh pay commission payouts and rabi crop incomes will also help drive demand for automobiles and tractors.

The cost of ownership of vehicles may see some increase, partly coming from increase in fuel prices and partly from price hikes resulting from the movement in commodity prices. Though in certain cases, GST implementation may result in lowering the prices of automobiles. The interest rates could soften marginally from current levels.

For the Financial Year 2018, SIAM forecasts a good growth for the Indian Auto Industry. The PV industry is expected to grow at 7-9%, LCV goods at 5-7%, CV total at 4-6%, double digit growth in 3W goods segment and the 2W industry is expected to grow at 9-11%.

On the export front for the auto business, recent product launches, complimented by brand building efforts will help push growth for the Company though challenges from regulatory and financial conditions, do exist in key markets of Sri Lanka and Nepal.

The tractor industry growth for the Financial Year 2018, is expected to be driven by a positive sentiment in rural India, emanating from a normal monsoon and good agri incomes. The Government programs for development of Agri Sector will also help keep the sentiment upbeat. On the international front for the tractor business, the Company will focus on strengthening its presence in existing markets of USA, South and Central America, Africa and neighbouring markets, growing its presence in newly added territories of Brazil, Turkey and Europe and continue exploring to expand to newer geographies. The Company will continue its efforts to grow and draw synergies from the recent alliances and acquisitions of MAM, SAMPO and Hisarlar.

AWARDS & ACCOLADES

· Mahindra receives three prestigious national IP awards on World Intellectual Property Day from CII and the Indian Patents Office (IPO).

· ATS bags the Golden Peacock Award 2016 for sustainability.

· SmartShift bags two awards at the 10th Express, Logistics and Supply Chain Conclave.

· Mahindra Design Studio receives the International Architecture Award 2016 from the Chicago Athenaeum.

· Mahindra ranked No. 1 in “India’s Best Companies to Work for 2016” study in the manufacturing category.

· Mahindra wins the business today ‘Best Company to Work For’ award in the engineering and automotive category.

· Mahindra Electric’s technologies recognized at the CSIR Diamond Jubilee Technology Awards ceremony.

· Dr. Pawan Goenka becomes the first Indian to be awarded the highly acclaimed 2016 FISITA Medal.

· Mahindra wins Ínnovator for the year award at TIME India awards 2017.

· Mahindra Truck and Bus Division wins CV and HCV of the year at the Apollo CV awards.

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31^st DECEMBER 2017

(INR IN MILLION)

Particulars	Quarter Ended		Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Income from Operations
a) Net Sales / Income from Operations	115777.800	121836.500	361371.100
b) Other Income	965.900	5619.500	8632.800
Total Income from Operations (net)	116743.700	127456.000	370003.900
Expenditure
a) Cost of materials consumed	51587.000	58571.000	170155.200
b) Purchase of stock-in-trade	24845.100	27501.200	76646.000
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	3873.700	(1969.300)	2181.400
d) Excise Duty	0.000	0.000	7594.400
e) Employee benefits expense	7227.900	7051.700	21346.300
f) Finance Cost	246.400	228.500	791.900
g) Depreciation and amortisation expenses	3692.800	3632.700	10801.000
h) Other expenses	13546.800	13657.000	39645.400
i) Cost of manufactured products capitalised	(256.000)	(268.000)	(911.700)
Total Expenses	104763.700	108404.800	328249.900
Profit/ (Loss) from Operations before Other Income, Exchange gain/(loss), Finance costs and Exceptional items	11980.000	19051.200	41754.000
Exceptional Items	3857.500	0.000	3857.500
Profit /(Loss) Before Tax	15837.500	19051.200	45611.500
Tax Expenses
Current Tax	2572.400	4008.700	8837.600
Deferred Tax	1106.000	1726.800	3804.700
Profit /(Loss) After Tax	12159.100	13315.700	32969.200
Other Comprehensive Income
i) Item that will not reclassified to profit or loss	(10.900)	(11.800)	(40.500)
ii) Income tax relating to items that will not be reclassified to profit or loss	4.500	4.000	12.500
i) Item that will not reclassified to profit or loss	(40.100)	(26.500)	(105.400)
ii) Income tax relating to items that will not be reclassified to profit or loss	13.900	9.200	36.500
Total Comprehensive Income for the period	12126.500	13290.600	32872.300
Basic Earning per share	102.300	112.000	277.400
Diluted Earning per share	101.800	111.500	276.100
Paid-up equity share capital (Face Value of INR 10 per share)	5947.300	2969.800	5947.300

SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES

Particulars	Quarter Ended		Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Segment Revenue: (Revenue from operations)
Automotive Segment	71147.700	78901.600	226870.900
Farm Equipment Segment	40983.400	39580.600	123774.800
Other Segment	4450.300	4117.000	13340.000
Total	116581.400	122599.200	363985.700
Less: Intersegment Revenue	803.600	762.700	2614.600
Revenue from Operations	115777.800	121836.500	361371.100
Segment Results
Automotive Segment	4423.400	6765.700	14223.000
Farm Equipment Segment	8385.800	8414.200	24219.800
Other Segment	(100.600)	57.100	(32.300)
Total Segment Results	12708.600	15237.000	38410.500)
Less:
Finance Costs	246.400	228.500	791.900
Other un-allocable expenditure net of allocable Income (Including exceptional Items)	(3375.300)	(4042.700)	(7992.900)
Total Profit Before Tax	15837.500	19051.200	45611.500
Segment Assets
Automotive Segment	136679.600	142229.500	136679.600
Farm Equipment Segment	62702.700	68783.400	62702.700
Other Segment	9427.700	9691.100	9427.700
Total Segment Assets	208810.000	220704.000	208810.000
Unallocated Corporate Assets	227955.600	217231.900	227955.600
Total Assets	436765.600	437935.900	436765.600
Segment Liabilities
Automotive Segment	67473.100	76603.200	67473.100
Farm Equipment Segment	30677.500	33954.900	30677.500
Other Segment	4865.300	4649.900	4865.300
Total Segment Liabilities	103015.900	115208.000	103015.900
Unallocated Corporate Liabilities	41602.100	42929.400	41602.100
Total Liabilities	144618.000	158137.400	144618.000

NOTES:

1. These financial results have been prepared in accordance with the recognition and measurement principles under Ind AS as prescribed under Section 133 of the Companies Act, 2013 read with the relevant rules issued thereunder and the other accounting principles generally accepted in India.

2. The Government of India introduced the Goods and Services Tax (GST) with effect from 1st July 2017. GST is collected on behalf of the Government and no economic benefit flows to the entity and hence Revenue from Operations under GST regime is presented excluding GST as per Ind AS 18 'Revenue1. However, Revenue from Operations under pre-GST regime included Excise Duty which is now subsumed in GST. Consequently, the figures for the quarter and nine months ended 31st December 2017 are not comparable with the previous periods presented in the above results.

3. Other Income includes dividend received from Subsidiaries, Associates and Joint Venture as below:

Particulars	Quarter Ended		Nine Months Ended
	31.12.2017	30.09.2017	31.12.2017
	Unaudited	Unaudited	Unaudited
Dividend received from subsidiaries, associates and joint venture	0.000	3834.700	0.000

4. Exceptional Item of INR 3857.500 million for the quarter ended 31 December 2017 represents profit on sale of certain long term Investments in Subsidiary/Associate/Joint Venture

5. On 26th December, 2017, the Company allotted 62,15,96,272 Ordinary (Equity) Shares of INR 5 each as fully paid-up Bonus (Equity) Shares in the ratio of 1:1 [i.e. 1 (One) fully paid-up Bonus Ordinary (Equity) Share of INR 5 each for every 1 (One) fully paid-up Ordinary (Equity) Share of INR. 5 each held] to all registered shareholders as on the record date. Consequently, in accordance with Ind AS 33 "Earnings per Share", the basic and diluted earnings per share for all the periods presented above have been adjusted to give effect to the aforesaid issue of Bonus Shares.

6. The Scheme of Arrangement (The Scheme) for merger of Two Wheeler business of the Company's subsidiary, Mahindra Two Wheelers Limited, with the Company has been approved by the Mumbai Bench of National Company Law Tribunal and on completion of the required formalities on 25th October 2017, the Scheme has become effective w.e.f. the appointed date i.e., 1st October 2016. The merger has been accounted under the 'pooling of interests' method in accordance with Appendix C of Ind AS 103 'Business Combinations' and comparatives have been restated for merger from the beginning of the previous year i.e. 1st April 2016 Accordingly, results of the Two Wheeler Business have been included in all the periods presented Further, in terms of the Scheme, 5,03,888 Ordinary (Equity) shares (pre-bonus) of Rs.5 each of the Company have been issued and allotted as fully paid up to the minority shareholders of Mahindra Two Wheelers Limited.

7. The above results were approved by the Board of Directors of the Company at the Board Meeting held on 9th February 2018.

8. In compliance with Regulation 33 of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, a limited review of the above results has been carried out by the Statutory Auditors.

CONTINGENT LIABILITIES: [AS ON 31.03.2017]

(a) 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 INR 34450.800 Million before tax (2016 : INR 28465.100 Million before tax, 2015 : INR 20032.600 Million before tax).

(ii) Other matters (excluding claims where amounts are not ascertainable) : INR 276.900 Million before tax (2016 : INR 276.500 Million before tax, 2015 : INR 285.300 Million before tax).

(b) 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 : INR 6276.600 Million (2016 : INR 5645.600 Million, 2015 : INR 5264.900 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: INR 1107.800 Million (2016 : INR 1123.000 Million, 2015 : INR 1536.500 Million).

— Surtax matters: INR Nil (2016 : INR 1.300 Million, 2015 : INR 1.300 Million).

(c) 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 INR 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 INR 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 27th 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. 24.75 crores, on the same grounds as adopted for Commander range of vehicles. The CESTAT has given an unconditional stay against this order.

The matter was heard by the Hon'ble Tribunal on 18th May, 2017. After hearing the matter, the Hon'ble Tribunal pronounced an Order setting aside the Order in original, and allowing the Company's appeal. The Order is awaited. 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 INR 3288.500 Million (2016 : INR 3288.500 Million, 2015: INR 3288.500 Million) and the interest of INR 4077.300 Million (2016 : INR 3776.400 Million, 2015 : INR 3414.400 Million) accrued on the same upto 31st March, 2017, under Note (a)(i) above.

(d) In respect of (a) & (b) above, it is not practicable for the Company to estimate the closure of these issues and the consequential timings of cash flows, if any.

FIXED ASSETS:

• Land – Freehold
• Land – Leasehold
• Plant and Equipment
• Building
• Office Equipment
• Vehicles
• Furniture and Fixtures
• Aircraft

PRESS RELEASES

M&M BAGS BAGHIRATHI'S ELECTRIC VEHICLE ORDER

Feb 20, 2018 

The Central Government may have executed a u-turn when it comes to its electric vehicle (EV) policy, but the Karnataka government has no such plans.

Under its electric vehicle policy and its energy storage policy, SUV giant Mahindra & Mahindra(M&M) has bagged its biggest private order for electric vehicles and is committing to an additional investment of INR 4000.000 million in the state.

M&M Q3 PROFIT BEATS ESTIMATES, RISES 17% TO INR 13060.000 MILLION; REVENUE GROWS 10%

Feb 12, 2018

Mahindra & Mahindra (along with Mahindra Vehicle Manufacturers) has reported profit growth of INR 16.91 percent year-on-year at INR 13057.200 million in Q3 was ahead of CNBC-TV18 poll of INR 9830.000 million.

The company had reported profit at INR 11168.000 million for year-ago quarter.

Revenue from operations in Q3 grew by 10.3 percent to INR 114915.000 million compared to INR 104204.000 million in corresponding period last year, which was largely in line with estimates of INR 115380.000 million.

Overall volumes during the quarter increased 6.5 percent YoY, with auto segment volumes growing 7 percent (aided by double-digit growth in pick-up segment) and tractors showing 6 percent growth on high base.

Operating profit growth of 17.7 percent year-on-year at INR 17360.000 million and margin expansion of 90 basis points at 15.1 percent for quarter ended December 2017 were ahead of CNBC-TV18 poll estimates of INR 16900.000 million and 14.6 percent, respectively.

Automotive segment has registered revenue growth of 11.6 percent year-on-year at INR 70973.000 million, with EBIT (earnings before interest and tax) rising 33.87 percent at INR 6053.300 million while tractor business grew by 9 percent to INR 4,0983.000 million with EBIT rising 14.8 percent to INR 8386.000 million in Q3.

MAHINDRA SELLS 22% STAKE IN JV MAHINDRA SANYO FOR INR 1463.200 MILLION

Feb 09 2018

New Delhi: Mahindra & Mahindra on Friday said it will sell 22% of its stake in joint venture firm Mahindra Sanyo to Sanyo Special Steel Co Ltd for INR 1463.200 million.

“The company has today agreed to sell 26,36,401 equity shares of INR 10 each held by the company in Mahindra Sanyo Special Steel Pvt Ltd (MSSSPL), aggregating 22% of the paid-up equity share capital of MSSSPL, to Sanyo Special Steel Co., Ltd. for a consideration of INR 1463.200 million,” Mahindra & Mahindra (M&M) said in a BSE filing.

MSSSPL is a joint venture (JV) between M&M (51%) India, Sanyo Special Steel Co Ltd (29%) Japan and Mitsui & Co Ltd (20%) Japan.

“Following the sale, company’s shareholding in MSSSPL would come down to 29% from 51% of its share capital, and MSSSPL will cease to be a subsidiary of the company,” Mahindra & Mahindra added.

The transaction is expected to be completed by 31 March depending upon receipt of requisite approvals. Turnover of MSSSPL for the year ended March, 2017 was INR 9180.000 million.

Shares of Mahindra & Mahindra were trading 0.60% lower at INR 749.20 on BSE.

M&M INTRODUCES MHAWK ENGINE ON TUV300 ENTRY, MID-VARIANTS

February 5, 2018

Mahindra & Mahindra today announced introduction of higher powered mHAWK engine on the entry level and mid variants of its compact SUV TUV300.

The mHAWK engine with 100 BHP (brake horse power) will be available on T4+ and T6+ variants of TUV300 with immediate effect, the company said in a statement.

The TUV300 T4+ variant with mHAWK100 engine will be priced at INR 0.802 million, while the same for TUV300 T6+ variant will be priced at INR 0.859 million (ex-showroom Mumbai), it added.

"Based on the feedback we received, we have decided to extend the 73.5kW (100 BHP) mHAWK engine across the entire TUV300 range," M&M Chief of Sales and Marketing, Automotive Sector, Veejay Ram Nakra said.

************** NHPC begins solar power generation at Theni/Dindigul in TN * 

State-run NHPC said today that its 50 MW solar power project in Theni/Dindigul district of Tamil Nadu started generating power last week on Friday.

"50MW Solar Power Project in Theni/Dindigul district of Tamil Nadu has started partial generation on February 2, 2018 and is on partial load of 9.40 MW as on February 5, 2018. The project will attain its full capacity in due course of time," the NHPC Ltd said in a BSE filing today.

MAHINDRA TRACTOR SALES UP 36% TO 20,483 UNITS IN FEBRUARY

Mar 01, 2018

Mahindra & Mahindra (M&M) today reported a 36 per cent increase in total tractor sales at 20,483 units in February.

The company had sold 15,007 units in the same month last year, M&M said in a statement. Domestic sales in February 2018 were at 19,280 units, as against 13,834 units during February 2017, up 39 per cent.

"With the announcement of record horticulture production and increased Union budgetallocations to rural and agriculture sector, we expect the growth momentum to continue in the coming months," M&M President-Farm Equipment Sector Rajesh Jejurikar said. Exports during the month grew 3 per cent to 1,203 units compared to 1,173 units in the year ago period.

MAHINDRA AND MAHINDRA Q2 PAT SEEN UP 13.1% YOY TO INR 14170.000 MILLION EDELWEISS

Oct 12, 2017

Edelweiss has come out with its second quarter (July-September) earnings estimates for the Automobiles sector. The brokerage house expects Mahindra and Mahindra to report net profit at INR 14170.000 million up 13.1% year-on-year (up 64.4% quarter-on-quarter).

Net Sales are expected to increase by 17.1 percent Y-o-Y (up 6 percent Q-o-Q) to INR 119081.00 million, according to Edelweiss.

Earnings before interest, tax, depreciation and amortization (EBITDA) are likely to rise by 20 percent Y-o-Y (up 10.3 percent Q-o-Q) to INR 17624.000 million.

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M&M READY TO PARTICIPATE IN ELECTRIC 3-WHEELER & BUSES BID: PAWAN GOENKA

OCT 10, 2017

CNBC-TV18’s Anshu Sharma caught up with Mahindra and Mahindra’s (M&M) MD, Pawan Goenka and asked him about what he makes of Tata Sons Chairman N Chandrasekaran's comments in an exclusive chat with CNBC-TV18 that Tata Motors will make profit of 10 lakh per unit for the e-vehicle tender that they recently won from ESSL and if the company was looking to reduce cost.

Tata Motors has thrown a new challenge to us on EESL bids, he said.

We have to localise the battery, converters, chargers, the motor and we are getting into each one of these things with target right now about 5,000 per month capacity and investing for each of these components, he added.

M&M has been in electric vehicles for six years now, said Goenka.

We are ready to participate in electric 3-wheeler and buses bid, he further mentioned.

MAHINDRA TRACTOR SALES JUMP 49% TO 45,563 UNITS IN SEPTEMBER

Oct 03, 2017

Home-grown auto major Mahindra and Mahindra today reported a 49 per cent jump in total tractor sales at 45,563 units in September this year.

The company had sold 30,562 units in the same month last year, Mahindra and Mahindra said in a statement.

Domestic sales came in at 44,000 units as against 29,035 in the year-ago month, a growth of 51.54 per cent, it added. Export during the month stood at 1,563 units as against 1,527 in the year-ago month, up 2 per cent.

Mahindra and Mahindra President (Farm Equipment Sector) Rajesh Jejurikar said: "With a good monsoon and improved kharif production estimates, we expect the positive sentiment to continue through the festive season.

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	INR
US Dollar	1	INR 65.13
UK Pound	1	INR 91.96
Euro	1	INR 80.34

INFORMATION DETAILS

Information Gathered by :	SUP
Analysis Done by :	DIV
Report Prepared by :	ARC

SCORE FACTORS

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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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

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