Company History - Mahindra Holidays Our Company was incorporated in September, 1996 in Chennai as Mahindra Holidays & Resorts

India Private Limited. The status of our Company was changed to a public limited company by a special resolution of the members passed at a shareholders meeting held on January 29, 1998. The fresh certificate of incorporation consequent on change of name was granted to our Company on April 17, 1998 by the RoC. An agreement dated August 27, 2006, was executed between our Company and Ashtamudi Resorts Private Limited wherein the entire share capital of Ashtamudi Resorts Private Limited was purchased by our Company. Our Board of Directors gave approval to amalgamate Ashtamudi Resorts Private Limited, our wholly-owned subsidiary with our Company. The High Courts of Madras and Kerala approved the amalgamation of Ashtamudi Resorts Private Limited with our Company with effect from July 1, 2007, by orders dated February 19, 2008 and February 7, 2008, respectively. Key Events and Milestones Date Event September, 1996 Incorporation of Mahindra Holidays & Resorts India Limited. February, 1997 Acquired land at Varca Village, Goa April, 1998 MMJ Resorts and Holidays Private Limited was amalgamated into our Company with effect from April 1, 1998 pursuant to Madras High Court order dated April 23, 1999 February, 1997 Launched our first individual product "Club Mahindra Holidays Unlimited" April, 1998 First resort opened at Munnar December, 1999 Second resort opened at Goa November, 2000 Acquired land in Binsar April, 2001 Opened resort at Manali April, 2001 Mahindra Sega Entertainment Corporation Ltd was amalgamated into our Company with effect from April 1, 2001 pursuant to Madras High Court order dated April 30, 2002 May 2001 Corbett resort opened December, 2002 Acquired land in Coorg January 2003 First Club Mahindra Holiday World opened in Chennai March, 2004 Number of vacation ownership members was 20,536 2004 Receives ISO 9001:2000 certification for its property at Lakeview Munnar Foodworld's chief rejoins Mahindra Holidays

March, 2005 Entered into long-term lease for an international resort in Pattaya, Thailand March, 2005 Number of vacation ownership members was 28,491 March, 2005 Club Mahindra Kodagu Valley resort was opened in Coorg, Karnataka November, 2005 Acquired land in Puducherry (formerly Pondicherry) March, 2006 Number of vacation ownership members was 38,691 December, 2005 Acquired land in Lonavala August, 2006 Invested in Ashtamudi Resorts Private Limited October, 2006 Launched "Club Mahindra Fundays" November, 2006 Acquired a resort in Manali November, 2006 Launched "Zest", a product to cater to short break holiday needs January, 2007 Launched clubmahindra.travel, our travel related services March, 2007 Number of vacation ownership members was 53,101 May, 2007 Opening of Club Mahindra Backwater Retreat at Ashtamudi October, 2007 Entered into long-term lease for a resort at Auli May, 2008 Launched Zest @ Big Beach, Puduchery, first signature resort for Zest June, 2008 Club Mahindra.travel received International Air Transport Association accreditation July, 2008 Zest @ Casa Deep Woods, Masinagudi taken on lease July, 2008 Mahindra Homestays Launched September, 2008 MHRIL and the Kerala Government entered into a strategic alliance for a period of 5 years to develop, promote and market homestays overseas and in India September,2008 Acquisition of Club Mahindra Tusker Trails, Thekkady October, 2008 Club Mahindra Dancing Waters, Naukuchiyatal taken on lease March, 2009 Number of vacation ownership members was 92,825 April, 2009 Club Mahindra Whispering Pines, Mashobra taken on lease May, 2009 Club Mahindra.travel was approved as an "ACTIVE" Member of Travel Agents Association of India for the year 2009-10

Director Report Mar 2011 The Directors are pleased to present their Fifteenth Report together with the audited accounts of your Company for the year ended 31st March, 2011. FINANCIAL HIGHLIGHTS (Rs. Lakh) 2011 Income: Income from sale of Vacation Ownership and other services Other Income Total Income Expenditure : Less: Employee Cost & other expenses Profit before Depreciation, Interest and Taxation Less: Depreciation Interest Profit for the year before tax Less: Provision for Ta x Current Tax Deferred tax (net) Net Profit for the year after tax Balance brought forward from earlier years Balance carried forward (36,218) (31,600) 2010

48,713 4,703 53,416

46,875 4,762 51,637

17,198 (2,010) (260) 14,928 (4,305) (347) 10,276 17,046 27,322

20,037 (1,910) (455) 17,672 (5,505) (383) 11,784 10,369 22,153

Appropriations: General Reserve Proposed Final Dividend on Equity shares Income Tax on Proposed Final Dividend Surplus carried to Balance Sheet DIVIDEND Your Directors are pleased to recommend a dividend of Rs.4 per Equity Share of the face value of Rs.10 each for the financial year 2010-11. The dividend, if approved at the ensuing Annual General Meeting, will be paid to the Shareholders whose names appear on the register of members of the Company as on 15th July, 2011. The equity dividend outgo for the financial year 2010-11, inclusive of tax on distributed profits would absorb a sum of Rs. 3,916 lakh (as against Rs.3,929 lakh comprising the dividend of Rs.4 per Equity Share paid for the previous year). OPERATIONS AND FINANCIAL OVERCIEW Club Mahindra Holidays, the Companys flagship brand in the vacation ownership business, along with Zest, continued to drive the Companys business during the year. The Company added over 15,000 new members to its vacation ownership business, taking the total membership to 125,169 at the end of the year. In line with the growth in membership, the Company added inventory across new locations such as Udaipur, Sariska, Osian, Nawalgarh and Swamimalai. In addition, a resort in Innsbruk, Austria, and Kuala Lumpur, Malaysia, were also added to the Companys portfolio of international resorts. Apart from this, the expansion at Coorg became fully operational. At the end of the year, the Company had 35 resorts. In a significant development, your Company has entered into a Memorandum of Understanding with the Government of Gujarat at the Vibrant Gujarat Summit held in January 2011 to build seven new Club Mahindra Resorts in the State, These properties will be located at Saputhara, Polo Forest, Shivrajpur, Madhavpur, Suvali Beach, Nalsarovar and Jamboghoda, which will add around 600 units and involve an investment of approximately Rs.210 crore. Apart from growth in members and increase in inventory, the Company introduced innovative and interesting facilities for its customers. During the year, the focus was on developing holiday activities that (1,028) (3,369) (547) 22,378 (1,178) (3,369) (560) 17,046

capture the natural beauty and cultural heritage of the destination. To engage different members of the family, your Company organised lifestyle seminars and beginner classes for activities such as swimming, yoga, aerobics, painting and cooking. Svaastha spas, which provide holistic wellness therapies, were extended to four new resorts Ashtamudi, Goa, Munnar and Kumbhalgarh taking the total to seven resorts. It has been the stated objective of the Company to expand its holiday offerings across various segments and different holiday experiences so as to progress steadily towards dominance in the holiday market. The Company launched terra a camping and adventure holiday product during the year. Other products of the Company Fundays, Homestays and Travel also performed creditably during the year. In terms of strategic direction, 2010-11 was a year of operational consolidation for your Company. The Company initiated a number of tough control measures aimed at improving productivity and creating a stronger foundation for future growth. This involved strengthening its customer acquisition process to build a robust customer portfolio, and enhancing customer experience to achieve greater differentiation in the market. Although the process will add significantly to the Companys performance in the coming years, it has impacted the Companys results during the year, especially during the first half. However, the performance picked-up towards the end of the year. Your Companys total income (including other income) grew at 3.4 per cent from Rs.51,637 lakh in 2009-10 to Rs.53,416 lakh in 2010-11. The growth in income was low due to decrease in income from securitisation during the year. Profit After Taxes (PAT) came down from Rs.11,784 lakh in 2009-10 to Rs.10,276 lakh in 2010-11. As a result, diluted EPS of the Company was Rs.12.21 in 2010-11, down from Rs.14.27 in the previous year. CAPITAL EXPENDITURE During the year, the Company added Rs. 5,554 lakhs to its gross block, comprising investment in resort properties and Rs.69 lakhs for product development and software. The Capital work in progress as on 31st March, 2011, stood at Rs. 14,318 lakhs mainly representing resorts under development - Tungi near Lonavla, Virajpet in Coorg and Theog in Shimla. AWARDS AND RECOGNITIONS Your Companys focus on customer delight and commitment to offer great holiday experiences has earned it the following awards and recognitions during the year: Mahindra Holidays won the Bird Express TravelWorld Award for

Excellence in Operations. These awards are regarded as one of the most respected awards in the travel and hospitality ndustry in India. The resorts at Coorg and Goa were formally awarded the prestigious ECOTEL certification. The resort at Coorg was awarded Five Globes, the highest level of certification possible under the ECOTEL rating system. The resort at Goa was awarded Four Globes and aspires to achieve the highest level in the next year. The resorts at Naukuchiatal, Manali, Thekaddy and Yeracud were awarded the RCI Gold Crown status during the year taking the total number of Gold Crown resorts to 10. The resorts at Goa, Munnar, Coorg, Binsar, Dharamshala and Kumbhalgarh retained their RCI Gold Crown status. The resort at Kumbhalgarh was adjudged as the top Gold Crown resort at the RCI Champions 2010 award which recognises the contributions made by companies to the vacation ownership business. The Companys employees won awards for excellence in sales, operations and that of the best resort manager at the event. The resorts at Goa, Munnar, Coorg, Binsar, Manali, Dharamshala, Ooty, Kodaikanal, Puducherry, Thekaddy and Kumbhalgarh continue to retain their Branch Hygiene Code (BHC) certification. CORPORATE SOCIAL RESPONSIBILITY INITIATIVES Your Company continued to carry out initiatives aimed at contributing to the socio-economic well being and development of the communities and the ecosystem that it interacts with. These are discussed in the Management Discussion and Analysis Report forming part of this Annual Report. SUSTAINABILITY In line with the philosophy of the Mahindra Group, your Company recognises the importance of sustainability, and is committed to conserve the ecological integrity of its locations through responsible business practices, and by greater accountability and transparency. Your Company actively participated in the Groups journey for Corporate Sustainability Reporting. The Sustainability Report of the Group is prepared in accordance with the internationally accepted framework specified by the Global Reporting Initiative (GRI). Besides this, the Company continued to work in line with the five-year Sustainability Roadmap, which lays out the plan of initiatives to be carried out until 2013-14. The details of the initiatives taken by your Company in this regard are discussed in the section on Sustainability in the Management Discussion and Analysis Report forming part of this Annual Report.

INITIAL PUBLIC OFFER (IPO) During 2009-10, your Company had successfully carried out an Initial Public Offer of 92.65 lakh equity shares which was oversubscribed by more than nine times. The issue comprised a fresh issue of 58,96,084 equity shares of Rs.10 each and offer for sale of 33,69,191 equity shares by the Promoters of the Company. The net proceeds to the Company from the issue were Rs.17,688 lakhs and the shares were listed on the National Stock Exchange and the Bombay Stock Exchange on 16th July 2009. As on 31st March 2011, the Company has utilised Rs.11,139 lakhs from the IPO proceeds. CORPORATE GOVERNANCE REPORT A Report on Corporate Governance along with a Certificate from the Statutory Auditors of the Company regarding the compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of the Annual Report. MANAGEMENT DISCUSSION AND ANALYSIS REPORT A detailed analysis of the Companys operational and financial performance and initiatives taken by the Company in key functional areas such as Human Resources, Quality and Information Technology is separately discussed in the Management Discussion and Analysis Report, which forms part of this Annual Report. This report also discusses in detail, initiatives taken by the Company in the areas of Corporate Social Responsibility and Sustainability. STOCK OPTIONS Your Company has formulated the Mahindra Holidays & Resorts India Limited Employees Stock Option Scheme 2006 (MHRIL ESOS). The MHRIL ESOS is administered and implemented by Mahindra Holidays & Resorts India Limited Employees Stock Option Trust in accordance with the directions of the Remuneration Committee and in terms of the Deed of Trust. Details required to be provided under the Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock Purchase Scheme) Guidelines, 1999 are set out in Annexure I to this Report. DIRECTORS Mr. Sridar Iyengar and Mr Rohit Khattar, Directors, retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment. As stipulated in terms of Clause 49 of the Listing Agreement with the Stock Exchanges, brief resume of Mr. Sridar Iyengar and Mr. Rohit Khattar, are provided in the report on

Corporate Governance, which forms part of this Annual Report. Mr Ramesh Ramanathan, resigned as the Managing Director and from the Board of the Company with effect from 30th April, 2011 to assume another role within the Mahindra Group. The Board placed on record its deep sense of appreciation for the services rendered by him during his association with the Company and his contribution in building the Company to its current level. Mr. Rajiv Sawhney has been appointed as an Additional Director with effect from 25th April, 2011, and as the Managing Director & CEO of the Company with effect from 1st May, 2011 for a period of five years. He holds office up to the date of the forthcoming Annual General Meeting. The Company has received a Notice from a Member under section 257 of the Companies Act, 1956, signifying the intention to propose Mr. Sawhney as candidate for the office of Director. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to section 217 (2AA) of the Companies Act, 1956, your Directors, based on the representations received from the Operating Management, and after due enquiry, confirm that: i) in the preparation of the annual accounts, the applicable accounting standards have been followed; ii) they have, in the selection of the accounting policies, consulted the Statutory Auditors and these have been applied consistently and reasonable and prudent judgements and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2011 and of the profit of the Company for the year ended on that date; iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; iv) the annual accounts have been prepared on a going concern basis. SUBSIDIARY COMPANIES As on 31st March, 2011, your Company had five subsidiary companies viz., Mahindra Hotels and Residences India Limited, Mahindra Holidays and Resorts USA Inc., MHR Hotel Management GmbH, Heritage Bird (M) Sdn Bhd and BAH Hotelanlagen AG. Mahindra Hotels and Residences India Limited was incorporated on 26th April, 2007 to carry out the business of hotels and restaurants,

including ancillary activities such as interior decoration, recreational facilities and travel agency. Mahindra Holidays and Resorts USA Inc., was incorporated in the State of Delaware, USA, on 24th October, 2003 to carry out the business of resorts, hotels, vacation facilities, leisure activities and related ancillary activities. MHR Hotel Management GmbH was incorporated on 16th February, 2007 under the laws of Austria and became a subsidiary of your Company on 12th March, 2007. The Company was formed to carry out the business of managing hotels. Heritage Bird (M) Sdn Bhd was incorporated on 7th July, 2007 under the laws of Malaysia and became a wholly-owned subsidiary of your Company on 3rd March, 2008. The principal activity of the company is purchasing, maintaining and leasing resorts. BAH Hotelanlagen AG was incorporated on 14th December, 2006 under the law of Austria and became a subsidiary of your Company on 11th January, 2010. The company was incorporated to carry out the business of hotel, tourism and related activities. The statement pursuant to section 212 of the Companies Act, 1956 containing details of the Companys subsidiaries is attached. The consolidated financial statements of the Company prepared in accordance with Accounting Standard 21 prescribed by The Institute of Chartered Accountants of India, form part of the Annual Report and Accounts. In accordance with the general circular issued by Ministry of Corporate Affairs, Government of India, the Balance Sheet, Profit and Loss Account and other documents of the subsidiary companies are not being attached with the Balance Sheet of the Company. The Company will make available the Annual Accounts of the subsidiary companies and the related detailed information to any Shareholder of the Company and the concerned subsidiary company who may be interested in obtaining the same. Further, the Annual Accounts of the subsidiaries would also be available for inspection by any Shareholder at the Registered Office of the Company and at the Office of the respective subsidiary companies, during working hours upto the date of the Annual General Meeting. AUDITORS Messrs Deloitte Haskins & Sells, Chartered Accountants, Chennai, retire as auditors of the Company and have given their consent for re-appointment. The shareholders will be required to elect auditors for the current year and fix their remuneration. As required under the provisions of section 224(1B) of the Companies Act, 1956, the Company has obtained a written certificate from the above auditors proposed to be reappointed to the effect that their re-appointment, if made, would

be in conformity with the limits specified in the said section. PUBLIC DEPOSITs, LOANS AND ADVANCES The Company has not accepted any deposits from the public or its employees during the year under review. Your Company has also not made any loans or advances which are required to be disclosed in the Annual Accounts of the Company pursuant to Clause 32 of the Listing Agreement. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO Your Company continuously strives to conserve energy, adopt environment friendly practices and employ technology for more efficient operations. These initiatives have been discussed in greater detail in the sections on Sustainability in the Management Discussion and Analysis report. The particulars relating to the energy conservation, technology absorption and foreign exchange earnings and outgo, as required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are given in the Annexure II to this Report. PARTICULRAS OF EMPLOYEES AS REQUIRED UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 AND RULES MADE THERE UNDER The Company had 12 employees who were in receipt of remuneration of not less than Rs.60,00,000 during the year ended 31st March, 2011 or not less than Rs.5,00,000 per month during any part of the said year. However, as per the provisions of section 219(1)(b)(iv) of the Companies Act, 1956, the Directors Report and Accounts are being sent to all the shareholders of the Company excluding the statement of particulars of employees. Any shareholder interested in obtaining a copy of the statement may write to the Company. ACKNOWLEDGEMENT AND APPRECIATION Your Directors take this opportunity to thank the Companys customers, shareholders, suppliers, bankers, financial institutions and the Central and State Governments for their unstinted support. The Directors would also like to place on record their appreciation to employees at all levels for their hard work, dedication and commitment. For and on behalf of the board Place: Mumbai Date: 25th April, 2011 A K NANDA Chairman

Source: http://economictimes.indiatimes.com/directorsreport.cms?companyid=16639&year=11

Profit & Loss - Mahindra Holidays & Resorts India Ltd. Mar'11 Mar'10 Mar'09 12 Months 12 Months 12 Months INCOME: Sales Turnover 487.13 468.75 393.06 Excise Duty 0.00 0.00 0.00 NET SALES 487.13 468.75 393.06 Other Income 0.00 0.00 0.00 TOTAL INCOME 533.20 515.95 441.81 EXPENDITURE: Manufacturing Expenses 19.31 15.60 11.10 Material Consumed 0.00 0.00 0.00 Personal Expenses 83.59 73.56 60.84 Selling Expenses 147.18 135.94 131.41 Administrative Expenses 112.11 90.37 85.01 Expenses Capitalised 0.00 0.00 0.00 Provisions Made 0.00 0.00 0.00 TOTAL EXPENDITURE 362.18 315.47 288.37 Operating Profit 124.95 153.28 104.70 EBITDA 171.02 200.47 153.44 Depreciation 20.10 19.10 16.69 Other Write-offs 0.00 0.00 0.00 EBIT 150.92 181.37 136.76 Interest 2.60 4.55 7.03 EBT 148.32 176.82 129.73 Taxes 46.52 58.88 48.49 Profit and Loss for the Year 101.81 117.94 81.24 Non Recurring Items 0.96 -0.1 2.17 Other Non Cash Adjustments 0.00 0.00 0.00 Other Adjustments 0.00 0.00 0.00 REPORTED PAT 102.76 117.84 83.41 KEY ITEMS Preference Dividend 0.00 0.00 0.00 Equity Dividend 33.69 33.69 23.50 Equity Dividend (%) 40.29 40.45 30.52 Shares in Issue (Lakhs) 836.06 832.87 783.34 EPS - Annualised (Rs) 12.29 14.15 10.65

Mar'08 Mar'07 12 Months 12 Months 352.73 0.00 352.73 0.00 375.04 8.19 0.00 47.38 115.56 61.32 0.00 0.00 232.44 120.29 142.60 11.30 0.00 131.29 3.30 128.00 45.47 82.52 -2.00 0.00 0.00 80.52 0.00 13.97 18.28 733.55 10.98 232.31 0.00 232.31 0.00 240.65 6.66 0.00 28.31 69.93 55.49 0.00 0.00 160.39 71.92 80.26 8.87 0.00 71.39 3.60 67.79 24.72 43.06 -1.31 0.00 0.00 41.76 0.00 8.68 30.57 292.82 14.26

Capital Structure - Mahindra Holidays & Resorts India Ltd.

Period Instrument From To 2010 2009 2008 2007 2006 2005 2011 2010 2009 2008 2007 2006 Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share

Authorized Issued Capital Capital (Rs. cr) 100.0 100.0 100.0 100.0 50.0 50.0

-PAIDUPCapital (Rs. Cr) 83.6 83.3 77.0 76.4 28.4 28.4

(Rs. cr) Shares (nos) Face Value 84.2 84.2 78.3 78.3 35.0 35.0 83605678 83286861 76978510 76417917 28400200 28400200 10.0 10.0 10.0 10.0 10.0 10.0

Balance sheet - Mahindra Holidays & Resorts India Ltd Particulars Liabilities Share Capital Reserves & Surplus Net Worth Secured Loans Unsecured Loans TOTAL LIABILITIES Assets Gross Block (-) Acc. Depreciation Net Block Capital Work in Progress. Investments. Inventories Sundry Debtors Cash And Bank Loans And Advances Total Current Assets Current Liabilities Provisions Total Current Liabilities NET CURRENT ASSETS Misc. Expenses TOTAL ASSETS (A+B+C+D+E) Mar'11 12 Months 83.61 419.69 503.30 1.58 0.00 504.88 557.19 101.81 455.37 128.02 145.08 3.14 806.96 62.65 81.08 953.83 1,136.28 41.14 1,177.43 -223.60 0.00 504.88 Mar'10 12 Months 83.29 356.04 439.32 10.02 0.00 449.34 489.22 82.49 406.74 97.87 227.16 2.97 631.54 24.41 82.11 741.03 982.48 40.97 1,023.45 -282.42 0.00 449.34 Mar'09 12 Months 76.98 120.97 197.95 24.69 0.00 222.64 422.15 63.97 358.18 51.22 0.64 5.24 484.17 31.97 74.15 595.52 751.12 31.80 782.91 -187.39 0.00 222.64 Mar'08 12 Months 76.45 65.11 141.56 20.06 0.00 161.62 273.37 47.89 225.49 45.00 0.24 3.45 403.42 6.79 57.89 471.55 563.59 17.06 580.65 -109.10 0.00 161.62 Mar'07 12 Months 28.40 49.36 77.76 5.95 320.46 404.17 224.77 37.35 187.42 12.71 0.19 1.78 218.73 8.41 48.13 277.06 60.59 12.60 73.20 203.86 0.00 404.17

Shareholding pattern - Mahindra Holidays & Resorts India Ltd. Holder's Name No of Shares % Share Holding Promoters 69985642 83.09% GeneralPublic 5354293 6.36% OtherCompanies 3114532 3.70% ForeignInstitutions 2834685 3.37% FinancialInstitutions 1250206 1.48% ForeignOcb 824565 0.98% Others 501162 0.59% ForeignNRI 239737 0.28% NBanksMutualFunds 124950 0.15%

Management Name A K Nanda A K Nanda Cyrus J Guzder Dinesh Shetty Dinesh Shetty Rajiv Sawhney Rama Bijapurkar Rohit Khattar Sridar A Iyengar Uday Y Phadke Vineet Nayyar

Designation CEO Chairman / Chair Person Director Co. Secretary & Compl. Officer Secretary Addnl.Director & Mng.Director Director Director Director Director Director

Dividends Declared Announcement Date 25/04/2011 29/04/2010 Effective Date 14/07/2011 15/07/2010 Dividend Type Final Final Dividend (%) 40% 40% Remarks

Mahindra Holidays & Resorts India- Key Fundamentals

Market Cap (Rs Cr.): EPS - TTM (Rs): P/E Ratio (x): Face Value (Rs): Latest Div. (%): Div. Yield (%): Book Value / sh. (Rs): P/B Ratio (x): 2,496 12.77 23.07 10.00 40.00 1.35 59.59 4.95

Report card
Attribute PE ratio EPS (Rs) Sales (Rs crore) Face Value (Rs) Net profit margin (%) Last dividend (%) Value Date 24.54 30/03/12 12.29 Mar, 11 158.88 Dec, 11 10 19.27 Mar, 11 40 25/04/11

Return on average equity 20.41 Mar, 11

Capital structure
From To Class Of Year Year Share 2010 2009 2008 2008 2007 2006 2005 2011 2010 2009 2009 2008 2007 2006 Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Equity Share Authorized Capital 100.00 100.00 100.00 100.00 100.00 50.00 50.00 Issued Capital 84.23 84.23 76.97 78.33 78.33 35.00 35.00 Paid Up Paid Up Paid Up Shares (Nos) Face Value Capital 83605678 83286861 76970000 76978510 76417917 28400200 28400200 10 10 10 10 10 10 10 83.61 83.29 76.97 76.98 76.42 28.40 28.40

Source: http://money.rediff.com/companies/mahindra-holidays-and-resortsindia-ltd/16560125/capital-structures

Ratios
Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Per share ratios Adjusted EPS (Rs) Adjusted cash EPS (Rs) Reported EPS (Rs) Reported cash EPS (Rs) Dividend per share Operating profit per share (Rs) 12.18 14.58 12.29 14.70 4.00 14.94 14.00 16.27 13.99 16.26 4.00 18.20 52.16 52.16 55.65 42.25 10.37 12.50 10.65 12.78 3.00 13.37 25.27 25.27 50.18 15.42 11.25 12.79 10.98 12.52 3.00 16.40 19.29 19.29 48.09 8.87 14.71 17.74 14.26 17.29 3.00 24.56 26.56 26.56 79.33 16.85

Book value (excl rev res) per share (Rs) 60.20 Book value (incl rev res) per share (Rs.) 60.20 Net operating income per share (Rs) Free reserves per share (Rs) Profitability ratios Operating margin (%) Gross profit margin (%) Net profit margin (%) Adjusted cash margin (%) Adjusted return on net worth (%) Reported return on net worth (%) Return on long term funds (%) Leverage ratios Long term debt / Equity Total debt/equity Owners fund as % of total source Fixed assets turnover ratio Liquidity ratios Current ratio Current ratio (inc. st loans) Quick ratio 0.81 0.80 0.80 99.68 0.91 25.64 21.52 19.27 22.86 20.22 20.41 29.98 58.26 50.18

32.69 28.62 22.83 26.56 26.84 26.82 14.57

26.63 22.39 18.87 22.16 41.03 42.13 69.06

34.10 30.89 21.46 25.01 58.30 56.89 92.62

30.95 27.13 17.35 21.58 55.38 53.70 17.90

1.83 1.86 35.02 0.98

0.12 88.90 0.95

0.14 87.58 1.32

4.13 4.20 19.23 1.06

3.39 3.11 3.37

0.76 0.71 0.75

0.81 0.76 0.80

3.79 3.29 3.76

Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Inventory turnover ratio Payout ratios Dividend payout ratio (net profit) Dividend payout ratio (cash profit) Earning retention ratio Cash earnings retention ratio Coverage ratios Adjusted cash flow time total debt Financial charges coverage ratio Fin. charges cov.ratio (post tax) Component ratios Material cost component (% earnings) Selling cost Component Exports as percent of total sales Import comp. in raw mat. consumed Long term assets / total Assets 30.21 3.16 0.42 28.99 2.88 0.49 58.82 33.43 4.86 0.40 63.64 32.76 4.40 0.35 64.11 30.10 5.55 0.41 0.01 65.82 48.29 5.95 44.04 31.08 0.25 21.83 15.24 0.21 43.25 28.85 6.28 22.30 15.06 38.10 31.87 61.54 67.88 33.34 28.69 66.69 71.34 32.96 27.46 66.16 71.93 20.30 17.80 80.19 82.58 24.33 20.06 76.41 80.44 155.13 157.95 75.03 102.10 130.17

Bonus component in equity capital (%) 58.60

Share holding
Share holding pattern as on 31/12/2011 30/09/2011 30/06/2011 :

Face value

10.00 No. Of Shares

10.00 % Holding 83.09 83.09

10.00 No. Of Shares 69985642 69985642 % Holding 83.09 83.09 No. Of Shares 69985642 69985642 % Holding 83.09 83.09

Promoter's holding Indian Promoters Sub total 69985642 69985642

Non promoter's holding Institutional investors Banks Fin. Inst. and Insurance FII's Sub total 1250206 2834685 4209841 1.48 3.37 5.00 3.70 1.26 0.59 5.56 6.36 100.00 1250376 2718227 4103555 3155940 1064238 576559 4796737 5343838 84229772 1.48 3.23 4.87 3.75 1.26 0.68 5.69 6.34 100.00 1264376 2711122 4110450 3389658 1070095 696337 5156090 4977590 84229772 1.50 3.22 4.88 4.02 1.27 0.83 6.12 5.91 100.00

Other investors Private Corporate Bodies 3114532 NRI's/OCB's/Foreign Others Others Sub total General public Grand total 1064302 501162 4679996 5354293 84229772

Source: http://money.rediff.com/companies/mahindra-holidays-and-resortsindia-ltd/16560125/dividend