Professional Documents
Culture Documents
Resolve
Resilience
whats
inside
Corporate Overview
Financial Statements
Standalone
Corporate Highlights
80
Business Highlights
Balance Sheet
84
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85
86
Notes
88
Resilience
Resurgence
Resolve
10
Statement Pursuant to
Section 212
140
12
Financial Statement of
Subsidiary Companies
141
14
Management Review
Consolidated
Chairmans Message
16
18
Board of Directors
20
22
Statutory Reports
Notice
24
Directors Report
30
38
Management Discussion
& Analysis
54
64
142
Balance Sheet
144
6WDWHPHQWRI3URWDQG/RVV
145
146
Notes
148
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At Maruti Suzuki, 2012-13 tested our
ability to withstand challenges and
bounce back. We saw one of the worst
car demand slowdowns in a decade,
market distortion between petrol and
diesel cars, and continued adverse
impact of foreign currency movement.
The violence at our Manesar plant, and
the tragic death of a General Manager,
cast a shadow.
+RZGRZHUHVSRQGWRVXFKD
situation?
The most obvious response would be:
shock, disbelief, denial, blame, withdrawal
or even rationalisation.
At Maruti Suzuki, however, we didnt do
the obvious thing.
Rather than being overwhelmed by the external adversity, we looked inwards for
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Our collective resolve helped us stay together, think positive, display composure and
focus on the future rather than just the present.
We operated with agility and consistent focus and pulled off the not-so-obvious: we
stayed close to our people and their families, made the Manesar plant operational
within a month after disruption, launched an exciting new model, increased our market
VKDUHDQGSURWVDQGDOVRNHSWRXUIXWXUHLQYHVWPHQWSODQVRQVFKHGXOH
Most importantly, we continued our transparent communication with investors, media
and all other stakeholders.
Leadership is not just about highest market share for decades; it is also about
Resilience
Resolve
Resurgence
Fighting Fit
for Decades
For more than three decades, Maruti Suzuki has been a household name across
urban and rural India, through multiple business challenges. We commenced
our journey in 1982. Since then the story rolls on. The story of an automobile
revolution
2-3
Over the years, the pride of owning a Maruti Suzuki vehicle has grown despite
the availability of multiple brands. Today, we produce more than 1 million units
annually, with 15 different models and over YDULDQWV
3DVVHQJHUFDUV
Maruti 800
Wagon R
Estilo
A-star
Ritz
CORPORATE OVERVIEW
DZire
MANAGEMENT REVIEW
Swift
SX4
Vans
STATUTORY REPORTS
Omni
FINANCIAL STATEMENTS
Kizashi
Eeco
8WLOLW\YHKLFOHV
Ertiga
Grand Vitara
Gypsy
ANNUAL REPORT 2012-13
4-5
Ability Meets
Acclaim
4WU
FY13
0DUXWL6X]XNLXQYHLOHG,QGLDVUVW/LIH8WLOLW\9HKLFOH
Ertiga on 12th April
Maruti Suzuki attained 1 million cumulative exports
Haryana Chief Minister, Shri Bhupinder Singh Hooda
laid foundation stone of the R&D Test Track at Rohtak
Haryana Chief Minister, Shri Bhupinder Singh Hooda
inaugurated the countrys 6th Institute of Driving and
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Maruti Suzuki signed an agreement with the
Government of Gujarat to buy 700 acres of land for
setting up a complete vehicle manufacturing facility
near Mehsana
The Board of Directors approved the proposal to
merge Suzuki PowerTrain India Limited with Maruti
Suzuki India Limited
4WU
FY13
FY13
0DUXWL6X]XNLUDQNHG1RLQ-'3RZHU$VLD3DFLF
2012 - Customer Satisfaction Index (CSI) study for the
13th consecutive year
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presented the title of Automobile Person of the
Year - 2013 to our Chairman Mr. R.C. Bhargava
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Ertiga - Family Car of the Year
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DZire - Compact Sedan of the Year
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Alto 800 - Value for Money Car of the Year
Ertiga - MPV of the Year
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Alto 800 - Compact Car of the Year
DZire - Midsized Car of the Year
Alto 800 - Viewers Choice four-wheeler of the Year
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(7=,*:+((/6$ZDUGV
Ertiga - MPV of the Year
DZire - Entry Sedan of the Year
Alto 800 - Entry Car of the Year
STATUTORY REPORTS
FY13
MANAGEMENT REVIEW
4WU
CORPORATE OVERVIEW
4WU
%60RWRULQJ$ZDUG
Ertiga - MPV of the Year
FINANCIAL STATEMENTS
,$$/HDGHUVKLS$ZDUGV0XPEDL
Mr. M. Pareek, MEO, Marketing & Sales, was
awarded the prestigious Marketer of the Year award
(Automobiles)
NET SALES
` MN
203,583
289,585
358,490
347,059
426,126
Y- O -Y GROWTH
22.7%
2008-09
2009-10
6-7
NET WORTH
2010-11
2011-12
2012-13
` MN
138,675
118,351
185,789
151,874
93,449
Y- O -Y GROWTH
22.3%
2008-09
2009-10
2010-11
2011-12
2012-13
Y- O -Y GROWTH
17.1%
615
Y- O -Y GROWTH
525
480
38.6%
410
86
323
79
79
57
42
Book Value
EPS
2008-09
2009-10
2010-11
2011-12
2012-13
` MN
24,976
12,187
22,886
16,352
23,921
Y- O -Y GROWTH
CORPORATE OVERVIEW
46.3%
2009-10
2010-11
1,133,695
2009-10
2010-11
MSIL
Industry Avg.
2012
Look around.
You will find us close by.
1,204
2011
2011-12
1,100
824
801
849
2010
Cities
874
879
2010-11
933
668
812
824
2009
Outlets
2012-13
834
2009-10
802
785
555
820
780
2012-13
2008-09
681
454
ANNUAL REPORT 2012-13
FINANCIAL STATEMENTS
879
2011-12
1,171,434
STATUTORY REPORTS
2008-09
2012-13
1,271,005
1,018,365
792,167
2008
2011-12
MANAGEMENT REVIEW
2008-09
8-9
Resilience against
headwinds.
Resolve to hold
our ground and push
forward.
Resurgence and
a new era of
sustainable growth.
Thats our story in a nutshell. The full
narrative follows...
1,171,434
4/5
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Maruti Suzuki
1st
62%
393,000
291,000
7,150
640
240,000
79,000
41%
Zero
In J. D. Power Customer
Satisfaction Index (CSI) study
for the 13th consecutive year
Tough
Challenges.
Tougher
Resilience.
Challenges have a
EULJKWHUVLGH7KH\
test the extent of our
UHVLOLHQFH
GDP GROWTH
(%)
9.5
9.6
9.3
6.7
8.6
9.3
6.2
5.0
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Challenge
,QGLDV*'3JURZWKKLWVDGHFDGHORZDFFRPSDQLHGE\KLJKLQWHUHVWUDWHVULVLQJLQDWLRQDQGDEOHDNLQYHVWPHQWVFHQDULR
(` / litre)
893,000
43.9
FY10
52.7
FY11
64.5
FY12
(in units)
701,000
598,000
68.2
FY13
FY11
FY12
FY13
Challenge
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YHKLFOHVDOHV
FY11
Challenge
28,000
FY12
:HDNQHVVLQWKH(XUR]RQHDQGZLWKGUDZDORIVFUDSSDJH
LQFHQWLYHVFKHPHLPSDFWHGWKH&RPSDQ\VH[SRUWVDOHVWR
WKH(XURSHDQFRXQWULHV
FY13
FY10
43,000
YEN vs RUPEE
0.51
0.53
0.61
0.66
Challenge
<HQDSSUHFLDWLRQLQWKHODVWIHZ\HDUVLPSDFWHGSURW
PDUJLQVE\VLJQLFDQWO\LQFUHDVLQJWKHFRVWRILPSRUWV
FY10
FY11
FY12
FY13
59,000
114,000
Firm Resolve.
Seasoned Foresight.
$W0DUXWL6X]XNLZH
EHOLHYHUPUHVROYH
is not enough to
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one needs seasoned
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Firm resolve
$URXJKVNHWFKZLWKVHQVXDOFXUYHV6XGGHQEUDLQZDYHV&RQYHUWLQJWKRVHSHQFLOOLQHVLQWRDFWXDOVKDSHRYHUDFXSRIKLJKRFWDQH
FRIIHH,QWHQVHGLVFXVVLRQDPRQJGHVLJQKHDGVRQH[WHULRUDQGLQWHULRUV)LQDOLVLQJWKHFRORXUVPDWHULDOVDQGVW\OH0HWLFXORXV
H[HFXWLRQ$QGWKHQWKHELJODXQFK
%LUWKRIWKHFRXQWU\VUVW/LIH
8WLOLW\9HKLFOH/89(UWLJD
5HELUWKRIWKHFRXQWU\VODUJHVWVHOOLQJFDU
1HZ$OWR
76,000
124
(in units)
199,000
163,000
FY10
FY11
243,000
FY12
393,000
FY13
,QFUHDVHLQVDOHRI
6ZLIWGLHVHOover
2011-12
,QFUHDVHLQVDOHRI
DZire (diesel) over
2011-12
Seasoned foresight
:LWQHVVLQJWKHZLGHJDSEHWZHHQSHWURODQGGLHVHOSULFHVDQGXQGHUVWDQGLQJWKH,QGLDQFRQVXPHUVHQWLPHQWWKH&RPSDQ\
TXLFNO\UDPSHGXSWKHGLHVHOHQJLQHSURGXFWLRQDQGWLHGXSIRUPRUHHQJLQHVIURP),$7,QGLD
RURAL SALES
151,000
(in units)
Sales
228,000
16.5%
FY10
245,000
20.5%
FY11
291,000
25%
FY12
Contribution to
domestic sales (%)
28%
FY13
Firm Resolve
:HLQFUHDVHGRXUQHWZRUNSUHVHQFHLQ7LHU,,DQG7LHU,,,FLWLHVDQGDGGHGGHGLFDWHGPDQSRZHUIRUUXUDOVDOHV7KLVUHVXOWHGLQDQ
RYHUDOOUXUDOFRQWULEXWLRQRISHUFHQWWRGRPHVWLFVDOHV
194,000
17%
FY10
(in units)
Sales
211,000
22%
FY11
FY12
Contribution to
domestic sales (%)
240,000
23%
FY13
Seasoned foresight
1,300
FY11
3,200
FY12
4,200
FY13
EXPORTS TO NON-EUROPEAN
COUNTRIES (in units)
33,000
FY10
79,000
FY11
84,000
FY12
92,000
FY13
Seasoned foresight
Firm resolve
7KHKLJKSULFHVRISHWURODQGGLHVHOKDYHUHVXOWHG
LQHPHUJHQFHRI&1*DVDYLDEOHDQGSUHIHUUHG
IXHORSWLRQ
:HOHYHUDJHGRXUEUDQGVWUHQJWKDQGHQGXULQJFXVWRPHUOR\DOW\WRJHQHUDWHUHSODFHPHQWGHPDQGWKURXJKDWWUDFWLYH
H[FKDQJHVFKHPHV
Resurgence.
Hard Earned.
Our industry
leadership has been
sustained by our
IRFXVHGUHVXUJHQFH
DFUHV
/DQGDFTXLUHGfor setting
up an assembly capacity
in Gujarat
~ `FURUHV
~ `FURUHV
Amount of investment in
setting up the third assembly
plant at Manesar
Amount of investment in
setting up a diesel engine unit
at Gurgaon
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(YHQZKHQGRPHVWLFDQGJOREDODXWRPRELOHLQGXVWU\LVEHVHWZLWKFKDOOHQJHVZHFRQWLQXHWRH[SDQGDQGUHPDLQ
SRVLWLYHRQWKHORQJWHUP,QGLDQJURZWKVWRU\
EBITDA
(%)
13.7
8.6
10.1
6.3
FY10
FY11
7.2
4.7
FY12
10.0
5.6
FY13
5HVXUJHQFH
'HVSLWHHVFDODWLQJFRVWVZHLPSURYHGRXUPDUJLQVE\IRFXVLQJRQRSHUDWLRQDOHIFLHQF\DQGFRVWUDWLRQDOLVDWLRQ
VWUDWHJLHV
44.6
FY10
45.3
FY11
38.3
FY12
80
39.1
FY13
Basis Points
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PAT Margin
FY10
28.2
FY11
5.1
FY12
2.2
FY13
7RWDOJURZWKin domestic
sales by Maruti Suzuki
in 2012-13
(Graphs not to scale)
25.7
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Source: SIAM, Company
Chairmans
Message
5&%KDUJDYD
Chairman
16 - 17
Dear Shareholders,
Another eventful year has passed by and
I am happy to share my thoughts with
you yet again on our performance and
prospects through this annual report.
However, before I proceed further, I
would like to express my heartfelt grief
at the unfortunate natural calamity in
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remember those who have lost their lives
or have been impacted by this tragedy.
Last year, I had communicated to you
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prevailed in 2011-12. The economy
had substantially slowed down; there
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adversely affecting demand; rise in
petrol prices was unprecedented, while
the difference with diesel prices had
reached a level that was resulting in
a massive swing away from petrol to
diesel cars. I have to regretfully report
that 2012-13 was even a worse year for
the economy, and for the manufacturing
sector. GDP growth that had fallen to 6.2
per cent in 2011-12, declined further to 5
per cent in 2012-13. The manufacturing
sectors growth decreased from 2.7
per cent to 1.9 per cent. The current
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per cent, as against 4.2 per cent in the
previous year. The dollar fell from
Regards,
R. C. Bhargava
Chairman
FINANCIAL STATEMENTS
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
From the
MDs Desk
.$\XNDZD
18 - 19
Dear Shareholders,
I feel honoured and privileged to
present this years Annual Report
to you as a part of Maruti Suzuki
family. I took over the baton from
Mr. Nakanishi with effect from 1st April,
2013 as Managing Director & CEO.
The evolution of the Company in all these
decades is both interesting and inspiring.
It has witnessed a huge transformation
of the car market over the years in
India, many a times contributing to and
leading the change itself. The Company
has consistently delivered best value
to customers over the life cycle of the
car and created a loyal customer base.
The leadership team has built a culture
of customer obsession & empathy,
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indebted to the leaders in this Company
for this strong and rich legacy.
Last year was a tough year for the
Company. There was a macroeconomic
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The Japanese Yen appreciated and brought
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distortion between petrol and diesel
Regards,
K. Ayukawa
Managing Director & CEO
FINANCIAL STATEMENTS
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
20 - 21
Board
of Directors
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Chairman
Mr. K. Ayukawa
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Mr. D. S. Brar
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Mr. R. C. Bhargava
Chairman
Mr. K. Ayukawa
Member
Mr. S. Nakanishi
Member
Mr. D. S. Brar
Member
CORPORATE OVERVIEW
MANAGEMENT REVIEW
EXECUTIVE OFFICER
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22 - 23
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ADMINISTR ATION
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FINANCIAL STATEMENTS
SUPPLY CHAIN
NOTICE
NOTICE is hereby given that the 32nd Annual General Meeting of
the members of Maruti Suzuki India Limited will be held at 10:00
a.m. on Tuesday, the 27th August 2013 at the Air Force Auditorium,
Subroto Park, New Delhi 110 010 to transact the following
business:
1.
2.
3.
4.
5.
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PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
b)
c)
d)
24 - 25
7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
RESOLVED THAT pursuant to Article 91 of the Articles of
Association of the Company and the provisions of Sections
198, 269, 309, Schedule XIII and all other applicable
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DQ\ VWDWXWRU\ PRGLFDWLRQV RU UHHQDFWPHQW WKHUHRI IRU
WKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRWKHDSSURYDORIWKH
Central Government, Mr. Kenichi Ayukawa be and is hereby
DSSRLQWHGDV0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IFHU
not to retire by rotation with effect from 1st April 2013 for a
period of three years on the following terms and conditions:
a)
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DQG WHOHSKRQH DW UHVLGHQFH LQFOXGLQJ SD\PHQW IRU
ORFDO FDOOV DQG ORQJ GLVWDQFH RIFLDO FDOOV VKDOO QRW
be included in the computation of perquisites and
allowances for the purpose of calculating the said
ceiling.
Minimum Remuneration
Notwithstanding anything to the contrary herein
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currency of his tenure, in the event of loss or inadequacy
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pay remuneration by way of basic and special salary,
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EDVLF VDODU\ SHUTXLVLWHV DQG DOORZDQFHV DV VSHFLHG
above.
8.
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PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
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the Articles of Association of the Company read with Sections
198, 269, 309, 310, Schedule XIII and all other applicable
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approval of the Central Government, Mr. Toshiaki Hasuike be
and is hereby appointed as Whole-time Director designated
as Joint Managing Director with effect from 27th April 2013
for a period of 3 years at the following remuneration:
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DQG WHOHSKRQH DW UHVLGHQFH LQFOXGLQJ SD\PHQW IRU
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be included in the computation of perquisites and
allowances for the purpose of calculating the said
ceiling.
Minimum Remuneration
b)
9.
c)
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PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
d)
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PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
New Delhi
26 April 2013
th
S. RAVI AIYAR
([HFXWLYH'LUHFWRU/HJDO
Company Secretary
FINANCIAL STATEMENTS
STATUTORY REPORTS
a)
MANAGEMENT REVIEW
CORPORATE OVERVIEW
26 - 27
NOTES
1.
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UHSRUWWRWKHPHHWLQJDVH[WUDFRSLHVZLOOQRWEHGLVWULEXWHG
0HPEHUV3UR[LHVVKRXOGOOWKHDWWHQGDQFHVOLSIRUDWWHQGLQJ
the meeting. Members who hold shares in dematerialised
form are requested to write their Client ID and DP ID numbers
and those who hold shares in physical form are requested to
write their folio number in the attendance slip for attending
the meeting.
,QFDVHRIMRLQWKROGHUVDWWHQGLQJWKHPHHWLQJRQO\VXFKMRLQW
holder who is higher in the order of names will be entitled to
vote.
D
7KHUHJLVWHURIPHPEHUVZLOOUHPDLQFORVHGIURP)ULGD\
16th August, 2013 to Tuesday, 27th $XJXVW ERWK
GD\VLQFOXVLYH
3XUVXDQWWR6HFWLRQV$DQG&RIWKH&RPSDQLHV
Act, 1956 and other applicable provisions, if any, all
dividend remaining unclaimed/unpaid for a period of
seven years from the date it became due for payment,
will be transferred to the Investor Education and
3URWHFWLRQ )XQG ,(3) HVWDEOLVKHG E\ WKH &HQWUDO
Government. No claim shall lie against the said Fund
or the Company for the amounts so transferred nor
shall any payment be made in respect of such claim.
Members who have not yet encashed their dividend
ZDUUDQWVDUHUHTXHVWHGWRPDNHWKHLUFODLPVZLWKRXW
any delay.
8.
9.
10.
11.
12.
13.
ITEM NO. 7
1RRWKHU'LUHFWRUH[FHSW0U6KLQ]R1DNDQLVKLLVFRQFHUQHGRU
interested in the proposed resolution. The Board recommends
this resolution for approval of the members.
0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU
&KLHI ([HFXWLYH 2IFHU ZLWK HIIHFW IURP st April, 2013 for
a period of three years at the remuneration given in the
proposed resolution. The approval of shareholders is sought
for appointment and payment of remuneration to Mr. Kenichi
Ayukawa.
1RRWKHU'LUHFWRUH[FHSW0U.HQLFKL$\XNDZDLVFRQFHUQHGRU
interested in the proposed resolution.
ITEM NO. 8
Mr. Toshiaki Hasuike was appointed as Whole-time Director
designated as Joint Managing Director with effect from 27th
April, 2013 for a period of three years at the remuneration
given in the proposed resolution.
The approval of shareholders is sought for appointment and
payment of remuneration to Mr. Toshiaki Hasuike.
ITEM NO. 10
0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU
&KLHI([HFXWLYH2IFHUZLWKHIIHFWIURPst April, 2013 for a
period of three years. In order to achieve smooth transition
RIWKHUHVSRQVLELOLWLHVRIWKHRIFHRI0DQDJLQJ'LUHFWRU
CEO, Mr. Shinzo Nakanishi would stay in India post 1st April,
IRUDSHULRGXSWRDPD[LPXPRIPRQWKV7KHDSSURYDO
RIVKDUHKROGHUVLVVRXJKWIRUPHHWLQJWKHH[SHQVHVWRZDUGV
FINANCIAL STATEMENTS
STATUTORY REPORTS
1RRWKHU'LUHFWRUH[FHSW0U7RVKLDNL+DVXLNHLVFRQFHUQHGRU
interested in the proposed resolution.
MANAGEMENT REVIEW
CORPORATE OVERVIEW
28 - 29
1.
2.
3.
New Delhi
26 April 2013
th
S. RAVI AIYAR
([HFXWLYH'LUHFWRU/HJDO
Company Secretary
MANAGEMENT REVIEW
CORPORATE OVERVIEW
$QGKUD 3UDGHVK +H ZDV SRVWHG WR 3XQMDE 6LQG %DQN DV
Chairman in March 2005 when the Bank was in continuous
ORVVHVDQGKDGDFFXPXODWHGKLVWRULFDO13$V+HVSHQW
four and a half years in the Bank during which the Bank
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6HFUHWDU\LQWKH'HSDUWPHQWRI,QGXVWULDO3ROLF\ 3URPRWLRQ
KLVPDMRULQLWLDWLYHVZHUH
STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13
30 -31
Directors
Report
Your directors have pleasure in presenting the 32nd annual report together with the audited
accounts for the year ended 31st March 2013.
FINANCIAL RESULTS
7KH&RPSDQ\VQDQFLDOSHUIRUPDQFHGXULQJWKH\HDUDVFRPSDUHGWRWKHSUHYLRXV
\HDULVVXPPDULVHGEHORZ
(` in million)
Total revenue
3URWEHIRUHWD[
7D[H[SHQVH
3URWDIWHUWD[
%DODQFHEURXJKWIRUZDUG
Addition on amalgamation
2012-13
2011-12
444,003
364,139
29,910
21,462
5,989
5,110
23,921
16,352
130,777
118,578
3,565
158,263
134,930
General reserve
2,392
1,635
Proposed dividend
2,417
2,167
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$SSURSULDWLRQV
&RUSRUDWHGLYLGHQGWD[
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411
351
153,043
130,777
FINANCIAL HIGHLIGHTS
DIVIDEND
AWARDS/RECOGNITION/
RANKINGS
-'3RZHU$VLD3DFLF&XVWRPHU
6DWLVIDFWLRQ ,QGH[ &6, 6WXG\ UDQNHG
the Company highest for the 13th time
in a row.
OPERATIONAL HIGHLIGHTS
7KHRSHUDWLRQVDUHH[KDXVWLYHO\GLVFXVVHG
in the report on Management Discussion
and Analysis which forms part of this
annual report.
QUALITY
The Company was again awarded
,62FHUWLFDWLRQE\674&'LUHFWRUDWH
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&HUWLFDWH 0LQLVWU\ RI &RPPXQLFDWLRQV
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SUBSIDIARY COMPANIES
AND THEIR ACCOUNTS
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HQJDJHG LQ WKH EXVLQHVV RI LQVXUDQFH
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investment income of ` 141.75 million
including a dividend income of ` 8.93
million and long term capital gain of
` 132.82 million through mutual funds.
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processes and supported the dealerships
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8th )HEUXDU\ LVVXHG E\ WKH
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DQG DXGLWRUV RI WKH VXEVLGLDU\ FRPSDQLHV
KDYH QRW EHHQ DWWDFKHG ZLWK WKH EDODQFH
sheet of the Company. Annual accounts
RI WKH VXEVLGLDU\ FRPSDQLHV DQG WKH
UHODWHG GHWDLOHG LQIRUPDWLRQ VKDOO EH
PDGH DYDLODEOH WR VKDUHKROGHUV RI WKH
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seeking such information at any point of
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FINANCIAL STATEMENTS
CRISIL RATINGS
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
32 - 33
Directors Report
WLPH7KHDQQXDODFFRXQWVRIWKHVXEVLGLDU\
FRPSDQLHV VKDOO DOVR EH DYDLODEOH IRU
LQVSHFWLRQE\DQ\VKDUHKROGHUDWWKHKHDG
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companies. Hard copy of details of accounts
RI VXEVLGLDULHV VKDOO EH IXUQLVKHG WR DQ\
shareholder on demand. Further, pursuant
WR $FFRXQWLQJ 6WDQGDUG LVVXHG E\
WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI
,QGLD FRQVROLGDWHG QDQFLDO VWDWHPHQWV
SUHVHQWHG E\ WKH &RPSDQ\ LQFOXGH WKH
QDQFLDOLQIRUPDWLRQRILWVVXEVLGLDULHV
AMALGAMATION
HUMAN RESOURCE
DEVELOPMENT
7R KDYH D VXVWDLQDEOH FRPSHWLWLYH
advantage in the new knowledge
economy, learning is a key catalyst for an
organisations survival and success. The
Company, therefore, provided tremendous
learning and development opportunities
to its employees, starting from induction
and orientation program for all the new
joinees to regular training programs to
develop and enhance the skill levels
IXQFWLRQDO DQG EHKDYLRUDO IRU DOO WKH
employees. The training programs varied
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requirements, employee needs at various
levels and are designed with the help of
a thorough and well structured process
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EXVLQHVV GHPDQGV 7KH &RPSDQ\V DQQXDO
training calendar encompassed training
,QDWRWDORIPDQGD\VRI
training were conducted for the employees
across all the levels. This translates to
an average of 5.15 days of training per
employee.
DIRECTORS
Mr. Amal Ganguli, Mr. Keiichi Asai and
Mr. D. S. Brar, Directors of the Company,
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JHQHUDOPHHWLQJDQGEHLQJHOLJLEOHRIIHU
WKHPVHOYHV IRU UHDSSRLQWPHQW 0U 0 6
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WKHERDUGRIWKH&RPSDQ\ZLWKHIIHFWIURP
FORVH RI EXVLQHVV KRXUV RI th 2FWREHU
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0U6KLQ]R1DNDQLVKLUHWLUHGIURPWKHSRVW
RI 0' &(2 RI WKH &RPSDQ\ ZLWK HIIHFW
IURPFORVHRIEXVLQHVVKRXUVRIst March
2013. Mr. Kenichi Ayukawa was appointed
DV WKH 0' &(2 RI WKH &RPSDQ\ ZLWK
effect from 1st April 2013.
DIRECTORS
RESPONSIBILITY
STATEMENT
As required under section 217(2AA) of
the Companies Act, 1956, your directors
FRQUP
a) that there were no material departures
LQWKHDSSOLFDEOHDFFRXQWLQJVWDQGDUGV
followed while preparing the annual
accounts;
E KDYLQJ VHOHFWHG VXFK DFFRXQWLQJ
policies and applied them consistently
and made judgments and estimates
WKDWDUHUHDVRQDEOHDQGSUXGHQWVRDV
to give a true and fair view of the state
of affairs of the Company at the end of
WKH QDQFLDO \HDU DQG RI WKH SURW RI
the Company for that period;
PERSONNEL
CONSOLIDATED FINANCIAL
STATEMENTS
,QDFFRUGDQFHZLWKWKH$FFRXQWLQJ6WDQGDUG
21 on Consolidated Financial Statements
read with Accounting Standard 23 on
$FFRXQWLQJ IRU ,QYHVWPHQWV LQ $VVRFLDWHV
DQG$FFRXQWLQJ6WDQGDUGRQ)LQDQFLDO
COST AUDITORS
)RUDQGRQEHKDOIRIWKHERDUGRI
directors
KENICHI AYUKAWA
Managing Director
&(2
R.C. BHARGAVA
Chairman
1HZ'HOKL
26th April 2013
FINANCIAL STATEMENTS
AUDITORS
STATUTORY REPORTS
CORPORATE GOVERNANCE
The Company has complied with the
corporate governance requirements, as
stipulated under clause 49 of the listing
DJUHHPHQW DQG WKH VWLSXODWHG FHUWLFDWH
of compliance is contained in this
$QQXDO5HSRUW
MANAGEMENT REVIEW
CONSERVATION OF
ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND
OUTGO
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DXGLWHG FRQVROLGDWHG QDQFLDO VWDWHPHQWV
DUHSURYLGHGLQWKH$QQXDO5HSRUW
CORPORATE OVERVIEW
ACKNOWLEDGMENT
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LWVVLQFHUHWKDQNVIRUWKHFRRSHUDWLRQDQG
advice received from the Government of
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directors also take this opportunity to place
on record their gratitude for timely and
Directors Report
ANNEXURE A
,QIRUPDWLRQ LQ DFFRUGDQFH ZLWK WKH
Companies (Disclosure of Particulars in the
5HSRUW RI %RDUG RI 'LUHFWRUV 5XOHV
DQG IRUPLQJ SDUW RI WKH 'LUHFWRUV 5HSRUW
for the year ended 31st March 2013.
34 - 35
A. ENERGY CONSERVATION
The Company continued its energy
conservation drive with the main
IRFXV RQ LPSURYLQJ HIFLHQF\ WKURXJK
adoption of the new technology and
optimisation of the operations. Energy
saving initiatives throughout the
Gurgaon and Manesar plant helped
the Company in reducing energy
FRQVXPSWLRQ E\ PRUH WKDQ SHU FHQW
in most of the areas. The Company
achieved 20 per cent reduction in
energy consumption during important
work done on holidays and non working
hours. Some of the activities carried out
during the year towards environment,
energy and water conservation are
mentioned under.
(QHUJ\HIFLHQWHTXLSPHQWV
installed/replaced :
D (QHUJ\ HIFLHQW SXPSLQJ
V\VWHP IRU 5HYHUVH 2VPRVLV
52SODQWDW*XUJDRQSODQW
E (QHUJ\HIFLHQWPRWRUVLQSDLQW
shop, air washers, cooling tower,
ERLOHUDQGSRZHUSODQWLQERWK
Gurgaon and Manesar plant.
F (QHUJ\ HIFLHQW WUDQVIRUPHUV
for new shops.
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EODGHV RI FRROLQJ WRZHU IDQV
with
aerodynamic
energy
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3ODVWLF)53EODGHV
2. 8SJUDGDWLRQRI52V\VWHP
from two stage to three stage
for reduction in fresh water
consumption.
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LQJDVWXUELQHVIRULPSURYLQJ
performance.
4. Optimisation / improvement of
process:
5. Improvement in lightings:
OLJKWLQJ
B. RESEARCH &
DEVELOPMENT (R&D)
,QGLD LV RQH RI WKH PRVW FRPSHWLWLYH
DXWRPRWLYH PDUNHWV WRGD\ ,QFUHDVLQJ
FRPSHWLWLRQ IURP WKH JOREDO 2(0
2ULJLQDO (TXLSPHQW 0DQXIDFWXUHUV
volatile commodity prices, highly
XFWXDWLQJ IRUHLJQ H[FKDQJH VWULFWHU
UHJXODWRU\ UHTXLUHPHQWV DQG ODVW EXW
not the least the increasing customer
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automotive market very challenging.
With unparalleled dedication and
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the Company worked in line with
the Companys vision to retain the
market superiority and win a place in
the customers hearts. The Companys
,QWKHPDQSRZHURI&RPSDQ\V
5 'WHDPUHDFKHGWR7KHIRFXV
ZDVRQFRQVROLGDWLQJWKHH[SHULHQFH
gained and training imparted to a
ODUJHQXPEHURI\RXQJHQJLQHHUVIRU
FKDOOHQJLQJ5 'UROHVLQWKHIXWXUH
6SHFLFDUHDVLQZKLFK5 'KDV
happened:
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preparation of the product road map,
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technology and its implementation.
9DULRXV SUH DQG SRVW ODXQFK PDUNHW
research activities were conducted
to capture the customer voice and
LQFRUSRUDWH FXVWRPHU IHHGEDFN LQ WKH
H[LVWLQJDQGIXWXUHSURGXFWV
9HKLFOH H[WHULRU DQG LQWHULRU GHVLJQ
FDSDELOLWLHV ZHUH HQKDQFHG ZLWK
VPDUW %,: %RG\ LQ :KLWH VWUXFWXUH
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in interior design. Use of high tensile
steel and structure optimisation
helped in achieving overall weight
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1HZ FRVW HIIHFWLYH WHFKQRORJ\ RI
SDLQWHG LQVWUXPHQW SDQHO KDV EHHQ
FINANCIAL STATEMENTS
1HZ&$(&RPSXWHU$LGHG(QJLQHHULQJ
system and methodologies were
introduced to lay emphasis on doing
WKH WKLQJV UVW WLPH ULJKW and reduce
the prototyping cost.
STATUTORY REPORTS
MANAGEMENT REVIEW
Directors Report
36 - 37
&DSDELOLW\HQKDQFHPHQWLQWKH
area of alternative fuels and
SRZHUWUDLQ E\ YDULRXV VWXG\
projects.
9( 9DOXH (QJLQHHULQJ GXULQJ
new model designing phase for
PD[LPLVLQJFRVWEHQHW
Continuous
reduction
in
SURGXFWFRVWWKURXJK9$9(
6LJQLFDQW FRVW UHGXFWLRQ RI
parts of new models compared
WR H[LVWLQJ PRGHOV HQVXULQJ
SURWDELOLW\RIQHZPRGHOV
3. Technology inducted
All
models
were
made
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much ahead of the targeted
time of implementation i.e.
April 2013.
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designed and introduced in
$OWR&1*DQG:DJRQ5&1*
which resulted in huge cost
saving and weight reduction.
'XHWRPRUHSUHFLVHRZUDWHV
C. TECHNOLOGY
ABSORPTION,
ADAPTATION AND
INNOVATION
(IIRUWVLQEULHIPDGHWRZDUGV
technology absorption, adaptation
and innovation
<HDURI,PSRUW
6WDWXVRIDEVRUSWLRQ7KHDERYH
WHFKQRORJLHV KDYH EHHQ XVHG
in products introduced during
the year.
&DSLWDO([SHQGLWXUH
5HFXUULQJ([SHQGLWXUH
2012-13
2011-12
2,613
1,491
2,533
2,226
TOTAL
5,146
3,717
1.16%
1.02%
2011-12
5DZPDWHULDOVDQGFRPSRQHQWV
42,344
30,451
Capital goods
14,762
11,625
791
1,147
32,379
24,855
45,514
36,918
CORPORATE OVERVIEW
Particulars
)RUHLJQH[FKDQJHXVHGHTXLYDOHQW
'LHV PRXOGVPDLQWHQDQFH
VSDUHV RWKHULWHPV
5R\DOW\LQWHUHVWGLYLGHQGDQG
others
)RUDQGRQEHKDOIRIWKHERDUGRI
directors
KENICHI AYUKAWA
Managing Director
&(2
R.C. BHARGAVA
Chairman
FINANCIAL STATEMENTS
LLL ([SRUWSODQVIRUIXWXUH'XHWRWKH
(XURSHDQ HFRQRP\ EHLQJ KLW E\
(XUR]RQH6RYHUHLJQ'HEW&ULVLVWKH
DXWRPRELOH LQGXVWU\ LV H[SHFWHG
WR VKULQN E\ SHU FHQW LQ
7KHUHIRUH WKH IRFXV ZLOO EH RQ
H[SRUWRIYHKLFOHVWR1RQ(XURSHDQ
markets.
STATUTORY REPORTS
MANAGEMENT REVIEW
)RUHLJQH[FKDQJHHDUQHGHTXLYDOHQW
1HZ'HOKL
26th April 2013
38 - 39
Corporate
Governance Report
The management
structure not only
DOORZVHDV\DQGTXLFN
FRPPXQLFDWLRQRIHOG
information to the board
members but also gives
them the opportunity to
give recommendations
relevant to their
business operations.
CORPORATE GOVERNANCE
PHILOSOPHY
MANAGEMENT STRUCTURE
AND SHARED LEADERSHIP
0DUXWL6X]XNL,QGLD/LPLWHGWKH&RPSDQ\
is fully committed to practising sound
corporate governance and upholding the
KLJKHVW EXVLQHVV VWDQGDUGV LQ FRQGXFWLQJ
EXVLQHVV%HLQJDYDOXHGULYHQRUJDQLVDWLRQ
the Company has always worked towards
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employees, customers, suppliers and other
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good corporate governance, viz., integrity,
equity, transparency, fairness, disclosure,
DFFRXQWDELOLW\DQGFRPPLWPHQWWRYDOXHV
7KH&RPSDQ\KDVDPXOWLWLHUPDQDJHPHQW
VWUXFWXUH KDYLQJ WKH ERDUG RI GLUHFWRUV DW
WKH WRS 7KH &RPSDQ\ KDV YH EXVLQHVV
verticals viz. Administration, Production,
(QJLQHHULQJ6XSSO\&KDLQDQG0DUNHWLQJ
Sales. The top level management of these
YHUWLFDOVLVKHDGHGE\DWHDPRIWZRSHUVRQV
one of whom is a Japanese manager and
WKH RWKHU DQ ,QGLDQ PDQDJHU 7KH ,QGLDQ
managers at the top management level are
GHVLJQDWHGDV6HQLRU0DQDJLQJ([HFXWLYH
2IFHU 60(2 DQG 0DQDJLQJ ([HFXWLYH
2IFHU 0(2 7KH 60(2V DQG 0(2V DUH
VXSSRUWHG E\ ([HFXWLYH 2IFHUV (2V
who are also part of the top management.
7KHERDUGPHHWLQJVRIWKH&RPSDQ\PDUN
WKH SUHVHQFH RI DOO WKH 60(2V 0(2V DQG
(2V DV WKH\ DFW DV D FKDQQHO EHWZHHQ
WKHERDUGDERYHWKHPDQGWKHHPSOR\HHV
working under them. This structure not
only allows easy and quick communication
RIHOGLQIRUPDWLRQWRWKHERDUGPHPEHUV
EXW DOVR JLYHV WKHP WKH RSSRUWXQLW\ WR
give recommendations relevant to their
EXVLQHVVRSHUDWLRQV7KHH[HFXWLYHRIFHUV
DUH IROORZHG E\ GLYLVLRQDO KHDGV DQG
departmental heads. Through this, it is
HQVXUHGWKDW
MANAGEMENT REVIEW
As on 31st0DUFKWKH&RPSDQ\VERDUG
FRQVLVWVRIWZHOYHPHPEHUV7KH&KDLUPDQ
RI WKH ERDUG LV D 1RQ([HFXWLYH 'LUHFWRU
7KH&RPSDQ\KDVDQRSWLPXPFRPELQDWLRQ
RI ([HFXWLYH DQG 1RQ([HFXWLYH 'LUHFWRUV
in accordance with the provisions of clause
RI WKH OLVWLQJ DJUHHPHQW7KH ERDUG LV
KDYLQJ IRXU ([HFXWLYH 'LUHFWRUV DQG HLJKW
1RQ([HFXWLYH'LUHFWRUVRIZKRPIRXUDUH
,QGHSHQGHQW'LUHFWRUV7KHLUFRPSRVLWLRQLV
given in Table 11RGLUHFWRULVUHODWHGWRDQ\
RWKHU GLUHFWRU $OO ,QGHSHQGHQW 'LUHFWRUV
DUHSHUVRQVRIHPLQHQFHDQGEULQJDZLGH
UDQJH RI H[SHUWLVH DQG H[SHULHQFH WR WKH
ERDUG WKHUHE\ HQVXULQJ EHVW LQWHUHVW RI
stakeholders and the Company.
CORPORATE OVERVIEW
6WUDWHJLFVXSHUYLVLRQLVSURYLGHGE\WKH
ERDUG
BOARD OF DIRECTORS
Composition of the board
Name
Category
Public
Private
Member
Chairman
0U5&%KDUJDYD
&KDLUPDQ1RQ([HFXWLYH
0U6KLQ]R1DNDQLVKL
0U7VXQHR2KDVKL
([HFXWLYH
0U.D]XKLNR$\DEH
([HFXWLYH
([HFXWLYH
0U2VDPX6X]XNL
1RQ([HFXWLYH
0U.HQLFKL$\XNDZD
1RQ([HFXWLYH
1RQ([HFXWLYH
,QGHSHQGHQW
11
10
,QGHSHQGHQW
11
,QGHSHQGHQW
11
12
0U536LQJK
,QGHSHQGHQW
FINANCIAL STATEMENTS
S.No.
STATUTORY REPORTS
BOARD MEETINGS
TABLE 2: Board meeting and AGM attendance record of the directors in 2012 2013
40 - 41
Name
0U5&%KDUJDYD
Yes
0U6KLQ]R1DNDQLVKL
Yes
0U7VXQHR2KDVKL
Yes
0U.D]XKLNR$\DEH
Yes
Yes
0U2VDPX6X]XNL
Yes
Yes
1R
Yes
Yes
1R
0U536LQJK
1$
show cause,
and penalty
and
or
Remuneration to Directors
Table 3 gives details of the remuneration
IRU WKH QDQFLDO \HDU HQGHG st March
2013. The Company did not advance any
loans to any of its directors in the year
under review.
0U6KLQ]R1DNDQLVKL
Salary &
3HUTXLVLWHV
Performance
Linked Bonus**
22,064,434
8,833,240
Sitting Fees
Commission
Total
30,897,674
433,774
1,526,096
16,129,521
6,220,000
22,349,521
15,602,259
6,220,000
21,822,259
0U.D]XKLNR$\DEH
14,366,956
5,759,890
20,126,846
160,000
0U5&%KDUJDYD
3,400,000
3,560,000
260,000
1,900,000
2,160,000
280,000
1,400,000
1,680,000
280,000
1,400,000
1,680,000
225,000
225,000
40,000
275,000
315,000
20,000
20,000
0U2VDPX6X]XNL
40,000
40,000
40,000
40,000
69,255,492
27,466,904
1,120,000
8,600,000
STATUTORY REPORTS
MANAGEMENT REVIEW
1,092,322
0U7VXQHR2KDVKL
0U6KXML2LVKL
CORPORATE OVERVIEW
106,442,396
th
7KHSHUIRUPDQFHOLQNHGERQXVLVVXEMHFWWRWKHDSSURYDORIWKHERDUGRIGLUHFWRUV
The performance criteria for the purpose
RI SD\PHQW RI SHUIRUPDQFH OLQNHG ERQXV
DVGHQHGE\WKHERDUGIRUWKH:KROHWLPH
Directors including Managing Director is as
XQGHU
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committee meetings, time devoted, current
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and committee meetings.
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from 28th April 2012.
COMMITTEES OF THE
BOARD
I.
Audit Committee
Composition
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clause (2AA) of section 217 of
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42 - 43
Name
Mr. Amal
Ganguli
Mr. Shinzo
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Mr. Davinder
Singh Brar
Ms. Pallavi
Shroff
Category
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Chairman
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internal audit and the representative
of the statutory auditors, internal
auditors and cost auditors are invitees
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Company Secretary acts as the secretary
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management.
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performance of statutory and
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internal audit function including
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reporting structure coverage and
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7.
9.
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Meetings
No. of meetings
attended in
2012 13 (Total
meetings held: 6)
Mr. Amal
Ganguli
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Ms. Pallavi
Shroff
Chairman
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0HPEHU
0HPEHU
Meetings
Composition
Category
Designation
0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa
1RQ
([HFXWLYH
([HFXWLYH
Chairman
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grievance committee met twice i.e. on
28th April 2012 and 30th2FWREHU
Table 7 gives the attendance record.
0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa
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shares per transaction to the Managing
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Secretary severally.
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management discussion and analysis.
STATUTORY REPORTS
Name
MANAGEMENT
Management Discussion and Analysis
Report
MANAGEMENT REVIEW
CORPORATE OVERVIEW
,QYHVWRUJULHYDQFHUHGUHVVDO
44 - 45
RACM
RACM
Control Questionnaires
Identify Controls
Circulate online
control feedback
Control
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SURVEYS INPUTS
Approving
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STATUTORY REPORTS
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management activities of the Company
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committee consists of Managing Director
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that necessitate continuous evaluation
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and minimisation procedures. The process
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methodology for assessing and identifying
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risk mitigation, monitoring plan and
comprehensive reporting on management
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CORPORATE OVERVIEW
SHAREHOLDERS INFORMATION
Means of communication
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www.marutisuzuki.com.
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Company. This also helped the Company in saving a huge cost towards printing and dispatch.
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post to their registered addresses.
FINANCIAL STATEMENTS
Financial results
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the Company.
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46 - 47
Location
Date
Time
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28th August 2012
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th
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ADDITIONAL
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annual results
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Financial Year
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results
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results
Apr 12
High (`)
/RZ`)
High (`)
/RZ`)
1,415.00
1,262.10
1,417.05
1,260.65
1,380.05
1,098.30
1,384.50
1,093.15
1,176.00
1,052.00
1,176.00
1,051.00
Jul 12
1,249.70
1,075.00
1,250.00
1,074.30
Aug 12
1,206.00
1,109.20
1,206.00
1,108.95
Sept 12
1,368.70
1,128.05
1,370.00
1,130.20
2FW
1,443.75
1,335.00
1,443.00
1,261.20
1RY
1,514.95
1,434.50
1,514.50
1,434.20
1,537.00
1,448.95
1,539.90
1,451.00
1,634.00
1,482.35
1,633.90
1,482.30
)HE
1,637.60
1,345.00
1,639.00
1,340.30
Mar 13
1,474.00
1,266.00
1,473.95
1,266.10
Chart A
1,700
STATUTORY REPORTS
Dec 12
Jan 13
MANAGEMENT REVIEW
May 12
Jun 12
CORPORATE OVERVIEW
%RPED\6WRFN([FKDQJH
/LPLWHG0XPEDL%6(
1DWLRQDO6WRFN([FKDQJHRI
,QGLD/LPLWHG16(
,6,1
22,000
1,600
1,400
18,000
1,300
1,200
16,000
1,100
14,000
1,000
900
12,000
800
Maruti Stock
0$513
FEB13
-$113
DEC12
12912
2&712
SEP12
AUG12
-8/12
-8112
MAY12
10,000
$3512
700
6HQVH[
ANNUAL REPORT 2012-13
FINANCIAL STATEMENTS
20,000
1,500
Shareholding pattern
.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
3ORW1R9LWWDO5DR1DJDU
0DGKDSXU+\GHUDEDG
3K1R
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0DLO,GPDLOPDQDJHU#NDUY\FRP
:HEVLWHZZZNDUY\FRPSXWHUVKDUHFRP
Category of shareholder
(II)
(A)
48 - 49
(I)
Total number
of shares
No Of Shares
Held In
Dematerialised
Form
Total shareholding as a
percentage of total no
of shares
As a
percentage
of (A+B)
As a
percentage
of (A+B+C)
(III)
(IV)
(V)
(VI)
(VII)
(1)
Indian
(a)
,QGLYLGXDO+8)
0.00
0.00
&HQWUDO*RYHUQPHQW6WDWH
Government(s)
0.00
0.00
(c)
Bodies Corporate
0.00
0.00
(d)
)LQDQFLDO,QVWLWXWLRQV%DQNV
0.00
0.00
(e)
2WKHUV
0.00
0.00
0.00
Sub-Total A (1) :
(B)
No of
shareholders
(2)
Foreign
(a)
,QGLYLGXDOV15,V)RUHLJQ,QGLYLGXDOV
0.00
0.00
Bodies Corporate
169,788,440
156,618,440
56.21
56.21
(c)
,QVWLWXWLRQV
0.00
0.00
(d)
4XDOLHG)RUHLJQ,QYHVWRU
0.00
0.00
(e)
2WKHUV
0.00
0.00
Sub-Total A (2) :
169,788,440
156,618,440
56.21
56.21
169,788,440
156,618,440
56.21
56.21
PUBLIC SHAREHOLDING
(1)
Institutions
(a)
0XWXDO)XQGV87,
240
11,080,584
11,080,584
3.67
3.67
)LQDQFLDO,QVWLWXWLRQV%DQNV
50
26,960,108
26,960,108
8.92
8.92
(c)
&HQWUDO*RYHUQPHQW6WDWH
Government(s)
0.00
0.00
(d)
9HQWXUH&DSLWDO)XQGV
0.00
0.00
(e)
,QVXUDQFH&RPSDQLHV
0.00
0.00
(f)
)RUHLJQ,QVWLWXWLRQDO,QYHVWRUV
434
67,537,703
67,537,703
22.36
22.36
Category
code
Category of shareholder
Total number
of shares
No Of Shares
Held In
Dematerialised
Form
Total shareholding as a
percentage of total no
of shares
As a
percentage
of (A+B+C)
0.00
0.00
32,860
32,860
0.01
0.01
(i)
2WKHUV
0.00
0.00
725
105,611,255
105,611,255
34.96
34.96
1,590
19,067,761
19,067,761
6.31
6.31
L,QGLYLGXDOVKROGLQJQRPLQDOVKDUH
capital upto ` 1 lakh
116,634
6,424,689
6,419,977
2.13
2.13
LL,QGLYLGXDOVKROGLQJQRPLQDOVKDUH
FDSLWDOLQH[FHVVRI` 1 lakh
81,000
81,000
0.03
0.03
150
150
0.00
0.00
1RQUHVLGHQWLQGLDQV
2,302
239,775
239,775
0.08
0.08
&OHDULQJPHPEHUV
165
512,274
512,274
0.17
0.17
34
354,716
354,716
0.12
0.12
(2)
Non-institutions
(a)
Bodies Corporate
,QGLYLGXDOV
(c)
2WKHUV
Foreign nationals
Trusts
(d)
0.00
0.00
120,728
26,680,365
26,675,653
8.83
8.83
121,453
132,291,620
132,286,908
43.79
43.79
TOTAL (A+B ) :
121,454
302,080,060
288,905,348
100.00
100.00
0.00
4XDOLHG)RUHLJQ,QYHVWRU
(2)
Public
0.00
121,454
302,080,060
288,905,348
100.00
100.00
1RVKDUHVKDYHEHHQSOHGJHGE\WKH3URPRWHUVDVRQst0DUFK7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHV
HLWKHUWRWKHSXEOLFRUWKHSURPRWHUVRIWKH&RPSDQ\
FINANCIAL STATEMENTS
Sub-Total B (2) :
STATUTORY REPORTS
4XDOLHG)RUHLJQ,QYHVWRU
MANAGEMENT REVIEW
)RUHLJQ9HQWXUH&DSLWDO,QYHVWRUV
(h)
CORPORATE OVERVIEW
As a
percentage
of (A+B)
g)
Sub-Total B (1) :
(C )
No of
shareholders
(I)(c)(i)
Sr. No.
/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD
HSBC*OREDO,QYHVWPHQW)XQGV$&
18,993,815
6.29
5,927,515
1.96
HSBC*OREDO,QYHVWPHQW)XQGV0DXULWLXV/LPLWHG
3
5,926,749
1.96
,&,&,3UXGHQWLDO/LIH,QVXUDQFH&RPSDQ\/WG
4,665,377
1.54
0HUULOO/\QFK&DSLWDO0DUNHWV(VSDQD6$69
3,073,247
1.02
38,586,703
12.77
TOTAL
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WRWDOQXPEHURIVKDUHV
50 - 51
(I)(c)(i)
Sr. No.
/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD
18,993,815
6.29
TOTAL
18,993,815
6.29
7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHVWR/,&
(I)(d)
Sr. No.
6WDWHPHQWVKRZLQJGHWDLOVRIORFNHGLQVKDUHV
Name of the shareholder
1LO
(II)(a)
Sr. No.
Number of
locked-in shares
Promoter/Promoter Group/Public
1LO
1LO
1LO
Number of
outstanding DRs
1LO
1LO
1LO
6WDWHPHQWVKRZLQJGHWDLOVRI'HSRVLWRU\5HFHLSWV'56
Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
1LO
(II)(b)
Sr. No.
1LO
1LO
1LO
1LO
Number of Shares
120,805
99.46
7,331,613
2.43
117
0.10
855,114
0.28
119
0.10
1,744,215
0.58
66
0.05
1,642,018
0.54
43
0.04
1,519,639
0.50
39
0.03
1,764,743
0.58
0.07
6,425,023
2.13
0.15
280,797,695
92.95
121,455
100.00
302,080,060
100.00
DQGDERYH
TOTAL:
TABLE 13: Top 10 shareholders as on 31st March 2013
Sl. No.
Shareholding
169,788,440
56.21
18,993,815
6.29
HSBC*OREDO,QYHVWPHQW)XQGV$& HSBC*OREDO,QYHVWPHQW
)XQGV0DXULWLXV/LPLWHG
5,927,515
1.96
5,926,749
1.96
,&,&,3UXGHQWLDO/LIH,QVXUDQFH&RPSDQ\/WG
4,665,377
1.54
0HUULOO/\QFK&DSLWDO0DUNHWV(63$1$ 6$69
3,073,247
1.02
(XURSDFLF*URZWK)XQG
2,972,270
0.98
%DMDM$OOLDQ]/LIH,QVXUDQFH&RPSDQ\/WG
2,944,379
0.97
2,443,651
0.81
10
*RYHUQPHQW3HQVLRQ)XQG*OREDO
TOTAL:
'HPDWHULDOLVDWLRQRIVKDUHVDQGOLTXLGLW\
As on 31st March 2013, 95.64 per cent of
the Companys total paid up equity capital
representing 288905348 equity shares
was held in dematerialised form. The
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13,174,712 equity shares was held in
2,039,317
0.68
218,774,760
72.42
FINANCIAL STATEMENTS
1
2
STATUTORY REPORTS
88
178
MANAGEMENT REVIEW
Number of
shareholders
CORPORATE OVERVIEW
Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
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6KDUHV'HPDW6XVSHQVH$FFRXQWZLWK.DUY\6WRFN%URNLQJ/LPLWHG7KHVKDUHVLVVXHGSXUVXDQWWR2IIHUIRU6DOHDQGVWLOOO\LQJXQFODLPHG
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Securities
Equity Shares
No. of shares
15
1,050
1RRIVKDUHKROGHUVZKR
approached for transfer
of shares from suspense
account
No. of shareholders
Balance as on
WRZKRPVKDUHVZHUH
31-03-2013
transferred from No. of records No. of shares
suspense account
50
14
1,000
The voting rights on these 1,000 shares shall remain frozen till the rightful owner of these shares claims the shares.
52 - 53
Secretarial audit
$V VWLSXODWHG E\ WKH 6HFXULWLHV DQG
([FKDQJH%RDUGRI,QGLD6(%,DTXDOLHG
practising Company Secretary carries out
secretarial audit and provides a report to
reconcile the total admitted capital with
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16'/ DQG &HQWUDO 'HSRVLWRU\ 6HUYLFHV
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and listed capital. This audit is carried out
every quarter and the report thereon is
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DOVR SODFHG EHIRUH WKH ERDUG 7KH DXGLW
LQWHUDOLD FRQUPV WKDW WKH WRWDO OLVWHG
and paid up capital of the Company is
in agreement with the aggregate of the
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IRUPKHOGZLWK16'/DQG&'6/DQGWRWDO
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any convertible instruments, conversion
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instruments.
Details of public funding obtained in the
last three years
,, 6KDUHVKHOGLQSK\VLFDOIRUP
7KH&RPSDQ\KDVQRWREWDLQHGDQ\SXEOLF
funding in the last three years.
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or
Maruti Suzuki India Limited
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ANNEXURE A
DECLARATION OF THE MANAGING DIRECTOR & CEO
7KLVLVWRFHUWLI\WKDWWKH&RPSDQ\KDGODLGGRZQFRGHRIFRQGXFWIRUDOOWKHERDUGPHPEHUVDQGWKHVHQLRUPDQDJHPHQWSHUVRQQHORIWKH
&RPSDQ\DQGWKHVDPHLVXSORDGHGRQWKHZHEVLWHRIWKH&RPSDQ\ZZZPDUXWLVX]XNLFRP
KENICHI AYUKAWA
0DQDJLQJ'LUHFWRU &(2
26th April 2013
1HZ'HOKL
MANAGEMENT REVIEW
CORPORATE OVERVIEW
)XUWKHUFHUWLHGWKDWWKHPHPEHUVRIWKHERDUGRIGLUHFWRUVDQGVHQLRUPDQDJHPHQWSHUVRQQHOKDYHDIUPHGWKHFRPSOLDQFHZLWKWKH
FRGHDSSOLFDEOHWRWKHPGXULQJWKH\HDUHQGHGst March, 2013.
7KHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHLVWKHUHVSRQVLELOLW\RIWKH&RPSDQ\VPDQDJHPHQW2XUH[DPLQDWLRQZDVFDUULHG
RXWLQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ&HUWLFDWLRQRI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQW
LVVXHG E\ WKH ,QVWLWXWH RI &KDUWHUHG$FFRXQWDQWV RI ,QGLD DQG ZDV OLPLWHG WR SURFHGXUHV DQG LPSOHPHQWDWLRQ WKHUHRI DGRSWHG E\ WKH
&RPSDQ\IRUHQVXULQJWKHFRPSOLDQFHRIWKHFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFH,WLVQHLWKHUDQDXGLWQRUDQH[SUHVVLRQRIRSLQLRQRQ
WKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
STATUTORY REPORTS
:HKDYHH[DPLQHGWKHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHE\0DUXWL6X]XNL,QGLD/LPLWHGIRUWKH\HDUHQGHG0DUFK
DVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWVRIWKHVDLG&RPSDQ\ZLWKVWRFNH[FKDQJHVLQ,QGLD
,QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVZHFHUWLI\WKDWWKH&RPSDQ\KDVFRPSOLHG
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FINANCIAL STATEMENTS
:HVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIFLHQF\RUHIIHFWLYHQHVVZLWK
which the management has conducted the affairs of the Company.
54 - 55
Management Discussion
& Analysis
OVERVIEW
7KHVORZGRZQLQWKH,QGLDQHFRQRP\FRQWLQXHGIRUWKHVHFRQGVXFFHVVLYH\HDUZLWK*'3
JURZWKHVWLPDWHGDWSHUFHQWLQWKHORZHVWLQDGHFDGH7KLVZDVDFFRPSDQLHGE\
KLJKLQWHUHVWUDWHVLQDWLRQDQGZHDNFRQVXPHUVHQWLPHQW5LVLQJIXHOSULFHVFDXVHGSDUWO\
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(%)
,QGLDV*'3JURZWKUDWHWR
10
8
9.5
9.6
9.3
9.3
8.6
8.1
7.0
6.7
6.2
5.0
4
2
0
FY 04
FY 05
FY 06
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY13
'RPHVWLFDXWRLQGXVWU\JURZWK
Segment
FY09
FY10
FY11
FY13
26
28
39
29
18
Three Wheelers
26
19
Two Wheelers
26
26
14
26
26
12
2.6
50
45
40
35
30
25
20
15
10
5
0
(%)
46.5
44.6
45.3
38.3
FY 09
FY 10
FY 11
39.1
FY 12
FY 13
Source: SIAM
(`)
73
75
67
71
68
68
67 66
63
65
58
60
55 53
56
` 17
` 32
50
48
47
45
49
41
40 38
1'HOKL3ULFH
35
Petrol
Diesel
16.04.13
02.04.13
01.04.13
22.03.13
16.03.13
02.03.13
16.02.13
18.01.13
16.01.13
16.11.12
27.10.12
09.10.12
14.09.12
01.08.12
24.07.12
29.06.12
18.06.12
03.06.12
24.05.12
01.12.11
16.11.11
04.11.11
01.10.11
16.09.11
01.07.11
25.06.11
15.05.11
15.01.11
16.12.10
09.11.10
02.11.10
30
Source: Company
FINANCIAL STATEMENTS
70
69
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
0
3DVVHQJHU9HKLFOHV
&RPPHUFLDO9HKLFOHV
FY12
100
80
60
34
35
36
66
65
64
40
48
58
52
42
20
0
FY 09
Petrol
FY 10
FY 11
FY 12
FY 13
Diesel
6HJPHQWZLVHJURZWKIRULQGXVWU\
(PVs)
(%)
56 - 57
60
52
50
30
20
10
Passenger
Cars
Utility
9HKLFOHV
9DQV
Passenger
9HKLFOHV
Source: SIAM
*URZWKLQ
Utility vehicles share in PVs
(%)
25
21
20
15
13
14
10
5
0
FY 11
([SRUWVWR(XURSHZHUHDGYHUVHO\LPSDFWHG
owing to the slowdown in the region. The
&RPSDQ\ZDVDEOHWRLQFUHDVHSUHVHQFHLQ
PDUNHWV LQ $IULFD DQG /DWLQ $PHULFD DQG
arrest the decline in unit sales to 5.5 per
cent over the previous year.
A strong Yen continued to put pressure on
WKH&RPSDQ\V ERWWRPOLQH LQ WKH UVWKDOI
RIWKH\HDU6LQFHWKHQWKH5XSHH<HQUDWH
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WR DFFUXH GXULQJ 7KH &RPSDQ\
will, however, continue its programme with
suppliers to achieve higher localisation.
40
,QFRQWUDVWZLWKWKHUHVWRIWKHSDVVHQJHU
vehicles market, utility vehicles posted
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the year and the share of this segment
increased to 21 per cent of the passenger
vehicle market. A part of this growth was
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vehicle Ertiga, launched in April 2012. Most
XWLOLW\YHKLFOHV DUH SRZHUHG E\ GLHVHO DQG
WKHLUUHFHQWVXFFHVVFDQEHSDUWO\DWWULEXWHG
WR WKH IDYRXUDEOH SULFLQJ RI WKLV IXHO ,Q
addition, some of the growing customer
preference for utility vehicles appears to
EH RZLQJ WR ERG\ VW\OLQJ VSDFH DQG QHZ
products in this segment.
FY 12
FY 13
&RPPRGLW\SULFHVUHPDLQHGODUJHO\VWDEOH
,Q VRPH FDVHV SULFHV FDPH GRZQ RIIHULQJ
opportunities for hedging for the future.
,Q-XO\WKHUHZDVDVKRFNLQJLQFLGHQW
RI FULPLQDO YLROHQFH E\ D VHFWLRQ RI WKH
workers at the Companys facility in
0DQHVDU ,W UHVXOWHG LQ WKH WUDJLF GHDWK RI
$ZDQLVK.XPDU'HY*HQHUDO0DQDJHU+5
1HDUO\PDQDJHUVZHUHLQMXUHGDQGKDG
WREHKRVSWLWDOLVHG7KHSROLFHDUUHVWHG
workers, and legal proceedings against
WKHP DUH XQGHU ZD\ &RQFHUQHG DERXW
the safety and security of its people, the
Company locked out the Manesar facility.
The security arrangements were adequately
VWUHQJWKHQHG DQG DOO WKRVH LGHQWLHG DV
KDYLQJEHHQLQYROYHGLQWKHYLROHQFHZHUH
dealt with according to the law. There
was total support from the stakeholders,
including the Haryana Government, the
local community in Manesar, Companys
vendors and dealers, and Suzuki Motor
Corporation,
Japan.
The
managers
demonstrated rare courage and resilience
DQG WKLV HQDEOHG RSHUDWLRQV WR UHVXPH
after just one month of the incident. The
recruitment and communication systems
with employees, and particularly with
the contract workers, were reviewed and
PRGLHG 2SHUDWLRQV UHWXUQHG WR QRUPDO
LQDERXWWKUHHPRQWKV,WLVH[SHFWHGWKDW
the Manesar facility will henceforth work
normally.
:KLOHWKHUHDUHVKRUWWHUPFRQFHUQVDERXW
WKH,QGLDQHFRQRP\DQGWKHJURZWKRIWKH
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SRVLWLYH DERXW WKH ORQJWHUP RSSRUWXQLW\
LQ ,QGLD $FFRUGLQJO\ PRVW RI WKH FDSLWDO
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plant in Manesar and a new facility for
diesel engines in Gurgaon, are proceeding
as scheduled. During the year, the Company
signed an agreement with the Gujarat
government and acquired 700 acres of land
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FDSDFLW\ H[SDQVLRQ :RUN LV OLNHO\ WR VWDUW
there shortly.
Under a scheme of amalgamation approved
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amalgamated with itself, Suzuki Powertrain
,QGLD /LPLWHG 63,/ D VXSSOLHU WR LW RI
GLHVHO HQJLQHV DQG WUDQVPLVVLRQV 63,/
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Motor Corporation, Japan and 30 per cent
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with the Company through a share swap.
7KHVZDSUDWLRZDV[HGDWEDVHGRQ
the terms of the scheme.
With the amalgamation, the Company has
EURXJKW LWV HQWLUH GLHVHO HQJLQH FDSDFLW\
under single management control. This will
KHOS VWUHQJWKHQ WKH EXVLQHVV LQFOXGLQJ
sourcing, localisation and production
SODQQLQJ,WZLOODOVRSURYLGHPDQXIDFWXULQJ
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All necessary approvals and formalities
for the amalgamation were completed
during the year and the amalgamation
was accounted for under Pooling
RI ,QWHUHVW 0HWKRG DV SUHVFULEHG E\
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15
17
17
FY 10
FY 11
14
10
5
0
FY 09
FY 12
FY 13
Source: Company
:LWKVHPLXUEDQDQGUXUDO,QGLDHPHUJLQJ
as an important market for new car
VDOHV WKH &RPSDQ\ IXUWKHU H[SDQGHG LWV
network into smaller towns via smaller
format outlets. The Companys initiatives,
including a dedicated sales force for rural
PDUNHWV 5'6( DQG LQQRYDWLYH PDUNHWLQJ
PHWKRGVHQDEOHGLWWRJURZUXUDOVDOHVE\
18.5 per cent during the year and enhance
LWVFRQWULEXWLRQWRSHUFHQWRIGRPHVWLF
volumes.
Rural sales penetration & RDSEs
28
8,000
20
6,000
16
5,000
4,000
3,000
2,000
1,000
7,150
7,000
6,500
25
5,200
7KH&RPSDQ\VSUHRZQHGYHKLFOHEXVLQHVV
EUDQG 7UXH9DOXH VXSSRUWHG VDOHV RI
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([FKDQJH SHQHWUDWLRQ DV D SHUFHQWDJH
of new car retails went up to 23 per cent
during the year. Besides, sales of used
YHKLFOHV IURP WKH QHWZRUN JUHZ E\ SHU
FHQW WR FRQWULEXWLQJ WR GHDOHU
SURWDELOLW\ DQG JURZWK 'XULQJ WKH \HDU
WKHQXPEHURI7UXH9DOXHRXWOHWVLQFUHDVHG
from 409 to 450.
20
4,000
23
22
30
25
20
15
10
5
0
0
FY 09 FY 10 FY 11 FY 12 FY 13
Source: Company
5'6(V
% Penetration
FINANCIAL STATEMENTS
25
STATUTORY REPORTS
(%)
MANAGEMENT REVIEW
BUSINESS PERFORMANCE
Domestic Market
3HUFHQWDJHRIQHZFDUVDOHV
through exchange
CORPORATE OVERVIEW
2,500
(%)
1,500
564
FY 10
541
FY 09
Exports
509
300
483
600
460 221
681
319
802
424
933
900
1,204
559
1,100
640
1,200
FY 11
FY 12
FY 13
Source: Company
58 - 59
2XWOHWV
7KH&RPSDQ\QRZXVHVD*OREDO3RVLWLRQLQJ
6\VWHP *36 WR PDQDJH LWV ORJLVWLFV HHW
movement effectively. This has improved
HHW SURGXFWLYLW\ DQG DOVR FRQWULEXWHV WR
timely delivery of vehicles. Currently 9,100
trucks and trailers are using this technology.
During the year, the Company saved ` 34
million through route rationalisation.
140,000
138,266
127,379
100,000
80,000
60,000
40,000
20,000
0
FY 12
FY 13
Source: Company
Europe
1RQ(XURSH
7RWDO([SRUW6DOHV
7KH&RPSDQ\H[SDQGHGWKHUDQJHRI0DUXWL
*HQXLQH $FFHVVRULHV E\ DGGLQJ QHZ
products during the year. These and other
initiatives led to a 30 per cent increase
in accessory sales, despite the weakness
in the passenger vehicle market. Besides
H[SDQGLQJ WKH UHWDLO QHWZRUN IRU 0DUXWL
Genuine Parts, which has now crossed 400
outlets, the Company proactively undertook
national campaigns to educate customers
DERXW WKH KDUPIXO LPSDFW RI IDNH DQG
spurious parts.
7KH 'LUHFWRU *HQHUDO ,QYHVWLJDWLRQ '*
&RPSHWLWLRQ &RPPLVVLRQ RI ,QGLD &&,
FRQGXFWHGDQLQYHVWLJDWLRQRQDXWRPRELOH
original equipment manufacturers in
,QGLD LQFOXGLQJ WKH &RPSDQ\ RQ WKH
DOOHJDWLRQ RI QRQDYDLODELOLW\ RI VSDUH
parts to independent repair workshops and
restrictions imposed on original equipment
suppliers not to supply spare parts in open
market. The Company has contested the
QGLQJVRIWKHLQYHVWLJDWLRQDQGLVWDNLQJDOO
the steps permitted under the law to protect
its interests and to continue to offer safe,
UHOLDEOHDQGJHQXLQHSDUWVWRLWVFXVWRPHUV
OPERATIONS
120,388
120,000
FY 11
(TXLSPHQWEUHDNGRZQRIPDFKLQHVKRSVLQGH[HGWREDVH\HDU
100
(%)
100
69
60
56
53
49
40
0
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
Source: Company
FINANCIAL STATEMENTS
20
STATUTORY REPORTS
78
80
MANAGEMENT REVIEW
CORPORATE OVERVIEW
60 - 61
FINANCIAL PERFORMANCE
As mentioned in the overview section, the
Company amalgamated with itself, Suzuki
3RZHUWUDLQ ,QGLD /LPLWHG ,QFOXGLQJ WKH
effect of the amalgamation, for the full
\HDU WKH &RPSDQ\ UHJLVWHUHG 1HW 6DOHV RI
` 426,126 million, a growth of 22.8 per cent
RYHUWKHSUHYLRXV\HDU1HWSURWDIWHUWD[
stood at ` 23,921 million, an increase of
46.3 per cent over the previous year. This
JURZWKZDVGULYHQE\KLJKHUVDOHVRIQHZ
PRGHOV OLNH WKH 6ZLIW '=LUH DQG (UWLJD
EHWWHU DYHUDJH UHDOLVDWLRQ D EHQHW RQ
cost reduction in localisation efforts and a
IDYRXUDEOHH[FKDQJHUDWHPRYHPHQWLQWKH
later part of the year.
(` in million)
TABLE 1:$EULGJHGVWDWHPHQWRISURWDQGORVVIRU
Parameters
1
2011-12
Change
1,051,046
1,006,316
([SRUW
120,388
127,379
TOTAL
1,171,434
1,133,695
481,147
386,141
9HKLFOHV
441,163
362,111
6SDUHSDUWVGLHV PRXOGVFRPSRQHQWV
39,984
24,030
([FLVHGXW\
55,021
39,082
426,126
347,059
2WKHURSHUDWLQJUHYHQXH
9,753
8,812
2WKHULQFRPH
8,124
8,268
444,003
364,139
&RQVXPSWLRQRIUDZPDWHULDOVFRPSRQHQWV WUDGHGJRRGV
325,150
280,656
10,696
8,013
1,898
552
18,612
11,384
(PSOR\HHEHQHWH[SHQVHV
10
Finance Costs
11
14
3URWEHIRUHWD[
15
&XUUHQWWD[1HWRI0$7&UHGLWDYDLOHG
16
'HIHUUHGWD[
17
3URWDIWHUWD[
57,737
42,072
414,093
342,677
20.8%
29,910
21,462
39.4%
6,324
4,138
(335)
972
23,921
16,352
46.3%
2011-12
76.3
80.9
4.6
(PSOR\HHEHQHWH[SHQVHV
2.5
2.3
(0.2)
4.4
3.3
(1.1)
2WKHUH[SHQVHV
13.5
12.1
(1.4)
3URWEHIRUHWD[
7.0
6.2
0.8
3URWDIWHUWD[
5.6
4.7
0.9
Material cost
Change
FINANCIAL STATEMENTS
1RWH7KHJXUHVIRUWKHSUHYLRXV\HDUGRQRWLQFOXGHJXUHVIRUHUVWZKLOH6X]XNL3RZHUWUDLQ,QGLD/LPLWHGZKLFKKDVDPDOJDPDWHGZLWK
the Company effective 1st$SULO7KHUHIRUHWKHFXUUHQW\HDUJXUHVDUHQRWFRPSDUDEOHWRWKRVHRIWKHSUHYLRXV\HDU
STATUTORY REPORTS
12
13
21.9%
MANAGEMENT REVIEW
4
5
3.3%
CORPORATE OVERVIEW
Domestic
2012-13
Volumes
Treasury Operations
7KH &RPSDQ\ KDV HIFLHQWO\ PDQDJHG LWV VXUSOXV IXQGV WKURXJK FDUHIXO WUHDVXU\ RSHUDWLRQV 7KH JXLGLQJ SULQFLSOH RI WKH &RPSDQ\V
WUHDVXU\LQYHVWPHQWVLVVDIHW\DQGSUXGHQFH,QYLHZRIWKLVWKH&RPSDQ\LQYHVWHGLWVVXUSOXVIXQGVLQGHEWVFKHPHVRIPXWXDOIXQGVDQG
EDQN[HGGHSRVLWV7KLVKDVHQDEOHGWKH&RPSDQ\WRHDUQUHDVRQDEOHDQGVWDEOHUHWXUQVLQDYRODWLOHLQWHUHVWUDWHVFHQDULR
7DEOHOLVWVWKHGLIIHUHQWSRUWIROLRVZKLOH7DEOHOLVWVWKHUHWXUQRQWKHVHVXUSOXVIXQGV
TABLE 3: Investment of surplus funds
(` in million)
Parameters
%DQN[HGGHSRVLWV
'HEWPXWXDOIXQG
TOTAL
31-03-13
% of total
31-03-12
% of total
15,000
69,362
84,362
18%
82%
100%
23,600
56,106
79,706
30%
70%
100%
2012-13
,QWHUHVWRQFRUSRUDWHERQGV
,QWHUHVWRQ[HGGHSRVLWV
2011-12
528
2,220
2,330
343
639
1HWSURWIURPVDOHRILQYHVWPHQWV
4,101
2,442
TOTAL
6,664
5,939
'LYLGHQGIURPGHEWPXWXDOIXQGV
62 - 63
(` in million)
HUMAN RESOURCES
,QWHUQDOFRQWUROVDQGDGHTXDF\
7KH&RPSDQ\KDVDQDO\VHGSRVVLEOHFDXVHV
reviewed issues and taken concrete steps
to create and maintain a positive work
HQYLURQPHQW6HYHUDOLQLWLDWLYHVKDYHEHHQ
taken to make the recruitment system
PRUHUREXVWLQFUHDVHWKHIRFXVRQLQWHUQDO
communication, strengthen the grievance
,QIRUPDWLRQWHFKQRORJ\,7LVDNH\HQDEOHU
and a major differentiator in making
various functions of the Company faster,
leaner, more intelligent and powerful.
7KH(50&UHYLHZHGWKHULVNVWKDWHPHUJHG
DQGSULRULWLVHGWKHPRQWKHEDVLVRIOLNHO\
LPSDFW DQG SUREDELOLW\ RI RFFXUUHQFH
7KH WRS ULVNV WR EH PRQLWRUHG UHODWH WR
currency, product portfolio, macroeconomic
scenario, government policy, industrial
relations, talent retention, managing size,
work culture, quality, cost and competition.
7KH &RPSDQ\V EXVLQHVV DOVR GHSHQGV RQ
supply chain, marketing, selling and service
network and working on maintaining
WKHLU RYHUDOO UREXVWQHVV GHGLFDWLRQ DQG
effectiveness.
OUTLOOK
7KH SURVSHFWV RI WKH DXWRPRELOH LQGXVWU\
are linked closely to economic growth. While
there is some uncertainty in the short term,
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growth path later. The Companys initiatives
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premise. At the same time, recognising that
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to greater volatility in the macro economy,
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commodities and fuel prices.
Changing customer preferences are likely
to present new challenges, including the
FINANCIAL STATEMENTS
STATUTORY REPORTS
INFORMATION
TECHNOLOGY
MANAGEMENT REVIEW
RISK MANAGEMENT
CORPORATE OVERVIEW
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engagement survey measures employee
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plans for improvements.
64 - 65
Business Responsibility
Report (As per Clause 55 of the Listing Agreement)
SECTION A
Corporate Identity Number (CIN) of the Company
L34103DL1981PLC011375
5HJLVWHUHGDGGUHVV
Website
www.marutisuzuki.com
E-mail id
msilinvestorrelations@maruti.co.in
2012-13
Automobile
List three key products/services that the Company manufactures/provides (as in Passenger Cars, Multi Utility Vehicles (MUV),
balance sheet)
Multi Purpose Vehicles (MPV)
10
Details
1,510,400,300
499024
7RWDOSURWDIWHUWD[HV` million)
23921
7RWDO6SHQGLQJRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\` million)
189.4
E$VSHUFHQWDJHRISURWDIWHUWD[RI
0.79 %
/LVWWKHDFWLYLWLHVDVSHU6FKHGXOH9,,RI&RPSDQ\V%LOOLQZKLFKH[SHQGLWXUH
in 4. above has been incurred
FINANCIAL STATEMENTS
STATUTORY REPORTS
SECTION B
Financial Details of the Company
D5RDG6DIHW\
b. Skill Development
c. Community development (Key focus on education and health)
SECTION C
Other Details
Details
Yes
'R WKH 6XEVLGLDU\ &RPSDQ\&RPSDQLHV SDUWLFLSDWH LQ WKH %5 ,QLWLDWLYHV RI WKH No
parent company? If yes, then indicate the number of such subsidiary company(s)
Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company No
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then indicate the per cent of such entity/entities? [Less than 30 per cent, 30-60
per cent, More than 60 per cent]
MANAGEMENT REVIEW
Details
CORPORATE OVERVIEW
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
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DIN Number
Name
Designation
00108491
Mr. Shinzo Nakanishi*
Managing Director & CEO
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close of business hours on 31st March 2013. Mr. Kenichi Ayukawa was appointed as MD&CEO with effect from 1st April 2013 and shall be
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66 - 67
DIN Number
Name
Designation
Telephone number
e-mail id
N.A.
Mr. Kanwaldeep Singh
Vice President, Corporate Services
011-46781123
Kanwaldeep.singh@maruti.co.in
2. Principle-wise (as per National Voluntary Guidelines) Business Responsibility Policy/policies (Reply in Y/N)
Principle (Yes/No)
Sr.
No. Questions
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Director?
10
List of Principles
PRINCIPLE 1: %XVLQHVVHVVKRXOGFRQGXFWDQGJRYHUQWKHPVHOYHVZLWK(WKLFV7UDQVSDUHQF\DQG$FFRXQWDELOLW\
CORPORATE OVERVIEW
2a. If answer to S.No. 1 against any principle is No, please explain why: (Tick up to 2 options)
Principle (Yes/No)
1
1.
2.
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position to formulate and implement the policies on
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3.
4.
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5.
,WLVSODQQHGWREHGRQHZLWKLQWKHQH[W\HDU
6.
**
**Policy Advocacy: The Company doesnt have a policy on policy advocacy. However, advocacy on policies related to the automobile industry
are done through Society of Indian Automobile Manufactures (SIAM). The Company has an independent department responsible for
interaction with SIAM and for government affairs.
3. Governance related to BR
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Company. Within 3 months, 3-6 months, Annually, More than 1 year.
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FINANCIAL STATEMENTS
*Human Rights: 7KH &RPSDQ\ FXUUHQWO\ GRHVQW KDYH D VWDQGDORQH +XPDQ 5LJKWV SROLF\ +RZHYHU DVSHFWV RI KXPDQ ULJKWV VXFK DV
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concerted efforts to strengthen mechanisms to ensure implementation of such policies. The Company will also be developing a Human
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STATUTORY REPORTS
Sr.
No. Questions
MANAGEMENT REVIEW
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68 - 69
As a responsible corporate citizen, the Company believes in the highest standards of professionalism, ethical behaviors and corporate
governance.
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DQGDOVRZLWKUHJXODWRU\UHTXLUHPHQWV$OOHPSOR\HHVVLJQDGHFODUDWLRQRQMRLQLQJWKH&RPSDQ\DQGDUHH[SHFWHGWRFRPSO\ZLWKWKH
letter and spirit of this Code.
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the management? If so, provide details thereof, in about 50 words or so.
There were no cases of violation of the Companys Code of Conduct and there were no cases reported under the Companys Whistle
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PRINCIPLE 2 : Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
1. List up to three of your products or services whose design has incorporated social or environmental concerns, risks and/or
opportunities.
The Company is conscious of the need for developing environmentally and socially responsible products and has incorporated various
design innovations in its products to tackle such concerns, risks and opportunities.
Alternate Fuel Vehicles
CORPORATE OVERVIEW
100
82
51
FY 01
FY 02
43
FY 03
FY 04
39
38
36
FY 05
FY 06
FY 07
39
FY 08
43
40
38
39
42
FY 09
FY 10
FY 11
FY 12
FY13
(%)
100
64
46
FY 08
FY 09
FY 10
39
FY 11
44
42
FY 12
FY13
FINANCIAL STATEMENTS
Water consumption per car, indexed to base year 2000-01, Gurgaon (%)
STATUTORY REPORTS
b) Water: The Company has been able to reduce the per car water consumption at
its Gurgaon and Manesar facilities over the years.
MANAGEMENT REVIEW
(IXHQWWUHDWPHQWSODQWDW*XUJDRQ
100%
350
300
72.6%
250
200
50
0
58.7%
100
80
60
40
32.8%
271
100
55.7%
234
150
45.2%
49.6%
60.0%
66.2%
216
120
400
211
(%)
165
147
i.
113
70 - 71
Optimisation of material is
central to the component
design and development right
at the product design stage.
82
FY 06
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
20
0
Dec-14
(Target)
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2012-13
1,967,786 m3
23,207 m3
1,800 m3
1,992,793 m3
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YDULHGH[SHUWLVH$EUHDNXSRIWKHZRUNIRUFHDVRQst March, 2013 is outlined below.
Manpower Category
2012-13
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Assistant supervisor & above
4,648
Associates/technicians
3,029
Trainees
1,744
9,421
Apprentices
Contractual manpower/temporary workers
TOTAL MANPOWER
936
8,554
18,911
2012-13
9,091
330
9,421
FINANCIAL STATEMENTS
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standards and is used for horticulture by the Company.
STATUTORY REPORTS
MANAGEMENT REVIEW
Waste Management:
The Company has strong procedures
for waste handling and management.
The hazardous wastes produced as
by-products of manufacturing include
paint sludge, phosphate sludge,
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incinerator ash and used oil. The
Company has been sending paint
sludge, phosphate sludge and ETP
sludge to the cement industry for coprocessing since 2010-11. This has
reduced the need for incineration and
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CORPORATE OVERVIEW
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6. What percentage of your permanent employees is members of this recognised employee association?
The unions represent 100 per cent of the workers.
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S.No. Category
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1.
Nil
Nil
2.
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Nil
Nil
3.
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Nil
Nil
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
72 - 73
Permanent Employees
Permanent Women Employees
Casual/Temporary/Contractual Employees
Employees with Disabilities
The Company values people and understands their needs for personal and career growth, and organises learning and development
programmes across all functional roles. The Company conducts various programmes to train people in line with the business
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Category - wise training achievement
Category
Man-days
Examples of training
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7.27
Supervisors
4.30
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management, empowerment and innovative thinking.
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ways to focus on safety, collection of defect and rejection
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focuses on the importance of positive attitude and team
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Associates
2.60
Overall
5.15
Employees and
their families
a. Socio-economically disadvantaged
members of society
b. Schedule Caste/ Schedule Tribes
c.
Local community
and society
Environment
and regulatory
authorities
Shareholders
and investors
Customers and
their families
1. Infrastructure improvements
such as repair and maintenance
of building
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horticulture and landscaping
3. Provision of machines and tools
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factory visits and interaction
with industry personnel
5. Addition of modules to augment
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visits for students
In 2012-13, the total number of
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Companys interventions in ITIs, were
8233. Across the 21 ITIs, there are
about 1000 women and about 1600
SC/ST students.
The Company also entered
into
tripartite MoU with ITIs, along with
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the automobile trade. The Company
has 80 technical tie ups with ITIs for
automobile trade upgradation as on
31st March, 2013. Through this initiative,
895 students from these institutes
were absorbed into the Companys
service network. Cumulatively, over
2100 students have been absorbed in
the service network so far.
b. Schedule Caste/ Schedule Tribes
The Company partnered with
the Government to actively take
steps to develop driving training
as a vocation. An MoU was signed
FINANCIAL STATEMENTS
Dealers, suppliers
& other business
partners
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
74 - 75
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its value chain during the year and also
continued its focus on localisation and
2nd source development.
100
29872.8
80
60
40
117340.7
300
250
200
150
100
50
20
0
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY13
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The per car electricity consumption at Gurgaon and Manesar plants has been
reducing due to various innovations and technical improvements.
Electricity consumption per car, indexed to base year 2000-01, Gurgaon
(%)
100
87
80
82
72
73
71
69
70
FY 04
FY 05
FY 06
FY 07
FY 08
80
350
67631.4
120
92957.4
140
FY 01
FY 02
FY 03
FY 09
FY 10
68
70
73
FY 11
FY 12
FY13
FINANCIAL STATEMENTS
160
400
STATUTORY REPORTS
180
MANAGEMENT REVIEW
157231.8
a. Clean Technology
tonne/year
143756.6
13408.9
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CNG vehicles has helped in reducing CO2 emissions.
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CORPORATE OVERVIEW
(%)
100
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80
72
62
62
64
FY 08
FY 09
FY 10
FY 11
FY 12
FY13
The International
Automation (ISA)
Council
Society
of
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76 - 77
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CORPORATE OVERVIEW
MANAGEMENT REVIEW
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STATUTORY REPORTS
78 - 79
STATUTORY REPORTS
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against the Company regarding unfair
trade practices, irresponsible advertising
and/or anti-competitive behaviour during
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thereof, in about 50 words or so.
MANAGEMENT REVIEW
CORPORATE OVERVIEW
879
849
FY 11
MSIL
824
FY 12
834
FINANCIAL STATEMENTS
812
FY 13
Industry
OPINION
80 - 81
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for the year ended on that date.
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2.
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As at
31.03.2013
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31.03.2012
18,720
3,720
1,510
1,445
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288,910,060
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848
169,788,440
848
156,618,440
783
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9,153
4,241
4,241
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14,217
15,852
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153,043
130,777
184,279
150,429
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31.03.2013
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31.03.2012
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1,187
1,844
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1,083
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4,870
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3,023
1,066
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4,087
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31.03.2012
1,036
966
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31.03.2012
42
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2011-2012
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2012-2013
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31.03.2012
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9.
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8,463
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31.03.2013
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31.03.2012
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41,674
33,499
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31.03.2013
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6,482
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31.03.2013
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31.03.2012
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31,466
353
31,113
25,397
25,397
(7,435)
(276)
194,112
77
77
194,035
(180)
(7,159)
(10)
(142)
(1)
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31.03.2013
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$GMXVWPHQWV
71,576
71,576
13,361
89
13,272
142
(4,301)
11,011
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(4,231)
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98,318
182
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95,717
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31.03.2013
73,108
73,108
1,842
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31.03.2012
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2,663
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31.03.2013
2,099
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31.03.2012
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144,684
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144,684
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31.03.2012
7,101
19,422
9,419
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111
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220
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4,171
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17,114
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18,485
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31.03.2013
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31.03.2013
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31.03.2012
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27
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8,946
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31.03.2013
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31.03.2012
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31.03.2013
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19. INVENTORIES
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31.03.2013
As at
31.03.2012
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18,407
17,965
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14,237
9,376
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31.03.2013
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&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO
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May 08 to Aug 12
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1
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377
2
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6HUYLFH7D[
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Apr 10 to Mar 11
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Notes
Amount (` in
PLOOLRQ
$SUWR'HF
&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO
18th$SUWR0DU
&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO
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6HUYLFH7D[
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TOTAL
2,782
14
&XVWRPVGXW\
22
22
,QWHUHVW
TOTAL
GRAND TOTAL
27
22
27,335
7,182
FINANCIAL STATEMENTS
1
1
STATUTORY REPORTS
6HUYLFH7D[
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SI.No
Name of Company
Country of
Incorporation
% Ownership Interest
As at 31.03.2013 As at 31.03.2012
India
0DUN([KDXVW6\VWHPV/LPLWHG
India
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India
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India
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India
India
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India
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India
2012-2013
2011-2012
138 -
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DETAIL OF ASSETS
Non-current Assets
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214
17
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(20)
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2012-2013
DETAIL OF EXPENDITURE
242
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0HPEHUVKLS1XPEHU
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31.03.2013
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31.03.2013
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31.03.2013
31.03.2013
7KHQDQFLDO\HDURIWKHVXEVLGLDU\FRPSDQ\HQGHGRQ
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Maruti
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Limited
Maruti
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Services
Limited
140 - 141
(Amount in `)
3DUWLFXODUV
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Services Ltd.
Maruti
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12,800,000
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(100,000)
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Turnover Income
CORPORATE OVERVIEW
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Maruti
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Business
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Limited
STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDO
statements (the Consolidated Financial Statements)
of Maruti Suzuki India Limited (the Company) and its
subsidiaries, its jointly controlled entities and associate
companies; hereinafter referred to as the Group (refer
1RWH>@WRWKHDWWDFKHGFRQVROLGDWHGQDQFLDOVWDWHPHQWV
which comprise the consolidated Balance Sheet as at 31st
0DUFKDQGWKHFRQVROLGDWHG6WDWHPHQWRI3URWDQG
Loss and the consolidated Cash Flow Statement for the
\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJ
policies and other explanatory information which we have
signed under reference to this report.
:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVRILVXEVLGLDULHV
and 8 jointly controlled entities included in the consolidated
QDQFLDO VWDWHPHQWV ZKLFK FRQVWLWXWH WRWDO DVVHWV RI ` 5,462
million and net assets of ` 2,125 million as at 31st March 2013,
total revenue of `PLOOLRQQHWSURWRI` 557 million and
QHW FDVK RZV DPRXQWLQJ WR ` 125 million for the year then
ended; and (ii) 12 associate companies which constitute net
SURWRI`PLOOLRQIRUWKH\HDUWKHQHQGHG7KHVHQDQFLDO
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by other auditors whose reports have been furnished to us, and
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H[WHQWWKH\KDYHEHHQGHULYHGIURPVXFKQDQFLDOVWDWHPHQWV
is based solely on the report of such other auditors.
6.
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIFLHQW
and appropriate to provide a basis for our audit opinion.
142 - 143
2.
AUDITORS RESPONSIBILITY
3.
4.
OPINION
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referred to in paragraph 6 above, and to the best of our
information and according to the explanations given to us,
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statements give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a)
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/RVVRIWKHSURWIRUWKH\HDUHQGHGRQWKDWGDWHDQG
(c)
EMPHASIS OF MATTER
CORPORATE OVERVIEW
MANAGEMENT REVIEW
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13
Notes to
Accounts
As at
31.03.2012
2
3
MINORITY INTEREST
NON - CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
1,510
188,768
190,278
106
1,445
155,302
156,747
-
4
5
6
7
4,176
1,121
14,605
1,028
7,488
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
8
10
11
42,868
69,719
274,708
34,658
5,236
66,757
230,992
12
13
14
2,240
119,896
21,460
12,865
163,167
75,340
2,115
86,882
13,458
323
118,572
52,754
18,872
8,148
11,343
5,532
111,541
274,708
47,541
18,378
10,066
24,634
3,811
112,420
230,992
TOTAL
144 - 145
As at
31.03.2013
ASSETS
NON - CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Capital Work in Progress
Non-Current Investments
Long Term Loans and Advances
Other Non-Current Assets
15
16
17
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
18
20
21
22
23
TOTAL
7KHQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV7KLVLVWKH&RQVROLGDWHG%DODQFH6KHHWUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
KENICHI AYUKAWA
Managing Director & CEO
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
Executive Director (Legal)
& Company Secretary
Notes to
Accounts
310,147
271,046
27
(1,506)
28
30
31
11,202
(438)
420,644
30,701
616
11,625
42,177
(427)
347,889
21,453
4,183
(300)
24,486
(13)
219
24,692
81.74
16,338
474
16,812
58.19
25
Other Income
Total Revenue
EXPENSES
Cost of Material Consumed
[Share of Joint Ventures ` 4,604 million (Previous Year ` 3,802 million)]
Purchase of Stock-in-Trade
[Share of Joint Ventures ` 33 million (Previous Year ` 253 million)]
Change in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade
(PSOR\HHV%HQHW([SHQVHV
Finance Costs
Depreciation and Amortisation Expense
Other Expenses
Vehicles / Dies for Own Use
Total Expenses
3URWEHIRUH7D[
Less : Tax Expense - Current Tax
[Share of Joint Ventures ` 152 million (Previous Year `PLOOLRQ@
- MAT Credit Availed
- Deferred Tax
[Share of Joint Ventures ` 36 million (Previous Year ` (40) million)]
3URWIRUWKH<HDU
Minority Interest
6KDUHRI3URWLQUHVSHFWRI,QYHVWPHQWLQ$VVRFLDWHV
3URWIRUWKH<HDU
Basic / Diluted Earnings Per Share of `HDFKLQ5XSHHV5HIHU1RWH
26
7KHQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV7KLVLVWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVUHIHUUHGWRLQRXUUHSRUWRI
even date.
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
KENICHI AYUKAWA
Managing Director & CEO
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
Executive Director (Legal)
& Company Secretary
FINANCIAL STATEMENTS
8,443
369,342
STATUTORY REPORTS
55,811
10,885
443,044
8,301
451,345
24
MANAGEMENT REVIEW
CORPORATE OVERVIEW
A.
30,701
21,451
11,627
Finance Cost
616
Interest Income
(3,135)
(4,042)
Dividend Income
(426)
(727)
6KDUHRI3URWLQUHVSHFWRI,QYHVWPHQWLQ$VVRFLDWHV
474
(13)
146 - 147
2SHUDWLQJ3URWEHIRUH:RUNLQJ&DSLWDOFKDQJHV
332
157
(4,234)
(2,575)
(472)
1,425
556
45,272
26,445
6,431
7,738
252
1,375
(1,431)
5,414
(23)
(1,253)
3,431
(3,655)
(2,011)
(2,377)
132
46,121
29,820
(5,507)
(3,268)
40,614
26,552
(35,750)
438
70
B.
(3,658)
118,465
(15,000)
(22,600)
22,600
24,130
3,502
4,266
426
727
(32,265)
(31,808)
C.
(403)
1,688
(4,588)
(1,413)
Interest Paid
(2,083)
Dividend Paid
(2,167)
(2,167)
(351)
(9,786)
6,100
844
2,034
1,190
1,051
st
1,648
2,034
1,648
2,034
Cash & Cheques in Hand (Share of Joint Venture ` 1 million (previous year
` 3 million)
1,036
340
274
272
1,061
Notes :
The above Cash Flow Statement has been prepared under the indirect method as set out in Accounting Standard -3 on Cash Flow
6WDWHPHQWQRWLHGXQGHU6HFWLRQ&RIWKH&RPSDQLHV$FW
Cash and Cash Equivalents include ` 6 million (Previous Year ` 5 million) in respect of unclaimed dividend, the balance of which is
not available to the Company.
)LJXUHVLQEUDFNHWVUHSUHVHQWVFDVKRXWRZ
This is the Consolidated Cash Flow Statement referred to in our report of even date.
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
KENICHI AYUKAWA
Managing Director & CEO
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
Executive Director (Legal)
& Company Secretary
FINANCIAL STATEMENTS
STATUTORY REPORTS
(1,437)
MANAGEMENT REVIEW
(351)
CORPORATE OVERVIEW
Notes
1.
Name of Company
148 -
2
3
4
5
6
7
8
10
11
12
13
14
15
16
17
18
20
21
22
23
24
25
26
27
28
Relationship
Country of
Incorporation
India
Percentage
of ownership
interest as on
31st March 2013
100.00
Percentage
of ownership
interest as on
31st March 2012
100.00
Subsidiary
Subsidiary
India
100.00
100.00
Subsidiary
Subsidiary
Subsidiary
Subsidary
Subsidary
Subsidary
Subsidary
Joint Venture
Joint Venture
Joint Venture
India
India
India
India
India
India
India
India
India
India
100.00
100.00
100.00
100.00
100.00
100.00
50.87
44.37
30.00
15.00
100.00
100.00
100.00
100.00
100.00
100.00
44.37
30.00
15.00
Joint Venture
Joint Venture
India
India
26.00
26.00
Joint Venture
India
15.00
15.00
Joint Venture
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
India
India
India
India
India
India
India
India
India
India
India
India
India
India
48.71
25.00
15.35
14.81
15.80
11.11
10.27
10.00
30.00
48.71
25.00
15.35
14.81
15.80
11.11
10.27
10.00
(*) During the current year the Company has acquired 152,500 shares of J. J. Impex (Delhi) Private Limited thereby increasing
LWVVKDUHKROGLQJIURPSHUFHQWWRSHUFHQW$FFRUGLQJO\--,PSH['HOKL3ULYDWH/LPLWHGKDVEHHQFODVVLHGDVD
subsidiary in the current year.
(#) Amalgamated with the Company (refer note 37)
Notes
,QWDQJLEOH$VVHWV
Lumpsum royalty is stated at cost incurred as per
the relevant licence agreements with the technical
know-how providers less accumulated amortisation.
1.5 BORROWING COSTS
Borrowing costs that are directly attributable to the
acquisition, construction or production of qualifying
assets are capitalised till the month in which each
asset is put to use as part of the cost of that asset.
1.6 DEPRECIATION/ AMORTISATION
D 7DQJLEOH[HGDVVHWVH[FHSWOHDVHKROGODQGDUH
depreciated on the straight line method on a
pro-rata basis from the month in which each
asset is put to use.
Depreciation has been provided at the rates
prescribed in Schedule XIV to the Companies
$FWH[FHSWIRUFHUWDLQ[HGDVVHWVZKHUH
based on the managements estimate of the
useful lives of the assets, higher depreciation
FINANCIAL STATEMENTS
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
Notes
8 11 Years
4 Years
3 Years
3 Years
5 13 Years
5 7 Years
Electronic Data
Processing Equipments
150 - 151
Depreciation rates
5 Years
3 5 Years
c)
d)
c)
c)
1.7 GOODWILL
Goodwill arising on consolidation is charged to
VWDWHPHQWRISURWDQGORVV
1.8 INVENTORIES
a)
Inventories are valued at lower of cost,
determined on the weighted average basis, and
net realisable value.
b)
Notes
LL
&XUUHQWWD[LVUHFRJQLVHGEDVHGRQDVVHVVDEOHSURW
computed in accordance with the Income Tax Act and
at the prevailing tax rate.
Deferred tax is recognised for all timing differences.
Deferred tax assets are carried forward to the extent
it is reasonably / virtually certain (as the case may
EH WKDW IXWXUH WD[DEOH SURW ZLOO EH DYDLODEOH
against which such deferred tax assets can be
realised. Such assets are reviewed at each balance
VKHHW GDWH DQG ZULWWHQ GRZQ WR UHHFW WKH DPRXQW
that is reasonably/ virtually certain (as the case may
be) to be realised.
Minimum Alternative Tax credit is recognised as an
asset only when and to the extent there is convincing
evidence that the Company will pay normal income
FINANCIAL STATEMENTS
3RVW(PSOR\PHQWDQG2WKHU/RQJ7HUP(PSOR\HH%HQHWV
L
7KH &RPSDQ\ KDV 'HQHG &RQWULEXWLRQ 3ODQV
IRU SRVW HPSOR\PHQW EHQHW QDPHO\ WKH
Superannuation Fund which is recognised by the
income tax authorities. This Fund is administered
through a Trust set up by the Company and the
Companys contribution thereto is charged to
VWDWHPHQWRISURWDQGORVVHYHU\\HDU7KH&RPSDQ\
also maintains an insurance policy to fund a postemployment medical assistance scheme, which is a
'HQHG&RQWULEXWLRQ3ODQDGPLQLVWHUHGE\7KH1HZ
India Insurance Company Limited. The Companys
contribution to State Plans namely Employees State
Insurance Fund and Employees Pension Scheme are
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year.
LPPHGLDWHO\
STATUTORY REPORTS
MANAGEMENT REVIEW
d)
CORPORATE OVERVIEW
Notes
152 - 153
Notes
2.
SHARE CAPITAL
As at
31.03.2012
18,720
3,720
1,510
1,445
1,510
1,445
Authorised Capital
3,744,000,000 equity shares of ` 5 each (Previous year 744,000,000 equity shares of ` 5
each)
,VVXHG6XEVFULEHGDQG3DLGXS
302,080,060 equity shares of ` HDFK 3UHYLRXV\HDU HTXLW\ VKDUHV RI ` 5
each) fully paid up
As at 31.03.2013
1XPEHUVRI
Shares
Amount
1XPEHUVRI
Shares
Amount
1,445
1,445
13,170,000
65
302,080,060
1,510
288,910,060
1,445
As at 31.03.2013
As at 31.03.2012
1XPEHUVRI
Shares
Amount
1XPEHUVRI
Shares
Amount
848
156,618,440
783
169,788,440
848
156,618,440
783
FINANCIAL STATEMENTS
STATUTORY REPORTS
As at 31.03.2012
MANAGEMENT REVIEW
5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHVRXWVWDQGLQJ
CORPORATE OVERVIEW
As at
31.03.2013
Notes
6KDUHVKHOGE\HDFKVKDUHKROGHUKROGLQJPRUHWKDQSHUFHQWRIWKHDJJUHJDWHVKDUHVLQWKH&RPSDQ\
1XPEHURI
Shares
1XPEHURI
Shares
56.21
54.21
156,618,440
8.45
154 - 155
As at
31.03.2013
As at
31.03.2012
9,153
32
31
4,246
4,246
General Reserve
Balance as at the beginning of the year
$GG7UDQVIHUUHGIURP6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
15,852
14,217
2,418
1,635
18,270
15,852
Hedge Reserve
Balance as at the beginning of the year
Less : Release / adjustments during the year
(441)
635
(402)
(441)
6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
Balance as at the beginning of the year
135,612
2,411
16,812
2,418
1,635
Proposed dividend
2,417
2,167
$GGLWLRQRQ$PDOJDPDWLRQQHWRIVKDUHRISURWRI
` 1,154 million accounted for till previous year, refer note 37)
$GG3URWIRUWKH\HDU
Less : Appropriations:
411
157,469
188,768
351
135,614
155,302
Notes
4.
5,429
1,620
1,698
7,049
1,698
Unsecured
Foreign currency loans from banks (acquired by erstwhile Suzuki Powertrain India Limited on amalgamation) includes:
-
loan amounting to ` 2,264 million (USD 41 million) taken from Japan Bank of International Cooperation (JBIC) at an
interest rate of LIBOR + 0.125, repayable in 6 half yearly instalments starting September 2014 (acquired pursuant to
a scheme of amalgamation). The repayment of loan is guaranteed by Suzuki Motor Corporation, Japan (the holding
company).
other long term foreign currency loans amounting to ` 1,656 million (USD 30 million) are taken from banks at average
interest rate of Libor + 1.375 and are repayable in July 2015.
MANAGEMENT REVIEW
2.
CORPORATE OVERVIEW
As at
31.03.2013
2.
Foreign Currency Loan amounting to ` 24 million taken from Ishizaki Honten Co. Ltd., Japan at an interest rate of LIBOR +
3.0.
3.
Foreign Currency Loan amounting to ` 370 million taken from Futaba Industrial co.,ltd, Japan at an interest rate of LIBOR
+ 0.25.
4.
5.
6.
FINANCIAL STATEMENTS
Foreign Currency Loan amounting to ` 34 million taken from The Bank of Tokyo Mitsubishi UFJ Ltd. at an interest rate of
LIBOR + 0.65.
STATUTORY REPORTS
1.
Notes
5.
Addition due
to merger
during the
year*
As at
31.03.2013
176
(45)
131
Contingent provisions
152
30
182
Others
17
(44)
470
825
17
(59)
783
(1)
826
17
(60)
783
'HSUHFLDWLRQRQ[HGDVVHWV
3,451
1,083
(1,007)
3,527
(227)
(486)
657
1,187
1,844
3,849
1,083
(47)
4,885
Total (A)
'HIHUUHG7D[/LDELOLWLHV
156 - 157
$OORZDQFHVXQGHU,QFRPH7D[$FW
46
28
74
Total (B)
3,895
1,083
(19)
4,959
1HW'HIHUUHG7D[/LDELOLW\%$
3,069
1,066
41
4,176
Previous Year
1,730
3,069
As at
31.03.2013
As at
31.03.2012
1,056
1,056
984
65
44
1,121
1,028
Notes
7.
42
35
3URYLVLRQVIRU(PSOR\HH%HQHWV
Provision for retirement allowance (Refer Note 28)
Other Provisions
Provision for litigation / disputes
1,216
Others
2,217
10
1,658
1,693
2,259
1,693
Others
2011-2012
2012-2013
2011-2012
2012-2013
2011-2012
1,331
10
16
111
102
544
581
28
210
992
909
1,665
1,331
10
&ODVVLHGDV/RQJ7HUP
1,216
10
&ODVVLHGDV6KRUW7HUP
TOTAL
992
909
1,665
1,331
10
E 3URYLVLRQIRUZDUUDQW\DQGSURGXFWUHFDOOUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIZDUUDQW\DQGUHFDOOFRVWIRUSURGXFWV
sold.
F 3URYLVLRQIRURWKHUVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVRURWKHUREOLJDWLRQVRQDFFRXQWRIH[FLVHGXW\
export obligation, etc.
G 'XHWRWKHQDWXUHRIWKHDERYHFRVWVLWLVQRWSRVVLEOHWRHVWLPDWHWKHWLPLQJXQFHUWDLQWLHVUHODWLQJWRWKHLURXWRZVDVZHOO
as the expected reimbursements from such estimates.
FINANCIAL STATEMENTS
D 3URYLVLRQIRUOLWLJDWLRQGLVSXWHVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVZLWKYDULRXVJRYHUQPHQWDXWKRULWLHV
STATUTORY REPORTS
2012-2013
MANAGEMENT REVIEW
2,259
Share in Joint Ventures
CORPORATE OVERVIEW
As at
31.03.2013
Notes
8.
As at
31.03.2012
Unsecured
From banks - cash credit
From banks - buyers credit and packing credit loans
Share in Joint Ventures
9.
80
10,703
8,463
10,783
176
141
8,639
10,924
As at
31.03.2013
As at
31.03.2012
TRADE PAYABLES
158 -
725
7,738
273
288
33,240
41,722
33,528
1,146
1,130
42,868
34,658
The Company pays its vendors within 30 days and no interest during the year has been paid or is payable under the terms of the
Micro, Small and Medium Enterprises Development Act, 2006.
10. OTHER CURRENT LIABILITIES
As at
31.03.2013
As at
31.03.2012
1,586
205
- Others
23
Unclaimed dividend *
126
228
43
4,057
5,245
Other payables
2,071
1,746
Book overdraft
1,365
1,620
2,435
Statutory dues
433
2,164
11,484
1,178
14,133
11,718
15,893
75
46
11,793
15,939
* Unclaimed dividend do not include any amount due to be credited to the Investor Education and Protection Fund under Section
&RIWKH&RPSDQLHV$FW
Notes
3URYLVLRQVIRUHPSOR\HHEHQHWV
(Refer Note 7 and 28)
Provision for retirement allowances
1,278
2
1,280
850
852
Other provisions
CORPORATE OVERVIEW
As at
31.03.2013
(Refer Note 7)
Provision for warranty & product recall
2,417
2,167
411
351
1,882
7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV
1,274
4,384
6,439
5,236
(20)
6,419
5,236
MANAGEMENT REVIEW
As at
31.03.2012
2,417
2,167
` 8.00
` 7.50
STATUTORY REPORTS
As at
31.03.2013
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13
184
254
25,703
27
13
31,113
353
353
31,466
-
147,874
147,874
118,878
2,108
1,045
25,703
30,554
8
3,118
133
3,416
12,314
1,886
11,476
1,443
Gross Block
Addition
Acquired
pursuant
to a scheme of
amalgamation*
105
1,106
82
As at
01.04.2012
(4)
(276)
(276)
(7,432)
(1,558)
8
(183)
(7,156)
(15)
(2,345)
(1)
(4,446)
(147)
Deductions/
Adjustments
77
77
197,611
147,874
3,165
803
197,534
1,138
2,000
1,607
As at
31.03.2013
723
72,534
62,617
180
72,534
22
1,164
Upto
01.04.2012
89
13,411
-
4
13,322
14
165
70
238
10
10
17,992
11,248
72
17,982
61
15
417
17,220
(4)
(70)
(70)
(4,303)
(1,331)
-
(46)
(4,233)
(5)
(1)
(132)
Depreciation / Amortisation
For the
Deductions/
Acquired pursuant
year
Adjustments
to a scheme of
amalgamation*
29
99,634
72,534
1,176
210
99,605
37
As at
31.03.2013
48
48
97,977
75,340
97,929
13,507
67,637
308
75,340
75,340
603
12,314
1,864
50,174
Net Block
As at
As at
31.03.2013 31.03.2012
574
574
-
2,683
2,683
648
20
As at
01.04.2012
20
658
658
2,035
-
Addition
Gross Block
(2)
(2)
(2)
Deductions/
Adjustments
20
3,913
2,683
18
As at
31.03.2013
(1) The Joint Ventures share is included in the above schedule under respective heads.
* Refer note 37
Particulars
Acquired
pursuant
to a scheme of
amalgamation*
568
568
4
Upto
01.04.2012
203
203
-
Acquired pursuant
to a scheme of
amalgamation*
904
377
3
For the
year
Depreciation / Amortisation
(2)
(2)
(2)
Deductions/
Adjustments
1,673
1,673
568
5
As at
31.03.2013
16
2,240
2,240
2,115
13
As at
31.03.2013
2,115
2,115
As at
31.03.2012
Net Block
Freehold land costing `PLOOLRQ3UHYLRXV\HDU` 5,268 million) is not yet registered in the name of the Company.
Plant and Machinery (gross block) includes pro-rata cost amounting to ` 374 million (Previous year ` 374 million) of a Gas Turbine jointly owned by the Company with its group
companies and other companies.
A part of freehold land of the Company at Gurgaon and Manesar has been made available to its group companies.
Adjustments to free hold land includes ` 2,354 million accrued in the previous year as price adjustment claimed by the authority which allotted the land in an earlier year reversed in
the current year [refer note 32 (vii)].
The Joint Ventures share is included in the above schedule under respective heads.
(5)
(3)
(4)
(1)
(2)
Particulars
160 - 161
Notes
Notes
As at
31.03.2012
7,101
1,403
2,318
19,422
9,419
257
19,679
9,427
CORPORATE OVERVIEW
As at
31.03.2013
Trade Investments
Investment in Associates, equity instruments
[Includes ` 28 million of capital reserves on accquisition
of certain Associates (Previous year ` 28 million)]
MANAGEMENT REVIEW
As at
31.03.2013
50
50
18,587
Less: Provision for diminution other than temporary in value of
investments in preference shares
Share in Joint Ventures
18,537
50
21,246
17,892
214
17
21,460
17,909
50
50
FINANCIAL STATEMENTS
50
STATUTORY REPORTS
18,537
Notes
As at
31.03.2012
Capital Advances
Unsecured - considered good
- considered doubtful
Less: Provision for doubtful capital advances
4,644
76
13
5,013
4,657
76
13
4,644
Security Deposits
Unsecured - considered good
120
108
1,800
6,481
162 - 163
125
125
125
-
125
10
12
240
373
63
73
313
458
63
250
73
385
12,804
13,418
61
40
12,865
13,458
Notes
17.
6
-
1
1
Less Provision for doubtful interest
11
8,500
Claims
Unsecured - considered good
- considered doubtful
Less Provision for doubtful claims
Others
246
27
27
412
273
27
385
27
246
8,946
263
60
8,946
323
As at
31.03.2012
52,686
47,541
52,686
47,541
68
52,754
47,541
FINANCIAL STATEMENTS
As at
31.03.2013
STATUTORY REPORTS
385
MANAGEMENT REVIEW
CORPORATE OVERVIEW
As at
31.03.2013
Notes
19. INVENTORIES
As at
31.03.2013
As at
31.03.2012
Work in Progress
1,127
4,807
5,334
321
173
5,128
5,507
Traded Goods
Vehicle
Vehicle spares and components
1,374
164 - 165
Tools
Share in Joint Ventures
1,486
546
275
437
18,436
17,955
436
423
18,872
18,378
3,247
4,165
26
43
34
18
8QVHFXUHGFRQVLGHUHGGRXEWIXO
Outstanding for a period exceeding six months from the date they
are due for payment
36
36
35
-
35
14,293
9,390
599
676
14,892
10,066
Notes
10
1,025
254
84
1,000
1,780
CORPORATE OVERVIEW
As at
31.03.2013
5,600
3,500
17,000
6,506
22,605
7,795
Share in Joint Ventures
24,385
249
24,634
1,073
867
6,770
5,044
4
3,320
5
3,324
1,878
1,883
11,167
7,794
176
196
11,343
7,990
FINANCIAL STATEMENTS
STATUTORY REPORTS
353
8,148
MANAGEMENT REVIEW
Notes
As at
31.03.2012
6
6
530
536
Claims
Unsecured
788
3,710
2,431
5,403
3,764
2WKHUUHFHLYDEOHVWHHOFRLOV
Unsecured
Others
Unsecured
166 - 167
129
47
5,532
3,811
For the
year ended
31.03.2012
362,111
24,030
481,495
386,141
6,475
5,428
487,970
391,569
1,720
Sale of scrap
1,810
2,018
Others
2,124
2,126
10,126
8,814
Vehicles
Spare parts / dies and moulds / components
Share in Joint Ventures
759
113
10,885
8,927
Notes
Fixed deposits
b)
Corporate bonds
c)
d)
Advances to vendors
e)
f)
Others
2,220
2,330
528
665
211
141
13
426
647
4,042
b)
Others
82
344
80
727
Long term
4,220
b) Short term
14
27.
2,575
472
8,267
8,436
34
8,301
8,443
457
1,127
(335)
(136)
5,631
4,220
51
4,812
5,631
870
/HVV([FLVHGXW\RQLQFUHDVHGHFUHDVHRIQLVKHGJRRGV
(1,411)
861
(1,122)
1,362
1,135
56
(277)
249
1,362
(227)
(1,485)
(57)
(21)
192
(1,506)
FINANCIAL STATEMENTS
STATUTORY REPORTS
2,567
4,234
MANAGEMENT REVIEW
3,135
CORPORATE OVERVIEW
Notes
For the
year ended
31.03.2012
7,085
683
853
500
10,879
8,438
323
341
11,202
8,779
6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWV
[Net of staff cost recovered ` 38 million (Previous year ` 120 million)]
7KH&RPSDQ\KDVFDOFXODWHGWKHYDULRXVEHQHWVSURYLGHGWRHPSOR\HHVDVXQGHU
168 -
$
'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV
'HQHG&RQWULEXWLRQ3ODQV
a)
Superannuation Fund
b)
31.03.2013
31.03.2012
51
44
27
21
State Plans
a)
E
(PSOR\HUVFRQWULEXWLRQWR(PSOR\HHV3HQVLRQ6FKHPH
'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV
'HQHG%HQHW3ODQVDQG2WKHU/RQJ7HUP%HQHWV
a)
b)
c)
Retirement Allowance
d)
Provident Fund
31.03.2013
31.03.2012
13
80
Notes
In accordance with Accounting Standard 15 (revised 2005), an actuarial valuation was carried out in respect of the aforesaid
GHQHGEHQHWSODQVDQGRWKHUORQJWHUPEHQHWVEDVHGRQWKHIROORZLQJDVVXPSWLRQV
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
Not
Applicable
6.00%
6.00%
0.00%
8.55%
Not
Applicable
22
Not
Applicable
22
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
8.00%
8.00%
8.25%
Not
Applicable
6.00%
6.00%
Not
Applicable
8.60%
Not
Applicable
21
8.00%
Not
Applicable
21
8.50%
21
21
25
22
(VWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQDQGRWKHU
relevant factors such as supply and demand in the employment market.
MANAGEMENT REVIEW
31.03.2012
Leave
Encashment/
Compensated
$EVHQFH
8.00%
CORPORATE OVERVIEW
31.03.2013
Provident
Fund
Present value of
obligation as at
beginning of the
year
Leave
Encashment/
Compensated
$EVHQFH
855
31.03.2012
Employees
Gratuity
Fund
Retirement
Allowance
860
37
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH
757
Employees
Gratuity
Fund
Retirement
Allowance
836
37
Add: Acquisition
on amalgamation
(Refer Note 37)
Interest cost
20
23
454
56
57
74
801
84
615
57
53
173
57
101
142
28
(411)
423
164
(2)
10
125
(75)
(3)
1,282
1,148
44
855
860
37
Current service
cost
%HQHWVSDLG
Actuarial
(gain) / loss on
obligations
Present value of
obligation as at
the year end
FINANCIAL STATEMENTS
Add: JJ Impex
Limited
consolidated as
subsidiary
STATUTORY REPORTS
31.03.2013
Provident
Fund
Notes
Employees
Gratuity
Fund
Provident
Fund
Employees
Gratuity
Fund
5,480
4,670
838
456
75
75
Contribution
120
615
30
%HQHWVSDLG
57
101
28
(27)
(86)
(103)
6,508
1,150
5,480
31.03.2012
Provident
Fund
5HFRQFLOLDWLRQRISUHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQDQGIDLUYDOXHRIDVVHWV
170 - 171
31.03.2013
31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
Present value of
obligation as at
the year end
1,282
1,148
44
855
860
37
6,508
1,126
5,480
6XUSOXV'HFLW
(1,282)
(22)
(44)
21
(855)
60
(37)
Unfunded net
asset/ (liability)
recognised in
balance sheet.
(1,282)
(44)
(855)
(37)
&ODVVLHGDV/RQJ
Term
42
35
&ODVVLHGDV6KRUW
Term
1,282
855
Total
1,282
44
855
37
Notes
31.03.2011
31.03.2010
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
753
827
37
734
827
734
6XUSOXVGHFLW
(753)
(37)
(753)
(37)
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
550
621
27
621
31.03.2009
(550)
(27)
(550)
(27)
STATUTORY REPORTS
Retirement
Allowance
MANAGEMENT REVIEW
Employees
Gratuity
Fund
CORPORATE OVERVIEW
Leave
Encashment/
Compensated
$EVHQFH
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13
Notes
([SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURW ORVV
31.03.2013
31.03.2012
Provident
Fund*
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund*
Retirement
Allowance**
Provident
Fund*
Leave
Encashment/
Compensated
$EVHQFH
801
84
615
57
454
56
(456)
(75)
Current service
cost
Interest cost
Expected return
on plan assets
172 - 173
Employees Retirement
Gratuity Allowance**
Fund*
53
57
74
(75)
Settlement cost
Net actuarial
(gain)/ loss
recognised
during the year
(438)
423
78
(2)
113
125
(81)
(3)
361
156
725
240
Total expense
recognised in
statement of
SURW ORVV
31.03.2013
6,222
Provident Fund
% 31.03.2012
% 31.03.2013
Gratuity
% 31.03.2012
35%
324
%
36%
286
4%
284
5%
756
65%
583
64%
6,508
100%
5,480
100%
1,150
100%
907
100%
The return on the investment is the nominal yield available on the format of investment as applicable to Approved Gratuity
)XQGXQGHU5XOHRI,QFRPH7D[$FW
Expected contribution on account of Gratuity and Provident Fund for the year ending 31st March 2014 can not be ascertained at
this stage.
The contribution towards provident fund for employees of erstwhile Suzuki Powertrain India Limited (SPIL) have been
GHSRVLWHGZLWKWKHRIFHRI5HJLRQDO3URYLGHQW)XQG&RPPLVVLRQHU53)&WLOOth March 2013 i.e. upto the effective date of
DPDOJDPDWLRQ5HIHU1RWH7KH&RPSDQ\DQGWKHHPSOR\HHVRI63,/DUHLQWKHSURFHVVRIOLQJDSSOLFDWLRQVZLWKWKH53)&
for transfer of accumulated provident fund contribution till 17th March 2013 to the provident fund trust of the Company. The
employees of SPIL have become member of Maruti Provident Fund Trust with effect from 17th March 2013 and their provident
fund contribution post that date has been deposited with the above mentioned trust. Accordingly the present value of the
obligstion of the employees share of SPIL has been computed from 17th March 2013.
Notes
Interest on :
- Foreign currency loans from banks
- Buyers' credit and export credit
- Deposits from dealers, contractors and others
2WKHUERUURZLQJFRVWV
323
658
11
1,900
78
1,978
547
5
552
64
616
18,897
11,248
377
11,625
1,864
201
156
280
137
24,540
2,568
3,537
544
5,513
332
63
7,287
57,895
602
58,497
532
163
210
827
18,031
1,548
1,810
2,781
581
4,631
157
21
41,662
515
42,177
FINANCIAL STATEMENTS
Consumption of stores
Power and fuel [Net of amount recovered ` 1,101 million
(Previous year ` 1,716 million)]
Rent (Refer Note 41)
Repairs and maintenance :
- Plant and machinery
- Building
- Others
Insurance
Rates, taxes and fees
Royalty
Tools / machinery spares charged off
Exchange variation loss
Advertisement
Sales promotion
Warranty and product recall
Transportation and distribution expenses
1HWORVVRQVDOHGLVFDUGLQJRI[HGDVVHWV
Provision for doubtful advances
Provision for doubtful debts
Other miscellaneous expenses
STATUTORY REPORTS
MANAGEMENT REVIEW
CORPORATE OVERVIEW
Notes
&ODLPVDJDLQVWWKH&RPSDQ\GLVSXWHGDQGQRWDFNQRZOHGJHGDVGHEWV
Particulars
(i)
Excise Duty
Cases decided in the Companys favour by Appellate authorities and for which
WKHGHSDUWPHQWKDVOHGIXUWKHUDSSHDODQGVKRZFDXVHQRWLFHVRUGHUVRQWKH
same issues for other periods
2,717
(b)
Cases pending before Appellate authorities in respect of which the Company has
OHGDSSHDOVDQGVKRZFDXVHQRWLFHVIRURWKHUSHULRGV
10,484
2,167
8,581
12,675
34
34
22,089
17,593
361
3,767
3,701
2,857
1,358
5
7,987
3
1420
5
5,435
3
6,230
12,058
6
17,982
6,772
6
15,935
6,137
118
22
22
50
50
(c)
(d)
174 - 175
(iii)
(iv)
(v)
As at
31.03.2012
(a)
TOTAL
(ii)
As at
31.03.2013
Service Tax
(a) Cases decided in the Companys favour by Appellate authorities and for which
WKHGHSDUWPHQWKDVOHGIXUWKHUDSSHDODQGVKRZFDXVHQRWLFHVRUGHUVRQWKH
same issues for other periods
(b) Cases pending before Appellate authorities in respect of which the Company has
OHGDSSHDOVDQGVKRZFDXVHQRWLFHVIRURWKHUSHULRGV
(c) Show cause notices on issues yet to be adjudicated
(d) Share in Subsidiaries and JVs
TOTAL
Amount deposited under protest
Income Tax
(a) Cases decided in the Companys favor by Appellate authorities and for which the
GHSDUWPHQWKDVOHGIXUWKHUDSSHDOV
(b) Cases pending before Appellate authorities / Dispute Resolution Panel in respect
RIZKLFKWKH&RPSDQ\KDVOHGDSSHDOV
(c) Share in Subsidiaries and JVs
TOTAL
Amount deposited under protest (Including share of Joint Venture Current Year
` 2 million; Previous Year ` 2 million)
Customs Duty
Cases pending before Appellate authorities in respect of which the Company has
OHGDSSHDOV
Amount deposited under protest
Sales Tax
Cases pending before Appellate authorities in respect of which the Company has
OHGDSSHDOV
Amount deposited under protest
Notes
(vi)
34.
35.
36.
b)
c)
d)
e)
f)
FINANCIAL STATEMENTS
STATUTORY REPORTS
$V WKH DPRXQWV LI DQ\ RI QDO SULFH DGMXVWPHQWV LV
not determinable at this stage, the amount of ` 2,354
million provided in the previous year based on an earlier
demand of HSIIDC has been reversed and the Company
considers that no provision is required to be made at
present. Any additional compensation, if payable, will
have the effect of enhancing the asset value of the
freehold land.
33.
MANAGEMENT REVIEW
CORPORATE OVERVIEW
b)
Notes
37.
ii)
LLL 7KHEDODQFHRI6XUSOXVRI6WDWHPHQWRI3URWDQG/RVV
of SPIL amounting to ` 3,565 million (net of adjustments
on account of policy differences of ` 275 million ) as
at 1st April 2012 have been included in the balance of
6XUSOXVRI6WDWHPHQWRI3URWDQG/RVVRIWKH&RPSDQ\
LY HTXLW\ VKDUHV RI ` 10 each fully paid in
SPIL held as investment by the Company have been
cancelled and extinguished.
v)
vi)
176 - 177
Notes
vii)
The amounts relating to SPIL as at 1st $SULO LQFOXGHG LQ WKH WHUPV RI WKH VFKHPH LQ WKH QDQFLDO VWDWHPHQWV RI WKH
Company are as below:
21,425
1,051
Total
31,556
CORPORATE OVERVIEW
Net Amount
Assets
/LDELOLWLHV
5,337
1,108
8,376
Total
14,821
16,735
7UDQVIHURIEDODQFHVRI$PDOJDPDWHG&RPSDQ\
Reserves & Surplus (b)
3,565
MANAGEMENT REVIEW
Less:
Shares issued in the ratio of 1:70 to the shareholders of erstwhile Suzuki Powertrain India Limited, pursuant
to the scheme on amalgamation (d)
&UHGLWHGWR5HVHUYHRQ$PDOJDPDWLRQDEFG
38. D
66
9,153
7KH 3URW DIWHU WD[ RI 6.+ 0HWDOV /LPLWHG 'HQVR ,QGLD /LPLWHG 0DFKLQR 3ODVWLFV /LPLWHG 6RQD .R\R 6WHHULQJ 6\VWHPV
/LPLWHG $VDKL,QGLD*ODVV/LPLWHGKDVEHHQDQQXDOLVHGEDVHGRQXQDXGLWHGQDQFLDOVWDWHPHQWVRIQLQHPRQWKVHQGHGVW
December 2012. It is unlikely that the audited results would be materially different from annualised results.
FINANCIAL STATEMENTS
E 7KH 3URW DIWHU WD[ RI &OLPDWH 6\VWHPV ,QGLD /LPLWHG -D\ %KDUDW 0DUXWL /LPLWHG .ULVKQD 0DUXWL /LPLWHG 0DQHVDU 6WHHO
Processing (India) Private Limited, Bellsonica Auto Component India Private Limited, Magneti Marelli Powertrain India Limited,
.ULVKQD,VKL]DNL$XWR/LPLWHGDQG%KDUDW6HDWV/LPLWHGKDVEHHQWDNHQRQWKHEDVLVRIXQDXGLWHGQDQFLDOVWDWHPHQWVIRU
QDQFLDO \HDU HQGHG st March 2013. It is unlikely that the audited results would be materially different from unaudited
results.
STATUTORY REPORTS
Notes
39.
The Group has considered business segment as the primary segment .The Group is primarily in the business of manufacture,
purchase and sale of motor vehicles, automobile components and spare parts (automobiles). The other activities of the Company
FRPSULVH IDFLOLWDWLRQ RI SUHRZQHG FDU VDOHV HHW PDQDJHPHQW DQG FDU QDQFLQJ 7KH LQFRPH IURP WKHVH DFWLYLWLHV ZKLFK DUH
LQFLGHQWDOWRWKH&RPSDQ\VEXVLQHVVLVQRWPDWHULDOLQQDQFLDOWHUPVEXWVXFKDFWLYLWLHVFRQWULEXWHVLJQLFDQWO\LQJHQHUDWLQJWKH
demand for the products of the Company. Accordingly, the Group has considered Business Segment as the primary segment and
thus no business segment information is required to be disclosed.
The Geographical Segments have been considered for disclosure as the secondary segment, under which the domestic segment
includes sales to customers located in India and the overseas segment includes sales to customers located outside India.
Financial information of geographical segments is as follows
2012-2013
178 -
Particulars
2011-2012
Domestic
Overseas
Unallocated
Total
Domestic
Overseas
Unallocated
450,230
507,156
361,286
40,302
7,351
Segment assets
244,465
8,777
21,466
274,708
203,701
7,577
32,244
Total
32,244
Notes:a)
b)
Overseas segment includes sales and services rendered to customers located outside India.
F
8QDOORFDWHGUHYHQXHLQFOXGHVLQWHUHVWLQFRPHGLYLGHQGLQFRPHDQGSURWRQVDOHRILQYHVWPHQWV
d)
Unallocated assets include other deposits, dividend bank account and investments.
H
6HJPHQWDVVHWVLQFOXGHV[HGDVVHWVLQYHQWRULHVVXQGU\GHEWRUVFDVKDQGEDQNEDODQFHVH[FHSWGLYLGHQGEDQNDFFRXQW
other current assets, loans and advances (except other deposits).
I
1HW3URWDIWHUWD[DWWULEXWDEOHWRVKDUHKROGHUVLQPLOOLRQ`)
Weighted average number of equity shares outstanding
during the year (Nos)
Nominal value per share (In `)
Basic/diluted earning per share (In `)
2012-2013
2011-2012
16,812
302,080,060
5.00
5.00
81.74
Notes
41. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31ST MARCH 2013 IN RESPECT OF ASSETS TAKEN ON
NON - CANCELLABLE OPERATING LEASES ARE AS FOLLOWS : As a lessee
Due
31.03.2013
31.03.2012
Premises
Within one year
Cars
Total
Premises
54
222
227
212
/DWHUWKDQYH\HDUV
682
682
741
60
57
The Company has taken certain premises on cancellable operating lease. The rent expense amounting to ` 118 million
(Previous year ` PLOOLRQKDVEHHQFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVV
MANAGEMENT REVIEW
50
/DWHUWKDQRQH\HDUEXWOHVVWKDQYH\HDUV
CORPORATE OVERVIEW
a)
E $VDOHVVRU
Forward contracts to buy JPY 45,200 million (Previous year JPY 48,477 million) against USD amounting to ` 26,053
million (Previous year `PLOOLRQ
E )RUZDUG&RQWUDFWV5DQJH)RUZDUGFRQWUDFWDJDLQVW([SRUWV
-
Forward contracts to sell USD 150 million (Previous year USD 25 million against INR amounting to ` 8,144 million
(Previous year ` 1,272 million).
Forward contracts to sell EURO NIL (Previous year EURO 28 million) against INR amounting to NIL (Previous year `
million)
Range Forward Contracts to sell USD NIL (Previous year USD 30 million) against INR amounting NIL (Previous year
` 1,526 million)
The above contracts have been undertaken to hedge against the foreign exchange exposures arising from export
of goods.
FINANCIAL STATEMENTS
The above contracts have been undertaken to hedge against the foreign exchange exposures arising from transactions like
royalty and import of goods.
STATUTORY REPORTS
The Company has given certain plant and machineries on cancellable operating lease. The rental income arising of the same
amounting to `PLOOLRQKDVEHHQFUHGLWHGWRVWDWHPHQWRISURWDQGORVV
Notes
(c)
(d)
7KHIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DGHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUHDVIROORZV
(In million)
As at 31.03.2013
180 - 181
YEN
Receivables
Payables
INR
Equivalent
USD
INR
Equivalent
EURO
177
101
54
4,105
17
18
INR
Equivalent
GBP
INR
Equivalent
257
1,270
0.6
As at 31.03.2012
Receivables
Payables
(In million)
YEN
INR
Equivalent
USD
INR
Equivalent
EURO
INR
Equivalent
32
20
182
10
715
22
1,118
133
Note: The above details include the derivative instruments and foreign currency exposure unhedged, as acquired pursuant to
scheme of amalgamation (refer note 37)
342
247
589
762
620
1,875
2,063
2,063
856
441
1,297
606
606
Associates
144
144
Joint
Ventures
236
236
12,698
1,063
1,088
2,151
29
Key
Management
Personnel
85
85
301
301
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
Total
686
1,249
4,853
4,853
636
636
15,602
563
-
303
2,183
2,486
Associates
10
997
104
104
Joint
Ventures
515
1,207
27
27
9,740
23
23
22
22
45
45
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
1,233
3,475
5,516
15,256
563
303
2,355
2,658
Total
Key
Management
Personnel
Suzuki Motor Poland Sp. Z.o.o. (Former Suzuki Motor Poland Limited)
Suzuki GB PLC
)HOORZ6XEVLGLDULHV2QO\ZLWKZKRPWKH&RPSDQ\KDGWUDQVDFWLRQV
during the current year)
1,063
2,107
5,408
762
620
856
342
721
1,063
FINANCIAL STATEMENTS
STATUTORY REPORTS
6XEVLGLDULHV
Associates
Mr Keiichi Asai
Mr Tsuneo Ohashi
Mr Shinzo Nakanishi
Joint Ventures
Holding Company
MANAGEMENT REVIEW
CORPORATE OVERVIEW
Notes
TOTAL
206
TOTAL
39
269
TOTAL
Others
TOTAL
Others
Other Income
3,412
3,412
TOTAL
Suzuki GB PLC
Others
Sale of Goods
206
Others
TOTAL
3XUFKDVHVRI7DQJLEOHDQG,QWDQJLEOH
Fixed Assets
Others
Others
Joint
Ventures
760
17
147
232
164
200
363
165
56
43
50
5,373
5,373
156
156
Associates
87
87
58
58
1,734
1,734
954
15
15
23,203
6,256
3,150
4,625
10
10
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
Key
Management
Personnel
1,131
388
147
232
164
200
403
205
56
43
50
32,046
3,150
4,625
2,106
372
1,734
954
Total
182 - 183
188
188
32
32
1,906
89
Joint
Ventures
1,622
1,122
28
165
216
977
772
28
46
88
44
3,010
3,010
260
260
Associates
480
480
82
82
3,676
3,676
1,586
1,586
1,963
12,320
4,744
1,826
1,762
75
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
Key
Management
Personnel
2,299
1,800
28
165
216
1,009
804
28
46
88
44
17,318
1,826
1,762
75
6,070
354
3,676
1,586
1,586
1,963
Total
Notes
TOTAL
TOTAL
TOTAL
TOTAL
763
763
557
557
24,538
24,538
1,358
1,358
22,656
22,656
97
20
22
22
31
Key
Management
Personnel
97
20
22
22
31
1,131
154
559
557
24,538
24,538
1,358
1,358
88,134
47,030
8,775
22,656
Total
8,919
Joint
Ventures
88,631
71,707
8,268
8,656
Associates
1,090
18,031
18,031
1,175
1,175
21,149
199
134
65
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
MANAGEMENT REVIEW
STATUTORY REPORTS
FINANCIAL STATEMENTS
CORPORATE OVERVIEW
85
20
27
200
135
65
1,090
18,031
18,031
1,175
1,175
1,18,701
80,628
8,268
8,656
Total
The transactions entered into with the joint ventures companies have been disclosed above. The above disclosure does not include the disclosure of the amounts recorded on proportionate
85
20
27
Key
Management
Personnel
**J. J. Impex (Delhi) Private Limited was an joint venture of the Company in the previous year and has become a subsidiary of the Company with effect from 1st April, 2012
363
154
187
187
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
* Amalgamated with the Company with effect from 1st April, 2012 ( Refer Note 37)
Note:
Managerial Remuneration
TOTAL
Suzuki GB PLC
53,803
35,355
8,775
Associates
Others
Other Expenditure
Others
Services Received
Royalty
Proposed Dividend
11,488
11,488
TOTAL
Others
Purchases of Goods
Expenditure
Joint
Ventures
Notes
Notes
KENICHI AYUKAWA
Managing Director & CEO
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
Executive Director (Legal)
& Company Secretary
184
45. 7KH JXUHV IRU WKH SUHYLRXV \HDU GR QRW LQFOXGH JXUHV IRU
erstwhile Suzuki Powertrain India Limited, which has been
amalgamated with the Company effective 1st April 2012,
WKHUHIRUHWKHFXUUHQW\HDUJXUHVDUHQRWFRPSDUDEOHWRWKRVH
of the previous year.
,QOLIHDQGLQEXVLQHVVLWLVVRPHWLPHVGLIFXOW
to predict roadblocks in advance.
But they do impede our path unexpectedly and make the journey forward challenging.
5HJLVWHUHG2IFH
.DUY\&RPSXWHUVKDUH3YW/WG
Plot No. 17 24, Vittal Rao Nagar
Madhapur, Hyderabad 500 081
Andhra Pradesh
Resolve
www.marutisuzuki.com
Resurgence
0DUXWL6X]XNL,QGLD/LPLWHG
(info@aicl.in)
www.marutisuzuki.com