Club Mahindra

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 Club Mahindra Kodagu Valley resort was opened in Coorg, Karnataka

November, 2005 Acquired land in Puducherry (formerly Pondicherry)


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


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


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 2010

Income:

Income from sale of Vacation Ownership and other services 48,713 46,875

Other Income 4,703 4,762

Total Income 53,416 51,637

Expenditure :

Less: Employee Cost & other expenses (36,218) (31,600)

Profit before Depreciation, Interest and Taxation 17,198 20,037

Less: Depreciation (2,010) (1,910)

Interest (260) (455)

Profit for the year before tax 14,928 17,672

Less: Provision for Ta x – Current Tax (4,305) (5,505)

– Deferred tax (net) (347) (383)

Net Profit for the year after tax 10,276 11,784

Balance brought forward from earlier years 17,046 10,369

Balance carried forward 27,322 22,153

Appropriations:

General Reserve (1,028) (1,178)

Proposed Final Dividend on Equity shares (3,369) (3,369)

Income Tax on Proposed Final Dividend (547) (560)

Surplus carried to Balance Sheet 22,378 17,046

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.4 per EquityShare of the face value of Rs.10 each for the financial year 2010-11.The dividend, if approved at the ensuing Annual General Meeting, willbe paid to the Shareholders whose names appear on the register ofmembers of the Company as on 15th July, 2011. The equity dividendoutgo for the financial year 2010-11, inclusive of tax on distributedprofits would absorb a sum of Rs. 3,916 lakh (as against Rs.3,929 lakhcomprising the dividend of Rs.4 per Equity Share paid for the previousyear).

OPERATIONS AND FINANCIAL OVERCIEW

Club Mahindra Holidays, the Companys flagship brand in the vacationownership business, along with Zest, continued to drive the Companysbusiness during the year. The Company added over 15,000 new members toits vacation ownership business, taking the total membership to 125,169at the end of the year.

In line with the growth in membership, the Company added inventoryacross new locations such as Udaipur, Sariska, Osian, Nawalgarh andSwamimalai. In addition, a resort in Innsbruk, Austria, and KualaLumpur, Malaysia, were also added to the Companys portfolio ofinternational resorts. Apart from this, the expansion at Coorg becamefully operational. At the end of the year, the Company had 35 resorts.

In a significant development, your Company has entered into aMemorandum of Understanding with the Government of Gujarat at theVibrant Gujarat Summit held in January 2011 to build seven new ClubMahindra Resorts in the State, These properties will be located atSaputhara, Polo Forest, Shivrajpur, Madhavpur, Suvali Beach, Nalsarovarand Jamboghoda, which will add around 600 units and involve aninvestment of approximately Rs.210 crore.

Apart from growth in members and increase in inventory, the Companyintroduced innovative and interesting facilities for its customers.During the year, the focus was on developing holiday activities that

capture the natural beauty and cultural heritage of the destination. Toengage different members of the family, your Company organisedlifestyle seminars and beginner classes for activities such asswimming, yoga, aerobics, painting and cooking. Svaastha spas, whichprovide holistic wellness therapies, were extended to four new resorts— Ashtamudi, Goa, Munnar and Kumbhalgarh — taking the total to sevenresorts.

It has been the stated objective of the Company to expand its holidayofferings across various segments and different holiday experiences soas to progress steadily towards dominance in the holiday market. TheCompany launched terra — a camping and adventure holiday product duringthe 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 operationalconsolidation for your Company. The Company initiated a number of toughcontrol measures aimed at improving productivity and creating astronger foundation for future growth. This involved strengthening itscustomer acquisition process to build a robust customer portfolio, andenhancing customer experience to achieve greater differentiation in themarket. Although the process will add significantly to the Companysperformance in the coming years, it has impacted the Companys resultsduring the year, especially during the first half. However, theperformance picked-up towards the end of the year.

Your Companys total income (including other income) grew at 3.4 percent from Rs.51,637 lakh in 2009-10 to Rs.53,416 lakh in 2010-11. Thegrowth in income was low due to decrease in income from securitisationduring the year. Profit After Taxes (PAT) came down from Rs.11,784 lakhin 2009-10 to Rs.10,276 lakh in 2010-11. As a result, diluted EPS ofthe Company was Rs.12.21 in 2010-11, down from Rs.14.27 in the previousyear.

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 productdevelopment and software. The Capital work in progress as on 31stMarch, 2011, stood at Rs. 14,318 lakhs mainly representing resortsunder development - Tungi near Lonavla, Virajpet in Coorg and Theog inShimla.

AWARDS AND RECOGNITIONS

Your Companys focus on customer delight and commitment to offer greatholiday experiences has earned it the following awards and recognitionsduring the year:

Mahindra Holidays won the Bird Express TravelWorld Award for

Excellence in Operations. These awards are regarded as one of themost respected awards in the travel and hospitality ndustry in India.

The resorts at Coorg and Goa were formally awarded the prestigiousECOTEL certification. The resort at Coorg was awarded Five Globes,the highest level of certification possible under the ECOTEL ratingsystem. The resort at Goa was awarded Four Globes and aspires toachieve the highest level in the next year.

The resorts at Naukuchiatal, Manali, Thekaddy and Yeracud were awardedthe RCI Gold Crown status during the year taking the total number ofGold 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 atthe RCI Champions 2010 award which recognises the contributions madeby companies to the vacation ownership business. The Companysemployees won awards for excellence in sales, operations and that ofthe best resort manager at the event.

The resorts at Goa, Munnar, Coorg, Binsar, Manali, Dharamshala, Ooty,Kodaikanal, Puducherry, Thekaddy and Kumbhalgarh continue to retaintheir Branch Hygiene Code (BHC) certification.

CORPORATE SOCIAL RESPONSIBILITY INITIATIVES

Your Company continued to carry out initiatives aimed at contributingto the socio-economic well being and development of the communities andthe ecosystem that it interacts with. These are discussed in theManagement Discussion and Analysis Report forming part of this AnnualReport.

SUSTAINABILITY

In line with the philosophy of the Mahindra Group, your Companyrecognises the importance of sustainability, and is committed toconserve the ecological integrity of its locations through responsiblebusiness practices, and by greater accountability and transparency.Your Company actively participated in the Groups journey for CorporateSustainability Reporting. The Sustainability Report of the Group isprepared in accordance with the internationally accepted frameworkspecified by the Global Reporting Initiative (GRI). Besides this, theCompany continued to work in line with the five-year SustainabilityRoadmap, which lays out the plan of initiatives to be carried outuntil 2013-14.

The details of the initiatives taken by your Company in this regard arediscussed in the section on Sustainability in the Management Discussionand Analysis Report forming part of this Annual Report.

INITIAL PUBLIC OFFER (IPO)

During 2009-10, your Company had successfully carried out an InitialPublic Offer of 92.65 lakh equity shares which was oversubscribed bymore than nine times. The issue comprised a fresh issue of 58,96,084equity shares of Rs.10 each and offer for sale of 33,69,191 equityshares by the Promoters of the Company. The net proceeds to theCompany from the issue were Rs.17,688 lakhs and the shares were listedon the National Stock Exchange and the Bombay Stock Exchange on 16thJuly 2009.

As on 31st March 2011, the Company has utilised Rs.11,139 lakhs fromthe IPO proceeds.

CORPORATE GOVERNANCE REPORT

A Report on Corporate Governance along with a Certificate from theStatutory Auditors of the Company regarding the compliance ofconditions of Corporate Governance as stipulated under Clause 49 of theListing Agreement forms part of the Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A detailed analysis of the Companys operational and financialperformance and initiatives taken by the Company in key functionalareas such as Human Resources, Quality and Information Technology isseparately discussed in the Management Discussion and Analysis Report,which forms part of this Annual Report. This report also discusses indetail, initiatives taken by the Company in the areas of CorporateSocial Responsibility and Sustainability.

STOCK OPTIONS

Your Company has formulated the Mahindra Holidays & Resorts IndiaLimited Employees Stock Option Scheme 2006 (MHRIL ESOS). The MHRILESOS is administered and implemented by Mahindra Holidays & ResortsIndia Limited Employees Stock Option Trust in accordance with thedirections of the Remuneration Committee and in terms of the Deed ofTrust. Details required to be provided under the Securities andExchange Board of India (Employee Stock Option Scheme and EmployeeStock Purchase Scheme) Guidelines, 1999 are set out in Annexure I tothis Report.

DIRECTORS

Mr. Sridar Iyengar and Mr Rohit Khattar, Directors, retire by rotationat the ensuing Annual General Meeting and being eligible, offerthemselves for re-appointment. As stipulated in terms of Clause 49 ofthe 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 theBoard of the Company with effect from 30th April, 2011 to assumeanother role within the Mahindra Group. The Board placed on record itsdeep sense of appreciation for the services rendered by him during hisassociation with the Company and his contribution in building theCompany to its current level. Mr. Rajiv Sawhney has been appointed asan Additional Director with effect from 25th April, 2011, and as theManaging Director & CEO of the Company with effect from 1st May, 2011for a period of five years. He holds office up to the date of theforthcoming Annual General Meeting. The Company has received a Noticefrom a

Member under section 257 of the Companies Act, 1956, signifying theintention to propose Mr. Sawhney as candidate for the office ofDirector.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to section 217 (2AA) of the Companies Act, 1956, yourDirectors, based on the representations received from the OperatingManagement, and after due enquiry, confirm that:

i) in the preparation of the annual accounts, the applicable accountingstandards have been followed;

ii) they have, in the selection of the accounting policies, consultedthe Statutory Auditors and these have been applied consistently andreasonable and prudent judgements and estimates have been made so as togive a true and fair view of the state of affairs of the Company as at31st March, 2011 and of the profit of the Company for the year ended onthat date;

iii) proper and sufficient care has been taken for the maintenance ofadequate accounting records in accordance with the provisions of theCompanies Act, 1956 for safeguarding the assets of the Company and forpreventing 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 companiesviz., Mahindra Hotels and Residences India Limited, Mahindra Holidaysand Resorts USA Inc., MHR Hotel Management GmbH, Heritage Bird (M) SdnBhd and BAH Hotelanlagen AG.

Mahindra Hotels and Residences India Limited was incorporated on 26thApril, 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 Stateof Delaware, USA, on 24th October, 2003 to carry out the business ofresorts, hotels, vacation facilities, leisure activities and relatedancillary activities.

MHR Hotel Management GmbH was incorporated on 16th February, 2007 underthe laws of Austria and became a subsidiary of your Company on 12thMarch, 2007. The Company was formed to carry out the business ofmanaging hotels.

Heritage Bird (M) Sdn Bhd was incorporated on 7th July, 2007 under thelaws of Malaysia and became a wholly-owned subsidiary of your Companyon 3rd March, 2008. The principal activity of the company ispurchasing, maintaining and leasing resorts.

BAH Hotelanlagen AG was incorporated on 14th December, 2006 under thelaw 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, 1956containing details of the Companys subsidiaries is attached. Theconsolidated financial statements of the Company prepared in accordancewith Accounting Standard 21 prescribed by The Institute of CharteredAccountants of India, form part of the Annual Report and Accounts.

In accordance with the general circular issued by Ministry of CorporateAffairs, Government of India, the Balance Sheet, Profit and LossAccount and other documents of the subsidiary companies are not beingattached with the Balance Sheet of the Company. The Company will makeavailable the Annual Accounts of the subsidiary companies and therelated detailed information to any Shareholder of the Company and theconcerned subsidiary company who may be interested in obtaining thesame. Further, the Annual Accounts of the subsidiaries would also beavailable for inspection by any Shareholder at the Registered Office ofthe 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, retireas auditors of the Company and have given their consent forre-appointment. The shareholders will be required to elect auditors forthe current year and fix their remuneration. As required under theprovisions of section 224(1B) of the Companies Act, 1956, the Companyhas obtained a written certificate from the above auditors proposed tobe 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 itsemployees during the year under review. Your Company has also not madeany loans or advances which are required to be disclosed in the AnnualAccounts of the Company pursuant to Clause 32 of the Listing Agreement.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGEEARNINGS AND OUTGO

Your Company continuously strives to conserve energy, adopt environmentfriendly practices and employ technology for more efficient operations.These initiatives have been discussed in greater detail in the sectionson Sustainability in the Management Discussion and Analysis report.

The particulars relating to the energy conservation, technologyabsorption and foreign exchange earnings and outgo, as required undersection 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 THECOMPANIES ACT, 1956 AND RULES MADE THERE UNDER

The Company had 12 employees who were in receipt of remuneration of notless than Rs.60,00,000 during the year ended 31st March, 2011 or notless 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 theCompanies Act, 1956, the Directors Report and Accounts are being sentto all the shareholders of the Company excluding the statement ofparticulars of employees. Any shareholder interested in obtaining acopy 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 theCentral and State Governments for their unstinted support. TheDirectors would also like to place on record their appreciation toemployees at all levels for their hard work, dedication and commitment.

For and on behalf of the board

Place: Mumbai A K NANDA

Date: 25th April, 2011 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 Mar'08 Mar'0712 Months 12 Months 12 Months 12 Months 12 Months

INCOME:Sales Turnover 487.13 468.75 393.06 352.73 232.31Excise Duty 0.00 0.00 0.00 0.00 0.00NET SALES 487.13 468.75 393.06 352.73 232.31Other Income 0.00 0.00 0.00 0.00 0.00TOTAL INCOME 533.20 515.95 441.81 375.04 240.65EXPENDITURE:Manufacturing Expenses 19.31 15.60 11.10 8.19 6.66Material Consumed 0.00 0.00 0.00 0.00 0.00Personal Expenses 83.59 73.56 60.84 47.38 28.31Selling Expenses 147.18 135.94 131.41 115.56 69.93Administrative Expenses 112.11 90.37 85.01 61.32 55.49Expenses Capitalised 0.00 0.00 0.00 0.00 0.00Provisions Made 0.00 0.00 0.00 0.00 0.00TOTAL EXPENDITURE 362.18 315.47 288.37 232.44 160.39Operating Profit 124.95 153.28 104.70 120.29 71.92EBITDA 171.02 200.47 153.44 142.60 80.26Depreciation 20.10 19.10 16.69 11.30 8.87Other Write-offs 0.00 0.00 0.00 0.00 0.00EBIT 150.92 181.37 136.76 131.29 71.39Interest 2.60 4.55 7.03 3.30 3.60EBT 148.32 176.82 129.73 128.00 67.79Taxes 46.52 58.88 48.49 45.47 24.72Profit and Loss for the Year 101.81 117.94 81.24 82.52 43.06Non Recurring Items 0.96 -0.1 2.17 -2.00 -1.31Other Non Cash Adjustments 0.00 0.00 0.00 0.00 0.00Other Adjustments 0.00 0.00 0.00 0.00 0.00REPORTED PAT 102.76 117.84 83.41 80.52 41.76KEY ITEMSPreference Dividend 0.00 0.00 0.00 0.00 0.00Equity Dividend 33.69 33.69 23.50 13.97 8.68Equity Dividend (%) 40.29 40.45 30.52 18.28 30.57Shares in Issue (Lakhs) 836.06 832.87 783.34 733.55 292.82EPS - Annualised (Rs) 12.29 14.15 10.65 10.98 14.26

Capital Structure - Mahindra Holidays & Resorts India Ltd.

Period InstrumentAuthorized

CapitalIssued Capital - P A I D U P -

From To (Rs. cr) (Rs. cr) Shares (nos) Face ValueCapital

(Rs. Cr)2010 2011 Equity Share 100.0 84.2 83605678 10.0 83.62009 2010 Equity Share 100.0 84.2 83286861 10.0 83.32008 2009 Equity Share 100.0 78.3 76978510 10.0 77.02007 2008 Equity Share 100.0 78.3 76417917 10.0 76.42006 2007 Equity Share 50.0 35.0 28400200 10.0 28.42005 2006 Equity Share 50.0 35.0 28400200 10.0 28.4

Balance sheet - Mahindra Holidays & Resorts India Ltd

Particulars Mar'11 Mar'10 Mar'09 Mar'08 Mar'07Liabilities 12 Months 12 Months 12 Months 12 Months 12 MonthsShare Capital 83.61 83.29 76.98 76.45 28.40Reserves & Surplus 419.69 356.04 120.97 65.11 49.36

Net Worth 503.30 439.32 197.95 141.56 77.76Secured Loans 1.58 10.02 24.69 20.06 5.95Unsecured Loans 0.00 0.00 0.00 0.00 320.46TOTAL LIABILITIES 504.88 449.34 222.64 161.62 404.17AssetsGross Block 557.19 489.22 422.15 273.37 224.77(-) Acc. Depreciation 101.81 82.49 63.97 47.89 37.35Net Block 455.37 406.74 358.18 225.49 187.42Capital Work in Progress. 128.02 97.87 51.22 45.00 12.71Investments. 145.08 227.16 0.64 0.24 0.19Inventories 3.14 2.97 5.24 3.45 1.78Sundry Debtors 806.96 631.54 484.17 403.42 218.73Cash And Bank 62.65 24.41 31.97 6.79 8.41Loans And Advances 81.08 82.11 74.15 57.89 48.13Total Current Assets 953.83 741.03 595.52 471.55 277.06Current Liabilities 1,136.28 982.48 751.12 563.59 60.59Provisions 41.14 40.97 31.80 17.06 12.60Total Current Liabilities 1,177.43 1,023.45 782.91 580.65 73.20NET CURRENT ASSETS -223.60 -282.42 -187.39 -109.10 203.86Misc. Expenses 0.00 0.00 0.00 0.00 0.00TOTAL ASSETS (A+B+C+D+E) 504.88 449.34 222.64 161.62 404.17

Shareholding pattern - Mahindra Holidays & Resorts India Ltd.Holder's Name No of Shares % Share HoldingPromoters 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%

ManagementName Designation

A K Nanda CEO

A K Nanda Chairman / Chair Person

Cyrus J Guzder Director

Dinesh Shetty Co. Secretary & Compl. Officer

Dinesh Shetty Secretary

Rajiv Sawhney Addnl.Director & Mng.Director

Rama Bijapurkar Director

Rohit Khattar Director

Sridar A Iyengar Director

Uday Y Phadke Director

Vineet Nayyar Director

Dividends Declared

Announcement Date

Effective Date Dividend Type Dividend (%) Remarks

25/04/2011 14/07/2011 Final 40%

29/04/2010 15/07/2010 Final 40%

Mahindra Holidays & Resorts India- Key Fundamentals

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

Report card

Attribute Value Date

PE ratio 24.54 30/03/12

EPS (Rs) 12.29 Mar, 11

Sales (Rs crore) 158.88 Dec, 11

Attribute Value Date

Face Value (Rs) 10

Net profit margin (%) 19.27 Mar, 11

Last dividend (%) 40 25/04/11

Return on average equity 20.41 Mar, 11

Capital structure

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

2010 2011Equity Share

100.00 84.23 83605678 10 83.61


100.00 84.23 83286861 10 83.29


100.00 76.97 76970000 10 76.97


100.00 78.33 76978510 10 76.98


100.00 78.33 76417917 10 76.42


50.00 35.00 28400200 10 28.40


50.00 35.00 28400200 10 28.40

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

Ratios

Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Per share ratios

Adjusted EPS (Rs) 12.18 14.00 10.37 11.25 14.71

Adjusted cash EPS (Rs) 14.58 16.27 12.50 12.79 17.74

Reported EPS (Rs) 12.29 13.99 10.65 10.98 14.26


Reported cash EPS (Rs) 14.70 16.26 12.78 12.52 17.29

Dividend per share 4.00 4.00 3.00 3.00 3.00

Operating profit per share (Rs) 14.94 18.20 13.37 16.40 24.56

Book value (excl rev res) per share (Rs) 60.20 52.16 25.27 19.29 26.56

Book value (incl rev res) per share (Rs.) 60.20 52.16 25.27 19.29 26.56

Net operating income per share (Rs) 58.26 55.65 50.18 48.09 79.33

Free reserves per share (Rs) 50.18 42.25 15.42 8.87 16.85

Profitability ratios

Operating margin (%) 25.64 32.69 26.63 34.10 30.95

Gross profit margin (%) 21.52 28.62 22.39 30.89 27.13

Net profit margin (%) 19.27 22.83 18.87 21.46 17.35

Adjusted cash margin (%) 22.86 26.56 22.16 25.01 21.58

Adjusted return on net worth (%) 20.22 26.84 41.03 58.30 55.38

Reported return on net worth (%) 20.41 26.82 42.13 56.89 53.70

Return on long term funds (%) 29.98 14.57 69.06 92.62 17.90

Leverage ratios

Long term debt / Equity - 1.83 - - 4.13

Total debt/equity - 1.86 0.12 0.14 4.20

Owners fund as % of total source 99.68 35.02 88.90 87.58 19.23

Fixed assets turnover ratio 0.91 0.98 0.95 1.32 1.06

Liquidity ratios

Current ratio 0.81 3.39 0.76 0.81 3.79

Current ratio (inc. st loans) 0.80 3.11 0.71 0.76 3.29

Quick ratio 0.80 3.37 0.75 0.80 3.76

Inventory turnover ratio 155.13 157.95 75.03 102.10 130.17

Payout ratios

Dividend payout ratio (net profit) 38.10 33.34 32.96 20.30 24.33

Dividend payout ratio (cash profit) 31.87 28.69 27.46 17.80 20.06

Earning retention ratio 61.54 66.69 66.16 80.19 76.41

Cash earnings retention ratio 67.88 71.34 71.93 82.58 80.44

Coverage ratios

Adjusted cash flow time total debt 0.01 5.95 0.25 0.21 6.28

Financial charges coverage ratio 65.82 44.04 21.83 43.25 22.30

Fin. charges cov.ratio (post tax) 48.29 31.08 15.24 28.85 15.06


Component ratios

Material cost component (% earnings) - - - - -

Selling cost Component 30.21 28.99 33.43 32.76 30.10

Exports as percent of total sales 3.16 2.88 4.86 4.40 5.55

Import comp. in raw mat. consumed - - - - -

Long term assets / total Assets 0.42 0.49 0.40 0.35 0.41

Bonus component in equity capital (%) 58.60 58.82 63.64 64.11 -

Share holding

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

Face value 10.00 10.00 10.00

No. Of Shares

% Holding

No. Of Shares

% Holding

No. Of Shares

% Holding

Promoter's holding

Indian Promoters 69985642 83.09 69985642 83.09 69985642 83.09

Sub total 69985642 83.09 69985642 83.09 69985642 83.09

Non promoter's holding

Institutional investors

Banks Fin. Inst. and Insurance

1250206 1.48 1250376 1.48 1264376 1.50

FII's 2834685 3.37 2718227 3.23 2711122 3.22

No. Of Shares

% Holding

No. Of Shares

% Holding

No. Of Shares

% Holding

Sub total 4209841 5.00 4103555 4.87 4110450 4.88

Other investors

Private Corporate Bodies 3114532 3.70 3155940 3.75 3389658 4.02

NRI's/OCB's/Foreign Others

1064302 1.26 1064238 1.26 1070095 1.27

Others 501162 0.59 576559 0.68 696337 0.83

Sub total 4679996 5.56 4796737 5.69 5156090 6.12

General public 5354293 6.36 5343838 6.34 4977590 5.91

Grand total 84229772 100.00 84229772 100.00 84229772 100.00

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

Club Mahindra

Documents

Transcript of Club Mahindra