MIRA
INFORM REPORT
|
Report Date : |
28.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI SUZUKI INDIA LIMITED [w.e.f. 17.09.2007] |
|
|
|
|
Formerly Known
As : |
MARUTI UDYOG LIMITED |
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|
|
|
Registered
Office : |
Plot No. 1, |
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|
Country : |
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|
|
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|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
24.02.1981 |
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|
|
|
Com. Reg. No.: |
55-011375 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.1444.550
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
l34103dl1981plc011375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM00046E |
|
|
|
|
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 |
|
|
|
|
No. of Employees
: |
46200 [Approximately] |
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 473000000 |
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|
|
|
Status : |
Very good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
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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.
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 |
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|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered / Head Office : |
Plot No. 1, |
|
Fax No.: |
91-11-46781000 / 46150275 / 46150276 |
|
Email : |
|
|
Website : |
www.marutisuzuki.com |
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|
|
|
Corporate office : |
11th Floor, |
|
Tel No.: |
91-11-23316831 |
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|
|
|
Factory 1 : |
Gurgaon Plant Old |
|
Tel No.: |
Tel: 91-124-2346721 |
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|
|
|
Factory 2: |
Manesar Plant |
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|
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Regional Offices : |
Located at: · Kolkata · Guwahati ·
·
· Chennai ·
· Mumbai · Ahmedabad ·
·
·
· Jaipur ·
·
· Pune |
DIRECTORS
As on 07.09.2010
|
Name : |
Mr. R C Bhargava |
|
Designation : |
Chairman and Non
Executive Director |
|
|
|
|
Name : |
Mr. Shinzo
Nakanishi |
|
Designation : |
Managing
Director |
|
|
|
|
Name : |
Mr. Tsuneo
Kobayashi |
|
Designation : |
Director and
Managing Executive Officer [Production] |
|
|
|
|
Name : |
Mr. Shuji Oishi |
|
Designation : |
Director –
Marketing and Sales |
|
|
|
|
Name : |
Mr. Osama Suzuki |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amal Ganguli |
|
Address : |
Director |
|
|
|
|
Name : |
Mr. Manvinder
Singh Banga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Pallavi
Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keiichi Asai |
|
Designation : |
Whole Time
Director |
|
|
|
|
Name : |
Mr. Kenichi Ayukawa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Davinder Singh Brar |
|
Designation : |
Director |
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|
|
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Board Committees : |
|
|
Audit Committee |
|
|
|
· Mr. Amal Gaguli, Chairman · Mr. Shinzo Nakanishi, Member · Mrs. Pallavi Shroff, Member · Mr. Davinder Singh Brar, Member |
|
|
|
|
Shareholder and Investors Grievance committee |
|
|
|
· Mr. R C Bhargava, Chairman · Mr. Shinzo Nakanishi, Member · Mr. Kenichi Ayukawa · Mr. Davinder Singh Brar, Member |
KEY EXECUTIVES
|
Name : |
Mr. S. Ravi Aiyar |
|
Designation : |
Company Secretary
and Chief General Manager |
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 |
|
|
|
|
-- |
-- |
|
|
|
|
|
|
|
|
|
|
156,618,440 |
54.21 |
|
|
|
|
|
|
156,618,440 |
54.21 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
156,618,440 |
54.21 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
8917735 |
3.09 |
|
|
42915488 |
14.85 |
|
|
55564148 |
19.23 |
|
|
107397371 |
37.17 |
|
|
|
|
|
|
|
|
|
|
16898301 |
5.85 |
|
|
|
|
|
|
|
|
|
|
6809355 |
2.36 |
|
|
195232 |
0.07 |
|
|
|
|
|
|
991361 |
0.34 |
|
|
230767 |
0.08 |
|
|
188970 |
0.07 |
|
|
450 |
0.00 |
|
|
571174 |
0.20 |
|
|
24894249 |
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 |
- |
- |
|
|
|
|
|
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 : |
|
PRODUCTION STATUS (As on :
31.03.2009)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Passenger Cars and Light Duty Utility Vehicles |
Nos. |
943000 |
1027879 |
|
|
|
|
|
Notes:
·
Licensed Capacity is not applicable from 1993-94.
**Installed Capacity is as certified by the management and relied upon
by the auditors, being a technical matter.
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 : |
46200 [Approximately] |
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Bankers : |
·
State Bank of Travancore, ·
Punjab National Bank, ·
Bank of ·
Bank of ·
State Bank of ·
American Express Bank, ·
Corporation Bank, ·
BNP Paribas, Kasturba Gandhi Marg, ·
Sanwa Bank, Kasturba Gandhi Marg, ·
ABN Amro Bank, ·
Union Bank of ·
Credit Lyonnais Bank, ·
Citibank N.A., ·
State Bank of · Bank – Mizuho Corporation Bank Limited · Standard Chartered Grindlays Bank Limited |
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Facilities : |
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|
|
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
Address : |
B-102, Himalaya
House, 23, Kasturba Gandhi Marg, |
|
|
|
|
Holding Company : |
·
Suzuki Motor Corporation |
|
|
|
|
Joint Ventures : |
·
J.J. Impex ( ·
Mark Exhaust Systems Limited ·
Bellsonica Auto Component India Private Limited ·
FMI Automotive Components Limited |
|
|
|
|
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 * |
|
|
|
|
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 ( |
|
|
|
|
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
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
744,000,000 |
Equity Shares |
Rs.5/- each |
Rs.3720.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
288,910,060 |
Equity Shares |
Rs.5/- each |
Rs.1444.550
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 |
|
|
|
|
|
|
|
|
TOTAL |
128771.000 |
102778.000 |
95853.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
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
|
9378.000
|
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
|
55100.000
|
30909.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
23181.000
|
25696.000
|
234.000
|
|
|
Other Current Liabilities |
6213.000
|
4662.000
|
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 |
128.771 |
102778.000 |
95853.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
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 Income (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 |
|
|
|
|
|
|
|
|
|
|
Export Value |
45437.000 |
15022.000 |
7413.000 |
|
|
|
|
|
|
|
|
|
|
Import Value |
30101.000 |
29962.000 |
22611.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
86.45 |
42.18 |
59.91 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 1st
Quarter |
30.09.2010 2nd Quarter |
31.12.2010 3rd Quarter |
31.03.2011 4th Quarter |
|
|
|
|
|
|
|
Sales Turnover |
82315.300 |
91472.700 |
94944.500 |
100921.800 |
|
Total Expenditure |
74390.200 |
81869.500 |
85926.600 |
90824.600 |
|
PBIDT (Excl
OI) |
7925.100 |
9603.200 |
9017.900 |
10097.200 |
|
Other Income |
1002.000 |
1339.700 |
1282.700 |
1198.700 |
|
Operating
Profit |
8927.100 |
10942.900 |
10300.600 |
11295.900 |
|
Interest |
79.800 |
97.200 |
3.600 |
63.500 |
|
Exceptional
Items |
0 |
0 |
0 |
0 |
|
PBDT |
8847.300 |
10845.700 |
10297.000 |
11232.400 |
|
Depreciation |
2417.000 |
2381.900 |
2369.400 |
2966.700 |
|
Profit
Before Tax |
6430.300 |
8463.800 |
7927.600 |
8265.700 |
|
Tax |
1176.700 |
2481.400 |
2275.900 |
1667.100 |
|
Reported PAT |
4653.600 |
5982.400 |
5651.700 |
6598.600 |
|
Extraordinary Items |
0 |
0 |
0 |
0 |
|
Prior Period Expenses |
0 |
0 |
0 |
0 |
|
Other Adjustments |
0 |
0 |
0 |
0 |
|
Net Profit |
4653.600 |
5982.400 |
5651.700 |
6598.600 |
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) |
(%) |
12.40
|
8.23
|
14.01 |
|
|
|
|
|
|
|
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
Contingent
Liabilities :
a) Claims against the Company disputed and not acknowledged as debts:
i. Sales-tax demands of Rs. 50 million (Previous year Rs. 50 million). Against this, the Company has deposited a sum of Rs. 2 million (Previous year Rs. 2 million) under protest.
ii. Excise duty demands/show-cause notices of Rs. 11,192 million (Previous year Rs. 4,799 million). Against this, the Company has deposited a sum of Rs. 3 million (Previous year Rs. 23 million) under protest.
iii. Customs duty demands of Rs. 118 million (Previous year Rs. 118 million). Against this, the Company has deposited a sum of Rs. 22 million (Previous year Rs. 22 million) under protest.
iv. Income-tax demands of Rs. 8,936 million (Previous year Rs. 4,466 million). Against this, the Company has deposited a sum of Rs. 3,797 million under protest (Previous year Rs. 3,802 million).
v. Service-tax demands of Rs. 2,212 million (Previous year Rs. 1,234 million).
vi. Claims against the Company for recovery of Rs. 480 million (Previous year Rs. 472 million) lodged by various parties.
b) As co-lessee in agreements entered into between various vendors of the Company, as lessee, and banks as lessors for leasing of dies and moulds of certain models aggregating Rs. 2 million (Previous year Rs. 2 million).
c) 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. The
amount shown in item (b) represent guarantees given in the normal course of the
Company's operations and are not expected to result in any loss to the Company
on the basis of the beneficiaries fulfilling their ordinary commercial
obligations.
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.
ADDITIONAL
INFORMATION AS PER
Brief resumes of the Directors recommended for appointment/
reappointment at the Annual Genera! Meetings are given below:
Mr.
Manvinder Singh Banga
Mr. Manvinder Singh Banga, 53, was Chairman and Managing Director of
Hindustan Unilever Limited (HUL). HUL is
His other experience includes as a member, Prime Minister of India's
Council of Trade and Industry; Board of Governors, Indian Institute of
Management, Ahmedabad; Wharton Asia and International Board; Charter Member,
TIE (The Indus Entrepreneur); and WPO (World President's Organisation). 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, 68, is a fellow member of the Institute of Chartered
Accountants of India (ICAI) and the
During his career spanning over 40 years, Mr. Ganguli's range of work
included international tax advice and planning, cross border investments,
corporate mergers and reorganisation, financial evaluation of projects,
management, operational and statutory audit and consulting projects 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.
Mr. Ganguli is a member of the Board of Directors of several companies
such as AIG Trustee Co. (India) Private Limited, Atuit Laurus Private Limited,
Aricent Technologies (Holding) Limited, Ascendas Property Fund Trustee Limited,
AVTEC Limited, Century Textiles and Industries Limited, HCL Technologies
Limited, Hughes Communications India Limited, ICRA Limited, ML Infomap Private
Limited, New Delhi Television Limited, Tata Communications Limited, Tube
Investments of India Limited. He is also a member of Audit Committee of Maruti
Suzuki India Limited, AIG Trustee Co. (India) Private Limited, Aricent
Technologies (Holding) Limited, Century Textiles and Industries Limited, HCL
Technologies Limited, Hughes Communications India Limited, ICRA Limited, New
Delhi Television Limited, Tata Communications Limited and Tube Investments of
India Limited. He is also a member of Remuneration Committee of Tube
Investments of India Limited and New Delhi Television Limited. He is not
related to any of the Directors of the Company. He does not hold any shares of
the Company.
Mr.
Davinder Singh Brar
Mr. Davinder Singh Brar, 56, completed his Bachelor in Engineering
(Electricals) degree from Thapar Institute of Engineering and Technology,
He was associated with The Associated Cement Companies Limited as
Systems/ Business Analyst of Management Service Division during the period
1974-77. During the period 1977-2004, he was associated with Ranbaxy
Laboratories Limited and has held various positions like Chief Executive
Officer and Managing Director, President/ Senior Vice President, General
Manager and Business Development Manager for businesses like Pharmaceuticals,
Chemical Manufacturing Operations, International and Animal Healthcare. In the
year 2004, he promoted and occupied the position of Chairman of GVK Biosciences
Private Limited- a leading Research Services Company involved in Medicinal
Chemistry, Informatics, Biology, Process R and D, Clinical Pharmacology/ Bio
analytical studies and Clinical Research. He occupies the position of Chairman
in Davix Management Services Private Limited - Consulting/Advisory Services
Company in Lifesciences.
Directors of several Companies such as MokshaS, Mphasis BFL Limited, GVK
Biosciences Private Limited, Inogent Laboratories Private Limited, Suraj Hotels
Private Limited, Madhubani Investments Private Limited, Davix Management
Services Private Limited, Green Vally Land and Development Private Limited, GVK
Davix Technologies Private Limited, GVK Davix Research Services Private
Limited, Suraj Overseas Private Limited, Davix Pharmaceuticals Private Limited
and MM Lucknow. He is also a member of Audit Committee of Mphasis Limited and
Maruti Suzuki India Limited (MSIL), besides a member of Shareholders'/Investors
Grievance Committee of MSIL. He is not related to any of the Directors of MSIL.
He does not hold any shares of MSIL.
Mr. Tsuneo
Ohashi
Mr. Tsuneo Ohashi, 57, is a graduate from Science and Engineering
Faculty of Chuo University, Japan. Mr. Ohashi joined Suzuki Motor Corporation
in 1974 and worked at various levels there. Mr. Ohashi experienced most areas
of the Suzuki's Production System, and challenged the creative Kaizen
(improvement) and led to success. As the plant manager of Iwata Plant, he had
achieved tremendous results in the areas such as Quality Improvement, Cost
Retrenchment, Shortening of Delivery Period, Improvement of Safety, and
Enhancement of morale of Employees. He joined Maruti Suzuki Automobiles India
Limited (MSAIL) as Joint Managing Director in the year 2006. In MSAIL, he was
responsible for monitoring the progress of the project, introduction of new
models, procurement of capital equipments, production, engineering, overall
Quality Improvement, Cost Reduction, increase efficiency/productivity,
development of vendors, improvement of safety, supervision and control over
operations, engineering, testing etc.
Mr. Ohashi is a member of the Board of Directors of FMI Automotive
Components Limited and Suzuki Powertrain India Limited. He is not related to
any of the Directors of the Company. He does not hold any shares of the
Company.
Mr. Keiichi
Asai
Mr. Keiichi Asai, 52, is a graduate from Department of Mechanical
Engineering of Musashi Engineering University, Japan. Mr. Asai joined Suzuki
Motor Corporation in 1979 and worked at various levels at body design
engineering, new model member in Kosai plant, production planning, car line
etc. Mr. Asai is a member of the Board of Directors of Denso India Limited. He
is not related to any of the Directors of the Company. He does not hold any
shares of the Company.
Mr. Kenichi
Ayukawa
Mr. Kenichi Ayukawa, 52, is a graduate from
He is not related to any of the Directors of the Company. He does not
hold any shares of the Company.
Mr. Shinzo
Nakanishi
Mr. Shinzo Nakanishi, 60, is a graduate from the faculty of law,
He joined the Board of Maruti Suzuki India Limited (MSIL) in 2002. He
was appointed as Managing Director and Chief Executive Officer with effect from
19'" December 2007. He leads the operating and strategic activities of the
marketing and is also responsible for day to day operations and management
subject to the superintendence, control and direction of the Board of
Directors. He is responsible to assist the Board with their strategic and long
range planning while also developing tactical plans with the management team.
He works to create a positive environment which includes ensuring safety,
administering rules and procedures and promoting harmonious relationships. He
is engaged in establishment and implementation of all policies and procedures.
He is responsible to maintain better relationship with government and business
associates.
Mr. Nakanishi is a member of the Board of Directors of Asahi India Glass
Limited, Citicorp Maruti Finance Limited, Mayanmar Suzuki Motor Company, Maruti
Countrywide Auto Financial Services Private Limited, Pak Suzuki Motor Company
Limited, SKH Metals Limited, Subros Limited, Suzuki Motor Corporation, Suzuki
Motorcycles Pakistan Limited, Suzuki Motor (China) Investments Company Limited,
Suzuki Powertrain India Limited and Vietnam Suzuki Corporation. He is a member
of Audit Committee of Suzuki Powertrain India Limited and MSIL, besides being a
member of Shareholders'/Investors' Grievance Committee of MS
He is not related to any of the Directors of MSIL. He holds twenty
shares of MSIL as a nominee of Suzuki Motor Corporation.
Mr.
Hirofumi Nagao
Mr. Hirofumi Nagao, 55, graduate from Osaka University of Foreign Studies,
Japan, was Director and Managing Executive Officer (Administration) of Maruti
Suzuki India Limited (MSIL). He had more than 30 years of experience in the
automobile industry through Overseas Marketing activities at Suzuki Motor
Corporation. Mr. Nagao had been involved in the marketing activities of
Suzuki's Indian market operation from 1991 to 1994 and from 2000 to 2004.
Between 1994 and 2.000, he was the Managing Director of Pak Suzuki Motor
Company Limited,
He was on the Boards of Climate System India Limited, Bharat Seats
Limited and SKH Metals Limited. He was also a member of Audit Committees of
Climate System India Limited and SKH Metals Limited and member of Shareholders'
/ Investors' Grievance Committee of MSIL. He is not related to any of the
Directors of MSIL. He does not hold any shares of MSIL
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.
The board recommends a dividend of Rs. 6.00 per equity share of Rs. 5.00
each for the year ended 31st March 2010 amounting to Rs.1733 million.
Awards and Recognition
The Company won the following awards/recognition during the year.
- 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).
Subsidiary
Companies and Their Accounts
The Company's six subsidiaries i.e. Maruti Insurance Business Agency
Limited, Maruti Insurance Distribution Services Limited, Maruti Insurance
Agency Solutions Limited, Maruti Insurance Agency Network Limited, Maruti
Insurance Agency Services Limited and Maruti Insurance Agency Logistics Limited
are engaged in the business to sell motor insurance policies to owners of
Maruti Suzuki vehicles.
In 2009-10, the Maruti Insurance business generated a total income of
Rs. 1349.88 million which includes dividend income of Rs 46.10 million earned
from investments in mutual funds. Profit before tax (PBT) for 2009-10 was Rs.
635.49 million. In March 2010, Maruti Insurance business achieved the landmark
figure of 10 million policies on a cumulative basis since the inception of
business in year 2002. 0.81 million new policies and 1.76 million renewals were
issued during the year 2009-10.
The Company's subsidiary 'True Value Solutions Limited' has contributed
towards smooth operations of business
processes and supported the dealerships in enhancing the sale of
certified pre-owned cars under the brand 'Maruti True Value'. It has
contributed significantly to the efforts of customer retention by facilitating
re-purchase of new cars and has made significant contribution towards enhancing
dealers' profitability.
In terms of approval granted by the Central Government under Section
212(8) of the Companies Act, 1956, copy of the balance sheets, profit and loss
accounts, reports of the board of
directors and auditors of the subsidiary companies have not been
attached with the balance sheet of the Company. These documents will be made
available upon request by any investor of the Company or subsidiary companies
and shall be kept for inspection by any investor at the registered office of
the Company. However, as directed by the Central Government, the financial data
of the subsidiaries have been furnished under “Financial Statement of
Subsidiary Companies” forming part of the annual report. Further, pursuant to
Accounting Standard AS - 21 issued by the Institute of Chartered Accountants of
India, consolidated financial statements
presented by the Company include the financial information of its subsidiaries.
Directors
Mr. Kenichi Ayukawa, Mr. D.S.Brar and Mr. M.S.Banga, directors of the
Company, retire by rotation at the ensuing annual general meeting and being
eligible, offer themselves for reappointment.
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
COMPANY OVERVIEW
“given the dynamic market situation… they
have to accept uncertainty and consciously plan for it. Planning for
uncertainty for us would mean building flexibility and agility throughout their
value chain. It means speed. Lower response times. Faster decision making. A
positive approach to change.”
-MD and CEO, Maruti Suzuki in the Annual Report 2008-09
Flexibility and Agility were identified as the mantras to win in a
volatile environment. This approach was communicated to all employees, vendors
and dealers. A close watch on demand in domestic and export markets, strong
inventory control, shorter lead times, a stretch on capacities, and better
product mix flexibility helped the Company achieve overall growth of 28.5% over
the previous year. The Company sold 1,018,365 vehicles during the year. This
comprised of 870,790 cars in the domestic market (growth of 21%) and 147,575 in
the export market (growth of 111%).
For the first time, Maruti Suzuki was able to make and sell more than a
million vehicles in a year.
The Company launched a new model, refreshed four existing models and
introduced its next generation K-series engines in four models.
The Company registered Net Sales of Rs. 289.5 billion, growing at 42.2%
over the previous year. Net Profit after Tax stood at Rs. 24.97 billion, a
growth of 105% over FY'09. Since the previous year was exceptional on account
of the global economic crisis, it may be relevant to look at the financial
performance over two years. In the two year period ending 31 March 2010, the
Net Sales grew 62%, implying a CAGR of 27% and the Net Profit grew 44% implying
a CAGR of 20%. Capex for the year stood at Rs. 14.7 billion. The Company
started work on building an additional capacity of 250,000 cars per year, at
Manesar. As part of the efforts to build an RandD capability, 700 acres of land
were procured for a world class proving ground at Rohtak. The number of design
engineers increased to 958, as planned.
Sustainability
The Company's relationship with its stakeholders is one of mutual
well-being and trust. As part of its National Road Safety Mission, the Company
trained 1,37,000 people in safe driving at Institutes of Driving Training and
Research and
Top management reviews were instituted for all plant emissions and
natural resource consumption. Significant time, effort and management thought
were invested In training dealers and tier-1 and tier-2 vendors in business
excellence, corporate governance, professionalization, financial
sustainability and functional competencies. While
this is inherently sustainable and has been the Company's philosophy since
inception, the Company employed global best practices to proactively map the
impact of its business on its stakeholders from economic, environment and
social perspectives and published a sustainability report with the theme “Give,
Get, Grow”. This report is a broadbased internal employee effort and conforms
to A+ level of international GRI
guidelines. This will continue to be a significant tool for self-improvement.
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
spruced-up customer lounge at workshops, use of high productivity
equipment and an IT enabled vehicle tracking
system in workshops, were taken. The Company seeks to have a service
facility every 25 km on important stretches of major highways.
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.
The Company's insurance initiative facilitates the issue of insurance
policies and enables a single point cashless claim. In its ninth year of
operations, the insurance business reached a cumulative sale of 10 million
policies, out of which 2.5 million were in 2009-10.
Exports
The Company clocked export sales of 147,575 units, its highest ever.
This is a 111% growth over the previous year's total of 70,023 units. On a
cumulative basis, exports crossed 700,000 units.
During the year, exports were helped by the launch of a world strategic
model of Suzuki, known as the A-star in
The Company was aware that sales in
Spares and Accessories
The spares and accessories business grew at the pace of vehicles sales,
achieving a 29% year-on-year growth. The focus was on ensuring timely
availability of parts across the country, at competitive prices. The Company
also expanded the product range of accessories, including high end categories.
A new state of the art warehouse has been constructed at Manesar.
Initiatives to reduce spare parts inventory at dealerships released critical
working capital for car sales.
Operations
The Company produced 33% more vehicles during the year compared to the
previous year, delivering much above installed capacity. The scale of
operations, the speed of demand recovery and the dynamism in product mix put a
huge requirement on the ability of the Company to stretch production, be more
flexible and more adaptive. The Company was prepared and in the beginning of
the year itself, the mantras of flexibility and agility were adopted by the
Company and business associates.
The Company has an integrated approach to deliver on its production
objectives in the form of a Production Management System or PMS. The core of
PMS lies in involvement of all levels of employees and generation of ideas
through a series of brainstorming sessions. These ideas are then discussed
within small groups and identified for implementation. This approach unlocks
organizational potential through clarity of goals and ownership. The objective
of PMS is to achieve manufacturing excellence in four areas: Safety, Quality,
Productivity and Cost. The Company benefits from a powerful combination of
Japanese best practices and Indian innovation and information technology
skills.
Skill and capability development at all levels is the next important
enabler. Associates on the shop floor had about
43,000 man-hours of training in the year at the Company's technical
training center.
Safety receives top management focus and a culture of zero tolerance is
being propagated within the Company. The Company leveraged training in root
cause analysis tools and with wide participation of associates in Quality
Circle activities was able to improve pre-delivery inspection results by 27%.
Output and quality at the new K-series engine casting shop have matched Suzuki
levels in less than two years of operation.
The production teams worked on several cost reduction projects and
achieved substantial savings through machining tool cost reduction and
automation of material handling systems. Similar improvement projects have
helped the Company's machine shops to reach an overall equipment effectiveness
of 91%, at par with global levels.
Modernisation of
Gurgaon Plant
In line with introduction of new models and discontinuation of old ones,
some of the older production lines were reconfigured, merged and replaced by highly
flexible and productive lines with a net increase in throughput.
Swift Production
at Gurgaon
The Company has three plants in Gurgaon and one in Manesar. The Manesar
plant produces models like Swift, Dzire, SX4 and A-star. Following strong
demand in the Manesar models, the Company created facilities to coproduce the
Swift in the Gurgaon plant. The Company was able to deliver about 17,000 more
Swift cars to waiting customers in the year through this initiative.
KB Series Engine
Plant Expansion
The Company raised the capacity of its next generation K-series engine
plant to more than 500,000 units per annum. It is a state of the art plant with
features like in-process quality check machines, automatic leak testing,
automatic measuring machines, cold test bench and RFID and Ethernet
traceability systems.
Manesar capacity
expansion
The Company started work on an additional plant of 250,000 cars per
annum capacity at Manesar. The Company is making all efforts to maximize
capability through de-bottlenecking and productivity improvement to meet market
demand before the new facility comes up.
Tool and die
design capability
The Company has started the design and development of dies for critical
sheet metal parts and engine components. During the year, inhouse die
development for body parts of models like the Ritz, Eeco and Estilo helped the
company save cost over imported dies. In addition, significant cost saving was
achieved through better tool design to facilitate yield improvement and use of
alternate raw material. With faster product refreshment cycles in the future,
this capability will help the Company deliver new models in lesser time and
cost.
Tool and die
design capability
Information technology serves as a strategic enabler. It helps the
management to effectively monitor performance of vendors and dealers using
Vendor Management System and Dealer Balance Scorecard. This throws up areas of
improvement, operationally and financially.
IT helps in providing a connected environment for seamless collaboration
in the entire value chain. At one end, IT connects suppliers on a real time
basis through an extranet to ensure on time delivery and supplier enhancement.
On the other, it supports all dealers on a real time basis for sales and
service transactions, and critical management information system on customer
behaviour and operational excellence.
The Company has initiated a project on analytics and business
intelligence using a customer database of about 6
million records.
The Company has taken adequate precaution for business continuity in any
unforeseen event affecting the information system.
Finance
The fast-paced recovery of the economy in 2009-10 was largely supported
by a prudent policy response of the Government of India in the wake of the
financial crisis. The global economy, led by the Asian economies especially
Industrial growth gathered pace in
The Company registered its highest ever sales of 1,018,365 vehicles in
the domestic and export markets during 2009-10. This resulted in Net Sales of
Rs. 289,585 million (excluding excise), a growth of 42.2 per cent over 2008-09.
The Company's sales growth, coupled with continuous improvements in operational
efficiencies has contributed to its financial performance for 2009-10.
Earnings before depreciation, interest, tax and amortization (EBDITA)
stood at Rs. 44,510 million against Rs. 24,333 million in the previous year
recording a jump of 82.9%.
Net profit increased by 105 per cent, to Rs. 24,976 million from Rs.
12,187 million.
Earnings per share (EPS) increased from Rs. 42.18 in 2008-09 to Rs.
86.45 in 2009-10.
Transition to
International Financial Reporting Standards [IFRS]
The Institute of Chartered Accountants of India has mandated that Listed
Indian Companies should converge to
IFRS by April 1, 2011. The Company has taken steps towards convergence
to IFRS. At the preliminary stages, the impact of convergence on operations and
financial performance has been assessed. The Company is confident that it will
be ready for convergence to IFRS as per the stipulated time lines.
Working Capital
Management
Around 75% of the Company's components by value are outsourced, and
manufacturing is undertaken based on Just- In-Time (JIT) inventory principles.
Working capital management, therefore, plays a key role in the Company's
operations. The inventory turnover ratio of the Company has increased from 16.7
in 2008-09 to 21.2 in 2009-10. The average receivables holding period has
decreased from 12.6 days in 2008-09 to 10 days in 2009-10.
Treasury
Operations
The Company has efficiently managed its surplus funds through careful
treasury operations. The guiding principle of the Company's treasury investments
is safety and prudence. In view of this, the Company invested its surplus funds
in debt schemes of mutual funds and short-term bank fixed deposits. This has
enabled the Company to earn reasonable and stable returns in a dynamic interest
rate scenario.
Outlook
The passenger vehicle market size in
UNAUDITED
FINANCIAL RESULTS FOR THE PERIOD ENDED 31.03.2011
(RS. IN MILLIONS)
|
|
Particulars |
Quarter ended |
Year ended |
|
|
|
31.03.2011 |
31.03.2011 |
|
|
|
Unaudited |
Audited |
|
|
Domestic Vehicles Sold (No.) |
312389 |
1132739 |
|
|
Export Vehicles Sold (No.) |
30951 |
138266 |
|
|
Total Vehicles Sold
(No.) |
343340 |
1271005 |
|
|
|
|
|
|
1 |
Income from
Operations |
|
|
|
a. |
Gross Sales |
110688.100 |
404190.400 |
|
|
Less: Excise Duty on Sales |
12050.800 |
42908.100 |
|
|
Net Sales |
98637.300 |
361282.300 |
|
|
|
|
|
|
b |
Income from Services (net) |
421.200 |
1715.100 |
|
|
|
|
|
|
c |
Other Operating Income |
1863.300 |
7403.500 |
|
|
Total Income from
Operations (a+b+c) |
100921.800 |
370400.900 |
|
|
|
|
|
|
2 |
Expenditure : |
|
|
|
|
[a] Decrease/(Increase) in stock in trade and work in progress |
(1165.200) |
(600.400) |
|
|
[b] Consumption of Raw Materials and Components |
75985.000 |
275761.300 |
|
|
[c] Purchase of Traded Goods |
3809.100 |
12781.500 |
|
|
[d] Employees Cost |
1533.900 |
7036.200 |
|
|
[e] Depreciation |
2966.700 |
10135.000 |
|
|
[f] Other Expenditure |
10661.800 |
38778.800 |
|
|
[g.]Total
Expenditure (a+b+c+d+e+f) |
93791.300 |
343892.400 |
|
|
|
|
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional Items (1-2) |
7130.500 |
26508.500 |
|
4 |
Other Income |
1198.700 |
4823.100 |
|
5 |
Profit before Interest and Exceptional Items (3+4) |
8329.200 |
31331.600 |
|
6 |
Interest |
63.500 |
244.100 |
|
7 |
Profit after Interest but before Exceptional Items (5-6) |
8265.700 |
31087.500 |
|
8 |
Exceptional Items |
0 |
0 |
|
9 |
Net Profit before Tax from Ordinary Activities (7-8) |
8265.700 |
31087.500 |
|
10 |
Tax Expense |
1667.100 |
8201.100 |
|
11 |
Net Profit from Ordinary Activities after Tax for the period (9-10) |
6598.600 |
22886.400 |
|
12 |
Extraordinary Item |
0 |
0 |
|
13 |
Net Profit for the Period (11-12) |
6598.600 |
22886.400 |
|
14 |
Paid-up Equity Share Capital |
1444.600 |
1444.600 |
|
15 |
Face value of the share (Rs.) |
5 |
5 |
|
16 |
Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
-- |
137230.200 |
|
|
|
|
|
|
17 |
Basic & Diluted Earnings per Share (not annualized) Rs. |
22.84 |
79.22 |
|
|
|
|
|
|
18 |
Public shareholding
: |
|
|
|
|
No. of shares |
132,291,620 |
132,291,620 |
|
|
Percentage of shareholding |
45.79% |
45.79% |
|
|
|
|
|
|
19 |
Promoters &
Promoter Group Shareholding |
|
|
|
a) |
Pledged/ Encumbered
|
|
|
|
|
Number of Shares |
- |
- |
|
|
Percentage of Shares (%age of total shareholdingof promoter & promoter group) |
- |
- |
|
|
Percentage of Shares (%age of total share capital) |
- |
- |
|
|
|
|
|
|
b) |
Non Encumbered |
|
|
|
|
Number of Shares |
156,618,440 |
156,618,440 |
|
|
Percentage of Shares (%age of total shareholding of promoter & promoter group) |
100 |
100 |
|
|
Percentage of Shares (%age of total share capital) |
54.21 |
54.21 |
Notes:
- The above unaudited results for the
quarter ended 31st March, 2011 and the audited results for the year ended
31st March 2011 were reviewed by Audit Committee and approved by the Board
of Directors in its meeting held on 25th April, 2011.
- The Board of Directors at their meeting
considered and recommended a final dividend aggregating Rs.2166.800
millions i.e. Rs.7.50 per share (Nominal value Rs.5.00 per share) for the
financial year 2010-11.
- The Company is primarily in the
business of manufacture, purchase and sale of Motor Vehicles and Spare
Parts (“automobiles”). The other activities of the Company comprise
facilitation of Pre-Owned Car Sales, Fleet Management and Car Financing.
The income from these activities is not material in financial terms but
contribute significantly in generating demand for the products of the
Company. Accordingly, segment information has not been disclosed.
- The Company did not have any investor
complaint pending as on 1st January 2011 and as on 31st March 2011. There
were eight investors’ complaints received and resolved during the quarter
ended 31st March 2011.
- The Company did not have any investor
complaint pending as on 1st January 2011 and as on 31st March 2011. There
were eight investors’ complaints received and resolved during the quarter
ended 31st March 2011.
- The figures of previous periods have
been re-grouped, wherever necessary, to conform to current quarter /year
classification.
- Rs.10 Lacs is equal to Rs.1 Million.
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
PRESS RELEASE:
Maruti Suzuki sales in April 2011
Car market leader Maruti Suzuki India Limited sold a total of 97,155
vehicles in April 2011. This includes 10,011 units for export.
The company had sold a total of 93,058 vehicles in April 2010.
The sales figures for April 2011 are given below:
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* Kizashi launched in February 2011. |
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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.45.21 |
|
|
1 |
Rs.74.30 |
|
Euro |
1 |
Rs.64.40 |
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.