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Resurgence

Resolve

Resilience

Maruti Suzuki India Limited


Annual Report 2012-13

whats
inside

Corporate Overview

Financial Statements

Maruti Suzuki at a Glance

Standalone

Corporate Highlights

Independent Auditors Report

80

Business Highlights

Balance Sheet

84

6WDWHPHQWRI3URWDQG/RVV

85

Cash Flow Statement

86

Notes

88

Resilience
Resurgence

Resolve

Resilience against headwinds

10

Resolve to hold our ground


and push forward

Statement Pursuant to
Section 212

140

12

Resurgence and a new era of


sustainable growth

Financial Statement of
Subsidiary Companies

141

14

Management Review

Consolidated

Chairmans Message

16

From the MDs Desk

18

Board of Directors

20

Executive Management Team

22

Statutory Reports
Notice

24

Directors Report

30

Corporate Governance Report

38

Management Discussion
& Analysis

54

Business Responsibility Report

64

Independent Auditors Report

142

Balance Sheet

144

6WDWHPHQWRI3URWDQG/RVV

145

Cash Flow Statement

146

Notes

148

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SUHGLFWURDGEORFNV
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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

Alto 800 (also available Alto K 10)

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
7UDIF5HVHDUFK ,'75 DW5RKWDN
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

Maruti Suzuki unveiled Wagon R Pro, a limited edition


of one of our best-sellers Wagon R, sporting new
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Bluetooth, art leather seat covers, security system,
premium exteriors with smart sporty body graphics
and rear upper spoiler
Maruti Suzuki introduced a refreshed version of Ritz
(Diesel) starting at ` 5.31 lakhs in an exclusive fresh
colour - Mystique Red

FY13

Maruti Suzuki launched the New Alto 800

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2012 - Customer Satisfaction Index (CSI) study for the
13th consecutive year
 1'793URW,QGLDVSRSXODUEXVLQHVVFKDQQHO
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

 1'79&DU,QGLD$ZDUGV
DZire - Compact Sedan of the Year
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Alto 800 - Value for Money Car of the Year
Ertiga - MPV of the Year
 &1%&2YHUGULYH$ZDUGV
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

Maruti Suzuki was runners-up at the Corporate Green


Star Award

FY13

MANAGEMENT REVIEW

Maruti Suzuki was felicitated with the Golden Peacock


Award for Sustainability

4WU

CORPORATE OVERVIEW

4WU

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Ertiga - MPV of the Year

TLG Partners, London


Maruti Suzuki ranked No. 3 in the list of the 100 most
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Maruti Suzuki won the award for excellence in
training practices and expertise in unique and
innovative ways to address the training and
development challenges
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Mr. S. Maitra, Sr. MEO, Supply Chain, was presented the
coveted Supply Chain Executive of the Year Award in
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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

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Mr. M. Pareek, MEO, Marketing & Sales, was
awarded the prestigious Marketer of the Year award
(Automobiles)

Momentum Across Rough


and Smooth Territories
Business Highlights

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

BOOK VALUE & EPS

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

Numbers paint a credible picture than words.


Every time we encountered a roadblock, it made
us determined to perform with more resolve
and persistence.

` MN

24,976

12,187

22,886

16,352

23,921
Y- O -Y GROWTH

CORPORATE OVERVIEW

PROFIT AFTER TAX

46.3%
2009-10

2010-11

TOTAL UNIT SALES

1,133,695

2009-10

2010-11

MSIL

J.D. Power Customer


Satisfaction Index

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

Vehicles sold in 2012-13

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Maruti Suzuki

1st

62%

393,000

Growth of diesel vehicle


sales over 2011-12

Total diesel vehicle sales


in 2012-13



291,000

7,150

Growth of rural sales


over 2011-12

Total rural sales


in 2012-13

Total Resident Dealer


Sales Executives (RDSEs)
by 2012-13

640

240,000



Number of E-outlets (smaller


format outlets) across India
in 2012-13

Number of new cars sold


through exchange
in 2012-13

Market share in utility


vehicle segment
in 2012-13

79,000

41%

Zero

Number of utility vehicles


sold in 2012-13

Of the total water need met


through recycled water at
both plants in 2012-13

Waste water discharged


status at factories

In J. D. Power Customer
Satisfaction Index (CSI) study
for the 13th consecutive year

Rounded off to nearest 000

Tough
Challenges.
Tougher
Resilience.
Challenges have a
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test the extent of our
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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
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PETROL PRICES IN DELHI

MSIL PETROL VEHICLE SALES

(` / 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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EXPORTS TO EUROPEAN COUNTRIES (in units)

FY11

Challenge

28,000

FY12

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LQFHQWLYHVFKHPHLPSDFWHGWKH&RPSDQ\VH[SRUWVDOHVWR
WKH(XURSHDQFRXQWULHV

FY13

(Rounded off to nearest 000)

FY10

43,000

YEN vs RUPEE
0.51

0.53

0.61

0.66

Challenge
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PDUJLQVE\VLJQLFDQWO\LQFUHDVLQJWKHFRVWRILPSRUWV

FY10

FY11

FY12

FY13

Source: Economic Survey, Economic Outlook, Company

(Graphs not to scale) |

59,000

114,000

Firm Resolve.
Seasoned Foresight.
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is not enough to
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one needs seasoned
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Firm resolve
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FRIIHH,QWHQVHGLVFXVVLRQDPRQJGHVLJQKHDGVRQH[WHULRUDQGLQWHULRUV)LQDOLVLQJWKHFRORXUVPDWHULDOVDQGVW\OH0HWLFXORXV
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76,000

124

Number of Ertiga sold in just a


year of its launch

DIESEL VEHICLE SALES

(in units)

199,000

163,000

FY10

1XPEHURIGD\VWDNHQto sell 1 lakh units of


New Alto 800

FY11

243,000

FY12

393,000

FY13





,QFUHDVHLQVDOHRI
6ZLIW GLHVHO over
2011-12

,QFUHDVHLQVDOHRI
DZire (diesel) over
2011-12

Seasoned foresight
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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
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RYHUDOOUXUDOFRQWULEXWLRQRISHUFHQWWRGRPHVWLFVDOHV

NEW CAR SALES THROUGH EXCHANGE


151,000
17%

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

(average sales/ month)

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

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The Company made strong efforts to develop the non(XURSHDQPDUNHWVDQGWKLVFRPSHQVDWHGWRDODUJHH[WHQW


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Source: Company

(Graphs not to scale) |

CNG CAR SALES

(Rounded off to nearest 000)

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Resurgence.
Hard Earned.
Our industry
leadership has been
sustained by our
IRFXVHGUHVXUJHQFH

DFUHV

/DQGDFTXLUHGfor setting
up an assembly capacity
in Gujarat

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~ `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 AND PAT MARGIN


9.0
6.0
FY09

EBITDA

(%)

13.7
8.6

10.1
6.3

FY10

FY11

7.2
4.7
FY12

10.0
5.6
FY13

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VWUDWHJLHV

MARUTI SUZUKI MARKET SHARE (%)


46.5
FY09

44.6
FY10

45.3
FY11

38.3
FY12

80

39.1
FY13

Basis Points
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&RQVLVWHQWSHUIRUPDQFHLUUHVSHFWLYHRIVHYHUDOPDFURDQGPLFURIDFWRUVKHOSHGXVLQFUHDVHRXUPDUNHWVKDUH

PAT Margin

PASSENGER VEHICLE INDUSTRY GROWTH (%)

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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,QDSDVVHQJHUYHKLFOHLQGXVWU\JURZLQJDWSHUFHQWZHJUHZE\SHUFHQW
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

We are convinced that your Company will


remain the market leader and its products
will be the choice of most customers. We are
determined to keep introducing products that
will ensure our pre-eminent position.

During 2012-13, following the increase


in diesel prices and narrowing of the
gap with petrol, the demand for diesel
vehicles also started to fall. During
WKHUVWWKUHHPRQWKVRIWKLV\HDUWKH
industry recorded a fall of 10.4 per
cent in passenger cars, while utility
vehicles demand grew by 5.2 per cent.

Your Company has shown that its


employees have great resilience and can
work with great resolve to overcome
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year, sales volumes increased by 3.3
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` 1,635 crores to ` 2,392 crores. Our

Suzuki Japan has decided that India


will now be responsible for the export
markets of Africa, the Middle East
and our neighbouring countries. We
have to ensure adequate sales and
marketing arrangements in these
countries, with the help of Japan. We
also have to determine the products
to be manufactured for these markets
and, if necessary, establish assembly

We are now in the election year,


and traditionally, the governments
in power are reluctant to introduce
unpopular measures at this time. The
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manufacturing activity is progressing,
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weakness of the Rupee, is promising
several reforms. The Prime Minister is
also pushing for the implementation of
infrastructure projects under the PPP
model. If all these happen, I believe
there will be a change in sentiment,
and car buying may again pick up. The
festive season is also not far away. We
are hoping that with steps undertaken
by the government, and our own
efforts, we will lead a resurgence in
the automobile industry. After all,
the leader has that responsibility.
We all have to be optimists. Along with
that, we have to work with determination,
resolve and resilience, and nobody can
stop us from being successful. All those
who proudly say that they are Maruti
Suzuki employees believe in this, and
on their behalf, I can assure you that we
will overcome all obstacles and ensure
that the Indian automobile industry
has a respected position in the world.

Regards,

R. C. Bhargava
Chairman

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

The general adverse operating


environment was not the only handicap
facing us. In July 2012, a section of the
workers indulged in a blatantly criminal
activity that led to the death of a valued
senior colleague. There was no cause for
the workers to go on a violent rampage,
and there was no warning or notice of
any brewing dissatisfaction. In fact,
the workers demands raised in 2011
had been all addressed and resolved.
A lock out had to be declared, as the
Company decided that the safety and
welfare of our employees had to be given
overriding priority. The management and
supervisors of Manesar showed great
resilience and courage, and work resumed
after a month when adequate safety
arrangements had been made. Production
gradually increased to normal levels.

We are convinced that your Company


will remain the market leader and its
products will be the choice of most
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cars in India are MSIL products. We
are determined to keep introducing
products that will ensure our preeminent position. Consistent with that
objective, we are continuing with all
our planned investments to increase
production capacity and introduce new
products from time to time. Work on
the Gujarat site has commenced and we
expect to start production by the end
of 2015-16. The Manesar 3rd line will be
commissioned soon, as also phase 1 of
the diesel engine line in Gurgaon. The
R&D centre continues to develop. We are
also investing in strengthening our sales
and service facilities all over the country.
The capital investment proposed this
year is approximately ` 3,500 crores. And
this will only increase as we go ahead.

We are continuing with our efforts


to reduce costs, and localise inner
parts. Quality improvement has also
to be a priority. We believe that in the
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has to make greater efforts than
ever before in these directions.

STATUTORY REPORTS

And then there was a silver lining. The


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cent. A decision was taken that diesel
prices would be increased by about ` 0.50
per month, and the under-recovery on
this fuel would end in about 18 months
or so. The gap between petrol and diesel
prices has narrowed from ` 25 in 2012-13
to ` 13 presently. To reduce the outgo
on subsidies, a scheme of direct transfer
is being gradually introduced. However,
results in terms of better sentiment, or
higher investments, or rising consumer
demand for cars are yet to be seen.

plants overseas. This decision will


greatly help the growth of our exports.

MANAGEMENT REVIEW

market share also went up from


38.3 per cent to 39.1 per cent. I
am sure all of you will join me in
saluting the workers, supervisors and
management who made this happen.

CORPORATE OVERVIEW

` 51 on 31st March 2012 to ` 54 on 31st


March 2013. Consumer sentiment, which
SOD\VDVLJQLFDQWUROHLQLQXHQFLQJ
decisions to buy cars, had become
even more negative during the year.

From the
MDs Desk

.$\XNDZD

18 - 19

Managing Director & CEO

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,
REMHFWLYLW\FRPSDQ\UVWWHDPVSLULW
KRQHVW\HIFLHQF\DQGULJRXU,DP
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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

My job will be to catalyse this spirit


in all our people and partners.

STATUTORY REPORTS

It is our foremost task to strengthen our


people relationship. We have to work
for the welfare and communicate more
with our people, so that their bonds
with the Company are stronger than any
other external factor. We will reinforce
the principles of fairness, equality
and respect for human beings, open
communication and a healthy industrial
environment. We have to develop our
people capability further so that they
lead us into the future successfully.

Though the Indian market has a great


long term growth potential, in the current
situation the market is not so strong. In the
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the overall Indian passenger vehicle sales
by 7.2 per cent. In such times, it is easy for
people to be swept by low sentiment and
not approach the situation as a winner. But
it will be our endeavour to break through
the situation and achieve better than
last year in every respect. All our people,
vendors, dealers and other partners have
to continuously believe in our collective
strength, come together and improve in
DOOWKHUHVSHFWLYHHOGVLQDQLQWHJUDWHG
manner. Integration, a never-give-up
attitude and whole-hearted efforts have
the power to deliver breakthrough results.

MANAGEMENT REVIEW

cars continued to be strong. There was a


shocking incident of unprovoked violence
in the Manesar plant. A section of workers
indulged in attacking management staff
leaving a senior employee dead, a hundred
others injured and parts of the plant put
RQUH2XUSHRSOHWKRXJKHPRWLRQDOO\
hurt, in a rare show of composure,
strength, determination and team effort
rose to the occasion and supported their
fellow colleagues, their families and
also made the plant operational within
a month. Not only this, they put in their
best efforts and both market share and
SURWPDUJLQLPSURYHGVLPXOWDQHRXVO\

CORPORATE OVERVIEW

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.

20 - 21

Board
of Directors

0 5 .
.  $ 6$
$ ,

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.  $<$%
% (

Director &
Managing
([HFXWLYH2IFHU
(Engineering)

Director &
Managing Executive
2IFHU 6XSSO\
Chain)

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0 5 '
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0 5 2
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Director

Director

Director

AUDIT
COMMIT TEE
Mr. A. Ganguli
Chairman
Mr. K. Ayukawa
Member
Ms. P. Shroff
Member
Mr. D. S. Brar
Member

0 5 5
5 &
B H A R G AVA
Chairman

SHAREHOLDERS AND
INVESTORS GRIEVANCE
COMMIT TEE
Mr. R. C. Bhargava
Chairman
Mr. K. Ayukawa
Member
Mr. S. Nakanishi
Member
Mr. D. S. Brar
Member

CORPORATE OVERVIEW
MANAGEMENT REVIEW

EXECUTIVE OFFICER
( LEGAL) & COMPANY
SECRETARY

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FINANCIAL STATEMENTS

Managing Director
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STATUTORY REPORTS

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AUDITORS
Price Waterhouse
Chartered Accountants

Mr. S. Ravi Aiyar

ANNUAL REPORT 2012-13

Executive
Management Team

057+$ 68,.(
Joint Managing Director

22 - 23

05.$<8. $:$
Managing Director & CEO

ADMINISTR ATION
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MARKETING & SALES


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PRODUCTION
050. $0,<$
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CORPORATE OVERVIEW

05006,1*+
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MANAGEMENT REVIEW

ENGINEERING

STATUTORY REPORTS

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([HFXWLYH2IFHU

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ANNUAL REPORT 2012-13

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.

To receive, consider and adopt the audited balance sheet


as at 31st 0DUFK  DQG SURW DQG ORVV DFFRXQW IRU WKH
QDQFLDO\HDUHQGHGRQWKDWGDWHWRJHWKHUZLWKWKHUHSRUWV
of the directors and auditors thereon.

2.

To declare dividend on equity shares.

3.

To appoint a director in place of Mr. D.S.Brar, who retires by


rotation and being eligible, offers himself for re-appointment.

4.

To appoint a director in place of Mr. Amal Ganguli, who


retires by rotation and being eligible, offers himself for
re-appointment.

5.

To appoint a director in place of Mr. Keiichi Asai, who retires by


rotation and being eligible, offers himself for re-appointment.



7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQ V WKHIROORZLQJDVDQOrdinary Resolution:

b)

Special Salary: `SHUDQQXP )L[HG 

c)

Performance Linked Bonus: A performance linked bonus


equivalent to a guaranteed minimum of four months
EDVLFVDODU\DQGDPD[LPXPRIWHQPRQWKVEDVLFVDODU\
WREHSDLGDQQXDOO\ZLWKDXWKRULW\WRWKHERDUG ZKLFK
H[SUHVVLRQVKDOOLQFOXGHDFRPPLWWHHWKHUHRI WR[WKH
same based on certain performance criteria to be laid
down by the board.

d)

Perquisites and Allowances: In addition to the salary


and performance linked bonus, he shall also be entitled
to perquisites and allowances like accommodation
IXUQLVKHG RU RWKHUZLVH  RU KRXVH UHQW DOORZDQFH LQ
lieu thereof; house maintenance allowance, together
ZLWK WKH UHLPEXUVHPHQW RI H[SHQVHV RU DOORZDQFH
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
WD[ HWF PHGLFDO UHLPEXUVHPHQW PHGLFDO  DFFLGHQW
insurance, leave travel concession for himself and
his family; club fees and such other perquisites and
allowances in accordance with the rules of the Company
or as may be agreed to by the board of directors and
him; provided that such perquisites and allowances will
be ` 6,537,904/- per annum with authority to the board
ZKLFK H[SUHVVLRQ VKDOO LQFOXGH D FRPPLWWHH WKHUHRI 
WR LQFUHDVH LW IURP WLPH WR WLPH XSWR D PD[LPXP RI
` 9,000,000/- per annum.

24 - 25

RESOLVED THAT pursuant to section 224 and other


applicable provisions of the Companies Act, 1956, M/s Price
:DWHUKRXVH 5HJLVWUDWLRQ 1R )51(  &KDUWHUHG
Accountants, the retiring auditors of the Company, having
offered themselves for re-appointment, be and are hereby
UHDSSRLQWHGDVWKHDXGLWRUVRIWKH&RPSDQ\WRKROGRIFH
from the conclusion of the 32nd annual general meeting
upto the conclusion of the 33rd annual general meeting of
WKH &RPSDQ\ DW D UHPXQHUDWLRQ WR EH [HG E\ WKH ERDUG
DQG UHLPEXUVHPHQW RI RXW RI SRFNHW H[SHQVHV LQFXUUHG LQ
connection with the audit.
7.

Appointment of Mr. Kenichi Ayukawa as Managing Director &


&KLHI([HFXWLYH2IFHU

7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQ V WKHIROORZLQJDVDQOrdinary 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
SURYLVLRQV LI DQ\ RI WKH &RPSDQLHV $FW  LQFOXGLQJ
DQ\ VWDWXWRU\ PRGLFDWLRQ V  RU UHHQDFWPHQW WKHUHRI IRU
WKHWLPHEHLQJLQIRUFH DQGVXEMHFWWRWKHDSSURYDORIWKH
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)

Basic Salary: ` 10,599,888 /- per annum in the scale


of ` 9,000,000/- to ` 13,000,000/- per annum with
DXWKRULW\WRWKHERDUG ZKLFKH[SUHVVLRQVKDOOLQFOXGH
DFRPPLWWHHWKHUHRI WRUHYLVHKLVVDODU\IURPWLPHWR
time. The annual increments will be merit based and
take into account the Companys performance.

For the purpose of calculating the above ceiling,


perquisites and allowances shall be evaluated as per
LQFRPH WD[ UXOHV ZKHUHYHU DSSOLFDEOH ,Q WKH DEVHQFH
of any such rules, perquisites and allowances shall be
evaluated at actual cost.
In addition, he will be entitled for a contribution to the
provident and pension fund as per applicable law in
force from time to time.


3URYLVLRQIRUWKHXVHRI&RPSDQ\VFDUIRURIFLDOGXWLHV
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
FRQWDLQHG ZKHUH LQ DQ\ QDQFLDO \HDU GXULQJ WKH
currency of his tenure, in the event of loss or inadequacy
RISURWVWKH&RPSDQ\ZLOOVXEMHFWWRDSSOLFDEOHODZV
pay remuneration by way of basic and special salary,
SHUIRUPDQFHOLQNHGERQXVQRWH[FHHGLQJIRXUPRQWKV
EDVLF VDODU\ SHUTXLVLWHV DQG DOORZDQFHV DV VSHFLHG
above.

8.

Appointment of Mr. Toshiaki Hasuike as Joint Managing


Director

7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQ V WKHIROORZLQJDVDQOrdinary Resolution:

5(62/9('7+$7SXUVXDQWWR$UWLFOHDQG$UWLFOH  RI
the Articles of Association of the Company read with Sections
198, 269, 309, 310, Schedule XIII and all other applicable
SURYLVLRQV RI WKH &RPSDQLHV $FW  DQG VXEMHFW WR WKH
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:

3URYLVLRQIRUWKHXVHRI&RPSDQ\VFDUIRURIFLDOGXWLHV
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

Basic Salary: ` 7,464,000/- per annum in the scale of


` 65,00,000/- to ` 9,000,000/- per annum with
DXWKRULW\WRWKHERDUG ZKLFKH[SUHVVLRQVKDOOLQFOXGH
DFRPPLWWHHWKHUHRI WRUHYLVHKLVVDODU\IURPWLPHWR
time. The annual increments will be merit based and
take into account the Companys performance.

b)

Special Salary: `SHUDQQXP )L[HG 

9.

Appointment of Mr. R.P. Singh as Director

c)

Performance Linked Bonus: A performance linked bonus


equivalent to a guaranteed minimum of four months
EDVLFVDODU\DQGDPD[LPXPRIWHQPRQWKVEDVLFVDODU\
WREHSDLGDQQXDOO\ZLWKDXWKRULW\WRWKHERDUG ZKLFK
H[SUHVVLRQVKDOOLQFOXGHDFRPPLWWHHWKHUHRI WR[WKH
same based on certain performance criteria to be laid
down by the board.

7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQ V WKHIROORZLQJDVDQOrdinary Resolution:

d)

For the purpose of calculating the above ceiling,


perquisites and allowances shall be evaluated as per
LQFRPH WD[ UXOHV ZKHUHYHU DSSOLFDEOH ,Q WKH DEVHQFH
of any such rules, perquisites and allowances shall be
evaluated at actual cost.

10. Payment towards stay and other related expenses of


Mr. Shinzo Nakanishi, Director


7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQ V WKHIROORZLQJDVDQOrdinary Resolution:

5(62/9(' 7+$7 SXUVXDQW WR $UWLFOH    RI WKH


Articles of Association of the Company read with
Sections 198, 309 and all other applicable provisions
of the Companies Act, 1956 consent be and is hereby
DFFRUGHG IRU PHHWLQJ WKH H[SHQVHV RI 0U 6KLQ]R
Nakanishi, Director towards his stay including domestic/
international travel during the period from 1st April, 2013 to
30th-XQHXSWRDPD[LPXPRI` 20 lakhs.
By order of the board
For MARUTI SUZUKI INDIA LIMITED

New Delhi
26 April 2013
th

S. RAVI AIYAR
([HFXWLYH'LUHFWRU /HJDO  
Company Secretary

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Perquisites and Allowances: In addition to the salary


and performance linked bonus, he shall also be entitled
to perquisites and allowances like accommodation
IXUQLVKHG RU RWKHUZLVH  RU KRXVH UHQW DOORZDQFH LQ
lieu thereof; house maintenance allowance, together
ZLWK WKH UHLPEXUVHPHQW RI H[SHQVHV RU DOORZDQFH
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
WD[ HWF PHGLFDO UHLPEXUVHPHQW PHGLFDO  DFFLGHQW
insurance, leave travel concession for himself and
his family; club fees and such other perquisites and
allowances in accordance with the rules of the Company
or as may be agreed to by the board of directors and
him; provided that such perquisites and allowances will
be ` 5,092,006/- per annum with authority to the board
ZKLFK H[SUHVVLRQ VKDOO LQFOXGH D FRPPLWWHH WKHUHRI 
WR LQFUHDVH LW IURP WLPH WR WLPH XSWR D PD[LPXP RI
` 6,000,000/- per annum.

RESOLVED THAT Mr. R.P. Singh, in respect of whom the


Company has received a notice in writing from a member
pursuant to Section 257 of the Companies Act, 1956
SURSRVLQJKLVFDQGLGDWXUHIRUWKHRIFHRI'LUHFWRUEHDQGLV
hereby appointed as Director of the Company liable to retire
by rotation.

STATUTORY REPORTS

a)

MANAGEMENT REVIEW

Notwithstanding anything to the contrary herein


FRQWDLQHG ZKHUH LQ DQ\ QDQFLDO \HDU GXULQJ WKH
currency of his tenure, in the event of loss or inadequacy
RISURWVWKH&RPSDQ\ZLOOVXEMHFWWRDSSOLFDEOHODZV
pay remuneration by way of basic and special salary,
SHUIRUPDQFHOLQNHGERQXVQRWH[FHHGLQJIRXUPRQWKV
EDVLF VDODU\ SHUTXLVLWHV DQG DOORZDQFHV DV VSHFLHG
above.

CORPORATE OVERVIEW

In addition, he will be entitled for a contribution to the


provident and pension fund as per applicable law in
force from time to time.

26 - 27

NOTES
1.

A member entitled to attend and vote is entitled to appoint


a proxy to attend and vote instead of himself/herself and
a proxy need not be a member of the Company. A proxy to
EH HIIHFWLYH VKRXOG EH GHSRVLWHG DW WKH UHJLVWHUHG RIFH
of the Company not less than forty eight hours before the
commencement of the meeting.



7KH H[SODQDWRU\ VWDWHPHQW SXUVXDQW WR VHFWLRQ  RI WKH


Companies Act, 1956, in regard to the business as set out
in item nos. 7 to 10 and the relevant details pursuant to
FODXVHRIWKHOLVWLQJDJUHHPHQWH[HFXWHGZLWKWKHVWRFN
H[FKDQJHVDUHDQQH[HGKHUHWR



$PHPEHURUKLVKHUSUR[\LVUHTXHVWHGWREULQJWKHDQQXDO
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.



$OO GRFXPHQWV UHIHUUHG WR LQ WKH QRWLFH DQG H[SODQDWRU\


VWDWHPHQW DUH RSHQ IRU LQVSHFWLRQ DW WKH UHJLVWHUHG RIFH
of the Company on all working days between 9:30 a.m. and
11:30 a.m. upto the date of annual general meeting.



D 

7KHUHJLVWHURIPHPEHUVZLOOUHPDLQFORVHGIURP)ULGD\
16th August, 2013 to Tuesday, 27th $XJXVW  ERWK
GD\VLQFOXVLYH 

E  6XEMHFW WR WKH SURYLVLRQV RI VHFWLRQ $ RI WKH


Companies Act, 1956, dividend as recommended by the
board of directors, if declared at the meeting will be
payable on or after 2nd September, 2013 to those whose
QDPHV DSSHDU LQ WKH UHJLVWHU RI PHPEHUV  EHQHFLDO
owners as on the closing hours of 14th August 2013.
F 

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
ZDUUDQW V DUHUHTXHVWHGWRPDNHWKHLUFODLPVZLWKRXW
any delay.

8.

Shareholders holding shares in electronic form may kindly


note that their bank account details as furnished by their
GHSRVLWRULHVWRWKHUHJLVWUDU WUDQVIHUDJHQWZLOOEHSULQWHG
on their dividend warrants as per the applicable regulations
of the depositories and the Company will not entertain any
direct request from such shareholders for deletion of / change
in such bank details. Shareholders who wish to change such
bank account details are, therefore, requested to advice their
depository participants about such change, with complete
details of bank account.

9.

Corporate members intending to send their authorised


UHSUHVHQWDWLYHV DUH UHTXHVWHG WR VHQG D GXO\ FHUWLHG FRS\
of the board resolution authorising their representatives to
attend and vote at the annual general meeting.

10.

As per section 109A of the Companies Act, 1956, shareholders


are entitled to make nomination in respect of shares held
by them in physical form. Shareholders desirous of making
nomination are requested to send their request in Form 2B
ZKLFKZLOOEHPDGHDYDLODEOHRQUHTXHVW WRWKHUHJLVWUDUDQG
transfer agents. The said nomination form can also be downloaded from the Companys website www.marutisuzuki.com.

11.

Members are requested to send their queries, if any, on the


accounts and operations of the Company to the Company
6HFUHWDU\ LQYHVWRU#PDUXWLFRLQ DWOHDVWGD\VEHIRUHWKH
annual general meeting.

12.

Entry into the auditorium will be strictly against entry slips


DYDLODEOHDWWKHFRXQWHUVDWWKHYHQXHDQGDJDLQVWH[FKDQJH
of valid attendance slip.

13.

No gifts will be distributed at the annual general meeting.

14. Owing to security concerns, the auditorium authorities do not


allow carrying inside brief cases, bags, eatables and the like.
Members attending the meeting are requested to make their
own arrangements for the safe keeping of their belongings.
15. The Ministry of Corporate Affairs has undertaken a Green
Initiative in Corporate Governance and allowed companies to
share documents with its shareholders through the electronic
mode. Members are requested to support this green initiative
by registering /updating their e-mail addresses, in respect
of shares held in dematerialised form with their respective
Depository Participants and in respect of shares held in
physical form with the Company or its Transfer Agent.
16. Notice of this Annual General Meeting, Audited Financial
Statements for 2012-13 together with Directors Report and
Auditors Report are available on the website of the Company
www.marutisuzuki.com.

his stay including domestic/international travel during this


SHULRGXSWRDPD[LPXPRI` 20 lakhs only.

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.

The Board recommends this resolution for approval of the


members.
ITEM NO. 9

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

Mr. Kenichi Ayukawa, 57, is a law graduate from Osaka


8QLYHUVLW\-DSDQ0U$\XNDZDMRLQHG6X]XNL0RWRU&RUSRUDWLRQ
in 1980 and worked at various levels there including General
Manager, Overseas Marketing Administration Department
and Managing Director of Pak Suzuki Motor Company Limited.
+HMRLQHGWKHERDUGRI0DUXWL6X]XNL,QGLD/LPLWHGLQ
Mr. Ayukawa is a member of the Board of Directors of several
companies such as Suzuki Italia S.P.A., Suzuki International
Europe GmbH, Suzuki Motor Iberia, S.A.U., Suzuki Austria
Automobil, Handels Gesellschaft m.b.H., Suzuki Motor Poland
SP.Z.O.O., Suzuki GB PLC, Magyar Suzuki Corporation Ltd.,
Suzuki Finance Europe B.V., Suzuki Philippines Inc., Pak
Suzuki Motor Co. Ltd., Vietnam Suzuki Corporation, PT Suzuki
,QGRPRELO 0RWRU 6X]XNL 0RWRU &KLQD  ,QYHVWPHQW &R /WG
7DLZDQ6X]XNL$XWRPRELOH&RUS6X]XNL0RWRU 7KDLODQG &R
Ltd., Suzuki Australia Pty. Ltd., Suzuki Newzealand Ltd., Suzuki
0RWRU'H0H[LFR6$'HF96X]XNL6HUYLFLRVGH0H[LFR6$
GH&96X]XNL$XWR6RXWK$IULFD 3W\ /WG6X]XNL0RWRU&]HFK
S.R.O., Suzuki Motor Rus, LLC, Suzuki Automobile Schweiz AG,
-LDQJ[L&KDQJKH6X]XNL$XWRPRELOH&R/WG6X]XNL0DOD\VLD
Automobile SDN. BHD., Suzuki Egypt S.A.E.
He is not related to any of the Directors of the Company. He
does not hold any shares of the Company.
Mr. Toshiaki Hasuike
Mr. Toshiaki Hasuike, 55, is a graduate in Mechanical Studies,
Faculty of Engineering, MEIJI University, Japan.. Mr. Hasuike
MRLQHG 6X]XNL 0RWRU &RUSRUDWLRQ LQ  DQG ZRUNHG DW
various levels there including Department General Manager,
0DQDJLQJ2IFHU 'HSXW\([HFXWLYH*HQHUDO0DQDJHUDQG
ZDVDSSRLQWHGDV$XWRPRELOH(QJLQHHULQJ0DQDJLQJ2IFHU
'HSXW\([HFXWLYH*HQHUDO0DQDJHULQ
He is not related to any of the Directors of the Company. He
does not hold any shares of the Company.
Mr. Amal Ganguli
Mr. Amal Ganguli, 73, is a member of The Institute of Chartered
Accountants in England and Wales and The Institute of
Chartered Accountants of India and member of the British

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Mr. R.P. Singh was appointed as a Director with effect from


25th January, 2013 in the casual vacancy caused by the
UHVLJQDWLRQ RI 0U 06 %DQJD +H KROGV KLV RIFH XSWR WKH
date of the ensuing Annual General Meeting and is eligible
for appointment as a Director. In terms of Section 257
of the Companies Act, 1956, the Company has received a
notice in writing from a member signifying his intention to
SURSRVHKLVFDQGLGDWXUHIRUWKHRIFHRI'LUHFWRU1RRWKHU
'LUHFWRU H[FHSW 0U 53 6LQJK LV FRQFHUQHG RU LQWHUHVWHG LQ
his appointment. The Board recommends the resolution for
approval of the members.

Mr. Kenichi Ayukawa

STATUTORY REPORTS

1RRWKHU'LUHFWRUH[FHSW0U7RVKLDNL+DVXLNHLVFRQFHUQHGRU
interested in the proposed resolution.

A brief resume of the directors recommended for appointment/


re-appointment at the annual general meeting is as under:

MANAGEMENT REVIEW

The Board recommends this resolution for approval of the


members.

Additional information as per clause 49 of the listing


agreement

CORPORATE OVERVIEW

EXPLANATORY STATEMENT PURSUANT TO SECTION 173(2)


OF THE COMPANIES ACT, 1956

Institute of Management and member of the New Delhi


chapter of the Institute of Internal Auditors, Florida, U.S.A.
In 1962, he became the senior manager, Price Waterhouse
and in 1969 he became a partner, Price Waterhouse and in
1996 went on to become Chairman and Senior Partner, when
he retired in 2003.

28 - 29

During his career spanning over 42 years, Mr. Gangulis range


RI ZRUN LQFOXGHG ,QWHUQDWLRQDO 7D[ DGYLFH DQG SODQQLQJ
cross border investments, Corporate mergers and reRUJDQLVDWLRQ QDQFLDO HYDOXDWLRQ RI SURMHFWV PDQDJHPHQW
RSHUDWLRQDO DQG VWDWXWRU\ DXGLW DQG FRQVXOWLQJ SURMHFWV
funded by International funding agencies. In the course
of his professional career, he has dealt with a variety of
clients including US AID, World Bank, ADB, NTPC, Alcatel, GE,
Hindustan Lever, STC, Hewlett Packard and IBM.
Presently, he is on the board of Tata Telecommunications
/WG &HQWXU\ 7H[WLOHV DQG ,QGXVWULHV /WG ,&5$ /WG +&/
Technologies Ltd., New Delhi Television Ltd., Triveni Turbines
/WG $97(& /WG $ULFHQW 7HFKQRORJLHV +ROGLQJV  /WG 0/
Infomap Pvt. Ltd., Tata Teleservices Maharashtra Ltd., Hughes
Communications India Ltd., Laurus Labs Private Limited,
Manglam Cement Limited and a partner in Veritas Advisors
LLP.
Presently, he is a member of audit committee of Century
7H[WLOHV  ,QGXVWULHV /WG +XJKHV &RPPXQLFDWLRQV ,QGLD
/WG ,&5$ /WG $ULFHQW 7HFKQRORJLHV +ROGLQJV  /WG 7ULYHQL
Turbines Ltd., and Tata Teleservices Maharashtra Ltd. He is
chairman of the audit committee of Tata Telecommunicatons
Ltd., HCL Technologies Limited and New Delhi Television Ltd.
He does not hold any shares of Maruti Suzuki India Limited.
Mr. D. S. Brar
Mr. D.S. Brar, 60, graduated with a Bachelor of Engineering
(OHFWULFDO  GHJUHH IURP 7KDSDU ,QVWLWXWH RI (QJLQHHULQJ
 7HFKQRORJ\ 3DWLDOD +H IXUWKHU FRPSOHWHG KLV 0DVWHUV
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of Delhi. After having started his career in 1974 with The
$VVRFLDWHG &HPHQW &RPSDQLHV /LPLWHG $&&  0U %UDU KDG
been associated with the Pharmaceutical Industry for three
GHFDGHV 0U %UDU VSHQW PDMRU SDUW RI WKLV SHULRG  
  ZLWK 5DQED[\ /DERUDWRULHV /LPLWHG  ,QGLDV ODUJHVW
Pharmaceutical company at various positions and rose to the
OHYHORI3UHVLGHQWLQ+HEHFDPHWKH&(2 0DQDJLQJ
'LUHFWRU RI 5DQED[\ LQ  0U %UDU VWHSSHG GRZQ IURP
WKLVSRVLWLRQLQWRVWDUWKLVHQWUHSUHQHXULDOMRXUQH\DQG
ventured into GVK Biosciences - a leading contract research
RUJDQLVDWLRQ SURYLGLQJ 'LVFRYHU\  'HYHORSPHQW VHUYLFHV
to Global Life Sciences companies. Mr. Brar also promoted
'DYL[ 0DQDJHPHQW 6HUYLFHV  D 3KDUPDFHXWLFDOV IRFXVHG
Consulting/Advisory services company.

Mr. Brar has been involved with some of the premier


Research and Educational institutions in India. He has
served as a Member on the Board of National Institute of
3KDUPDFHXWLFDO(GXFDWLRQDQG5HVHDUFK 1,3(5 6$61DJDU
and is presently Chairman of Biotechnology Business Group
RI3XQMDE%LRWHFKQRORJ\,QFXEDWRU0U%UDULVDOVRD0HPEHU
of the Board of Governors of Indian Institute of Management,
/XFNQRZ ,,0/ 
Mr. Brar has been involved with several leading industry
associations in India. He is a member of the National Council
RI WKH &RQIHGHUDWLRQ RI ,QGLDQ ,QGXVWU\ &,,  DQG &KDLUPDQ
of CIIs Indian MNC Council. He has served as a member of
WKH([HFXWLYH&RPPLWWHHRI)HGHUDWLRQRI,QGLDQ&KDPEHUV
RI&RPPHUFHDQG,QGXVWU\ ),&&, LQWKHSDVW0U%UDUZDVD
Member of Prime Ministers Task Force on pharmaceuticals
and knowledge-based industries which drafted the blue print
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,QGXVWU\LQFOXGLQJ5 'DQG3ULFLQJSROLFLHV)RUKLVVHUYLFH
and contribution to the pharmaceutical industry, Mr. Brar was
honoured with the Deans Medal from the Tufts University
School of Medicine, U.S.A. in 2004.
Mr. Brar is a member of the Board of Directors of several
Companies such as Moksha8, Mphasis Limited, GVK
Biosciences Private Limited, Inogent Laboratories Private
/LPLWHG6XUDM+RWHOV3ULYDWH/LPLWHG0DGKXEDQL,QYHVWPHQWV
3ULYDWH/LPLWHG'DYL[0DQDJHPHQW6HUYLFHV3ULYDWH/LPLWHG
*UHHQ9DOO\/DQG 'HYHORSPHQW3ULYDWH/LPLWHG*9.'DYL[
7HFKQRORJLHV 3ULYDWH /LPLWHG *9. 'DYL[ 5HVHDUFK 6HUYLFHV
3ULYDWH /LPLWHG 6XUDM 2YHUVHDV 3ULYDWH /LPLWHG 'DYL[
Pharmaceuticals Private Limited, Chetak Pharmaceuticals
3ULYDWH /LPLWHG *[3 3KDUPDFHXWLFDOV 3ULYDWH /LPLWHG ..5
Asia Limited, Wockhardt Limited and IIM Lucknow.
He is also a member of Audit Committee and Investors
Grievance Committee of Mphasis Limited, Wockhardt Limited
and Maruti Suzuki India Limited. He is not related to any of
the Directors of the Company. He does not hold any shares of
Maruti Suzuki India Limited.
Mr. R.P.Singh
Mr. R P Singh, 61, passed his post graduation in Mathematics
IURP $GYDQFHG &HQWUH IRU 3XUH 0DWKHPDWLFV 3XQMDE
University, Chandigarh in 1973 and after a brief stint
RI WHDFKLQJ 3XUH 0DWKHPDWLFV  6WDWLVWLFV WR JUDGXDWH
FODVVHV MRLQHG WKH $GPLQLVWUDWLYH 6HUYLFH $SDUW IURP WKH
UHJXODU HOG DVVLJQPHQWV IRU WKH ,$6 2IFHUV KH KDV
ZLGH H[SHULHQFH LQ UHJXODWRU\ DUHDV RI )LQDQFH ,QGXVWU\
 8UEDQ 'HYHORSPHQW +H ZRUNHG ERWK DV &RPPLVVLRQHU
RI +\GHUDEDG 0XQLFLSDO &RUSRUDWLRQ  9LFH &KDLUPDQ RI
Hyderabad Urban Development Authority. He had long
stints as Managing Director of Andhra Pradesh Industrial
'HYHORSPHQW &RUSRUDWLRQ  &RPPLVVLRQHU RI 7D[DWLRQ LQ

Mr. Keiichi Asai

1.

Rationalisation and consolidation of FDI policy;

2.

Re-inventing and establishing the Delhi Mumbai


,QGXVWULDO&RUULGRU3URMHFW '0,'& 

3.

Putting together the manufacturing policy for the


country.

Mr. Keiichi Asai, 57, is a graduate from Department of


Mechanical Engineering of Musashi Engineering University,
-DSDQ +H MRLQHG 6X]XNL 0RWRU &RUSRUDWLRQ LQ  DQG
worked at various levels at body design engineering, new
model member in Kosai plant, production planning, car line
HWF ,Q  KH EHFDPH 'LUHFWRU DQG 0DQDJLQJ ([HFXWLYH
2IFHU (QJLQHHULQJ  RI 0DUXWL 6X]XNL ,QGLD /LPLWHG +H
VSHDUKHDGVUHVHDUFK GHYHORSPHQWDQGRYHUDOOHQJLQHHULQJ
activities of the Company. Presently he is on the board of
Denso India Ltd. and Krishna Maruti Ltd. He is not related to
any of the Directors of the Company. He does not hold any
shares of Maruti Suzuki India Limited.

He is not related to any of the Directors of the Company.


He does not hold any shares of Maruti Suzuki India
Limited.

By order of the board


For MARUTI SUZUKI INDIA LIMITED

New Delhi
26 April 2013
th

S. RAVI AIYAR
([HFXWLYH'LUHFWRU /HJDO  
Company Secretary

MANAGEMENT REVIEW

After retirement from the Indian Administrative Service,


he has been selected by the Government of India for
appointment as Chairman, National Highways Authority
RI,QGLD 1+$, 

CORPORATE OVERVIEW

$QGKUD 3UDGHVK +H ZDV SRVWHG WR 3XQMDE  6LQG %DQN DV
Chairman in March 2005 when the Bank was in continuous
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four and a half years in the Bank during which the Bank
UHFRUGHG KLJKHVW JURZWK LQ WKH ,QGXVWU\  JURVV  $V
6HFUHWDU\LQWKH'HSDUWPHQWRI,QGXVWULDO3ROLF\ 3URPRWLRQ
KLVPDMRULQLWLDWLYHVZHUH

STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

30 -31

Directors
Report

The Company ranked


third in the list of 100
most successful and
LQXHQWLDOFRPSDQLHV
in India listed by TLG
Partners, London.

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

3URWDYDLODEOHIRUDSSURSULDWLRQ
$SSURSULDWLRQV

&RUSRUDWHGLYLGHQGWD[
%DODQFHFDUULHGIRUZDUGWREDODQFHVKHHW

411

351

153,043

130,777

FINANCIAL HIGHLIGHTS

DIVIDEND

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DXGLW ZDV FDUULHG RXW E\ 0V $9,
Belgium and the auditors recommended
FRQWLQXDWLRQRIWKH,62

Compact Sedan of the year 2013

The quality management system of


WKH &RPSDQ\ LV FHUWLHG DJDLQVW ,62
6WDQGDUG5HDVVHVVPHQWRIWKH
quality systems is done at regular intervals
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DW HYHU\  \HDUV E\ DQ DFFUHGLWHG WKLUG
party agency. Also, the Company has an
internal assessment mechanism to verify
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systems across the Company.

AWARDS/RECOGNITION/
RANKINGS
 -'3RZHU$VLD3DFLF&XVWRPHU
6DWLVIDFWLRQ ,QGH[ &6,  6WXG\ UDQNHG
the Company highest for the 13th time
in a row.

OPERATIONAL HIGHLIGHTS

Golden Peacock Award 2012 for


occupational health and safety in
DXWRPRELOHVHFWRU

7KHRSHUDWLRQVDUHH[KDXVWLYHO\GLVFXVVHG
in the report on Management Discussion
and Analysis which forms part of this
annual report.

The Company was awarded the highest


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WHUP  DQG $ VKRUW WHUP  RQ LWV EDQN
IDFLOLWLHVE\&5,6,/7KHUDWLQJXQGHUVFRUHV
WKH QDQFLDO VWUHQJWK RI WKH &RPSDQ\ LQ
terms of the highest safety with regard
WR WLPHO\ IXOOOPHQW RI LWV QDQFLDO
REOLJDWLRQV

QUALITY
The Company was again awarded
,62FHUWLFDWLRQE\674&'LUHFWRUDWH
6WDQGDUGLVDWLRQ 7HVWLQJ DQG 4XDOLW\
&HUWLFDWH  0LQLVWU\ RI &RPPXQLFDWLRQV
DQG ,QIRUPDWLRQ 7HFKQRORJ\ *RYHUQPHQW
RI,QGLDDIWHUUHDVVHVVPHQW7KH&RPSDQ\

Some of the awards given to Ertiga


ZHUH
 089RIWKH\HDUE\&DU,QGLD$ZDUGV
 039 RI WKH \HDU E\ (7 =LJZKHHOV
$XWRFDU,QGLDDQG%60RWRULQJ
 &RPSDFW689IRUWKH\HDUE\&1%&
2YHUGULYH
Top Gear family car of the year
Some of the awards given to Alto 800
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 (QWU\ +DWFKEDFN &DU RI WKH <HDU
E\1'79&1%&$ZDUGV
 (QWU\OHYHO +DWFKEDFN &DU RI WKH
<HDUE\(7=LJZKHHOV$ZDUGV
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\HDUE\$XWRFDU$ZDUGV
 &RPSDFW &DU RI WKH \HDU E\ &1%&
2YHUGULYH

The Company ranked third in the list


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FRPSDQLHV LQ ,QGLD OLVWHG E\ 7/*
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WKH$XWRPRELOH3HUVRQRIWKH<HDUE\
1'793URW

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.
7KH &RPSDQ\V VXEVLGLDU\ 7UXH 9DOXH
6ROXWLRQV /LPLWHG KDV FRQWULEXWHG
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processes and supported the dealerships
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FRQWULEXWHG VLJQLFDQWO\ WR WKH HIIRUWV RI
FXVWRPHUUHWHQWLRQE\IDFLOLWDWLQJVDOHDQG
UHSXUFKDVHRIQHZFDUVWKURXJKH[FKDQJH
DQG KDV PDGH VLJQLFDQW FRQWULEXWLRQ
WRZDUGVHQKDQFLQJGHDOHUVSURWDELOLW\
,Q WHUPV RI WKH JHQHUDO FLUFXODU GDWHG
8th )HEUXDU\  LVVXHG E\ WKH
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$IIDLUV WKH EDODQFH VKHHWV SURW  ORVV
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DQG DXGLWRUV RI WKH VXEVLGLDU\ FRPSDQLHV
KDYH QRW EHHQ DWWDFKHG ZLWK WKH EDODQFH
sheet of the Company. Annual accounts
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UHODWHG GHWDLOHG LQIRUPDWLRQ VKDOO EH
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seeking such information at any point of

 9LHZHUV&KRLFHE\&1%&2YHUGULYH

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

CRISIL RATINGS

Golden Peacock Award 2012 for


VXVWDLQDELOLW\

 0LGVL]HG &DU RI WKH \HDU E\ &1%&


2YHUGULYH

STATUTORY REPORTS

7KH ERDUG UHFRPPHQGV D GLYLGHQG RI


` 8 (eight) per equity share of ` 5 each for the
year ended 31st March 2013 amounting to
` 2,417 million.

 &RPSDFW 6HGDQ RI WKH \HDU E\ &DU


,QGLD

MANAGEMENT REVIEW

3URW EHIRUH WD[ 3%7  ZDV ` 29,910


million against ` 21,462 million showing
DQLQFUHDVHRISHUFHQWDQGSURWDIWHU
WD[ 3$7 VWRRGDW` 23,921 million against
` 16,352 million in the previous year
showing an increase of 46 per cent.

Some of the awards given to Swift


'=LUHZHUH

CORPORATE OVERVIEW

7KH WRWDO UHYHQXH QHW RI H[FLVH  ZDV


` 444,003 million as against ` 364,139
million in the previous year showing an
increase of 22 per cent. Sale of vehicles in
the domestic market was 1,051,046 units
as compared to 1,006,316 units in the
previous year showing an increase of 4
SHUFHQW7RWDOQXPEHURIYHKLFOHVH[SRUWHG
was 120,388 units as compared to 127, 379
units in the previous year.

KDV HVWDEOLVKHG DQG LV PDLQWDLQLQJ DQ


,QIRUPDWLRQ6HFXULW\0DQDJHPHQW6\VWHP

32 - 33

Directors Report

WLPH7KHDQQXDODFFRXQWVRIWKHVXEVLGLDU\
FRPSDQLHV VKDOO DOVR EH DYDLODEOH IRU
LQVSHFWLRQE\DQ\VKDUHKROGHUDWWKHKHDG
RIFHRIWKH&RPSDQ\DQGRIWKHVXEVLGLDU\
companies. Hard copy of details of accounts
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shareholder on demand. Further, pursuant
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WKH ,QVWLWXWH RI &KDUWHUHG $FFRXQWDQWV RI
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SUHVHQWHG E\ WKH &RPSDQ\ LQFOXGH WKH
QDQFLDOLQIRUPDWLRQRILWVVXEVLGLDULHV

programs for all categories of employees


i.e. associates, supervisors and junior,
middle, senior and top management level.
To ensure a well rounded development of
all the employees, the training calendar
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and environment trainings.

AMALGAMATION

The functional and technical trainings


formed an important part of the Companys
annual training calendar as they are
directly linked with the employees role and
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ZHUHLPSDUWHGE\LQKRXVHVXEMHFWPDWWHU
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trainers.

During the year under review, Suzuki


3RZHUWUDLQ ,QGLD /LPLWHG 63,/  ZDV
amalgamated with and into the Company
YLGH WKH RUGHU RI WKH +RQEOH +LJK &RXUW
of Delhi dated 29th January 2013. The order
ZDVOHGZLWKWKH5HJLVWUDURI&RPSDQLHV
Ministry of Corporate Affairs on 17th March
2013. The appointed date of amalgamation
was 1st April 2012. Pursuant to the scheme
of amalgamation, 1,3170,000 equity shares
of `HDFKZHUHDOORWWHGWR6X]XNL0RWRU
Corporation on 29th March 2013 and the
paid up equity capital stands increased to
` 1,510 million.

HUMAN RESOURCE
DEVELOPMENT
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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
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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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training calendar encompassed training

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training were conducted for the employees
across all the levels. This translates to
an average of 5.15 days of training per
employee.

Some of the functional trainings imparted


internally are 3G, 3K, 5S, Design Failure Mode
Effects Analysis (DFMEA), environment,
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management, inventory and warehouse
management, world class manufacturing
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and decision making skills, presentation
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management and resolution, assertiveness
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multi tasking skills, leading effectively,
inter personal relationships, personal
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skills, etc.
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for the women employees to help them
understand challenges at work woman,
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work and home and managing stress.

The Company also provided higher


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helped not only to groom and retain the
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enhancement aspirations, while still
working in the organisation. The scheme
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(full time and part time) at select campuses.
7KHVFKHPHZDVDYDLODEOHIRUHPSOR\HHVDW
levels of assistant managers to managers.

DIRECTORS
Mr. Amal Ganguli, Mr. Keiichi Asai and
Mr. D. S. Brar, Directors of the Company,
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JHQHUDOPHHWLQJDQGEHLQJHOLJLEOHRIIHU
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,QGHSHQGHQW'LUHFWRULQWKHFDVXDOYDFDQF\
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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;
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policies and applied them consistently
and made judgments and estimates
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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;

d) having prepared the annual accounts


RQDJRLQJFRQFHUQEDVLV

PERSONNEL

CONSOLIDATED FINANCIAL
STATEMENTS
,QDFFRUGDQFHZLWKWKH$FFRXQWLQJ6WDQGDUG
21 on Consolidated Financial Statements
read with Accounting Standard 23 on
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DQG$FFRXQWLQJ6WDQGDUGRQ)LQDQFLDO

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)LUP 5HJLVWUDWLRQ 1XPEHU )51(
&KDUWHUHG $FFRXQWDQWV KROG RIFH XQWLO
the conclusion of the ensuing annual
general meeting and are recommended
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DXGLWRUV KDV EHHQ UHFHLYHG WR WKH HIIHFW
WKDW WKHLU UHDSSRLQWPHQW LI PDGH ZRXOG
EHLQDFFRUGDQFH ZLWK VHFWLRQ  %  RI
the Companies Act, 1956.

COST AUDITORS

)RUDQGRQEHKDOIRIWKHERDUGRI
directors
KENICHI AYUKAWA
Managing Director
&(2

R.C. BHARGAVA
Chairman

1HZ'HOKL
26th April 2013

,Q FRQIRUPLW\ ZLWK WKH GLUHFWLYHV RI


the Central Government, the Company
KDV DSSRLQWHG 0V 5 - *RHO  &R FRVW
accountants, as the cost auditors under
section 233B of the Companies Act, 1956
for the audit of the cost accounts for the
PRWRU YHKLFOHV EXVLQHVV IRU WKH \HDU
ending on 31st 0DUFK 7KH H[WHQGHG
GXHGDWHRIOLQJWKHFRVWDXGLWUHSRUWIRU
WKH QDQFLDO \HDU  LQ ([WHQGHG
%XVLQHVV 5HSRUWLQJ /DQJXDJH ;%5/ 
format with the Ministry of Corporate
Affairs was 28th)HEUXDU\7KLVUHSRUW
ZDVOHGZLWKLQWKHVWLSXODWHGWLPHRQth
January 2013.

FINANCIAL STATEMENTS

$V UHTXLUHG E\ WKH SURYLVLRQV RI VHFWLRQ


217(2A) of the Companies Act, 1956,
read with the Companies (Particulars
RI (PSOR\HHV  5XOHV  DV DPHQGHG
the names and other particulars of the
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WKH 'LUHFWRUV 5HSRUW +RZHYHU DV SHU WKH
SURYLVLRQV RI VHFWLRQ   E LY  RI WKH
&RPSDQLHV $FW  WKH $QQXDO 5HSRUW
LV EHLQJ VHQW WR DOO WKH VKDUHKROGHUV RI
WKH &RPSDQ\ H[FOXGLQJ WKH DIRUHVDLG
information. Any shareholder interested in
REWDLQLQJVXFKSDUWLFXODUVPD\ZULWHWRWKH
&RPSDQ\6HFUHWDU\DWWKHUHJLVWHUHGRIFH
of the Company.

AUDITORS

STATUTORY REPORTS

A statement giving details of conservation


RI HQHUJ\ WHFKQRORJ\ DEVRUSWLRQ
IRUHLJQ H[FKDQJH HDUQLQJV DQG RXWJR LQ
accordance with the Companies (Disclosure
RI 3DUWLFXODUV LQ WKH 5HSRUW RI %RDUG
RI 'LUHFWRUV  5XOHV  LV DQQH[HG DV
$QQH[XUH$

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

YDOXDEOH DVVLVWDQFH DQG VXSSRUW UHFHLYHG


from Suzuki Motor Corporation, Japan. The
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IRU WKH HQWKXVLDVWLF FRRSHUDWLRQ KDUG
work and dedication of all the employees
of the Company including the Japanese
VWDII GHDOHUVYHQGRUV FXVWRPHUV EXVLQHVV
DVVRFLDWHV DXWR QDQFH FRPSDQLHV VWDWH
government authorities and all concerned
ZLWKRXW ZKLFK LW ZRXOG QRW KDYH EHHQ
SRVVLEOH WR DFKLHYH DOO URXQG SURJUHVV
and growth of the Company. The directors
are thankful to the shareholders for their
continued patronage.

MANAGEMENT REVIEW

CONSERVATION OF
ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND
OUTGO

5HSRUWLQJIRU,QWHUHVWLQ-RLQW9HQWXUHVWKH
DXGLWHG FRQVROLGDWHG QDQFLDO VWDWHPHQWV
DUHSURYLGHGLQWKH$QQXDO5HSRUW

CORPORATE OVERVIEW

F  KDYLQJ WDNHQ SURSHU DQG VXIFLHQW


care for the maintenance of adequate
accounting records in accordance with the
provisions of the Companies Act, 1956, for
safeguarding the assets of the Company
and for preventing and detecting fraud
and other irregularities; and

ACKNOWLEDGMENT
7KHERDUGRIGLUHFWRUVZRXOGOLNHWRH[SUHVV
LWVVLQFHUHWKDQNVIRUWKHFRRSHUDWLRQDQG
advice received from the Government of
,QGLD DQG WKH +DU\DQD *RYHUQPHQW <RXU
directors also take this opportunity to place
on record their gratitude for timely and

ANNUAL REPORT 2012-13

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
52 SODQWDW*XUJDRQSODQW
E  (QHUJ\HIFLHQWPRWRUVLQSDLQW
shop, air washers, cooling tower,
ERLOHUDQGSRZHUSODQWLQERWK
Gurgaon and Manesar plant.
F  (QHUJ\ HIFLHQW WUDQVIRUPHUV
for new shops.
G  5HSODFHPHQW RI VWDQGDUG
EODGHV RI FRROLQJ WRZHU IDQV
with
aerodynamic
energy
HIFLHQW )LEUH 5HLQIRUFHG
3ODVWLF )53 EODGHV
2. 8SJUDGDWLRQRI52V\VWHP
from two stage to three stage
for reduction in fresh water
consumption.
3.,QOHWVWHDPLQMHFWLRQV\VWHP
LQJDVWXUELQHVIRULPSURYLQJ
performance.

4. Optimisation / improvement of
process:

5 ' WHDP DFKLHYHG WKH FDSDELOLW\ IRU


FDUU\LQJ RXW IXOO  ERG\ FKDQJH DQG LV
working on various new projects for
new model design and development.
7KH &RPSDQ\V 5 ' WHDP LV QRZ RQ
WKH SDWK RI DGYDQFLQJ WKLV FDSDELOLW\
further. Systemic efforts are going on
to enhance it in the near future via
IROORZLQJ

D  9ROWDJH UHGXFWLRQ LQ (OHFWUR


Deposition (ED) process in
Gurgaon plant.
E  5HVL]LQJ RI PRWRUV DQG
pumps rating as per process
requirement in shops.
F  9ROWDJH UHGXFWLRQ LQ VKRSV IRU
lighting.

 (VWDEOLVKPHQW RI ZRUOG FODVV WHVW


track and proving ground facility at
5RKWDNZKLFKZLOOKHOSLQYDOLGDWLQJ
the various vehicle systems and
models

G  5HGXFWLRQ LQ VWDUWXS WLPH RI


VKRSV E\ VHTXHQWLDO RSHUDWLRQ
as per process requirement.

 )DFLOLWDWLRQ RI IXOO LQKRXVH


designing,
development
and
evaluation of entire vehicle

H  0RGLHG FRPSUHVVHG DLU


system for improvement in
power consumption.

 2YHUVHDV DQG LQKRXVH WUDLQLQJ RI


engineers

I  ,PSURYHPHQW LQ DLU ZDVKHUV


HIFLHQF\ E\ UHSODFLQJ VSUD\
zone with celdec media.

 'HYHORSPHQW RI SURWRW\SH EXLOG


FDSDELOLW\

5. Improvement in lightings:

Advanced engineering projects

D  5HSODFHPHQW RI FRQYHQWLRQDO


WXEHOLJKWVZLWKKLJKO\HIFLHQW
/(' /LJKW (PLWWLQJ 'LRGHV 
WXEHOLJKWVLQYHKLFOHDVVHPEO\
shops, Gurgaon plant.
E  ,PSURYHG QDWXUDO
system in shops.

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
H[SHFWDWLRQV PDNHV WKH ,QGLDQ
automotive market very challenging.
With unparalleled dedication and
]HDO WR VXFFHHG WKH 5 ' WHDP RI
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:
 6LJQLFDQW HIIRUWV ZHUH PDGH LQ WKH
preparation of the product road map,
SURGXFW VSHFLFDWLRQ WUDFNLQJ RI QHZ
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
SDFNDJLQJ DQG LPSURYHG W DQG QLVK
in interior design. Use of high tensile
steel and structure optimisation
helped in achieving overall weight
UHGXFWLRQWRJHWKLJKHUIXHOHIFLHQF\
1HZ FRVW HIIHFWLYH WHFKQRORJ\ RI
SDLQWHG LQVWUXPHQW SDQHO KDV EHHQ

introduced thus showcasing the


&RPSDQ\V FDSDELOLW\ LQ HQKDQFHPHQW
in instrument panel design and
development.

To enhance the virtual validation skills,


accuracy and reduce design cycle
WLPH DQG GHVLJQ PRGLFDWLRQ DQG

 7R IXUWKHU LPSURYH WKH LQKRXVH


WHVWLQJ FDSDELOLW\ IRU WKH LPSHQGLQJ
safety regulation, new crash testing
IDFLOLW\ LV XQGHU LQVWDOODWLRQ DW 5RKWDN
This will further reduce the product
development cost and skills.
%HQHWVGHULYHGDVDUHVXOWRIDERYH
efforts
 $OWRWKHUVWIXOOERG\FKDQJHZDV
indigenously and entirely designed and
GHYHORSHGE\WKH&RPSDQ\VHQJLQHHUV
with support from Suzuki Motor
Corporation, Japan.
Ertiga launched in April 2012 created
DQ HQWLUHO\ QHZ FRPSDFW 039 0XOWL
purpose vehicle) segment due to its
designing.
 ,QWURGXFWLRQRIUHIUHVKHG5LW]ERWKZLWK
manual and automatic transmission
features.
 ,QWURGXFWLRQRIUHIUHVKHG:DJRQ5ZLWK
DQHZUHQHGLQWHULRUVDQGEHWWHUIXHO
HIFLHQF\
 ,QWURGXFWLRQ RI UHIUHVKHG 6; ZLWK
touch screen audio and navigation
feature.
 $OO H[LVWLQJ DQG QHZ PRGHOV H[FHSW
*\SV\ ZHUH PDGH 2%' RQ ERDUG
GLDJQRVLV ,,FRPSOLDQWZHOOEHIRUHWKH
deadline date during this year. Work is
SURJUHVVLQJ WR PDNH *\SV\ 2%' RQ
ERDUGGLDJQRVLV ,,FRPSOLDQWHDUO\QH[W
year.
25 patent applications and 8 industrial
GHVLJQV ZHUH OHG E\ WKH &RPSDQ\V
5 'WHDPLQ
 ,19(67 ,QGLDQ 9DOXH (QJLQHHULQJ
6RFLHW\ KDVDZDUGHG+$1'$*2/'(1
.(< DZDUG  WR WKH &RPSDQ\
IRU ([FHOOHQFH LQ GHSOR\LQJ YDOXH
engineering as a corporate activity.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Cost control was under constant focus


LQ 5 ' )RU QHZ PRGHOV GHWDLOHG
IHDVLELOLW\ DQDO\VLV ZDV GRQH DQG
stringent cost targets were set for
HQJLQHHUV WR ZRUN RQ ,Q RUGHU WR
reduce costs right from concept stage,

The Companys engineers presented


WKHLU QGLQJV WKURXJK HQJLQHHULQJ
research papers at various international
forums such as SAE (Society of
$XWRPRWLYH (QJLQHHUV  ,QWHUQDWLRQDO
6,$7 6\PSRVLXP RQ ,QWHUQDWLRQDO
Automotive Technology) and other
prestigious conferences which gave
D EURDGHU RXWORRN WR WKH &RPSDQ\V
engineers and displayed the dedication,
focus and hard work with which the
&RPSDQ\V5 'WHDPZRUNHG

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

 7KH GHVLJQ SURWR YHKLFOH EXLOG


FDSDELOLW\ZDVIXUWKHUHQKDQFHGGXULQJ
WKH \HDU ,Q WKH DUHD RI ERG\ VKHOO
new technologies and materials like
coated and high tensile materials were
LQGXFWHG :RUN LV EHLQJ GRQH LQ WKH
new areas of powertrain development
ZLWK FRPSHWHQFLHV EHLQJ GHYHORSHG
in prototype casting and machining
providing further opportunities to
HYDOXDWH DOWHUQDWLYH VSHFLFDWLRQV IRU
design and product optimisation.

The ongoing advanced engineering


projects in the Company depict the
Companys vision towards future.
Project dedicated to development of
K\EULG HOHFWULF YHKLFOH LQWHJUDWLRQ RI
advance technologies and addition
RI QHZ IHDWXUHV ZHUH WDNHQ XS E\ WKH
Company during the year to enhance
FDSDELOLW\LQYDULRXVHOGVDQGGHYHORS
new technologies for future readiness.

MANAGEMENT REVIEW

 &DSDELOLW\ XSJUDGDWLRQ ZDV GRQH


in the areas of chassis design and
development
to
meet
growing
FXVWRPHUV H[SHFWDWLRQ IRU VDIHW\
SHUIRUPDQFH UHOLDELOLW\ DQG IXHO
HIFLHQF\ 7KH H[WHQVLYH XVH RI &$( 
Computer Aided Engineering on the
chassis parts during the initial design
SKDVH HQDEOHG ZHLJKW RSWLPLVDWLRQ
and reduction in design validation time,
thus minimising the overall vehicle
development
time. Contemporary
technology application and optimal
tuning of steering and suspension
KDV HQDEOHG LQWURGXFWLRQ RI QHZ $OWR
 DQG (UWLJD ZLWK EHVW LQ FODVV ULGH
and handling to cater to customers
H[SHFWDWLRQV LQ WKH DUHD RI YHKLFOH
dynamics.

development cost, high performance


server was installed. The Company has
an edge over its competitors in terms of
computational skills.
CORPORATE OVERVIEW

Consistent efforts were put for


FDSDELOLW\ XSJUDGDWLRQ LQ WKH
automotive electrical and electronic
DUHD1HZJHQHUDWRUFRVWHIIHFWLYH(06
(Engine Management System) platform
were developed along with supplier
partner and implemented in Alto 800.
)RU FRQWURO VRIWZDUH YDOLGDWLRQ +,/
+DUGZDUH LQ /RRS  V\VWHP ZDV VHWXS
during the year.

cost analysis and design to cost


WHFKQLTXHV ZHUH DGRSWHG 9( 9DOXH
Engineering) ideas of the Companys
engineers and also the suppliers were
incorporated at the design stage itself.
)RFXV RQ LQFRUSRUDWLQJ ,QGLD VSHFLF
cost reduction ideas right at the design
VWDJH IRU JOREDO PRGHOV KHOSHG WKH
Company in achieving stricter target
FRVWV )RU H[LVWLQJ PRGHOV IRFXVHG
value enhancement projects were
WDNHQXSLQWKHYDULRXVPRGHOVE\FURVV
functional teams across the Company
to provide the higher value products
at lower costs. This was also a step
WRZDUGV PDLQWDLQLQJ WKH SURWDELOLW\
during adverse economic conditions.
/RFDOLVDWLRQ RI LPSRUWHG SDUWV ZDV
taken up with a renewed thrust. This
ZDV DOVR D VWHS WRZDUGV GHULVNLQJ
IURP IRUHLJQ H[FKDQJH H[SRVXUH DQG
to reduce material cost. The Company
saved `  FURUHV E\ ORFDOLVDWLRQ
and ` 209 crores from implementation
RI 9$ 9( 9DOXH $QDO\VLV9DOXH
Engineering) proposals.

Directors Report

36 - 37

Future plan of action


The Company will continue to introduce
new products to meet growing customers
H[SHFWDWLRQV 7KH H[LVWLQJ SURGXFWV
ZLOO EH UHIUHVKHG DW UHJXODU LQWHUYDOV WR
suit the upcoming trends. The Company
ZLOO SURDFWLYHO\ ZRUN RQ LQFUHDVLQJ WKH
IXHO HIFLHQF\ RI DOO LWV PRGHOV WR RIIHU
HFRQRPLFDOO\ DIIRUGDEOH DQG HQYLURQPHQW
IULHQGO\YHKLFOHV WR WKH FXVWRPHUV 2QH RI
WKH VLJQLFDQW VWHSV ZLOO EH WR LQWURGXFH
DOWHUQDWH IXHO RSWLRQV OLNH /3* /LTXHHG
3HWUROHXP *DV  DQG &1* &RPSUHVVHG
1DWXUDO *DV  LQ WKH &RPSDQ\V YHKLFOHV
The Company will continue to focus on
developing more products with alternate
IXHORSWLRQV,QWKHORQJWHUPWKH&RPSDQ\
ZLOOIRFXVRQHQKDQFLQJWKHFDSDELOLW\LQWKH
HOG RI (9+(9 (OHFWULF 9HKLFOH +\EULG
(OHFWULF 9HKLFOH  DQG RWKHU HQYLURQPHQW
friendly initiatives. Another step towards
PDNLQJ YHKLFOHV PRUH DIIRUGDEOH ZLOO EH
E\ PDLQWDLQLQJ WKH FRVW RI GHYHORSPHQW
RI YHKLFOH WKURXJK 9$9( DQG ZHLJKW
reduction activities. The Company will
continuously work on alternate materials
and newer technologies to reduce the
vehicle cost and weight. Safety of the
FXVWRPHUV ZDV DQG ZLOO FRQWLQXH WR EH RI
primary importance to the Company. The
Company will continue to focus on new
technologies to enhance the safety of the
occupants and also meet the future safety
regulations.

Designing of components and


systems including development
of design review process.
 &RPSRQHQWDQGVXEFRPSRQHQW
level localisation, development
and testing of the parts for the
H[LVWLQJDQGQHZPRGHOV

 1HZ DQG XQLTXH SODVWLF IXHO


UDLO ZKLFK LV EHLQJ XVHG IRU
WKH UVW WLPH LQ HQWLUH 6X]XNL
group, was designed and
introduced in Alto 800. This
UHVXOWHG LQ VLJQLFDQW ZHLJKW
UHGXFWLRQDQGIXHOHIFLHQF\

 &DSDELOLW\HQKDQFHPHQWLQWKH
area of alternative fuels and
SRZHUWUDLQ E\ YDULRXV   VWXG\
projects.
 9( 9DOXH (QJLQHHULQJ  GXULQJ
new model designing phase for
PD[LPLVLQJFRVWEHQHW

 ,66 ,GOHVWRSVWDUW IHDWXUHZDV


LQWURGXFHGLQWKHH[SRUWPDUNHW
to meet the stringent emission
regulation requirements like
(XUR7KH&RPSDQ\LVFDSDEOH
of meeting any emission
regulation in future and this
WHFKQRORJ\FDQEHH[WHQGHGWR
YHKLFOHV LQ ORFDO PDUNHW EDVHG
on emission regulations and
market trend.

Generation of newer ideas


for future designing and cost
reduction via teardown and
EHQFKPDUNLQJ
 %HQHWVGHULYHGDVDUHVXOWRI
above efforts
High localisation content in
various vehicles has resulted in
lower costs.

 6997 6LQJOH 9DULDEOH 9DOYH


Timing)
technology
was
LQWURGXFHGLQQHZ5LW]OHDGLQJ
to improve fuel economy and
reduced emissions.

Continuous
reduction
in
SURGXFWFRVWWKURXJK9$9(
 6LJQLFDQW FRVW UHGXFWLRQ RI
parts of new models compared
WR H[LVWLQJ PRGHOV HQVXULQJ
SURWDELOLW\RIQHZPRGHOV

The Company achieved 3 to


15 per cent increase in fuel
HIFLHQF\GXULQJWKH\HDUDFURVV
all models among various fuel
RSWLRQVE\ZRUNLQJRQGLIIHUHQW
technologies and areas like
optimisation
of crank and
intake system, new low viscosity
oil, use of new technologies for
rolling resistance reduction on
tyres, etc.

3. Technology inducted
All
models
were
made
FRPSOLDQW ZLWK RQ ERDUG
GLDJQRVLV 2%' ,, UHJXODWLRQV
much ahead of the targeted
time of implementation i.e.
April 2013.
 1HZ &1* IXHO LQMHFWRUV ZHUH
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

&22 FDUERQGLR[LGH HPLVVLRQV


ZHUHUHGXFHGYHU\VLJQLFDQWO\

 &DSDELOLW\ HQKDQFHPHQW LQ


component
and
vehicle
evaluation, EHQFKPDUNLQJ DQG
design optimisation.

<HDURI,PSRUW

6WDWXVRIDEVRUSWLRQ7KHDERYH
WHFKQRORJLHV KDYH EHHQ XVHG
in products introduced during
the year.

Expenditure incurred on R&D


(` in million)
Particulars
A

&DSLWDO([SHQGLWXUH

5HFXUULQJ([SHQGLWXUH

2012-13

2011-12

2,613

1,491

2,533

2,226

TOTAL

5,146

3,717

7RWDO 5 ' H[SHQGLWXUH DV D SHUFHQWDJH


of total income

1.16%

1.02%

D. FOREIGN EXCHANGE EARNINGS & OUTGO


(ACCRUAL BASIS)
(` in million)
2012-13

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

Activities relating to exports

)RUDQGRQEHKDOIRIWKHERDUGRI
directors
KENICHI AYUKAWA
Managing Director
&(2

R.C. BHARGAVA
Chairman

FINANCIAL STATEMENTS

LL  'HYHORSPHQW RI QHZ H[SRUW


PDUNHWV IRU SURGXFWV DQG VHUYLFHV
KD operations during the year
ZLWK ,QGRQHVLD DQG7KDLODQG ZHUH
HYHQWXDOO\ H[SDQGHG WR 0DOD\VLD
9LHWQDPDQG+XQJDU\DVZHOO1HZ
PRGHO 6SODVK $7 ZDV LQWURGXFHG
LQ,QGRQHVLD

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

L  ,QLWLDWLYHV WDNHQ WR LQFUHDVH


H[SRUWV 7KH &RPSDQ\ FRQWLQXHG
LWV HIIRUWV WR H[SRUW WR /DWLQ
American and African markets.
7KH &RPSDQ\ H[SRUWHG D WRWDO RI
120,388 units during the year. The
H[SRUWV WR 1RQ(XURSHDQ PDUNHW
showed an increase of 10 per cent.
7RWDOH[SRUWVFURVVHGDODQGPDUNRI
1 million units.

MANAGEMENT REVIEW

)RUHLJQH[FKDQJHHDUQHGHTXLYDOHQW

1HZ'HOKL
26th April 2013

ANNUAL REPORT 2012-13

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/LPLWHG WKH&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
VWDNHKROGHUV EDVHG RQ WKH SULQFLSOHV RI
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.
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WKH SUHVHQFH RI DOO WKH 60(2V 0(2V DQG
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working under them. This structure not
only allows easy and quick communication
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give recommendations relevant to their

The Company fosters a culture in which high


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DFFRXQWDELOLW\ DQG WUDQVSDUHQW GLVFORVXUH
DUH LQJUDLQHG LQ DOO LWV EXVLQHVV GHDOLQJV
DQG VKDUHG E\ LWV ERDUG RI GLUHFWRUV
management and employees. The Company
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LQIRUPHG DQG ZHOOHTXLSSHG WR IXOO LWV
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management with the strategic direction
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value.

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departmental heads. Through this, it is
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Control and implementation of


the Companys strategy is achieved
effectively;
 2SHUDWLRQDO PDQDJHPHQW UHPDLQV
focussed on implementation;

Delegation of decision making with


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Financial and operating control and
integrity are maintained at an optimal
level;

MANAGEMENT REVIEW

 ,QIRUPDWLRQ UHJDUGLQJ WKH &RPSDQ\V


RSHUDWLRQV DQG QDQFLDO SHUIRUPDQFH
DUHPDGHDYDLODEOHDGHTXDWHO\

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

 5LVN LV VXLWDEO\ HYDOXDWHG DQG GHDOW


with.

No. of other directorship(s)

No. of other committee(s)

Name

Category

Public

Private

Member

Chairman

0U5&%KDUJDYD

&KDLUPDQ1RQ([HFXWLYH

0U6KLQ]R1DNDQLVKL

Managing Director and


&(2([HFXWLYH

0U7VXQHR2KDVKL

([HFXWLYH

0U.D]XKLNR$\DEH

([HFXWLYH

Mr. Keiichi Asai

([HFXWLYH

0U2VDPX6X]XNL

1RQ([HFXWLYH

0U.HQLFKL$\XNDZD

1RQ([HFXWLYH

Mr. Kinji Saito

1RQ([HFXWLYH

Mr. Amal Ganguli

,QGHSHQGHQW

11

10

Ms. Pallavi Shroff

,QGHSHQGHQW

11

Mr. Davinder Singh Brar

,QGHSHQGHQW

11

12

0U536LQJK

,QGHSHQGHQW

0U6KLQ]R1DNDQLVKLUHWLUHGIURPWKHSRVWRI0DQDJLQJ'LUHFWRU &(2IURPWKHFORVHRIEXVLQHVVKRXUVRI March 2013.


st

0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU &(2ZLWKHIIHFWIURPst April 2013.


0U536LQJKZDVDSSRLQWHGZLWKHIIHFWIURPth January 2013.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

S.No.

STATUTORY REPORTS

TABLE 1: Composition of the board as on 31st March 2013

Corporate Governance Report

1. Foreign companies, private limited


companies and companies under
section 25 of the Companies Act,
 DUH H[FOXGHG IRU WKH SXUSRVH
RI FRQVLGHULQJ WKH OLPLW SUHVFULEHG
XQGHU FODXVH  ,  &  RI WKH OLVWLQJ
agreement. The committees considered
for the purpose are audit committee
and shareholders grievance committee
DV SUHVFULEHG XQGHU FODXVH  , &  RI
the listing agreement.

BOARD MEETINGS

In terms of clause 49 of the listing


agreement:
 1RQHRIWKHGLUHFWRUVZDVDPHPEHURI
more than 10 committees or Chairman
of more than 5 committees across all
FRPSDQLHVLQZKLFKKHVKHLVDGLUHFWRU
 1RQH RI WKH GLUHFWRUV KROG HTXLW\
shares in the Company.

7KH ERDUG PHW VL[ WLPHV GXULQJ WKH \HDU


on 28th April 2012, 12th June 2012, 28th July
2012, 30th2FWREHUth January 2013
and 15th 0DUFK 7KH ERDUG PHHWV DW
least once in a quarter with a gap of not
PRUH WKDQ IRXU PRQWKV EHWZHHQ DQ\ WZR
meetings. However, additional meetings
are held, whenever necessary. Table 2 gives
the attendance record of the directors
DW WKH ERDUG PHHWLQJV DV ZHOO DV WKH ODVW
annual general meeting (AGM).

TABLE 2: Board meeting and AGM attendance record of the directors in 2012 2013

40 - 41

Name

Number of meetings attended


(Total meetings held: 6)

Whether attended last AGM

0U5&%KDUJDYD

Yes

0U6KLQ]R1DNDQLVKL

Yes

0U7VXQHR2KDVKL

Yes

0U.D]XKLNR$\DEH

Yes

Mr. Keiichi Asai

Yes

0U2VDPX6X]XNL

Yes

Mr. Kenichi Ayukawa

Yes

Mr. Kinji Saito

1R

Mr. Amal Ganguli

Yes

Ms. Pallavi Shroff

Yes

Mr. Davinder Singh Brar

1R

0U536LQJK

1$

0U5&%KDUJDYDDWWHQGHGWKHPHHWLQJKHOGRQth June 2012 through video conferencing.


0U536LQJKZDVDSSRLQWHGZLWKHIIHFWIURPth January 2013.
Information supplied to the board
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information of the Company. The following
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the agenda papers for the meetings are
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Annual operating plans, capital and
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 4XDUWHUO\ UHVXOWV RI WKH &RPSDQ\ DQG
LWV RSHUDWLQJ GLYLVLRQV RU EXVLQHVV
segments;
Minutes of the meetings of the audit
committee and other committees of the
ERDUG

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UHPXQHUDWLRQ RI VHQLRU RIFHUV MXVW
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appointment or removal of Chief
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Secretary;
Materially important
demand, prosecution
notices;

show cause,
and penalty

Fatal or serious accidents


dangerous occurrences;

and

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SROOXWLRQSUREOHP

Any material relevant default in


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&RPSDQ\ RU VXEVWDQWLDO QRQSD\PHQW
IRUJRRGVVROGE\WKH&RPSDQ\
 $Q\ LVVXH ZKLFK LQYROYHV SRVVLEOH
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Details of any joint venture
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or

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SD\PHQW WRZDUGV JRRGZLOO EUDQG
equity or intellectual property;
 6LJQLFDQW ODERXU SUREOHPV DQG WKHLU
proposed solutions;

 $Q\ VLJQLFDQW GHYHORSPHQW LQ WKH


human resources and industrial
relations front;

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H[SRVXUH DQG WKH VWHSV WDNHQ E\ WKH

 1RQFRPSOLDQFH RI DQ\ UHJXODWRU\


statutory nature or listing requirements
DQGVKDUHKROGHUVHUYLFHVVXFKDVQRQ
payment of dividend, delay in share
transfer, etc.

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.

TABLE 3:'HWDLOVRIUHPXQHUDWLRQIRUWKHQDQFLDO\HDUHQGHGst March 2013

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

Mr. Keiichi Asai

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

Mr. Amal Ganguli

260,000

1,900,000

2,160,000

Mr. Davinder Singh Brar

280,000

1,400,000

1,680,000

Ms. Pallavi Shroff

280,000

1,400,000

1,680,000



225,000

225,000

40,000

275,000

315,000

Mr. Kinji Saito

20,000

20,000

0U2VDPX6X]XNL

40,000

40,000

Mr. Kenichi Ayukawa

40,000

40,000

69,255,492

27,466,904

1,120,000

8,600,000

STATUTORY REPORTS

Mr. M.S. Banga


0U536LQJK

MANAGEMENT REVIEW

1,092,322

0U7VXQHR2KDVKL

0U6KXML2LVKL

CORPORATE OVERVIEW

Sale of material nature of investments,


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management to limit the risks of


DGYHUVHH[FKDQJHUDWHPRYHPHQWDQG

106,442,396

th

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The performance criteria for the purpose
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DVGHQHGE\WKHERDUGIRUWKH:KROHWLPH
Directors including Managing Director is as
XQGHU
a) Actual achievement in terms of growth
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previous year;
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WKHEHJLQQLQJRIWKH\HDUDQG

c) Growth of market share of the


Companys products as compared to key
competitors in the industry.
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any director of the Company.
Remuneration of the Non-Executive
Directors
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SD\PHQW RI UHPXQHUDWLRQ E\ ZD\ RI
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of ` 15 million per annum. The payment
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committee meetings, time devoted, current
trends prevailing in the industry, etc.
6LWWLQJ IHH LV DOVR SDLG WR WKH 1RQ
([HFXWLYH 'LUHFWRUV IRU DWWHQGLQJ ERDUG
and committee meetings.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

0U6KXML2LVKLUHVLJQHGZLWKHIIHFWIURPFORVHRIEXVLQHVVKRXUVRI $SULODQG0U.D]XKLNR$\DEHZDVDSSRLQWHGZLWKHIIHFW
from 28th April 2012.

Corporate Governance Report

COMMITTEES OF THE
BOARD
I.

Audit Committee
Composition

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LQ WKH 'LUHFWRUV UHVSRQVLELOLW\
VWDWHPHQW WR EH LQFOXGHG LQ
WKH ERDUGV UHSRUW LQ WHUPV RI
clause (2AA) of section 217 of
the Companies Act, 1956.

Table 4 shows the composition of the


DXGLWFRPPLWWHH$OOWKHPHPEHUVRIWKH
DXGLWFRPPLWWHHDUHQDQFLDOO\OLWHUDWH
and Mr. Amal Ganguli, the Chairman, has
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management. The Chairman attended
the last annual general meeting to
answer shareholders queries.

E  &KDQJHV LI DQ\ LQ DFFRXQWLQJ


policies and practices and
reasons for the same.

TABLE 4: Composition of audit committee

42 - 43

Name
Mr. Amal
Ganguli
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Ms. Pallavi
Shroff


Category
,QGHSHQGHQW

Designation
Chairman

([HFXWLYH

0HPEHU

,QGHSHQGHQW

0HPEHU

,QGHSHQGHQW

0HPEHU

7KH&KLHI)LQDQFLDO2IFHUWKHKHDGRI
internal audit and the representative
of the statutory auditors, internal
auditors and cost auditors are invitees
to the audit committee meetings. The
Company Secretary acts as the secretary
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DOVR LQYLWHG DV PD\ EH UHTXLUHG IURP
time to time.
5ROH
The role of the audit committee
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information to ensure that the
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the replacement or removal of
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fee and also approval for payment
for any other services.

internal auditors into matters


where there is suspected fraud or
irregularity or a failure of internal
control systems of a material
nature and reporting the matter to
WKHERDUG

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c) Major
accounting
entries
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management.
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e) Compliance with listing and
other
legal
requirements
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f)

Disclosure of any related party


transactions.

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report.
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WKH TXDUWHUO\DQQXDO QDQFLDO
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WKHERDUGIRUDSSURYDO
 5HYLHZLQJ ZLWK WKH PDQDJHPHQW
performance of statutory and
internal auditors, the adequacy of
internal control system.
 5HYLHZLQJ WKH DGHTXDF\ RI
internal audit function including
the structure of the internal audit
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reporting structure coverage and
frequency of internal audit.
7.

Discussion with internal auditors


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follow up thereon.

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9.

Discussion with statutory auditors


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the nature and scope of audit as
well as post audit discussion to
ascertain any area of concern.

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the payment to the depositors,
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FDVH RI QRQSD\PHQW RI GHFODUHG
dividends) and creditors.
 5HYLHZLQJ WKH IXQFWLRQLQJ RI WKH
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12. Carrying out any other function
as is mentioned in the terms of
reference of the audit committee.
 5HYLHZLQJ ZLWK WKH PDQDJHPHQW
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of funds, if any raised through
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issue, preferential issue, etc.), the
statement of funds utilised for
purposes other than those stated
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the monitoring agency monitoring
the utilisation of proceeds of a
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appropriate recommendations to
the Board to take up steps in this
matter.
14. Approval of appointment of
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Whole time Finance Director
or any other person heading the
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that function) after assessing
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 5HYLHZLQJ DQ\ RWKHU PDWWHU ZKLFK
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committee under the amendments,

The Company Secretary acts as the


secretary to the committee.

if any, from time to time, to the


listing agreement, Companies Act,
1956 and other statutes.

2EMHFWLYH

Meetings

TABLE 5: Attendance record of the


members of the audit committee
Category

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

0HPEHU

0HPEHU

0HPEHU

II. Shareholders / Investors Grievance


Committee

Meetings

Composition

TABLE 6: Composition of shareholders/


investors grievance committee
Name

Category

Designation

0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa

1RQ
([HFXWLYH
([HFXWLYH

Chairman
0HPEHU

,QGHSHQGHQW 0HPEHU
0HPEHU

'XULQJWKH\HDUVKDUHKROGHUVLQYHVWRUV
grievance committee met twice i.e. on
28th April 2012 and 30th2FWREHU
Table 7 gives the attendance record.

TABLE 7: Attendance record of the


members of the shareholders / investors
grievance committee
Name

0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa

No. of meetings attended


in 2012 13
(Total meetings held: 2)

Disclosures made by the management to


the board
During the year, there were no transactions
of material nature with the promoters,
the directors or the management, their
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the Company. All disclosures related to
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where directors may have a potential
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interested directors do not participate in
the discussion nor do they vote on such
matters.
Related party transactions
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WKH UHODWHG SDUWLHV ZDV LQ FRQLFW ZLWK
the interests of the Company. Details of
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given in note no. 53 to the annual accounts.
All related party transactions are
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in the interests of the Company.
Code of conduct for the Board of Directors
and senior management personnel

The Company has laid down a code of


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LGHQWLHGVHQLRUPDQDJHPHQWSHUVRQQHORI
the Company.

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SRVWHGRQLWVZHEVLWHZZZPDUXWLVX]XNLFRP

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Table 6 shows the composition


RI WKH VKDUHKROGHUV  LQYHVWRUV
grievance committee of the Company.
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this committee attended the last
annual general meeting to address
shareholders queries.

1RQ
([HFXWLYH

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delegated the power of approval of
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shares, transmission
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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

The committee oversees redressal


of
shareholders and
investors
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of declared dividends and related
matters. The committee also oversees
the performance of the registrar and
transfer agent, recommends measures
for overall improvement in the quality
of investors services, approves issue
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matters connected with the securities
transfers.

7KH DXGLW FRPPLWWHH PHW VL[ WLPHV


during the year under review on 28th
April 2012, 22nd May 2012, 28th July
2012, 30th2FWREHUrd1RYHPEHU
2012 and 25th January 2013. Table 5
gives the details of attendance of audit
FRPPLWWHHPHPEHUV

During the year, 16 complaints were


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shares was pending as on 31st March
2013.

CORPORATE OVERVIEW

,QYHVWRUJULHYDQFHUHGUHVVDO

Corporate Governance Report

The code of conduct was circulated to


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management personnel and they had
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FRGHRIFRQGXFWIRUWKHQDQFLDO\HDUHQGHG
31st March 2013. A declaration to this effect
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CEO/ CFO CERTIFICATION


The Company has institutionalised the
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assessment mechanism in order to lay
the foundation for further development of
superior corporate governance practices
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highest level of governance to enhance the
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of self assessment questionnaires through
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0DQDJHU 7KH VHOI DVVHVVPHQW VXEPLWWHG


E\ FRQWURO RZQHUV ZHUH IXUWKHU UHYLHZHG
DQG DSSURYHG E\ WKHLU VXSHULRUV DQG WKH
results of self assessment process were
disclosed to the auditors and the audit
FRPPLWWHH7KHZKROHH[HUFLVHZDVFDUULHG
RXW LQ DQ REMHFWLYH PDQQHU WR DVVHVV WKH
effectiveness of internal controls over
QDQFLDOUHSRUWLQJGXULQJWKHQDQFLDO\HDU


Enabling controls self-assessments through the Controls Manager

44 - 45

PROCESS FOR REPORTING


RACM

RACM

RACM
Control Questionnaires

Identify Controls

Circulate online
control feedback
Control
Dash Board
SURVEYS INPUTS

Flow to Upper Hierarchy

Approving
Authority

Reviewing
Authority
Seek and report
inputs from
control owners

Control
Owners
* RACM: Risk & Control Matrix

Risk assessment and minimisation


procedure

7KH ERDUG SHULRGLFDOO\ UHYLHZV UHSRUWV


RI FRPSOLDQFH ZLWK DOO ODZV DSSOLFDEOH WR
WKH &RPSDQ\ DV ZHOO DV VWHSV WDNHQ E\
WKH &RPSDQ\ WR UHFWLI\ LQVWDQFHV RI QRQ
compliances.
The Company has developed comprehensive
legal compliance scheduling and management
VRIWZDUH E\ ZKLFK VSHFLF FRPSOLDQFH WDVNV
are assigned to each individual. The software
HQDEOHV LQ SODQQLQJ DQG PRQLWRULQJ DOO
compliance activities across the Company.
Code for prevention of insider trading
practices

Details of non compliance


1RSHQDOWLHVRUVWULFWXUHVZHUHLPSRVHGRQ
WKH &RPSDQ\ E\ VWRFN H[FKDQJHV RU 6(%,
or any statutory authority on any matter
related to capital market since the last
three years.
Subsidiary companies
$ VWDWHPHQW ZKHUHYHU DSSOLFDEOH RI DOO
VLJQLFDQW WUDQVDFWLRQV DQG DUUDQJHPHQWV
HQWHUHGLQWRE\WKH&RPSDQ\VVXEVLGLDULHV
is presented to the Board of the Company
at its meetings.
The audit committee of the Company
UHYLHZV WKH QDQFLDO VWDWHPHQWV DQG
LQYHVWPHQWV PDGH E\ XQOLVWHG VXEVLGLDU\
companies. The minutes of unlisted
VXEVLGLDU\FRPSDQLHVDUHSODFHGEHIRUHWKH
ERDUG

The Company has instituted a comprehensive


FRGHRIFRQGXFWLQFRPSOLDQFHZLWKWKH6(%,
regulations on prevention of insider trading.

STATUTORY REPORTS

$Q([HFXWLYH5LVN0DQDJHPHQW&RPPLWWHH
(50&  LV LQ SODFH WR UHYLHZ WKH ULVN
management activities of the Company
RQDUHJXODUEDVLV7KHFRPSRVLWLRQRIWKH
committee consists of Managing Director
&(2DOOWKH6HQLRU0DQDJLQJ([HFXWLYH

Legal compliance reporting

The code lays down guidelines, which


DGYLVH RQ SURFHGXUHV WR EH IROORZHG DQG
GLVFORVXUHVWREHPDGHZKLOHGHDOLQJZLWK
shares of the Company and cautions on the
FRQVHTXHQFHVRIQRQFRPSOLDQFHV

MANAGEMENT REVIEW

7KH&RPSDQ\LVLPSDFWHGE\FKDQJHVLQWKH
EXVLQHVV HQYLURQPHQW IURP WLPH WR WLPH
that necessitate continuous evaluation
DQG PDQDJHPHQW RI VLJQLFDQW ULVNV
IDFHG E\ WKH &RPSDQ\ 7KH &RPSDQ\ KDV
HVWDEOLVKHG DSSURSULDWH ULVN DVVHVVPHQW
and minimisation procedures. The process
IRU IRUPXODWLQJ D GHQHG ULVN DVVHVVPHQW
IUDPHZRUN HQFRPSDVVHG LQWHUDOLD D
methodology for assessing and identifying
ULVNVRQDQRQJRLQJEDVLVULVNSULRULWLVLQJ
risk mitigation, monitoring plan and
comprehensive reporting on management
of enterprise wide risks.

2IFHUV 0DQDJLQJ ([HFXWLYH 2IFHU DQG


([HFXWLYH 2IFHUV RI WKH &RPSDQ\ 5LVNV
DUHHYDOXDWHG E\ (50& ,Q DGGLWLRQ WR WKH
&RPSDQ\ OHYHO ULVNV (50& DOVR UHYLHZV
from time to time, any new risk that may
arise due to market dynamics and changes
LQ WKH EXVLQHVV HQYLURQPHQW 7KH DXGLW
FRPPLWWHH DQG WKH ERDUG DOVR UHYLHZ WKH
status of the risk management activities in
the Company.

CORPORATE OVERVIEW

$V UHTXLUHG E\ FODXVH  RI WKH OLVWLQJ


DJUHHPHQW WKH FHUWLFDWH GXO\ VLJQHG E\
WKH 0DQDJLQJ 'LUHFWRU  &(2 DQG WKH
&KLHI )LQDQFLDO 2IFHU ZDV SODFHG EHIRUH
the Board of Directors at its meeting held
on 26th April 2013.

SHAREHOLDERS INFORMATION
Means of communication
4XDUWHUO\DQGDQQXDOQDQFLDOUHVXOWVDUHSXEOLVKHGLQ7KH+LQGX%XVLQHVV/LQH%XVLQHVV6WDQGDUG)LQDQFLDO
([SUHVV0LQWDQGLQ+LQGLHGLWLRQVRI-DQVDWWD%XVLQHVV6WDQGDUGDQG+LQGXVWDQ

Monthly sales/
production

0RQWKO\ VDOHVSURGXFWLRQ JXUHV DUH VHQW WR VWRFN H[FKDQJHV DV ZHOO DV GLVSOD\HG RQ &RPSDQ\V ZHEVLWH
www.marutisuzuki.com.

1HZVUHOHDVHV

$OO RIFLDO QHZV UHOHDVHV DUH VHQW WR VWRFN H[FKDQJHV DV ZHOO DV GLVSOD\HG RQ WKH &RPSDQ\V ZHEVLWH
www.marutisuzuki.com.

Website

7KH&RPSDQ\VZHEVLWHZZZPDUXWLVX]XNLFRPFRQWDLQVDGHGLFDWHGVHJPHQWFDOOHG,QYHVWRUVZKHUHDOOLQIRUPDWLRQ
QHHGHGE\VKDUHKROGHUVLVDYDLODEOHLQFOXGLQJ(&6PDQGDWHQRPLQDWLRQIRUPDQG$QQXDO5HSRUW7KHZHEVLWHDOVR
GLVSOD\VLQIRUPDWLRQUHJDUGLQJSUHVHQWDWLRQPDGHWRPHGLDDQDO\VWVLQVWLWXWLRQDOLQYHVWRUVHWF

Annual report

,QRXUHQGHDYRUWRSURWHFWWKHHQYLURQPHQWDQGLQFRPSOLDQFHZLWKFLUFXODUQXPEHUGDWHGst April
LVVXHGE\WKH0LQLVWU\RI&RUSRUDWH$IIDLUVZKHUHLWZDVFODULHGWKDWFRPPXQLFDWLRQWRWKHVKDUHKROGHUV
WKURXJKHPDLOZLOOEHLQFRPSOLDQFHZLWKSURYLVLRQVRIVHFWLRQRIWKH&RPSDQLHV$FWWKH&RPSDQ\
VHQW WKH $QQXDO 5HSRUW IRU WKH \HDU  WKURXJK HPDLOV WR D ODUJH QXPEHU RI VKDUHKROGHUV ZKR KDG
UHJLVWHUHGWKHLUHPDLOLGVZLWKHLWKHUGHSRVLWRU\SDUWLFLSDQW '3 RUWKH5HJLVWUDU 7UDQVIHU$JHQW 57$ RUWKH
Company. This also helped the Company in saving a huge cost towards printing and dispatch.
)RUWKRVHVKDUHKROGHUVZKRVHHPDLOLGVZHUHQRWUHJLVWHUHGWKH$QQXDO5HSRUWLQSK\VLFDOPRGHZDVVHQWE\
post to their registered addresses.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Financial results

Corporate Governance Report

Corporate Filing
and Dissemination
6\VWHP &RUSOLQJ

$OO GLVFORVXUHV DQG FRPPXQLFDWLRQV WR %RPED\ 6WRFN ([FKDQJH /LPLWHG 0XPEDL %6(  DQG 1DWLRQDO 6WRFN
([FKDQJHRI,QGLD/LPLWHG 16( DUHOHGHOHFWURQLFDOO\WKURXJK&RUSOLQJ+DUGFRSLHVRIWKHVDLGGLVFORVXUHV
DQGFRUUHVSRQGHQFHDUHDOVROHGZLWKWKHH[FKDQJHV

NEAPS (NSE
6KDUHKROGLQJSDWWHUQDQG&RUSRUDWH*RYHUQDQFH5HSRUWRIHYHU\TXDUWHULVXSORDGHGRQ1($36
Electronic Application
Processing System)
SCORES (SEBI
Complaints Redressal
System)

6(%,KDVFRPPHQFHGSURFHVVLQJRILQYHVWRUFRPSODLQWVLQDFHQWUDOLVHGZHEEDVHGFRPSODLQWVUHGUHVVV\VWHP
LH6&25(67KH&RPSDQ\VXSSRUWHG6&25(6E\XVLQJLWDVDSODWIRUPIRUFRPPXQLFDWLRQEHWZHHQ6(%,DQG
the Company.

Exclusive e-mail ids


for investors

)ROORZLQJHPDLOLGVKDYHEHHQH[FOXVLYHO\GHGLFDWHGIRUWKHLQYHVWRUVTXHULHV
investor@maruti.co.in
mailmanager@karvy.com
4XHULHV UHODWLQJ WR$QQXDO 5HSRUW PD\ EH VHQW WR LQYHVWRU#PDUXWLFRLQ DQG TXHULHV UHODWLQJ WR WUDQVIHU RI
VKDUHVDQGVSOLWWLQJFRQVROLGDWLRQUHPDWRIVKDUHVSD\PHQWRIGLYLGHQGHWFPD\EHVHQWWRPDLOPDQDJHU#
karvy.com

General body meetings

46 - 47

TABLE 8: Details of the last three AGMs of the Company


Financial Year




Location

Date

Time

$LUIRUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL
$LUIRUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL
$LUIRUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL

7 6HSWHPEHU
8th6HSWHPEHU
28th August 2012

DP
DP
DP

th

7KH&RPSDQ\KDVSDVVHGVSHFLDOUHVROXWLRQVLQWKHSUHYLRXVWKUHH$*0V1RVSHFLDOUHVROXWLRQVZHUHUHTXLUHGWREHSXWWKURXJKSRVWDO
EDOORWODVW\HDU

ADDITIONAL
SHAREHOLDER
INFORMATION

%\WKHHQGRI0D\)RXUWKTXDUWHUDQG
annual results

Annual General Meeting

Book closure

'DWH

27th August 2013

7KH SHULRG RI ERRN FORVXUH LV IURP )ULGD\


16th August 2013 to Tuesday, 27th August
 ERWKGD\VLQFOXVLYH 

'D\

Tuesday

Dividend payment

7LPH

DP

9HQXH

$LUIRUFH$XGLWRULXP6XEURWR
3DUN1HZ'HOKL

6XEMHFW WR WKH DSSURYDO RI WKH PHPEHUV


in the annual general meeting, a dividend
payment of ` 8 per equity share (face value
` SHUHTXLW\VKDUH IRUWKH\HDU
ZLOOEHSDLGRQRUDIWHUth August 2013, to
those whose names appear in the register
RIPHPEHUVEHQHFLDORZQHUVDWWKHFORVH
RIEXVLQHVVKRXUVRQth August 2013.

Financial Year
)LQDQFLDO<HDUst April to 31st March
For the year ending 31st March 2014 results
ZLOOEHDQQRXQFHG
%\WKHHQGRI-XO\)LUVWTXDUWHUUHVXOWV
%\WKHHQGRI2FWREHU6HFRQGTXDUWHU
results
%\ WKH HQG RI -DQXDU\ 7KLUG TXDUWHU
results

5HPLQGHUV ZHUH VHQW WR WKH VKDUHKROGHUV


requesting them for claiming unclaimed
GLYLGHQG IRU WKH \HDU  0DQ\
shareholders claimed their unclaimed
dividend. The payment was made directly
WRWKHLUEDQNDFFRXQWVZKHUHYHUWKHVDPH

ZHUH DYDLODEOH XQGHU LQWLPDWLRQ WR WKHP


7KHEDODQFHDPRXQWUHPDLQLQJXQFODLPHG
ZDV WUDQVIHUUHG WR WKH ,QYHVWRU (GXFDWLRQ
 3URWHFWLRQ )XQG ,(3)  ZLWK LQ WKH
stipulated time.
Listing on stock exchanges
The equity shares of the Company are
OLVWHGRQ%RPED\6WRFN([FKDQJH/LPLWHG
0XPEDL %6( DQG1DWLRQDO6WRFN([FKDQJH
RI ,QGLD /LPLWHG 16(  7KH DQQXDO OLVWLQJ
IHHV IRU WKH\HDU  KDYH EHHQ SDLG
WR ERWK WKH VWRFN H[FKDQJHV7DEOH  OLVWV
WKH &RPSDQ\V VWRFN H[FKDQJH FRGHV
The Company has also paid the annual
FXVWRGLDO IHH IRU WKH \HDU  WR
ERWK WKH GHSRVLWRULHV QDPHO\ 1DWLRQDO
6HFXULWLHV 'HSRVLWRU\ /LPLWHG 16'/  DQG
&HQWUDO'HSRVLWRU\6HUYLFHV ,QGLD /LPLWHG
&'6/ 

TABLE 9: Stock Code


532500
0$587,
,1(%

TABLE 10:0RQWKO\KLJK ORZTXRWDWLRQRIWKH&RPSDQ\VHTXLW\VKDUH


Month

Bombay Stock Exchange

Apr 12

National Stock Exchange

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/LPLWHG 16(
,6,1

Stock market data


Table 10 gives the monthly high and low
prices of the Companys equity shares
RQ %6( DQG 16( IRU WKH \HDU 
Chart A plots the movement of the
&RPSDQ\V VKDUH SULFHV RQ %6( YLVDYLV
%6(6HQVH[IRUWKH\HDU

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

Corporate Governance Report

Registrar and transfer agent

Share transfer system

Shareholding pattern

.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
3ORW1R9LWWDO5DR1DJDU
0DGKDSXU+\GHUDEDG
3K1R
)D[1R
0DLO,GPDLOPDQDJHU#NDUY\FRP
:HEVLWHZZZNDUY\FRPSXWHUVKDUHFRP

The Companys shares are transferred in


dematerialised form and are traded on the
VWRFNH[FKDQJHVFRPSXOVRULO\LQWKHGHPDW
mode. Any request for rematerialisation
DQGRUWUDQVIHURIVKDUHVLQSK\VLFDOPRGH
is also attended within the stipulated time.

7DEOH  DQG  OLVW WKH VKDUHKROGLQJ


SDWWHUQDQGGLVWULEXWLRQVFKHGXOHRIHTXLW\
shares of the Company as on 31st March
2013 respectively.

TABLE 11: (I) (a) Shareholding pattern as on 31st March 2013


Category
code

Category of shareholder

(II)

(A)

PROMOTER AND PROMOTER GROUP

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)

,QGLYLGXDOV 15,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

TOTAL A=A (1) + A (2)

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

TOTAL B=B (1) + B (2) :

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

SHARES HELD BY CUSTODIANS,


AGAINST WHICH
'HSRVLWRU\5HFHLSWVKDYHEHHQLVVXHG
(1)

Promoter and Promoter Group

(2)

Public

GRAND TOTAL (A+B+C) :

0.00

121,454

302,080,060

288,905,348

100.00

100.00

1RVKDUHVKDYHEHHQSOHGJHGE\WKH3URPRWHUVDVRQst0DUFK7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHV
HLWKHUWRWKHSXEOLFRUWKHSURPRWHUVRIWKH&RPSDQ\

ANNUAL REPORT 2012-13

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

Corporate Governance Report

(I)(c)(i)

6WDWHPHQWVKRZLQJKROGLQJRIVHFXULWLHV LQFOXGLQJVKDUHVZDUUDQWVFRQYHUWLEOHVHFXULWLHV RISHUVRQVEHORQJLQJWRWKH


category Public and holding more than 1 per cent of the total number of shares

Sr. No.

Name of the shareholder

/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD

HSBC*OREDO,QYHVWPHQW)XQGV$&

Number of shares held

Shares as a percentage of total


number of shares {i.e., Grand total
(A)+(B)+(C) indicated in Statement at
para (I)(a) above}

18,993,815

6.29

5,927,515

1.96

HSBC*OREDO,QYHVWPHQW)XQGV0DXULWLXV/LPLWHG
3

&UHGLW6XLVHH 6LQJDSRUH /LPLWHG

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

7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHVWRDQ\RIWKHDERYHVKDUHKROGHUVKROGLQJPRUHWKDQSHUFHQWRIWKH
WRWDOQXPEHURIVKDUHV

50 - 51

(I)(c)(i)
Sr. No.

6WDWHPHQWVKRZLQJKROGLQJRIVHFXULWLHV LQFOXGLQJVKDUHVZDUUDQWVFRQYHUWLEOHVHFXULWLHV RISHUVRQV WRJHWKHUZLWK3$& 


belonging to the category Public and holding more than 5 per cent of the total number of shares of the Company
Name(s) of the shareholder(s) and the
3HUVRQV$FWLQJLQ&RQFHUW 3$& ZLWKWKHP

Number of shares held

Shares as a percentage of total


number of shares {i.e., Grand total
(A)+(B)+(C) indicated in Statement at
para (I)(a) above}

/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

Locked-in shares as a (%) percentage


of total number of shares {i.e,
Grand Total (A)+(B)+(C) Indicated in
Statement at para (I)(a) above}

Promoter/Promoter Group/Public

1LO

1LO

1LO

Number of
outstanding DRs

Number of shares underlying


outstanding DRs

Shares underlying outstanding


DRs as a percentage of total
number of shares {i.e., Grand
Total (A)+(B)+(C) indicated in
Statement at Para(I)(a) above}

1LO

1LO

1LO

6WDWHPHQWVKRZLQJGHWDLOVRI'HSRVLWRU\5HFHLSWV '56
Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)

1LO

(II)(b)
Sr. No.

6WDWHPHQWVKRZLQJ+ROGLQJRI'HSRVLWRU\5HFHLSWV '5V ZKHUHXQGHUO\LQJVKDUHVKHOGE\3URPRWHU3URPRWHU


group are in excess of 1 per cent of the total number of shares.
Name of the DR Holder

Number of shares underlying


outstanding DRs

Shares underlying outstanding


DRs as a percentage of total
number of shares {i.e., Grand
Total (A)+(B)+(C) indicated in
Statement at para(I)(a) above}

1LO

1LO

1LO

1LO

TABLE 12: Distribution of shareholding as on 31st March 2013


Category (Shares)

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.

Name / Joint Name (s)

Shareholding

169,788,440

56.21

18,993,815

6.29

Suzuki Motor Corporation


/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD

HSBC*OREDO,QYHVWPHQW)XQGV$& HSBC*OREDO,QYHVWPHQW
)XQGV0DXULWLXV/LPLWHG

5,927,515

1.96

&UHGLW6XLVHH 6LQJDSRUH /LPLWHG

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

Stichting Pensioenfonds ABP

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
EDODQFH  SHU FHQW HTXLW\ UHSUHVHQWLQJ
13,174,712 equity shares was held in

physical form which includes 13,170,000


equity shares allotted to Suzuki Motor
Corporation on 29th March 2013 pursuant
to the scheme of amalgamation of Suzuki
3RZHUWUDLQ ,QGLD /LPLWHG ZLWK DQG LQWR
0DUXWL 6X]XNL ,QGLD /LPLWHG 7KH HTXLW\
shares of the Company are listed under

2,039,317

0.68

218,774,760

72.42

VSHFLHG FDWHJRU\ LQ %6( DQG DUH SDUW RI


1LIW\LQ16(
Suzuki Motor Corporation, the promoter of
the Company holds 156,618,440 shares in
dematerialised form.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

1
2

STATUTORY REPORTS

88
178



MANAGEMENT REVIEW

Number of
shareholders

CORPORATE OVERVIEW

Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)

Corporate Governance Report

3XUVXDQWWRFODXVH$RIWKHOLVWLQJDJUHHPHQWVWKH&RPSDQ\KDVRSHQHGDGHPDWDFFRXQWQDPHG0DUXWL6X]XNL,QGLD/WG8QFODLPHG
6KDUHV'HPDW6XVSHQVH$FFRXQWZLWK.DUY\6WRFN%URNLQJ/LPLWHG7KHVKDUHVLVVXHGSXUVXDQWWR2IIHUIRU6DOHDQGVWLOOO\LQJXQFODLPHG
ZHUHFUHGLWHGLQWKLVDFFRXQW7KHGHWDLOVRIWKHVHVKDUHVDUHJLYHQKHUHXQGHU
Securities

Equity Shares

As on the date of credit of


shares in the account
No. of records

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
$V VWLSXODWHG E\ WKH 6HFXULWLHV DQG
([FKDQJH%RDUGRI,QGLD 6(%, DTXDOLHG
practising Company Secretary carries out
secretarial audit and provides a report to
reconcile the total admitted capital with
WKH1DWLRQDO6HFXULWLHV'HSRVLWRU\/LPLWHG
16'/  DQG &HQWUDO 'HSRVLWRU\ 6HUYLFHV
,QGLD /LPLWHG &'6/ DQGWKHWRWDOLVVXHG
and listed capital. This audit is carried out
every quarter and the report thereon is
VXEPLWWHG WR WKH VWRFN H[FKDQJHV DQG LV
DOVR SODFHG EHIRUH WKH ERDUG 7KH DXGLW
LQWHUDOLD FRQUPV WKDW WKH WRWDO OLVWHG
and paid up capital of the Company is
in agreement with the aggregate of the
WRWDO QXPEHU RI VKDUHV LQ GHPDWHULDOLVHG
IRUP KHOGZLWK16'/DQG&'6/ DQGWRWDO
QXPEHURIVKDUHVLQSK\VLFDOIRUP
2XWVWDQGLQJ*'5V$'5VZDUUDQWVRU
any convertible instruments, conversion
GDWHDQGOLNHO\LPSDFWRQHTXLW\
7KH &RPSDQ\ KDG QR RXWVWDQGLQJ *'5V
 $'5V  ZDUUDQWV RU DQ\ FRQYHUWLEOH
instruments.
Details of public funding obtained in the
last three years

E 7KH &RPSDQ\ KDV HVWDEOLVKHG DQ


effective mechanism called Whistle
Blower Policy (Policy). The mechanism
XQGHUWKH3ROLF\KDVEHHQDSSURSULDWHO\
communicated within the organisation.
The purpose of this policy is to provide
D IUDPHZRUN WR SURPRWH UHVSRQVLEOH
ZKLVWOH EORZLQJ E\ HPSOR\HHV ,W
protects employees wishing to raise
D FRQFHUQ DERXW VHULRXV LUUHJXODULWLHV
XQHWKLFDO EHKDYLRXU DFWXDO RU
suspected fraud within the Company.

,, 6KDUHVKHOGLQSK\VLFDOIRUP

Mr. Amal Ganguli, the Chairman of the audit


FRPPLWWHHLVWKHRPEXGVSHUVRQDQGGLUHFW
DFFHVVKDVEHHQSURYLGHGWRWKHHPSOR\HHV
WR FRQWDFW KLP WKURXJK HPDLO SRVW DQG
telephone for reporting any matter.
Plant location
7KH&RPSDQ\KDVVL[SODQWVWKUHHORFDWHG
LQ3DODP*XUJDRQ5RDG*XUJDRQ+DU\DQD
DQG WKUHH ORFDWHG DW 0DQHVDU ,QGXVWULDO
Town, Gurgaon, Haryana.
Address for correspondence
,QYHVWRUV PD\ SOHDVH FRQWDFW IRU TXHULHV
UHODWHGWR
, 6KDUHVKHOGLQGHPDWHULDOLVHGIRUP

7KH&RPSDQ\KDVQRWREWDLQHGDQ\SXEOLF
funding in the last three years.

Their Depository Participant(s)

$GRSWLRQRIQRQPDQGDWRU\UHTXLUHPHQWV

Karvy Computershare Private Limited

DQGRU

The Company complies with the following


QRQPDQGDWRU\ UHTXLUHPHQWV DV SURYLGHG
LQWKHOLVWLQJDJUHHPHQW

3ORW1R9LWWDO5DR1DJDU

0DGKDSXU+\GHUDEDG

3KRQH1R

D 7KH &KDLUPDQV RIFH ZLWK UHTXLUHG


IDFLOLWLHV LV EHLQJ PDLQWDLQHG E\ WKH
&RPSDQ\ DW LWV H[SHQVH IRU XVH E\ LWV
1RQ([HFXWLYH&KDLUPDQ

)D[1R

0DLO,GPDLOPDQDJHU#NDUY\FRP

:HEVLWHZZZNDUY\FRPSXWHUVKDUHFRP

Karvy Computershare Pvt. Limited




DWWKHDGGUHVVJLYHQDERYH 

7KH&RPSDQ\DWWKHIROORZLQJDGGUHVV

or
Maruti Suzuki India Limited


1HOVRQ0DQGHOD5RDG9DVDQW.XQM

1HZ'HOKL

3KRQH1R  

(PDLO,GLQYHVWRU#PDUXWLFRLQ

:HEVLWHZZZPDUXWLVX]XNLFRP

Secretarial standards issued by the


Institute of Company Secretaries of India
(ICSI)
,&6,RQHRIWKHSUHPLHUSURIHVVLRQDOERGLHV
LQ,QGLDKDVLVVXHGVHFUHWDULDOVWDQGDUGV
as on 31st March 2013. These secretarial
standards are recommendatory in nature.
7KH &RPSDQ\ VXEVWDQWLDOO\ REVHUYHV
secretarial standards voluntarily as good
corporate governance practice and for
protection of interest of all stakeholders.

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

AUDITORS CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE


GOVERNANCE

CORPORATE OVERVIEW

)XUWKHUFHUWLHGWKDWWKHPHPEHUVRIWKHERDUGRIGLUHFWRUVDQGVHQLRUPDQDJHPHQWSHUVRQQHOKDYHDIUPHGWKHFRPSOLDQFHZLWKWKH
FRGHDSSOLFDEOHWRWKHPGXULQJWKH\HDUHQGHGst March, 2013.

To the Members of Maruti Suzuki India Limited

7KHFRPSOLDQFHRIFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHLVWKHUHVSRQVLELOLW\RIWKH&RPSDQ\VPDQDJHPHQW2XUH[DPLQDWLRQZDVFDUULHG
RXWLQDFFRUGDQFHZLWKWKH*XLGDQFH1RWHRQ&HUWLFDWLRQRI&RUSRUDWH*RYHUQDQFH DVVWLSXODWHGLQ&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
ZLWKWKHFRQGLWLRQVRI&RUSRUDWH*RYHUQDQFHDVVWLSXODWHGLQWKHDERYHPHQWLRQHG/LVWLQJ$JUHHPHQWV

For Price Waterhouse


)LUP5HJLVWUDWLRQ1XPEHU(
Chartered Accountants
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
Gurgaon
May 29, 2013

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

:HVWDWHWKDWVXFKFRPSOLDQFHLVQHLWKHUDQDVVXUDQFHDVWRWKHIXWXUHYLDELOLW\RIWKH&RPSDQ\QRUWKHHIFLHQF\RUHIIHFWLYHQHVVZLWK
which the management has conducted the affairs of the Company.

54 - 55

Management Discussion
& Analysis

The Company is able to


foster strong customer
connect through its focus
on after-sales service at
ZRUNVKRSV'XULQJWKH
\HDUWKH&RPSDQ\ZDV
UDWHGUVWLQFXVWRPHU
satisfaction for the 13th
consecutive year in the
annual survey by
-'3RZHU$VLD3DFLF

OVERVIEW
7KHVORZGRZQLQWKH,QGLDQHFRQRP\FRQWLQXHGIRUWKHVHFRQGVXFFHVVLYH\HDUZLWK*'3
JURZWKHVWLPDWHGDWSHUFHQWLQWKHORZHVWLQDGHFDGH7KLVZDVDFFRPSDQLHGE\
KLJKLQWHUHVWUDWHVLQDWLRQDQGZHDNFRQVXPHUVHQWLPHQW5LVLQJIXHOSULFHVFDXVHGSDUWO\
E\GHSUHFLDWLRQRIUXSHHWRWKHGROODULQFUHDVHGWKHFRVWRIYHKLFOHRZQHUVKLSIRUFXVWRPHUV

(%)

,QGLDV*'3JURZWKUDWH WR
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

Source: Economic Survey

'RPHVWLFDXWRLQGXVWU\JURZWK  
Segment

FY09

FY10

FY11

FY13

26

28

39

29

18



Three Wheelers



26

19



Two Wheelers

26

26

14

Total of all segments

26

26

12

2.6

Numbers rounded off; Source: SIAM

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

Petrol - Diesel price movement

(`)
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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

70

69

STATUTORY REPORTS

7KH PDUNHW GLVWRUWLRQ EHWZHHQ SHWURO


and diesel vehicles, which surfaced in
 FRQWLQXHG IRU WKH PRVW SDUW LQ
 7KH VKDUH RI GLHVHO YHKLFOHV LQ
total passenger vehicle sales increased
IURPSHUFHQWLQWRSHUFHQW
LQ:KLOHSHWUROSULFHVZHUHODUJHO\
market driven, diesel prices remained
government controlled for a large part of
WKH\HDU7KLVFRQWULEXWHGWRWKHGHFOLQHLQ
the sales of petrol vehicles for the second
VXFFHVVLYH \HDU /DWHU LQ WKH \HDU DV WKH
JRYHUQPHQWHPEDUNHGRQDSURJUDPPHWR
ZLWKGUDZGLHVHOVXEVLGLHVJUDGXDOO\DQGDV
the slowdown deepened, the demand for
diesel vehicles also suffered.

MSIL market share

MANAGEMENT REVIEW

The domestic passenger vehicle industry


JUHZ E\  SHU FHQW LQ XQLW VDOHV LQ
7KH&RPSDQ\ZDVDEOHWRDFKLHYH
a growth of 4.4 per cent, and improve
PDUNHW VKDUH E\  EDVLV SRLQWV WR 
per cent. This growth was achieved on
WKH EDFN RI QHZ DQG UHIUHVKHG PRGHOV
ODXQFKHGLQWKHODVWPRQWKVDQGEHWWHU
DYDLODELOLW\RIGLHVHOHQJLQHVGXULQJWKH\HDU
However, the Company had to increase its
PDUNHWLQJDQGVDOHVH[SHQVHVFRPSDUHGWR
WKHSUHYLRXV\HDUWRRIIVHWVLPLODUPRYHVE\
competitors and counter the weak consumer
sentiment.

CORPORATE OVERVIEW

0


3DVVHQJHU9HKLFOHV
&RPPHUFLDO9HKLFOHV

FY12

Management Discussion & Analysis

Petrol - Diesel mix for industry (PVs) (%)

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

Source: Company, SIAM

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
KDVWXUQHGSRVLWLYHDQGEHQHWVDUHOLNHO\
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
FRQWULEXWHG E\ WKH &RPSDQ\V QHZ XWLOLW\
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

Numbers rounded off; Source: SIAM

&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
DXWRPRELOHLQGXVWU\WKH&RPSDQ\UHPDLQV
SRVLWLYH DERXW WKH ORQJWHUP RSSRUWXQLW\
LQ ,QGLD $FFRUGLQJO\ PRVW RI WKH FDSLWDO
SURMHFWVLQFOXGLQJDWKLUGYHKLFOHDVVHPEO\
plant in Manesar and a new facility for
diesel engines in Gurgaon, are proceeding
as scheduled. During the year, the Company
signed an agreement with the Gujarat
government and acquired 700 acres of land
QHDU0HKVDQD QHDU$KPHGDEDG IRUIXWXUH
FDSDFLW\ H[SDQVLRQ :RUN LV OLNHO\ WR VWDUW
there shortly.
Under a scheme of amalgamation approved
E\ WKH +LJK &RXUW 'HOKL WKH &RPSDQ\
amalgamated with itself, Suzuki Powertrain
,QGLD /LPLWHG 63,/  D VXSSOLHU WR LW RI
GLHVHO HQJLQHV DQG WUDQVPLVVLRQV 63,/
ZKLFK ZDV  SHU FHQW RZQHG E\ 6X]XNL
Motor Corporation, Japan and 30 per cent
E\ 0DUXWL 6X]XNL ,QGLD ZDV DPDOJDPDWHG
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
H[LELOLW\DQGFRVWUHGXFWLRQ
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\
$FFRXQWLQJ 6WDQGDUG $FFRXQWLQJ IRU
$PDOJDPDWLRQV QRWLHG XQGHU &RPSDQLHV

The Ertiga was received well, with its diesel


YDULDQWVDWWUDFWLQJDZDLWOLVWRIFXVWRPHUV
GXULQJWKH\HDU:KLOH8WLOLW\9HKLFOHV 89 
in general have emerged as an important

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
QHZ YHKLFOHV E\ HQFRXUDJLQJ WUDGHLQV
([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

For the second year in a row, four of the


WRSYHPRGHOVE\XQLWVDOHVLQWKH,QGLDQ
passenger vehicle market were from the
Companys portfolio. These were Alto, Swift,
'=LUHDQG:DJRQ5

Although the differential in prices of


petrol and diesel came down relative to
WKH SUHYLRXV \HDU LW UHPDLQHG VLJQLFDQW
This enhanced the share of diesel vehicles
in the industry from 48 per cent to
58 per cent. For the Company, diesel
vehicles accounted for 37.4 per cent of its
XQLWVDOHVKHOSHGE\WKHSRSXODULW\RIWKHVH
PRGHOV DQG ODUJHU DYDLODELOLW\ RI GLHVHO
HQJLQHV%HVLGHVHQJLQHSURGXFWLRQE\63,/
(around 300,000), the Company arranged
VXSSOLHVRIDERXWHQJLQHVSHU\HDU
IURPWKH)LDW,QGLDQSODQW6XSSO\LVOLNHO\
to improve further once the Companys new
diesel engine plant in Gurgaon, with an
DQQXDOFDSDFLW\RIXQLWVLQWKHUVW
SKDVHJRHVRQVWUHDPDERXWWKHPLGGOHRI


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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

7KH &RPSDQ\ ZDV DEOH WR FRQWDLQ WKH


decline in sales of its petrol vehicles to 14
per cent, and enhance its market share in
this segment to 58.4 per cent from 56.0 per
cent in the previous year. Sales of diesel
YHKLFOHV JUHZ E\  SHU FHQW HQKDQFLQJ
the Companys share in this segment from
19.2 per cent to 25.2 per cent.

5HIUHVKHG YHUVLRQV RI :DJRQ5 5LW] DQG


6;DOVRKHOSHGYROXPHVWRVRPHH[WHQW

25

STATUTORY REPORTS

Market conditions, particularly for petrol


vehicles, remained challenging during the
year even as there was strong demand for
the Companys diesel models. To promote
sales of petrol vehicles, the Company
leveraged its strength in the rural market
DQG DPRQJ LQVWLWXWLRQV ,W UHDFKHG RXW WR
new customer segments using relevant
communication and focused promotions.
6DOHV RI WKH &RPSDQ\V IDFWRU\WWHG &1*
YHKLFOHV LPSURYHG E\  SHU FHQW DQG
crossed 50,000 for the year, as customers
sought to cope with high petrol prices.

The other major launch of the year, the new


Alto 800, achieved sales of 100,000 units
within 124 days of launch. The new car
RIIHUVPRUHVSDFHDQGKLJKHUIXHOHIFLHQF\
The Alto remained the countrys highest
selling car for the seventh year in a row.

(%)

MANAGEMENT REVIEW

BUSINESS PERFORMANCE
Domestic Market

With the Ertiga, the Company introduced


the new K14B engine, a light weight, highly
IXHO HIFLHQW HQJLQH IURP WKH .VHULHV
IDPLO\ 2WKHU .VHULHV HQJLQHV .% DQG
K12M are powering most of the Companys
high selling models.

3HUFHQWDJHRIQHZFDUVDOHV
through exchange

CORPORATE OVERVIEW

%HQHWLQJ IURP LQFUHDVH LQ PDUNHW VKDUH


D FKDQJH LQ WKH SURGXFW PL[ DQG KLJKHU
H[SRUW UHDOLVDWLRQ WKH &RPSDQ\ SRVW
amalgamation, registered a 21.9 per cent
growth in total revenue to ` 444,003
PLOOLRQ 3URW DIWHU WD[ IRU WKH \HDU
stood at ` 23,921 million, a growth of
46.3 per cent over the previous year. The
SRVWDPDOJDPDWLRQ HDUQLQJ SHU VKDUH
stood at ` 79, compared to ` 57 in the
previous year.

market segment, the Ertiga found favour


DOVRZLWK\RXQJXUEDQIDPLOLHVORRNLQJIRU
DYHKLFOHWKDWLVIDVKLRQDEOHDQGDWWUDFWLYH
DQGRIIHUVPRUHVSDFHZLWKRXWEHLQJEXON\
DQG H[SHQVLYH 7KH &RPSDQ\ VROG 
XQLWVRIWKH(UWLJDLQ

2,500

$FFRXQWLQJ 6WDQGDUGV  5XOHV ZLWK HIIHFW


from 1st $SULO  7KH QDQFLDO UHVXOWV
RI WKH &RPSDQ\ IRU WKH \HDU  DUH
accordingly for the amalgamated entity.

Management Discussion & Analysis

Share of smaller format outlets in


total outlets

(%)

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.

Smaller format outlets

7KH &RPSDQ\ LV DEOH WR IRVWHU VWURQJ


customer connect through its focus on
DIWHUVDOHV VHUYLFH DW ZRUNVKRSV 7KHUH
is evidence that this increases customer
loyalty and referral sales. During the year,
WKH &RPSDQ\ ZDV UDWHG UVW LQ FXVWRPHU
VDWLVIDFWLRQ LQ WKH ,QGLDQ DXWRPRELOH
industry for the 13th consecutive year in the
DQQXDOVXUYH\E\-'3RZHU$VLD3DFLF7KH
Company improved its score, and remained
WKH RQO\ PDQXIDFWXUHU DERYH LQGXVWU\
average.
The Companys widespread reach continues
WR EH D PDMRU FRPSHWLWLYH DGYDQWDJH
During the year, the dealer sales network
reached 1,204 outlets in 874 cities and
VHUYLFHRXWOHWVH[SDQGHGWRRXWOHWVLQ
FLWLHV'XULQJWKH\HDUDSSUR[LPDWHO\
3,400 specialised service camps helped in
connecting with customers and generating
H[FKDQJHDQGQHZFDUHQTXLULHV
To reduce the time taken to service vehicles,
the Company also introduced the concept
RI 0DUXWL 4XLFN 6WRS 046  ZRUNVKRSV
7KHVHDUHVPDOOFRQYHQLHQWHQYLURQPHQW
friendly workshops that use much less
water and offer a quick turnaround. They
are designed mainly for customers in cities.

The Company reached a major milestone


E\ H[SRUWLQJ LWV RQHPLOOLRQWK YHKLFOH
,QWURGXFWLRQ RI QHZ PRGHOV OLNH $VWDU
'=LUH 5LW] DQG QHZ $OWR  LQ H[SRUW
PDUNHWV FRQWULEXWHG WR UHDFKLQJ WKLV
milestone.
Even as sales were weak in Europe, the
&RPSDQ\V H[SRUWV WR QRQ(XURSHDQ
markets grew 9.5 per cent to 92,424 units.
7KHVKDUHRIVDOHVWRQRQ(XURSHDQPDUNHWV
SULPDULO\ LQ $IULFD DQG /DWLQ $PHULFD
LQFUHDVHG WR  SHU FHQW RI H[SRUWV IURP
66 per cent in the previous year.
([SRUWV RI NQRFNHGGRZQ NLWV ZKLFK
FRPPHQFHG LQ -DQXDU\ ZLWK ,QGRQHVLD
and Thailand, are doing well and have now
H[SDQGHGWR0DOD\VLD9LHWQDPDQG+XQJDU\
Exports sales & mix

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

Parts & Accessories

The Companys manufacturing operations


improved across most internal parameters of
quality, productivity and cost. The measures
WDNHQ WR EXLOG H[LELOLW\ LQ RSHUDWLRQV LQ
recent years stood the Company in good
stead during the year. Despite the volatility
in the market and demand distortion among
petrol and diesel vehicles, the Company was
DEOHWRSURGXFHYHKLFOHVLQOLQHZLWKPDUNHW
demand through optimum utilisation of
facilities.
:LWKERWKQHZODXQFKHV(UWLJDDQG$OWR
receiving positive responses in the market,
the operations geared up to meet the surge
in demand without disruption.

have most of its vendors adopt the same


standard.

7KH &RPSDQ\ XVHV WKH DSSURDFK RI 3ODQ


'R&KHFN$FW WR XSJUDGH V\VWHPV DQG
processes continuously. The downtime of
PDFKLQLQJ IDFLOLWLHV KDV FRPH GRZQ E\
DERXWSHUFHQWRYHUYH\HDUV,QDQRWKHU
drive, the Company took measures to reduce
worker fatigue and improve ergonomics in
its manufacturing processes.

The Company initiated a Clean Development


0HFKDQLVP &'0  SURMHFW WR UHGXFH &22
emission in its captive power plant. The
SURMHFW HQWDLOV XVH RI ZDVWH XH JDV RI
captive power plant to generate steam and
WKHUHE\HOHFWULFLW\7KLVKDVEHHQUHJLVWHUHG
DQGDSSURYHGDVD&'0SURMHFWE\81)&&
,WLVH[SHFWHGWRJHQHUDWH&HUWLHG
(PLVVLRQ5HGXFWLRQ &(5 DQQXDOO\IRUWKH
QH[W\HDUV

The projects team is targeting to optimise


FDSLWDO H[SHQGLWXUH E\ LGHQWLI\LQJ VXLWDEOH
local suppliers for equipment and machinery.
With several capital projects ongoing, and
more in the pipeline, this initiative will
UHFHLYHIRFXVLQWKHQH[WIHZ\HDUV

(TXLSPHQWEUHDNGRZQRIPDFKLQHVKRSV LQGH[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

Tool Room & Die Shop


The tool and die shop designs and develops
skin panel dies and casting dies for engine
components. With continuous improvement
LQ GHVLJQ FDSDELOLW\ WKH &RPSDQ\ LV QRZ
H[SRUWLQJGLHVWR6X]XNLJURXSFRPSDQLHV
RYHUVHDV 'HVLJQ LQQRYDWLRQV DQG EHVW
SUDFWLFHV KDYH OHG WR D FRVW EHQHW RI 
per cent to 40 per cent over imported dies.

:LWK LWV JURZLQJ FDSDELOLW\ WKH &RPSDQ\


ZLOOEHDEOHWRGHOLYHUQHZPRGHOVLQOHVV
time and cost.
Energy Conservation and Environment
Sensitivity
7KH &RPSDQ\ ZDV WKH UVW LQ WKH ,QGLDQ
DXWRPRELOHVSDFHWREH,62FHUWLHG
DQG VLQFH WKHQ KDV EHHQ ZRUNLQJ WR

The Companys supply chain is crucial


WR LWV RSHUDWLRQV ZLWK DERXW  SHU FHQW
RI WKH FDU E\ YDOXH EHLQJ SURFXUHG LQ WKH
form of components and raw material.
The Company accordingly continues with
LWV HIIRUWV WR HQDEOH WKH VXSSO\ FKDLQ WR
EHFRPHPRUHSURGXFWLYHUHGXFHFRVWVDQG
LPSURYH TXDOLW\ ,QVXODWLQJ WR WKH H[WHQW
SRVVLEOH WKH VXSSO\ FKDLQ IURP PDUNHW
volatility, helps the Company.
Component supplies regularly face the
risk of disruption owing to factors like
RRGV WUDQVSRUW VWULNHV LQGXVWULDO XQUHVW
at suppliers and the like. The Company
KDV VR IDU PDQDJHG GLVUXSWLRQV E\ WDNLQJ
VXLWDEOH PHDVXUHV DV DQG ZKHQ UHTXLUHG
and ensured that operations are largely
XQDIIHFWHG6WDUWLQJDUREXVWULVN

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

20

COMPONENT & RAW


MATERIAL PROCUREMENT

STATUTORY REPORTS

$ VHSDUDWH VHFWLRQ LQ WKLV $QQXDO 5HSRUW


%XVLQHVV 5HVSRQVLELOLW\ 5HSRUW GLVFXVVHV
the environmental and social performance
of the Company in detail.

78

80

2ZLQJ WR LQQRYDWLYH HQHUJ\ FRQVHUYDWLRQ


PHDVXUHVWKH&RPSDQ\ZDVDEOHWRUHGXFH
its natural gas consumption for captive
SRZHU JHQHUDWLRQ E\  SHU FHQW *LYHQ
that natural gas prices have gone up
VLJQLFDQWO\WKHVHPHDVXUHVFRQWULEXWHGWR
containing energy cost as well.

MANAGEMENT REVIEW

Several cost reduction projects in operations


ZHUH XQGHUWDNHQ ,QKRXVH DXWRPDWLRQ
projects led to a saving of ` 260 million
LQ QHZ SURMHFWV $ SDQRUJDQLVDWLRQDO
suggestion programme, Sujhav Sangrehika,

led to generation of 396,828 ideas and a


saving of ` 3,640 million.

CORPORATE OVERVIEW

7KH &RPSDQ\ EHQHWV JUHDWO\ IURP KLJK


employee morale, loyalty and alignment.
The Production Management System (PMS)
involves employees at all levels of operations
to generate ideas, which are then discussed
ZLWKLQ VPDOO JURXSV DQG LGHQWLHG IRU
LPSOHPHQWDWLRQ E\ HPSOR\HHV WKHPVHOYHV
During the year, efforts were directed towards
UHGXFLQJ QHZ SURMHFW FRVW EULQJLQJ GRZQ
RSHUDWLRQDO H[SHQVHV SDUWLFXODUO\ E\ KLJKHU
localisation, and improving quality.

Management Discussion & Analysis

management framework was put in place


with a detailed mapping of the entire chain,
SRVVLEOH GLVUXSWLRQ HYHQWV DQG FRQWLQXLW\
plans.

60 - 61

$ VWURQJ -DSDQHVH <HQ DQG ZHDN ,QGLDQ


5XSHH IRU PRVW SDUW RI WKH \HDU UHQGHUHG
WKH &RPSDQ\V LPSRUW FRQWHQW H[SHQVLYH
During the year, the Company encouraged
ORFDOLVDWLRQ RI LQQHU SDUWV E\ VXSSOLHUV
and also put in place a dedicated team to
facilitate and monitor localisation. This led
to good results.
The last few months of the year saw
softening of the Japanese Yen. While some
EHQHWVDFFUXHGLQODUJHUEHQHWV
DUHH[SHFWHGGXULQJ7KH&RPSDQ\
is also encouraging vendors to enhance
ORFDO 5 ' FDSDELOLW\ DQG ZKHUHYHU
appropriate, shifting sourcing from Japan
WRWKH$6($1UHJLRQ
&RPPRGLW\ SULFHV ZHUH UHDVRQDEO\
VWDEOH 7KH SROLF\ RI IRUZDUG ERRNLQJ RI
commodities, and hedging the currency has
also resulted in cost savings. The Company
took initiatives to consolidate different
grades of steel in its purchase activities,
and improve yields in manufacturing
components to reduce material cost.
7KH &RPSDQ\ UHFRJQLVHV WKDW 7LHU,, DQG
7LHU,,, VXSSOLHUV KDYH D FULWLFDO UROH LQ
WKH YDOXH FKDLQ DQG LV H[DPLQLQJ ZD\V
to improve their quality and adherence
to systems. Through MACE (Maruti Centre
IRU ([FHOOHQFH  WKH &RPSDQ\ LV ZRUNLQJ
FORVHO\ ZLWK 7LHU,, FRPSRQHQW VXSSOLHUV
to scale up their systems and processes,
DQGVWUHQJWKHQWKHHFRV\VWHPIRUTXDOLW\
manufacturing. However, this segment
UHPDLQVDQDUHDRIFRQFHUQ6SHFLFSURMHFWV
were jointly adopted with vendor partners
in the areas of energy saving, productivity
improvement and cost reduction.

ENGINEERING AND R&D


The Companys new products were well
received during the year, and appear to
KDYH PDWFKHG FXVWRPHU H[SHFWDWLRQV RQ
design, features, space, technology and
cost of ownership. The Company remains
on course with regard to implementing its
PHGLXPWHUPSURGXFWSODQ
The Company requires a strong product
SLSHOLQH WR IXOO JURZLQJ GHPDQG LQ
the future and meet changing customer
H[SHFWDWLRQV &RQVLGHULQJ WKH ORQJ OHDG
times in product development and the
dynamic nature of the market, the Company
KDVEHHQEXLOGLQJGHVLJQDQGGHYHORSPHQW
FDSDELOLW\LQUHFHQW\HDUV
During the year, the Company continued
ZRUN RQ LWV ZRUOGFODVV 5 ' FHQWUH DQG
proving ground at a 600 acre facility
LQ 5RKWDN +DU\DQD 7KLV LQLWLDWLYH ZLOO
HQKDQFH WKH &RPSDQ\V DELOLW\ WR GHVLJQ
develop, test and launch cars at a faster pace.
7KH &RPSDQ\ KDV VFDOHG XS LWV 5 '
VWUHQJWKIURPDERXWWRHQJLQHHUV
LQ WKH ODVW YH \HDUV 0DQ\ RI WKHP DUH
participating in new projects with Suzuki
0RWRU &RUSRUDWLRQ WR JDLQ H[SRVXUH DQG
H[SHULHQFH7KH &RPSDQ\ ZLOO FRQWLQXH WR
QHHGKLJKTXDOLW\WDOHQWDQGLVHQKDQFLQJ
connect with young engineers through
supporting popular events like Supra SAE
and participating in industry initiatives
WR ERRVW GHVLJQ FDSDELOLW\ DPRQJ \RXQJ
students.
5HFRJQLVLQJ WKH LPSRUWDQFH RI IXHO
HIFLHQF\ IRU ,QGLDQ FXVWRPHUV DV ZHOO
as for the environment, the Company is
working on new technologies, vehicle
weight reduction, lowering friction,
DOWHUQDWHPDWHULDOVDQGPRUH&1*PRGHOV
WR LPSURYH IXHO HIFLHQF\ DQG UHGXFH &22
HPLVVLRQV ,W LV DOVR ZRUNLQJ RQ K\EULGV

and electric vehicle projects along with


Suzuki Motor Corporation. The Company is
SDUWRID6,$0LQLWLDWLYH 6RFLHW\RI,QGLDQ
$XWRPRELOH 0DQXIDFWXUHUV  WR VXSSRUW
WKH JRYHUQPHQW LQ GUDIWLQJ IXHO HIFLHQF\
VWDQGDUGVIRUSDVVHQJHUYHKLFOHVLQ,QGLD
,QDGGLWLRQWRWKHQHZPRGHOVWKH&RPSDQ\
ODXQFKHG UHIUHVKHG YHUVLRQV RI :DJRQ5
6;DQG5LW]7KH&RPSDQ\DOVRXSJUDGHG
LWVPRGHOVWRPHHW2%',,QRUPV 2QERDUG
diagnostics). Efforts to increase localisation
of inner parts gained strength during the
year. Projects in value analysis and value
HQJLQHHULQJFRQWULEXWHGWRHQKDQFLQJFRVW
effectiveness of parts and systems.

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

Gross Sale of Products

481,147

386,141

9HKLFOHV

441,163

362,111

6SDUHSDUWVGLHV PRXOGVFRPSRQHQWV

39,984

24,030

([FLVHGXW\

55,021

39,082

Net sales (2-3)

426,126

347,059

2WKHURSHUDWLQJUHYHQXH

9,753

8,812

2WKHULQFRPH

8,124

8,268

Total revenue (4+5+6)

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

Depreciation and amortisation


2WKHUH[SHQVHV
Total expenses

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%

TABLE 2: Financial performance ratios


Parameters

(As a % of net sales)


2012-13

2011-12

76.3

80.9

4.6

(PSOR\HHEHQHWH[SHQVHV

2.5

2.3

(0.2)

Depreciation and amortisation

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

ANNUAL REPORT 2012-13

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

Management Discussion & Analysis

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%

TABLE 4: Income from investment of surplus fund


Parameters

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)

Foreign exchange risk management

HUMAN RESOURCES

7KH &RPSDQ\ LV H[SRVHG WR WKH ULVNV


DVVRFLDWHG ZLWK XFWXDWLRQV LQ IRUHLJQ
H[FKDQJH UDWHV PDLQO\ RQ LPSRUW RI
components, raw
materials, royalty
SD\PHQWV DQG H[SRUW RI YHKLFOHV ,W KDV D
ZHOOVWUXFWXUHGH[FKDQJHULVNPDQDJHPHQW
SROLF\7KH&RPSDQ\PDQDJHVLWVH[FKDQJH
ULVNE\XVLQJDSSURSULDWHKHGJHLQVWUXPHQWV
depending on the market conditions and the
view on the currency.

During the year, an incidence of criminal


violence at the Manesar facilities claimed
WKH OLIH RI D YDOXDEOH FROOHDJXH $ZDQLVK
Kumar Dev. Moreover, around a hundred
other colleagues, including senior people,
were injured and hospitalised in the
EDUEDULF DFW $OO WKRVH LQYROYHG LQ WKH
YLROHQFH KDYH EHHQ GHDOW ZLWK DFFRUGLQJ
to the law. Criminal proceeds are pending
DJDLQVWH[ZRUNHUV

,QWHUQDOFRQWUROVDQGDGHTXDF\

Post the traumatic event, the entire


Maruti Suzuki family came together and
collectively worked to emerge as a stronger
RUJDQLVDWLRQ 7KH &RPSDQ\ FROODERUDWHG
ZLWKVWDNHKROGHUV*RYHUQPHQWRI+DU\DQD
vendors, dealers, village heads and local
FRPPXQLW\LQ0DQHVDUVYLFLQLW\WRHPHUJH
IURPWKHFULVLV7KH&RPSDQ\H[SUHVVHVLWV
heartfelt gratitude to these stakeholders
for their wholehearted support.

The Company has a proper and adequate


system of internal control to ensure that
all assets are safeguarded and protected
against loss from unauthorised use or
disposition, and that all transactions are
authorised, recorded and reported correctly.
The internal control system is designed to
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and other data, and for maintaining
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policies, guidelines and procedures.

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reviewed issues and taken concrete steps
to create and maintain a positive work
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taken to make the recruitment system
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communication, strengthen the grievance

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sessions).
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a larger proportion of younger people
in the workforce. A younger workforce
requires higher levels of engagement,
and companies are evolving new ways
to motivate them. The focus thus is on
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comprehensive induction training,
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Despite the industrys strong demand for
talent, the Company could contain attrition
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than manufacturing industry standards)
through contemporary talent management
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and processes an online performance
management system, assessment and
GHYHORSPHQWFHQWUHVGHJUHHIHHGEDFN
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for greater motivation and retention.
Besides rewards and recognition, the
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through
learning
opportunities,

The capacity constraints in quality training


LQ WKH FRXQWU\ ZLOO FRQWLQXH WR EH D
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,QGXVWULDO 7UDLQLQJ ,QVWLWXWHV  LQ +DU\DQD
for upgradation, curriculum redesign and
infrastructure improvement. The Company
plans to scale it to 50 institutes in a span
of three years.

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and a major differentiator in making
various functions of the Company faster,
leaner, more intelligent and powerful.

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systems with those of the parent Company,
Suzuki Motor Corporation, Japan for a
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and vehicle production. The Company
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VWUXFWXUHWRHQKDQFHUHOLDELOLW\

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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
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effectiveness.

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with customers, its large sales and service
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to offer to customers during the period of
car ownership. The Company will safeguard
its culture of continuous improvement,
teamwork, discipline and stakeholder
sensitivity.
3ROLF\ KDV KDG D PDMRU EHDULQJ RQ WKH
LQGXVWU\ QRWDEO\ LQ WKH ODVW IHZ \HDUV
Besides taking measures internally, such as
EDODQFLQJWKHFDSDFLW\RISHWURODQGGLHVHO
engines, the Company is also engaging
more closely with policy makers through
industry forums to understand mutual
priorities and perspectives. The Company
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growth,
maintaining
macroeconomic
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country.
Disclaimer

OUTLOOK
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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

Statements in this management discussion


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REMHFWLYHV SURMHFWLRQV HVWLPDWHV DQG
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looking statements within the meaning of
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,PSRUWDQW GHYHORSPHQWV WKDW FRXOG DIIHFW
the Companys operations include an
onward trend in the domestic auto industry,
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UDWH XFWXDWLRQV DQG VLJQLFDQW FKDQJHV
in the political and economic environment
LQ,QGLDHQYLURQPHQWDOVWDQGDUGVWD[ODZV
OLWLJDWLRQDQGODERXUUHODWLRQV

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

7KH &RPSDQ\ XVHV ,7 WR VHDPOHVVO\


LQWHJUDWHRQDUHDOWLPHEDVLVDOOLWVYHQGRUV
WKURXJK DQ (1DJDUH V\VWHP DQG DOO LWV
dealers through a Dealer Management
6\VWHP HQDEOLQJ IDVW WUDQVDFWLRQ
SURFHVVLQJEHWWHUPDQDJHPHQWFRQWURODQG
informed decision making. With customer
data involving millions of records, the
analytics division provides critical insights
for management understanding.

7KH SDFH RI FKDQJH LQ WKH EXVLQHVV


HQYLURQPHQW KLJKHU JOREDOLVDWLRQ DQG
interconnectedness and the increasing
VFDOH RI WKH &RPSDQ\V EXVLQHVV DQG
operations necessitated a relook at the
risk management structure. The Company
revamped the structure after taking
inputs from stakeholders including top
management, employees, vendors, dealers,
investors, union leaders, local community
around its plants and industry analysts.

STATUTORY REPORTS

INFORMATION
TECHNOLOGY

The activity of risk management in the


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WKURXJKDPDQDJHPHQWVXEFRPPLWWHHWKH
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DFWLYLWLHVRQDUHJXODUEDVLV

emergence of new product segments. The


Companys product plan recognises this, as
evident in its entry into the growing utility
vehicle segment with Ertiga in the year. The
SURGXFWGHYHORSPHQWFDSDELOLWLHVRI6X]XNL
0RWRU&RUSRUDWLRQLWVIRFXVRQWKH,QGLDQ
market and concerted efforts to strengthen
FDSDELOLWLHVRI0DUXWL6X]XNLHQJLQHHUVZLOO
help meet these challenges. The Company
is also actively looking at opportunities for
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Middle East.

MANAGEMENT REVIEW

The Company started a training academy


LQ 'HFHPEHU  7KH DFDGHP\ KDV
developed course content for training
SHRSOH DQG E\ YLUWXH RI WHFKQRORJ\
drastically scaled up the effectiveness,
speed and capacity of training. Besides
cutting down on the need to travel, it also
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Company plans to leverage this for training
SHRSOH HIIHFWLYHO\ LQ ODUJH QXPEHUV ERWK
LQKRXVHDQGLQLWVYDOXHFKDLQ

RISK MANAGEMENT

CORPORATE OVERVIEW

HPSRZHUPHQW
DQG
FURVVIXQFWLRQDO
H[SRVXUH 7KH &RPSDQ\V GLSVWLFN DQG
engagement survey measures employee
engagement levels and derives action
plans for improvements.

64 - 65

Business Responsibility
Report (As per Clause 55 of the Listing Agreement)

The Company gives


focused attention
to all aspects of
sustainability economic,
environmental and
social. As a responsible
corporate, it is concerned
about the holistic growth
and development of
its operations and the
welfare, prosperity
and growth of
its stakeholders.

As a responsible corporate, Maruti Suzuki India Limited (Company) is concerned about


the holistic growth of its operations and the welfare, prosperity and development of
its stakeholders. The Company gives focused attention to all aspects of sustainability
HFRQRPLFHQYLURQPHQWDODQGVRFLDO,WVUVW%XVLQHVV5HVSRQVLELOLW\5HSRUWFDSWXUHVNH\
highlights of its sustainability performance in 2012-13.
In 2012-13, Suzuki Powertrain India Limited was amalgamated with the Company. The
Company accounted for the amalgamation in its books of account in accordance with the
method of accounting prescribed by the Central Government. However, other processes and
UHSRUWLQJ VWUXFWXUHV DUH EHLQJ LQWHJUDWHG 7KLV %XVLQHVV 5HVSRQVLELOLW\ 5HSRUW FRQWDLQV
combined information on Maruti Suzuki India Limited and Suzuki Powertrain India Limited
on economic indicators only.

SECTION A
Corporate Identity Number (CIN) of the Company

L34103DL1981PLC011375

Name of the Company

Maruti Suzuki India Limited

5HJLVWHUHGDGGUHVV

1, Nelson Mandela Marg,


Vasant Kunj, New Delhi-110070

Website

www.marutisuzuki.com

E-mail id

msilinvestorrelations@maruti.co.in

Financial year reported

2012-13

Sector(s) that the Company is engaged in (industrial activity code-wise)

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)

Total number of locations where business activity is undertaken by the Company

10

i. Number of international locations

Company manufactures cars only in India

ii. Number of national locations

Company manufactures cars at its Gurgaon


and Manesar plants located in Haryana

Markets served by the Company Local/State/National/International

Domestic: across India.


International: Europe, Africa, Asia, Oceania,
Latin America

Details

Paid up Capital (`)

1,510,400,300

Total Turnover (` million)

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

Does the Company have any Subsidiary Company / Companies?

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
GRHV EXVLQHVV ZLWK SDUWLFLSDWH LQ WKH %5 LQLWLDWLYHV RI WKH &RPSDQ\" ,I \HV
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

General Information about the Company

ANNUAL REPORT 2012-13

Business Responsibility Report

SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
D  'HWDLOVRIWKH'LUHFWRU'LUHFWRUVUHVSRQVLEOHIRULPSOHPHQWDWLRQRIWKH%5SROLF\SROLFLHV
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
UHVSRQVLEOHIRU%XVLQHVV5HVSRQVLELOLW\IRU
E  'HWDLOVRIWKH%5KHDG

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

Do you have a policy for?

Has the policy being formulated in consultation with the


relevant stakeholders?

Does the policy conform to any national /international


standards? If yes, specify?

+DV WKH SROLF\ EHLQJ DSSURYHG E\ WKH %RDUG" ,I \HV KDV
LW EHHQ VLJQHG E\ 0'RZQHU&(2DSSURSULDWH %RDUG
Director?

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%RDUG'LUHFWRU2IFLDOWRRYHUVHHWKHLPSOHPHQWDWLRQRI
the policy?

Indicate the link for the policy to be viewed online?

Has the policy been formally communicated to all relevant


LQWHUQDODQGH[WHUQDOVWDNHKROGHUV"

Does the Company have in-house structure to implement


the policy/policies.

Does the Company have a grievance redressal mechanism


related to the policy/policies to address stakeholders
grievances related to the policy/policies?

10

Has the Company carried out independent audit/evaluation


RI WKH ZRUNLQJ RI WKLV SROLF\ E\ DQ LQWHUQDO RU H[WHUQDO
agency?

List of Principles
PRINCIPLE 1: %XVLQHVVHVVKRXOGFRQGXFWDQGJRYHUQWKHPVHOYHVZLWK(WKLFV7UDQVSDUHQF\DQG$FFRXQWDELOLW\

PRINCIPLE 3: %XVLQHVVHVVKRXOGSURPRWHWKHZHOOEHLQJRIDOOHPSOR\HHV


PRINCIPLE 4: %XVLQHVVHV VKRXOG UHVSHFW WKH LQWHUHVWV RI DQG EH UHVSRQVLYH WRZDUGV DOO VWDNHKROGHUV HVSHFLDOO\ WKRVH ZKR DUH
disadvantaged, vulnerable and marginalised
PRINCIPLE 5: %XVLQHVVHVVKRXOGUHVSHFWDQGSURPRWHKXPDQULJKWV
PRINCIPLE 6: %XVLQHVVVKRXOGUHVSHFWSURWHFWDQGPDNHHIIRUWVWRUHVWRUHWKHHQYLURQPHQW

CORPORATE OVERVIEW

PRINCIPLE 2: %XVLQHVVHVVKRXOGSURYLGHJRRGVDQGVHUYLFHVWKDWDUHVDIHDQGFRQWULEXWHWRVXVWDLQDELOLW\WKURXJKRXWWKHLUOLIHF\FOH

PRINCIPLE 7: %XVLQHVVHVZKHQHQJDJHGLQLQXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\VKRXOGGRVRLQDUHVSRQVLEOHPDQQHU


PRINCIPLE 8: %XVLQHVVHVVKRXOGVXSSRUWLQFOXVLYHJURZWKDQGHTXLWDEOHGHYHORSPHQW

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.

The Company has not understood the Principles

2.

7KH &RPSDQ\ LV QRW DW D VWDJH ZKHUH LW QGV LWVHOI LQ D
position to formulate and implement the policies on
VSHFLHGSULQFLSOHV

3.

7KH &RPSDQ\ GRHV QRW KDYH QDQFLDO RU PDQSRZHU


resources available for the task

4.

,WLVSODQQHGWREHGRQHZLWKLQQH[WPRQWKV

5.

,WLVSODQQHGWREHGRQHZLWKLQWKHQH[W\HDU

6.

Any other reason (please specify)

**

**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
 ,QGLFDWH WKH IUHTXHQF\ ZLWK ZKLFK WKH %RDUG RI 'LUHFWRUV &RPPLWWHH RI WKH %RDUG RU &(2 WR DVVHVV WKH %5 SHUIRUPDQFH RI WKH
Company. Within 3 months, 3-6 months, Annually, More than 1 year.


7KH 0DQDJLQJ 'LUHFWRU DQG WRS PDQDJHPHQW SHULRGLFDOO\ UHYLHZ WKH %5 SHUIRUPDQFH RI WKH &RPSDQ\ WKURXJK %XVLQHVV 5HYLHZ
0HHWLQJVDQG6WUDWHJ\0HHWLQJV%XVLQHVV5HYLHZ0HHWLQJVDUHKHOGRQDZHHNO\EDVLVDQG6WUDWHJ\0HHWLQJVDUHKHOGRQFHLQDPRQWK

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

*Human Rights:  7KH &RPSDQ\ FXUUHQWO\ GRHVQW KDYH D VWDQGDORQH +XPDQ 5LJKWV SROLF\ +RZHYHU DVSHFWV RI KXPDQ ULJKWV VXFK DV
FKLOGODERXUIRUFHGODERXURFFXSDWLRQDOVDIHW\GLVFULPLQDWLRQDUHFRYHUHGE\LWVYDULRXV+XPDQ5HVRXUFHSROLFLHV7KH&RPSDQ\PDNHV
concerted efforts to strengthen mechanisms to ensure implementation of such policies. The Company will also be developing a Human
5LJKWV3ROLF\LQWKHQHDUIXWXUH

STATUTORY REPORTS

Sr.
No. Questions

MANAGEMENT REVIEW

PRINCIPLE 9: %XVLQHVVHVVKRXOGHQJDJHZLWKDQGSURYLGHYDOXHWRWKHLUFXVWRPHUVDQGFRQVXPHUVLQDUHVSRQVLEOHPDQQHU

Business Responsibility Report

 'RHVWKH&RPSDQ\SXEOLVKD%5RUD6XVWDLQDELOLW\5HSRUW":KDWLVWKHK\SHUOLQNIRUYLHZLQJWKLVUHSRUW"+RZIUHTXHQWO\LWLVSXEOLVKHG"


7KH&RPSDQ\SXEOLVKHVD6XVWDLQDELOLW\5HSRUWDVSHU*5,*IUDPHZRUNDQQXDOO\7KHUHSRUWLV$OHYHODQGLVH[WHUQDOO\DVVXUHG
7KH&RPSDQ\KDVEHHQSXEOLVKLQJLWV6XVWDLQDELOLW\5HSRUWVLQFH

7KH6XVWDLQDELOLW\5HSRUWVRIWKH&RPSDQ\FDQEHYLHZHGDWWKHFRUSRUDWHZHEVLWHKWWSZZZPDUXWLVX]XNLFRPVXVWDLQDELOLW\UHSRUWVDVS[

SECTION E: PRINCIPLE-WISE PERFORMANCE


PRINCIPLE 1 : Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
 'RHVWKHSROLF\UHODWLQJWRHWKLFVEULEHU\DQGFRUUXSWLRQFRYHURQO\WKH&RPSDQ\"<HV1R'RHVLWH[WHQGWRWKH*URXS-RLQW9HQWXUHV
Suppliers/Contractors/NGOs /Others?

68 - 69

As a responsible corporate citizen, the Company believes in the highest standards of professionalism, ethical behaviors and corporate
governance.


7KH&RPSDQ\V&RGHRI%XVLQHVV&RQGXFWDQG(WKLFVHQVXUHVFRPSOLDQFHZLWKWKH&RPSDQ\VVWDQGDUGVRIEXVLQHVVFRQGXFWDQGHWKLFV
DQGDOVRZLWKUHJXODWRU\UHTXLUHPHQWV$OOHPSOR\HHVVLJQDGHFODUDWLRQRQMRLQLQJWKH&RPSDQ\DQGDUHH[SHFWHGWRFRPSO\ZLWKWKH
letter and spirit of this Code.

-RLQWYHQWXUHVVXSSOLHUVDQGFRQWUDFWRUVRIWKH&RPSDQ\DUHLQGHSHQGHQWHQWLWLHV7KH&RPSDQ\V&RGHRI&RQGXFWDQG:KLVWOH%ORZHU
3ROLF\GRQWH[WHQGWRWKHP

 +RZPDQ\VWDNHKROGHUFRPSODLQWVKDYHEHHQUHFHLYHGLQWKHSDVWQDQFLDO\HDUDQGZKDWSHUFHQWDJHZDVVDWLVIDFWRULO\UHVROYHGE\
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
%ORZHU3ROLF\LQ
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

Hybrid and Electric Technology

End-of-Life Vehicles (ELV)

The Company has developed a


new Intelligent Gas Port Injection
(i-GPI) technology for CNG bi-fuel
vehicles. The i-GPI technology
promotes uniform and complete
combustion in the combustion
chamber, resulting in lesser
pollutants, without compromising
on the vehicles power and
performance.

([SHULPHQWDO SURMHFWV LQ WKH HOG RI K\EULG


electric vehicle have been undertaken by the
&RPSDQ\6XEVHTXHQWWRWKHGHPRQVWUDWLRQRI
SX4 Hybrid and EECO Electric demonstration
DWWKH&RPPRQZHDOWK*DPHV5 'FDSDELOLW\
was further enhanced in HEV-EV by taking
up study projects, such as further testing/
LPSURYHPHQW RI 6; +(9 IXHO HIFLHQF\ ,GOH
Start Stop system testing & validation, Swift
5DQJH ([WHQGHU (OHFWULF 9HKLFOH RQURDG
testing.

The Company has voluntarily taken initiatives


to eliminate hazardous substances that have
impacts on the environment and human health,
VXFK DV 0HUFXU\ &DGPLXP /HDG +H[DYDOHQW
Chromium and Asbestos from its vehicles. ELV
vehicles are easy to scrap and over 85 per cent
of the vehicles parts can be recycled.

Since 2006-07, by selling over


369,928 alternate fuel vehicles,
the Company has been able to
cumulatively reduce CO2 emissions
by 157,232.8 tonnes per year.

,Q DGGLWLRQ QHZ SURFHVVHV  VXFK DV [(9


Hardware-In-Loop/Model-In-Loop based controls
GHYHORSPHQWWHVWLQJ [(9 YHKLFOH VLPXODWLRQ
for fuel economy evaluation and others were
initiated.

Currently in India there is no system of vehicle


recycling or scrapping.
In order to encourage old vehicle recycling in
,QGLD1$75L3DORQJZLWK02+,KDVHVWDEOLVKHG
a dismantling demonstration unit in Chennai.
7KH&RPSDQ\KDVH[WHQGHGVXSSRUWWRWKLVQHZ
initiative by providing a few older vehicles and
by providing guidance in environment-friendly
vehicle dismantling methods.

CORPORATE OVERVIEW

2. For each such product, provide


the following details in respect of
resource use (energy, water, raw
material and so on) per unit of
product (optional):

However, for the overall volume of


vehicle produced, the reduction in
resources is as under:
a) Electricity: There has been
a reduction in the per unit
electricity consumption at both
*XUJDRQDQG0DQHVDU,QGH[HG
to base year 2000-01, there
has been a reduction of nearly
30 per cent in Gurgaon plant
since 2000-01. Similarly, in
0DQHVDU LQGH[HG WR EDVH \HDU
2007-08, there has been a
reduction of nearly 40 per cent
since 2007-08.

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

58 per cent reduction achieved since 2000-01


Water consumption per car, indexed to base year 2007-08, Manesar

(%)

100

64
46

FY 08

FY 09

FY 10

39

FY 11

44

42

FY 12

FY13

58 per cent reduction achieved since 2007-08


ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

,W LV GLIFXOW IRU WKH &RPSDQ\ WR


determine the resource utilisation
(energy, water, raw material) for its
alternate fuel vehicles, End-of-life
vehicles or its hybrid and electric
vehicles. The Company currently
doesnt manufacture hybrid or
electric cars on a commercial scale.
$V LWV SURGXFWLRQ OLQHV DUH H[LEOH
and produce multiple models, there
LV SUDFWLFDO GLIFXOW\ LQ LVRODWLQJ
model-wise resource utilisation data.

Water consumption per car, indexed to base year 2000-01, Gurgaon (%)

STATUTORY REPORTS

L 5HGXFWLRQ GXULQJ VRXUFLQJ 


production / distribution achieved
since the previous year throughout
the value chain?

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

Harnessing solar energy

(IXHQWWUHDWPHQWSODQWDW*XUJDRQ

Business Responsibility Report

100 km radius of the Company. The


Company constantly encourages
suppliers to set-up base near its
SODQWV %RWK *XUJDRQ DQG 0DQHVDU
plants have Suppliers Parks. The
Company has set up a separate
group responsible for localisation
of parts. This reduces the Companys
H[SRVXUH WR FXUUHQF\ XFWXDWLRQ
and boosts local economy.

c) Material: Two main ways


through which the Company
reduces material usage is yield
improvement and One Gram
One Component
weight
reduction initiative.

4. Has the Company taken any steps to


procure goods and services from local &
small producers, including communities
surrounding their place of work? If yes,
what steps have been taken to improve
the capacity and capability of local and
small vendors?
Supplier capacity building initiatives of
the Company include:

The end users of the vehicles


produced by the Company are
LQGLYLGXDO FXVWRPHUV ,W LV GLIFXOW
for the Company to determine the
reduction in energy and water
usage during usage by customers.

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

The Company places immense


focus on local sourcing of parts.
Nearly 86 per cent of the supplier
base by value is located within a

120

400

211

The Company has laid down


robust sourcing processes and
procedures that include competitive
bidding and each new supplier is
evaluated by all concerned agencies
(Engineering, Quality and Supply
Chain) before induction.

(%)

165

If yes, what percentage of your


inputs was sourced sustainably?
Also, provide details thereof, in
about 50 words or so.

ISO 14001 status of Tier-I suppliers

147

i.

The Company also drives green


initiative at suppliers. It
is
encouraging its Tier-I supplier to
adopt ISO 14001 standard. As on 31st
March 2013, 72.6 per cent suppliers
ZHUH,62FHUWLHGDQGDLPV
at having 100 per cent suppliers
,62  FHUWLHG E\  'HFHPEHU
2014 and provide support through
training programmes, sensitisation
sessions.

The Company works closely with


its suppliers. Maruti Center of
([FHOOHQFH 0$&( ZDVVHWXSE\WKH
Company along with 21 suppliers
in 2004. The activities of MACE
include providing training, support,
and consultation to Tier-I and Tier-II
suppliers and sales network to help
them achieve world-class standards
LQ TXDOLW\ FRVW VHUYLFH WHFKQRORJ\
orientation.

LL 5HGXFWLRQ GXULQJ XVDJH E\


consumers (energy, water) has been
achieved since the previous year?

3. Does the Company have procedures in


place for sustainable sourcing (including
transportation)?

 7R DVVHVV DQG HQKDQFH +5


capability of its suppliers, the
Company launched a programme
FDOOHG
%XVLQHVV
([FHOOHQFH
through People where it engaged
NQRZOHGJHSDUWQHUVWRLPSURYH+5
practices of suppliers and to make
them harmonious with those of the
Company.

113

70 - 71

Optimisation of material is
central to the component
design and development right
at the product design stage.

The Company has recently formulated


Green Procurement Guidelines. This
will be rolled out in a phased manner,
starting with Tier -I suppliers.

82

The intent of the One Gram One


Component programme is to
identify opportunities for weight
reduction
through
design
PRGLFDWLRQV RI FRPSRQHQWV
with an objective to reduce
overall weight of the vehicle.
The scrap generated from press
shop operations at the Company
is used for producing child parts
IRU PD[LPLVLQJ VWHHO VKHHW
utilisation. In 2012-13, over
31,343T of steel scrap was given
to suppliers for manufacturing
of small parts.

The Shikhar programme was


launched four years ago to upgrade
TXDOLW\ SUDFWLFHV DW VXSSOLHUV HQG
,W SURYLGHV D SODWIRUP IRU TXDOLW\
teams to educate suppliers on basic
principles of 4M (man, machine,
method, material), tool maintenance,
VNLOO PDWUL[ DQG RWKHUV ZLWK DQ
REMHFWLYH WR VWUHQJWKHQ TXDOLW\
V\VWHPVDWVXSSOLHUV'XULQJTXDOLW\
month, top management of the
&RPSDQ\YLVLWVVXSSOLHUVKRSRRUV
WRUHLQIRUFHTXDOLW\LPSURYHPHQW

FY 06

FY 07

FY 08

FY 09

FY 10

FY 11

FY 12

FY 13

20
0
Dec-14

(Target)

9HQGRUZLWK,62FHUWLFDWLRQ RI9HQGRUSODQWVFHUWLHGIRU,62

Water use and recycling:


The Companys primary source of
water is canal water. The Company
recycles and reuses water within its
manufacturing units. The Company has
achieved zero waste water discharge
status (outside factory premises) since
2003-04 at its Gurgaon facility and
since 2006-07 at its Manesar facility.
Sources of water
Canal water
Tube well water
5DLQZDWHU
TOTAL

2012-13
1,967,786 m3
23,207 m3
1,800 m3
1,992,793 m3

PRINCIPLE 3 : Businesses should promote the wellbeing of all employees


1. Please indicate the total number of employees.


7KH&RPSDQ\LVDQHTXDORSSRUWXQLW\HPSOR\HUDQGKLUHVWDOHQWHGSURIHVVLRQDOVZLWK
YDULHGH[SHUWLVH$EUHDNXSRIWKHZRUNIRUFHDVRQst March, 2013 is outlined below.
Manpower Category

2012-13

5HJXODUPDQSRZHU
Assistant supervisor & above

4,648

Associates/technicians

3,029

Trainees

1,744

Total regular manpower

9,421

Apprentices
Contractual manpower/temporary workers
TOTAL MANPOWER

936
8,554
18,911

2. Please indicate the total number of employees hired on temporary/contractual/casual


basis.
Mentioned in table above.
3. Please indicate the number of permanent women employees.
Manpower
Male
Female
TOTAL REGULAR

2012-13
9,091
330
9,421

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

In 2012-13, 4264 T of hazardous waste


ZDV JHQHUDWHG  7KH H[LVWLQJ ODQGOO LV
being gradually emptied out by sending
waste to cement industry. In all 6133.6 T
of hazardous waste was sent to the cement
industry for co-processing.

7KH&RPSDQ\PHWSHUFHQWRIWKHWRWDOZDWHUUHTXLUHPHQWRIERWKWKHSODQWVWKURXJK
UHF\FOHG ZDWHU LQ  7UHDWHG HIXHQW ZDWHU PHHWV WKH QHFHVVDU\ ZDWHU TXDOLW\
standards and is used for horticulture by the Company.

STATUTORY REPORTS

The saleable solid waste, such as


metal scrap and glass waste are sold
to recyclers and reusers. The used oil
is sold to authorised recyclers. All
e-waste management, maintenance
and disposal are carried out through
authorised recyclers.

Tree plantation by employees in Manesar village

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,
(IXHQW7UHDWPHQW 3ODQW (73  VOXGJH
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
ODQGOOLQJ

CORPORATE OVERVIEW

5. Does the Company have a mechanism


to recycle products and waste? If yes,
what is the percentage of recycling
of products and waste (separately as
<5 per cent, 5-10 per cent, >10 per
cent). Also, provide details thereof, in
about 50 words or so.

Business Responsibility Report

4. Please indicate the number of permanent employees with disabilities


There were 10 differently abled male employees in the Company in 2012-13.
5. Do you have an employee association that is recognised by management?


7KH&RPSDQ\VPDQDJHPHQWRIFLDOO\UHFRJQLVHVWZRHPSOR\HHDVVRFLDWLRQVXQLRQVRQHHDFKDWLWV*XUJDRQSODQW0DQHVDUSODQW

6. What percentage of your permanent employees is members of this recognised employee association?
The unions represent 100 per cent of the workers.
 3OHDVHLQGLFDWHWKHQXPEHURIFRPSODLQWVUHODWLQJWRFKLOGODERXUIRUFHGODERXULQYROXQWDU\ODERXUVH[XDOKDUDVVPHQWLQWKHODVW
QDQFLDO\HDUDQGSHQGLQJDVRQWKHHQGRIWKHQDQFLDO\HDU
S.No. Category

1RRIFRPSODLQWVOHGGXULQJ
WKHQDQFLDO\HDU

No. of complaints pending as on


HQGRIWKHQDQFLDO\HDU

1.

Child labour/forced labour/involuntary labour

Nil

Nil

2.

6H[XDOKDUDVVPHQW

Nil

Nil

3.

Discriminatory employment

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
UHTXLUHPHQWDVRXWOLQHGEHORZ
Category - wise training achievement
Category

Man-days

Examples of training

([HFXWLYHVDQGDERYH

7.27

&DSLWDO %XGJHWLQJ (IIHFWLYH %XVLQHVV &RPPXQLFDWLRQ


(QYLURQPHQW 0DQDJHPHQW 6\VWHP -DSDQHVH 0DQDJHPHQW
Practices, Personal Effectiveness etc.

Supervisors

4.30

1HHY$VSHFLDOWUDLQLQJIRUEHKDYLRXUDOLPSURYHPHQWFRQLFW
management, empowerment and innovative thinking.
/HYHO 8S &DWHUHG WRZDUGV VKRS RRU ZRUNHUV WHDFKHV
ways to focus on safety, collection of defect and rejection
GDWD DQDO\VLV DQG FRXQWHUPHDVXUHV ,W DOVR DFTXDLQWV WKH
HPSOR\HHVZLWKWKHEHVW-DSDQHVHVKRSRRUSUDFWLFHVDQG
focuses on the importance of positive attitude and team
ZRUNDWVKRSRRU

Associates

2.60

Pragati: Positive awareness of self, innovative thinking and


creativity, work-life balance and so on
Adhaar: Special training that promotes understanding of
an employees dual contribution to self and company for
enhanced employee motivation. It assesses the ability to
work with teams and achieve target orientation, consistent
learning and its application.

Overall

5.15

In 2012-13, as many as 19,590 training


manhours were dedicated on safety
WUDLQLQJIRUVKRSRRUZRUNHUV
PRINCIPLE 4 : Businesses should respect
the interests of, and be responsive
towards all stakeholders, especially those
who are disadvantaged, vulnerable and
marginalised.

Employees and
their families

a. Socio-economically disadvantaged
members of society
b. Schedule Caste/ Schedule Tribes
c.

Local community consisting of large


number of migrant population and
%3/IDPLOLHV

3. Are there any special initiatives taken


by the Company to engage with
the disadvantaged, vulnerable and
marginalised stakeholders. If so, provide
details thereof, in about 50 words or so.
a. Socio-economically disadvantaged
members of society
The Company is partnering with
state governments for upgrading
Industrial Training Institutes (ITIs).

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
 5DLQ
ZDWHU
KDUYHVWLQJ
horticulture and landscaping
3. Provision of machines and tools
 ,QGXVWU\ H[SRVXUH WKURXJK
factory visits and interaction
with industry personnel
5. Addition of modules to augment
H[LVWLQJFRXUVHFRQWHQW
6. Faculty development
 (GXFDWLRQDO H[SRVXUH WKURXJK
visits for students
In 2012-13, the total number of
VWXGHQWV EHQHWWLQJ IURP WKH
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
LWV GHDOHUV  WR XSJUDGH VSHFLFDOO\
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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Dealers, suppliers
& other business
partners

The Company carries out multiple


activities at ITIs such as:

STATUTORY REPORTS

7KH &RPSDQ\ KDV LGHQWLHG VL[ GLUHFW


stakeholder groups. The Company
engages with them to understand their
needs and concerns, and undertakes
action to address them. It recognises
the importance of constant, continued
and collaborative engagement with all
organisations and individuals involved
in or impacted by its operations.

Within the stakeholder group Local


Community and Society, the Company
KDVLGHQWLHGWKHIROORZLQJYXOQHUDEOH
and marginsalised sections:

The Company works with 21


government-run ITIs across the
nation, of these 2 are Womens ITIs
and 1 is an ITI for SC/STs

MANAGEMENT REVIEW

1. Has the Company mapped its internal


DQGH[WHUQDOVWDNHKROGHUV"<HV1R

2. Out of the above, has the Company


LGHQWLHGWKHGLVDGYDQWDJHGYXOQHUDEOH
& marginalised stakeholders?

CORPORATE OVERVIEW

Safety training is a part of the induction


process and all employees mandatorily go
through one day safety training. For shop
RRU ZRUNHUV SHULRGLF VDIHW\ WUDLQLQJ LV
organised as per the annual safety calander.

Business Responsibility Report

with the National Schedule Caste


Finance Development Corporation
(NSFDC)
to train unemployed
Schedule Caste youth in driving
with a commitment to train 3000
youth. The Company designed a
special 30 day training programme,
comprising
practical
training,
behavioral aspects, safe driving
practices
and so on. Initially,
the programme was launched in
Karnataka, Punjab, Haryana and
Maharashtra. It is gradually being
H[WHQGHGWRRWKHUVWDWHVDVZHOO
In
2012-13,
the
Company
successfully enrolled 1711 SC/ST
youth for training in safe driving
under this partnership.
c. Local community

74 - 75

The Company is working in four


neighbouring communities in
Gurgaon and Manesar each. The
areas of interventions include
health, education, infrastructure
development and skill training.
Large sections of the community,
especially in Gurgaon, are migrants
who have moved to the city in
VHDUFK RI HPSOR\PHQW %RWK LQ
Manesar and Gurgaon communities,
VHYHUDO %3/ IDPLOLHV DOVR UHVLGH
After understanding the needs
of the community, the Company
undertakes social projects to
address them.


'HWDLOV RI WKH &65 SURJUDPPHV RI


the Company are available in the
Social Performance section of the
&RPSDQ\V 6XVWDLQDELOLW\ 5HSRUW
2012-13.

PRINCIPLE 5 : Businesses should respect


and promote human rights
1. Does the policy of the Company on
human rights cover only the Company
RUH[WHQGWRWKH*URXS-RLQW9HQWXUHV
Suppliers/Contractors/NGOs/Others?
The Company currently doesnt have
D VWDQGDORQH +XPDQ 5LJKWV SROLF\
However, aspects of human rights,

such as child labour, forced labour,


occupational safety, discrimination are
FRYHUHGE\LWV+XPDQ5HVRXUFHSROLFLHV
The Company makes concerted efforts
to strengthen mechanisms to ensure
implementation of such policies. The
Company will be developing a Human
5LJKWV3ROLF\LQWKHQHDUIXWXUH

H[WHQWE\QDWXUDOFDODPLWLHVVXFKDVWKH
-DSDQ WVXQDPL LQ 0DUFK  DQG WKH
7KDLODQG RRGV WKDW IROORZHG VKRUWO\
7KH &RPSDQ\ XQGHUWRRN DQ H[WHQVLYH
ULVN PDSSLQJ H[HUFLVH ZLWK UHJDUG WR
its value chain during the year and also
continued its focus on localisation and
2nd source development.

2. How many stakeholder complaints have


EHHQUHFHLYHGLQWKHSDVWQDQFLDO\HDU
and what per cent was satisfactorily
resolved by the management?

To minimise the environmental impact


of its product, the Company attempts
to continually improve its products in
WHUPV RI IXHO HIFLHQF\ PDWHULDO XVH
DQGUHF\FODELOLW\,WRIIHUVIDFWRU\WWHG
CNG vehicle options to its customers.
CNG is a cleaner fuel and is also more
economical.

The Company did not receive any


stakeholder complaints in 2012-13
regarding human rights.
PRINCIPLE 6 : Business should respect,
protect, and make efforts to restore the
environment

1. Does the policy related to Principle 6


FRYHURQO\WKH&RPSDQ\RUH[WHQGVWR
WKH *URXS-RLQW 9HQWXUHV6XSSOLHUV
Contractors/NGOs/others.
The Company has a robust Environment
Policy. It applies to the Company only.
The Environment Policy is regularly
reviewed and made available to the
employees and general public through
website.
The Company has recently developed
Green Procurement Guidelines for its
suppliers.
The Company regularly assesses
and revises its environmental risks.
Potential environmental risks feature
in the Companys risk library.
2. Does the Company have strategies/
initiatives
to
address
global
environmental issues, such as climate
change, global warming, etc? Y/N. If yes,
please give hyperlink for webpage and
others.
The Company is conscious that changes
in the global climate change scenario
would have an impact on its operations
and long-term sustainability. In 201213, while the Company itself didnt
face any risk due to climate change,
its suppliers were impacted by climate
change. Suppliers were hit, to some

$OO WKH &RPSDQ\V PRGHOV H[SHFW


M800, Omni and Gypsy) are End-of-Life
compliant, which means they are free
from hazardous substances and over
 SHU FHQW PDWHULDO FDQ EH H[WUDFWHG
and reused without impacting the
environment.

3. Does the Company identify and assess


potential environmental risks? Y/N
Yes, the Company is aware of its
potential environmental risks.
4. Does the Company have any project
related
to
Clean
Development
Mechanism? If so, provide details
thereof, in about 50 words or so. Also,
if Yes, whether any environmental
FRPSOLDQFHUHSRUWLVOHG"


7KH &RPSDQ\ LV WKH UVW DXWRPRELOH


company in India to register a Clean
Development
Mechanism
(CDM)
project with the United Nations
Framework Convention on Climate
Change (UNFCCC).
The Company presently has registered
two CDM projects:
Shifting a part of vehicle
transportation from
roadways
to railways through specially
designed railway wagons.
Waste heat recovery from gas
turbines by installing a steam
turbine generator in Gurgaon. The
project was registered in 2013.

100
29872.8

80
60
40

117340.7

300
250
200
150
100
50

20
0

FY 07

FY 08

FY 09

Cumulative CO2 reduction

FY 10

FY 11

FY 12

FY13

No. of alt. fuel vehicles sold

E (QHUJ\(IFLHQF\
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

During the implementation of


2%',, 2Q %RDUG 'LDJQRVWLFV 
V\VWHP LQ  IXHO HIFLHQF\
of all models was improved.
 )XHO HIFLHQF\ IRU &1* PRGHOV
was improved in the range of 2
per cent to 14 per cent by effective
implementation of i-GPI technology
and lowering the friction in
the engine.

350

Cumulative sales of alternatefuel vehicles

67631.4

120

92957.4

140

FY 01

FY 02

FY 03

FY 09

FY 10

68

70

73

FY 11

FY 12

FY13

Nearly 30 per cent reduction achieved since 2000-01

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

 )XHO HIFLHQF\ RI GLHVHO YHKLFOHV


was improved by 2 per cent to 10
per cent for all models. The use
RI D QH[W JHQHUDWLRQ HQJLQH DQG
transmission oil helped in reducing
frictional losses and enhancing
IXHO HIFLHQF\ )XHO HIFLHQF\ ZDV
improved by over 10 per cent for
WKH 5LW] GLHVHO PRGHO E\ IULFWLRQ
reduction and engine calibration
changes.

160

400

STATUTORY REPORTS

 6LJQLFDQW IXHO DQG WKHUPDO


HIFLHQF\ZDVLPSURYHGLQ$OWR
through technical advancements,
and by using low-friction engine
KDUGZDUH DQG UHQHG LQWDNH
system. Alto 800 has the bestLQFODVV IXHO HIFLHQF\  3HWURO
22.74 kmpl and 30.46 km/kg for
CNG. Improvement of over 15
per cent in petrol and 13.03
per cent in CNG)

180

MANAGEMENT REVIEW

Product emissions: The Company has


successfully reduced CO2 emission
WKURXJKIXHOHIFLHQF\LPSURYHPHQWV
UHGXFWLRQ RI H[KDXVW HPLVVLRQV DQG
development of alternate fuel vehicles.
,PSURYHPHQWRIIXHOHIFLHQF\DQG&22
HPLVVLRQV UHGXFWLRQV LQ WKH H[LVWLQJ
YHKLFOHV)RUH[DPSOH

157231.8

a. Clean Technology

tonne/year

143756.6

Cumulative CO2 reduction

13408.9

6RPH H[DPSOHV RI WKH &RPSDQ\V


efforts towards clean technology, energy
HIFLHQF\UHQHZDEOHHQHUJ\DUH

7KH&RPSDQ\ZDVWKHUVWLQ,QGLDWRLQWURGXFHIDFWRU\WWHG&1*YHKLFOHV7KHVDOHRI
CNG vehicles has helped in reducing CO2 emissions.

Cumulative CO2 reduction, tonne/yr

 ,GOH 6WDUW 6WRS ,66   IHDWXUH KDV EHHQ LQWURGXFHG LQ WKH H[SRUW PDUNHW WR PHHW
VWULQJHQWHPLVVLRQUHJXODWLRQUHTXLUHPHQWV (XUR 

CORPORATE OVERVIEW

5. Has the Company undertaken any


other initiatives on clean technology,
HQHUJ\ HIFLHQF\ UHQHZDEOH HQHUJ\
and others? Y/N. If yes, please give
hyperlink for web page and others.

Business Responsibility Report

Electricity consumption per car, indexed to base year 2007-08, Manesar

Society of Indian Automobile


Manufacturers (SIAM)

(%)

SIAM SAFE (Society for Automotive


Fitness and Environment)

100

 %XUHDXRI,QGLDQ6WDQGDUGV %,6
80

72
62

62

64

Society of Automotive Engineers


(SAE)
Combat Climate Change (CCC),
a Sweden-based international NGO
Advertising Standards
of India (ASCI)

FY 08

FY 09

FY 10

FY 11

FY 12

FY13

Nearly 40 per cent reduction achieved since 2007-08

The International
Automation (ISA)

Council

Society

of

 0HGLD8VHUV5HVHDUFK&RXQFLO 085&

76 - 77

UN Global Compact, India


c. 5HQHZDEOH HQHUJ\ 6RODU OLJKWV
have been installed in the pathways
of Gurgaon and Manesar plants. A 1
MW solar power plant is planned in
Manesar. Only LED lights have been
XVHGLQSODQW%0DQHVDU

7.

Environmental Impact Assessments (EIA)


are carried out as per the Guidelines of EIA
1RWLFDWLRQ  DQG DV UHFRPPHQGHG
E\WKH6WDWH([SHUW$SSUDLVDO&RPPLWWHH
After getting the Environment Clearance,
compliance reports are submitted twice a
year.

6. Are the Emissions/Waste generated by


the Company within the permissible
OLPLWV JLYHQ E\ &3&%63&% IRU WKH
QDQFLDO\HDUEHLQJUHSRUWHG"
All emissions and waste generated
by the Company are within the
SHUPLVVLEOH OLPLWV JLYHQ E\ &3&%
63&%7KHKD]DUGRXVZDVWHVSURGXFHG
as by-products of manufacturing
include paint sludge, phosphate sludge,
(IXHQW7UHDWPHQW 3ODQW (73  VOXGJH
incinerator ash and used oil. The used
oil is sold to authorised recyclers. The
saleable solid wastes, such as metal
scrap and glass waste are sold to
recyclers and reusers.
The Company has been sending paint
sludge, phosphate sludge and ETP
sludge to the cement industry for coprocessing since 2010-11. This has
minimised the need for incineration
DQGODQGOOLQJ7KLVZDVFRQWLQXHGLQ
the reporting year as well.

Number of show cause/ legal notices


UHFHLYHG IURP &3&%63&% ZKLFK DUH
pending (i.e. not resolved to satisfaction)
as at the end of the Financial Year.

1R VKRZ FDXVH QRWLFHV IURP 63&% RU


&3&% DUH SHQGLQJ DQG VDWLVIDFWRU\
replies have been given to all notices
IRUWKHQDQFLDO\HDU

PRINCIPLE 7 : Businesses, when engaged


LQLQXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\
should do so in a responsible manner
1. Is your Company a member of any trade
and chamber or association? If yes,
name only those major ones that your
business deals with:
The Company regularly engages with
LQGXVWU\ ERGLHV H[SHUW DJHQFLHV DQG
contributes to the policy making
process. The Company is a member of
the following organisations:
Confederation of Indian Industry (CII)

2. Have you advocated/lobbied through


above associations for the advancement
or improvement of public good? Yes/No;
if yes specify the broad areas (Governance
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Inclusive Development Policies, Energy
security, Water, Food Security, Sustainable
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The Company participates actively
in the committees set up by the
automobile
industry
association,
SIAM and the government to decide
on future regulations, policies and
implementation plans.
The Company deliberates upon matters
of sustainable industrial growth and
takes proactive steps towards this
at forums, such as Confederation of
Indian Industry (CII). Along with Society
of Indian Automobile Manufacturers
(SIAM), the Company discusses issues
pertinent to the automobile sector and
jointly engages with the government.
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regulations for vehicles, study new
standards feasibility. The Company
also engages with the United Nations
Global Compact India on issues of
environment and climate change.

CORPORATE OVERVIEW
MANAGEMENT REVIEW

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programmes/initiatives/projects in pursuit
of the policy related to Principle 8? If yes
details thereof.


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programme with three main focus
areas: road safety, skill development
and community development in
neighbouring villages. The Company
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a high degree of importance to

2. Are the programmes/projects undertaken


through in-house team/own foundation/
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other organisation?


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are run largely by in-house teams.
However, wherever needed, services of
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taken.

3. Have you done any impact assessment of


your initiative?


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impacts/outcomes
are
monitored
and reviewed by the management
periodically.

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projects undertaken.


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programmes are as under.

&65

Road safety: The Company runs a


nationwide road safety programme

hat focuses on training on driving


skill and behaviour. The Company
has in partnership with the state
governments set up Institutes of
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and with its dealers set up Maruti
Driving Schools (MDS). About 50
per cent of those trained at MDS
are women. The Company runs
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country.
The Company has trained over 1.5
million persons cumulatively in
safe driving since 2000.
Skill Development: The Company
partners with Government ITIs for
their overall upgradation. It has
adopted two distinct approachescomplete
adoption
of
the
institute and technical support in
strengthening automobile trade at
the ITIs. The Company is working
with 21 ITIs for their complete
RYHUDOO GHYHORSPHQW EHQHWWLQJ
over 8233 students in 2012-13. It is
working with 80 ITIs for automobile
trade upgradation. Most people
studying at the ITIs come from
ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

PRINCIPLE 8 : Businesses should support


inclusive growth and equitable development

stakeholder engagement. The policy


of the Company can be viewed on its
corporate website.

STATUTORY REPORTS

The Company has advocated for


reduced emissions through technology
improvements for the betterment
of Indian commuters through the
National Electric Mobility Mission Plan
(NEMMP 2020). It has assisted in the
formulation of the mission document.
The objective of NEMMP 2020 is to
develop a roadmap which will promote
electric vehicles in Indian by 2020.
The engineering staff of the Company
and SMC Engineering is continuously
studying HEV/EV systems and these
are being further tested and evaluated
for Indian conditions.

Business Responsibility Report

School health camp organised at a village in Gurgaon

78 - 79

underprivileged sections of the


society. Students studying at the
ITIs have a placement rate of
about 80 per cent.
The Company also has technical
tie ups with ITIs wherein the
automobile trade is upgraded. As
far as possible, trained boys from
these institutes are absorbed in the
Companys service network. So far,
cumulatively over 2100 students
from ITIs have been absorbed in
the Companys service network.
Community
development:
The
community development activities
are carried out in villages
surrounding Gurgaon and Manesar
plants (eight villages in all). The
Companys community development
programmes include healthcare,
infrastructure development education
and skill training for employment.
The programmes reach out to
special sections of the society such
DV%3/DQGPLJUDQWV

Annual function at Sarhaul school, Gurgaon, supported by Maruti Suzuki

The Company spent ` 189.4 million


RQLWV&65SURJUDPPHLQ
5. Have you taken steps to ensure that this
community development initiative is
successfully adopted by the community?
3OHDVHH[SODLQLQZRUGVRUVR
To ensure successful implementation of
community development programmes
in the neighbouring villages of Manesar
and Gurgaon, the Company adopts the
following approaches:
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leaders and opinion makers
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in association with community
members
c.

Involves villagers/community members


in project implementation

d. Maintains continuous and close


interaction
with
community
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e. Carries out impact assessment
and perception survey to measure
impact of social initiatives

PRINCIPLE 9 : Businesses should engage


with and provide value to their customers
and consumers in a responsible manner
1. What percentage of customer complaints/
consumer cases are pending as at the end
RIWKHQDQFLDO\HDU
The Company has a robust system for
addressing customer complaints with
regard to sales and service.


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company alleging defect in the vehicles
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number vi-a-vis compared with annual
sales volume.

2. Does the Company display product


information on the product label, over
and above what is mandated as per local
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information)
The Company shares all important
information about its products with
its customers. The Owners Manual and
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customer with the purchase of a car
and contains all information relating

The company being a responsible


corporate citizen has complied to all
the rules and regulations including
ASCI Code . There are no complaints
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advertising that are pending.
The Director General, Competition
Commission of India has conducted an
investigation on 17automobile original
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including the company for alleged
anti-competitive behavior. The matter
is pending adjudicating in Competition
Commission of India.

In ordinary course of business,


customers who had purchases the
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alleging
unfair
trade
practices
under The Consumer Protection Act
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STATUTORY REPORTS

The Company regularly engages with


customers to get their feedback on
the product and carries out internal
surveys to gauge their satisfaction
level. In addition, the Company closely
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in product improvements.

 ,VWKHUHDQ\FDVHOHGE\DQ\VWDNHKROGHU
against the Company regarding unfair
trade practices, irresponsible advertising
and/or anti-competitive behaviour during
WKHODVWYH\HDUVDQGSHQGLQJ DVDWWKH
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thereof, in about 50 words or so.

in number. The company has been


effectively defending all such claims
before various fora.

&XVWRPHUVDWLVIDFWLRQLQGH[ -'3RZHU$VLD3DFLFCSI Survey)


879

MANAGEMENT REVIEW

3. Did your Company carry out any consumer


survey/ consumer satisfaction trends?

The Company has been ranked No.1


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is based on a study that measures
satisfaction among vehicle owners
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advisor; service facility; and service
initiation. Overall customer satisfaction
is measured on a 1,000-point scale,
with a higher score indicating higher
satisfaction.

CORPORATE OVERVIEW

to safety, operation and maintenance


of the vehicle. At the time of vehicle
delivery, technical features of the
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Product-related information is also
available on the Companys website.
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and others) is displayed on the labels
and provided on the products for
information and educational purposes.
In addition, periodic customer meets
are conducted at dealer workshops for
customer education and awareness on
product usage.

879

849

FY 11

MSIL

824

FY 12

834

FINANCIAL STATEMENTS

812

FY 13

Industry

ANNUAL REPORT 2012-13

Independent Auditors Report


To the Members of Maruti Suzuki India Limited



REPORT ON THE FINANCIAL STATEMENTS




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of Maruti Suzuki India Limited (the Company), which
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OPINION


80 - 81

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MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL


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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

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CORPORATE OVERVIEW

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Independent Auditors Report

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47


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2,782

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the Company, noticed or reported during the year, nor have
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FINANCIAL STATEMENTS

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STATUTORY REPORTS

[Y

[YLL $FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXV
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MANAGEMENT REVIEW

[LLL $VWKHSURYLVLRQVRIDQ\VSHFLDOVWDWXWHDSSOLFDEOHWRFKLWIXQG
QLGKLPXWXDOEHQHWIXQGVRFLHWLHVDUHQRWDSSOLFDEOHWRWKH
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CORPORATE OVERVIEW

[L

7KH&RPSDQ\KDVQRDFFXPXODWHGORVVHVDVDWWKHHQGRIWKH
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Balance Sheet
As at 31st March 2013

$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

Notes to
Accounts

As at
31.03.2012

EQUITY AND LIABILITIES


SHAREHOLDERS FUNDS
6KDUH&DSLWDO
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2


NON - CURRENT LIABILITIES


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185,789



151,874

4


7


4,087


12,811





5,682

CURRENT LIABILITIES
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2WKHU&XUUHQW/LDELOLWLHV
6KRUW7HUP3URYLVLRQV

8

10
11





68,280
266,880





65,466
223,022

12

14


2,227

117,414

12,787

157,632




84,626



112,232


18,407




109,248
266,880







110,790
223,022

TOTAL

84 - 

As at
31.03.2013

ASSETS
NON - CURRENT ASSETS
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17

CURRENT ASSETS
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18

20
21
22


TOTAL
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Statement of Profit and Loss


For the year ended 31st March 2013

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Notes to
Accounts

For the year ended


31.03.2013

For the year ended


31.03.2012

481,147













8,812





8,124



444,003

364,139

REVENUE FROM OPERATIONS

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27



 

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28





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42,072

 

(427)

414,093

342,677

29,910

21,462

7,228



 



 



23,921

16,352

79.19

56.60

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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

 L

STATUTORY REPORTS

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MANAGEMENT REVIEW

EXPENSES

CORPORATE OVERVIEW

24

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Cash Flow Statement


For the year ended 31st March 2013

$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

A.

For the year


ended 31.03.2013

For the year


ended 31.03.2012













,QWHUHVWLQFRPH

 

 

'LYLGHQGLQFRPH

(417)

 

CASH FLOW FROM OPERATING ACTIVITIES:


1HW3URWEHIRUH7D[
Adjustments for:
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1HWORVVRQVDOHGLVFDUGLQJRI[HGDVVHWV
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(4,101)

(2,442)

(472)

 





44,052

25,843





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86 - 87

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2,000

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B.

Cash generated from Operating Activities

49,175

28,108

7D[HV 3DLG  1HWRI7D['HGXFWHGDW6RXUFH

 

 

Net Cash from Operating Activities

43,842

25,599

 

 





CASH FLOW FROM INVESTING ACTIVITIES:


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6DOHRI)L[HG$VVHWV
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417



(35,741)

(30,958)

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Net Cash from Investing Activities

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$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

C.

For the year


ended 31.03.2013

For the year


ended 31.03.2012

3URFHHGVIURP6KRUW7HUPERUURZLQJV





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CASH FLOW FROM FINANCING ACTIVITIES:

 

(9,663)

6,165

1HW,QFUHDVH 'HFUHDVH LQ&DVK &DVK(TXLYDOHQWV

806

1,761

955

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1,250

1,761

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1,250

1,761

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1,000

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Notes:

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STATUTORY REPORTS

(1,562)

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MANAGEMENT REVIEW

 

Net Cash from Financing Activities

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 &DVKDQG&DVK(TXLYDOHQWVLQFOXGH`PLOOLRQ 3UHYLRXV<HDU` PLOOLRQ LQUHVSHFWRIXQFODLPHGGLYLGHQGWKHEDODQFHRIZKLFKLV


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ANNUAL REPORT 2012-13

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

88 - 

1.1 GENERAL INFORMATION



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1.10 FOREIGN CURRENCY TRANSLATIONS AND DERIVATIVE


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Notes

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(All amounts in ` million, unless otherwise stated)

1.20 LEASES
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1.19 PROVISIONS AND CONTINGENCIES



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FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

2.

SHARE CAPITAL
As at
31.03.2013

As at
31.03.2012

18,720

3,720





1,510

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288,910,060

1,445


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848





169,788,440

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156,618,440

783

Rights, preferences and restriction attached to shares


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4,241

4,241

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14,217

15,852

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(441)






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STATUTORY REPORTS

18,244

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3.

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411


153,043

130,777

184,279

150,429

ANNUAL REPORT 2012-13

Notes

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(All amounts in ` million, unless otherwise stated)

4.

LONG TERM BORROWINGS

5HIHU1RWH
As at
31.03.2013

As at
31.03.2012

)RUHLJQFXUUHQF\ORDQVIURPEDQNV





/RDQVIURPKROGLQJFRPSDQ\









Unsecured

1.

94 - 

2.

5.


)RUHLJQFXUUHQF\ORDQVIURPEDQNVLQFOXGH


ORDQDPRXQWLQJWR`PLOOLRQ 86'PLOOLRQ WDNHQIURP-DSDQ%DQNRI,QWHUQDWLRQDO&RRSHUDWLRQ -%,& DWDQ


LQWHUHVWUDWHRI/,%25UHSD\DEOHLQKDOI\HDUO\LQVWDOPHQWVVWDUWLQJ6HSWHPEHU DFTXLUHGSXUVXDQWWRD
VFKHPHRIDPDOJDPDWLRQUHIHUQRWH 7KHUHSD\PHQWRIWKHORDQLVJXDUDQWHHGE\6X]XNL0RWRU&RUSRUDWLRQ-DSDQ
WKHKROGLQJFRPSDQ\ 



RWKHUORQJWHUPIRUHLJQFXUUHQF\ORDQVDPRXQWLQJWR`PLOOLRQ 86'PLOOLRQ WDNHQIURPEDQNVGXULQJWKH\HDU


DWDQDYHUDJHLQWHUHVWUDWHRI/LERUDQGUHSD\DEOHLQ-XO\

$ ORDQ DPRXQWLQJ WR `  PLOOLRQ 86'  PLOOLRQ  WDNHQ IURP WKH KROGLQJ FRPSDQ\ DW DQ LQWHUHVW UDWH RI /,%25  
UHSD\DEOHLQKDOI\HDUO\LQVWDOPHQWVVWDUWLQJ6HSWHPEHU DFTXLUHGSXUVXDQWWRDVFKHPHRIDPDOJDPDWLRQUHIHUQRWH 

DEFERRED TAX LIABILITIES (NET)


0DMRUFRPSRQHQWVRIGHIHUUHGWD[DULVLQJRQDFFRXQWRIWLPLQJGLIIHUHQFHVDORQJZLWKWKHLUPRYHPHQWDVDWVW0DUFKDUH
Movement
As at
31.03.2012

Pursuant to
DPDOJDPDWLRQ
(refer note 37)

during the
year*

As at
31.03.2013

3URYLVLRQIRUGRXEWIXOGHEWVDGYDQFHV





 



&RQWLQJHQWSURYLVLRQV







182

2WKHUV



17

(44)

470

TOTAL (A)

825

17

(59)

783

'HSUHFLDWLRQRQ[HGDVVHWV





(1,021)



([FKDQJHJDLQRQFDSLWDODFFRXQWV

 



(227)







1,187

1,844

'HIHUUHG7D[$VVHWV

'HIHUUHG7D[/LDELOLWLHV

$OORZDQFHVXQGHU,QFRPH7D[$FW
TOTAL (B)

3,848

1,083

(61)

4,870

1HW'HIHUUHG7D[/LDELOLW\ %  $

3,023

1,066

(2)

4,087

3UHYLRXV<HDU









,QFOXGHVDGMXVWPHQWRI`PLOOLRQ 3UHYLRXV\HDU`PLOOLRQ RQDFFRXQWRIUHFODVVLFDWLRQWR'HIHUUHG7D[/LDELOLWLHVIURP


3URYLVLRQIRU7D[DWLRQ 







1RWH'HIHUUHG7D[$VVHWVDQG'HIHUUHG7D[/LDELOLWLHVKDYHEHHQRIIVHWDVWKH\UHODWHWRWKHVDPHJRYHUQLQJWD[DWLRQODZV

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

6.

OTHER LONG TERM LIABILITIES

7.

As at
31.03.2012





1,036

966

LONG TERM PROVISIONS


As at
31.03.2013

As at
31.03.2012

42



CORPORATE OVERVIEW

'HSRVLWVIURPGHDOHUVFRQWUDFWRUVDQGRWKHUV

As at
31.03.2013

3URYLVLRQVIRU(PSOR\HH%HQHWV
Other Provisions
3URYLVLRQIRUOLWLJDWLRQGLVSXWHV



3URYLVLRQIRUZDUUDQW\ SURGXFWUHFDOO





2WKHUV


2,217

10



2,259

1,693

MANAGEMENT REVIEW

3URYLVLRQIRUUHWLUHPHQWDOORZDQFH 5HIHU1RWH

'HWDLOVRI2WKHU3URYLVLRQV
:DUUDQW\3URGXFW5HFDOO

Others

2011-2012

2012-2013

2011-2012

2012-2013

2011-2012

%DODQFH DW WKH EHJLQQLQJ RI WKH


year









10



$GGLWLRQVGXULQJWKH\HDU

111

102







28



210



%DODQFHDVDWWKHHQGRIWKH\HDU

992

909

1,665

1,331

10

&ODVVLHGDV/RQJ7HUP











10

&ODVVLHGDV6KRUW7HUP













992

909

1,665

1,331

10

TOTAL

D  3URYLVLRQ IRU OLWLJDWLRQ  GLVSXWHV UHSUHVHQWV WKH HVWLPDWHG RXWRZ LQ UHVSHFW RI GLVSXWHV ZLWK YDULRXV JRYHUQPHQW
DXWKRULWLHV








E  3URYLVLRQIRUZDUUDQW\DQGSURGXFWUHFDOOUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIZDUUDQW\DQGUHFDOOFRVWIRUSURGXFWV
VROG







F  3URYLVLRQIRURWKHUVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVRURWKHUREOLJDWLRQVRQDFFRXQWRIH[FLVHGXW\
H[SRUWREOLJDWLRQHWF







G  'XHWRWKHQDWXUHRIWKHDERYHFRVWVLWLVQRWSRVVLEOHWRHVWLPDWHWKHWLPLQJXQFHUWDLQWLHVUHODWLQJWRWKHLURXWRZVDVZHOO
DVWKHH[SHFWHGUHLPEXUVHPHQWVIURPVXFKHVWLPDWHV 








ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

8WLOLVHGUHYHUVHGGXULQJWKH\HDU

STATUTORY REPORTS

Litigation / Disputes
2012-2013

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

8.

SHORT TERM BORROWINGS


As at
31.03.2013

As at
31.03.2012

Unsecured
)URPEDQNVFDVKFUHGLW
)URPEDQNVEX\HUVFUHGLWDQGSDFNLQJFUHGLWORDQV

9.

80


8,463

10,783

As at
31.03.2013

As at
31.03.2012



288

41,401



41,674

33,499

TRADE PAYABLES

'XHWR0LFURDQG6PDOOHQWHUSULVHV
2WKHUV

96 - 




7KH&RPSDQ\SD\VLWVYHQGRUVZLWKLQGD\VDQGQRLQWHUHVWGXULQJWKH\HDUKDVEHHQSDLGRULVSD\DEOHXQGHUWKHWHUPVRIWKH
0LFUR6PDOODQG0HGLXP(QWHUSULVHV'HYHORSPHQW$FW
10. OTHER CURRENT LIABILITIES

&XUUHQWPDWXULWLHVRIORQJWHUPGHEWV

As at
31.03.2013

As at
31.03.2012





,QWHUHVWDFFUXHGEXWQRWGXHRQ
%RUURZLQJV
'HSRVLWVIURPGHDOHUVFRQWUDFWRUVDQGRWKHUV




8QFODLPHGGLYLGHQG


228



&UHGLWRUVIRUFDSLWDOJRRGV





2WKHUSD\DEOHV

2,071



%RRNRYHUGUDIW





$GYDQFHVIURPFXVWRPHUVGHDOHUV





6WDWXWRU\GXHV

2,704



'HSRVLWVIURPGHDOHUVFRQWUDFWRUVDQGRWKHUV



11,427
11,661






15,892

8QFODLPHGGLYLGHQGGRQRWLQFOXGHDQ\DPRXQWGXHWREHGHSRVLWHGWRWKH,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGXQGHU6HFWLRQ
&RIWKH&RPSDQLHV$FW









Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

11. SHORT TERM PROVISIONS


As at
31.03.2012

3URYLVLRQVIRU(PSOR\HH%HQHWV
5HIHU1RWHDQG
3URYLVLRQIRUUHWLUHPHQWDOORZDQFHV

3URYLVLRQIRUFRPSHQVDWHGDEVHQFHV

1,274

2






Other provisions

CORPORATE OVERVIEW

As at
31.03.2013

5HIHU1RWH
3URYLVLRQIRUZDUUDQW\ SURGXFWUHFDOO



2,417



411



3URYLVLRQIRUFRUSRUDWHGLYLGHQGWD[
3URYLVLRQIRUWD[DWLRQ
>1HWRIWD[SDLG`PLOOLRQ 3UHYLRXV\HDU`PLOOLRQ 
DQG0LQLPXP$OWHUQDWH7D[FUHGLWDYDLOHG`PLOOLRQ SUHYLRXV
\HDU1LO @







6,482


5,292


As at
31.03.2013

As at
31.03.2012

$PRXQWRIGLYLGHQGSURSRVHG

2,417



'LYLGHQGSHUHTXLW\VKDUH

` 8.00

`

2QHTXLW\VKDUHVRI`HDFK

STATUTORY REPORTS

7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV

4,440

MANAGEMENT REVIEW

3URYLVLRQIRUSURSRVHGGLYLGHQG



FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

TOTAL (A)



31,466

353



31,113



25,397



25,397



 

(7,435)

(276)

 



194,112

77

77

194,035

(180)
(7,159)





(10)

(142)





(1)
 





As at
31.03.2013



 

Deductions/
$GMXVWPHQWV



71,576

71,576











13,361

89



13,272







142









(4,301)
 

11,011

(70)

(70)

(4,231)

 

 

 

 

(1)





Deductions/
$GMXVWPHQWV

17,711

10

10

17,701















For the
year

Depreciation / Amortisation
Acquired pursuant
to a scheme of
DPDOJDPDWLRQ

22

Upto
01.04.2012



98,347

29



98,318

182













As at
31.03.2013



95,765

48

48

95,717















As at
31.03.2013

73,108



73,108











1,842



As at
31.03.2012

1HW%ORFN

$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

2,663



3UHYLRXV<HDU)LJXUHV

5HIHUQRWH



TOTAL

As at
01.04.2012

/XPSVXPUR\DOW\

2ZQ$VVHWV $FTXLUHG 

3DUWLFXODUV

13. INTANGIBLE ASSETS



658



Addition

*URVV%ORFN



574



Acquired
pursuant
to a scheme of
DPDOJDPDWLRQ





Deductions/
$GMXVWPHQWV



3,895



As at
31.03.2013



564



Upto
01.04.2012



203



Acquired pursuant
to a scheme of
DPDOJDPDWLRQ



901



For the
year

Depreciation / Amortisation





Deductions/
$GMXVWPHQWV



1,668



As at
31.03.2013



2,227

2,227

As at
31.03.2013

2,099



As at
31.03.2012

1HW%ORFN

)UHHKROGODQGFRVWLQJ` PLOOLRQ 3UHYLRXV\HDU` PLOOLRQ LVQRW\HWUHJLVWHUHGLQWKHQDPHRIWKH&RPSDQ\




3ODQWDQG0DFKLQHU\ JURVVEORFN LQFOXGHVSURUDWDFRVWDPRXQWLQJWR` PLOOLRQ 3UHYLRXV\HDU`PLOOLRQ RID*DV7XUELQHMRLQWO\RZQHGE\WKH&RPSDQ\ZLWKLWV
JURXSFRPSDQLHVDQGRWKHUFRPSDQLHV










  $SDUWRIIUHHKROGODQGRIWKH&RPSDQ\DW*XUJDRQDQG0DQHVDUKDVEHHQPDGHDYDLODEOHWRLWVJURXSFRPSDQLHV 

  $GMXVWPHQWVWRIUHHKROGODQGLQFOXGH`PLOOLRQDFFUXHGLQWKHSUHYLRXV\HDUDVSULFHDGMXVWPHQWFODLPHGE\WKHDXWKRULW\ZKLFKDOORWWHGWKHODQGLQDQHDUOLHU\HDU
UHYHUVHGLQWKHFXUUHQW\HDU>5HIHU1RWH YLL @

 
 

144,684



3UHYLRXV<HDU)LJXUHV

TOTAL (B)

TOTAL [(A) + (B)]



3ODQWDQG0DFKLQHU\

Assets given on operating


OHDVH



144,684

9HKLFOHV





27



)XUQLWXUH)L[WXUHVDQG2IFH
$SSOLDQFHV






82





3ODQWDQG0DFKLQHU\







1,412



%XLOGLQJ





Addition

*URVV%ORFN





Acquired
pursuant
to a scheme of
DPDOJDPDWLRQ

(OHFWURQLF'DWD3URFHVVLQJ
(TXLSPHQW



/HDVHKROG/DQG

As at
01.04.2012

)UHHKROG/DQG 1RWH 

3DUWLFXODUV

12. TANGIBLE ASSETS

98 - 

Notes

To The Financial Statements

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

14. CAPITAL WORK IN PROGRESS

&LYLO:RUNLQ3URJUHVV

As at
31.03.2012



7,101





19,422

9,419

15. NON-CURRENT INVESTMENTS



5HIHU1RWH
As at
31.03.2012

7UDGH,QYHVWPHQW YDOXHGDWFRVWXQOHVVRWKHUZLVHVWDWHG
,QYHVWPHQWLQVXEVLGLDULHV XQTXRWHGHTXLW\LQVWUXPHQWV







1,071

TXRWHGHTXLW\LQVWUXPHQWV

111

111

XQTXRWHGHTXLW\LQVWUXPHQWV

220

,QYHVWPHQWLQMRLQWYHQWXUHV XQTXRWHGHTXLW\LQVWUXPHQWV
,QYHVWPHQWLQDVVRFLDWHV

4,171
1,421



,QYHVWPHQWLQSUHIHUHQFHVKDUHVXQTXRWHG









17,114
/HVV3URYLVLRQIRUGLPLQXWLRQRWKHUWKDQWHPSRUDU\LQYDOXHRI
LQYHVWPHQWVLQSUHIHUHQFHVKDUHV

$JJUHJDWHYDOXHRITXRWHGLQYHVWPHQWV
0DUNHWYDOXHRITXRWHGLQYHVWPHQWV
$JJUHJDWHYDOXHRISURYLVLRQIRUGLPLQXWLRQRWKHUWKDQ
WHPSRUDU\LQYDOXHRILQYHVWPHQWV








18,485

13,933

18,424



111

111

1,474







ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

$JJUHJDWHYDOXHRIXQTXRWHGLQYHVWPHQWV



STATUTORY REPORTS

2WKHU,QYHVWPHQW YDOXHGDWFRVWXQOHVVRWKHUZLVHVWDWHG
,QYHVWPHQWLQPXWXDOIXQGVXQTXRWHG

MANAGEMENT REVIEW

As at
31.03.2013

CORPORATE OVERVIEW

3ODQWDQG0DFKLQHU\

As at
31.03.2013

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

16. LONG TERM LOANS AND ADVANCES


As at
31.03.2013

As at
31.03.2012

&DSLWDO$GYDQFHV
8QVHFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOFDSLWDODGYDQFHV





















Security Deposits
8QVHFXUHGFRQVLGHUHGJRRG







1,800





/RDQVDQG$GYDQFHVWR5HODWHG3DUWLHV
8QVHFXUHGFRQVLGHUHGJRRG 5HIHU1RWH
7D[HV3DLG8QGHU'LVSXWH

100 - 101

8QVHFXUHGFRQVLGHUHGJRRG
,QWHUFRUSRUDWHGHSRVLWVFRQVLGHUHGGRXEWIXO



/HVV3URYLVLRQIRUGRXEWIXOGHSRVLWV










Other Loans and Advances


6HFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXORWKHUORDQVDQGDGYDQFHV

10

12

240














12,787




13,410

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

17.

OTHER NON-CURRENT ASSETS


As at
31.03.2012

Interest Accrued on Deposits, Loans and Advances


6HFXUHGFRQVLGHUHGJRRG
8QVHFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO





1
1


/HVV3URYLVLRQIRUGRXEWIXOLQWHUHVW

11












&ODLPV
8QVHFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOFODLPV
Others





27

27

412



27



27



8,946

263

,QYHVWPHQWLQPXWXDOIXQGVXQTXRWHG

As at
31.03.2013

As at
31.03.2012





52,298

47,541

STATUTORY REPORTS

18. CURRENT INVESTMENTS



5HIHU1RWH

MANAGEMENT REVIEW

/RQJ WHUP GHSRVLWV ZLWK EDQNV ZLWK PDWXULW\ SHULRG PRUH WKDQ
PRQWKV



CORPORATE OVERVIEW

As at
31.03.2013

FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

19. INVENTORIES

5HIHU1RWH
As at
31.03.2013

As at
31.03.2012

&RPSRQHQWVDQG5DZ0DWHULDOV





Work in Progress

1,127



Finished Goods Manufactured


9HKLFOHV
9HKLFOHVSDUHVDQGFRPSRQHQWV

4,807










Traded Goods
9HKLFOH

102 - 

9HKLFOHVSDUHVDQGFRPSRQHQWV











Stores and Spares





7RROV





18,407

17,965









,QYHQWRU\LQFOXGHVLQWUDQVLWLQYHQWRU\RI
&RPSRQHQWVDQG5DZ0DWHULDOV
7UDGHG*RRGVYHKLFOHVSDUHV
20. TRADE RECEIVABLES
Unsecured - considered good
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\
are due for payment
2WKHUV

18










8QVHFXUHGFRQVLGHUHGGRXEWIXO
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\
are due for payment



/HVV3URYLVLRQIRUGRXEWIXOGHEWV





14,237




9,376

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

21. CASH AND BANK BALANCES


As at
31.03.2012

&DVKDQG&DVK(TXLYDOHQWV
&DVKRQKDQG
&KHTXHVDQGGUDIWVRQKDQG









%DQNEDODQFHVLQFXUUHQWDFFRXQWV
'HSRVLWV OHVVWKDQPRQWKVRULJLQDOPDWXULW\SHULRG



1,244

1,000



CORPORATE OVERVIEW

As at
31.03.2013

2WKHU%DQN%DODQFHV




'HSRVLWV PRUHWKDQPRQWKVRULJLQDOPDWXULW\SHULRG



17,000

8QFODLPHGGLYLGHQGDFFRXQWV









7,750

24,361









22. SHORT TERM LOANS AND ADVANCES




FRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG  

MANAGEMENT REVIEW

'HSRVLWV PRUHWKDQPRQWKVDQGXSWRPRQWKVRULJLQDO
maturity period)

/RDQVDQG$GYDQFHVWR5HODWHG3DUWLHV
%DODQFHZLWK&XVWRPV3RUW7UXVWDQG2WKHU*RYHUQPHQW
Authorities
8QVHFXUHG
Other Loans and Advances
Secured

8QVHFXUHG








1,872
7,783

23. OTHER CURRENT ASSETS


FRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG  

Interest Accrued on Deposits, Loans and Advances


Secured
8QVHFXUHG











&ODLPV
8QVHFXUHG



788





5,403

3,764

2WKHUUHFHLYDEOHVWHHOFRLOV
8QVHFXUHG
Others
8QVHFXUHG

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

11,153

STATUTORY REPORTS

8QVHFXUHG

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

24. GROSS SALE OF PRODUCTS



5HIHU1RWH
For the
year ended
31.03.2013

For the
year ended
31.03.2012









481,147

386,141

,QFRPHIURPVHUYLFHV
>1HWRIH[SHQVHVRI`PLOOLRQ 3UHYLRXV<HDU`PLOOLRQ @





6DOHRIVFUDS





&DVKGLVFRXQWUHFHLYHG

1,810

2,018

9HKLFOHV
6SDUHSDUWVGLHVDQGPRXOGVFRPSRQHQWV

25. OTHER OPERATING REVENUE

104 - 

2WKHUV





9,753

8,812

26. OTHER INCOME


For the year
ended 31.03.2013

For the year


ended 31.03.2012

,QWHUHVW,QFRPH JURVV RQ


D )L[HGGHSRVLWV
E &RUSRUDWHERQGV
F 5HFHLYDEOHVIURPGHDOHUV
G $GYDQFHVWRYHQGRUV
H ,QFRPHWD[UHIXQG
I 2WKHUV

2,220













210

141







'LYLGHQG,QFRPHIURP
D /RQJWHUPLQYHVWPHQWV
E 2WKHUV

74



417





1HWJDLQRQVDOHRILQYHVWPHQWV
a)

Long term

4,087

E 6KRUWWHUP

14

3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN


4,101

2,442

472



8,124

8,268

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

27.

CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

5HIHU1RWH  


For the year
ended 31.03.2012

Work in Progress
2SHQLQJVWRFN
$GG$FTXLUHGSXUVXDQWWRDVFKHPHRIDPDOJDPDWLRQ
/HVV&ORVLQJVWRFN









1,127







CORPORATE OVERVIEW

For the year


ended 31.03.2013

9HKLFOHV0DQXIDFWXUHGDQG7UDGHG
2SHQLQJVWRFN
/HVV&ORVLQJVWRFN



4,220





4,812



870

(1,411)

/HVV([FLVHGXW\RQLQFUHDVH GHFUHDVH RIQLVKHGJRRGV



(1,122)



9HKLFOH6SDUHVDQG&RPSRQHQWV0DQXIDFWXUHGDQG7UDGHG
2SHQLQJVWRFN



/HVV&ORVLQJVWRFN









(1,297)

28. EMPLOYEE BENEFIT EXPENSES


For the
year ended
31.03.2012









&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV
6WDIIZHOIDUHH[SHQVHV

7KH&RPSDQ\KDVFDOFXODWHGWKHYDULRXVEHQHWVSURYLGHGWRHPSOR\HHVDVXQGHU
$





10,696

8,013

'HQHG&RQWULEXWLRQ3ODQV
D 

6XSHUDQQXDWLRQ)XQG

E 

3RVW(PSOR\PHQW0HGLFDO$VVLVWDQFH6FKHPH

'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV

(PSOR\HUV&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG
(PSOR\HUV&RQWULEXWLRQWR3RVW(PSOR\PHQW0HGLFDO$VVLVWDQFH6FKHPH

31.03.2013

31.03.2012



44

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

For the
year ended
31.03.2013

STATUTORY REPORTS

234

6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWV
>1HWRIVWDIIFRVWUHFRYHUHG`PLOOLRQ 3UHYLRXV\HDU`PLOOLRQ @

MANAGEMENT REVIEW

$GG$FTXLUHGSXUVXDQWWRDVFKHPHRIDPDOJDPDWLRQ

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

%

6WDWH3ODQV
D 

(PSOR\HUVFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH

E 

(PSOR\HUVFRQWULEXWLRQWR(PSOR\HHV3HQVLRQ6FKHPH

'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV
31.03.2013
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31.03.2012





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106 - 107

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31.03.2013

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&KDQJHVLQSUHVHQWYDOXHRIREOLJDWLRQV

31.03.2013
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101

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)DLUYDOXHRI3ODQ$VVHWVDVDWEHJLQQLQJRIWKH\HDU

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%HQHWVSDLG
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31.03.2012

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5HFRQFLOLDWLRQRISUHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQDQGIDLUYDOXHRIDVVHWV

108 - 

31.03.2013
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35

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1,274

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31.03.2009
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27

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(27)

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31.03.2013

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31.03.2012

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80













 



 

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(74)



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during the year

 

422



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(81)

 















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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

7RWDOH[SHQVH
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Provident Fund
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31.03.2013


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% 31.03.2012



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284











6,508

100%

5,480

100%

1,126

100%

907

100%

7KH UHWXUQ RQ WKH LQYHVWPHQW LV WKH QRPLQDO\LHOG DYDLODEOH RQ WKH IRUPDW RI LQYHVWPHQW DV DSSOLFDEOH WR$SSURYHG
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110 - 111

F 

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29. FINANCE COSTS


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ended 31.03.2013

For the year


ended 31.03.2012

Interest on :
)RUHLJQFXUUHQF\ORDQVIURPEDQNV



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30. DEPRECIATION & AMORTISATION EXPENSE


5HIHU1RWH   





'HSUHFLDWLRQDPRUWLVDWLRQRQWDQJLEOHDVVHWV
$PRUWLVDWLRQRQLQWDQJLEOHDVVHWV



1,887





11

1,898

552

For the year


ended 31.03.2013

For the year


ended 31.03.2012

17,711

11,011





18,612

11,384

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

31. OTHER EXPENSES


For the year
ended 31.03.2012

&RQVXPSWLRQRIVWRUHV





3RZHUDQGIXHO>1HWRIDPRXQWUHFRYHUHG`PLOOLRQ 3UHYLRXV
year `PLOOLRQ @





184



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188



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277

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210










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1,810

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2,781

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3URYLVLRQIRUGRXEWIXOGHEW
2WKHUPLVFHOODQHRXVH[SHQVHV



21

7,218



57,737

42,072

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ended 31.03.2013

FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Notes

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(All amounts in ` million, unless otherwise stated)

32. CONTINGENT LIABILITIES


D 

&ODLPVDJDLQVWWKH&RPSDQ\GLVSXWHGDQGQRWDFNQRZOHGJHGDVGHEWV
3DUWLFXODUV
(i)

(a)

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WKHGHSDUWPHQWKDVOHGIXUWKHUDSSHDODQGVKRZFDXVHQRWLFHVRUGHUVRQWKH
VDPHLVVXHVIRURWKHUSHULRGV



2,717

&DVHVSHQGLQJEHIRUH$SSHOODWHDXWKRULWLHVLQUHVSHFWRIZKLFKWKH&RPSDQ\KDV
OHGDSSHDOVDQGVKRZFDXVHQRWLFHVIRURWKHUSHULRGV

10,484



(c)

6KRZFDXVHQRWLFHVRQLVVXHV\HWWREHDGMXGLFDWHG
$PRXQWGHSRVLWHGXQGHUSURWHVW

112 - 

(iii)

(iv)

(v)

As at
31.03.2012

([FLVH'XW\

TOTAL
(ii)

As at
31.03.2013

6HUYLFH7D[
(a) &DVHVGHFLGHGLQWKH&RPSDQ\VIDYRXUE\$SSHOODWHDXWKRULWLHVDQGIRUZKLFK
WKHGHSDUWPHQWKDVOHGIXUWKHUDSSHDODQGVKRZFDXVHQRWLFHVRUGHUVRQWKH
VDPHLVVXHVIRURWKHUSHULRGV
E &DVHVSHQGLQJEHIRUH$SSHOODWHDXWKRULWLHVLQUHVSHFWRIZKLFKWKH&RPSDQ\KDV
OHGDSSHDOVDQGVKRZFDXVHQRWLFHVIRURWKHUSHULRGV
(c) 6KRZFDXVHQRWLFHVRQLVVXHV\HWWREHDGMXGLFDWHG
TOTAL
$PRXQWGHSRVLWHGXQGHUSURWHVW
,QFRPH7D[
(a) &DVHVGHFLGHGLQWKH&RPSDQ\VIDYRUE\$SSHOODWHDXWKRULWLHVDQGIRUZKLFKWKH
GHSDUWPHQWKDVOHGIXUWKHUDSSHDOV
E &DVHVSHQGLQJEHIRUH$SSHOODWHDXWKRULWLHV'LVSXWH5HVROXWLRQ3DQHOLQUHVSHFW
RIZKLFKWKH&RPSDQ\KDVOHGDSSHDOV
TOTAL
$PRXQWGHSRVLWHGXQGHUSURWHVW
Customs Duty
&DVHVSHQGLQJEHIRUH$SSHOODWHDXWKRULWLHVLQUHVSHFWRIZKLFKWKH&RPSDQ\KDV
OHGDSSHDOV
$PRXQWGHSRVLWHGXQGHUSURWHVW
6DOHV7D[
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22,055

17,559












7,982


1420
5,430










17,976


15,929


118

118

22

22





Notes

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(All amounts in ` million, unless otherwise stated)

YL  &ODLPV DJDLQVW WKH &RPSDQ\ IRU UHFRYHU\ RI ` 


PLOOLRQ 3UHYLRXV \HDU `  PLOOLRQ  ORGJHG E\
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/$'7  XSWR th $SULO    (QWU\ 7D[ WKH 6DOHV
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35. &RQVXPSWLRQ RI UDZ PDWHULDOV DQG FRPSRQHQWV KDV


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36. 7KH &RPSDQ\ ZDV JUDQWHG VDOHV WD[ EHQHW LQ
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34. (VWLPDWHG YDOXH RI FRQWUDFWV RQ FDSLWDO DFFRXQW


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Notes

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114 - 

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of SPIL amounting to `PLOOLRQ QHWRIDGMXVWPHQWV
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SDLGHTXLW\VKDUHVRI` HDFKKHOGDVRQWKHUHFRUG
GDWHEHHQLVVXHGIXOO\SDLGHTXLW\VKDUHRI` HDFK
RI WKH &RPSDQ\ $FFRUGLQJO\ WKH &RPSDQ\ KDV LVVXHG
 HTXLW\ VKDUHV RQ th 0DUFK  WKHUHE\
LQFUHDVLQJLWVHTXLW\FDSLWDOWR` PLOOLRQ

YL  7KHVXUSOXVDPRXQWLQJWR` PLOOLRQDULVLQJDVD
UHVXOW RI WKH DPDOJDPDWLRQ LH H[FHVV RI WKHYDOXH RI
QHWDVVHWVRI63,/WUDQVIHUUHGWRWKH&RPSDQ\RYHUWKH
SDLGXSYDOXHRIVKDUHVLVVXHGWRHTXLW\VKDUHKROGHUVRI
63,/KDVEHHQDGGHGWRWKHUHVHUYHVRIWKH&RPSDQ\

YLL  7KH DPRXQWV UHODWLQJ WR 63,/ DV DW VW$SULO  LQFOXGHG LQ WKH WHUPV RI WKH VFKHPH LQ WKH QDQFLDO VWDWHPHQWV RI WKH
&RPSDQ\DUHDVEHORZ
Net Amount
Assets
)L[HGDVVHWV QHW  LQFOXGLQJFDSLWDOZRUNLQSURJUHVV` PLOOLRQ 



&DVKDQG%DQNEDODQFHV



&XUUHQW$VVHWVDQG/RDQVDQG$GYDQFHV



TOTAL

31,556

/LDELOLWLHV
/RQJ7HUP%RUURZLQJV
/RQJ7HUP/LDELOLWLHVDQG3URYLVLRQV
&XUUHQW/LDELOLWLHVDQG3URYLVLRQV
TOTAL
1HWDVVHWVDFTXLUHGRQ$PDOJDPDWLRQ D


1,108

14,821


7UDQVIHURIEDODQFHVRI$PDOJDPDWHG&RPSDQ\
5HVHUYHV 6XUSOXV E



Less:$GMXVWPHQWIRUFDQFHOODWLRQRI&RPSDQ\VLQYHVWPHQWLQ7UDQVIHURU&RPSDQ\ F



6KDUHVLVVXHGLQWKHUDWLRRIWRWKHVKDUHKROGHUVRIHUVWZKLOH6X]XNL3RZHUWUDLQ,QGLD/LPLWHGSXUVXDQW 
WRWKHVFKHPHRQDPDOJDPDWLRQ G
&UHGLWHGWR5HVHUYHRQ$PDOJDPDWLRQ D  E  F  G

9,153

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

7KH*HRJUDSKLFDO6HJPHQWVKDYHEHHQFRQVLGHUHGIRUGLVFORVXUHDVWKHVHFRQGDU\VHJPHQWXQGHUZKLFKWKHGRPHVWLFVHJPHQW
LQFOXGHVVDOHVWRFXVWRPHUVORFDWHGLQ,QGLDDQGWKHRYHUVHDVVHJPHQWLQFOXGHVVDOHVWRFXVWRPHUVORFDWHGRXWVLGH,QGLD
)LQDQFLDOLQIRUPDWLRQRIJHRJUDSKLFDOVHJPHQWVLVDVIROORZV
2012-2013

2011-2012

'RPHVWLF

2YHUVHDV

8QDOORFDWHG

7RWDO

'RPHVWLF

2YHUVHDV

5HYHQXHIURPH[WHUQDO
FXVWRPHUV





8,124







 

6HJPHQWDVVHWV

187,212

8,777









 

&DSLWDOH[SHQGLWXUHGXULQJ
the year













D 

8QDOORFDWHG

7RWDO





'RPHVWLFVHJPHQWLQFOXGHVVDOHVDQGVHUYLFHVWRFXVWRPHUVORFDWHGLQ,QGLD 

2YHUVHDVVHJPHQWLQFOXGHVVDOHVDQGVHUYLFHVUHQGHUHGWRFXVWRPHUVORFDWHGRXWVLGH,QGLD 

F 

8QDOORFDWHGDVVHWVLQFOXGHRWKHUGHSRVLWVGLYLGHQGEDQNDFFRXQWDQGLQYHVWPHQWV

G 

6HJPHQWDVVHWVLQFOXGHV[HGDVVHWVLQYHQWRULHVVXQGU\GHEWRUVFDVKDQGEDQNEDODQFHV H[FHSWGLYLGHQGEDQNDFFRXQW 
RWKHUFXUUHQWDVVHWVORDQVDQGDGYDQFHV H[FHSWRWKHUGHSRVLWV  






H 

&DSLWDOH[SHQGLWXUHGXULQJWKH\HDULQFOXGHV[HGDVVHWV WDQJLEOHDQGLQWDQJLEOHDVVHWV RWKHUWKDQDFTXLUHGSXUVXDQWWR


VFKHPHRIDPDOJDPDWLRQ UHIHU1RWH DQGQHWDGGLWLRQWRFDSLWDOZRUNLQSURJUHVV

STATUTORY REPORTS

E 

MANAGEMENT REVIEW

3DUWLFXODUV

1RWHV

CORPORATE OVERVIEW

38. 7KH&RPSDQ\KDVFRQVLGHUHGEXVLQHVVVHJPHQWDVLWVSULPDU\VHJPHQW7KH&RPSDQ\LVSULPDULO\LQWKHEXVLQHVVRIPDQXIDFWXUH
SXUFKDVHDQGVDOHRIPRWRUYHKLFOHVFRPSRQHQWVDQGVSDUHSDUWV DXWRPRELOHV 7KHRWKHUDFWLYLWLHVRIWKH&RPSDQ\FRPSULVH
IDFLOLWDWLRQRISUHRZQHGFDUVDOHVHHWPDQDJHPHQWDQGFDUQDQFLQJ7KHLQFRPHIURPWKHVHDFWLYLWLHVZKLFKDUHLQFLGHQWDOWRWKH
&RPSDQ\VEXVLQHVVLVQRWPDWHULDOLQQDQFLDOWHUPVEXWVXFKDFWLYLWLHVFRQWULEXWHVLJQLFDQWO\LQJHQHUDWLQJWKHGHPDQGIRUWKH
SURGXFWVRIWKH&RPSDQ\$FFRUGLQJO\WKH&RPSDQ\RSHUDWHVLQRQHEXVLQHVVVHJPHQWDQGWKXVQREXVLQHVVVHJPHQWLQIRUPDWLRQ
LVUHTXLUHGWREHGLVFORVHG

39. THE FOLLOWING EXPENSES INCURRED ON RESEARCH AND DEVELOPMENT ARE INCLUDED UNDER RESPECTIVE
ACCOUNT HEADS:
2011-2012

(PSOR\HHVUHPXQHUDWLRQDQGEHQHWV





2WKHUH[SHQVHVRIPDQXIDFWXULQJDQGDGPLQLVWUDWLRQ



810

5HYHQXH([SHQGLWXUH

&DSLWDO([SHQGLWXUH





5,146

3,717

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

2012-2013

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

40. AUDITORS REMUNERATION*

Statutory audit

2012-2013

2011-2012

12.40

10.00

2WKHUDXGLWVHUYLFHVFHUWLFDWLRQ



1.48

5HLPEXUVHPHQWRIH[SHQVHV

0.71



5DZPDWHULDOVDQGFRPSRQHQWV





&DSLWDOJRRGV









([FOXGLQJVHUYLFHWD[

41. CIF VALUE OF IMPORTS

6WRUHVDQGVSDUHV
'LHVDQGPRXOGV

116 - 117

2WKHULWHPV



120







42. EXPENDITURE IN FOREIGN CURRENCY (ACCRUAL BASIS )


)HHVIRUWHFKQLFDOVHUYLFHV
7UDYHOOLQJH[SHQVHV













6XSHUYLVLRQFKDUJHVFDSLWDOLVHG

1,070



,QWHUHVW



274

2WKHUV

















5XQQLQJUR\DOW\
/XPSVXPUR\DOW\

43. EARNINGS IN FOREIGN CURRENCY


([SRUWRIJRRGV )2%EDVLV 
44. DIVIDEND REMITTED IN FOREIGN CURRENCY (CASH BASIS )
'LYLGHQGIRUWKH\HDU 3UHYLRXV\HDU
1RRIQRQUHVLGHQWVKDUHKROGHUV
1RRIVKDUHVIRUZKLFKGLYLGHQGUHPLWWHG

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

45. VALUE OF IMPORTED AND INDIGENOUS MATERIALS CONSUMED


2011-2012





5DZ0DWHULDOVDQG&RPSRQHQWV
Imported
,QGLJHQRXV


267,055

Imported





,QGLJHQRXV









3HUFHQWDJHRI7RWDO&RQVXPSWLRQ

ii)

Machinery Spares
Imported

1,201



1,715

1,211

Imported





,QGLJHQRXV











820

1,864

911

Imported





,QGLJHQRXV





/LFHQVHG

,QVWDOOHG

$FWXDO

Capacity

Capacity**

Production













,QGLJHQRXV
3HUFHQWDJHRI7RWDO&RQVXPSWLRQ

iii)

MANAGEMENT REVIEW


305,741

CORPORATE OVERVIEW

i)

2012-2013

Consumption of Stores
,QGLJHQRXV
3HUFHQWDJHRI7RWDO&RQVXPSWLRQ

STATUTORY REPORTS

Imported

46. LICENSED CAPACITY, INSTALLED CAPACITY AND ACTUAL PRODUCTION


8QLW

3DVVHQJHU&DUVDQG
/LJKW'XW\8WLOLW\9HKLFOHV

1RWHV

1RV

/LFHQVHG&DSDFLW\LVQRWDSSOLFDEOHIURP

,QVWDOOHG&DSDFLW\LVDVFHUWLHGE\WKHPDQDJHPHQWDQGUHOLHGXSRQE\WKHDXGLWRUVEHLQJDWHFKQLFDOPDWWHU
3UHYLRXV<HDUJXUHVDUHLQEUDFNHWV

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Product

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

47.

SALES, OPENING STOCK AND CLOSING STOCK


Product
3DVVHQJHUYHKLFOHV
6SDUHSDUWVDQG&RPSRQHQWV
'LHVDQGPRXOGV
:RUNLQSURJUHVV

118 - 

1RWHV

Opening Stock

6DOHV

&ORVLQJ6WRFN

Qty.(Nos.)
9DOXH
Qty.(Nos.)
9DOXH
Qty.(Nos.)
9DOXH
1,171,434
441,163
16,485
5,631
13,065
4,812



(4,220)


*
39,950
*
1,362
*
1,654
*
(24,001)
*

*

*

*

*

*

*

*

NA
593
1,127
*
(NA)
*

*





7UDGHGJRRGVFRPSULVHYHKLFOHVVSDUHVFRPSRQHQWVDQGGLHVDQGPRXOGV'XULQJWKH\HDUYHKLFOHV SUHYLRXV\HDU
YHKLFOHV ZHUHSXUFKDVHG 








&ORVLQJ6WRFNRIYHKLFOHVLVDIWHUDGMXVWPHQWRIYHKLFOHV SUHYLRXV\HDU WRWDOO\GDPDJHG 



6DOHVTXDQWLW\H[FOXGHVRZQXVHYHKLFOHV1RV SUHYLRXV\HDU1RV 



6DOHVTXDQWLW\H[FOXGHVVDPSOHYHKLFOHV1RV SUHYLRXV\HDU1RV  



3UHYLRXV\HDUJXUHVDUHLQEUDFNHWV 

,QYLHZRIWKHLQQXPHUDEOHVL]HVQXPEHUV LQGLYLGXDOO\OHVVWKDQSHUFHQW RIWKHFRPSRQHQWVVSDUHSDUWVDQGGLHVDQG


PRXOGVLWLVQRWSRVVLEOHWRJLYHTXDQWLWDWLYHGHWDLOV

48. STATEMENT OF RAW MATERIALS AND COMPONENTS CONSUMED


2012-13

2011-2012

*URXS2I0DWHULDO

Unit

Qty.

Amount

Qty.

Amount

6WHHOFRLOV

MT



11,448





)HUURXVFDVWLQJV

MT







1,874

1RQIHUURXVFDVWLQJV

MT



4,727









2WKHUFRPSRQHQWV
3DLQWV

./75



MT




1,818



305,741



267,055

,QYLHZRIWKHLQQXPHUDEOHVL]HVQXPEHUV LQGLYLGXDOO\OHVVWKDQSHUFHQW RIWKHFRPSRQHQWVVSDUHSDUWVDQGGLHVDQG


PRXOGVLWLVQRWSRVVLEOHWRJLYHTXDQWLWDWLYHGHWDLOV

49. PURCHASE OF STOCK IN TRADE


2012-2013

2011-2012





7UDGHGYHKLFOHV





2WKHUV





19,613

15,325

7UDGHGVSDUHV

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

50. STATEMENT OF EARNING PER SHARE


2012-2013
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU 1RV 
1RPLQDOYDOXHSHUVKDUH ,Q`)
%DVLFGLOXWHGHDUQLQJSHUVKDUH ,Q`)













79.19

56.60

51. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31ST MARCH 2013 IN RESPECT OF ASSETS TAKEN ON NON CANCELLABLE OPERATING LEASES ARE AS FOLLOWS
a)

$VDOHVVHH
31.03.2013

31.03.2012

7RWDO0LQLPXP/HDVH3D\PHQWV
Outstanding as on 31st March 2013

7RWDO0LQLPXP/HDVH3D\PHQWV
Outstanding as on 31st March 2012

Premises

Cars

7RWDO

Premises

Within one year







/DWHUWKDQRQH\HDUEXWOHVVWKDQYH\HDUV

222



227

212

/DWHUWKDQYH\HDUV







741
31.03.2012
Minimum Lease Payment









7KH &RPSDQ\ KDV WDNHQ FHUWDLQ SUHPLVHV RQ FDQFHOODEOH RSHUDWLQJ OHDVH 7KH UHQW H[SHQVH DPRXQWLQJ WR `  PLOOLRQ
3UHYLRXV\HDU` PLOOLRQ KDVEHHQFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVV 







STATUTORY REPORTS

&KDUJHGWRUHQWH[SHQVH

31.03.2013
Minimum Lease Payment

MANAGEMENT REVIEW

Due

CORPORATE OVERVIEW

1HW3URWDIWHUWD[DWWULEXWDEOHWRVKDUHKROGHUV LQPLOOLRQ`)

2011-2012

E  $VDOHVVRU


52. DERIVATIVE INSTRUMENTS OUTSTANDING AT THE BALANCE SHEET DATE:


 D  )RUZDUG&RQWUDFWVDJDLQVWLPSRUWVDQGUR\DOW\


)RUZDUGFRQWUDFWVWREX\-3<PLOOLRQ 3UHYLRXV\HDU-3<PLOOLRQ DJDLQVW86'DPRXQWLQJWR` 


PLOOLRQ 3UHYLRXV\HDU` PLOOLRQ 



)RUZDUGFRQWUDFWVWREX\86'PLOOLRQ 3UHYLRXV\HDU86'PLOOLRQ DJDLQVW,15DPRXQWLQJWR` PLOOLRQ


3UHYLRXV\HDU` PLOOLRQ 

7KHDERYHFRQWUDFWVKDYHEHHQXQGHUWDNHQWRKHGJHDJDLQVWWKHIRUHLJQH[FKDQJHH[SRVXUHVDULVLQJIURPWUDQVDFWLRQV
OLNHUR\DOW\DQGLPSRUWRIJRRGV






ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

7KH&RPSDQ\KDVJLYHQFHUWDLQSODQWDQGPDFKLQHULHVRQFDQFHOODEOHRSHUDWLQJOHDVH7KHUHQWDOLQFRPHDULVLQJRIWKHVDPH
amounting to `PLOOLRQKDVEHHQFUHGLWHGWRVWDWHPHQWRISURWDQGORVV

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

120 - 121

E  )RUZDUG&RQWUDFWV5DQJH)RUZDUGFRQWUDFWDJDLQVW([SRUWV


)RUZDUG FRQWUDFWV WR VHOO 86'  PLOOLRQ 3UHYLRXV\HDU 86'  PLOOLRQ  DJDLQVW ,15 DPRXQWLQJ WR `  PLOOLRQ
3UHYLRXV\HDU`PLOOLRQ 



)RUZDUGFRQWUDFWVWRVHOO(8521,/ 3UHYLRXV\HDU(852PLOOLRQ DJDLQVW,15DPRXQWLQJWR1,/ 3UHYLRXV\HDU`


PLOOLRQ



5DQJH )RUZDUG &RQWUDFWV WR VHOO 86' 1,/ 3UHYLRXV \HDU 86'  PLOOLRQ  DJDLQVW ,15 DPRXQWLQJ 1,/ 3UHYLRXV \HDU
`PLOOLRQ 

7KH DERYH FRQWUDFWV KDYH EHHQ XQGHUWDNHQ WR KHGJH DJDLQVW WKH IRUHLJQ H[FKDQJH H[SRVXUHV DULVLQJ IURP H[SRUW RI
JRRGV

(c)

86')ORDWLQJUDWH,15)ORDWLQJUDWHFURVVFXUUHQF\VZDS

2XWVWDQGLQJ86',15)ORDWLQJUDWHFURVVFXUUHQF\VZDSLV86'PLOOLRQ 3UHYLRXV\HDU86'PLOOLRQ DPRXQWLQJ


to `PLOOLRQ 3UHYLRXV\HDU` PLOOLRQ 

(d)

Forward Contracts against Buyers Credit :

)RUZDUG&RQWUDFWVWREX\-3<PLOOLRQ 3UHYLRXV\HDU-3<PLOOLRQ DJDLQVW,15DPRXQWLQJWR`PLOOLRQ 3UHYLRXV


year `PLOOLRQ 

)RUZDUG&RQWUDFWVWREX\86'PLOOLRQ 3UHYLRXV\HDU86'PLOOLRQ DJDLQVW,15DPRXQWLQJWR` PLOOLRQ 3UHYLRXV


year `PLOOLRQ 

7KHDERYHFRQWUDFWVKDYHEHHQXQGHUWDNHQWRKHGJHDJDLQVWWKHIRUHLJQH[FKDQJHH[SRVXUHDULVLQJIURPIRUHLJQFXUUHQF\ORDQ



7KHIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DGHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUHDVIROORZV
,QPLOOLRQ
As at 31.03.2013
YEN
5HFHLYDEOHV
3D\DEOHV

INR
(TXLYDOHQW

USD

INR
(TXLYDOHQW

EURO

177

101









17



18

INR
(TXLYDOHQW

GBP

INR
(TXLYDOHQW





1,270





As at 31.03.2012

5HFHLYDEOHV
3D\DEOHV


,QPLOOLRQ
YEN

INR
(TXLYDOHQW

USD

INR
(TXLYDOHQW

EURO

INR
(TXLYDOHQW



20

182

10







22

1,118



1RWH7KHDERYHGHWDLOVLQFOXGHWKHGHULYDWLYHLQVWUXPHQWVDQGIRUHLJQFXUUHQF\H[SRVXUHXQKHGJHGDVDFTXLUHGSXUVXDQWWR
VFKHPHRIDPDOJDPDWLRQ UHIHUQRWH  







0DUXWL,QVXUDQFH$JHQF\/RJLVWLFV/LPLWHG

441
1,297

7
7














10
10


144
144

Subsidiaries

Associates


85









301

2,114
5,415

-

1,088
2,151







1,073

 







-

7RWDO









29

+ROGLQJ
)HOORZ Key Management
Company subsidiaries
3HUVRQQHO

2012-2013

Suzuki Powertrain India Limited*

6X]XNL*%3/&




6X]XNL0RWRU,EHULFD6$8

10
997








104
104


-









9

Subsidiaries


1,249









2,486

Associates



1,207

22
22







23









45



3,475


-







2,667

7RWDO









-

+ROGLQJ
)HOORZ
Key
Company subsidiaries Management
3HUVRQQHO

2011-2012

7DLZDQ6X]XNL$XWRPRELOH&RUSRUDWLRQ

6X]XNL3KLOLSSLQHV,QF

6X]XNL1HZ=HDODQG/LPLWHG

6X]XNL0RWRUF\FOH,QGLD3ULYDWH/LPLWHG

68=8.,0272532/$1'63=22 )RUPHU6X]XNL0RWRU3RODQG
Limited)

6X]XNL0RWRU 7KDLODQG &R/LPLWHG

6X]XNL,WDOLD63$ 

6X]XNL,QWHUQDWLRQDO(XURSH*PE+

6X]XNL)UDQFH6$6


6X]XNL&DUV ,UHODQG /LPLWHG

Suzuki Auto South Africa (Pty) Limited




6X]XNL$XVWULD$XWRPRELOH+DQGHOV*PE+ 

6X]XNL$XVWUDOLD3W\/LPLWHG

376X]XNL,QGRPRELO0RWRU )RUPHU37,QGRPRELO6X]XNL
,QWHUQDWLRQDO 





Joint Ventures

0DJQHWL0DUHOOL3RZHUWUDLQ,QGLD3ULYDWH/LPLWHG

6RQD.R\R6WHHULQJ6\VWHPV/LPLWHG

1LSSRQ7KHUPRVWDW ,QGLD /LPLWHG

6.+0HWDOV/LPLWHG

0DFKLQR3ODVWLFV/LPLWHG 

.ULVKQD0DUXWL/LPLWHG



1,875

-D\%KDUDW0DUXWL/LPLWHG 

'HQVR,QGLD/LPLWHG






247
589

&OLPDWH6\VWHPV,QGLD/LPLWHG 

Caparo Maruti Limited

FINANCIAL STATEMENTS

Outstanding at Year End


Loans and advances
UHFRYHUDEOH
$VDKL,QGLD*ODVV/LPLWHG
2WKHUV
TOTAL
$PRXQW5HFRYHUDEOH
6.+0HWDOV/LPLWHG
-D\%KDUDW0DUXWL/LPLWHG
%HOOVRQLFD$XWR
Component India Pvt Ltd
376X]XNL,QGRPRELO
Motor
2WKHUV
TOTAL

Joint
Ventures

--,PSH[ 'HOKL 3ULYDWH/LPLWHG 

0DUXWL,QVXUDQFH%URNHU/LPLWHG 

0DUXWL,QVXUDQFH%XVLQHVV$JHQF\,QGLD/LPLWHG

0DUXWL,QVXUDQFH$JHQF\6ROXWLRQV/LPLWHG

7UXH9DOXH6ROXWLRQV/LPLWHG

0DUXWL,QVXUDQFH$JHQF\1HWZRUN/LPLWHG

0DUXWL,QVXUDQFH'LVWULEXWLRQ6HUYLFHV/LPLWHG

0DUXWL,QVXUDQFH$JHQF\6HUYLFHV/LPLWHG

Subsidiaries

%KDUDW6HDWV/LPLWHG

$VDKL,QGLD*ODVV/LPLWHG 

0DUXWL,QVXUDQFH%URNLQJ3ULYDWH/LPLWHG

STATUTORY REPORTS

0DQHVDU6WHHO3URFHVVLQJ,QGLD3ULYDWH/LPLWHG

Associates

,QHUJ\,QGLD$XWRPRWLYH&RPSRQHQWV/LPLWHG

0U.D]XKLNR$\DEH ZHIth$SULO 

.ULVKQD$XWR0LUURUV/LPLWHG

0U.HLLFKL$VDL

)0,$XWRPRWLYH&RPSRQHQWV/LPLWHG 

0U7VXQHR2KDVKL 

0DUN([KDXVW6\VWHPV/LPLWHG

%HOOVRQLFD$XWR&RPSRQHQW,QGLD3ULYDWH/LPLWHG

Magyar Suzuki Corporation Limited

-LQDQ4LQJTL6X]XNL0RWRUF\FOH&R/LPLWHG

0U6KXML2LVKL XSWRth$SULO  

Joint Ventures

)HOORZ6XEVLGLDULHV 2QO\ZLWKZKRPWKH&RPSDQ\KDGWUDQVDFWLRQV
during the current year)

0U6KLQ]R1DNDQLVKL

MANAGEMENT REVIEW

ANNUAL REPORT 2012-13

CORPORATE OVERVIEW

.H\0DQDJHPHQW3HUVRQQHO

Suzuki Motor Corporation

$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

+ROGLQJ&RPSDQ\

53. STATEMENT OF TRANSACTIONS WITH RELATED PARTIES

Notes

To The Financial Statements

$PRXQWV3D\DEOH
Suzuki Motor Corporation
2WKHUV
TOTAL
Goods in Transit Component Etc.
Suzuki Motor Corporation
2WKHUV
TOTAL
Guarantees given to third
parties for the Company
Suzuki Motor Corporation
2WKHUV
TOTAL
3XUFKDVHVRI7DQJLEOHDQG
,QWDQJLEOH)L[HG$VVHWV
Suzuki Motor Corporation
2WKHUV
TOTAL
6DOHRI*RRGV
6X]XNL0RWRUF\FOH,QGLD
Private Ltd.
6X]XNL,QWHUQDWLRQDO
(XURSH*PE+
6X]XNL*%3/&
37,QGRPRELO6X]XNL
,QWHUQDWLRQDO
2WKHUV
TOTAL
Other Income
Finance Income/
Commission/Dividend
6.+0HWDOV/LPLWHG
-D\%KDUDW0DUXWL/LPLWHG
&OLPDWH6\VWHPV,QGLD
Limited
$VDKL,QGLD*ODVV/LPLWHG
2WKHUV
TOTAL


-










-



206













-







39

201
201



-



-


3,412



-

Subsidiaries



606

Joint
Ventures



363






5,373










156



-



-



-






58










1,734



5



954


1
1






23,203









10
10



-



-



236

7RWDO



5



954





-







403





 
- 32,247

 
 



 

 


2,106



-



-

 
 
- 15,603

+ROGLQJ
)HOORZ Key Management
Company subsidiaries
3HUVRQQHO

2012-2013

 


2,063
12,698

Associates



32






1,906










89



-



-



636

Joint Ventures

122 - 



-






-










-



-



-



-

Subsidiaries






-

28
772
977

82
82










3,676



1,586



1,963



9,740



-





4,744
12,320










5



-



-


27
27

7RWDO










6,069



1,586



1,963



-





28
804
1,009

44
88


 
- 17,318










-



-



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- 15,256

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44
88



3,010










260



-



-



4,853

Associates

2011-2012

$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG

Notes

To The Financial Statements







-
















-







269




11,488
11,488


-


-



-


1
1






-

Subsidiaries


1,358





22,656



87
87









-


4
4



-






-



763



557






-



363


2
2


-


-




187
187




15





22
22
2
20
97



-



-


22
22
2
20
97



1,131


2
559

 
- 24,538






-



-



-


-


-





8,919



188
188




Joint Ventures






-



-



-


-


-





-




-




Subsidiaries






-


1
1



-


-


-




71,707
88,631


28
1,122
1,622









-



-



1,090


18,031


1,175





21,149



480
480









-



199



-


-


-





3




9





28
1,800
2,299




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1,175



200
27
20



85

27
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85



1,090


-



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- 18,031


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-




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2011-2012
Associates

MANAGEMENT REVIEW

STATUTORY REPORTS

FINANCIAL STATEMENTS

ANNUAL REPORT 2012-13

CORPORATE OVERVIEW

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88,134


147

1,131

200


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1,358





-




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2012-2013

 
24,538


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53,803


147
17
760

200


Associates

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Note:

Other Misc Income


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Component India Private
Limited
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Suzuki Motor Corporation
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Proposed Dividend
Suzuki Motor Corporation
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Suzuki Motor Corporation
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Services Received
Suzuki Motor Corporation
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Joint
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Notes

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Notes

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(All amounts in ` million, unless otherwise stated)

 7KHGHWDLOVRI,QYHVWPHQWDVSHU1RWHDQGDUHSURYLGHGEHORZ
Name of the Company

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)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013

As at
31.03.2012

Current

Non Current

Current

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124 - 

Investment in subsidiaries (unquoted equity shares,


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10

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10

10













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10

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10

10













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10

10

44,100,000

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441



441

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10

10







10



10

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10

111

111

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Investment in associates (unquoted equity shares,


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100

100













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Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
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31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

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31.03.2013

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48,000,000





480



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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS



STATUTORY REPORTS

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Notes

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126 - 127

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
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31.03.2012

Number
as at
31.03.2013

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31.03.2012

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14,000,000





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100,000,000

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Notes

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Interest /
Dividend
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)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

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as at
31.03.2013

Number
as at
31.03.2012

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31.03.2013

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70,000,000





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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

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Notes

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128 - 

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`
31.03.2013

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`
31.03.2012

Number
as at
31.03.2013

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31.03.2012

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31.03.2013

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`
31.03.2012

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31.03.2013

Number
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31.03.2012

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31.03.2012

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$*URZWK2SWLRQ

10















,')&)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ



10



12,000,000





120



ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

10

STATUTORY REPORTS



MANAGEMENT REVIEW

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ&
*URZWK2SWLRQ

CORPORATE OVERVIEW

Current

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013
Current

Non Current

Current

Non Current

,')&)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ



10













,')&)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ



10



22,000,000





220



,')&)L[HG0DWXULW\3ODQ<HDUO\6HULHV*URZWK
2SWLRQ



10



28,000,000





280



,')&)L[HG0DWXULW\3ODQ<HDUO\6HULHV*URZWK
2SWLRQ



10













,')&)L[HG0DWXULW\3ODQ<HDUO\6HULHV*URZWK
2SWLRQ



10















10



42,000,000





420



,')&)L[HG0DWXULW\3ODQ'D\V6HULHV
*URZWK2SWLRQ

10



10,000,000



100







,')&)L[HG7HUP3ODQ6HULHV*URZWK2SWLRQ

10



40,000,000



400







,')&)L[HG7HUP3ODQ6HULHV*URZWK2SWLRQ

10















,')&)L[HG7HUP3ODQ6HULHV*URZWK2SWLRQ

10















,')&<HDUO\6HULHV,QWHUYDO)XQG'LUHFW3ODQ6HULHV
,*URZWK2SWLRQ

10















,')&<HDUO\6HULHV,QWHUYDO6HULHV,,*URZWK2SWLRQ

10















,')&<HDUO\6HULHV,QWHUYDO6HULHV,,,*URZWK
2SWLRQ

10



20,000,000



200







,')&0RQH\0DQDJHU)XQG,QYHVWPHQW3ODQ
*URZWK

10







1,000







-0)L[HG0DWXULW\)XQG6HULHV;;,,,3ODQ$

10

















10



40,008,224





400



-30RUJDQ,QGLD6HULHV0RQWKV*URZWK
2SWLRQ

10

10

120,000,000

120,000,000

1,200





1,200

-30RUJDQ,QFRPH)XQG6HULHV*URZWK)XQG

10















-30RUJDQ$FWLYH,QFRPH%RQG)XQG*URZWK
2SWLRQ

10







400







.RWDN)ORDWHU6KRUW7HUP'DLO\'LYLGHQG)XQG



10

 





2,210



.RWDN)036HULHV*URZWK2SWLRQ



10













,')&)036HULHV*URZWK2SWLRQ

130 - 

As at
31.03.2012

-30RUJDQ)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

.RWDN)036HULHV*URZWK2SWLRQ



10













.RWDN)036HULHV*URZWK2SWLRQ



10



21,000,000





210



.RWDN)036HULHV*URZWK2SWLRQ



10



41,000,000





410



.RWDN)036HULHV*URZWK2SWLRQ



10



42,000,000





420



.RWDN)036HULHV*URZWK2SWLRQ



10



70,000,000





700



.RWDN)036HULHV$*URZWK2SWLRQ



10



28,000,000





280



.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



20,000,000





200





.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



20,000,000



200







Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013

As at
31.03.2012

Non Current

Current

Non Current

.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



40,000,000



400







.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



40,000,000





400





.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



20,000,000



200







.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ

10

























10,000,000



100







/ 7)L[HG0DWXULW\3ODQ9,, -DQ'D\V 
*URZWK2SWLRQ

10















/ 7)039,, )HE'$ 'LUHFW3ODQ*URZWK


2SWLRQ

10



20,000,000





200





/ 7)L[HG0DWXULW\3ODQ9,, '$ *URZWK


2SWLRQ

10



18,000,000



180







/ 7)L[HG0DWXULW\3ODQ9,, 0DU0$ *URZWK


2SWLRQ

10















/,&1RPXUD0))L[HG0DWXULW\3ODQ6HULHV
'D\V*URZWK2SWLRQ

10



20,000,000



200







/,&1RPXUD0XWXDO)XQG)L[HG0DWXULW\3ODQ
6HULHV'D\V*URZWK2SWLRQ

10















5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV
*URZWK2SWLRQ



10



40,000,000





400



5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV*URZWK
2SWLRQ



10













5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV
*UZRWK2SWLRQ



10













5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV*URZWK
2SWLRQ



10













5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV*URZWK
2SWLRQ



10



40,000,000





400



5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV*URZWK
2SWLRQ



10













5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV,9*URZWK
2SWLRQ



10













5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV9*URZWK
2SWLRQ



10



210,000,000





2,100



5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV9,*URZWK
2SWLRQ



10

 









5HOLDQFH)L[HG+RUL]RQ)XQG;;,,6HULHV
*URZWK2SWLRQ

10















5HOLDQFH)L[HG+RUL]RQ)XQG;;,,6HULHV
*URZWK2SWLRQ

10















ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS





STATUTORY REPORTS

10

10

/ 7)039 )HE'D\V$ *URZWK2SWLRQ

MANAGEMENT REVIEW



/ 7)L[HG0DWXULW\3ODQ9,, 'HF'D\V 
*URZWK2SWLRQ

CORPORATE OVERVIEW

Current

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

132 - 

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013

As at
31.03.2012

Current

Non Current

Current

Non Current

5HOLDQFH)L[HG+RUL]RQ)XQG;;,,6HULHV
*URZWK2SWLRQ

10



17,000,000



170







5HOLDQFH)L[HG+RUL]RQ)XQG;;,,6HULHV
*URZWK2SWLRQ

10



20,000,000





200





5HOLDQFH)L[HG+RUL]RQ)XQG;;,,,6HULHV*URZWK
2SWLRQ

10















5HOLDQFH)L[HG+RUL]RQ)XQG;;,,,6HULHV*URZWK
2SWLRQ

10















5HOLDQFH)L[HG+RUL]RQ)XQG;;,,,6HULHV*URZWK
2SWLRQ

10















5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV*URZWK
2SWLRQ

10















5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV*URZWK
2SWLRQ

10



40,000,000



400







5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV*URZWK
2SWLRQ

10



40,000,000



400







5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV*URZWK
2SWLRQ

10



20,000,000



200







5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV,*URZWK
2SWLRQ

10















5HOLJDUH&UHGLW2SSRUWXQLW\)XQG'LYLGHQG2SWLRQ



10













5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,3ODQ&
*URZWK2SWLRQ



10



18,000,000





180



5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ$
*URZWK2SWLRQ



10













5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ&
0RQWKV*URZWK2SWLRQ

10

10

20,000,000

20,000,000

200





200

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ'
'D\V*URZWK2SWLRQ

10

10

20,000,000

20,000,000

200





200

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,93ODQ%
'D\V*URZWK2SWLRQ

10

10

27,000,000

27,000,000

270





270

5HOLJDUH)036HULHV;3ODQ(*URZWK2SWLRQ



10



14,000,000





140



5HOLJDUH)036HULHV;3ODQ)*URZWK2SWLRQ



10













5HOLJDUH)036HULHV;,3ODQ$'D\V*URZWK
2SWLRQ



10













5HOLJDUH)036HULHV;,3ODQ('D\V*URZWK
2SWLRQ



10



12,000,000





120



5HOLJDUH)036HULHV;,,3ODQ$'D\V*URZWK
2SWLRQ



10



14,000,000





140





1,000













5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,&*URZWK
2SWLRQ

10















5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,'*URZWK
2SWLRQ

10



20,000,000



200







5HOLJDUHOLTXLGIXQG'DLO\'LYLGHQG

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Company

Interest /
Dividend
%age

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013

As at
31.03.2012

Non Current

Current

Non Current

10



20,000,000



200







5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ'
'D\V *URZWK2SWLRQ

10



40,000,000





400





5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ(
'D\V *URZWK2SWLRQ

10



40,000,000



400







5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ)
'D\V *URZWK2SWLRQ

10















5HOLJDUH$FWLYH,QFRPH%RQG)XQG*URZWK2SWLRQ

10







700







5HOLJDUH6KRUW7HUP)XQG*URZWK

10







1,000







3HHUOHVV)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10



20,000,000



200







6%,'HEW)XQG6HULHV0RQWKV*URZWK2SWLRQ

10

10

17,000,000

17,000,000

170





170

6%,'HEW)XQG6HULHV0RQWKV*URZWK2SWLRQ

10

10














6%,'HEW)XQG6HULHV*URZWK2SWLRQ



10











6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ



10













6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ



10













10

10

84,000,000

84,000,000

840



840





10













6%,6')6'*URZWK2SWLRQ



10















10













6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ

10















6%,'HEW)XQG'D\V6HULHV*URZWK2SWLRQ

10



100,000,000



1,000







6')6'D\V*URZWK2SWLRQ

6%,'HEW)XQG'D\V6HULHV*URZWK2SWLRQ

10



20,000,000



200







6%,'HEW)XQG'D\V6HULHV*URZWK2SWLRQ

10















10



80,000,000





800





10



80,000,000





800





6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ

10















6%,6KRUW7HUP'HEW)XQG'LUHFW3ODQ:HHNO\'LYG

10

















10













6XQGDUDP)L[HG7HUP3ODQ&4'D\V*URZWK
2SWLRQ

10

10

20,000,000

20,000,000

200





200

6XQGDUDP)L[HG7HUP3ODQ'('D\V*URZWK
2SWLRQ

10



20,000,000



200







6XQGDUDP)L[HG7HUP3ODQ')'D\V*URZWK
2SWLRQ

10



40,000,000





400





6XQGDUDP)L[HG7HUP3ODQ'*'D\V*URZWK
2SWLRQ

10



20,000,000



200







7DWD)L[HG0DWXULW\3ODQ6HULHV,*URZWK2SWLRQ



10



17,000,000





170



7DWD)L[HG0DWXULW\3ODQ6HULHV6FKHPH'
*URZWK2SWLRQ



10



14,000,000





140



6XQGDUDP)L[HG7HUP3ODQ&&'D\V*URZWK
2SWLRQ

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

6%,'HEW)XQG6HULHV0RQWK*URZWK2SWLRQ
6%,'HEW)XQG6HULHV0RQWK*URZWK2SWLRQ

STATUTORY REPORTS

6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ
6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ

MANAGEMENT REVIEW

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ$
'D\V *URZWK2SWLRQ

CORPORATE OVERVIEW

Current

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Company

)DFH9DOXH
`
31.03.2013

)DFH9DOXH
`
31.03.2012

Number
as at
31.03.2013

Number
as at
31.03.2012

As at
31.03.2013

As at
31.03.2012

Current

Non Current

Current

Non Current

7DWD)L[HG0DWXULW\3ODQ6HULHV$*URZWK
2SWLRQ



10













7DWD)036HULHV3ODQ'*URZWK2SWLRQ



10













10



27,000,000



270







7DXUXV)L[HG0DWXULW\3ODQ'D\V6HULHV3
*URZWK2SWLRQ



10













7DXUXV/LTXLG)XQG'DLO\'LYLGHQG



1,000













7DXUXV)L[HG0DWXULW\3ODQ'D\V6HULHV;
*UZRWK2SWLRQ

10



17,000,000



170







87,)L[HG,QFRPH)XQG6HULHV;9,'D\V
*URZWK2SWLRQ



10









470



87,)L[HG,QFRPH,QWHUYDO3ODQ*URZWK2SWLRQ



10













87,)L[HG7HUP,QFRPH)XQG6HULHV;9,,*URZWK
2SWLRQ



10



100,000,000





1,000



87,)L[HG7HUP,QFRPH)XQG6HULHV;9,,,*URZWK
2SWLRQ



10

 









87,)L[HG7HUP,QFRPH)XQG6HULHV;;*URZWK
2SWLRQ



10



20,000,000





200



87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,, 
'D\V *URZWK2SWLRQ



10













87,)L[HG,QFRPH,QWHUYDO3ODQ*URZWK

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,, 
'D\V *URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,,,, 
'D\V *URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,
'D\V*URZWK2SWLRQ

10



80,000,000



800







87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,,
'D\V*URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,9 
'D\V *URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,99 
'D\V *URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,99, 
'D\V *URZWK2SWLRQ

10















87,)L[HG7HUP,QFRPH)XQG6HULHV;,99,, 
'D\V *URZWK2SWLRQ

10



100,000,000



1,000







52,298

17,064

47,541

8,565

7DWD)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ

134 - 

Interest /
Dividend
%age

'XULQJWKHFXUUHQW\HDUWKH&RPSDQ\KDVDFTXLUHGVKDUHVRI--,PSD[ 'HOKL 3ULYDWH/LPLWHGWKHUHE\LQFUHDVLQJLWVVKDUHKROGLQJIURPSHUFHQWWRSHUFHQW$FFRUGLQJO\--,PSH[ 'HOKL 3ULYDWH


/LPLWHGKDVEHHQFODVVLHGDVDVXEVLGLDU\LQWKHFXUUHQW\HDU

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

 3XUVXDQWWRFODXVHL[ E RI6HFWLRQ $ RIWKH&RPSDQLHV$FWWKHGHWDLOVRIGLVSXWHGGXHVDUHDVIROORZV


Nature of the Dues

Amount (` in
PLOOLRQ

Amount deposited under


protest (` LQPLOOLRQ

,QFRPH7D[$FW

,QFRPH7D[



,QWHUHVW



,QFRPH7D[
,QWHUHVW
,QFRPH7D[
,QWHUHVW
,QFRPH7D[
,QWHUHVW
,QFRPH7D[

77

$<

7KH+RQRXUDEOH+LJK&RXUWRI'HOKL

 $<

7KH+RQRXUDEOH+LJK&RXUWRI'HOKL

 $<

7KH+RQRXUDEOH+LJK&RXUWRI'HOKL

80

$<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7  +LJK&RXUW

 $<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7  +LJK&RXUW

 $<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7  +LJK&RXUW

2,000

$<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7

 $<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7

74

1,018


,QFRPH7D[



,QWHUHVW



,QFRPH7D[



,QWHUHVW

1,202

,QFRPH7D[

,QWHUHVW

1,482

24

$<

,QFRPH7D[$SSHOODQW7ULEXQDO ,7$7

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$2 7D['HGXFWHGDW6RXUFH

$<

$SSHDOLVSHQGLQJEHIRUH+LJK&RXUW

8
12

STATUTORY REPORTS

1,808


4
12


,QFRPH7D[



,QWHUHVW

12

,QFRPH7D[

,QWHUHVW

1
13,795

6,766

:HDOWK7D[

TOTAL

,QWHUHVW

 WR$<

$VVHVVLQJ$XWKRULW\*XUJDRQ

6DOHV7D[

 $<

$VVHVVLQJ$XWKRULW\*XUJDRQ

TOTAL

6DOHV7D[

47

TOTAL

47

$<WR

$GGLWLRQDO&RPPLVVLRQHU'HOKL

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

,QFRPH7D[
,QWHUHVW

TOTAL

'HOKL6DOHV7D[$FW



,QFRPH7D[

,QFRPH7D[

7KH+RQRXUDEOH+LJK&RXUWRI'HOKL



,QWHUHVW

,QWHUHVW

+DU\DQD*HQHUDO6DOHV7D[$FW



128

,QFRPH7D[

$<



,QWHUHVW

:HDOWK7D[$FW

204

,QFRPH7D[

,QWHUHVW

,QWHUHVW
,QFRPH7D[

Forum where dispute is pending

MANAGEMENT REVIEW

,QWHUHVW



Period to which the


DPRXQWUHODWHV

CORPORATE OVERVIEW

Name of the Statute

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Statute

Nature of the Dues

7KH&HQWUDO([FLVH$FW

([FLVH'XW\



,QWHUHVW



3HQDOW\

71

([FLVHGXW\

17

([FLVHGXW\

3HQDOW\

([FLVHGXW\



3HQDOW\



,QWHUHVW

136 - 

Amount deposited under


protest (` LQPLOOLRQ

Period to which the


DPRXQWUHODWHV



3HQDOW\

22

 -XOWR-DQ

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

 $XJWR0DU

Supreme Court of India.

0DUFKWR0DUFK

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

'HF$XJ

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

2FWWR0DU

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

42

([FLVHGXW\



 0D\WR)HE

,QWHUHVW





([FLVHGXW\

802

3HQDOW\

701

,QWHUHVW

480

([FLVHGXW\

3HQDOW\

([FLVHGXW\



3HQDOW\



,QWHUHVW



3HQDOW\



12



3HQDOW\



,QWHUHVW



([FLVHGXW\



3HQDOW\



,QWHUHVW

21


3HQDOW\



,QWHUHVW

12

([FLVHGXW\

3HQDOW\

TOTAL

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

)HE

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

1RYWR0DU

&XVWRPV([FLVH 6HUYLFH7D[$SSHOODWH7ULEXQDO

-DQWR-XO

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-XQWR0DU

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May 08 to Aug 12

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$SUWR0DU

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([FLVHGXW\

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Supreme Court of India.



([FLVHGXW\
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([FLVHGXW\
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The Finance Act, 1994

Amount (` in
PLOOLRQ

1
10,680

377
2

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101

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101

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$SUWR0DU

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Apr 10 to Mar 11

&RPPLVVLRQHU $SSHDOV

Notes

To The Financial Statements


(All amounts in ` million, unless otherwise stated)

Name of the Statute

Nature of the Dues


3HQDOW\

Amount (` in
PLOOLRQ

Amount deposited under


protest (` LQPLOOLRQ

Period to which the


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Forum where dispute is pending

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0

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6HUYLFH7D[



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44

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3HQDOW\



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10

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1
$SUWR0DU

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$SUWR0DU

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$SUWR0DU

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$SUWR0DU

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6HUYLFH7D[

12

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12

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12

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TOTAL


2,782

14

&XVWRPVGXW\

22

22

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TOTAL
GRAND TOTAL

27

22

27,335

7,182

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

1
1

STATUTORY REPORTS

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(All amounts in ` million, unless otherwise stated)

56. STATEMENT ON ASSETS, LIABILITIES, INCOME & EXPENSES OF JOINT VENTURES




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SI.No

Name of Company

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India



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India





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India





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India





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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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Current Assets




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47

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44







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2011-2012









(20)













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2012-2013

DETAIL OF EXPENDITURE

242

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DETAILS OF CONTINGENT LIABILITIES


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12

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IRU HUVWZKLOH 6X]XNL 3RZHUWUDLQ ,QGLD /LPLWHG ZKLFK KDV
DPDOJDPDWHG ZLWK WKH &RPSDQ\ HIIHFWLYH VW $SULO 
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RIWKHSUHYLRXV\HDU 







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KENICHI AYUKAWA
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ABHISHEK RARA
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S. RAVI AIYAR
([HFXWLYH'LUHFWRU /HJDO 
& Company Secretary

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ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

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KDYHDSSURYHGWKHDPDOJDPDWLRQRIWKHVHYHQZKROO\
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RI WKH &RPSDQLHV $FW  7KH DPDOJDPDWLRQ ZLOO EH
effective from 1VW$SULODQGLVVXEMHFWWR6KDUHKROGHUV
DQGRWKHUQHFHVVDU\DSSURYDOV 

STATUTORY REPORTS



222

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MANAGEMENT REVIEW

78

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Limited

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VLQFHLWEHFRPHVXEVLGLDU\RI0DUXWL6X]XNL,QGLD
Limited (`)

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31.03.2013

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 `)

a)

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a)

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/LPLWHGDPRXQWHGWR

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ii)

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31.03.2013

31.03.2013

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6X]XNL,QGLD/LPLWHGDWWKHDERYHGDWH

Maruti
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Business
Agency
Limited

Maruti
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Services
Limited

Name of the Subsidiary Company

of the Companies Act, 1956, Relating to Subsidiary Companies

Statement Pursuant to Section 212

140 - 141

Financial Statement of Subsidiary


Notes
To The Financial Statements
Companies 2012-13

(All amounts in ` million, unless otherwise stated)

(Amount in `)
3DUWLFXODUV

Maruti
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Distribution
Services Ltd.

Maruti
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Agency
Network Ltd.

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12,800,000

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MANAGEMENT REVIEW

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CORPORATE OVERVIEW

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Maruti
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STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Independent Auditors Report


policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the
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To the Board of Directors of Maruti Suzuki India Limited




: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
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which comprise the consolidated Balance Sheet as at 31st
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Loss and the consolidated Cash Flow Statement for the
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policies and other explanatory information which we have
signed under reference to this report.



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and 8 jointly controlled entities included in the consolidated
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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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is based solely on the report of such other auditors.

6.

Attention is invited to Note 38(a) and 38(b) of Notes to Financial


Statements regarding certain associate entities and jointly
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the impact of which is not likely to be material.



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and appropriate to provide a basis for our audit opinion.

MANAGEMENTS RESPONSIBILITY FOR THE


CONSOLIDATED FINANCIAL STATEMENTS

142 - 143

2.

The Companys Management is responsible for the


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that give a true and fair view of the consolidated
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accounting principles generally accepted in India. This
responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation
DQGSUHVHQWDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.

AUDITORS RESPONSIBILITY
3.

4.

Our responsibility is to express an opinion on these


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conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated
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An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in
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selected depend on the auditors judgement, including the
assessment of the risks of material misstatement of the
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or error. In making those risk assessments, the auditors
consider internal control relevant to the Companys
preparation and fair presentation of the consolidated
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that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting

OPINION


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been prepared by the Companys Management in accordance
with the requirements of Accounting Standard (AS) 21
Consolidated Financial Statements, Accounting Standard (AS)
23 Accounting for Investments in Associates in Consolidated
Financial Statements, and Accounting Standard (AS) 27
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6HFWLRQ & RIWKH&RPSDQLHV$FW

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DXGLWRU V  RQ VHSDUDWH QDQFLDO VWDWHPHQWV DQG RQ WKH RWKHU
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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)

in the case of the consolidated Balance Sheet, of the state


of affairs of the Group as at 31st March 2013;

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/RVVRIWKHSURWIRUWKH\HDUHQGHGRQWKDWGDWHDQG
(c)

in the case of the consolidated Cash Flow Statement, of


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EMPHASIS OF MATTER

For Price Waterhouse

CORPORATE OVERVIEW

 :HGUDZDWWHQWLRQWR1RWH D YLL RIWKHQDQFLDOVWDWHPHQWV


regarding demands received from Haryana State Industrial
& Infrastructure Development Corporation Limited towards
enhanced compensation for Companys freehold land at
Manesar amounting to ` 5,012 million, ` 1,376 million and ` 86
million; against the demand of ` 5,012 million the Companys
impleadment application has been heard and the order has

been reserved by the Honble Supreme Court of India;


against the demand of ` 1,376 million, the Company has
OHGDQDSSHDOZLWKWKH3XQMDEDQG+DU\DQD+LJK&RXUW
and against the demand of ` 86 million, the Company is
in the process of obtaining more information. Accordingly,
no provision is considered necessary towards enhanced
compensation for the aforesaid freehold land. Our opinion
LVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU

Firm Registration Number: 301112E


Chartered Accountants

Place : New Delhi


Date : 26th April 2013

MANAGEMENT REVIEW

ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU

STATUTORY REPORTS
FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Consolidated Balance Sheet


As at 31st March 2013

(All amounts in ` million, unless otherwise stated)

Notes to
Accounts

As at
31.03.2012

EQUITY AND LIABILITIES


SHAREHOLDERS FUNDS
Share Capital
Reserves and Surplus

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

Place: New Delhi


Date: 26th April 2013

Consolidated Statement of Profit and Loss


For the year ended 31st March 2013

(All amounts in ` million, unless otherwise stated)

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 `HDFK LQ5XSHHV  5HIHU1RWH

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

Place: New Delhi


Date: 26th April 2013

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS






8,443
369,342

STATUTORY REPORTS


55,811

10,885
443,044
8,301
451,345

24

MANAGEMENT REVIEW

For the year ended


31.03.2012

CORPORATE OVERVIEW

REVENUE FROM OPERATIONS


Gross Sale of Products
Less: Excise Duty
Net Sale of Products
Other Operating Revenue

For the year ended


31.03.2013

Consolidated Cash Flow Statement


For the year ended 31st March 2013

(All amounts in ` million, unless otherwise stated)

A.

For the year


ended 31.03.2013

For the year


ended 31.03.2012

30,701

21,451

CASH FLOW FROM OPERATING ACTIVITIES:


1HW3URWEHIRUH7D[
Adjustments for:
Depreciation



11,627

Finance Cost



616

Interest Income

(3,135)

(4,042)

Dividend Income

(426)

(727)

6KDUHRI3URWLQUHVSHFWRI,QYHVWPHQWLQ$VVRFLDWHV



474

Share of minority interest

(13)

Net Loss on Sale / Discarding of Fixed Assets


3URWRQ6DOHRI,QYHVWPHQWV 1HW
Provisions no Longer Required Written Back
Unrealised Foreign Exchange (Gain)/ Loss

146 - 147

2SHUDWLQJ3URWEHIRUH:RUNLQJ&DSLWDOFKDQJHV

332

157

(4,234)

(2,575)

(472)

 

1,425

556

45,272

26,445

6,431

7,738

Adjustments for changes in Working Capital :


- Increase/(Decrease) in Trade Payables
- Increase/(Decrease) in Short Term Provisions

252



- Increase/(Decrease) in Long Term Provisions



1,375

(1,431)

5,414



(23)

- Increase/(Decrease) in Other Current Liabilities


- Increase/(Decrease) in Other Long Term Liabilities
- (Increase)/Decrease in Trade Receivables
- (Increase)/Decrease in Inventories

(1,253)

3,431

 

- (Increase)/Decrease in Short Term Loans and Advances

 

 

- (Increase)/Decrease in Long Term Loans and Advances

 

(3,655)

(2,011)

(2,377)

 

132

Cash generated from Operating Activities

46,121

29,820

- Taxes (Paid) (Net of Tax Deducted at Source)

(5,507)

(3,268)

Net Cash from Operating Activities

40,614

26,552

(35,750)

 

438

70

- (Increase)/Decrease in Other Current Assets


- (Increase)/Decrease in Other Non Current Assets

B.

(3,658)

CASH FLOW FROM INVESTING ACTIVITIES:


Purchase of Fixed Assets
Sale of Fixed Assets
Sale of Investments
Purchase of Investments
Investments in Deposits with Banks
Maturities of Deposits with Banks
Interest Received
Dividend Received
Net Cash from Investing Activities

118,465



 

 

(15,000)

(22,600)

22,600

24,130

3,502

4,266

426

727

(32,265)

(31,808)

Consolidated Cash Flow Statement


For the year ended 31st March 2013

(All amounts in ` million, unless otherwise stated)

C.

For the year


ended 31.03.2013

For the year


ended 31.03.2012

Proceeds from Short Term borrowings





Repayment of Short Term borrowings

 

(403)

Proceeds from Long Term borrowings

1,688

Repayment of Long Term borrowings

(4,588)

(1,413)

Interest Paid

(2,083)

 

Dividend Paid

(2,167)

(2,167)

CASH FLOW FROM FINANCING ACTIVITIES:

(351)

(9,786)

6,100

Net Increase/(Decrease) in Cash & Cash Equivalents

844

2,034

1,190

Cash and cash equivalents as at 1st April 2012 - acquired on amalgamation

1,051

st

Cash and Cash Equivalents as at 31 March (Closing Balance)

1,648

2,034

Cash and Cash Equivalents comprise

1,648

2,034

Cash & Cheques in Hand (Share of Joint Venture ` 1 million (previous year
` 3 million)

1,036



Balance with Banks (Share of Joint Venture ` 80 million (previous year


` 185 million)

340

274

Balance with Scheduled Banks in Deposit Accounts (Share of Joint Venture


` 272 million (previous year ` 61 million)

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

Place: New Delhi


Date: 26th April 2013

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

STATUTORY REPORTS

(1,437)

Cash and Cash Equivalents as at 1st April (Opening Balance)

MANAGEMENT REVIEW

(351)

Net Cash from Financing Activities

CORPORATE OVERVIEW

Corporate Dividend Tax Paid

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

1.

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES


1.1 GROUP COMPANIES
Maruti Suzuki India Limited (The Company) has nine subsidiaries, seven joint venture companies and twelve associate
companies (The Group), as given in the following table.
Sl.
No.

Name of Company

Maruti Insurance Business Agency Limited


(Formerly known as Maruti Insurance
Brokers Limited)
Maruti Insurance Distribution Services
Limited
True Value Solutions Limited
Maruti Insurance Agency Network Limited
Maruti Insurance Agency Solutions Limited
Maruti Insurance Agency Services Limited
Maruti Insurance Logistic Limited
Maruti Insurance Broker Limited
J.J Impex (Delhi) Private Limited *
Mark Exhaust Systems Limited
Bellsonica Auto Components India Limited
Krishna Ishizaki Auto Limited (Formerly
known as Krishna Auto Mirrors Limited)
FMI Automotive India Limited
Inergy Automotive Systems Manufacturing
India Private Limited
Manesar Steel Processing (India) Private
Limited
Maruti Insurance Broking Private Limited
Suzuki Powertrain India Limited #
Climate Systems India Limited
SKH Metals Limited
Jay Bharat Maruti Limited
Caparo Maruti Limited
Machino Plastics Limited
Bharat Seats Limited
Krishna Maruti Limited
Asahi India Glass Limited
Denso India Limited
Nippon Thermostat (India) Limited
Sona Koyo Steering Systems Limited
Magneti Marelli Powertrain India Limited

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[ 'HOKL 3ULYDWH/LPLWHGKDVEHHQFODVVLHGDVD
subsidiary in the current year.
(#) Amalgamated with the Company (refer note 37)

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

Investments in joint venture undertakings over which the


company exercises joint control are accounted for using
proportionate consolidation as per Accounting Standard
27 on Financial Reporting of Interests in Joint Ventures.


$OO XQUHDOLVHG VXUSOXVHV DQG GHFLWV RQ WUDQVDFWLRQV


between the group companies are eliminated.
Accounting policies between group companies are
consistent to the extent practicable. Appropriate
GLVFORVXUH LV PDGH RI VLJQLFDQW GHYLDWLRQV IURP WKH
company accounting policies, which have not been
adjusted.

The Company recognises income from services on


rendering of services.
1.4 FIXED ASSETS
7DQJLEOH$VVHWV
a)
Fixed assets (except freehold land which is
carried at cost) are carried at cost of acquisition
or construction or at manufacturing cost (in
case of own manufactured assets) in the year of
capitalisation less accumulated depreciation.
E 

$VVHWV DFTXLUHG XQGHU QDQFH OHDVHV DUH


capitalised at the lower of their fair value and
the present value of minimum lease payments.

,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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Investment in associates (entity over which the company


H[HUFLVHV VLJQLFDQW LQXHQFH ZKLFK LV QHLWKHU D
subsidiary nor a joint venture) are accounted for using
the equity method as per Accounting Standard 23 on
Accounting for Investments in Associates in Consolidated
Financial Statements.

Agency Commission income from insurance


companies and remuneration to dealers are
recognised based on the insurance policies issued by
the dealers.

STATUTORY REPORTS

$OO DVVHWV DQG OLDELOLWLHV KDYH EHHQ FODVVLHG DV FXUUHQW


or non-current as per the Companys operating cycle and
other criteria set out in the Schedule VI to the Companies
$FW%DVHGRQWKHQDWXUHRISURGXFWVDQGWKHWLPH
between the acquisition of assets for processing and their
realisation in cash and cash equivalents, the Company
has ascertained its operating cycle as 12 months for the
SXUSRVH RI FXUUHQW QRQFXUUHQW FODVVLFDWLRQRIDVVHWV
and liabilities.

Finance charges on hire purchase business/ lease


rental income are recognised on the basis of implicit
rate of return on the value of assets hired out/leased.

MANAGEMENT REVIEW

1.3 REVENUE RECOGNITION


Domestic and export sales are recognised on transfer
RI VLJQLFDQW ULVNV DQG UHZDUGV WR WKH FXVWRPHU
which takes place on dispatch of goods from the
factory and port respectively.

CORPORATE OVERVIEW

1.2 BASIS FOR PREPARATION OF THE CONSOLIDATED


FINANCIAL STATEMENTS

7KHVH QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG LQ
accordance with the generally accepted accounting
principles in India under the historical cost convention
RQ DQ DFFUXDO EDVLV 7KHVH QDQFLDO VWDWHPHQWV KDYH
been prepared to comply in all material respects with
the applicable accounting principles in India, the
DSSOLFDEOH DFFRXQWLQJ VWDQGDUGV QRWLHG XQGHU 6HFWLRQ
211(3C) [Companies (Accounting Standards) Rules, 2006
DV DPHQGHG@ RI WKH &RPSDQLHV $FW  $FFRXQWLQJ
Standard 30, Financial Instruments: Recognition and
Measurement issued by the Institute of Chartered
Accountants of India to the extent it does not contradict
any other accounting standard referred to Section 211
(3C) [Companies (Accounting Standards) Rules, 2006
as amended] of the Act, other recognised accounting
practices and policies and the relevant provisions of the
&RPSDQLHV$FW

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

has been provided on the straight line method


over the following useful lives:
Plant and Machinery

8 11 Years

Dies and Jigs

4 Years

Electronic Data Processing


Equipments

3 Years

Depreciation has been provided on Straight


Line Method at rate higher than Schedule XIV
for some associate companies as follows:
Assets
Electrical Fittings

3 Years
5 13 Years

Furniture & Fittings

5 7 Years

Electronic Data
Processing Equipments

150 - 151

Depreciation rates

Plant & Machinery


Vehicles

5 Years
3 5 Years

In respect of assets whose useful life has been


revised, the unamortised depreciable amount is
charged over the revised remaining useful lives
of the assets.
b)

Leasehold land is amortised over the period of


lease.

c)

All assets, the individual written down value of


which at the beginning of the year is ` 5,000
or less, are depreciated at the rate of 100 per
cent. Assets purchased during the year costing
` 5,000 or less are depreciated at the rate of
100 per cent.

d)

c)

In case of certain associates inventory is valued at


ORZHU RI FRVW GHWHUPLQHG RQ WKH UVW LQ UVW RXW
basis, and net realisable value.
1.9 INVESTMENTS
Current investments are valued at the lower of cost and
fair value. Long-term investments are valued at cost
except in the case of other than temporary decline in
value, in which case necessary provision is made.
1.10 RESEARCH AND DEVELOPMENT
Revenue expenditure on research and development
LV FKDUJHG RII DJDLQVW WKH SURW RI WKH \HDU LQ ZKLFK
it is incurred. Capital expenditure on research and
GHYHORSPHQWLVVKRZQDVDQDGGLWLRQWR[HGDVVHWVDQG
depreciated accordingly.
1.11 FOREIGN CURRENCY TRANSLATIONS AND DERIVATIVE
INSTRUMENTS
a)
Foreign currency transactions are recorded at
the exchange rates prevailing at the date of the
transactions. Exchange differences arising on
settlement of transactions are recognised as income
or expense in the year in which they arise.
b)

At the balance sheet date, all monetary assets and


liabilities denominated in foreign currency are
reported at the exchange rates prevailing at the
balance sheet date by recognising the exchange
GLIIHUHQFHLQ6WDWHPHQWRI3URWDQG/RVV+RZHYHU
the exchange difference arising on foreign currency
monetary items that qualify and are designated as
KHGJHLQVWUXPHQWVLQDFDVKRZKHGJHLVLQLWLDOO\
recognised in hedge reserve and subsequently
WUDQVIHUUHG WR WKH VWDWHPHQW RI SURW DQG ORVV RQ
occurrence of the underlying hedged transaction.

c)

Effective 1st April 2008, the Company adopted


Accounting Standard -30, Financial Instruments:
Recognition and Measurement issued by The
Institute of Chartered Accountants of India to the
extent the adoption does not contradict with the
DFFRXQWLQJVWDQGDUGVQRWLHGXQGHU6HFWLRQ & 
RI WKH &RPSDQLHV $FW  DQG RWKHU UHJXODWRU\
requirements. All derivative contracts (except
for forward foreign exchange contracts where

Lump Sum royalty is amortised on a straight line


basis over 4 years from the start of production
of the related model.

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)

Tools are written off over a period of three


years except for tools valued at ` 5,000 or less
individually which are charged to revenue in
the year of purchase.

Machinery spares (other than those supplied


alongwith main plant and machinery, which are
capitalised and depreciated accordingly) are charged
to revenue on consumption except those valued at
` 5,000 or less individually, which are charged to
revenue in the year of purchase.

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

In the case of forward foreign exchange contracts


where an underlying asset or liability exists, the
difference between the forward rate and the
exchange rate at the inception of the contract is
recognised as income or expense over the life of
WKH FRQWUDFW 3URW RU ORVV DULVLQJ RQ FDQFHOODWLRQ
or renewal of a forward contract is recognised
as income or expense in the year in which such
cancellation or renewal is made.

LL

7KH &RPSDQ\ KDV 'HQHG %HQHW 3ODQV QDPHO\


Gratuity, Provident Fund and Retirement Allowance
for employees and Other Long Term Employee
%HQHWV LH /HDYH (QFDVKPHQW  &RPSHQVDWHG
Absences, the liability for which is determined on
the basis of an actuarial valuation at the end of the
year based on the Projected Unit Credit Method and

Gains and losses arising out of actuarial


valuations are recognised immediately in
WKH VWDWHPHQW RI SURW DQG ORVV DV LQFRPH RU
expense.
In case of certain joint venture and associate
companies, contributions towards gratuity
and provident fund are charged to Statement
RI3URW /RVVRQWKHEDVLVRISUHPLXPSDLG
to the Life Insurance Corporation of India and
contribution made to Regional Provident Fund
&RPPLVVLRQHUVRIFH
1.13 CUSTOMS DUTY
Custom duty available as drawback is initially
recognised as purchase cost and is credited to
consumption of materials on exported vehicles.
1.14 GOVERNMENT GRANTS
Government grants are recognised in the statement
RI SURW DQG ORVV LQ DFFRUGDQFH ZLWK WKH UHODWHG
schemes and in the period in which these accrue.
1.15 TAXES
Tax expense for the year, comprising current tax
and deferred tax, is included in determining the net
SURW ORVV IRUWKH\HDU


&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

ANNUAL REPORT 2012-13

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
FKDUJHG WR WKH VWDWHPHQW RI SURW DQG ORVV HYHU\
year.

LPPHGLDWHO\

STATUTORY REPORTS

1.12 EMPLOYEE BENEFIT COSTS



6KRUW7HUP(PSOR\HH%HQHWV
Recognised as an expense at the undiscounted amount in
WKHVWDWHPHQWRISURWDQGORVVIRUWKH\HDULQZKLFKWKH
related service is rendered.

7HUPLQDWLRQ EHQHWV DUH


recognised as an expense.

MANAGEMENT REVIEW

d)

CORPORATE OVERVIEW

any shortfall in the size of the fund maintained


by the Trust is additionally provided for in
WKH VWDWHPHQW RI SURW DQG ORVV 7KH *UDWXLW\
Fund and Provident Fund are recognised by
the income tax authorities and is administered
through Trusts set up by the Company.

underlying assets or liabilities exist) are fair valued


at each reporting date. For derivative contracts
designated in a hedging relationship, the Company
records the gain or loss on effective hedges, if any,
in a hedge reserve, until the transaction is complete.
On completion, the gain or loss is transferred to
WKH VWDWHPHQW RI SURW DQG ORVV RI WKDW SHULRG
Changes in fair value relating to the ineffective
portion of the hedges and derivatives not qualifying
or not designated as hedges are recognised in the
VWDWHPHQWRISURWDQGORVVLQWKHDFFRXQWLQJSHULRG
in which they arise.

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

WD[ GXULQJ WKH VSHFLHG SHULRG 6XFK DVVHWV DUH


reviewed at each balance sheet date and the carrying
amount is written down to the extent, there is no
longer convincing evidence to the effect that the
FRPSDQ\ ZLOO SD\ QRUPDO WD[ GXULQJ WKH VSHFLHG
period.
Deferred tax assets and liabilities are measured at
the tax rates that have been enacted or substantively
enacted at the balance sheet date.

152 - 153

1.16 DIVIDEND INCOME


Dividend from investments is recognised when the
right to receive the payment is established and when
QR VLJQLFDQW XQFHUWDLQW\ DV WR PHDVXUDELOLW\ RU
collectability exits.
1.17 INTEREST INCOME
Interest income is recognised on the time basis
determined by the amount outstanding and the rate
DSSOLFDEOHDQGZKHUHQRVLJQLFDQWXQFHUWDLQW\DVWR
measurability or collectability exists.
1.18 IMPAIRMENT OF ASSETS
At each balance sheet date, the Company assesses
whether there is any indication that an asset may be
impaired. If any such indication exists, the Company
estimates the recoverable amount. If the carrying
amount of the asset exceeds its recoverable amount,
an impairment loss is recognised in the statement
RISURWDQGORVVWRWKHH[WHQWWKHFDUU\LQJDPRXQW
exceeds the recoverable amount.
1.19 ROYALTY
a)
The Company pays / accrues for royalty
in accordance with the relevant licence
agreements with the technical know-how
providers.
b)

The lump sum royalty incurred towards obtaining


technical assistance / technical know-how
to manufacture a new model/ car, ownership
of which rests with the technical knowhow provider, is recognised as an intangible
asset in accordance with the requirements of
Accounting Standard-26 Intangible Assets.
Royalty payable on sale of products i.e. running
UR\DOW\ LV FKDUJHG WR 6WDWHPHQW RI 3URW DQG
Loss as and when incurred.

1.20 PROVISIONS AND CONTINGENCIES


Provisions: Provisions are recognised when there is a
present obligation as a result of a past event, it is probable
WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF
EHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGWKHUH
is a reliable estimate of the amount of the obligation.
Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at
the balance sheet date and are not discounted to their
present value.
Contingent Liabilities: Contingent liabilities are disclosed
when there is a possible obligation arising from past
HYHQWV WKH H[LVWHQFH RI ZKLFK ZLOO EH FRQUPHG RQO\
by the occurrence or non occurrence of one or more
uncertain future events not wholly within the control of
the Company or a present obligation that arises from past
HYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWRZRI
resources will be required to settle or a reliable estimate
of the amount cannot be made.
1.21 LEASES
As a lessee

/HDVHV LQ ZKLFK D VLJQLFDQW SRUWLRQ RI WKH ULVNV DQG
rewards of ownership are retained by the lessor are
FODVVLHG DV RSHUDWLQJ OHDVHV 3D\PHQWV PDGH XQGHU
RSHUDWLQJ OHDVHV DUH FKDUJHG WR WKH VWDWHPHQW RI SURW
and loss on a straight-line basis over the period of the
lease or the terms of underlying agreement/s as the case
may be.
As a lessor
The Company has leased certain tangible assets and such
leases where the Company has substantially retained
DOO WKH ULVNV DQG UHZDUGV RI RZQHUVKLS DUH FODVVLHG
as operating leases. Lease income on such operating
OHDVHV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG
loss on a straight line basis over the lease term which
LV UHSUHVHQWDWLYH RI WKH WLPH SDWWHUQ LQ ZKLFK EHQHW
derived from the use of the leased asset is diminished.
1.22 CASH AND CASH EQUIVALENTS

,Q WKH FDVK RZ VWDWHPHQW FDVK DQG FDVK HTXLYDOHQWV
include cash in hand, demand deposits with banks,
other short-term highly liquid investments with original
maturities of three months or less.

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

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

Balance as at the beginning of the year

Balance as at the end of the year


(TXLW\VKDUHVKHOGE\WKHKROGLQJFRPSDQ\ 

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

Rights, preferences and restriction attached to shares


The Company has one class of equity shares with a par value of ` 5 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General
Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Suzuki Motor Corporation, the holding company

STATUTORY REPORTS

Share issued in the ratio of 1:70 to the


shareholders of erstwhile Suzuki Powertrain India
Limited pursuant to a scheme of amalgamation
(Refer Note 37)

As at 31.03.2012

MANAGEMENT REVIEW

5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHVRXWVWDQGLQJ

CORPORATE OVERVIEW

As at
31.03.2013

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

6KDUHVKHOGE\HDFKVKDUHKROGHUKROGLQJPRUHWKDQSHUFHQWRIWKHDJJUHJDWHVKDUHVLQWKH&RPSDQ\ 

Suzuki Motor Corporation (the holding company)


Life Insurance Corporation of India

1XPEHURI
Shares

1XPEHURI
Shares

56.21



54.21

156,618,440





8.45



6KDUHVDOORWWHGDVIXOO\SDLGXSSXUVXDQWWRFRQWUDFW V ZLWKRXWSD\PHQWEHLQJUHFHLYHGLQFDVK GXULQJ\HDUVLPPHGLDWHO\


preceding 31st March 2013)
13,170,000 Equity Shares have been allotted as fully paid up during the current year to Suzuki Motor Corporation pursuant to a
scheme of amalgamation with Suzuki Powertrain India Limited (refer note 37)
3.

RESERVES AND SURPLUS

154 - 155

Reserve created on Amalgamation


Capital Reserve on Consolidation
[includes Joint Venture share of ` 2 million (Previous Year
` 3 million)]
Securities Premium Account

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

Balance as at the end of the year

1,635
18,270

15,852

Hedge Reserve
Balance as at the beginning of the year
Less : Release / adjustments during the year

(441)





635

Balance as at the end of the year

(402)

(441)

6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
Balance as at the beginning of the year

135,612



2,411



16,812

Transferred to General Reserve

2,418

1,635

Proposed dividend

2,417

2,167

$GGLWLRQRQ$PDOJDPDWLRQ QHWRIVKDUHRISURWRI
` 1,154 million accounted for till previous year, refer note 37)
$GG3URWIRUWKH\HDU
Less : Appropriations:

Dividend distribution tax


Balance as at the end of the year

411

157,469
188,768

351

135,614
155,302

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

4.

LONG TERM BORROWINGS


As at
31.03.2012

Foreign currency loans from banks



Loans from holding company



5,429

1,620

1,698

7,049

1,698

Unsecured

Share in Joint Ventures


1.

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

Loan amounting to `PLOOLRQ 86'PLOOLRQ LVWDNHQIURPKROGLQJFRPSDQ\DWDQLQWHUHVWUDWHRI/,%25UHSD\DEOH


in 6 half yearly instalments starting September 2014 (acquired pursuant to a scheme of amalgamation).

Loans Taken by Joint Ventures

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.

Foreign Currency Loan amounting to `PLOOLRQWDNHQIURP0L]XKR&RUSRUDWH%DQN6LQJDSRUHDQGIXOO\VZDS#


from Mizuho Corporate Bank, New Delhi

5.

Foreign Currency Loan amounting to `PLOOLRQWDNHQIURP0L]XKR&RUSRUDWH%DQN6LQJDSRUHDQGIXOO\VZDS#IURP


Mizuho Corporate Bank, New Delhi.

6.

Foreign Currency Loan amounting to `PLOOLRQWDNHQIURPYDULRXVEDQNVDWYDU\LQJUDWHRILQWHUHVW

ANNUAL REPORT 2012-13

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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

5.

DEFERRED TAX LIABILITIES (NET)


Major components of deferred tax arising on account of timing differences along with their movement as at 31st March 2013 are :
Movement
As at
31.03.2012

Addition due
to merger

during the
year*

As at
31.03.2013

Provision for doubtful debts / advances

176

(45)

131

Contingent provisions

152

30

182

Others



17

(44)

470

825

17

(59)

783

Deferred Tax Assets

Share in Joint Ventures

(1)

826

17

(60)

783

'HSUHFLDWLRQRQ[HGDVVHWV

3,451

1,083

(1,007)

3,527

Exchange gain on capital accounts

 

(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)

Share in Joint Ventures

3,895

1,083

(19)

4,959

1HW'HIHUUHG7D[/LDELOLW\ %  $

3,069

1,066

41

4,176

Previous Year

1,730



3,069

* Includes adjustment of ` 341 million (Previous year `PLOOLRQ RQDFFRXQWRIUHFODVVLFDWLRQWR'HIHUUHG7D[/LDELOLWLHVIURP


Provision for Taxation
Note: Deferred Tax Assets and Deferred Tax Liabilities have been offset as they relate to the same governing taxation laws.
6.

OTHER LONG TERM LIABILITIES

Deposits from dealers, contractors and others


Others
Share in Joint Ventures

As at
31.03.2013

As at
31.03.2012

1,056



1,056

984

65

44

1,121

1,028

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

7.

LONG TERM PROVISIONS


As at
31.03.2012

42

35

3URYLVLRQVIRU(PSOR\HH%HQHWV
Provision for retirement allowance (Refer Note 28)
Other Provisions
Provision for litigation / disputes



Provision for warranty & product recall



1,216

Others


2,217

10

1,658
1,693

2,259

1,693

Details of Other Provisions:


Litigation / Disputes

Warranty/ Product Recall

Others

2011-2012

2012-2013

2011-2012

2012-2013

2011-2012

Balance at the beginning of the


year





1,331



10

16

Additions during the year

111

102

544

581

Utilised/ reversed during the year

28



210



Balance as at the end of the year

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.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

D  3URYLVLRQIRUOLWLJDWLRQGLVSXWHVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVZLWKYDULRXVJRYHUQPHQWDXWKRULWLHV

STATUTORY REPORTS

2012-2013

MANAGEMENT REVIEW

2,259
Share in Joint Ventures

CORPORATE OVERVIEW

As at
31.03.2013

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

8.

SHORT TERM BORROWINGS


As at
31.03.2013

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

Due to Micro and Small enterprises


Others

158 - 

725
7,738

Share in Joint Ventures

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

Current maturities of long term debts

As at
31.03.2013

As at
31.03.2012

1,586

Interest accrued but not due on:


- Loans

205

- Others

23

Unclaimed dividend *

126
228

43

Creditors for capital goods

4,057

5,245

Other payables

2,071

1,746

Book overdraft



1,365

Advances from customers/dealers

1,620

2,435

Statutory dues



Deposits from dealers, contractors and others


Share in Joint Ventures

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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

11. SHORT TERM PROVISIONS


As at
31.03.2012

3URYLVLRQVIRUHPSOR\HHEHQHWV
(Refer Note 7 and 28)
Provision for retirement allowances

Provision for compensated absences

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

Provision for corporate dividend tax


Provision for taxation [Net of tax paid]

1,882

Share in Joint Ventures

7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV

1,274



4,384

6,439

5,236

(20)

6,419

5,236

MANAGEMENT REVIEW

Provision for proposed dividend*




As at
31.03.2012

On equity shares of ` 5 each:


Amount of dividend proposed

2,417

2,167

Dividend per equity share

` 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

(All amounts in ` million, unless otherwise stated)

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

Own Assets (Acquired):


Lump Sum Royalty
Total
Previous Year Figures
Share in Joint Venture
(Note 1)
Previous Year Figures

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 `PLOOLRQ 3UHYLRXV\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.

13. INTANGIBLE ASSETS

(5)

(3)
(4)

(1)
(2)

Freehold land (Note 1,3 & 4)


Leasehold land
Building
Plant and Machinery (Note 2)
Electronic Data Processing
Equipment
)XUQLWXUH)L[WXUHVDQG2IFH
Appliances
Vehicles:
- Owned
Total (A)
Assets given on operating
lease:
Plant & Machinery
Total (B)
Total [(A) + (B)]
Previous Year Figures
Share in Joint Venture
(Note 5)
Previous Year Figures

Particulars

12. TANGIBLE ASSETS

160 - 161

Notes

To The Consolidated Financial Statements

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

14. CAPITAL WORK IN PROGRESS

Civil Work in Progress


Share in Joint Ventures

As at
31.03.2012



7,101

1,403

2,318

19,422

9,419

257

19,679

9,427

CORPORATE OVERVIEW

Plant and Machinery

As at
31.03.2013

15. NON-CURRENT INVESTMENTS


As at
31.03.2012





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

Other Investment (valued at cost unless otherwise stated)


Investment in mutual funds - unquoted



50

50

18,587
Less: Provision for diminution other than temporary in value of
investments in preference shares
Share in Joint Ventures

Aggregate value of provision for diminution other than


temporary in value of investments


18,537

50



21,246

17,892

214

17

21,460

17,909





50

50

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Aggregate value of unquoted investments

50

STATUTORY REPORTS

Investment in preference shares - unquoted

18,537

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

16. LONG TERM LOANS AND ADVANCES


As at
31.03.2013

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

Loans and Advances to Related Parties


Unsecured - considered good (Refer Note 37)
Taxes Paid Under Dispute

162 - 163

Unsecured - considered good


Inter corporate deposits - considered doubtful

125

Less: Provision for doubtful deposits

125

125
-

125

Other Loans and Advances


Secured - considered good
Unsecured - considered good
- considered doubtful
Less: Provision for doubtful other loans and advances
Share in Joint Ventures

10

12

240

373

63

73

313

458

63

250

73

385

12,804

13,418

61

40

12,865

13,458

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

17.

OTHER NON-CURRENT ASSETS


As at
31.03.2012

Interest Accrued on Deposits, Loans and Advances


Secured - considered good
Unsecured - considered good
- considered doubtful

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

18. CURRENT INVESTMENTS

Investment in mutual funds - unquoted

As at
31.03.2012

52,686

47,541

52,686

47,541

68

52,754

47,541

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Share in Joint Ventures

As at
31.03.2013

STATUTORY REPORTS

Share in Joint Ventures

385

MANAGEMENT REVIEW

Longterm deposits with banks with maturity period more than 12


months



CORPORATE OVERVIEW

As at
31.03.2013

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

19. INVENTORIES
As at
31.03.2013

As at
31.03.2012

Components and Raw Materials





Work in Progress

1,127



Finished Goods Manufactured


Vehicles
Vehicle spares and components

4,807

5,334

321

173
5,128

5,507

Traded Goods
Vehicle
Vehicle spares and components



1,374



Stores and Spares

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

Inventory includes in transit inventory of:


Components and Raw Materials
Traded Goods - vehicle spares
20. TRADE RECEIVABLES
Unsecured - considered good
Outstanding for a period exceeding six months from the date they
are due for payment
Others

34


18






8QVHFXUHGFRQVLGHUHGGRXEWIXO
Outstanding for a period exceeding six months from the date they
are due for payment

36

Less Provision for doubtful debts

36

Share in Joint Ventures

35
-

35

14,293

9,390

599

676

14,892

10,066

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

21. CASH AND BANK BALANCES


As at
31.03.2012

Cash and Cash Equivalents


Cash on hand
Cheques and drafts on hand
Bank balances in current accounts
Deposits (less than 3 months original maturity period)

10

1,025



254

84



1,000

1,780

CORPORATE OVERVIEW

As at
31.03.2013

Other Bank Balances


3,000

5,600

Long term deposits (more than 12 months original maturity


period)

3,500

17,000

Unclaimed dividend accounts

6,506

22,605

7,795
Share in Joint Ventures

24,385
249
24,634

1,073

867

6,770

5,044

22. SHORT TERM LOANS AND ADVANCES


(considered good, unless otherwise stated)
Loans and Advances to Related Parties
Unsecured
Balance with Customs, Port Trust and Other Government
Authorities
Unsecured
Secured
Unsecured
Share in Joint Ventures

4
3,320

5
3,324

1,878

1,883

11,167

7,794

176

196

11,343

7,990

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Other Loans and Advances

STATUTORY REPORTS

353
8,148

MANAGEMENT REVIEW

Deposits (more than 3 months but less than 12 months original


maturity period)

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

23. OTHER CURRENT ASSETS


(considered good, unless otherwise stated)
As at
31.03.2013

As at
31.03.2012

Interest Accrued on Deposits, Loans and Advances


Secured
Unsecured

6


6


530

536

Claims
Unsecured



788

3,710

2,431

5,403

3,764

2WKHUUHFHLYDEOHVWHHOFRLOV
Unsecured
Others
Unsecured

166 - 167

Share in Joint Ventures

129

47

5,532

3,811

24. GROSS SALE OF PRODUCTS


For the
year ended
31.03.2013

For the
year ended
31.03.2012



362,111



24,030

481,495

386,141

6,475

5,428

487,970

391,569

Income from services


[Net of expenses of ` 1,083 million (Previous Year `PLOOLRQ @



1,720

Sale of scrap





Cash discount received

1,810

2,018

Others

2,124

2,126

10,126

8,814

Vehicles
Spare parts / dies and moulds / components
Share in Joint Ventures

25. OTHER OPERATING REVENUE

Share in Joint Ventures

759

113

10,885

8,927

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

26. OTHER INCOME


For the year
ended 31.03.2012

Interest Income (gross) on:


a)

Fixed deposits

b)

Corporate bonds

c)

Receivables from dealers

d)

Advances to vendors

e)

Income tax refund

f)

Others

2,220

2,330

528



665



211

141



13

426

647

4,042

Dividend Income from:


a)

Long term investments

b)

Others

82
344

80
727

Net gain on sale of investments


a)

Long term

4,220

b) Short term

14

Provisions no longer required written back

27.

2,575

472



8,267

8,436

34

8,301

8,443

CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE


Work in Progress
Opening stock



457

Add: Pursuant to the scheme of amalgamation



1,127

(335)

(136)



Vehicles - Manufactured and Traded


Opening stock
Add: Pursuant to the scheme of amalgamation
Less: Closing stock

5,631

4,220

51

4,812

5,631

870
/HVV([FLVHGXW\RQLQFUHDVH GHFUHDVH RIQLVKHGJRRGV

(1,411)
861

(1,122)



Vehicle Spares and Components - Manufactured and Traded


Opening stock
Add: Pursuant to the scheme of amalgamation
Less: Closing stock

1,362

1,135

56



(277)
249

Share in Joint Venture

1,362

(227)
(1,485)

(57)

(21)

192

(1,506)

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Less: Closing stock

STATUTORY REPORTS

Share in Joint Ventures

2,567
4,234

MANAGEMENT REVIEW

3,135

CORPORATE OVERVIEW

For the year


ended 31.03.2013

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

28. EMPLOYEE BENEFIT EXPENSES


For the
year ended
31.03.2013

For the
year ended
31.03.2012



7,085

Contribution to provident and other funds

683

853

Staff welfare expenses



500

10,879

8,438

323

341

11,202

8,779

6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWV
[Net of staff cost recovered ` 38 million (Previous year ` 120 million)]

Share in Joint Ventures

7KH&RPSDQ\KDVFDOFXODWHGWKHYDULRXVEHQHWVSURYLGHGWRHPSOR\HHVDVXQGHU

168 - 

$

'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV

'HQHG&RQWULEXWLRQ3ODQV
a)

Superannuation Fund

b)

Post Employment Medical Assistance Scheme.

Employers Contribution to Superannuation Fund*

31.03.2013

31.03.2012

51

44

27

21

Employers Contribution to Post Employment Medical Assistance Scheme.*


Employers Contribution to Provident Fund/ Gratuity Liability (Share of Joint Venture ` 18
million (previous year ` 21 million)
B.

State Plans
a)

Employers contribution to Employee State Insurance

E 

(PSOR\HUVFRQWULEXWLRQWR(PSOR\HHV3HQVLRQ6FKHPH

'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV

Employers contribution to Employee State Insurance.*


(PSOR\HUVFRQWULEXWLRQWR(PSOR\HHV3HQVLRQ6FKHPH 
* Included in Contribution to Provident and Other Funds above
&

'HQHG%HQHW3ODQVDQG2WKHU/RQJ7HUP%HQHWV
a)

Contribution to Gratuity Funds - Employees Gratuity Fund.

b)

Leave Encashment/ Compensated Absence.

c)

Retirement Allowance

d)

Provident Fund

31.03.2013

31.03.2012

13



80

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

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

Discount rate (per


annum)
Rate of increase
in compensation
levels
Rate of return on
plan assets.
Expected average
remaining working
lives of employees
(years)

31.03.2012

Leave
Encashment/
Compensated
$EVHQFH
8.00%

CORPORATE OVERVIEW

31.03.2013
Provident
Fund

Changes in present value of obligations

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

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

Add: JJ Impex
Limited
consolidated as
subsidiary

STATUTORY REPORTS

31.03.2013
Provident
Fund

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

Changes in the fair value of plan assets


31.03.2013

Fair value of Plan Assets as at beginning of the year

Employees
Gratuity
Fund

Provident
Fund

Employees
Gratuity
Fund

5,480



4,670

838

Add: JJ Impex Limited consolidated as subsidiary

Expected return on Plan Assets

456

75



75

Contribution



120

615

30

%HQHWVSDLG



57

101

28

Actuarial (gain)/ loss on obligations

(27)

(86)

(103)

6,508

1,150

5,480



Fair value of plan assets as at the year end




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

Fair value of plan


assets as at the
year end

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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

31.03.2011

31.03.2010
Leave
Encashment/
Compensated
$EVHQFH

Employees
Gratuity
Fund

Retirement
Allowance

753

827

37



734



827

734

6XUSOXV GHFLW

(753)

(37)

 

 

Unfunded net asset/ (liability)


recognised in balance sheet.

(753)

(37)

 

 

Leave
Encashment/
Compensated
$EVHQFH

Employees
Gratuity
Fund

Retirement
Allowance

550

621

27

621

Present value of obligation as at the


year end
Fair value of plan assets as at the year
end

31.03.2009

Present value of obligation as at the year end


Fair value of plan assets as at the year end
6XUSOXV GHFLW

(550)

(27)

Unfunded net asset/ (liability) recognised in balance sheet.

(550)

(27)

STATUTORY REPORTS

Retirement
Allowance

MANAGEMENT REVIEW

Employees
Gratuity
Fund

CORPORATE OVERVIEW

Leave
Encashment/
Compensated
$EVHQFH

FINANCIAL STATEMENTS
ANNUAL REPORT 2012-13

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

([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

* Included in Contribution to provident and other funds above


,QFOXGHGLQ6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWVDERYH
Constitution of Plan Assets
(a) Debt Funds
(b) Others
TOTAL

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&RPPLVVLRQHU 53)& WLOOth March 2013 i.e. upto the effective date of
DPDOJDPDWLRQ 5HIHU1RWH 7KH&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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

29. FINANCE COSTS

Interest on :
- Foreign currency loans from banks
- Buyers' credit and export credit
- Deposits from dealers, contractors and others
2WKHUERUURZLQJFRVWV

323

658

Share in Joint Ventures


11
1,900
78
1,978

For the year


ended 31.03.2012
15
273


547
5
552
64
616

For the year


ended 31.03.2012



18,897

11,248
377
11,625

For the year


ended 31.03.2013

For the year


ended 31.03.2012

1,864





201

156

Depreciation / amortisation on tangible assets


Amortisation on intangible assets

31. OTHER EXPENSES

Share in Joint Ventures



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

ANNUAL REPORT 2012-13

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

For the year


ended 31.03.2013

MANAGEMENT REVIEW

30. DEPRECIATION & AMORTISATION EXPENSE


(Refer Note 12 & 13)

CORPORATE OVERVIEW

For the year


ended 31.03.2013

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

32. CONTINGENT LIABILITIES


D 

&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)

Show cause notices on issues yet to be adjudicated

(d)

Share in Subsidiaries and JVs


Amount deposited under protest

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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

(vi)

34.

Estimated value of contracts on capital account, excluding


capital advances, remaining to be executed and not provided
for, amounts to `  PLOOLRQ LQFOXGHV VKDUH RI -RLQW
Venture ` 12 million) (Previous year `  PLOOLRQ 
(includes share of Joint Venture ` 42 million).

35.

Consumption of raw materials and components has been


computed by adding purchases to the opening stock
DQG GHGXFWLQJ FORVLQJ VWRFN YHULHG SK\VLFDOO\ E\ WKH
management.

36.

Differences between accounting policies of the Company and


other group companies, the impact of which is not expected
to be material.
a)

In case of certain associate and joint venture companies,


contributions towards gratuity are charged to Statement
RI3URW /RVVRQWKHEDVLVRISUHPLXPSDLGWRWKH/LIH
Insurance Corporation of India.

b)

Deferred Revenue Expenditure of Joint Venture and


Associate Companies have been charged to Statement
RI3URW /RVVLQWKH\HDURILQFXUUHQFH

c)

In case of certain associate companies, First In First Out


method of inventory valuation is followed.

d)

In case of a joint venture company, fair value (mark to


market) of a derivative instrument i.e. an interest rate
swap has not been computed as at 31st March 2013.

e)

In case of certain associates, written down value method


of depreciation is followed.

f)

In case of a joint venture company, warranty expense


LVFKDUJHGWR6WDWHPHQWRI3URW /RVVDVDQGZKHQ
claimed by customer on actual basis.

ANNUAL REPORT 2012-13

FINANCIAL STATEMENTS

(viii) In respect of disputed Local Area Development Tax


(LADT) (upto 15th April 2008) / Entry Tax, the Sales tax
GHSDUWPHQW KDV OHG DQ DSSHDO LQ 6XSUHPH &RXUW RI
India against the order of Punjab & Haryana High Court.
The amounts under dispute ` 21 million (previous year
` 21 million) for LADT and ` 15 million (previous year
` 13 million) for Entry Tax. The State Government of
Haryana has repealed the LADT effective from 16th April
2008 and introduced the Haryana Tax on Entry of Goods
into Local Area Act, 2008 with effect from the same
date.

Outstanding commitments under Letters of Credit established


by the Group aggregating `  PLOOLRQ 3UHYLRXV \HDU
` 2,110 million).

STATUTORY REPORTS

$V WKH DPRXQWV LI DQ\ RI QDO SULFH DGMXVWPHQW V  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

The Company is in the process of gathering more


details for a demand of ` 86 million from HSIIDC, raised
on erstwhile Suzuki Powertrain India Limited (merged
with the Company with effect from 1st April 2012, refer
note 37), consequent to the order of the Supreme
Court, towards enhanced compensation relating to
the demand raised for additional compensation by
landowners for land acquired from them for industrial
purposes at Manesar.

The amounts shown in the item (a) represent the


best possible estimates arrived at on the basis of
available information. The uncertainties and possible
reimbursements are dependent on the outcome of the
different legal processes which have been invoked by
the Company or the claimants as the case may be and
therefore cannot be predicted accurately. The Company
engages reputed professional advisors to protect its
interests and has been advised that it has strong legal
positions against such disputes.

CORPORATE OVERVIEW

(vii) The Companys impleadment application in the pending


appeal by Haryana State Industrial & Infrastructure
Development Corporation Limited (HSIIDC), relating
to the demand raised for additional compensation by
landowners for land acquired from them at Manesar
for industrial purposes, has been heard and the order
has been reserved by the Supreme Court against the
demand of ` 5,012 million. The demand for ` 1,376
million for remaining part of land of the Company at
Manesar was received from HSIIDC in the current year
consequent to the order of the Punjab and Haryana High
&RXUW &RXUW DQGWKH&RPSDQ\KDVOHGDQDSSHDOLQ
the Court.

b)

Claims against the Company for recovery of ` 


million (including share of Joint Venture ` 5 million)
(Previous year ` 583 million) (including share of Joint
Venture ` 7 million) lodged by various parties.

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

37.

The scheme of amalgamation of Suzuki Powertrain India


Limited (SPIL) with the Company as approved by the High
Court of Delhi has become effective on 1st April 2012 on
completion of all the required formalities on 17th March
2013. The scheme envisages transfer of all properties, rights
and powers and liabilities and duties of the amalgamating
company to the amalgamated company.
SPIL was primarily engaged in the business of engineering,
manufacturing, assembling and selling all kinds of
powertrain parts and components for automobiles, which
includes engines and transmissions for such engines and
their components like transmission cases, gears, shafts and
yorks.

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)

The equity shareholders of SPIL have, for every 70 fully


paid equity shares of ` 10 each held as on the record
date, been issued 1 fully paid equity share of ` 5 each
of the Company. Accordingly, the Company has issued
 HTXLW\ VKDUHV RQ th March 2013 thereby
increasing its equity capital to ` 1,510 million.

vi)

The surplus amounting to `PLOOLRQDULVLQJDVD


result of the amalgamation, i.e. excess of the value of
net assets of SPIL transferred to the Company over the
paid-up value of shares issued to equity shareholders of
SPIL, has been added to the reserves of the Company.

176 - 177

The amalgamation was accounted for under the Pooling of


Interest Method as prescribed by the Accounting Standard
$FFRXQWLQJIRU$PDOJDPDWLRQVQRWLHGXQGHU&RPSDQLHV
(Accounting Standards) Rules.
The assets and liabilities of the amalgamating company have
been accounted for in the books of account of the Company
in accordance with the approved scheme.
i)

The assets and liabilities as at 1st April 2012 were


incorporated at book value of SPIL, subject to
adjustments made to ensure uniformity of accounting
policies.

The authorised capital of SPIL after splitting each share


into 2 shares of face value of ` 5 each has became part
of authorised share capital of the Company.

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

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:

Fixed assets (net) (including capital work-in-progress `PLOOLRQ 

21,425

Cash and Bank balances

1,051

Current Assets and Loans and Advances



Total

31,556

CORPORATE OVERVIEW

Net Amount
Assets

/LDELOLWLHV
5,337

Long Term Liabilities and Provisions

1,108

Current Liabilities and Provisions

8,376

Total

14,821

Net assets acquired on Amalgamation (a)

16,735

7UDQVIHURIEDODQFHVRI$PDOJDPDWHG&RPSDQ\
Reserves & Surplus (b)

3,565

MANAGEMENT REVIEW

Long Term Borrowings

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$PDOJDPDWLRQ D  E  F  G
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.

ANNUAL REPORT 2012-13

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

Adjustment for cancellation of Company's investment in Transferor Company (c)

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

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

Revenue from external


customers

450,230





507,156

361,286

40,302

7,351 

Segment assets

244,465

8,777

21,466

274,708

203,701

7,577

 

Capital expenditure during


the year





32,244

Total

32,244

Notes:a)

Domestic segment includes sales and services to customers located in India

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\GHEWRUVFDVKDQGEDQNEDODQFHV H[FHSWGLYLGHQGEDQNDFFRXQW 
other current assets, loans and advances (except other deposits).

I 

&DSLWDOH[SHQGLWXUHGXULQJWKH\HDULQFOXGHV[HGDVVHWV WDQJLEOHDQGLQWDQJLEOHDVVHWV DQGQHWDGGLWLRQVWRFDSLWDOZRUN


in progress.

40. STATEMENT OF EARNING PER SHARE

1HW3URWDIWHUWD[DWWULEXWDEOHWRVKDUHKROGHUV LQPLOOLRQ`)
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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

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

Total Minimum Lease Payments Outstanding


as on
31st March 2013

Total Minimum Lease


Payments Outstanding as on
31st March 2012

Premises
Within one year

Cars

Total

Premises

54



222

227

212

/DWHUWKDQYH\HDUV

682

682

741

Minimum Lease Payment


Charged to rent expense

60

Minimum Lease Payment


66

57

The Company has taken certain premises on cancellable operating lease. The rent expense amounting to ` 118 million
(Previous year ` PLOOLRQ KDVEHHQFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVV 







MANAGEMENT REVIEW

50

/DWHUWKDQRQH\HDUEXWOHVVWKDQYH\HDUV

CORPORATE OVERVIEW

a)

E  $VDOHVVRU

42. DERIVATIVE INSTRUMENTS OUTSTANDING AT THE BALANCE SHEET DATE:


1 (a) Forward Contracts against imports and royalty:
-

Forward contracts to buy JPY 45,200 million (Previous year JPY 48,477 million) against USD amounting to ` 26,053
million (Previous year `PLOOLRQ 



)RUZDUGFRQWUDFWVWREX\86'PLOOLRQ 3UHYLRXV\HDU86'PLOOLRQ DJDLQVW,15DPRXQWLQJWR` 1,086 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.

ANNUAL REPORT 2012-13

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

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

(c)

USD Floating rate/INR Floating rate cross-currency swap:

2XWVWDQGLQJ86',15)ORDWLQJUDWHFURVVFXUUHQF\VZDSLV86'PLOOLRQ 3UHYLRXV\HDU86'PLOOLRQ DPRXQWLQJ


to ` 3,773 million (Previous year ` 1,586 million)

(d)

Forward Contracts against Buyers Credit :

)RUZDUG&RQWUDFWVWREX\-3<PLOOLRQ 3UHYLRXV\HDU-3<PLOOLRQDJDLQVW,15DPRXQWLQJWR` 460 million (Previous


year ` 2,434 million).
Forward Contracts to buy USD 165 million (Previous year USD 108 million against INR amounting to ` PLOOLRQ 3UHYLRXV
year `PLOOLRQ 
The above contracts have been undertaken to hedge against the foreign exchange exposure arising from foreign currency loan.



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)

Mr.Kazuhiko Ayabe (w.e.f 28th April 2012)

FMI Automotive Components Limited

Bharat Seats Limited

Manesar Steel Processing India Private Limited

Outstanding at Year End


/RDQVDQGDGYDQFHVUHFRYHUDEOH
Asahi India Glass Limited
Others
TOTAL
$PRXQW5HFRYHUDEOH
SKH Metals Limited
Jay Bharat Maruti Limited
Bellsonica Auto Component India
Pvt Ltd
PT Suzuki Indomobil Motor
Others
TOTAL
$PRXQWV3D\DEOH
Suzuki Motor Corporation
Others
TOTAL

J.J. Impex (Delhi) Private Limited **

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

Suzuki Powertrain India Limited*

Total

(All amounts in ` million, unless otherwise stated)

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

Taiwan Suzuki Automobile Corporation

Suzuki Philippines Inc.

Suzuki New Zealand Limited

Suzuki Motorcycle India Private Limited


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 Motor Iberica, S.A.U.

Suzuki Motor (Thailand) Co., Limited

Suzuki Italia S.P.A.

Suzuki International Europe G.m.b.H.

Suzuki GB PLC

Suzuki France S.A.S.

Suzuki Cars (Ireland) Limited

Suzuki Auto South Africa (Pty) Limited

Suzuki Austria Automobile Handels G.m.b.H.

Suzuki Australia Pty. Limited

PT Suzuki Indomobil Motor (Former PT Indomobil Suzuki International)

Magyar Suzuki Corporation Limited

Jinan Qingqi Suzuki Motorcycle Co., Limited

)HOORZ6XEVLGLDULHV 2QO\ZLWKZKRPWKH&RPSDQ\KDGWUDQVDFWLRQV
during the current year)

1,063
2,107
5,408

762
620
856

342
721
1,063

Magneti Marelli Powertrain India Private Limited

Sona Koyo Steering Systems Limited

Nippon Thermostat (India) Limited

SKH Metals Limited

Machino Plastics Limited

Krishna Maruti Limited

Jay Bharat Maruti Limited

Denso India Limited

FINANCIAL STATEMENTS

Maruti Insurance Broker Limited

Maruti Insurance Business Agency India Limited

True Value Solutions Limited

Maruti Insurance Agency Solutions Limited

Maruti Insurance Agency Network Limited

Maruti Insurance Distribution Services Limited

Maruti Insurance Agency Logistics Limited

Maruti Insurance Agency Services Limited

Climate Systems India Limited

STATUTORY REPORTS

6XEVLGLDULHV

Asahi India Glass Limited

Maruti Insurance Broking Private Limited


Caparo Maruti Limited

Associates

Inergy India Automotive Components Limited

Krishna Auto Mirrors Limited

Mr Keiichi Asai

Mark Exhaust Systems Limited


Bellsonica Auto Component India Private Limited

Mr Tsuneo Ohashi

Mr.Shuji Oishi (upto 28th April 2012)

Mr Shinzo Nakanishi

Suzuki Motor Corporation

Joint Ventures

Key Management Personnel

Holding Company

MANAGEMENT REVIEW

ANNUAL REPORT 2012-13

CORPORATE OVERVIEW

43. STATEMENT OF TRANSACTIONS WITH RELATED PARTIES

Notes

To The Consolidated Financial Statements

TOTAL

206

TOTAL

39


269

TOTAL

Jay Bharat Maruti Limited

Krishna Maruti Limited

Others

SKH Metals Limited

Bellsonica Auto Component India


Private Limited

Other Misc Income



TOTAL

Climate Systems India Limited

Asahi India Glass Limited

Others

SKH Metals Limited

Jay Bharat Maruti Limited

Finance Income/ Commission/Dividend

Other Income

3,412
3,412

PT Indomobil Suzuki International

TOTAL

Suzuki GB PLC

Others

Suzuki Motorcycle India Private Ltd.

Suzuki International Europe G.m.b.H.

Sale of Goods

206

Suzuki Motor Corporation

Others

TOTAL

3XUFKDVHVRI7DQJLEOHDQG,QWDQJLEOH
Fixed Assets

Suzuki Motor Corporation

Others

Guarantees given to third parties for


the Company

Suzuki Motor Corporation

Others

Goods in Transit - Component Etc.

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

(All amounts in ` million, unless otherwise stated)

Notes

To The Consolidated Financial Statements

TOTAL

TOTAL

TOTAL

Mr. Kazuhiko Ayabe

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

consolidation of such transactions.

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:

Mr. Keiichi Asai

Mr. Syuji Oishi

Mr. Shinzo Nakanishi

Mr. Tsuneo Ohashi

Managerial Remuneration

TOTAL

Suzuki GB PLC

53,803

35,355

8,775



Associates

Others

Other Expenditure

Suzuki Motor Corporation

Others

Services Received

Suzuki Motor Corporation

Royalty

Suzuki Motor Corporation

Proposed Dividend

11,488
11,488

TOTAL

Krishna Maruti Limited

Others

Suzuki Motor Corporation

Jay Bharat Maruti Limited

Purchases of Goods

Expenditure

Joint
Ventures

(All amounts in ` million, unless otherwise stated)

Notes

To The Consolidated Financial Statements

ANNUAL REPORT 2012-13

Notes

To The Consolidated Financial Statements


(All amounts in ` million, unless otherwise stated)

44. The Board of Directors in its meeting held on 26th April


2013 have approved the amalgamation of the seven wholly
RZQHGLQVXUDQFHVXEVLGLDULHVXQGHU6HFWLRQVDQG
RI WKH &RPSDQLHV $FW  7KH DPDOJDPDWLRQ ZLOO EH
effective from 1st April 2013 and is subject to Shareholders
and other necessary approvals.

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

Place: New Delhi


Date: 26th April 2013

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

Registrar and Transfer Agent

1, Nelson Mandela Road, Vasant Kunj


New Delhi 110 070

.DUY\&RPSXWHUVKDUH3YW/WG
Plot No. 17 24, Vittal Rao Nagar
Madhapur, Hyderabad 500 081
Andhra Pradesh

Phone: +91 11 4678 1000


Resilience

Resolve
www.marutisuzuki.com

Phone: +91 40 2342 0815/2342 0816


www.karvycomputershare.com

Resurgence

0DUXWL6X]XNL,QGLD/LPLWHG

Maruti Suzuki India Limited

concept and design at

(info@aicl.in)

www.marutisuzuki.com