Mahindra Holidays

Hi, You will have to analyze subsidiary annual reports for those details as HCR is owned by one of MHRIL’s subsidiary.

Again to reiterate what I am saying, Comparing the debt of the Consolidated balance sheet with Cash of standalone business wont be right because bulk of this debt (Around 70 Mn Euro) was taken to buy stake in HCR. I estimate HCR entity to have an enterprise value around 70 Mn Euro’s thus Net Equity Value of HCR for MHRIL is Zero (As Enterprise Value of HCR gets fully offset by the debt they have taken to acquire it) and thus one should only value MHRIL on standalone numbers.

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