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Mahindra and Mahindra
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« Mar 13
Notes to Accounts Year End : Mar '14
1.  Short Term Loans and Advances :
 
 (a) Loans and Advances to Related Parties includes Fixed/Call deposits
 with/loans to limited companies Rs. 296.92 crores (2013 : Rs. 94.07
 crores) including Rs. 292.33 crores (2013 : Rs. 89.48 crores) to
 subsidiary companies.
 
 (b) Loans and Advances to Related Parties includes loan to Director of
 Rs. 1.07 crores.
 
 (c) Other Loans and Advances includes MAT Credit entitlement Rs. Nil
 crores (2013 : Rs. 86.00 crores).
 
 (d) Other Loans and Advances also includes balances with government
 authorities, advance to suppliers, other recoverable expenses, deposits
 and prepaid expenses.
 
 2.  Interest capitalised during the year to capital work-in-progress
 Rs. 5.94 crores (2013 : Rs. 8.24 crores).
 
 3.  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.
 
 4.  Provision :
 
 (a) Provision for warranty 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 5 years.
 
 5. 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 and 19,11,628 Ordinary (Equity)
 Shares of Rs. 5 each in the years ended 31st March, 2002, 31st March,
 2010, 31st March, 2011 and 31st March, 2014 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.
 
 6.  Contingent Liability & Commitments : 
 
 (A) Contingent Liability :
 
 (a) Guarantees given by the Company :
 
                                        Rupees crores
 
                         Amount of guarantees   Outstanding amounts
                                                    against
                                                  guarantees
 
                          2014        2013        2014         2013
 
 For other companies     896.53      87.20      831.20        80.35
 
 (b) Claims against the Company not acknowledged as debts comprise of :
 
 (i) Excise Duty, Sales Tax and Service Tax claims disputed by the
 Company relating to issues of applicability and classification
 aggregating Rs. 1,750.77 crores before tax (2013 : Rs. 1,526.09 crores
 before tax).
 
 (ii) Other matters (excluding claims where amounts are not
 ascertainable) : Rs. 28.49 crores before tax (2013 : Rs. 26.94 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. 495.58 crores (2013 : Rs. 195.74 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. 155.22 crores (2013 : Rs. 118.75 crores).
 
 - Surtax matters : Rs. 0.13 crores (2013 : Rs. 0.13 crores).
 
 (d) Bills discounted not matured Rs. Nil crores (2013 : Rs. 57.56
 crores).
 
 (e) The Customs, Excise and Service Tax Appellate Tribunal (CESTAT) by
 its order dated 7th December, 2009 has rejected the Company''s appeal
 against the order dated 30th March, 2005 passed by the Commissioner of
 Central Excise (Adjudication), Navi Mumbai confirming the demand made
 on the Company for payment of differential excise duty (including
 penalty) of Rs. 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) and Maharashtra Motor Vehicles Rules, 1989
 (MMVR) and as such attracted a higher rate of excise duty.
 
 In earlier collateral proceedings on this issue, the CESTAT had by an
 order dated 19th July, 2005 settled the controversy in the Company''s
 favour. The CESTAT had accepted the Company''s submission that MVA and
 MMVR could not be referred to for determining the classification for
 the purpose of levy of excise duty and rejected the Department''s appeal
 against the order of the Collector, Central Excise classifying the
 Commander range of vehicles as 10-seater. While the Department''s appeal
 against the CESTAT order dated 19th July, 2005 has been admitted, the
 Supreme Court of India has not stayed the operation of this order.
 
 The Company has filed an appeal in the Supreme Court against the
 aforesaid order dated 7th December, 2009 inter alia, on the grounds
 that the MVA and MMVR cannot be referred to for the purpose of
 determining the excise classification, as has been repeatedly held by
 various judicial fora, including the Supreme Court and particularly by
 CESTAT vide its order dated 19th July, 2005 in the Company''s own case
 referred to above.
 
 Without prejudice to the grounds raised in this appeal, the Company has
 paid an amount of Rs. 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.
 
 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.
 
 The Company strongly believes, based on legal advice it has received,
 that the CESTAT order dated 7th December, 2009 which is under appeal in
 the Supreme Court is not sustainable in law. As such, the Company does
 not expect any liability on this account. However, in view of the
 CESTAT order, the Company has reflected the above amount aggregating
 Rs. 328.85 crores (2013 : Rs. 328.85 crores) and the interest of Rs.
 305.34 crores (2013 : Rs. 269.24 crores) accrued on the same upto 31st
 March, 2014, under Note (b)(i) above.
 
 (f) 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
 (2013 : 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, 2014 is Rs.
 1,329.63 crores (2013 : Rs. 716.91 crores).
 
 35.  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.
 600.99 crores (2013 : Rs. 594.43 crores) [excluding depreciation and
 amortisation of Rs. 205.53 crores (2013 : Rs. 191.86 crores)].
 
 (ii) Development expenditure incurred during the year Rs. 466.98 crores
 (2013 : Rs. 274.02 crores).
 
 (iii) Capitalisation of assets Rs. 122.13 crores (2013 : Rs. 190.54
 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.
 39.29 crores (2013 : Rs. 16.33 crores) [excluding depreciation and
 amortisation of Rs. 47.28 crores (2013 : Rs. 6.91 crores)].
 
 (ii) Development expenditure incurred during the year Rs. 20.83 crores
 (2013 : Rs. Nil crores).
 
 (iii) Capitalisation of assets Rs. 9.23 crores (2013 : Rs. 0.34
 crores).
 
 7.  The net difference in foreign exchange loss debited to the
 Statement of Profit and Loss is Rs. 152.71 crores (2013 : Loss of Rs.
 6.99 crores).
 
 8.  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.
 
 The accounting of this arrangement was done as per the scheme approved
 by Honourable High Court of Bombay and the same has been given effect
 to in the financial statements as under :
 
 (a) The assets and liabilities of the Trucks Business of MTBL were
 recorded in the books of the Company at their book values.
 
 (b) MTBL reorganised its Equity Share Capital and Securities Premium
 Account by writing off it''s accumulated losses and the excess of assets
 over liabilities given up, first against Securities Premium Account and
 the balance against the reorganisation of Equity Share Capital by
 reducing the face value and paid up value of the Equity Share Capital
 of Rs. 10 each to Re 0.20.
 
 (c) Consequent to the transfer of Trucks Business, 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.
 
 (d) 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.
 
 The current year fgures are therefore not strictly comparable with that
 of the previous year.
 
 38.  The Board of Directors of the Company during the year approved
 entering into a transaction in the Auto Components business with CIE
 Automotive S.A., Spain (CIE). The transaction is to be completed in
 parts.
 
 The first part involving the following has been completed during the
 year :
 
 (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 (MIPL). The excess of Rs. 23.62 crores over the
 cost has not been recognised in these results having regard to the
 principles of prudence and the substance of this transaction, and will
 be dealt with on completion of the related parts.
 
 (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 has been debited to the Investment
 Fluctuation Reserve (IFR). IFR is expected to be credited, having
 regard to the substance of the transaction, with an amount not less
 than the amount debited above, when the second part of the transaction,
 described below, takes place.
 
 (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, 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.
 
 The second part of the transaction involves the merger of Mahindra
 Ugine Steel Company Limited, Mahindra Gears International Limited and
 Mahindra Investments (India) Private Limited, and MHIL, MCL and a CIE
 subsidiary with MCIE effective 1st October, 2013 through Schemes of
 Arrangement under Section 391 to 394 of the Companies Act, 1956.
 
 On completion of both parts above :
 
 (a) CIE will hold approximately 53% in MCIE.
 
 (b) The Company will hold 20.04% in MCIE, and
 
 (c) The Company, through its wholly owned subsidiary MOICML, will hold
 13.5% in CIE.
 
 9.  Exceptional items of Rs. 52.79 crores (2013 : Rs. 90.62 crores)
 comprise of profit on sale of certain long term investments.
 
 10.  The outstanding derivative instruments and unhedged foreign
 currency exposures as on 31s'' March, 2014 :
 
 The Company has taken foreign exchange forward contracts to sell US $
 6.80 crores (2013 : US $ 24.00 crores).
 
 The foreign currency exposures not hedged by derivative instruments or
 otherwise as on 31st March, 2014 are - Receivables of US S 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 (2013 :
 Receivables of ZAR 3.80 crores, US $ 2.81 crores, AUD 0.80 crores, GBP
 0.24 crores, AED 0.02 crores and Payables (excluding Borrowings,
 covered in the paragraph below) of JPY 4.83 crores, EURO 1.20 crores,
 SEK 0.06 crores, CHF * crores, SGD * crores).
 
 The Company has outstanding foreign currency borrowings of JPY 194.10
 crores and US $ 30.00 crores (2013 : JPY 388.20 crores and US $ 30.00
 crores). The borrowing of JPY 194.10 crores (2013 : JPY 388.20 crores)
 has been fixed to US $ 1.67 crores (2013 : US $ 3.33 crores) using
 cross currency swaps. Currency risk of US $ liability has not been
 hedged. The US $ interest rate risk has been hedged using interest rate
 swaps.
 
 * denotes amounts less than 50,000 of respective currency
 
 11.  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
 
 9.  Mahindra Gears & Transmissions Private Limited
 
 10.  Mahindra Overseas Investment Company (Mauritius) Limited
 
 11.  Mahindra Europe S.r.l.
 
 12.  Jiangxi Mahindra Yueda Tractor Company Limited
 
 13.  Mahindra-BT Investment Company (Mauritius) Limited
 
 14.  Mahindra Intertrade Limited
 
 15.  Mahindra MiddleEast Electrical Steel Service Centre (FZC)
 
 16.  Mahindra Consulting Engineers Limited
 
 17.  Mahindra Holidays & Resorts India Limited
 
 18.  Mahindra Holidays and Resorts USA Inc.
 
 19.  MHR Hotel Management GmbH (upto 28th November, 2013)
 
 20.  Mahindra Hotels and Residences India Limited
 
 21.  Mahindra Holdings Limited
 
 22.  NBS International Limited
 
 23.  Mahindra Ugine Steel Company Limited
 
 24.  Mahindra & Mahindra Financial Services Limited
 
 25.  Mahindra Insurance Brokers Limited
 
 26.  Mahindra Rural Housing Finance Limited 2 7.  Bristlecone Limited
 
 28.  Bristlecone Inc.
 
 29.  Bristlecone UK Limited
 
 30.  Bristlecone India Limited
 
 31.  Bristlecone (Singapore) Pte. Limited
 
 32.  Bristlecone GmbH
 
 33.  Bristlecone (Malaysia) Sdn. Bhd.
 
 34.  Mahindra Automobile Distributor Private Limited
 
 35.  Mahindra Trucks and Buses Limited (formerly known as Mahindra
 Navistar Automotives Limited)
 
 36.  Mahindra Engineering Services (Europe) Limited
 
 37.  Mahindra Engineering GmbH
 
 38.  Mahindra Lifespace Developers Limited
 
 39.  Mahindra Infrastructure Developers Limited
 
 40.  Mahindra World City (Jaipur) Limited
 
 41.  Mahindra Integrated Township Limited
 
 42.  Mahindra Residential Developers Limited
 
 43.  Mahindra World City Developers Limited
 
 44.  Mahindra World City (Maharashtra) Limited
 
 45.  Knowledge Township Limited
 
 46.  Mahindra Vehicle Manufacturers Limited
 
 47.  Mahindra Logistics Limited
 
 48.  Mahindra CIE Automotive Limited (formerly known as Mahindra
 Forgings Limited) (upto 3rd October, 2013)
 
 49.  Mahindra Forgings International Limited (upto 3rd October, 2013)
 
 50.  Mahindra Forgings Europe AG (upto 3rd October, 2013)
 
 51.  Gesenkschmiede Schneider GmbH (upto 3rd October, 2013)
 
 52.  JECO-Jellinghaus GmbH (upto 3rd October, 2013)
 
 53.  Falkenroth Umformtechnik GmbH (upto 3rd October, 2013)
 
 54.  Stokes Group Limited (upto 3rd October, 2013)
 
 55.  Stokes Forgings Dudley Limited (upto 3rd October, 2013)
 
 56.  Stokes Forgings Limited (upto 3rd October, 2013)
 
 5 7.  Mahindra Forgings Global Limited (upto 3rd October, 2013)
 
 58.  Schöneweiss & Co. GmbH (upto 3rd October, 2013)
 
 59.  Mahindra Hinoday Industries Limited (upto 3rd October, 2013)
 
 60.  Mahindra Heavy Engines Private Limited (formerly known as Mahindra
 Navistar Engines Private Limited)
 
 61.  Mahindra Aerospace Private Limited
 
 62.  Heritage Bird (M) Sdn. Bhd.
 
 63.  Mahindra First Choice Services Limited
 
 64.  Mahindra Graphic Research Design S.r.l.
 
 65.  Mahindra Gears International Limited
 
 66.  Mahindra Gears Global Limited
 
 6 7.  Mahindra Gears Cyprus Limited
 
 68.  Metalcastello S.p.A.
 
 69.  Mahindra Bebanco Developers Limited
 
 70.  Industrial Township (Maharashtra) Limited
 
 71.  Crest Geartech Private Limited
 
 72.  Mahindra Business & Consulting Services Private Limited
 
 73.  Mahindra Two Wheelers Limited
 
 74.  Mahindra Automotive Australia Pty. Limited
 
 75.  Mahindra United Football Club Private Limited
 
 76.  Defence Land Systems India Private Limited
 
 77.  Mahindra Yueda (Yancheng) Tractor Company Limited
 
 78.  Mahindra Electrical Steel Private Limited
 
 79.  Raigad Industrial & Business Park Limited
 
 80.  Retail Initiative Holdings Limited
 
 81.  Mahindra Retail Private Limited
 
 82.  Mahindra Technologies Services Inc.
 
 83.  Mahindra Punjab Tractors Private Limited
 
 84.  Mahindra Namaste Private Limited
 
 85.  Mahindra Conveyor Systems Private Limited
 
 86.  BAH Hotelanlagen AG (upto 28th November, 2013) 8 7.  Mahindra
 Aerospace Australia Pty. Limited
 
 88.  Aerostaff Australia Pty. Limited
 
 89.  Mahindra Reva Electric Vehicles Private Limited
 
 90.  Bristlecone Consulting Limited
 
 91.  Anthurium Developers Limited
 
 92.  Mahindra Homes Private Limited (formerly known as Watsonia
 Developers Limited) (upto 19th July, 2013)
 
 93.  Gipp Aero Investments Pty. Limited
 
 94.  Gippsaero Pty. Limited
 
 95.  GA8 Airvan Pty. Limited
 
 96.  GA200 Pty. Limited
 
 97.  Airvan Flight Services Pty. Limited
 
 98.  Nomad TC Pty. Limited
 
 99.  Mahindra Emirates Vehicle Armouring FZ-LLC
 
 100.  Mahindra Integrated Business Solutions Private Limited
 
 101.  Mahindra Aerostructures Private Limited
 
 102.  Ssangyong Motor Company
 
 103.  Ssangyong European Parts Center B.V.
 
 104.  Ssangyong Motor (Shanghai) Company Limited
 
 105.  Ssangyong (Yizheng) Auto Parts Manufacturing Company Limited
 (upto 19th November, 2013)
 
 106.  Mahindra EPC Services Private Limited
 
 107.  Bristlecone International AG
 
 108.  EPC Industrie Limited
 
 109.  Mahindra Telecommunications Investment Private Limited
 
 110.  Mahindra Sanyo Special Steel Private Limited
 
 111.  Bell Tower Resorts Private Limited
 
 112.  Mahindra Racing S.r.l.
 
 113.  Swaraj Automotives Limited
 
 114.  Mahindra Defence Naval Systems Private Limited
 
 115.  Mahindra Defence Systems Limited
 
 116.  Divine Heritage Hotels Private Limited
 
 117.  Gables Promoters Private Limited
 
 118.  2 X 2 Logistics Private Limited
 
 119.  Holiday on Hills Resorts Private Limited
 
 120.  MH Boutique Hospitality Limited
 
 121.  Infinity Hospitality Group Company Limited
 
 122.  Mahindra Tractor Assembly Inc.
 
 123.  Mahindra Housing Private Limited
 
 124.  Mahindra Telephonies Integrated Systems Limited (w.e.f. 22nd
 April, 2013)
 
 125.  Mahindra Investments (India) Private Limited (w.e.f. 25th April,
 2013)
 
 126.  Mahindra Investments (International) Private Limited (w.e.f. 25th
 April, 2013)
 
 127.  Mahindra Offgrid Services Private Limited (w.e.f. 28th June,
 2013)
 
 128.  Mahindra Asset Management Company Private Limited (w.e.f. 20th
 June, 2013)
 
 129.  Mahindra Trustee Company Private Limited (w.e.f. 10th July, 2013)
 
 130.  Brightsolar Renewable Energy Private Limited (w.e.f. 3rd
 December, 2013)
 
 131.  Cleansolar Renewable Energy Private Limited (w.e.f. 3rd December,
 2013)
 
 132.  Mahindra Auto Steel Private Limited (w.e.f. 12th December, 2013)
 
 133.  Mahindra North American Technical Centre, Inc.  (w.e.f. 18th
 Dececember, 2013)
 
 134.  Mahindra ''Electoral Trust'' Company (w.e.f. 30th December, 2013)
 
 12.  Previous year''s figures have been regrouped/restated wherever
 necessary.
Source : Dion Global Solutions Limited
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