Schedul

As at
March 31, 2010
Rs.

As at
March 31, 2009
Rs.

SOURCES OF FUNDS
Shareholders
funds:
Share capital

832,868,610

769,785,100

Reserves and surplus

3,560,364,496

1,209,719,754

8,050,101,025

6,368,312,714

100,164,726

246,944,896

333,088,627
12,876,587,484

294,759,781
8,889,522,245

4,892,238,805
824,851,319
4,067,387,486

4,221,480,876
639,718,570
3,581,762,306

865,836,679

427,125,743

112,819,159

85,087,004

5,046,043,324

4,093,975,053

2,271,551,506

6,389,350

29,676,925

52,387,537

Deferred income
Advance
towards
members facilities
(see note 1 (vi) (a))
Loan funds: Secured loans

Deferred tax liability (net)

TOTAL
APPLICATION OF
FUNDS
Fixed assets
Gross block
Less : Depreciation
Net block
Capital work in
progress/advances
Expenditure during
construction pending
allocation

Investments
Current assets, Loans and
advances
Inventories

6
7

Sundry debtors
Cash and bank balances
Loans and advances
Less: Current liabilities
and provisions
Current liabilities
Provisions

Net current assets

TOTAL
Notes on accounts

6,315,400,454
244,099,934
811,729,073
7,400,906,386

4,841,685,593
319,655,769
735,337,720
5,949,066,619

1,432,175,049
409,738,683
1,841,913,732

841,930,675
317,978,102
1,159,908,777

5,558,992,654
12,876,587,484

4,789,157,842
8,889,522,245

14

Mahindra Holidays & Resorts India Limited

2009-10
Rs.

Schedule
INCOME
Income from sale of
Vacation Ownership and
other services
Other income
Total
EXPENDITURE
Employee cost
Depreciation
Other expenses
Interest and financial charges
Total

4,687,499,308

10

476,171,448
5,163,670,756

11

735,639,939
190,962,520
2,424,341,401
45,522,985
3,396,466,845

12
13

1,767,203,911

Profit before tax

Provision for taxation
Current tax
Deferred tax
Fringe benefit tax
Profit after tax
Profit brought forward
Balance available for
appropriation

550,500,000
38,328,846
-

390,500,000
58,895,610
35,500,000

31.15%

588,828,846
1,178,375,065
1,036,929,703

2.17%

2,215,304,768

0.00%
Appropriations:
General Reserve
Proposed Dividend
Tax on Proposed Dividend

117,840,000
336,919,088

83,410,000
235,001,064

55,958,049

39,938,431
510,717,137

Balance carried to Balance

Sheet
Earnings Per Share
Basic
Diluted
Notes on accounts

1,704,587,631

14.44
14.27
14

2008-09
Rs.

3,930,644,235
512,454,133
4,443,098,368

608,437,166
166,868,043
2,278,514,543
70,294,988
3,124,114,740
1,318,983,628

484,895,610
834,088,018
561,191,180
1,395,279,198

358,349,495
1,036,929,703

10.84
10.65

SCHEDULE 1

SHARE CAPItAL

Authorised :
100,000,000 equity shares of Rs.10 each

Issued :
84,229,772 (previous year 78,333,688) equity shares of Rs.10 each

Subscribed and paid-up :

84,229,772 (previous year 78,333,688) equity shares of Rs. 10 each fully paid (of the
above 69,985,642 equity shares are held by the holding company, Mahindra &
Mahindra Limited) (refer note 22)

Less: 942,911 (previous year 1,355,178) equity shares of Rs 10 each fully paid up
issued to Mahindra Holidays and Resorts India Limited Employees Stock Option Trust
but not alloted to employees (refer note 2)

Note : The above includes 48,995,228 equity shares allotted as fully paid-up by way of Bonus shares by capitalisation of balance in Prof
& Loss account and General Reserve on November 24, 2007 in the ratio of 5 equity shares for every 3 shares held

SCHEDULE 2

RESERVES AND SURPLUS

Capital Reserve
As per last balance sheet
Additions during the year

General Reserve
As per last balance sheet
Less : Bonus shares issued on exercise of stock options
Add : Transfer from Profit and Loss Account

Securities Premium Account

Premium on shares issued to Mahindra Holidays and Resorts India Limited Employees
Stock Option Trust
Less: Premium on shares issued to Mahindra Holidays and Resorts India Limited
Employees Stock Option Trust but not alloted to employees
Add: Premium on issue of shares (refer note 22)

Less: Share issue expenses (refer note 22)

Balance in Profit and Loss Account

SCHEDULE 3

LOAN FUNDS
SECURED LOANS
(refer note 3)
Loans and advances from a bank
- Cash credit

Deferred payment under hire purchase

Less: Future interest

Rs.

SCHEDULE - 4
FIxED ASSEtS AS At MARCH 31, 2010

Description

(A) tangible assets

(i) Assets on lease/hire purchase

Leasehold land

Leasehold buildings
Vehicles

(ii) Owned assets

Freehold land
Buildings
Speed boat

Plant and machinery

Furniture and fixtures
Vehicles

(B) Intangible assets

Vacation Ownership weeks

Product design and development
Software
Non Compete Fee

total

Previous Year

Rs.
SCHEDULE - 5

Expenditure During Construction pending Allocation

Salaries,Wages & Bonus
Staff welfare Expenses
Power & Fuel
Rent
Rates & Taxes
Repairs-Others

Travelling
Communication
Printing & Stationery
Insurance
Consultancy Charges
Freight
Miscellaneous
Interest - Others
total

SCHEDULE 6

INVEStMENtS
Investment in mutual funds (unquoted, short term)
Birla Sun Life Mutual Fund
Birla Sun Life Short term Fund
DWS Treasury Fund Cash-institutional Plan
HDFC Cash Management
ICICI Prudential flexible income plan
ICICI Prudential Mutual Fund
ICICI Prudential Ultra Short term Plan
IDFC Money Manager
IDFC Mutual Fund-Money Manager Funds
Kotak Flexi Debt - Institutional
Kotak Floater Long term Daily Dividend
Principal floating rate fund-Dividend Reinvestment
Templeton Floating Rate Income Fund
Templeton India Ultra Short Bond Fund

Investment in preference shares (unquoted, long term, trade, fully paidup)

Guestline Hospitality Management and Development Services Limited
(25,000 7% non-cumulative redeemable participating optionally convertible preference
shares of Rs. 10 each.)

Investment in equity shares(unquoted, long term, trade, fully paidup)

Mahindra World City Developers Ltd. (1 equity share of Rs.10 each.)
Investment in equity shares in subsidiary(unquoted, long term, non trade, fully
paidup)
Mahindra Holidays and Resorts USA Inc(100 equity shares of US$ 0.10 each.)

MHR Hotel Management GmbH(Shares equivalent in value to 26,250 Euros out of total
share capital of Euro 35,000)
Heritage Bird (M) Sdn. Bhd.(300,002 shares of one Ringgit each.)

Mahindra Hotels and Residences India Ltd. (49,994 equity shares of Rs. 10 each.)

BAH Hotelanlagen AG(1385 shares of Euro 50 each acquired during the year.)

Note :

a) The preference shares of Guestline Hospitality Management and Development Services Limited will be redeemed at par at the option of the investee at any

M
a

b) The preference shares of Guestline Hospitality Management and Development Services Limited shall at the option of the holder be convertible into fully pa
date of allotment.

SCHEDULE 7

CURRENt ASSEtS, LOANS AND ADVANCES :

(A) Current assets :

Inventories
Food, beverages and smokes
Operating supplies

Sundry debtors
(Unsecured)

Dues over six months

: considered good
: considered doubtful

Other debts, considered good

Less : provision for doubtful debts

Less : unmatured finance charges

Cash and bank balances

Cash on hand
Balances with scheduled banks :
in current accounts

in deposit accounts
(B) Loans and advances :
(Unsecured, considered good )
Advances recoverable in cash or in kind or for value to be received
Advances and loan to subsidiaries

Deposits
Payments towards income tax (net of provisions)

Gratuity

SCHEDULE 8

CURRENt LIABILItIES AND PROVISIONS

A. CURRENt LIABILItIES

Sundry Creditors:
Total outstanding dues to micro and small enterprises
Others
Amount received from ESOP trust

B. PROVISIONS

Proposed dividend
Tax on proposed dividend

Taxation (net of payments)

Compensated Absences

SCHEDULE 9

Income from sale of Vacation Ownership and other services

Income from sale of Vacation Ownership

Income from resorts
- Room rentals
- Food and beverages
- Wine and liquor
- Others

Annual subscription fee

Income from travel services & home stays

SCHEDULE 10

Other Income
Interest
On installment sales
Others - gross
Profit on sale/redemption of investments (net)
Dividend income

Income from securitization (refer note 4)

Gain on fixed assets sold (net)
Gain on exchange fluctuation (net)

Miscellaneous income
SCHEDULE 11

Employee Cost
Salaries, wages and bonus
Contribution to provident and other funds

M
a

Staff welfare expenses

SCHEDULE 12

Other expenses
Food, beverages and smokes consumed
Opening stock
Add: purchases

Less: closing stock

Operating supplies
Advertisement
Sales promotion expenses
Sales commission
Discount
Power and fuel
Rent (including lease rent)

Rates and taxes

Directors fees

Repairs and maintenance

Buildings
Resort renovations
Office equipment
Travelling

Communication
Insurance
Consultancy charges
Miscellaneous
Service charges
Provision for doubtful debts

Loss on fixed assets sold/scrapped (net)

Loss on exchange fluctuation (net)

SCHEDULE 13

Interest and financial charges

Interest
Bank charges

As at

As at

March 31, 2010

March 31, 2009

Rs.

Rs.

1,000,000,000

1,000,000,000

1,000,000,000

1,000,000,000

842,297,720

783,336,880

842,297,720

783,336,880

9,429,110

13,551,780

832,868,610

769,785,100

allotted as fully paid-up by way of Bonus shares by capitalisation of balance in Profit

4, 2007 in the ratio of 5 equity shares for every 3 shares held

As at

As at

March 31, 2010

March 31, 2009

Rs.

Rs.

1,474,577

630,441

844,136

1,474,577

1,474,577

167,847,150

87,943,310

2,302,890

3,506,160

117,840,000

83,410,000
283,384,260

167,847,150

12,071,220

12,071,220
6,443,016

8,602,896

1,709,864,360

144,574,536

1,570,918,028

3,468,324

1,704,587,631

1,036,929,703

3,560,364,496

1,209,719,754

100,164,726

246,297,320

672,539

24,963
100,164,726

647,576
246,944,896

Gross block (at cost)

As at

As at
Additions

Deductions

April 1, 2009

March 31, 2010

27,389,500

27,389,500

28,818,685

13,210,097

15,608,588

4,447,294
60,655,479

706,920,732

808,032

14,018,129

3,639,262
46,637,350

133,819,007

840,739,739

365,115,244

2,300,921,009

614,000

787,770,260

110,676,605

1,862,489

584,873,630

67,966,725

2,189,318

11,461,862

5,515,100

1,935,805,765
-

35,233,395
4,050,603,782

689,653,443

9,566,907

6,226,938

614,000
896,584,376
650,651,037
41,180,157
4,730,690,318

36,540,065

2,000,000

38,540,065

47,454,612

2,689,522

50,144,134

20,000,000

20,000,000

4,689,522

114,911,137

694,342,965

23,585,036

4,892,238,805

11,985,727

4,221,480,876

110,221,615
4,221,480,876

2,733,737,994

As at 01.04.2009

1,499,728,609

Additions

23,096,677

39,983,887

Capitalised during
the year
16,375,684

6,226,938

As at 31.03.2010

46,704,880

266,770

1,171,042

252,412

1,185,400

841,505

2,775,252

2,238,428

1,378,329

388,867

872,133

411,977

849,023

1,613,028

2,121,885

748,655

2,986,258

150,542

110,839

135,809

125,572

8,315,881

8,210,630

5,277,336

1,112,735

1,386,971

792,319

1,707,387

411,827

687,892

580,354

519,365

1,802
13,577,259

4,631

6,433

7,839,158

4,285,966

2,100,974

4,986,625

1,400,315

1,772,537

3,532,582

1,450,145

3,854,974

85,087,004

9,329,942

7,829,251

29,251,608

15,687,609

11,249,175

70,787,969

13,567,352

1,966,912

27,284,696

43,055,814

112,819,159

Units on

Units on

Value as on

Value as on

31-Mar-10

31-Mar-09

31-Mar-10

31-Mar-09

Nos.

Nos.

Rs.

Rs.

156,982,762

93,350,737

19,905,687

200,046,178

25,573,120

256,536,749

96,350

10,187,569

2,400,316

253,797,360

9,981,917

100,028,788

19,028,490

190,542,649

12,597,150

125,990,398

17,723,021

178,072,053

1,491,631

17,278,883

17,992,919

2,007,876

15,035,340

173,001,356

180,109,116

20,102,047

250,000

250,000

10

10

45,503

45,503

1,567,125

1,567,125

4,026,772

4,026,772

499,940

499,940

311,379,054
2,271,551,506

6,389,350

opment Services Limited will be redeemed at par at the option of the investee at any time after five years but before twenty years from the date of allotment viz 14.01.2003

opment Services Limited shall at the option of the holder be convertible into fully paid equity shares of the face value of Rs.10 each anytime after thirty six months from the

9,059,077

As at

As at

March 31, 2010

March 31, 2009

Rs.

Rs.

5,699,028

20,617,848

46,688,509

29,676,925

52,387,537

1,515,461,726

1,419,498,818

552,995

228,848

1,516,014,721

1,419,727,666

6,082,640,529

4,362,343,666

7,598,655,250

5,782,071,332

552,995

228,848

7,598,102,255

5,781,842,484

1,282,701,801

940,156,891

6,315,400,454

4,841,685,593
6,315,400,454

379,572

462,515

235,992,082

59,325,930

7,728,280

259,867,324

244,099,934

319,655,769

173,257,314

215,953,601

72,534,767

319,334,996

276,969,287

200,028,462

288,075,727

891,978

20,661

811,729,073

735,337,720

1,422,476,513

828,252,479

9,698,536

13,678,196

1,432,175,049

841,930,675

336,919,088

235,001,064

55,958,049

39,938,431
-

27,722,258

16,861,546

15,316,349

409,738,683

317,978,102

2009-10

2008-09

Rs.

Rs.

3,485,652,979

2,972,082,371

223,118,402

175,298,812

307,729,568

231,194,376

18,281,277

8,587,155

108,411,506

75,800,770
657,540,753

490,881,113

517,430,708

455,597,026

26,874,868
4,687,499,308

186,553,498
17,486,820
3,738,803
40,010,254

12,083,725
3,930,644,235

371,498,010
14,769,006
-

222,864,404

99,586,219

479,415

25,011,482

5,038,254

1,589,416

476,171,448

512,454,133

684,744,443

557,339,768

22,452,221

22,979,624

28,443,275

28,117,774

735,639,939

608,437,166

2009-10

2008-09

Rs.

Rs.

5,699,028

1,291,729

101,164,783

75,365,745

106,863,811

76,657,474

9,059,077

5,699,028
97,804,734

70,958,446

58,214,978

40,079,176

117,058,841

196,796,865

809,384,401

736,149,851

373,943,771

321,436,612

58,967,695

59,722,960

117,498,973

96,220,321

231,165,169

205,910,802

11,738,733

12,643,672

145,000

160,000

5,967,303

5,577,395

28,674,557

37,971,535

132,835

168,856

60,542,634

50,839,774

82,810,945

102,990,350

50,424,550

62,258,436

8,135,224

5,844,375

62,965,782

51,690,235

157,912,414

125,040,081

85,296,513

92,708,692

324,147

56,071
-

5,232,202

3,290,038
-

2,424,341,401

2,278,514,543

11,586,690

42,847,670

33,936,295

27,447,318

45,522,985

70,294,988

Mah
indra

Depreciation / Amortisation

Net block

As at

As at
For the year

April 1, 2009

603,700

276,634

4,500,454

2,416,752

2,877,100

414,936

7,981,254

3,108,322

131,136,196
-

March 31, 2010

March 31, 2009

880,334

26,509,166

26,785,800

2,377,818

4,539,388

11,069,200

24,318,231

694,140

2,597,896

3,071,958

35,850,093

2,616

166,986,289

2,616
260,405,644

229,795,729

65,102,484

1,820,858

293,077,355

15,031,849

4,353,624

477,486
2,757,813

18,907,987
739,379,891

4,358,858

622,694

9,645,986

11,499,436

21,145,422

5,844,744

44,893,959

4,000,000

21,966,874

2,432,877
55,486,936

38,619,732

459,469

165,887,324

1,041,366

8,017,618

60,578,507

39,049,215

As at

March 31, 2010

200,286,606

576,250,380

As at

Deductions

4,981,552

6,432,877
77,453,810

639,718,570

190,962,520

5,829,771

824,851,319

478,867,150

166,868,043

6,016,623

639,718,570

1,570,194
52,674,225

840,739,739

706,920,732

2,133,934,720

1,804,669,569

611,384
636,178,732
357,573,682

587,483,654
355,077,901

22,272,170

20,201,546

3,991,310,427

3,474,353,402

1,245,386
17,394,643
5,250,175

1,868,080
26,894,079
8,405,397

13,567,123

17,567,123

37,457,327

54,734,679

4,067,387,486

3,581,762,306

Schedules

Schedules to

2010

2009

Debtor turn over ratio

DSR

0.742233108
491.7592546

0.811833846
449.5993877

DSRI

1.093772074

GMI
sales
cost of good sold
gross margin
GROSS margin index

5,163,670,756
1,044,469,014
4,119,201,742
1.189139113

4,443,098,368
979,078,308
3,464,020,060

Total asset
Non current asset(PP&E)
Asset quality
AQI

6,368,615,917
3,137,388,185
0.492632658
4.136992061

3,640,539,193
433,515,093
0.119079914

sales
SGI

4,687,499,308
1.192552423

3,930,644,235

DEPI
Depriciation
Gross
Rate of depriciation
DEPI

190,962,520
4,892,238,805
3.903376912
0.987488718

166,868,043
4,221,480,876
3.952831907

SGAI
TOATL EXPENDITURE
cost of goods sold
SGA
SGAI

3,396,466,845
1,044,469,014
2,351,997,831
1.096483862

3,124,114,740
979,078,308
2,145,036,432

LVGI
TOTAL DEBT
TOTAL ASSETS
LEVERAGE RATIO
LVGI

1,942,078,458
6,368,615,917
0.304945138
0.789111723

1,406,853,673
3,640,539,193
0.386441018

TATA
Current asset other than cash
current liabilities and provision
working capital

7,156,806,452
1,841,913,732
5,314,892,720

5,629,410,850
1,159,908,777
4,469,502,073

change in working capital

depriciation
change in working capital
tata

M SCORE

845,390,647
190,962,520
654,428,127
0.152099417

4,469,502,073
166,868,043
4,302,634,030

M = -4.84 + 0.92*DSRI + 0.528*GMI + 0.404*AQI + 0

0.172*SGAI + 4.679*TATA - 0.327
=

-0.092163

As score is less than -2.22.this indicates that the

M SCORE

*GMI + 0.404*AQI + 0.892*SGI + 0.115*DEPI + 4.679*TATA - 0.327*LVGI

2.this indicates that the firm is not a manipulator

X1

0.83454

X2

0.68983

X3

0.27749

MARKET VALUE
BOOK VALUE

X4
X5

z=

3.48162895

45366353187
100,164,726

452.9175
0.736031

Z SCORE

Z = 0.012X1 + 0.014X2 + 0.033X3 + 0.006X4 + 0.999X5

As Z is more than 2.99 there is no danger of solvency