Mahindra & Mahindra Financial Services Ltd.

Rs. Crore (Non-Annualised)

Gross fixed assets
Land & building
Plant & machinery
Transport & comm. equipment/infrastructure
Furniture,amenities & other fixed assets
Capital work-in-progress
Intangible assets
Net pre-operative expenses pending allocation
Net lease reserve adjustment
Less: Cumulative depreciation
Less: Arrears of depreciation
Net fixed assets
Net Sales
Average Logistics Assets
LATR
Average Core Assets
CATR
Net fixed assets
Doubtful Debts
Average NPA
NPATR

LATR
CATR
NPATR
Total assets
Average Assets
ATR

Mar 2003 Mar 2004 Mar 2005

12 mths 12 mths 12 mths
26.9
0.16
6.29
17.35
3.08
0.02
0

24.21
0.16
6.32
11.7
4.68
0.15
1.2

26.97
1.16
8.4
8.82
6.09
0.43
1.93

0
-3.87
8.29
0

0
-1.64
8.77
0

0
0
9.71
0

14.74
13.8
17.26
2003-20042004-20052005-2006
310.61
418.76
596.43
14.27
15.53
20.705
21.76664 26.96458 28.80609
1779.88 2571.805 4055.94
0.174512 0.162827 0.147051
14.74 2041.25
13.8 3102.36
17.26
1518.51
40.23
50.65
61.62
45.44
56.135
30.81
6.835607 7.459874 19.35833
2003-20042004-20052005-2006
21.76664 26.96458 28.80609
2003-20042004-20052005-2006
0.174512 0.162827 0.147051
2003-20042004-20052005-2006
6.835607 7.459874 19.35833
780.82
940.09 1421.98
860.455 1181.035 1823.49
0.360983 0.35457 0.327082

NPATR
250
200
150
100
50
0
2003-2004

2004-2005

2005-2006

20

Mar 2006 Mar 2007 Mar 2008

12 mths 12 mths 12 mths
38.41
1.16
12.83
9.9
10.93
0.26
3.33

48.96
1.16
16.79
11.76
14.2
1.33
3.72

60.04
1.16
20.44
13.12
19.52
0.26
5.54

0
0
14.26
0

0
0
20.95
0

0
0
27.95
0

24.15
28.01
2006-20072007-2008
844.62
1226.8
26.08
30.05
32.38574 40.82529
5636.3 6630.36
0.149854 0.185028
24.15 6263.08
28.01
5009.52
0
8.69
4.345
7.85
194.389 156.2803

32.09

2006-20072007-2008
32.38574 40.82529
2006-20072007-2008
0.149854 0.185028
2006-20072007-2008
194.389 156.2803
2225 3542.06
2883.53 3693.985
0.292912 0.332107

LATR

45
40
35
30
32.09
6997.64
257.01

LA

20
15
10
5
0
2003-2004

2004-2005

2005-2006

2006-2007

2007-2008

CATR

3845.91
0.2
0.18
0.16
0.14
0.12
0.1
0.08
0.06
0.04
0.02
0
2003-2004

2004-2005

2005-2006

2006-2007

2007-

0.08
0.06
0.04
0.02
0
2003-2004

NPATR

NPATR

2005-2006

2006-2007

2007-2008

2004-2005

2005-2006

2006-2007

2007-

LATR

2007-2008

ATR

CATR

2006-2007

2007-2008

2006-2007

2007-2008

Finished goods turnover(times)

Finished goods turnover(days)

Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007
12 mths 12 mths 12 mths 12 mths 12 mths
1.5
1.44
1.55
3.83
40.77
243.3333 253.4722 235.4839 95.30026 8.952661

300
250
200
150
100
50
0
12 mths
Mar
2003

12 mths 12 mths
Mar
Mar
2004
2005

Mar 2008
12 mths
82.74
4.411409

Finished goods
turnover(times)
Finished goods
turnover(days)

12 mths
Mar
2004

12 mths
Mar
2005

12 mths
Mar
2006

12 mths
Mar
2007

12 mths
Mar
2008

Finished goods turnover(days)

Creditors turnover(days)
Cash to cash cycle time(CTCCT)

Mar 2003 Mar 2004 Mar 2005 Mar 2006

12 mths 12 mths 12 mths 12 mths
1.5
1.44
1.55
3.83
0
0
0
0
0.23
0.24
0.37
0.39
Mar 2003 Mar 2004 Mar 2005 Mar 2006
12 mths 12 mths 12 mths 12 mths
243.3333 253.4722 235.4839 95.30026
1586.957 1520.833 986.4865 935.8974
-1343.623 -1267.361 -751.0026 -840.5972

Cash to cash cycle time(CTCCT)

Mar 2003 Mar 2004 Mar 2005 Mar 2006

12 mths 12 mths 12 mths 12 mths
-1343.623 -1267.361 -751.0026 -840.5972

Finished goods turnover(times)

Debtors turnover
Creditors turnover(times)

Mar 2007 Mar 2008

12 mths 12 mths
40.77
82.74
0
0
0.34
0.45
Mar 2007 Mar 2008
12 mths 12 mths
8.952661 4.411409
1073.529 811.1111
-1064.577 -806.6997
Mar 2007 Mar 2008
12 mths 12 mths
-1064.577 -806.6997

Cash to cash cycle time(CTC

0
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
Mar
Mar
Mar
Mar
Mar
Mar
-400 2003
2004
2005
2006
2007
2008
-200

-600
-800
-1000
-1200
-1400
-1600

cycle time(CTCCT)

mths 12 mths 12 mths

ar
Mar
Mar
06
2007
2008

Cash to cash cycle

time(CTCCT)

Shriram Transport Finance Co. Ltd.

Rs. Crore (Non-Annualised)
Gross fixed assets
Land & building
Plant & machinery
Transport & comm. equipment/infrastructure
Furniture,amenities & other fixed assets
Capital work-in-progress
Intangible assets

Mar 2003
12 mths
63.97
4.37
28.27
17.39
4.97
8.97
0

Net pre-operative expenses pending allocation

Net lease reserve adjustment
Less: Cumulative depreciation
Less: Arrears of depreciation

0
-3.41
16.39
0

Net fixed assets

44.17

Net Sales
Average fixed assets
LATR

260.9
59.6
4.4

Total assets
Core assets
Average core assets
CATR

833.6
789.4
990.8
0.3
2003-2004

LATR

4.4
2003-2004

CATR
Total Assets
Average Assets
ATR

0.263
833.59
1050.345
0.248

Mar 2004
12 mths

Mar 2005
12 mths

Mar 2006
12 mths

Mar 2007
12 mths

Mar 2008
12 mths

90.5
4.37
50.21
8.08
5.37
22.47
0

63.41
4.37
49.99
4.71
5.31
0.22
0

206.81
14.35
132.25
17.27
17.82
25.73
1.98

222.14
6.92
134.82
13.34
25.32
39.87
1.98

209.97
28.92
164.73
4.88
7.28
0
4.27

0
-1.5
14.02
0

0
-0.28
13.99
0

0
0
49.57
0

0
0
54.69
0

0
0
67.33
0

74.98

49.14

157.24

167.45

142.64

345.8
62.1
5.6

908.7
103.2
8.8

1425.8
162.3
8.8

2501.9
155.0
16.1

1267.1
1192.1
1574.9
0.2

2006.9
1957.7
3933.8
0.2

6067.2
5910.0
8291.0
0.2

10839.6
10672.1
14403.5
0.2

2004-2005

2005-2006
5.6

2006-2007
8.8

18277.6
18134.9

2007-2008
8.8

16.1

2004-2005
2005-2006
2006-2007
2007-2008
0.220
0.231
0.172
0.174
1267.1
1636.975
0.211

2006.85
4037.025
0.225

6067.2
8453.375
0.169

10839.55 18277.57
14558.56
0.172

CATR
0.300
0.250
0.200
0.150
0.100
0.050

0.250
0.200
0.150
0.100
0.050
0.000
2003-2004

2004-2005

2005-2006

2006-2007

2007-200

LATR
18.0
16.0
14.0
12.0

LATR

10.0
8.0
6.0
4.0
2.0
0.0
2003-2004

2004-2005

CATR

2005-2006

2006-2007

2007-2008

CATR

2006-2007

2007-2008

Finished goods turnover(times)

Finished goods turnover(days)

Mar 2003 Mar 2004 Mar 2005 Mar 2006

12 mths 12 mths 12 mths 12 mths
11.74
38.3
116.49
142.07
31.09029 9.530026 3.133316 2.569156

Mar 2007 Mar 2008

12 mths 12 mths
189.89
614.79
1.922165 0.593699
700
600
500
400
300
200
100
0
12 mths
Mar
2003

12 mths
Mar
2004

12 mths
Mar
2005

12 mths
Mar
2006

12 mths
Mar
2007

12 mths
Mar
2008

mths
Mar
06

Finished goods
turnover(times)
Finished goods
turnover(days)

12 mths 12 mths
Mar
Mar
2007
2008

Finished goods turnover(times)

Debtors turnover(times)
Creditors turnover(times)

Finished goods turnover(days)

Debtors turnover(days)
Creditors turnover(days)
CTCCT(days)

CTCCT(days)

Mar 2003 Mar 2004 Mar 2005 Mar 2006

12 mths 12 mths 12 mths 12 mths
11.74
38.3
116.49
142.07
0.21
0.67
2.13
2.36
0.57
1.07
3.91
2.12

31.09029
1738.095
640.3509
1128.835

9.530026
544.7761
341.1215
213.1847

3.133316 2.569156
171.3615 154.661
93.35038 172.1698
81.14443 -14.93964

Mar 2003 Mar 2004 Mar 2005 Mar 2006

12 mths 12 mths 12 mths 12 mths
1128.835 213.1847 81.14443 -14.93964

Mar 2007 Mar 2008

12 mths 12 mths
189.89
614.79
2.4
4.32
2.07
2.59

1.922165
152.0833
176.3285
-22.323

0.593699
84.49074
140.9266
-55.8422

Mar 2007 Mar 2008

12 mths 12 mths
-22.323 -55.8422

CTCCT(days)
1200
1000
800
600
400
200
0
-200

12 mths
Mar
2003

12 mths
Mar
2004

12 mths
Mar
2005

12 mths
Mar
2006

12 mths
Mar
2007

CTCCT(days)

2 mths
Mar
2005

CTCCT(days)

12 mths
Mar
2006

12 mths
Mar
2007

12 mths
Mar
2008

Bajaj Auto Finance Ltd.

Rs. Crore (Non-Annualised)
Gross fixed assets
Land & building
Plant & machinery
Transport & comm. equipment/infrastructure
Furniture,amenities & other fixed assets
Capital work-in-progress
Intangible assets
Net pre-operative expenses pending allocation
Net lease reserve adjustment
Less: Cumulative depreciation
Less: Arrears of depreciation
Net fixed assets

Net Sales
Average Logistics Assets
LATR
Average Core Assets
CATR
Net fixed assets
Total assets
Core assets
LATR
CATR
Total Assets
Average Assets
ATR

Mar 2003 Mar 2004 Mar 2005

12 mths 12 mths 12 mths
55.19
0.13
51.86
1.35
1.85
0
0

37.25
0.13
34.55
0.28
2.29
0
0

28.45
0.13
25.02
0.44
2.86
0
0

0
0.13
51.56
0

0
1.07
34.65
0

0
0.02
26.21
0

3.76

3.67

2.26

2003-20042004-20052005-2006
133.75
170.45
242.75
3.715
2.965
2.74
36.00269 57.48735 88.59489
856.74 1178.07 1820.75
0.156115 0.144686 0.133324
3.76
3.67
2.26
780.82
940.09 1421.98
777.06
936.42 1419.72
2003-20042004-20052005-2006
36.00269 57.48735 88.59489
2003-20042004-20052005-2006
0.156115 0.144686 0.133324
780.82
940.09 1421.98
860.455 1181.035 1823.49
0.155441 0.144323 0.133124

C
0.16
0.155
0.15
0.145
0.14
0.135
0.13
0.125

0.155
0.15
0.145
0.14
0.135
0.13
0.125
0.12
2003-2004

2004-2005

2005-20

Mar 2006 Mar 2007 Mar 2008

12 mths 12 mths 12 mths
28.81
0.13
24.27
0.67
3.74
0
0

33.5
0.13
27.2
0.79
5.38
0
0

46.89
0.13
33.58
1.55
10.03
0
1.6

0
0.01
25.6
0

0
0
28.47
0

0
0
33.13
0

3.22

5.03

13.76

2006-20072007-2008
402.21
503.21
4.125
9.395
97.50545 53.56147
2879.405 3684.59
0.139685 0.136572
3.22
5.03
2225 3542.06
2221.78 3537.03
2006-20072007-2008
97.50545 53.56147
2006-20072007-2008
0.139685 0.136572
2225 3542.06
2883.53 3693.985
0.139485 0.136224

13.76
3845.91
3832.15

LATR
120
100
80

3845.91

60
40
20

CATR

0
2003-2004

CATR

2004-2005

2005-2006

2006-2007

CATR

2004-2005

2005-2006

2006-2007

2007-2008

LATR

5-2006

LATR

2006-2007

2007-2008

Ctcct (days)

Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
-2273.89 -2449.09 -3036.75 -2390.64 -2652.18
-2355

0
-500
-1000
-1500
-2000
-2500
-3000
-3500

12 mth
Mar
2003

Ctcct (days)
0
-500
-1000
-1500
-2000
-2500
-3000
-3500

12 mths
Mar
2003

12 mths
Mar
2004

12 mths
Mar
2005

12 mths
Mar
2006

12 mths
Mar
2007

12 mths
Mar
2008
Ctcct (days)

ATR
MAHINDRA FINANCE
SHRIRAM TRANSPORT
BAJAJ FINANCE

2003-20042004-20052005-20062006-20072007-2008
0.361
0.355
0.327
0.293
0.332 average mah finance
0.248
0.211
0.225
0.169
0.172
0.155
0.144
0.133
0.139
0.136
Industry Average
0.227

ITR
MAHINDRA FINANCE
SHRIRAM TRANSPORT
BAJAJ FINANCE

2003-20042004-20052005-20062006-20072007-2008
253.4722 235.4839 95.30026 8.952661 4.411409 average mah finance
9.53
3.13
2.57
1.92
0.59
Industry average

CTCCT
MAHINDRA FINANCE
SHRIRAM TRANSPORT
BAJAJ FINANCE

61.53604

2003-20042004-20052005-20062006-20072007-2008
-1267.361 -751.0026 -840.5972 -1064.577 -806.6997 average mah finance
213.1847 81.14443 -14.93964
-22.323 -55.8422
-2449.09 -3036.75 -2390.64 -2652.18
-2355
Industry average
Rating

Conclusion
LOGISTIC ASSETS T.O.R to be made like that of bajaj ato finance.
Core assets T.O.R(times) is unusually low for the overall industry.
Finished goods T.O.R(days)

7.00151

-1160.845

verage mah finance

Rating
0.334 3.676992

verage mah finance

Rating
119.5241 1.287105

verage mah finance

Rating
-946.0475 2.037411
300
250
200
150
500

100

0
50 2007-2008
2003-2004 2004-2005 2005-2006 2006-2007
-500
0
2003-2004 2004-2005
-1000
-1500
-2000
-2500
-3000
-3500

0.400
0.350

0.361

0.355

0.300
0.250

0.293
0.248
0.211

0.200
0.150

0.332

0.327

0.155

0.144

0.225

0.133

MAHINDRA FINAN
0.169
0.139

0.172 SHRIRAM TRANSP

0.136 BAJAJ FINANCE

0.100
0.050
0.000
2003-2004

2004-2005

300
250
200
150
100

MAHINDRA FINANCE
SHRIRAM TRANSPORT

50 2007-2008
06-2007
0
2003-2004 2004-2005 2005-2006 2006-2007 2007-2008
MAHINDRA FINANCE
SHRIRAM TRANSPORT
BAJAJ FINANCE

2005-2006

2006-2007

2007-2008

0.332

MAHINDRA FINANCE
0.172 SHRIRAM TRANSPORT
0.136 BAJAJ FINANCE

007-2008

LATR
Mahindra finance
Shriram transport Finance Co Ltd
Bajaj Auto Finance Co ltd

2003-20042004-20052005-20062006-2007
21.76664 26.96458 28.80609 32.38574
4.4
5.6
8.8
8.8
36.00269 57.48735 88.59489 97.50545

CATR
Mahindra finance
Shriram transport Finance Co Ltd
Bajaj Auto Finance Co ltd

2003-20042004-20052005-20062006-2007
0.175
0.163
0.147
0.150
0.263
0.220
0.231
0.172
0.156
0.145
0.133
0.140
0.300
0.250
0.200
0.150
0.100
0.050

0.000
2003-2004 2004-2005 2005-2006 20

2007-2008
40.82529
16.1
53.56147

120
100

2007-2008
0.185
0.174
0.137

80
60

00
40

50
20

00

50

Mahindra0finance
2003-2004 2004-20052005-2006 2006-20072007-2008
Shriram transport Finance
Co Ltd

00

Bajaj Auto Finance Co ltd

50

00
003-2004 2004-2005 2005-2006 2006-2007 2007-2008

62006-20072007-2008

Mahindra finance
Shriram transport Finance
Co Ltd
Bajaj Auto Finance Co ltd