MIRA
INFORM REPORT
|
Report Date : |
29.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI SUZUKI INDIA LIMITED [w.e.f. 17.09.2007] |
|
|
|
|
Formerly Known
As : |
MARUTI UDYOG LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1, |
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|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
24.02.1981 |
|
|
|
|
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 554700000 |
|
|
|
|
Status : |
Very good |
|
|
|
|
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.
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
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 |
|
|
|
|
Corporate office : |
11th Floor, |
|
Tel No.: |
91-11-23316831 |
|
|
|
|
Factory 1 : |
Gurgaon Plant Old |
|
Tel No.: |
Tel: 91-124-2346721 |
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|
|
|
Factory 2: |
Manesar Plant |
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|
|
|
Regional Offices : |
Located at: · Kolkata · Guwahati ·
·
· Chennai ·
· Mumbai · Ahmedabad ·
·
·
· Jaipur ·
·
· Pune |
DIRECTORS
AS ON 07.09.2011
|
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. Manvinder Singh Banga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Davinder Singh Brar |
|
Designation : |
Director |
|
|
|
|
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 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
156618440 |
54.21 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
8231746 |
2.85 |
|
|
37413898 |
12.95 |
|
|
61962792 |
21.45 |
|
Sub Total |
107608436 |
37.25 |
|
|
|
|
|
|
|
|
|
|
16851536 |
5.83 |
|
|
|
|
|
|
|
|
|
|
6709605 |
2.32 |
|
|
81000 |
0.03 |
|
|
|
|
|
|
1041043 |
0.36 |
|
|
248904 |
0.09 |
|
|
320730 |
0.11 |
|
|
471409 |
0.16 |
|
Sub Total |
24683184 |
8.54 |
|
Total Public
Share holding (B) |
132291620 |
45.79 |
|
Total (A + B) |
288910060 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
|
|
|
Total
(A)+(B)+(C) |
288910060 |
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 :
31.03.2011)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Passenger Cars and Light Duty Utility Vehicles |
Nos. |
1000000 |
1273361 |
|
|
|
|
|
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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|
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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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|
Banking
Relations : |
-- |
|
|
|
|
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 · Krishna Auto Mirrors Limited ·
Inergy · Maruti Insurance Broking Private Limited ·
Manesar Steel Processing India Private 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 |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1445.000 |
1445.000 |
1445.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
137230.000 |
116906.000 |
92004.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
138675.000 |
118351.000 |
93449.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
312.000 |
265.000 |
1.000 |
|
|
2] Unsecured Loans |
2781.000 |
7949.000 |
6988.000 |
|
|
TOTAL BORROWING |
3093.000 |
8214.000 |
6989.000 |
|
|
DEFERRED TAX LIABILITIES |
2512.000 |
2206.000 |
2340.000 |
|
|
|
|
|
|
|
|
TOTAL |
144280.000 |
128771.000 |
102778.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
55294.000 |
50247.000 |
40708.000 |
|
|
Capital work-in-progress |
14286.000 |
3876.000 |
8613.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
51067.000 |
71766.000 |
31733.000 |
|
|
DEFERREX TAX ASSETS |
868.000 |
836.000 |
789.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
14150.000 |
12088.000 |
9023.000
|
|
|
Sundry Debtors |
8933.000
|
8099.000
|
9378.000
|
|
|
Cash & Bank Balances |
25085.000
|
982.000
|
19390.000
|
|
|
Other Current Assets |
1673.000
|
848.000
|
981.000
|
|
|
Loans & Advances |
13722.000
|
15707.000
|
16328.000
|
|
Total
Current Assets |
63563.000
|
37724.000
|
55100.000
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
29495.000
|
23181.000
|
25696.000
|
|
|
Other Current Liabilities |
6045.000
|
6213.000
|
4662.000
|
|
|
Provisions |
5258.000
|
6284.000
|
3807.000
|
|
Total
Current Liabilities |
40798.000
|
35678.000
|
33976.000
|
|
|
Net Current Assets |
22765.000
|
2046.000
|
20935.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
144280.000 |
128771.000 |
102778.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
361282.000 |
289585.000 |
203583.000 |
|
|
|
Income from Services |
1715.000 |
1404.000 |
970.000 |
|
|
|
Other Income |
12227.000 |
10209.000 |
9985.000 |
|
|
|
Total Income (A) |
375224.000 |
301198.000 |
214538.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
29178.000 |
17938.000 |
15685.000 |
|
|
|
Selling & Distribution Expenses |
9600.000 |
9160.000 |
7382.000 |
|
|
|
Purchases made for re-sale |
12782.000 |
9050.000 |
7256.000 |
|
|
|
Consumption of stores and spares parts |
272720.000 |
214881.000 |
150598.000 |
|
|
|
Salaries, Wages, Bonus, etc. |
7036.000 |
5456.000 |
4711.000 |
|
|
|
Consumption of Stores |
3298.000 |
2432.000 |
1978.000 |
|
|
|
Vehicles / Dies for own use |
(257.000) |
(296.000) |
[223.000] |
|
|
|
(Increase)/Decrease to Work in Progress and
Finished goods and Spare Parts |
(600.000) |
(1933.000) |
2818.000 |
|
|
|
TOTAL (B) |
333757.000 |
256688.000 |
190205.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
41467.000 |
44510.000 |
24333.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
244.000 |
335.000 |
510.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
41223.000 |
44175.000 |
23823.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10135.000 |
8250.000 |
7065.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
31088.000 |
35925.000 |
16758.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8202.000 |
10949.000 |
4571.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22886.000 |
24976.000 |
12187.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
100499.000 |
80042.000 |
70257.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2289.000 |
2498.000 |
1219.000 |
|
|
|
Proposed Dividend |
2167.000 |
1733.000 |
1011.000 |
|
|
|
Corporate Dividend Tax |
351.000 |
288.000 |
172.000 |
|
|
BALANCE CARRIED
TO THE B/S |
118578.000 |
100499.000 |
80042.000 |
|
|
|
|
|
|
|
|
|
|
Export Value |
34988.000 |
45437.000 |
15022.000 |
|
|
|
|
|
|
|
|
|
|
Import Value |
39044.000 |
30101.000 |
29962.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
79.22 |
86.45 |
42.18 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st Quarter |
30.09.2011 2nd Quarter |
31.12.2011 3rd
Quarter |
31.03.2012 4th
Quarter |
|
Sales Turnover |
85293.000 |
78316.200 |
78824.000 |
117270.100 |
|
Total Expenditure |
77149.000 |
73374.300 |
74651.900 |
108685.100 |
|
PBIDT (Excl
OI) |
8144.000 |
4941.900 |
4172.100 |
8585.000 |
|
Other Income |
1800.700 |
1177.400 |
1603.700 |
2689.500 |
|
Operating
Profit |
9944.700 |
6119.300 |
5775.800 |
11553.500 |
|
Interest |
57.500 |
109.200 |
173.500 |
207.900 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
9887.200 |
6010.10 |
5602.300 |
11345.600 |
|
Depreciation |
2424.700 |
2663.700 |
2869.300 |
3305.600 |
|
Profit
Before Tax |
7462.500 |
3346.400 |
2613.000 |
8039.900 |
|
Tax |
1970.200 |
942.000 |
556.800 |
1641.500 |
|
Reported PAT |
5492.300 |
2404.400 |
2056.200 |
6398.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
5492.300 |
2404.400 |
2056.200 |
6398.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.10
|
8.29
|
5.68
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.60
|
12.40
|
8.23
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
26.16
|
40.84
|
17.53
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.30
|
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.32
|
0.37
|
0.44
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56
|
1.06
|
1.62
|
LOCAL AGENCY FURTHER INFORMATION
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Constitution
of the firm |
Yes |
|
Premises
details |
No |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
No |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
No |
|
Designation
of contact person |
No |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
- |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
Yes |
|
Major
Suppliers |
Yes |
|
Major
Customers |
Yes |
|
Payment
Terms |
No |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
No |
FINANCIAL HIGHLIGHTS
The gross revenue (net of excise) of the Company was
Rs.375,224.000 million as against Rs.301,232.00 million in the previous year
showing a growth of 24.6 per cent.
Earnings before interest, depreciation, tax and amortization (EBIDTA) was Rs.41467.000 million against Rs.44,510.000 million in the previous year.
Profit before tax (PBT) was Rs.31,088.000 million against Rs.35,925.000 million in the previous year and profit after tax (PAT) stood at Rs.22,886.000 million against Rs.24,976.000 million in the previous year.
OVERVIEW
The Indian economy continued on its growth trajectory in FY2010-11. The
GDP grew at 8.5 per cent, aided by recovery in agriculture and good performance
in the industry and services sector. As a consequence, the domestic car market
remained buoyant and posted a healthy growth rate of 29 per cent, higher than
26 per cent achieved in the previous year (FY2009-10), which was substantially
higher than what was anticipated at the beginning of the year.
Despite the unexpected demand for cars and the capacity limitations in
the Company, we could produce and
sell 1,271,005 units, a growth of 24.8 per cent over the previous year.
This became possible due to higher levels
of productivity and many innovative practices at the shop floor level. The
vendors, despite being taken by surprise, also managed to support the Company
in its efforts to increase production. As a consequence, the Company was able
to marginally improve its market share.
Exports to the European markets fell due to a decline in demand
following the withdrawal of scrappage incentives in many countries. However,
overall there was only a small decline in exports as sales to other non-
European markets increased.
The profit margins came under pressure due to adverse movements of the
Yen, Euro and the Dollar; volatile commodity markets and higher royalty
payments. Costs also increased due to introduction of Bharat-IV norms, and
higher spending on research and development. At the same time, competition
continued to grow stronger.
Several India-specific cars were launched by competitorrs. These were
priced aggressively. As a consequence, the ability to pass on the rising costs
was constrained to an extent. Nevertheless, the EBITDA remained above
10 per cent thanks to higher volumes, productivity and cost cutting
measures.
During FY2010-11, the Company achieved Net Sales of ` 361,282 million
(Net of Excise), a growth of 24.8 per cent over the previous year. Earnings
before interest, depreciation, tax and amortisation (EBITDA) stood at ` 41,467
million while Profit after Tax (PAT) was ` 22,886 million.
Customers continued to rate the Company best in sales and service
satisfaction, as measured by JD Power surveys. The Company has now been rated
best in service satisfaction for eleven years in a row.
The Company has instituted projects to further strengthen its market
position and profitability and to build RandD
capability and capacity for the future. Production capacity is being
enhanced with two more plants at Manesar. Each of these plants will have an
installed annual capacity of 250,000 cars.
SUSTAINABILITY
The foundation of Company’s sustainability rests on its robust
stakeholder engagement process. The Company
has identified six key stakeholder groups (employees and their families,
local community and society, environment and regulatory authorities, customers
and their families, shareholders and investors, dealers, suppliers, and other
business partners) and has developed ways to engage with them in a systematic
and periodic manner.
On the environmental front, in FY2010-11 the Company made improvements
on its energy and water consumption at its manufacturing sites at Gurgaon and
Manesar. Emission levels at both sites were strictly monitored. To reduce
emissions due to transportation, the Company is working on a project to
transport cars by rail. The Company continued to implement its flagship driving
training programme through Institutes of Driving and Traffic Research (IDTR)
and Maruti Driving Schools (MDS). During the year, driving training was
imparted to 187,000 people across the country. The Company has 166 functional
MDS set up in partnership with dealers and 4 IDTRs set up with state
governments. The Company also focused on generating awareness on road safety
through sessions for school children and worked on advocacy with industry
bodies,
For vocational training, the Company worked with seven Industrial
Training Institutes (ITIs) across states for their
overall upgradation. This included improvement in infrastructure,
teacher training, repair and maintenance of machines and tools and industry
exposure for students and faculty.
In the four villages neighbouring the Manesar plant, the Company worked
on healthcare, education, infrastructure development and vocational training.
Here too, the Company adopted a partnership approach and worked closely with
villagers and select local NGOs to implement projects.
The Company publishes it sustainability report every year as per GRI G3
reporting guidelines. This report is externally verified by an independent
assurance agency.
BUSINESS PERFORMANCE
Domestic Market
Sales remained buoyant in the rural and the semi-urban markets. The
focus of the Company to build infrastructure to sell and service cars in these markets
paid good dividends. The top-10 cities, where sales had been sluggish during
the previous year, also came back strongly. Overall, growth was evident across
markets, geographies, sectors and consumer segments.
The Indian passenger vehicle market reached a size of approximately 2.5
million unit sales in the year. This puts
The Company marginally increased its share from 44.6 per cent to 44.9
per cent in passenger vehicles. Some of the Company’s models continue to be on
waitlist despite production being increased very substantially. The philosophy
of the Company is to provide best value to the customer over the lifecycle of
the car. The selection of product technology is aligned to deliver this.
In keeping with this approach, the K-series gasoline engines were
introduced in FY2008-09. These are compact, lightweight, low-friction, more
fuel efficient engines. Although there is normally a trade-off between
performance
(acceleration) and fuel efficiency, the K-series engine is able to
strike a balance and deliver on both parameters. This has been appreciated by
the customers and cars with K-series engines are selling very well.
During the year, these engines were made available in more models. The
K-series engines are now mounted on Alto, A-star, WagonR, Estilo, Swift, Ritz
and Dzire. These engines are manufactured at the state-of-the-art, fully
integrated manufacturing facility at the Gurgaon plant.
During FY2010-11, the Company commissioned phase-3 of the machining and
casting facility for the K-series engines, taking the total manufacturing
capacity for these engines to more than 780,000 per annum.
During the year, the Company launched refreshed variants of WagonR and
Alto with the new K-series engines.
SX4 was offered with a Super Turbo Diesel engine. The Company launched
the Suzuki Kizashi,
luxury sedan. It sports a 2.4 litre engine and is endowed with
best-in-class features.
The Company developed in-house i-GPI (Integrated Gas Port Injection)
Technology and launched factory-fitted CNG variants for five of its models:
Alto, WagonR, Eeco, Estilo and SX4. This i-GPI technology delivers higher fuel
efficiency compared to conventional CNG cars. Besides, the loss of power
compared to gasoline engine cars, a shortcoming of conventional CNG technology,
is negligible in the case of i-GPI. The Company believes that once CNG
availability improves across the country, it could become a popular option
owing to its low cost and environment friendliness.
Apart from launching new products, the Company added 131 new sales
outlets to reach 933 outlets in 668 cities and increased its service reach to
1,395 cities with 2,946 outlets. The Company’s network is now servicing about
1.2 million vehicles every month. With increasing service load, the
importance of training has taken priority. The
Company has initiated tie–ups with 28 ITIs (Industrial Training
Institutes) to enhance availability of technical manpower at workshops.
The Company benefited from sales in both the top cities and the rural
hinterland with the help of its network reach. In the last four years, rural
sales have grown to contribute 20 per cent of total domestic sales. About 40
per cent of the Company’s sales outlets are in the rural format, with a scaled
down investment that enables viability on lower volumes.
With shortening car ownership cycle, the residual value of the car is becoming an important determinant of the total cost of ownership. The Company’s pre-owned car business sold 212,640 cars in the year, a growth of 30 per cent over the previous year.
The Company is in the process of restructuring its insurance initiative to align it to regulatory requirements and make it more customer-friendly.
OPERATIONS
With market demand much beyond initial projections, and the Company
already facing capacity constraints, the challenge during the year was to
enhance productivity and efficiency to new levels. With consistent efforts on
innovation, people development and process upgradation the Company was able to
manufacture far beyond capacity. The Company increased manufacturing capability
through better facility utilisation, higher plant-model flexibility, in-house
automation initiatives and ultra-modern flexi-lines. By March 2011 production
was at an annualised rate of 1.4 million units per annum. The ramp-up time of
new models improved by 40 per cent, enabling the Company to meet spurts in
demand.
The Company’s Production Management System (PMS), which has enabled
sharp improvement in efficiency and productivity in recent years, moved to the
next phase. The core of PMS lies in involving people at all levels and
generating ideas through a series of brainstorming sessions. The PMS strives to
achieve manufacturing excellence in four areas: Safety, Quality, Productivity
and Cost. The ideas generated are worked upon by cross-functional teams across
verticals. This has led to significant improvement in process quality and
productivity. An example is pre-delivery inspection, a parameter of production quality measured during tests at
dealership. It has improved by 30 per cent owing to cross-functional efforts by
Production, Quality Assurance and Service.
People involvement is the key to process improvements and cost
reduction. With committed focus and special drives, employees continued to
generate suggestions towards continuous improvement in systems and processes,
productivity and in eliminating waste.
The Company undertook 29 major automation initiatives in-house, further
reducing cost. An in-house Technical
Training Centre maps and imparts right technical skills to people. It
currently offers 36 modules. The Company also observes a theme-based safety day
every month, involving almost all employees in the effort.
OUTLOOK
The market for passenger vehicles in
Initiatives to expand manufacturing capacity are underway. The Company’s
products are well received by customers. SMC’s design philosophy of aggressive
and sporty cars, K-series technology and the popularity of the
Company’s diesel car offerings augur well for the future.
To supplement this, the Company is stepping up its R and D capability to
work in a unified way with SMC and offer a regular pipeline of new and
refreshed models. The Company’s network of sales and service outlets continues
to be its strength. Network is set to expand in the future, and will help tap
opportunity as economic prosperity widens and deepens in the country.
High commodity prices and adverse currency movements continue to be the
challenges. Besides existing efforts to boost productivity, reduce waste and
enhance value, the Company is working on new initiatives like higher
localisation and hedging to reduce the impact of commodity prices and currency.
The Company is conscious that talent will be key to achieving the goals
envisaged for the medium term. Specific initiatives are being taken in the area
of recruitment and development. The Company is working closely with suppliers
and dealers to prepare them for growth as well as higher competitive intensity.
Statement of Unaudited / Audited Results for the Quarter / for the Year
ended 31st March 2012
|
Particular |
Standalone Quarter Ended |
Year Ended |
||
|
|
|
31.12.2011 Unaudited |
31.03.2012 Unaudited |
31.03.2012 |
|
Domestic Vehicles Sold (No.) |
|
21180.300 |
32142.400 |
100631.600 |
|
Export Vehicles Sold (No.) |
|
2772.500 |
3891.000 |
12737.900 |
|
Total Vehicles
Sold (No.) |
|
23952.800 |
36033.400 |
113369.500 |
|
Income from
Operations |
|
|
|
|
|
Gross Sales |
|
83867.100 |
127142.000 |
386140.700 |
|
Less: Excise Duty on Sales |
|
8596.100 |
12278.400 |
39081.800 |
|
Net Sales |
|
75271.000 |
114863.600 |
347058.900 |
|
Income from
Services (net) |
|
542.300 |
381.600 |
1719.300 |
|
Other Operating
Income |
|
1502.700 |
2024.900 |
7092.700 |
|
Total Income
from Operations (a+b+c) |
|
77316.000 |
117270.100 |
355870.900 |
|
Expenses : |
|
|
|
|
|
[a] Cost of material consumed |
|
58662.600 |
88741.000 |
266642.800 |
|
[b] Purchases of stock-in-trade |
|
3664.800 |
4125.400 |
15325.300 |
|
[c] Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
(1185.300) |
461.700 |
(1311.900) |
|
[d] Employees benefits expense |
|
2090.200 |
2559.800 |
8438.100 |
|
[e] Depreciation and amortisation expense |
|
2989.300 |
3305.700 |
11383.500 |
|
[f] Other expenses |
|
10050.000 |
12797.200 |
41647.700 |
|
Total Expenses |
|
76271.600 |
111990.800 |
342125.500 |
|
Profit from operations
before other income, finance cost and exceptional items (1-2) |
|
1044.400 |
5279.300 |
13745.400 |
|
Other income |
|
1746.100 |
2968.500 |
8268.600 |
|
Profit from
ordinary activities before finance cost and exceptional tems
(3+4) |
|
2790.500 |
8247.800 |
22014.000 |
|
Finance Costs |
|
177.500 |
207.900 |
552.100 |
|
Profit from
ordinary activities after finance cost but before exceptional items (5-6) |
|
2613.000 |
8039.900 |
21461.900 |
|
Exceptional items |
|
- |
- |
- |
|
Profit from ordinary
activities before tax (7-8) |
|
2613.000 |
8039.900 |
21461.900 |
|
Tax expense |
|
556.800 |
1641.500 |
5110.500 |
|
Net profit from
ordinary activities after tax (9-10) |
|
2056.200 |
6398.400 |
16351.400 |
|
Extraordinary item |
|
- |
- |
- |
|
Net Profit for
the Period (11-12) |
|
2056.200 |
6398.400 |
16351.400 |
|
Share of Profit of associates |
|
0.000 |
0.000 |
0.000 |
|
Minority interest |
|
0.000 |
0.000 |
0.000 |
|
Net profit after taxes, minority interest and share of profit of associates (13+14+15) |
|
2056.200 |
6398.400 |
16351.400 |
|
Paid-up equity share sapital |
|
14446 |
14446 |
14446 |
|
Face value of the share (Rs.) |
|
5 |
5 |
5 |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
0.000 |
0.000 |
137230.200 |
|
Basic & diluted earnings per share (not annualized) Rs |
|
7.12 |
22.84 |
56.60 |
PART II
|
Particular |
Standalone Quarter Ended |
Year Ended |
||
|
|
|
31.12.2011 Unaudited |
31.03.2012 Unaudited |
31.03.2012 |
|
A)PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1)Public shareholding : |
|
|
|
|
|
Number of shares |
|
132291620 |
132291620 |
132291620 |
|
Percentage of shareholding |
|
45.79% |
45.79% |
45.79% |
|
2)Promoters &
Promoter Group Shareholding |
|
|
|
|
|
a)Pledged/
Encumbered |
|
|
|
|
|
Number of shares |
|
|
|
|
|
Percentage of shares (as a % of the total shareholding of
promoter and promoter group) |
|
- |
- |
- |
|
Percentage of shares (as a % of the total share capital of
the company) |
|
- |
- |
- |
|
b)Non Encumbered |
|
- |
- |
- |
|
Number of shares |
|
156618440 |
156618440 |
156618440 |
|
Percentage of shares (as a % of the total shareholding of promoter
and promoter group) |
|
100 |
100 |
100 |
|
Percentage of shares (as a % of the total share capital of
the company) |
|
54.21% |
54.21% |
54.21% |
|
Particulars |
Quarter ended 31st March, 2012 |
|
Pendin at the beginning of the quarter |
0 |
|
Received during the quarter |
10 |
|
Disposed of during the quarter |
10 |
|
Remaining unresolved at the end of the quarter |
0 |
NotesI
1. The Statement of Assets and Liabilities as required under Clause 41(v)(h) of the Listing Agreement is as Under:
|
Particular |
Standalone 31.03.2012 |
|
A. EQUITY AND
LIABILITIES |
|
|
1. Shareholders'
Funds |
|
|
(a) Share capital |
1444.600 |
|
(b) Reserves & surplus |
150428.600 |
|
Sub total -
Shareholders' funds |
151873.200 |
|
|
|
|
2. Non-Current
Liabilities |
|
|
(a) Long term borrowings |
- |
|
(b) Deferred tax liabilities (net) |
3023.400 |
|
(c) Other long-term liabilities |
965.600 |
|
(d) Long-term provisions |
1682.600 |
|
Sub total -
Non-current liabilities |
5671.600 |
|
|
|
|
3. Current
Liabilities |
|
|
(a) Short term borrowings |
10783.500 |
|
(b) Trade payables |
33498.600 |
|
(c ) Other current liabilities |
15892.200 |
|
(d) Short-term provisions |
5302.600 |
|
Sub total - Current liabilities |
65476.900 |
|
|
|
|
TOTAL - EQUITY AND LIABILITIES |
223021.700 |
|
|
|
|
B. ASSETS |
|
|
1. Non-current
Assets |
|
|
(a) Fixed assets |
81321.200 |
|
(b) Non current investments |
13931.700 |
|
(c) Long-term loans and advances |
16714.800 |
|
(d) Other non-current assets |
262.900 |
|
Sub total Non-current
Assets |
112230.600 |
|
|
|
|
2. Current
Assets |
|
|
(a) Current investments |
47541.400 |
|
(b) Inventories |
17964.900 |
|
(c) Trade receivables |
9376.600 |
|
(d) Cash and bank balances |
24361.600 |
|
(e) Short term loans and advances |
7783.00 |
|
(f) Other current assets |
3763.600 |
|
Sub total - Current
assets |
110791.100 |
|
|
|
|
TOTAL - ASSETS |
223021.700 |
2.
The above unaudited results for the quarter ended
31st March, 2012 and the audited results for the year ended 31st March 2012 were
reviewed by Audit Committee and approved by the Board of Directors in its
meeting held on 28th April, 2012.
3.
The Board of Directors at their meeting considered
and recommended a final dividend aggregating Rs.2166.800 Millions i.e. Rs7.5
per share (Nominal value Rs.5.00 per share) (Previous Year Rs.2166.800 Millions
i.e. Rs 7.5 per share)for the financial year 2011-12
4.
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
5.
The figures of the last quarter are the balancing
figures between the audited figures in respect of the full financial year and
the published year to date figures up to the third quarter of the current
financial year
6.
The figures of previous periods have been
re-grouped, wherever necessary, to conform to current quarter year
classification
AS PER WEB SITE
DETAILS
PRESS RELEASE
MARUTI SUZUKI SALES IN APRIL 2012
Car market leader Maruti Suzuki India Limited sold a total of 100,415 units in
April 2012 a growth of 3.4 per cent. This includes 10,160 units for export, a
growth of 1.5 per cent. The
Company had sold a total of 97,155 units in April 2011.
The sales figures for April 2012 are given below:
|
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|
|
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Ertiga launched in April 2012.
MARUTI SUZUKI ATTAINS ONE
MILLION CUMULATIVE EXPORTS MARK
The Millionth car, an A-star, goes to
On the achievement, Mr. Shinzo Nakanishi, Managing Director
& CEO, Maruti Suzuki India Limited said, "A million cars in overseas
markets is a significant milestone for us. Two years back,
|
|
With today's shipment
In 2009-10, Maruti Suzukiżs total exports were over 1.47
lakh units. Of which over 75 per cent were to
In coming times, the Company plans to expand its presence in newer markets including the ASEAN region
Best sellers
Today, the million Maruti Suzuki cars ply on the roads of over 125 countries across five continents
Interestingly, it is the A-star which has emerged as the fastest moving brand in exports. Within 38 months of its first shipment in January 2009, it has clocked exports of over 300,000 units. With over 136 variants, A-star is exported to over 100 countries across the world.
In cumulative sales, A-star is followed by Alto with over 250,000 units and Maruti 800 with 226, 000 units.
Maruti Suzuki financial results 2011-12
Quarter 4 2011-12
|
|
Q4 2011-12 |
Q4 2010-11 |
% change |
|
Net Sales |
Rs. 114,864 Mn |
Rs 97,967 Mn |
Up by 17.2% |
|
Net Profit |
Rs. 6,398 Mn |
Rs. 6,599 Mn |
Up by 17.2% |
|
|
|
|
|
|
Total Volume |
360,334 nos |
343,340 nos |
Up by 4.9% |
During the Quarter, the Company sold a total of 360,334 units as compared to 343,340 units in the same period previous year reflecting a growth of 4.9 per cent
While adverse currency movements made a significant impact during the Quarter, the Company was able to largely offset it through localization and internal cost control
Financial Year 2011-12
|
|
2011-12 |
2010-11 |
% change |
|
Net Sales |
Rs. 347,059 Mn |
Rs. 358,490 Mn |
Down by 3.2% |
|
Net Profit |
Rs. 16,351 Mn |
Rs. 22,887 Mn |
Down by 28.6% |
|
|
|
|
|
|
Total Volume |
1,133,695 nos |
1,271,005 nos |
Down by 10.8% |
|
Domestic |
1,006,316 nos |
1,132,739 nos |
Down by 11.2% |
|
Exports |
127,379 nos |
138,266 nos |
Down by 7.9% |
For the year, the Companyżs bottomline was impacted by adverse currency movement and increased commodity prices. The overall slowdown in the car market, including the skew towards diesel cars, also affected performance
Dividend maintained at 150 per cent
The Board of Directors recommended a dividend of 150 per cent (Rs 7.50 per share of face value Rs. 5/-) for 2011-12. The dividend in 2010-11 was also at 150 per cent
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.55.26 |
|
|
1 |
Rs.86.80 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
BYI |
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.