2.  Share Capital :
 
 Issued and Subscribed Capital include :
 
 (a) 7,39,24,782 Ordinary (Equity) Shares of Rs. 5 each allotted as
 fully paid-up pursuant to a contract without payment having been
 received in cash.
 
 (b) 34,12,15,008 Ordinary (Equity) Shares of Rs. 5 each allotted as
 fully paid-up by way of Bonus Shares, by capitalisation of Securities
 Premium Account and Reserves.
 
 3.  Reserves and Surplus :
 
 (b) 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. Accordingly, the Company has reduced
 the Share Capital by Rs. 11.51 crores (2010 : Rs. 3.63 crores),
 Securities Premium Account by Rs. 80.39 crores (2010 : Rs. 84.29
 crores) for the 2,30,23,013 shares of Rs. 5 each (2010 : 72,63,296
 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. 1.84 crores (2010 : Rs. 2.63 crores) for the
 36,69,979 bonus shares of Rs. 5 each (2010 : 52,63,296 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 it, is included under
 current liabilities.
 
 (c) Consequent to the announcement issued by The Institute of Chartered
 Accountants of India dated 29th March, 2008 in respect of forward
 exchange contracts and currency and interest rate swaps, the Company
 has applied the Hedge Accounting principles set out in the Accounting
 Standard (AS) 30 Financial Instruments : Recognition and Measurement.
 Accordingly, such contracts are marked to market and the loss
 aggregating Rs. 3.58 crores (Net of Tax of Rs. 1.71 crores) [2010 : Rs.
 0.91 crores (Net of Tax of Rs. 0.45 crores)] arising consequently on
 contracts that were designated and efective as hedges of future cash
 flows has been recognised directly in the Hedging Reserve Account.
 
 4.  Loans :
 
 (a) Debentures are redeemable as follows :
 
 (i) Rs. 400.00 crores in three equal instalments from 12th December,
 2013.
 
 (ii) Rs. 0.01 crores of 12.50% Debentures and Zero Interest Bonds on
 receipt of balance amount due on allotment.
 
 (b) (i) Debentures of Rs. 400.01 crores are secured by a pari-passu
 charge on immovable properties of the Company, both present and future,
 subject to certain exclusions and are also secured by a pari-passu
 charge on the movable properties of the Company including movable
 machinery, machinery spares, tools and accessories, both present and
 future.
 
 (ii) Loans and Advances on cash credit accounts from the Companys
 bankers are secured by a frst charge on a pari-passu basis on the whole
 of the current assets of the Company namely inventories, book debts,
 outstanding monies, receivables, claims etc. both present and future.
 
 The Company had issued during the year ended 31st March, 2007, Zero
 Coupon Foreign Currency Convertible Bonds (Bonds 2011) aggregating US $
 200 million, at par. The bond holders had an option to convert these
 bonds into Equity Shares with full voting rights or Global Depository
 Receipts (GDRs) determined at an initial conversion price of Rs. 461.02
 per share of Rs. 5 each with fixed exchange rate of conversion of Rs.
 44.42 = US $ 1, at any time on or after 7th May, 2006 upto 7th March,
 2011.
 
 The Bonds 2011 could have been redeemed, in whole but not in part, at
 the option of the Company at any time on or after 13th April, 2008
 subject to satisfaction of certain conditions. Unless previously
 converted, redeemed or purchased and cancelled, the bonds fell due for
 redemption on 14th April, 2011 at 128.03 percent of their principal
 amount.
 
 Out of the Bonds 2011 aggregating US $ 200 million, bonds of face value
 US $ 10.50 million were bought back and cancelled in the previous
 years. In the current year bonds aggregating US $ 188.40 million have
 been converted into 1,81,52,597 equity shares/GDRs. Consequent to the
 conversion, the Share Capital and Securities Premium Account of the
 Company has been increased by Rs. 9.08 crores and Rs. 827.80 crores
 respectively.
 
 Premium payable on redemption of Bonds 2011 had been fully provided in
 a previous year by debiting the same to Securities Premium Account.
 Consequent to the conversion/redemption, premium aggregating Rs. 158.45
 crores (net of tax of Rs. 78.81 crores) no longer payable has been
 credited back to Securities Premium Account during the year.
 
 The balance Bonds 2011 of US $ 1.10 million were redeemed inclusive of
 the accreted premium.
 
 5.  (a) Buildings include Rs. * crores (2010 : Rs. * crores) being the
 value of shares in co-operative housing societies.
 
 (b) Additions to fixed assets and capital work-in-progress include :
 
 (i) Interest capitalised during the year Rs. 28.73 crores (2010 : Rs.
 26.56 crores).
 
 (ii) Foreign exchange fuctuation capitalised during the year Rs. 9.33
 crores credit (Net) [2010 : Rs. 117.79 crores credit (Net)].
 
 (c) (i) The depreciation charge for the year excludes an amount of Rs.
 0.25 crores (2010 : Rs. 0.41 crores), representing depreciation on the
 increase due to revaluation of Land and Buildings transferred from the
 Revaluation Reserve.
 
 (ii) The Revaluation Reserve is also adjusted for an amount of Rs. 0.24
 crores (2010 : Rs. 0.01 crores) in respect of revalued Land and
 Buildings sold/ demolished during the year.
 
 (iii) The net credit to the Profit and Loss Account consequent to the
 above adjustments to the Revaluation Reserve is Rs. 0.49 crores (2010 :
 Rs. 0.42 crores).
 
 7.  Loans and Advances include :
 
 (a) Fixed/Call deposits with/loans to limited companies Rs. 460.53
 crores (2010 : Rs. 525.72 crores) including Rs. 454.04 crores (2010 :
 Rs. 519.23 crores) with/ to subsidiaries.
 
 (b) Share Application Money pending allotment Rs. 15.70 crores (2010 :
 Rs. Nil) to subsidiaries.
 
 (c) Amount held in escrow account towards acquisition of shares in a
 company Rs. 23.50 crores (2010 : Rs. Nil).
 
 9. (a) Provision - Others Rs. 257.00 crores (2010 : Rs. 219.66 crores)
 includes provision for contingencies Rs. Nil (2010 : Rs. 3.58 crores),
 provision for warranty Rs. 210.90 crores (2010 : Rs. 179.61 crores),
 provision for post retirement Benefits Rs. 30.27 crores (2010 : Rs.
 20.64 crores) and provision for diminution in value of certain assets
 substantially retired from active use Rs. 15.83 crores (2010 : Rs.
 15.83 crores). Provision for contingencies is in respect of labour
 demands under negotiations at certain locations of the Company.
 Provision for warranties relates to warranty provision made in respect
 of sale of certain products, the estimated cost of which is accrued at
 the time of sale. The products are generally covered under a free
 warranty period ranging from 6 months to 3 years.
 
 10.  (a) Dividends on other investments include Rs. 52.23 crores (2010
 : Rs. 45.56 crores) in respect of current investments and Rs. 4.08
 crores (2010 : Rs. 2.60 crores) in respect of long term investments.
 
 (b) Profit on sale of investments (Net) includes Profit on disposal of
 current investments (Net) Rs. 24.33 crores (2010 : Rs. 1.53 crores),
 and Profit on disposal of long term investments (Net) Rs. 3.32 crores
 (2010 : Rs. 8.87 crores).
 
 (c) Interest on Government Securities, Debentures and Bonds includes
 tax deducted at source Rs. 0.11 crores (2010 : Rs. 0.05 crores) and
 comprise Rs. 4.55 crores (2010 : Rs. 0.50 crores) and Rs. 6.29 crores
 (2010 : Rs. 4.18 crores) in respect of long term and current
 investments respectively.
 
 (d) Interest received - others includes tax deducted at source Rs. 7.07
 crores (2010 : Rs. 12.21 crores).
 
 11.  Repairs and Maintenance includes machinery spares consumed Rs.
 36.05 crores (2010 : Rs. 33.85 crores) but does not include items
 included under Consumption of Raw Materials and Bought-out Components
 and amounts charged to salaries and wages (amounts not ascertained).
 
 13.  Managerial remuneration for Directors included in the Profit and
 Loss Account is Rs. 7.50 crores (2010 : Rs. 8.13 crores) including
 Directors fees of Rs. 0.37 crores (2010 : Rs. 0.14 crores),
 perquisites Rs. 1.23 crores (2010 : Rs. 1.62 crores) and commission Rs.
 4.33 crores (2010 : Rs. 4.53 crores) (See Schedule XIV) and excluding
 charge for gratuity, provision for leave encashment and post retirement
 medical Benefit as separate actuarial valuation fgures are not
 available.  The above perquisites exclude amoratisation of Employee
 Stock Options.
 
 14.  Employee Benefits :
 
 General description of defned 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 fve 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
 specifed 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
 cadre 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.
 
 15. 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 in the years ended
 31st March, 2002, 31st March, 2010 and 31st March, 2011 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.
 
 In respect of options granted prior to 29th September, 2006, the equity
 settled options vest one year from the date of the grant and are
 exercisable on specifed dates in 3 tranches within a period of 5 years
 from the date of vesting. The number of options exercisable in each
 tranche is between a minimum of 100 and a maximum of 1/3rd of the
 options vested, except in case of the last date of exercise, where the
 employee can exercise all the options vested but not exercised till
 that date.
 
 Options granted on or after 29th September, 2006 but prior to 28th
 January, 2011 vest in 4 equal instalments 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 fve 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 on 28th January, 2011 vest in 5 equal instalments 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.
 
 16.  The estimated amount of contracts remaining to be executed on
 capital account and not provided for as at 31st March, 2011 is Rs.
 746.29 crores (2010 : Rs. 781.83 crores).
 
 17.  The Customs, Excise and Service Tax Appellate Tribunal (CESTAT )
 by its order dated 7th December, 2009 has rejected the Companys appeal
 against the order dated 30th March, 2005 passed by the Commissioner of
 Central Excise (Adjudication), Navi Mumbai confrming the demand made on
 the Company for payment of diferential excise duty (including penalty)
 of Rs. 304.11 crores in connection with the classifcation of Companys
 Commander range of vehicles, during the years 1991 to 1996. Whilst the
 Company had classifed 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 classifed as 10-seater as they did not fulfl the requirement of
 10-seater vehicles, as provided under the Motor Vehicles Act, 1988
 (MVA) and Maharashtra Motor Vehicles Rules, 1989 (MMVR) and as such
 attracted a higher rate of excise duty.
 
 In earlier collateral proceedings on this issue, the CESTAT had by an
 Order dated 19th July, 2005 settled the controversy in the Companys
 favour. The CESTAT had accepted the Companys submission that MVA and
 MMVR could not be referred to for determining the classifcation for the
 purpose of levy of excise duty and rejected the Departments appeal
 against the Order of the Collector, Central Excise classifying the
 Commander range of vehicles as 10-seater. The Departments appeal
 against the CESTAT Order dated 19th July, 2005 is pending before the
 Supreme Court of India but the operation of the Order has not been
 stayed.
 
 The Company has fled an appeal against the aforesaid order dated 7th
 December, 2009 inter alia, on the grounds that the MVA and MMVR cannot
 be referred to for the purpose of determining the excise classifcation,
 as has been repeatedly held by various judicial fora, including the
 Supreme Court and particularly by CESTAT vide its order dated 19th
 July, 2005 in the Companys own case referred to above.
 
 Without prejudice to the grounds raised in the appeal, the Company has
 paid an amount of Rs. 40.00 crores in January, 2010. Pending admission
 of the Companys appeal, the Supreme Court has passed an interim order
 staying the recovery of the balance amount till further orders.
 
 In another case relating to Armada range of vehicles manufactured
 during the years 1992 to 1996, by the Company at its Nashik facility,
 the Commissioner of Central Excise, Nashik passed an order dated 20th
 March, 2006 confrming 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, which is yet to be fnally heard
 by the Tribunal.
 
 The Company strongly believes, based on legal advice it has received,
 that the CESTAT order dated 7th December, 2009 which is under appeal in
 the Supreme Court is not sustainable in law and hence the Company has a
 very good chance of succeeding in the matter. As such, the Company does
 not expect any liability on this account. However, in view of the
 CESTAT order, the Company has refected the above amount aggregating Rs.
 328.86 crores (2010 : Rs. 328.86 crores) and the interest of Rs. 204.13
 crores (2010 : Rs. 168.05 crores) accrued on the same upto 31st March,
 2011, as a Contingent Liability in the Accounts and the same is
 included in the amounts disclosed under Note 18 (b)(i).
 
 18.  Contingent Liability :
 
 (a) Guarantees given by the Company :
 
                                            Rupees crores
 
                         Amount of guarantees     Outstanding amounts
                                                        against
                                                   the guarantees
                         2011         2010         2011        2010
 
 For employees            -           1.05          -            *
 
 For other companies    367.63       327.61      316.62       286.91
 
 * denotes amounts less than Rs. 50,000
 
 (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 classifcation
 aggregating Rs. 1,212.45 crores (Net of Tax : Rs. 874.23 crores) [2010
 : Rs. 968.22 crores (Net of Tax : Rs. 698.04 crores)].
 
 (ii) Other matters (excluding claims where amounts are not
 ascertainable) : Rs. 17.86 crores (Net of Tax : Rs. 13.58 crores) [2010
 : Rs. 17.78 crores (Net of Tax : Rs. 12.41 crores)].
 
 (iii) Claims on capital account : Rs. 1.18 crores (2010 : Rs. 1.18
 crores).
 
 (c) Uncalled liability on equity shares partly paid Rs. 10.50 crores
 (2010 : Rs. 10.50 crores).
 
 (d) 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 efect of
 similar matters in respect of assessments remaining to be completed :
 
 - Income-tax : Rs. 215.99 crores (2010 : Rs. 181.07 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 efect of similar matters in
 respect of assessments remaining to be completed :
 
 - Income-tax matters : Rs. 71.61 crores (2010 : Rs. 70.58 crores).
 
 - Surtax matters : Rs. 0.13 crores (2010 : Rs. 0.13 crores).
 
 (e) Bills discounted not matured Rs. 49.97 crores (2010 : Rs. Nil).
 
 19.  Research and Development expenditure :
 
 (a) In recognised Research and Development units :
 
 (i) Debited to the Profit and Loss Account, including certain
 expenditure based on allocations made by the Company, aggregate Rs.
 376.85 crores (2010 : Rs. 248.25 crores) [excluding depreciation and
 amortisation of Rs. 76.54 crores (2010 : Rs. 81.03 crores)].
 
 (ii) Development Expenditure incurred during the year Rs. 127.41 crores
 (2010 : Rs. 131.28 crores).
 
 (iii) Capitalisation of assets Rs. 323.33 crores (2010 : Rs. 41.64
 crores).
 
 (b) In other units :
 
 (i) Debited to the Profit and Loss Account, including certain
 expenditure based on allocations made by the Company, aggregate Rs.
 12.72 crores (2010 : Rs. 25.89 crores) [excluding depreciation and
 amortisation of Rs. 1.24 crores (2010 : Rs. 2.25 crores)].
 
 (ii) Development Expenditure incurred during the year Rs. 44.20 crores
 (2010 : Rs. 38.59 crores).
 
 (iii) Capitalisation of assets Rs. 3.35 crores (2010 : Rs. 4.34
 crores).
 
 20.  The net diference in foreign exchange gain credited to the Profit
 and Loss Account is Rs. 26.69 crores (2010 : loss of Rs. 113.48
 crores).
 
 21.  Exceptional items comprise of Profit on sale of certain long term
 investments Rs. 117.48 crores (2010 : Rs. 90.75 crores).
 
 23.  Scheme of Arrangement :
 
 Pursuant to the Scheme of Arrangement (The Scheme) between Mahindra
 Shubhlabh Services Limited (MSSL), a subsidiary of the Company, and the
 Company, as sanctioned by Honourable High Court of Bombay vide its
 order dated 25th March, 2011, the entire assets and liabilities, duties
 and obligations of the Non Fruit Business of MSSL was transferred to
 and vested in the Company, from 1st January, 2010 (the appointed date).
 The scheme became efective on 15th April, 2011.  The accounting of this
 arrangement was done as per the scheme approved by Honourable High
 Court of Bombay and the same has been given efect to in the financial
 statements as under :
 
 (a) MSSL reorganised its Share Capital and Securities Premium Account
 by writing of the accumulated losses frst against Securities Premium
 Account and the balance against the Share Capital. Consequent to this
 reorganisation the Companys investment in MSSL reduced by 1,55,91,982
 shares and the resulting loss on such reduction amounting to Rs. 2.60
 crores has been debited to the existing Investment Fluctuation Reserve
 Account.
 
 (b) The assets and liabilities of the Non Fruit Business of MSSL were
 recorded in the books of the Company at their book values.
 
 (c) In consideration for the above, the Company was required to issue
 one equity share of Rs. 5 each for every 190 equity shares of Rs. 10
 each originally held in MSSL, to the shareholders of MSSL. The Company
 issued 34,730 equity shares of Rs. 5 each to the external shareholders
 of MSSL on 21st April, 2011, (disclosed as Share Capital Suspense
 Account in the Balance Sheet), as under the scheme, the Companys
 shares to be issued to itself and its subsidiary in lieu of its own and
 the subsidiarys holding in MSSL stand cancelled.
 
 (d) MSSL due to the transfer of its Non Fruit Business further reduced
 its Share Capital by cancelling shares, resulting in a further
 reduction of the Companys investment by 52,13,465 shares amounting to
 Rs. 5.43 crores.
 
 (e) The excess of the value of the net assets of the Non Fruit Business
 of MSSL over the face value of the shares allotted and the value of the
 investment in MSSL cancelled (as per (d) above), amounting to Rs. 2.77
 crores was credited to the Securities Premium Account.
 
 (f) The Profit for the year is after considering Rs. 3.00 crores loss
 for the period 1st January, 2010 to 31st March, 2011 for the Non Fruit
 Business of MSSL.
 
 27.  The outstanding derivative instruments and unhedged foreign
 currency exposures as on 31st March, 2011 :
 
 The Company has taken foreign exchange contracts amounting to US $ 9.90
 crores (2010 : US $ 54.80 crores) comprising Forward Contracts US $
 4.50 crores (2010 : US $ 32.10 crores), Range Forwards US $ 3.60 crores
 (2010 : US $ 7.20 crores) and US $ 1.80 crores (2010 : US $ 15.50
 crores) of derivative structures in the form of strips.
 
 The foreign currency exposures not hedged by derivative instrument or
 otherwise as on 31st March, 2011 are – Receivables of KRW 93.31 crores,
 US $ 4.12 crores, ZAR 3.50 crores, EUR 0.38 crores, GBP 0.29 crores,
 AUD 0.26 crores, NZD 0.01 crores, CHF * crores, RMB * crores,
 Investments of KRW 9,540.48 crores and Payables of JPY 3.80 crores, SEK
 0.04 crores, SGD * crores (2010 : Receivables of ZAR 4.67 crores, EUR
 0.58 crores, AUD 0.39 crores, GBP 0.27 crores, NZD 0.02 crores, CHF *
 crores and Payables of JPY 2.20 crores, US $ 1.33 crores, SEK 0.03
 crores, SAR 0.01 crores, SGD * crores).
 
 The Company has outstanding foreign currency borrowings of JPY 676.20
 crores and US $ 15.00 crores (2010 : JPY 1,126.44 crores and US $ Nil).
 The borrowing of JPY 676.20 crores (2010 : JPY 676.20 crores) has been
 fixed to a US $ liability using a cross currency swap. During the year,
 the Company raised ECB amounting to US $ 15.00 crores. The interest
 rate risk has been hedged using an interest rate swap.
 
 During the year, Foreign Currency Convertible Bonds amounting to US $
 18.95 crores were redeemed/converted.
 
 * denotes amounts less than 50,000 of respective currency.
 
 28.  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 First Choice Wheels Limited
 
 3.  Mahindra USA Inc.
 
 4.  Mahindra Gujarat Tractor Limited
 
 5.  Mahindra (China) Tractor Company Limited
 
 6.  Mahindra Shubhlabh Services Limited
 
 7.  Mahindra & Mahindra South Africa (Proprietary) Limited
 
 8.  Mahindra Europe S.r.l.
 
 9.  Mahindra Engineering Services Limited
 
 10.  Mahindra Gears & Transmissions Private Limited
 
 11.  Mahindra Overseas Investment Company (Mauritius) Limited
 
 12.  Mahindra-BT Investment Company (Mauritius) Limited
 
 13.  Mahindra Intertrade Limited
 
 14.  Mahindra Steel Service Centre 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.
 
 19.  NBS International Limited
 
 20.  Mahindra Ugine Steel Company Limited
 
 21.  Mahindra & Mahindra Financial Services Limited
 
 22.  Mahindra Insurance Brokers Limited
 
 23.  Bristlecone Limited
 
 24.  Bristlecone Inc.
 
 25.  Bristlecone UK Limited
 
 26.  Bristlecone India Limited
 
 27.  Bristlecone (Singapore) Pte. Limited
 
 28.  Bristlecone GmbH
 
 29.  Mahindra Automobile Distributor Private Limited (formerly known as
 Mahindra Renault Private Limited)
 
 30.  Mahindra Navistar Automotives Limited
 
 31.  Stokes Group Limited
 
 32.  Jensand Limited
 
 33.  Stokes Forgings Limited
 
 34.  Stokes Forgings Dudley Limited
 
 35.  Mahindra Engineering Services (Europe) Limited
 
 36.  Mahindra Engineering GmbH
 
 37.  Mahindra Lifespace Developers Limited
 
 38.  Mahindra World City (Jaipur) Limited
 
 39.  Mahindra World City Developers Limited
 
 40.  Mahindra Infrastructure Developers Limited
 
 41.  Mahindra Integrated Township Limited
 
 42.  Mahindra World City (Maharashtra) Limited
 
 43.  Mahindra Forgings International Limited
 
 44.  Mahindra Forgings Europe AG
 
 45.  Gesenkschmiede Schneider GmbH
 
 46.  JECO-Jellinghaus GmbH
 
 47.  Falkenroth Umformtechnik GmbH
 
 48.  Mahindra Vehicle Manufacturers Limited
 
 49.  Schöneweiss & Co. GmbH
 
 50.  MHR Hotel Management GmbH
 
 51.  Mahindra Forgings Limited
 
 52.  Mahindra Rural Housing Finance Limited
 
 53.  Mahindra Hotels and Residences India Limited
 
 54.  Mahindra Forgings Global Limited
 
 55.  Bristlecone (Malaysia) SDN.BHD
 
 56.  Mahindra Hinoday Industries Limited (formerly known as Mahindra
 Castings Limited)
 
 57.  Knowledge Township Limited
 
 58.  Mahindra Holdings Limited
 
 59.  Mahindra Logistics Limited
 
 60.  Mahindra Navistar Engines Private Limited
 
 61.  Mahindra Residential Developers Limited
 
 62.  Mahindra Graphic Research Design S.r.l.
 
 63.  Mahindra Aerospace Private Limited
 
 64.  Heritage Bird (M) SDN.BHD
 
 65.  Mahindra First Choice Services Limited
 
 66.  Mahindra Bebanco Developers Limited
 
 67.  Mahindra Gears Global Limited
 
 68.  Mahindra Gears Cyprus Limited
 
 69.  Mahindra Gears International Limited
 
 70.  Metalcastello S.p.A.
 
 71.  Industrial Township (Maharashtra) Limited
 
 72.  Crest Geartech Private Limited
 
 73.  Engines Engineering S.r.l.
 
 74.  EFF Engineering S.r.l.
 
 75.  ID-EE S.r.l. (upto 3rd August, 2010)
 
 76.  Mahindra Business & Consulting Services Private Limited
 
 77.  Mahindra Automotive Australia Pty. Limited
 
 78.  Mahindra Two Wheelers Limited
 
 79.  Mahindra United Football Club Private Limited
 
 80.  Defence Land Systems India Private Limited
 
 81.  Mahindra Yeuda (Yancheng) Tractor Company Limited
 
 82.  Mahindra Electrical Steel Limited (formerly known as Mahindra
 Metal One Steel Service Centre Limited)
 
 83.  Raigad Industrial & Business Park Limited
 
 84.  Retail Initiative Holdings Limited
 
 85.  Mahindra Retail Private Limited
 
 86.  Mahindra Technologies Services Inc.
 
 87.  Mahindra Punjab Tractors Private Limited
 
 88.  Mahindra EcoNova Private Limited
 
 89.  Mahindra Conveyor Systems Private Limited
 
 90.  BAH Hotelanlagen AG
 
 91.  Mahindra Aerospace Australia Pty. Limited (w.e.f. 13th April,
 2010)
 
 92.  Aerostaf Australia Pty. Limited (w.e.f. 10th May, 2010)
 
 93.  Mahindra Reva Electric Vehicles Private Limited (formerly known as
 Reva Electric Car Company Private Limited) (w.e.f. 26th May, 2010)
 
 94.  Bristlecone Consulting Limited (w.e.f. 1st June, 2010)
 
 95.  Anthurium Developers Limited (w.e.f. 3rd June, 2010)
 
 96.  Watsonia Developers Limited (w.e.f. 3rd June, 2010)
 
 97.  Gipp Aero Investments Pty. Limited (w.e.f. 28th June, 2010)
 
 98.  Gippsaero Pty. Limited (w.e.f. 28th June, 2010)
 
 99.  GA8 Airvan Pty. Limited (w.e.f. 28th June, 2010)
 
 100.  GA200 Pty. Limited (w.e.f. 28th June, 2010)
 
 101.  Airvan Flight Services Pty. Limited (w.e.f. 28th June, 2010)
 
 102.  Gipp Aero International Pty. Limited (w.e.f. 28th June, 2010)
 
 103.  Nomad TC Pty. Limited (w.e.f. 28th June, 2010)
 
 104.  Mahindra Emirates Vehicle Armouring FZ-LLC (w.e.f. 5th August,
 2010)
 
 105.  Mahindra BPO Services Private Limited (w.e.f. 18th January, 2011)
 
 106.  Mahindra Aerostructures Private Limited (w.e.f. 27th January,
 2011)
 
 107.  Ssangyong Motor Company Limited (w.e.f. 15th March, 2011)
 
 108.  Ssangyong European Parts Center B.V. (w.e.f. 15th March, 2011)
 
 109.  Ssangyong Motor (Shanghai) Company Limited (w.e.f. 15th March,
 2011)
 
 110.  Ssangyong (Yizheng) Auto Parts Manufacturing Company Limited
 (w.e.f. 15th March, 2011)
 
 111.  Mahindra EPC Services Private Limited (w.e.f. 4th March, 2011)
 
 (b) Other parties with whom transactions have taken place during the
 year.  (i) Associates :
 
 Sl. No.  Name of the Company
 
 1.  Mahindra Composites Limited
 
 2.  Swaraj Automotives Limited
 
 3.  Swaraj Engines Limited
 
 4.  Mahindra & Mahindra Contech Limited
 
 5.  Vayugrid Marketplace Services Private Limited (w.e.f. 3rd
 September, 2010)
 
 (ii) Joint Venture :
 
 Sl. No.  Name of the Company
 
 1.  Mahindra Sona Limited
 
 2.  Tech Mahindra Limited
 
 (iii) Key Management Personnel :
 
 Vice Chairman and Managing
 Director         Mr. Anand 
 Mahindra
 
 Executive
 Director     Mr. B.N. Doshi
 
 (iv) 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