annual-report-FY2020

363 MAHINDRA & MAHINDRA LTD. INTEGRATED ANNUAL REPORT 2019-20 36. Investment in Joint Arrangements and Associates (contd.) Interests in Associates : The Group’s interests in associates are : Name of the Entity Place of Incorporation and Place of Operation Proportion of ownership interest As at 31 st March, 2020 2019 Swaraj Engines Limited........................................................................................................ India 34.76% 33.30% Tech Mahindra Limited........................................................................................................ India 28.89% 28.90% Mahindra Finance USA LLC................................................................................................. USA 49.00% 49.00% Mahindra CIE Automotive Limited #.................................................................................. India 11.44% 11.44% CIE Automotive S.A. #.......................................................................................................... Spain 7.44% 7.44% PSL Media & Communications Limited............................................................................... India 40.00% 40.00% The East India Company Group Limited BVI #.................................................................. Singapore 18.62% 18.62% Kiinteistö Oy Seniori-Saimaa............................................................................................... Finland 31.00% 29.50% Shiga Mitsubishi Co, Ltd...................................................................................................... Japan 22.40% 22.40% Kagawa Mitsubishi Co, Ltd.................................................................................................. Japan 33.33% 33.33% Okanetsu Kogyo Co, Ltd...................................................................................................... Japan 33.77% 33.77% Kita-Iwate Ryono Co, Ltd.. .................................................................................................. Japan 25.00% 25.00% Aizu Ryono Co, Ltd.............................................................................................................. Japan 21.25% 21.25% Jyoban Ryono Co, Ltd.......................................................................................................... Japan 20.00% 20.00% Fukuryo Kiki Hanbai Co, Ltd............................................................................................... Japan 20.00% 20.00% Ibaraki Ryono Co, Ltd.......................................................................................................... Japan 21.64% 21.64% Kotobuki Noki Co, Ltd......................................................................................................... Japan 33.33% 33.33% Honda Seisakusho Co, Ltd................................................................................................... Japan 25.00% 25.00% Yamaichi Honten KK Co, Ltd............................................................................................... Japan 42.90% 42.86% Hokkaido Mitsubishi Noki Partnership (upto 25 th August 2019)..................................... Japan — 30.35% Tohoku Mitsubishi Noki Partnership (upto 05 th November 2019).................................... Japan — 28.28% Tobu Mitsubishi Noki Partnership (upto 05 th November 2019)........................................ Japan — 42.92% Chubu Mitsubishi Noki Partnership (upto 10 th October 2019)......................................... Japan — 55.59% Seibu Mitsubishi Noki Partnership (upto 30 th September 2019)...................................... Japan — 34.95% Kyushu Mitsubishi Noki Partnership (upto 31 th August 2019)......................................... Japan — 24.84% PF Holdings B.V..................................................................................................................... Netherland 40.00% 40.00% Merakisan Private Limited................................................................................................... India 31.94% 33.17% Brainbees Solutions Private Limited #................................................................................ India 16.33% 20.20% Medwell Ventures Private Limited...................................................................................... India 31.45% 30.60% HDG-Asia Ltd........................................................................................................................ Netherland 50.00% 50.00% Scoot Networks Inc (under liquidation)............................................................................. USA 45.71% 45.71% Resson Aerospace Corporation #........................................................................................ Canada 10.60% 10.60% Kumsan Dokum Mazelmeri A.S.. ........................................................................................ Turkey 25.10% 25.10% Mahindra Knowledge Park Mohali Limited....................................................................... India 46.15% 46.15% The financial statements of the Associates are drawn up to 31 st March, 2020, other than for CIE Automotive S.A, Mahindra CIE Automotive Limited & The East India Company Group Ltd BVI where it is upto 31 st December, 2019. # Entities have been treated as Associate even though the Group holds less than 20% of the voting power in these entities as it has influence over the entity due to the board representation. All of the above associates/Joint ventures are accounted for using the equity method in these consolidated financial statements.