Balance Sheet as at 31st March, 2015

2015

I. EQUITY AND LIABILITIESSHAREHOLDERS FUNDS :(a) Share Capital 1510(b) Reserves and Surplus 235532

237042NON CURRENT LIABILITIES :(a) Long Term Borrowings 1448(b) Deferred Tax Liabilities (Net) 4810(c) Other Long Term Liabilities 1054(d) Long Term Provisions 2926

10238CURRENT LIABILITIES :(a) Short Term Borrowings 354(b) Trade Payables 55614(c) Other Current Liabilities 18658(d) Short Term Provisions 13604

88230Total 335510

II. ASSETS NON CURRENT ASSETS :(a) Fixed Assets Tangible Assets 119670 Intangible Assets 2923 Capital Work-in-Progress 18828

141421(b) Non Current Investments 98176(c) Long Term Loans and Advances 13493(d) Other Non Current Assets 441

253531CURRENT ASSETS :(a) Current Investments 29964(b) Inventories 26150(c) Trade Receivables 10698(d) Cash and Bank Balances 183(e) Short Term Loans and Advances 11728(f) Other Current Assets 3256

81979

Total 335510

Statement of Profit and Loss for the year ended 31st March, 2015

2015Gross Revenue from Sale of Products 537685Less : Excise Duty 51630Net Revenue from Sale of Products an 486055Other Operating Revenue 13651Revenue from Operations (Net) 499706Other Income 8316Total Revenue 508022Expenses :Cost of Materials Consumed 328678Purchases of Stock-in-Trade 26652Changes in Inventories of Finished G -4559Employee Benefits Expense 16066Finance Costs 2060Depreciation and Amortisation Expen 24703Other Expenses 66431

460031Less : Cost of Manufactured Products 691Total Expenses 459340Profit Before Exceptional Item and Ta 48682Add : Exceptional Items 0Profit Before Tax 48682Less : Tax Expense Current Tax 13026 Less : MAT Credit Entitlement 704 Net Current Tax 12322 Deferred Tax (Net) -752

11570Implied tax rate 0.2376648453Profit for the year 37112Dividend 755.2Earnings per equity share(Face value Rs. 5/- per share) (Rupees)Basic 122.85Diluted 122.85Funds Flow Statement: Total Funds BasisSourcesInc in Reserves & SurplusInc in L T ProvisionsInc in Trade payablesInc in other current liabilitiesInc in ST ProvisionsDec in CWIP

Dec in LT loans & advancesDec in other Non-CADec in current investmentsDec in trade receivablesDec in cash & BBDec in ST loans & advDec in other ncurrent assetsTotal SourcesFunds Flow Statement: Working Capital BasisSourcesInc in Reserves & SurplusInc in L T ProvisionsDec in CWIPDec in LT loans & advancesDec in other Non-CADec in current investments

Total Sources of WCChange in NWCChanges in WC componentsCurrest AssetsChange in receivablesChange in inventoriesChange in Cash & BBChange in ST loans & AdvancesChange in other CAsTotal Change in Current AssetsChange in NWCFunds Flow Statement: Cash BasisSourcesInc in Reserves & SurplusInc in L T ProvisionsInc in Trade payablesInc in other current liabilitiesInc in ST ProvisionsDec in CWIPDec in LT loans & advancesDec in other Non-CADec in current investmentsDec in trade receivablesDec in ST loans & advDec in other current assetsTotal SourcesChange in Cash & BB

Classified Cashflow StatementsA. Cash Flows from OperatonsRNP - other incomeAdd: InterestAdd: DepOCFs before changes in WC componentsLess: Inc in inventoryAdd: Dec in debtorsAdd:Dec in Loans& AdvAdd: Dec in other CAAdd: Inc in other CLAdd: Inc in trade payablesAdd: Inc in ST provisionsOCFC. Cash Flows from FinancingDec in LT BorrowingsDec in ST borrowingsDec in def tax liabDividendsInterestDec in other LT liabInc in LT provisionsTotalD. Other incomeChange in C&BB =(A+B+C+D)Reason for mis-matchReported net profit -DividendInc in Reserves & SurplusOverstatement of OCFsAdj change in Cash & BB

Rupees crores2014 Change U/S Type Follow the following code for Type of flow:

O + : +ve Operating flowO - : -ve Operating flowI + : +ve Investing flow

1510 I -: -ve investing flow208270 F +: +ve Financing flow209780 F -: -ve Financing flow

4604586623861980

14836

122474897513382

677781381

305997

1060771827

26214134118

1304816384

533164083

881311705914137

629712511

3779141914

305997

Statement of Profit and Loss for the year ended 31st March, 2015Rupees crores

2014478228

51780426448

11470437918

7317445235

28898924314

18513681

17592084459221

408993343

40865036585

036585

74790

747912768755

0.239305726427830362.5

92.1392.13

UsesDec in LT borrwoingsDec in deff tax liab (net)Dec in other LT liabilitiesDec in ST borowingsInc in tangible assetsInc in Intangible assets

Inc in non-current investmentsInc in inventories

Total Uses

UsesDec in LT borrwoingsDec in deff tax liabDec in other LT liabilitiesDec in ST borowingsInc in tangible assetsInc in Intangible assetsInc in non-current investmentsTotal uses of WC

Current LiabilitiesChange in Trade payablesChange in other CLsChange in ST Provisions

Total change in CL & provisions 0

UsesDec in LT borrwoingsDec in deff tax liab (net)Dec in other LT liabilitiesDec in ST borowingsInc in tangible assetsInc in Intangible assetsInc in non-current investmentsInc in inventories

Total Uses

B. Cash Flows from InvestingInc in GBDec in CWIPInc in investmentsDec in other non-CAInc LT loans and advancesTotal

Follow the following code for Type of flow:O + : +ve Operating flowO - : -ve Operating flowI + : +ve Investing flowI -: -ve investing flowF +: +ve Financing flowF -: -ve Financing flow

Mahindra & Mahindra Limited Balance Sheet as at 31st March, 2015 2015

I. EQUITY AND LIABILITIESSHAREHOLDERS FUNDS :(a) Share Capital 295.70 (b) Share Capital Suspense Account(b) Reserves and Surplus 18,959.39

19,255.09 NON CURRENT LIABILITIES :(a) Long Term Borrowings 2,514.13 (b) Deferred Tax Liabilities (Net) 979.70 (c) Other Long Term Liabilities 614.34 (d) Long Term Provisions 607.34

4,715.51 CURRENT LIABILITIES :(a) Short Term Borrowings 106.25 (b) Trade Payables 5,365.45 (c) Other Current Liabilities 2,041.13 (d) Short Term Provisions 1,461.44

8,974.27 Total 32,944.87

II. ASSETS

NON CURRENT ASSETS :(a) Fixed Assets Tangible Assets 5,795.44 Intangible Assets 134.02 Capital Work-in-Progress 755.67 Intangible Assets Under Development 1,423.09

8,108.22 (b) Non Current Investments 11,372.74 (c) Long Term Loans and Advances 3,232.26 (d) Other Non Current Assets 103.44

22,816.66 CURRENT ASSETS :(a) Current Investments 1,765.42 (b) Inventories 2,437.57 (c) Trade Receivables 2,558.03 (d) Cash and Bank Balances 2,064.77 (e) Short Term Loans and Advances 773.10 (f) Other Current Assets 529.32

10,128.21 Total 32,944.87 Statement of Profit and Loss for the year ended 31st March, 2015

2015

Gross Revenue from Sale of Products and Services 40,579.30 Less : Excise Duty 2,187.69 Net Revenue from Sale of Products and Services 38,391.61 Other Operating Revenue 553.81 Revenue from Operations (Net) 38,945.42 Other Income 848.94 Total Revenue 39,794.36

Expenses :Cost of Materials Consumed 20,272.48 Purchases of Stock-in-Trade 7,359.37

323.63 Employee Benefits Expense 2,316.93 Finance Costs 214.30 Depreciation and Amortisation Expense 974.90 Other Expenses 4,600.57

36,062.18 100.99

Total Expenses 35,961.19 Profit Before Exceptional Item and Tax 3,833.17

335.72 Profit Before Tax 4,168.89

Current Tax 835.92 Less : MAT Credit Entitlement 92.72 Net Current Tax 743.20 Deferred Tax (Net) 104.58

847.78 Implied tax rate 0.2033586878Profit for the year 3,321.11 Dividend 745.31Retained earnings 2,575.80 Earnings per equity share(Face value Rs. 5/- per share) (Rupees)Basic 56.23 Diluted 53.66 Dividend per share 12.00

Changes in Inventories of Finished Goods, Work-in-Progress, Stock-in-Trade and Manufactured Components

Less : Cost of Manufactured Products Capitalised

Add : Exceptional Items

Less : Tax Expense

Funds Flow Statement: Total Funds BasisSourcesInc in share capital 0.54Inc in Res & Surplus 2463.36Inc in Deff tax liab 90.05Inc in other LT liabilities 28.07Inc in LT provisions 97.01Inc in ST borrowings 105.51Inc in other current liab 907.57Dec in intangible assets 36.63Dec in inventories 366.06Dec in cash & BB 885.62Dec in ST loans & Adv 172.73

Total 5153.15

FFS: WC BasisSources of WC(these are non-working capital, so it will act as sourcInc in share cap 0.54Inc in R&S 2463.36Inc in Deff tax liab 90.05Inc in other LT liabilities 28.07Inc in LT provisions 97.01Dec in intangible assets 36.63Change in ST borrowing 105.51

Total Sources of WC 2821.17Change in NWC -1435.98Changes in WC components

Change in inventory -366.06Change in debtors 48.19Change in C&BB -885.62Change in loans & Adv -172.73Change in other current assets 42.21Change in CA (1,334.01)Change in NWC (1,435.98)FFS: Cash BasisSourcesInc in share capital 0.54Inc in Res & Surplus 2463.36Inc in Deff tax liab 90.05Inc in other LT liabilities 28.07Inc in LT provisions 97.01

Inc in ST borrowings 105.51Inc in other current liab 907.57Dec in intangible assets 36.63Dec in inventories 366.06Dec in ST loans & Adv 172.73

Total sources 4267.53Change in Cash &BB -885.62Classified Cashflow StatementsCFS: OperatonsRNP - other income 2,472.17 Add: Interest 214.30 Add: Dep 974.90 OCFs before changes in WC components 3,661.37 Add: Dec in inventory 366.06Less: Inc in debtors -48.19Add:Dec in Loans& Adv 172.73 Less: Inc in other CA (42.21)Add: Inc in other CL 907.57Less: Dec in trade payables (703.35)Less: Dec in ST provisions -102.25OCF (equationA) 4,211.73 CFS: FinancingInc in share capital 0.54 Dec in LT Borrowings -1230.29Inc in ST borrowings 105.51Inc in def tax liab 90.05Dividends -745.31Interest -214.30Inc in other liab 28.07Inc in LT provisions 97.01Total (eq C) (1,868.72)Other income (eq D) 848.94 Change in C&BB (885.62)

Reasons for mis-matchRNP-Div 2,575.80 Diff in Actual RE & Exp RE 112.44 Adj Change in C&BB

2014 Change U/S Type Follow the following code for Type of flow:O + : +ve Operating flowO - : -ve Operating flowI + : +ve Investing flow

295.16 0.54 S F+ I -: -ve investing flow - F +: +ve Financing flow 16,496.03 2463.36 S O+ F -: -ve Financing flow 16,791.19

3,744.42 -1230.29 U F- 889.65 90.05 S F+ 586.27 28.07 S F+ 510.33 97.01 S F+ 5,730.67

0.74 105.51 S F+ 6,068.80 -703.35 U O- 1,133.56 907.57 S O+ 1,563.69 -102.25 U O- 8,766.79 31,288.65

5,706.30 89.14 U I- 170.65 -36.63 S I+ 394.86 360.81 U I- 833.58 589.51 U I- 7,105.39 1002.83 9,787.73 1585.01 U I- 3,018.12 214.14 U I- 88.49 14.95 U I- 19,999.73 2816.93

1,592.12 173.30 U I- 2,803.63 -366.06 S O+ 2,509.84 48.19 U O- 2,950.39 -885.62 S O+ 945.83 -172.73 S O+ 487.11 42.21 U O-

11,288.92 -1160.71 31,288.65 1656.22

Statement of Profit and Loss for the year ended 31st March, 2015Rupees crores

2014

42,575.04 -1995.74 2,611.68 -423.99 39,963.36 -1571.75 545.14 8.67 40,508.50 -1563.08 717.99 130.95 41,226.49 -1432.13

0.000.00

21,630.08 -1357.60 8,076.92 -717.55 (274.67) 598.30 2,163.72 153.21 259.22 -44.92 863.34 111.56 4,294.28 306.29 37,012.89 -950.71 103.04 -2.05 36,909.85 -948.66 4,316.64 -483.47 52.79 282.93 4,369.43 -200.54

0.00 837.95 -2.03 488.15 -395.43 349.80 393.40 261.28 -156.70 611.08 236.70

0.139853482 0.06 3,758.35 -437.24

862.25 -116.94 2,896.10 -320.30

0.000.00

63.67 -7.44 61.07 -7.41

14 -2.00

UsesDec in LT borrowings 1230.29Dec in trade payables 703.35Dec in short term provisions 102.25Inc in tangible asset 89.14Inc in CWIP 360.81Inc in intangible asset in progr 589.51Inc in non-current inv 1585.01Inc in LT loans & advances 214.14Inc in other non-CA 14.95Inc in current investments 173.30Inc in trade receivables 48.19Inc in other current assets 42.21Total 5153.15

Uses of WCDec in LT borrowings 1230.29Inc in tangible asset 89.14Inc in CWIP 360.81Inc in intangible asset in progr 589.51Inc in non-current investments 1585.01Inc in LT loans & advances 214.14Inc in other non-CA 14.95Change in current investments 173.30 Total uses of 4257.15

Change in trade payables -703.35Change in ST provisions -102.25Change in other CL 907.57

Total Change in CL 101.97

UsesDec in LT borrowings 1230.29Dec in trade payables 703.35Dec in short term provisions 102.25Inc in tangible asset 89.14Inc in CWIP 360.81

Inc in intangible asset in progr 589.51Inc in non-current inv 1585.01Inc in LT loans & advances 214.14Inc in other non-CA 14.95Inc in current investments 173.30Inc in trade receivables 48.19Inc in other current assets 42.21Total uses 5153.15

CFS: InvestingInc in GB (Gross Block) -1616.92Inc in CWIP -360.81Inc in investments -1758.31Inc in other non-CA -14.95Inc LT loans and advances -214.14Total(eq B) -3965.13

Sum of A+B+C+D -773.18Difference 112.44

Exp REOver statement of OCF

Follow the following code for Type of flow:O + : +ve Operating flowO - : -ve Operating flowI + : +ve Investing flowI -: -ve investing flowF +: +ve Financing flowF -: -ve Financing flow

Mahindra & Mahindra Limited

Balance Sheet as at 31st March, 2015

I. EQUITY AND LIABILITIESSHAREHOLDERS FUNDS :(a) Share Capital(b) Share Capital Suspense Account(b) Reserves and Surplus

NON CURRENT LIABILITIES :(a) Long Term Borrowings(b) Deferred Tax Liabilities (Net)(c) Other Long Term Liabilities(d) Long Term Provisions

CURRENT LIABILITIES :(a) Short Term Borrowings(b) Trade Payables(c) Other Current Liabilities(d) Short Term Provisions

TotalII. ASSETS

NON CURRENT ASSETS :(a) Fixed Assets Tangible Assets Intangible Assets Capital Work-in-Progress Intangible Assets Under Development

(b) Non Current Investments(c) Long Term Loans and Advances(d) Other Non Current Assets

CURRENT ASSETS :(a) Current Investments(b) Inventories(c) Trade Receivables(d) Cash and Bank Balances

(e) Short Term Loans and Advances (f) Other Current Assets

Total

Statement of Profit and Loss for the year ended 31st March, 2015

Gross Revenue from Sale of Products and ServicesLess : Excise DutyNet Revenue from Sale of Products and ServicesOther Operating RevenueRevenue from Operations (Net)Other IncomeTotal Revenue

Expenses :Cost of Materials ConsumedPurchases of Stock-in-Trade

Employee Benefits ExpenseFinance CostsDepreciation and Amortisation ExpenseOther Expenses

Total ExpensesProfit Before Exceptional Item and Tax

Profit Before Tax

Current Tax Less : MAT Credit Entitlement Net Current Tax Deferred Tax (Net)

Implied tax rateProfit for the year

Changes in Inventories of Finished Goods, Work-in-Progress, Stock-in-Trade and Manufactured Components

Less : Cost of Manufactured Products Capitalised

Add : Exceptional Items

Less : Tax Expense

DividendRetained earningsEarnings per equity share(Face value Rs. 5/- per share) (Rupees)BasicDilutedDividend per share

Rupees crores

2015 2014 Average percentage of sales

295.70 295.16 No Change -

18,959.39 16,496.03 Pro forma statement of P&L 19,255.09 16,791.19

2,514.13 3,744.42 7.88% 979.70 889.65 2.35% 614.34 586.27 1.51% 607.34 510.33 1.41% 4,715.51 5,730.67

106.25 0.74 0.13% 5,365.45 6,068.80 14.39% 2,041.13 1,133.56 4.00% 1,461.44 1,563.69 3.81% 8,974.27 8,766.79 32,944.87 31,288.65

5,795.44 5,706.30 14.48% 134.02 170.65 0.38% 755.67 394.86 1.45% 1,423.09 833.58 2.84% 8,108.22 7,105.39 11,372.74 9,787.73 26.63% 3,232.26 3,018.12 7.87% 103.44 88.49 0.24% 22,816.66 19,999.73

1,765.42 1,592.12 4.23% 2,437.57 2,803.63 6.60% 2,558.03 2,509.84 6.38% 2,064.77 2,950.39 6.31%

773.10 945.83 2.16% 529.32 487.11 1.28% 10,128.21 11,288.92 32,944.87 31,288.65

Statement of Profit and Loss for the year ended 31st March, 2015Rupees crores

2015 2014 Average percentage of sales

40,579.30 42,575.04 104.66% 2,187.69 2,611.68 6.04% 38,391.61 39,963.36 98.62% 553.81 545.14 1.38% 38,945.42 40,508.50 100.00% 848.94 717.99 1.97% 39,794.36 41,226.49 101.97%

20,272.48 21,630.08 52.74% 7,359.37 8,076.92 19.43%

323.63 (274.67) 0.06% 2,316.93 2,163.72 5.64% 214.30 259.22 0.60% 974.90 863.34 2.31% 4,600.57 4,294.28 11.19% 36,062.18 37,012.89 100.99 103.04 0.26% 35,961.19 36,909.85 3,833.17 4,316.64 10.26% 335.72 52.79 0.49% 4,168.89 4,369.43 10.75%

835.92 837.95 2.11% 92.72 488.15 0.73% 743.20 349.80 1.38% 104.58 261.28 0.46% 847.78 611.08 1.84%

0.2033586878 0.139853482 0.00043% 3,321.11 3,758.35 8.91%

745.31 862.25 2.02% 2,575.80 2,896.10 6.89%

56.23 63.67 53.66 61.07

12.00 14

change

295.70 - -

21,775.62 2,816.23 22,071.32 2,816.23

- 3221.10 706.97

962.10 -17.60 617.92 3.58 575.23 -32.11

5376.35 660.84 -

55.06 -51.19 5884.89 519.44 1633.92 -407.21 1556.95 95.51

9130.82 156.55 36,578.50 3,633.63

- - - -

5919.62 124.18 156.81 22.79 592.15 -163.52

1161.44 -261.65 7830.02 -278.20 10890.70 -482.04

3216.89 -15.37 98.78 -4.66

22036.39 -780.27 -

1728.03 -37.39 2697.50 259.93 2608.29 50.26 2581.16 516.39

Proforma balance sheet of 2016 assuming revenues from

operation of 44,000

884.68 111.58 523.13 -6.19

11022.79 894.58 33059.18 External funds required ###

42797.192470.10

40327.09565.60

40892.69 5% growth806.45

41699.140.000.00

21566.067944.62

25.202306.06

214.30 nc946.09

4577.9337580.27

105.0137475.26

4223.88199.96

4394.430.00

861.49298.96562.54188.30750.83

0.20 893.3880877956 nc3643.60 3501.0442181347

Proforma balance sheet of 2016 assuming revenues from operation of 5% growth

827.37 890.23474235132816.23 2610.8094757834

37580.27

MarutiM&MM&M Proforma PnL n BS