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Mahindra and Mahindra
BSE: 500520|NSE: M&M|ISIN: INE101A01026|SECTOR: Auto - Cars & Jeeps
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« Mar 14
Notes to Accounts Year End : Mar '15
 1. The Guidance Note on Accounting for Employee Share-based Payments
 issued by The Institute of Chartered Accountants of India requires that
 shares allotted to a Trust but not transferred to employees be reduced
 from Share Capital and Reserves and Surplus.  Accordingly, the Company
 has reduced the Share Capital by Rs. 14.04 crores (2014 : Rs. 11.71
 crores) and Securities Premium Account by Rs. 258.30 crores (2014 : Rs.
 259.61 crores) for the 2,80,82,384 shares of Rs. 5 each (2014 :
 2,34,16,888 shares of Rs. 5 each) held by the Trust pending transfer to
 the eligible employees.
 
 The Share Capital of the Company has also been reduced and the General
 Reserve increased by Rs. 0.81 crores (2014 : Rs. 1.08 crores) for the
 16,17,722 bonus shares of Rs. 5 each (2014 : 21,52,225 bonus shares of
 Rs. 5 each) issued by the Company in September, 2005 to the Trust but
 not yet transferred by the Trust to the employees.
 
 The above monies which are treated as advance received from the Trust,
 is included under Other Current Liabilities and Other Long Term
 Liabilities.
 
 2. Secured Borrowings :
 
 Debentures/Bonds :
 
 Debentures/Bonds include Secured Non Convertible debentures carrying an
 interest rate of 11.95% for a period of seven years and are repayable
 in three equal annual installments from December, 2013. These
 debentures are secured by tangible assets of the Company at certain
 locations including immovable items therein and by way of a first
 pari-passu charge on the movable plant and machinery, machinery spares,
 tools and accessories and other movables, both present and future (save
 and except book debts) situated at certain locations of the Company.
 Rs. 133.34 crores payable in December, 2015 is shown under current
 maturities of long term borrowings.  Term loans from banks were secured
 by way of first ranking pari-passu charge on certain immovable and
 movable properties both present and future, relating to Medium and
 Heavy Commercial Vehicle (MHCV) project as well as second charge on
 certain current assets, relating to MHCV project. These loans were
 carrying floating rate of interest ranging from 11.00% to 11.80%. The
 loans have been fully repaid during the year.
 
 3. Unsecured Borrowings :
 
 Debentures are Senior Redeemable Non-Convertible Debentures carrying an
 interest rate of 9.55% with a tenure of 50 years, repayable in July,
 2063.
 
 Term loans from banks comprise of :
 
 USD External Commercial Borrowings carrying an average margin of 157
 basis points over three month USD Libor and are repayable after five
 years and one day from the date of respective availment of loan i.e.
 Rs. 625.00 crores in August, 2016 and Rs. 312.50 crores in September,
 2016. Rs. 937.50 Crores payable in February, 2016 is shown under
 current maturities of long term borrowings.
 
 Fixed deposits are repayable three years from the date of deposit and
 carry an interest rate of 9.75%.
 
 Other loans comprise deferred sales tax loans which are interest free
 and repayable in five equal installments after ten years from the year
 of availment of respective loan. These loans are repayable :
 
 4. Long Term Loans and Advances to Related Parties includes :
 
 (i) Share Application Money pending allotment Rs. 55 crores (2014 : Rs.
 2.22 crores) to subsidiaries.
 
 (ii) Fixed/Call deposits with/loans to limited companies Rs. Nil crores
 (2014 : Rs. 217.11 crores) including Rs. Nil crores (2014 : Rs. 217.11
 crores) to subsidiary companies.
 
 (iii) Capital Advances of Rs. 4.49 crores (2014 : Rs. 19.01 crores).
 
 (iv) Loan to Director of Rs. 1.09 crores (2014 : Rs. Nil crores).
 
 5. Other Loans and Advances includes :
 
 (i) Payment towards income-tax and surtax Rs. 457.72 crores (2014 : Rs.
 448.84 crores).
 
 (ii) MAT Credit entitlement Rs. 666.87 crores (2014 : Rs. 574.15
 crores).
 
 (iii) VAT receivable, other recoverable expenses and advances to
 employees.
 
 6. Loans given to employees as per the Company''s policy are not
 considered for the purposes of disclosure under Section 186(4) of the
 Companies Act, 2013.
 
 7. Loans and Advances to Related Parties includes Fixed/Call deposits
 with/loans to limited companies Rs. 201.36 crores (2014 : Rs. 296.92
 crores) including Rs. 196.77 crores (2014 : Rs. 292.33 crores) to
 subsidiary companies.
 
 8. Loans and Advances to Related Parties includes loan to Director of
 Rs. Nil crores (2014 : Rs. 1.07 crores).
 
 9. Other Loans and Advances also includes balances with government
 authorities, advance to suppliers, other recoverable expenses, deposits
 and prepaid expenses.
 
 10. Other expenses includes expenditure incurred on Corporate Social
 Responsibilty(CSR) under section 135 of the Companies Act, 2013 Rs.
 83.24 crores.
 
 11.  Interest capitalised during the year on qualifying assets Rs.
 26.12 crores (2014 : Rs. 5.94 crores).
 
 12. Employee Benefits :
 
 General description of defined benefit plans :
 
 Gratuity
 
 The Company operates a gratuity plan covering qualifying employees. The
 benefit payable is the greater of the amount calculated as per the
 Payment of Gratuity Act or the Company scheme applicable to the
 employee. The benefit vests upon completion of five years of continuous
 service and once vested it is payable to employees on retirement or on
 termination of employment. In case of death while in service, the
 gratuity is payable irrespective of vesting. The Company makes annual
 contribution to the group gratuity scheme administered by the Life
 Insurance Corporation of India through its Gratuity Trust Fund.
 
 Post retirement medical
 
 The Company provides post retirement medical cover to select grade of
 employees to cover the retiring employee and their spouse upto a
 specified age through mediclaim policy on which the premiums are paid
 by the Company. The eligibility of the employee for the benefit as well
 as the amount of medical cover purchased is determined by the grade of
 the employee at the time of retirement.
 
 Post retirement housing allowance
 
 The Company operates a post retirement benefit scheme for a certain
 grade of employees in which a monthly allowance determined on the basis
 of the last drawn basic salary at the time of retirement, is paid to
 the retiring employee in lieu of housing.
 
 13. The Company has allotted 55,24,219 Ordinary (Equity) Shares of Rs.
 10 each, 10,00,000 Ordinary (Equity) Shares of Rs. 10 each, 1,73,53,034
 Ordinary (Equity) Shares of Rs. 5 each, 19,11,628 Ordinary (Equity)
 Shares of Rs. 5 each and 52,00,000 Ordinary (Equity) Shares of Rs. 5
 each in the years ended 31st March, 2002, 31st March, 2010, 31st March,
 2011, 31st March, 2014 and 31st March, 2015 respectively to the
 Mahindra & Mahindra Employees'' Stock Option Trust set up by the
 Company. The trust holds these shares for the benefit of the employees
 and issues them to the eligible employees as per the recommendation of
 the Compensation Committee.
 
 Options granted under Mahindra & Mahindra Limited Employees Stock
 Option Scheme - 2000 (2000 Scheme) vest in 4 equal installments on
 the expiry of 12 Months, 24 Months, 36 Months and 48 Months from the
 date of grant. The options may be exercised on any day over a period of
 five years from the date of vesting. Number of vested options
 exercisable is subject to a minimum of 50 or number of options vested
 whichever is lower.
 
 Options granted under Mahindra & Mahindra Limited Employees Stock
 Option Scheme - 2010 (2010 Scheme) vest in 5 equal installments on
 the expiry of 12 Months, 24 Months, 36 Months, 48 Months and 60 Months
 from the date of grant. The options may be exercised on any day over a
 period of 6 Months from the date of vesting. Number of vested options
 exercisable is subject to a minimum of 50 or number of options vested
 whichever is lower.
 
 The compensation costs of stock options granted to employees are
 accounted by the Company using the intrinsic value method.
 
 14.  Contingent Liability & Commitments :
 
 (A) Contingent Liability :
 
 (a) Guarantees given by the Company :
 
 Rupees crores
 
 Amount of guarantees Outstanding amounts against
 
 guarantees
 
                               2015        2014      2015        2014
 
 For other companies         1,344.48     896.53    1,281.98    831.20
 
 (b) Claims against the Company not acknowledged as debts comprise of :
 
 (i) Excise Duty, Sales Tax and Service Tax claims disputed by the
 Company relating to issues of applicability and classification
 aggregating Rs. 2,003.26 crores before tax (2014 : Rs. 1,750.77 crores
 before tax).
 
 (ii) Other matters (excluding claims where amounts are not
 ascertainable) : Rs. 28.53 crores before tax (2014 : Rs. 28.49 crores
 before tax).
 
 (c) Taxation matters :
 
 (i) Demands against the Company not acknowledged as debts and not
 provided for, relating to issues of deductibility and taxability in
 respect of which the Company is in appeal and exclusive of the effect
 of similar matters in respect of assessments remaining to be completed
 :
 
 * Income-tax : Rs. 526.49 crores (2014 : Rs. 495.58 crores).
 
 (ii) Items in respect of which the Company has succeeded in appeal, but
 the Income-tax Department is pursuing/likely to pursue in
 appeal/reference and exclusive of the effect of similar matters in
 respect of assessments remaining to be completed :
 
 * Income-tax matters : Rs. 153.65 crores (2014 : Rs. 155.22 crores).
 
 * Surtax matters : Rs. 0.13 crores (2014 : Rs. 0.13 crores).
 
 (d) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by
 its order dated 7th December, 2009 has rejected the Company''s appeal
 against the order dated 30th March, 2005 passed by the Commissioner of
 Central Excise (Adjudication), Navi Mumbai confirming the demand made
 on the Company for payment of differential excise duty (including
 penalty) of Rs. 304.10 crores in connection with the classification of
 Company''s Commander range of vehicles, during the years 1991 to 1996.
 Whilst the Company had classified the Commander range of vehicles as
 10-seater attracting a lower rate of excise duty, the Commissioner of
 Central Excise (Adjudication), Navi Mumbai, has held that these
 vehicles could not be classified as 10-seater as they did not fulfil
 the requirement of 10-seater vehicles, as provided under the Motor
 Vehicles Act, 1988 (MVA) read with Maharashtra Motor Vehicles Rules,
 1989 (MMVR) and as such attracted a higher rate of excise duty. The
 Company has challenged the CESTAT order in the Supreme Court.
 
 In earlier collateral proceedings on this issue, the CESTAT had, by an
 order dated 19th July, 2005 settled the controversy in the Company''s
 favour. The CESTAT had accepted the Company''s submission that MVA and
 MMVR could not be referred to for determining the classification for
 the purpose of levy of excise duty and rejected the Department''s appeal
 against the order of the Collector, Central Excise classifying the
 Commander range of vehicles as 10-seater. The Department had challenged
 the CESTAT order in the Supreme Court.
 
 Without prejudice to the grounds raised in this appeal, the Company has
 paid an amount of Rs. 40.00 crores 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
 Honourable Supreme Court, in August 2014. Since contrary views were
 expressed by the Tribunals in two parallel proceedings, the Honourable
 Supreme Court directed that a larger bench of the Tribunal be
 constituted to hear the appeals without expressing any opinion on the
 issues.
 
 The Larger Bench of the CESTAT heard the matter in February, 2015 and
 by an order dated 27 February, 2015, remanded the matter to the
 Commissioner of Central Excise for consideration of the case afresh
 keeping all issues open.
 
 The company strongly believes, based on legal advice it has received,
 that it has a good case on merits so as to ultimately succeed in the
 matter.
 
 In another case relating to Armada range of vehicles manufactured
 during the years 1992 to 1996, by the Company at its Nashik facility,
 the Commissioner of Central Excise, Nashik passed an order dated 20th
 March, 2006 confirming a demand of Rs. 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 final hearing in
 this matter has been adjourned till the disposal of the appeal by the
 Supreme Court in the matter relating to Commander range of vehicles.
 
 As such, the Company does not expect any liability on this account.
 However, in view of the CESTAT orders and subsequent proceedings,
 pending their final outcome, the Company has reflected the above amount
 aggregating Rs. 328.85 crores (2014 : Rs. 328.85 crores) and the
 interest of Rs. 341.44 crores (2014 : Rs. 305.34 crores) accrued on the
 same upto 31st March, 2015, under Note (b)(i) above.
 
 (e) In respect of (b) & (c) above, it is not practicable for the
 Company to estimate the closure of these issues and the consequential
 timings of cash flows, if any.
 
 (B) Commitments :
 
 (a) Uncalled liability on equity shares partly paid Rs. 10.50 crores
 (2014 : Rs. 10.50 crores).
 
 (b) The estimated amount of contracts remaining to be executed on
 capital account and not provided for as at 31st March, 2015 is Rs.
 745.08 crores (2014 : Rs. 1,329.63 crores).
 
 15. Research and Development expenditure :
 
 (a) In recognised Research and Development units :
 
 (i) Debited to the Statement of Profit and Loss, including certain
 expenditure based on allocations made by the Company, aggregate Rs.
 702.76 crores (2014 : Rs. 600.99 crores) [excluding depreciation and
 amortisation of Rs. 206.98 crores (2014 : Rs. 205.53 crores)].
 
 (ii) Development expenditure incurred during the year Rs. 634.25 crores
 (2014 : Rs. 466.98 crores).
 
 (iii) Capitalisation of assets Rs. 162.29 crores (2014 : Rs. 122.13
 crores).
 
 (b) In other units :
 
 (i) Debited to the Statement of Profit and Loss, including certain
 expenditure based on allocations made by the Company, aggregate Rs.
 45.28 crores (2014 : Rs. 39.29 crores) [excluding depreciation and
 amortisation of Rs. 39.77 crores (2014 : Rs. 47.28 crores)].
 
 (ii) Development expenditure incurred during the year Rs. 41.64 crores
 (2014 : Rs. 20.83 crores).
 
 (iii) Capitalisation of assets Rs. 0.91 crores (2014 : Rs. 9.23
 crores).
 
 16. The net difference in foreign exchange loss debited to the
 Statement of Profit and Loss is Rs. 45.99 crores (2014 : Loss of Rs.
 152.71 crores).
 
 17. The Board of Directors of the Company during the year ended March
 31, 2014, approved entering into a transaction in the Auto Components
 business with CIE Automotive S.A., Spain (CIE). The transaction was
 completed in parts.
 
 The first part involving the following had been completed during the
 year ended March 31, 2014:
 
 (a) The Company transferred its entire shareholding in Mahindra Gears &
 Transmissions Private Limited at a fair value determined by an
 independent valuer to its wholly owned subsidiary Mahindra Investments
 (India) Private Limited (MIIPL).
 
 (b) The Company sold 99.4% of its holdings in Mahindra CIE Automotive
 Limited (MCIE) (formerly known as Mahindra Forgings Limited) and 100%
 of its holdings in both Mahindra Composites Limited (MCL) and Mahindra
 Hinoday Industries Limited (MHIL) to one of the subsidiaries of CIE at
 a price that is lower than the carrying value of these investments by
 Rs. 147.76 crores, which amount was debited to the Investment
 Fluctuation Reserve (IFR).
 
 (c) Consequently MHIL, Mahindra Forgings International Limited ,
 Mahindra Forgings Europe AG, Gesenkschmiede Schneider GmbH, JECO-
 Jellinghaus GmbH, Falkenroth Umformtechnik GmbH, Stokes Group Limited,
 Stokes Forgings Dudley Limited, Stokes Forgings Limited, Mahindra
 Forgings Global Limited and Schoneweiss & Co. GmbH ceased to be
 subsidiaries of the Company.
 
 MCL ceased to be an associate of the Company.
 
 MCIE ceased to be a subsidiary and became an associate of the Company.
 
 (d) The Company acquired a 13.5% stake in CIE through its wholly owned
 subsidiary Mahindra Overseas Investment Company (Mauritius) Limited
 (MOICML), making it an associate of the Company, in view of its
 contractual representation on the Board of CIE.
 
 (e) Completion of open offer by CIE through its subsidiary in both MCIE
 and MCL.
 
 During the year ended March 31, 2015, the second (and final) part of
 the transaction involving the merger through a scheme of arrangement of
 Mahindra Ugine Steel Company Limited (MUSCO), Mahindra Gears
 International Limited (MGIL), MIIPL, MHIL, MCL and a CIE subsidiary
 with MCIE was approved by the High Court of Bombay. The Scheme is
 operative from the appointed date of 1st October, 2013 and has come
 into effect (effective date) from 10th December, 2014. Consequently
 MUSCO, MIIPL, MGIL along with their subsidiaries Mahindra Gears Global
 Limited, Mahindra Gears and Transmissions Private Limited,
 Metalcastello S.p.A. and Crest Geartech Private Limited ceased to be
 subsidiaries of the Company. In terms of the scheme, the company has
 received shares in MCIE which has been accounted for in accordance with
 AS 13 - Accounting for Investments. As stated above, having regard to
 the substance of the transaction, the excess of the fair value of MCIE
 shares received and carrying cost of investment in MUSCO, MIIPL and
 MGIL of Rs. 267.47 crores, has been credited to the Investment
 Fluctuation Reserve to offset the losses earlier recognised on this
 account. The Company now owns 20.21% in MCIE.
 
 18.  The Scheme of Arrangement (Scheme) between the Company''s
 subsidiary Mahindra Engineering Services Limited (MESL) with Tech
 Mahindra Limited (TML), an associate of the Company, was approved by
 the High Court of Bombay. The scheme is operative from the appointed
 date of 1st April, 2013 and has come into effect (effective date) from
 8th December, 2014. Consequently, during the year, MESL along with its
 subsidiaries Mahindra Engineering Services (Europe) Limited, Mahindra
 Engineering GmbH and Mahindra Technologies Services Inc. ceased to be
 subsidiaries of the Company.
 
 In accordance with AS 13 - Accounting for Investments, Rs. 299.34
 crores, being the excess of fair value of TML shares received in terms
 of the scheme over the carrying cost of investments in MESL has been
 recorded as an exceptional item.
 
 19. Scheme of Arrangement :
 
 Pursuant to the Scheme of Arrangement (The Scheme) between Mahindra
 Trucks and Buses Limited (MTBL), a subsidiary of the Company, and the
 Company, as sanctioned by Honourable High Court of Bombay vide its
 order dated 7th March, 2014, the entire assets and liabilities, duties
 and obligations of the Trucks Business of MTBL was transferred to and
 vested in the Company, from 1st April, 2013 (the appointed date). The
 scheme became effective on 30th March, 2014.
 
 As a result in the financial statement as at, and for the year ended
 31st March, 2014:
 
 (a) The Company reorganised its investment cost in MTBL in proportion
 to the net worth of the remaining business of MTBL and the net worth of
 the Trucks Business leading to a reduction in investment value of Rs.
 819.79 crores.
 
 (b) The excess of the reduction in investment value over the net assets
 taken over amounting to Rs. 565.85 crores was debited to General
 Reserve.
 
 The result for the year ended 31st March, 2014 also include a tax
 benefit of Rs. 297.78 crores arising from the carry forward unabsorbed
 past losses (including unabsorbed depreciation) and deferred tax
 positions of the Trucks business of MTBL.
 
 20. Exceptional items of Rs. 335.72 crores (2014 : Rs. 52.79 crores)
 comprise of
 
 (a) profit on sale of certain long term investments Rs. 36.38 crores
 (2014 : Rs. 52.79 crores),
 
 (b) due to scheme of arrangement as refered to in Note 38 Rs. 299.34
 crores (2014 : Rs. Nil crores)
 
 21. Related Party Disclosures :
 
 (a) Related parties where control exists : (i) Subsidiaries :
 
 Sl.No.               Name of the Company
 
 1                Mahindra Engineering and Chemical Products Limited
 
 2                Mahindra Steel Service Centre Limited
 
 3                Mahindra First Choice Wheels Limited
 
 4                Mahindra USA Inc.
 
 5                Mahindra Gujarat Tractor Limited
 
 6                Mahindra Shubhlabh Services Limited
 
 7                Mahindra & Mahindra South Africa (Proprietary) Limited
 
 8                Mahindra Engineering Services Limited 
                 (upto 8th December, 2014)
 
 9                Mahindra Gears & Transmissions Private Limited
                 (upto 10th December, 2014)
 
 10               Mahindra Overseas Investment Company (Mauritius)
                  Limited
 
 11               Mahindra Europe S.r.l.
 
 12               Jiangxi Mahindra Yueda Tractor Co. Ltd
                 (upto 17th June, 2014)
 
 13               Mahindra-BT Investment Company (Mauritius) Limited
 
 14               Mahindra Intertrade Limited
 
 15               Mahindra MiddleEast Electrical Steel Service Centre
                  (FZC)
 
 16              Mahindra Consulting Engineers Limited
 
 17              Mahindra Holidays & Resorts India Limited
 
 18              Mahindra Holidays and Resorts USA Inc
                (upto 19th May, 2014)
 
 19              Mahindra Hotels and Residences India Limited
 
 20              Mahindra Holdings Limited
 
 21              NBS International Limited
 
 22              Mahindra Ugine Steel Company Limited
                (upto 10th December, 2014)
 
 23             Mahindra & Mahindra Financial Services Limited
 
 24             Mahindra Insurance Brokers Limited
 
 25             Mahindra Rural Housing Finance Limited
 
 26             Bristlecone Limited
 
 27             Bristlecone Inc.
 
 28             Bristlecone UK Limited
  
 29             Bristlecone India Limited
 
 30             Bristlecone (Singapore) Pte. Limited
 
 31             Bristlecone GmbH
 
 32             Bristlecone (Malaysia) Sdn.Bhd.
 
 33             Mahindra Automobile Distributor Private Limited
  
 34             Mahindra Trucks and Buses Limited
 
 35             Mahindra Engineering Services (Europe) Limited
                (upto 8th December, 2014)
 
 36             Mahindra Engineering GmbH (upto 8th December, 2014)
 
 37             Mahindra Lifespace Developers Limited
 
 38             Mahindra Infrastructure Developers Limited
 
 39             Mahindra World City (Jaipur) Limited
 
 40             Mahindra Integrated Township Limited
 
 41             Mahindra Residential Developers Limited
 
 42             Mahindra World City Developers Limited
 
 43             Mahindra World City (Maharashtra) Limited
 
 Sl.No.                    Name of the Company
 
 44             Knowledge Township Limited
 
 45             Mahindra Vehicle Manufacturers Limited
 
 46             Mahindra Logistics Limited
 
 47             Mahindra Heavy Engines Private Limited
 
 48             Mahindra Aerospace Private Limited
 
 49             Heritage Bird (M) Sdn.Bhd.
 
 50             Mahindra First Choice Services Limited
 
 51             Mahindra Graphic Research Design S.r.l.
 
 52             Mahindra Gears International Limited
                (upto 10th December, 2014)
 
 53             Mahindra Gears Global Limited 
                (upto 10th December, 2014)
 
 54             Mahindra Gears Cyprus Ltd
              (upto 15th September, 2014)
 
 55             Metalcastello S.p.A 
               (upto 10th December, 2014)
 
 56             Mahindra Bebanco Developers Limited
 
 57             Industrial Township (Maharashtra) Limited
 
 58             Crest Geartech Private Limited 
                (upto 10th December, 2014)
 
 59             Mahindra Business & Consulting Services 
                Private Limited
 
 60             Mahindra Two Wheelers Limited
 
 61             Mahindra Automotive Australia Pty. Limited
 
 62             Mahindra Internet Commerce Private Limited (formerly
                known as Mahindra United Football Club Private Limited)
 
 63             Defence Land Systems India Limited (formerly known as
                Defence Land Systems India Private Limited)
 
 64             Mahindra Yueda (Yancheng) Tractor Company Limited
 
 65             Mahindra Electrical Steel Private Limited
 
 66             Mahindra Aerospace Australia Pty. Limited
 
 67             Aerostaff Australia Pty. Limited
 
 68             Mahindra Reva Electric Vehicles Private
                Limited
 
 69             Bristlecone Consulting Limited
 
 70             Anthurium Developers Limited
 
 71             Gipp Aero Investments Pty. Limited
 
 72             Gippsaero Pty. Limited
 
 73             GA8 Airvan Pty. Limited
 
 74             GA200 Pty. Limited
 
 75             Airvan Flight Services Pty. Limited
 
 76             Nomad TC Pty. Limited
 
 77             Mahindra Emirates Vehicle Armouring FZ-LLC
 
 78             Mahindra Integrated Business Solutions Private Limited
 
 79             Mahindra Aerostructures Private Limited
 
 80             Ssangyong Motor Company
 
 81             Ssangyong European Parts Center B.V.
 
 82             Ssangyong Motor (Shanghai) Company Limited
 
 83             Mahindra EPC Services Private Limited
 
 84             Bristlecone International AG
 
 85             EPC Industrie Limited
 
 86             Mahindra Telecommunications Investment Private Limited
 
 87             Mahindra Sanyo Special Steel Private Limited
 
 43.            Related Party Disclosures : (contd.)
 
 Sl. No.              Name of the Company
 
 88            Bell Tower Resorts Private Limited (upto 31st July, 2014)
 
 89             Mahindra Racing S.r.l.
 
 90             Swaraj Automotives Limited
 
 91             Mahindra Defence Naval Systems Private Limited
 
 92             Mahindra Defence Systems Limited
 
 93             Divine Heritage Hotels Private Limited
 
 94             Gables Promoters Private Limited
 
 95             2 X 2 Logistics Private Limited
 
 96             Holiday on Hills Resorts Private Limited
 
 97             MH Boutique Hospitality Limited
 
 98             Infinity Hospitality Group Company Limited
 
 99             Mahindra Tractor Assembly Inc.
 
 100            Industrial Cluster Private Limited (formerly known as 
                Mahindra Housing Private Limited)
 
 101            Mahindra Telephonics Integrated Systems Limited
 
 102            Mahindra Investments (India) Private Limited
               (upto 10th December, 2014)
 
 103            Mahindra HZPC Private Limited (formerly known as
                Mahindra Investments (International) Private Limited)
 
 104            Mahindra Offgrid Services Private Limited
 
 105            Mahindra Asset Management Company Private Limited
 
 106            Mahindra Trustee Company Private Limited
 
 107            Cleansolar Renewable Energy Private Limited
 
 108            Brightsolar Renewable Energy Private Limited
 
 109            Mahindra Auto Steel Private Limited
 
 Sl. No.                Name of the Company
 
 110            Mahindra ''Electoral Trust'' Company
 
 111            Mahindra North American Technical Centre, Inc.
 
 112            Raigad Industrial & Business Park Limited
 
 113            Retail Initiative Holdings Limited
 
 114            Mahindra Retail Private Limited
 
 115            Mahindra Technologies Services Inc.
               (upto 8th December, 2014)
 
 116            Mahindra Punjab Tractors Private Limited
 
 117            Mahindra Namaste Private Limited
 
 118            Mahindra Conveyor Systems Private Limited 
               (upto 31st July, 2014)
 
 119            Competent Hotels Private limited
               (w.e.f 18th June, 2014)
 
 120            Mahindra Racing UK Limited (w.e.f 22nd May, 2014)
 
 121            Mahindra UNIVEG Private Limited (w.e.f 9th July, 2014)
 
 122            MHR Holdings (Mauritius) Limited (w.e.f. 11th July,
                2014)
 
 123            Convington S.a.r.l. (w.e.f. 17th July, 2014)
 
 124            Lords Freight (India) Private Limited (w.e.f. 7th
                August, 2014)
 
 125            Mriyalguda Farm Solution Limited (w.e.f.
                11th August, 2014)
 
 126            Mahindra Two Wheelers Europe Holdings S.a.r.l.
               (w.e.f. 2nd December, 2014)
 
 127            Mahindra Industrial Park Chennai Limited (w.e.f. 22nd
                December, 2014)
 
 128            Peugeot Motocycles S.A.S. (w.e.f. 19th January, 2015)
 
 129            Peugeot Motocycles Italia S.p.A (w.e.f. 19th January, 
                2015)
 
 130            Peugeot Motocycles Deutschland GmbH (w.e.f. 19th 
                January, 2015)
 
 22. Related Party Disclosures : (contd.)
 
 (b) Other parties with whom transactions have taken place during the
 year. (contd.)
 
 (iv) Key Management Personnel (KMP) :
 
 Chairman and Managing Director.......................... Mr. Anand
                                                          Mahindra
 
 Executive Director and Group President
 
 (Auto & Farm Sector).................................... Dr. Pawan
                                                          Goenka
 
 (v) Enterprise over which KMP is able to exercise significant influence
 :
 
 Sl.No.     Name of the Company
 
 1.         Prudential Management & Services Private Limited
 
 (vi) Welfare Funds :
 
 Sl. No.      Name of the Fund
 
 1.           M&M Benefit Trust
 
 2.           M&M Employees'' Welfare Fund
 
 3.           M&M Employees'' Farm Equipment Sector Employees'' Welfare
              Fund
 
 4.           Mahindra World School Education Trust
 
 1. Consequent to the Scheme of Arrangement referred to in Note 37
 transactions entered into from 1st April, 2014 to 9th December, 2014
 with the companies mentioned below, have been disclosed as transactions
 entered into with Mahindra CIE Automotive Limited.
 
 a.  Mahindra Ugine Steel Company Limited
 
 b. Mahindra Gears International Limited
 
 c.  Mahindra Investments (India) Private Limited
 
 2. Consequent to the Scheme of Arrangement referred to in Note 38
 transactions entered into from 1st April, 2014 to 7th December, 2014
 with Mahindra Engineering Services Limited, have been disclosed as
 transactions entered into with Tech Mahindra Limited.
 
 23. The outstanding derivative instruments and unhedged foreign
 currency exposures as on 31st March, 2015 :
 
 The Company has taken foreign exchange forward contracts to sell US $
 13.30 crores (2014 : US $ 6.80 crores) and EURO 0.50 crores (2014 :
 Nil). In addition, the Company has also taken foreign exchange forward
 contracts to buy EURO 0.27 crores (2014 : Nil) & JPY 101.80 crores
 (2014 : Nil).
 
 The foreign currency exposures not hedged by derivative instruments or
 otherwise as on 31st March, 2015 are - Receivables of US $ 8.83 crores,
 AUD 0.58 crores, GBP 0.25 crores and Payables (excluding Borrowings,
 covered in the paragraph below) of JPY 33.46 crores, KRW 7.42 crores,
 EURO 0.46 crores, ZAR 0.15 crores, SEK 0.04 crores and CHF * crores
 (2014 : Receivables of US $ 8.03 crores, ZAR 2.24 crores, AUD 0.54
 crores, GBP 0.25 crores, EURO 0.23 crores and Payables (excluding
 Borrowings, covered in the paragraph below) of KRW 9.39 crores, JPY
 2.43 crores, SEK 0.05 crores, CHF * crores).
 
 The Company has outstanding foreign currency borrowings of JPY Nil
 crores and US $ 31.70 crores (2014 : JPY 194.10 crores and US $ 30.00
 crores). Currency risk on US $ liability of US $ 1.70 crores has been
 hedged by way of forward contracts (2014 : Nil). The US $ interest rate
 risk has been hedged using interest rate swaps.
 
 * denotes amounts less than 50,000 of respective currency.
 
 1 Business Segments :
 
 The Company has considered business segments as the primary segment for
 disclosure.
 
 The segment have been identified taking into account the organisational
 structure as well as the differing risks and returns of these segments
 
 Automotive Segment comprises of sale of automobiles, spare parts and
 related services.
 
 Farm Equipment Segment comprises of sale of tractors, spare parts and
 related services.
 
 2 Secondary Segments :
 
 The geographical segments are considered for disclosure as secondary
 segment.
 
 Domestic Segment includes sales to customers located in India and
 service income accrued in India.
 
 Overseas Segment includes sales and services rendered to customers
 located outside India.
 
 24. Previous year''s figures have been regrouped/restated wherever
 necessary.
Source : Dion Global Solutions Limited
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