atr-mahMahindra & Mahindra Financial Services Ltd. Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 Rs. Crore (Non-Annualised)12 mths12 mths12 mths12 mths12 mths12 mths-Gross fixed assets26.924.2126.9738.4148.9660.04 Land & building0.160.161.161.161.161.16 Plant & machinery6.296.328.412.8316.7920.44 Transport & comm. equipment/infrastructure17.3511.78.829.911.7613.12 Furniture,amenities & other fixed assets3.084.686.0910.9314.219.52 Capital work-in-progress0.020.150.430.261.330.26 Intangible assets01.21.933.333.725.54 Net pre-operative expenses pending allocation000000 Net lease reserve adjustment-3.87-1.640000 Less: Cumulative depreciation8.298.779.7114.2620.9527.95 Less: Arrears of depreciation000000Net fixed assets14.7413.817.2624.1528.0132.092003-20042004-20052005-20062006-20072007-2008Net Sales310.61418.76596.43844.621226.8Average Logistics Assets14.2715.5320.70526.0830.05LATR21.766643307626.964584674828.806085486632.385736196340.8252911814Average Core Assets1779.882571.8054055.945636.36630.36CATR0.17451176480.1628272750.14705099190.14985362740.1850276606Net fixed assets14.7413.817.2624.1528.0132.09Total assets1533.252055.053119.625033.676291.097029.731518.512041.253102.365009.526263.086997.64Doubtful Debts40.2350.6561.6208.697.01Average NPA45.4456.13530.814.3457.85NPATR6.83560739447.459873519219.3583252191194.3889528193156.28025477712003-20042004-20052005-20062006-20072007-2008LATR21.766643307626.964584674828.806085486632.385736196340.82529118142003-20042004-20052005-20062006-20072007-2008CATR0.17451176480.1628272750.14705099190.14985362740.18502766062003-20042004-20052005-20062006-20072007-2008NPATR6.83560739447.459873519219.3583252191194.3889528193156.2802547771Total assets780.82940.091421.9822253542.063845.91Average Assets860.4551181.0351823.492883.533693.985ATR0.36098343320.35457035570.32708158530.2929118130.3321074666

itr-mah Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mths Finished goods turnover(times)1.51.441.553.8340.7782.74 Finished goods turnover(days)243.3333333333253.4722222222235.483870967795.30026109668.95266127054.4114092337

ctcct-mah Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mths Finished goods turnover(times)1.51.441.553.8340.7782.74 Debtors turnover000000 Creditors turnover(times)0.230.240.370.390.340.45 Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mths Finished goods turnover(days)243.3333333333253.4722222222235.483870967795.30026109668.95266127054.4114092337 Creditors turnover(days)1586.95652173911520.8333333333986.4864864865935.89743589741073.5294117647811.1111111111Cash to cash cycle time(CTCCT)-1343.6231884058-1267.3611111111-751.0026155187-840.5971748008-1064.5767504942-806.6997018774 Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mthsCash to cash cycle time(CTCCT)-1343.6231884058-1267.3611111111-751.0026155187-840.5971748008-1064.5767504942-806.6997018774

atr-stShriram Transport Finance Co. Ltd. Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 Rs. Crore (Non-Annualised)12 mths12 mths12 mths12 mths12 mths12 mths-Gross fixed assets63.9790.563.41206.81222.14209.97 Land & building4.374.374.3714.356.9228.92 Plant & machinery28.2750.2149.99132.25134.82164.73 Transport & comm. equipment/infrastructure17.398.084.7117.2713.344.88 Furniture,amenities & other fixed assets4.975.375.3117.8225.327.28 Capital work-in-progress8.9722.470.2225.7339.870 Intangible assets0001.981.984.27 Net pre-operative expenses pending allocation000000 Net lease reserve adjustment-3.41-1.5-0.28000 Less: Cumulative depreciation16.3914.0213.9949.5754.6967.33 Less: Arrears of depreciation000000Net fixed assets44.1774.9849.14157.24167.45142.64Net Sales260.9345.8908.71425.82501.9Average fixed assets59.662.1103.2162.3155.0LATR4.45.68.88.816.1

Total assets833.61267.12006.96067.210839.618277.6Core assets789.41192.11957.75910.010672.118134.9Average core assets990.81574.93933.88291.014403.5CATR0.30.20.20.20.22003-20042004-20052005-20062006-20072007-2008LATR4.45.68.88.816.12003-20042004-20052005-20062006-20072007-2008CATR0.2630.2200.2310.1720.174Total Assets833.591267.12006.856067.210839.5518277.57Average Assets1050.3451636.9754037.0258453.37514558.56ATR0.2480.2110.2250.1690.172

itr-st Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mths Finished goods turnover(times)11.7438.3116.49142.07189.89614.79 Finished goods turnover(days)31.09028960829.53002610973.13331616452.56915604981.92216546420.5936986613

ctcct-st Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mths Finished goods turnover(times)11.7438.3116.49142.07189.89614.79 Debtors turnover(times)0.210.672.132.362.44.32 Creditors turnover(times)0.571.073.912.122.072.59 Finished goods turnover(days)31.09028960829.53002610973.13331616452.56915604981.92216546420.5936986613 Debtors turnover(days)1738.0952380952544.776119403171.3615023474154.6610169492152.083333333384.4907407407 Creditors turnover(days)640.350877193341.121495327193.3503836317172.1698113208176.3285024155140.9266409266CTCCT(days)1128.8346505104213.184650185581.1444348802-14.9396383218-22.3230036179-55.8422015246 Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mthsCTCCT(days)1128.8346505104213.184650185581.1444348802-14.9396383218-22.3230036179-55.8422015246

atr-bafBajaj Auto Finance Ltd. Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 Rs. Crore (Non-Annualised)12 mths12 mths12 mths12 mths12 mths12 mths-Gross fixed assets55.1937.2528.4528.8133.546.89 Land & building0.130.130.130.130.130.13 Plant & machinery51.8634.5525.0224.2727.233.58 Transport & comm. equipment/infrastructure1.350.280.440.670.791.55 Furniture,amenities & other fixed assets1.852.292.863.745.3810.03 Capital work-in-progress000000 Intangible assets000001.6 Net pre-operative expenses pending allocation000000 Net lease reserve adjustment0.131.070.020.0100 Less: Cumulative depreciation51.5634.6526.2125.628.4733.13 Less: Arrears of depreciation000000Net fixed assets3.763.672.263.225.0313.762003-20042004-20052005-20062006-20072007-2008Net Sales133.75170.45242.75402.21503.21Average Logistics Assets3.7152.9652.744.1259.395LATR36.0026917957.487352445288.594890510997.505454545553.5614688664Average Core Assets856.741178.071820.752879.4053684.59CATR0.15611504070.14468579970.13332417960.13968510860.1365715046Net fixed assets3.763.672.263.225.0313.76Total assets780.82940.091421.9822253542.063845.91Core assets777.06936.421419.722221.783537.033832.152003-20042004-20052005-20062006-20072007-2008LATR36.0026917957.487352445288.594890510997.505454545553.56146886642003-20042004-20052005-20062006-20072007-2008CATR0.15611504070.14468579970.13332417960.13968510860.1365715046Total Assets780.82940.091421.9822253542.063845.91Average Assets860.4551181.0351823.492883.533693.985ATR0.15544101670.14432256450.13312384490.13948528370.136224159

itr-baf

ctcct-baf Mar 2003 Mar 2004 Mar 2005 Mar 2006 Mar 2007 Mar 2008 12 mths12 mths12 mths12 mths12 mths12 mthsCtcct (days)-2273.89-2449.09-3036.75-2390.64-2652.18-2355

Sheet10ATR2003-20042004-20052005-20062006-20072007-2008RatingMAHINDRA FINANCE0.3610.3550.3270.2930.332average mah finance0.3343.676992005SHRIRAM TRANSPORT 0.2480.2110.2250.1690.172BAJAJ FINANCE0.1550.1440.1330.1390.136Industry Average0.227ITR2003-20042004-20052005-20062006-20072007-2008RatingMAHINDRA FINANCE253.4722222222235.483870967795.30026109668.95266127054.4114092337average mah finance119.52408495821.2871054922SHRIRAM TRANSPORT 9.533.132.571.920.59BAJAJ FINANCEIndustry average61.5360424791CTCCT2003-20042004-20052005-20062006-20072007-2008RatingMAHINDRA FINANCE-1267.3611111111-751.0026155187-840.5971748008-1064.5767504942-806.6997018774average mah finance-946.04747076042.0374114833SHRIRAM TRANSPORT 213.184650185581.1444348802-14.9396383218-22.3230036179-55.8422015246BAJAJ FINANCE-2449.09-3036.75-2390.64-2652.18-2355Industry average-1160.8448741467Rating7.0015089805ConclusionLOGISTIC 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)

Sheet11LATR2003-20042004-20052005-20062006-20072007-2008Mahindra finance21.766643307626.964584674828.806085486632.385736196340.8252911814Shriram transport Finance Co Ltd4.45.68.88.816.1Bajaj Auto Finance Co ltd36.0026917957.487352445288.594890510997.505454545553.5614688664CATR2003-20042004-20052005-20062006-20072007-2008Mahindra finance0.1750.1630.1470.1500.185Shriram transport Finance Co Ltd0.2630.2200.2310.1720.174Bajaj Auto Finance Co ltd0.1560.1450.1330.1400.137