MIRA
INFORM REPORT
|
Report Date : |
04.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI SUZUKI INDIA LIMITED |
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Formerly Known
As : |
MARUTI UDYOG LIMITED |
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Registered
Office : |
Plot No. 1, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.1981 |
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Com. Reg. No.: |
55-11375 |
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CIN No.: [Company Identification
No.] |
l34103dl1981plc011375 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM00046E |
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PAN No.: [Permanent Account No.] |
AAACM0829Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of
Passenger Cars, Vans, Pickups, Jeeps, etc. in technical and financial
collaboration with Suzuki Motor Corporation of |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (79) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 470000000 |
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Status : |
Very good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Maruti Suzuki India Limited (MSIL) (formerly known as Maruti Udyog Limited), a
subsidiary of Suzuki Motor Corporation, Japan is India’s leading passenger
car company, accounting for over 50 percent of the domestic car market. Subject is a well-established and a reputed company having good track
records. The Financials of the Company is strong. Fundamentals appear to be
good. Business is active. Trade
relations are fair. Payments are regular. The company can be considered good for business dealings under usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered / Head Office : |
Plot No. 1, |
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Fax No.: |
91-11-46150275/ 46150276 |
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Email : |
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Website : |
www.marutisuzuki.com |
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Plants : |
Gurgaon Plant Old Manesar Plant |
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Corporate office : |
11th Floor, |
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Tel No.: |
91-11-23316831 |
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Regional Offices : |
Located at: · Kolkata · Guwahati ·
·
· Chennai ·
· Mumbai · Ahmedabad ·
·
·
· Jaipur ·
·
· Pune |
DIRECTORS
As on 31.03.2010
|
Name : |
Mr. R C Bhargava |
|
Designation : |
Chairman and Non
Executive Director |
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|
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|
Name : |
Mr. Shinzo
Nakanishi |
|
Designation : |
Managing Director
and Chief Executive Office |
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Name : |
Mr. Tsuneo Ohashi
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Designation : |
Director and
Managing Director |
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|
Name : |
Mr. Shuji Oishi |
|
Designation : |
Director and
managing Executing Officer (Marketing and Sales) |
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|
Name : |
Mr. Osamu Suzuki |
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Designation : |
Director |
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|
Name : |
Mr. Amal Ganguli |
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Address : |
Director |
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Name : |
Mr. Manvinder
Singh Banga |
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Designation : |
Director |
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Name : |
Mrs. Pallavi
Shroff |
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Designation : |
Director |
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Name : |
Mr. Kenichi Ayukawa |
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Designation : |
Director |
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Name : |
Mr. Davinder Singh Brar |
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Designation : |
Director |
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Board Committees : |
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Audit Committee |
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|
· Mr. Amal Gaguli, Chairman · Mr. Shinzo Nakanishi, Member · Mrs. Pallavi Shroff, Member · Mr. Davinder Singh Brar, Member |
KEY EXECUTIVES
|
Name : |
Mr. S. Ravi Aiyar |
|
Designation : |
Chief General Manager (Legal) and Company Secretary) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
156,618,440 |
54.21 |
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|
156,618,440 |
54.21 |
|
Total shareholding of Promoter and Promoter Group (A) |
156,618,440 |
54.21 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
|
8,917,735 |
3.09 |
|
|
42,915,488 |
14.85 |
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|
55,564,148 |
19.23 |
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107,397,371 |
37.17 |
|
|
|
|
|
|
16,898,301 |
5.85 |
|
|
|
|
|
|
6,809,355 |
2.36 |
|
|
195,232 |
0.07 |
|
|
991,361 |
0.34 |
|
|
230,767 |
0.08 |
|
|
188,970 |
0.07 |
|
|
450 |
- |
|
|
571,174 |
0.20 |
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|
24,894,249 |
8.62 |
|
Total Public shareholding (B) |
132,291,620 |
45.79 |
|
Total (A)+(B) |
288,910,060 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
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|
- |
- |
|
Total (A)+(B)+(C) |
288,910,060 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Passenger Cars, Vans, Pickups, Jeeps, etc. in technical and financial
collaboration with Suzuki Motor Corporation of |
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Products : |
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Brand Names : |
·
Maruti
–800 ·
Esteem ·
Omni ·
Zen ·
Gypsy ·
Wagon-R ·
Baleno ·
Alto ·
Versa |
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Exports : |
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Products : |
All Products |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and L/C
terms. |
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Purchasing : |
Cash, Contract
and Credit (30 to 60 days) terms. |
GENERAL INFORMATION
|
Suppliers : |
·
Suzuki Motor Corporation, ·
Climate Control India Limited, ·
Sona Steerling Systems Limited, ·
Bharat Seats Limited, ·
Lumax Automatic Parts Industries Limited, ·
Asahi India Safety Glass Limited, |
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Customers : |
·
Wholesalers ·
Government
Bodies |
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No. of Employees : |
About 4000 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
B-102, Himalaya
House, 23, Kasturba Gandhi Marg, |
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Holding Company : |
·
Suzuki Motor Corporation |
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Joint Ventures : |
·
J.J. Impex ( ·
Mark Exhaust Systems Limited ·
Bellsonica Auto Component India Private Limited ·
FMI Automotive Components Limited |
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Associates: |
·
Asahi India Glass Limited ·
Bharat Seats Limited ·
Caparo Maruti Limited ·
Climate Systems India Limited ·
Denso India Limited ·
Jay Bharat Maruti Limited ·
Krishna Maruti Limited ·
Machino Plastics Limited ·
SKH Metals Limited ·
Nippon Thermostat ( ·
Sona Koyo Steering Systems Limited ·
Citicorp Maruti Finance Limited ·
Maruti Countrywide Auto Financial Services
Limited ·
Magneti Marelli Powertrain India Private Limited ·
Suzuki Powertrain India Limited * |
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|
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|
Fellow
Subsidiaries : |
·
Suzuki Motor Iberica, S.A. ·
Suzuki Automobile Manufacturing ( ·
Suzuki ·
Suzuki Auto South ·
Suzuki Italia S P A ·
PT Indomobil Suzuki International ·
Suzuki Australia Pty. Limited ·
Suzuki ·
Suzuki GB PLC ·
Magyar Suzuki Corporation Limited ·
Suzuki Motor Espana, S.A. ·
Suzuki International ·
Suzuki Motor ( ·
Suzuki Cars ( ·
SUZUKI PHILIPPINES, INC.-814 ·
Suzuki Motorcycle India Private Limited ·
American Suzuki Motor Corporation ·
Suzuki Automobile ( |
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Subsidiaries: |
·
Maruti Insurance Agency Services Limited ·
Maruti Insurance Agency Logistics Limited ·
Maruti Insurance Distribution Services Limited ·
Maruti Insurance Agency Network Limited ·
Maruti Insurance Agency Solutions Limited ·
True Value Solutions Limited ·
Maruti Insurance Business Agency India Limited |
CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
744000000 |
Equity Shares |
Rs.5/- each |
Rs.3720.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
288910060 |
Equity Shares |
Rs.5/- each |
Rs.1445.000
millions |
NOTE:
Of the Above -
8,840,000 Equity Shares of Rs.5 each were issued for consideration other
than cash.
156,618,440 Equity Shares of Rs.5 each are held by Suzuki Motor
Corporation, the Holding Company and its nominees
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1445.000 |
1445.000 |
1445.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
116906.000 |
92004.000 |
82709.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
118351.000 |
93449.000 |
84154.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
265.000 |
1.000 |
1.000 |
|
|
2] Unsecured Loans |
7949.000 |
6988.000 |
9001.000 |
|
|
TOTAL BORROWING |
8214.000 |
6989.000 |
9002.000 |
|
|
DEFERRED TAX LIABILITIES |
2206.000 |
2340.000 |
2697.000 |
|
|
|
|
|
|
|
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TOTAL |
128771.000 |
102778.000 |
95853.000 |
|
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
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|
FIXED ASSETS [Net Block] |
50247.000 |
40708.000 |
32965.000 |
|
|
Capital work-in-progress |
3876.000 |
8613.000 |
7363.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
71766.000 |
31733.000 |
51807.000 |
|
|
DEFERREX TAX ASSETS |
836.000 |
789.000 |
996.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
12088.000
|
9023.000
|
10380.000
|
|
|
Sundry Debtors |
8099.000
|
9189.000
|
6555.000
|
|
|
Cash & Bank Balances |
982.000
|
19390.000
|
3240.000
|
|
|
Other Current Assets |
848.000
|
981.000
|
331.000
|
|
|
Loans & Advances |
15707.000
|
16328.000
|
10403.000
|
|
Total
Current Assets |
37724.000
|
54911.000
|
30909.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
23181.000
|
80.000
|
234.000
|
|
|
Other Current Liabilities |
6213.000
|
30089.000
|
24258.000
|
|
|
Provisions |
6284.000
|
3807.000
|
3695.000
|
|
Total
Current Liabilities |
35678.000
|
33976.000
|
28187.000
|
|
|
Net Current Assets |
2046.000
|
20935.000
|
2722.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
128771.000 |
102778.000 |
95853.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
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|
SALES |
|
|
|
|
|
|
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Sales Turnover |
289585.000 |
203583.000 |
178603.000 |
|
|
|
Income from Services |
1404.000 |
970.000 |
759.000 |
|
|
|
Other Income |
10209.000 |
9985.000 |
8876.000 |
|
|
|
TOTAL (A) |
301198.000 |
214538.000 |
188238.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
17938.000 |
15685.000 |
11298.000 |
|
|
|
Selling & Distribution Expenses |
9160.000 |
7382.000 |
5602.000 |
|
|
|
Purchases made for re-sale |
9050.000 |
7256.000 |
7771.000 |
|
|
|
Consumption of stores and spares parts |
214881.000 |
150598.000 |
130342.000 |
|
|
|
Salaries, Wages, Bonus, etc. |
5456.000 |
4711.000 |
3562.000 |
|
|
|
Consumption of Stores |
2432.000 |
1978.000 |
1470.000 |
|
|
|
Vehicles / Dies for own use |
(296.000) |
[223.000] |
[198.000] |
|
|
|
(Increase)/Decrease to Work in Progress and
Finished goods and Spare Parts |
(1933.000) |
2818.000 |
[2917.000] |
|
|
|
TOTAL (B) |
256688.000 |
190205.000 |
156930.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44510.000 |
24333.000 |
31308.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
335.000 |
510.000 |
596.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44175.000 |
23823.000 |
30712.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8250.000 |
7065.000 |
5682.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
35925.000 |
16758.000 |
25030.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10949.000 |
4571.000 |
7722.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
24976.000 |
12187.000 |
17308.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
80042.000 |
70257.000 |
56373.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2498.000 |
1219.000 |
1731.000 |
|
|
|
Proposed Dividend |
1733.000 |
1011.000 |
1445.000 |
|
|
|
Corporate Dividend Tax |
288.000 |
172.000 |
248.000 |
|
|
BALANCE CARRIED
TO THE B/S |
100499.000 |
80042.000 |
70257.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
86.45 |
42.18 |
59.91 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3990.300 |
3888.700 |
3751.600 |
|
Total Expenditure |
3452.400 |
3516.500 |
3445.100 |
|
PBIDT (Excl OI) |
537.900 |
372.200 |
306.500 |
|
Other Income |
2.000 |
11.400 |
58.800 |
|
Operating Profit |
539.900 |
383.600 |
365.300 |
|
Interest |
94.200 |
95.100 |
93.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
445.700 |
288.500 |
272.300 |
|
Depreciation |
98.400 |
98.400 |
101.200 |
|
Profit Before Tax |
347.300 |
190.100 |
171.100 |
|
Tax |
88.500 |
46.200 |
41.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
258.800 |
143.900 |
129.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
258.800 |
143.900 |
129.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
8.29
|
5.68
|
9.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.41
|
8.19
|
13.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
40.84
|
17.53
|
39.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.18
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.37
|
0.44
|
0.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.62
|
1.10 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Maruti Suzuki India Limited (formerly Maruti Udyog Limited) is
Subject was incorporated on February 24, 1981 with the name Maruti Udyog
Limited. The company was formed as a government company, with Suzuki as a minor
partner, to make a people's car for middle class
In the year 1990, the company launched
In the year 2005, the company launched the first world strategic model
from Suzuki Motor Corporation 'the SWIFT' in
During the year 2006-07, the company commenced operations in the new car
plant and the diesel engine facility at Manesar, Haryana. In November 2006,
they inaugurated a new
During the year, the company entered into a joint venture agreement with
Magneti Marelli Powertrain SpA and formed Magneti Marelli Powertrain India Private
Limited for manufacturing Electric Control Units. Also they entered into
another joint venture agreement with Futaba Industrial Company Limited and
formed FMI Automotive Components Limited for manufacturing Exhaust Systems
Components. During the year, the company made pact with Shriram City Union
Finance Limited, a part of Shriram Group, Chennai, to offer easy, transparent
and hassle-free car finance to their customers, particularly in semi urban and
rural markets. The agreement is a joint initiative of the two companies for
providing competitive car finance to people in Tier-II and Tier-III cities
across the country.
During the year 2008-09, the company launched a new A2 segment car,
branded the A-star in
In March 2009, the company launched A-star or Suzuki Alto at Geneva
Motor Show sales begin at EU. In April 2009, the company revealed new Ritz K12M
engine at Gurgaon plant. The company plans to modernize some part of their
Gurgaon plant, expand their K-series capacity, invest further in new model
development and take the projects of test track and crash course facility and
Brand Centres further.
FINANCIAL HIGHLIGHTS
The gross revenue
(net of excise) of the Company for the year was Rs. 301,198 million as against
Rs. 214,538 million in the previous year showing growth of 40%. Sales of
vehicles in the domestic market increased to 870,790 as compared to 722,144 in
the previous year showing a growth of 21%. Exports of vehicles grew at an
impressive rate of 111% from 70,023 to 147,575 in the current year. The overall
growth was 29%.
Earnings before
depreciation, interest, tax and amortization (EBDITA) stood at Rs. 44,510
million against Rs. 24,333 million in the previous year.
Profit before tax
(PBT) stood at Rs.35,925 million against Rs.16,758 million in the previous year
and profit after tax (PAT) stood at Rs.24,976 million against Rs.12,187 million
in the previous year.
QUALITY
The Company has
been awarded the highest financial credit rating of AAA/stable (long term) and
P1+ (short term) on its bank facilities by CRISIL. The rating underscores the financial
strength of the Company in terms of the highest safety with regard to timely
fulfillment of its financial obligations. The Company has again been awarded
ISO: 27001 certification by STQC Directorate (Standardization, Testing and
Quality Certificate), Ministry of Communications and Information Technology,
Government of India after reassessment. The Company is thus certified to meet
international standards for maintaining information security.
The Company's
plants at Gurgaon and Manesar are ISO: 14001:2004 certified. During the year,
AIB-Vincotte International Ltd.,
The quality
management system of the Company is certified against ISO 9001:2000 standard.
Re-assessment of the quality systems are done at regular intervals by an
accredited third party agency.
AWARDS/RECOGNITION
·
The Company won the following awards/recognition
during the year under review:
·
A-star has been rated as No.1 environment friendly
small car by
·
‘Manufacturer of the year' award by CNBC
overdrive;
·
Ritz has been awarded as the 'hatchback car of the
year' by autocar UTVi and 'car of the year' by Business Standard Motoring;
·
'National award for excellence in corporate
governance' by Institute of Company Secretaries of India; 'CII-ITC
sustainability award 2009' for strong commitment to 'sustainability';
·
‘Golden peacock award' for environmental
initiatives;
·
Gurgaon plant has been awarded the 'gold award' by
Economic Times India Manufacturing Excellence Awards (IMEA).
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
Year 2009-10
started against a backdrop of mixed macroeconomic signals in
slowdown in the
previous year, with quarterly swings. By the end of 2008-09, while overall
sentiment was cautious, certain sectors had started to recover. At the start of
2009-10, passenger vehicle industry growth projections ranged from -5% to +10%.
While most
governments around the world had to take extreme steps, policymakers in
During the year,
the economy posted a remarkable recovery and grew by 7.4%. It was also a year
of several model launches by the Indian car industry, which boosted consumer
sentiment. Passenger vehicle industry grew by 26% after flat sales the previous
year. The two-wheeler market benefited from demand from rural and mid-urban
BUSINESS
PERFORMANCE
Domestic Market
Car demand growth
started from the rural and smaller towns in the first quarter and spread across
The sales network
added 121 outlets to reach 802. The number of cities covered increased from 454
to 555. Similarly 127 more dealer service workshops were activated. The total
cities covered went up from 1314 to 1335. The Company tied up with five more
public sector banks to promote car loans.
There were several
new model launches in the Indian market during the year, including in the high
volume small and compact segments. The Company has always welcomed competition
as it helps the Company grow and aids the process of improvement.
The approach of
the Company is to try and understand customer expectations and strive to
deliver global or customized products that meet them as closely as possible.
Towards this aspiration, the Company launched its fifth world strategic model -
the Ritz. It has global styling and a powerful, best-in-class, fuel efficient
K-series engine. The Ritz clocked 50,000 unit sales in 9 months, the fastest
for any new model ever. The existing model in the same segment, Swift,
continued to be strong. Its sales grew from about eight thousand cars to twelve
thousand a month.
The Company
launched the Eeco, a spacious multi-purpose van and the new WagonR. It
refurbished the SX4 engine to incorporate VVT (variable valve timing)
technology and introduced K-series engines in Swift, DZire, Estilo and the new
WagonR.
The Company's
share in the domestic passenger cars and vans market stood at 51.7%. Since a
number of models were on waitlist, the Company made efforts to maximise output
through better productivity, innovation and flexibility.
The Company
strengthened its leadership in the sedan or A3 segment, increasing market share
from 31.4% to 36.0%. The Company's market share in this segment has more than
doubled in three years. The Company's average realization per car has increased
by about 32% in this period.
The Company
showcased two new models at Auto Expo 2010, which fit with the changing
lifestyles of the Indian consumer. One was Concept, a three-row family vehicle,
designed by the Company's R and D engineers and body stylists. The other was
the global Suzuki car, the Kizashi, a major attraction at Suzuki displays at
motor shows in
Servicing of the
car in
The Company was
rated first in customer satisfaction (post sale service) for the tenth year in
a row in the annual survey by JD Power Asia Pacific. The Company was also
awarded the JD Power Award for the highest Sales Satisfaction in
With shortening
car ownership cycles, the residual value of the car is becoming an important
determinant of total cost of ownership. The Company's pre-owned car business
sold 1,63,240 cars in the year, a growth of 33% over the previous year.
Fixed assets:-
·
·
· Building
· Plant and Machinery
· Electronic Data Processing Equipment
· Furniture, Fixtures and Office Appliances
· Vehicles
WEBSITE DETAILS:
PROFILE:
Subject (formerly named Maruti Udyog Limited) is a subsidiary of Suzuki
Motor Corporation,
Recently, the company has announced a further investment of Rs.17000.000
Millions(Rs17 billion) for enhancing the production capacity by 250,000 units
annually.
The company has a portfolio of 13 brands and over 150 variants across Maruti
800, Omni, international brands Alto, A-star, WagonR, Swift, Ritz and Estilo,
off-roader Gypsy, SUV Grand Vitara, sedans SX4 and Swift DZire and the newest
entrant Eeco.
At the end of March 2010, Maruti had a market share of 53.3 per cent of the
Indian passenger car market (including C segment). The company sold a record
10,18,365 vehicles in 2009-10 including 1,47,575 units of exports.
Subject revenue has grown consistently over the years. In 2003-04, it recorded
net sales of Rs.93456 million that rose to Rs.109,108 million in 2004-05. In
2005-06 net sales touched Rs.120,034 million and further rose to Rs.145,922
million in 2006-07. In 2007-08 Company net sales was Rs.178,603 million, rising
further to Rs.203, 583 million in 2008-09. During the last fiscal (2009-10),
the company posted a revenue of Rs.301197 million.
The CAGR over two years is 27% for net sales.
The company is listed on Bombay Stock Exchange and National Stock Exchange. The
company has over 7,600 employees on its rolls.
The Government of Japan has honoured Maruti Suzuki with the METI Award for
promotion of Japanese brand in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.30 |
|
|
1 |
Rs.73.90 |
|
Euro |
1 |
Rs.65.57 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
yes |
|
--LITIGATION |
YES/NO |
no |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
no |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
no |
|
--EXPORT ACTIVITIES |
YES/NO |
yes |
|
--AFFILIATION |
YES/NO |
yes |
|
--LISTED |
YES/NO |
yes |
|
--OTHER MERIT FACTORS |
YES/NO |
yes |
|
TOTAL |
|
79 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.