MIRA INFORM REPORT
|
Report Date : |
04.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI SUZUKI INDIA LIMITED [w.e.f. 17.09.2007] |
|
|
|
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Formerly Known
As : |
MARUTI UDYOG LIMITED |
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Registered
Office : |
Plot No. 1, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
24.02.1981 |
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Com. Reg. No.: |
55-011375 |
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Capital
Investment / Paid-up Capital : |
Rs.1445.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
l34103dl1981plc011375 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM00046E |
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PAN No.: [Permanent Account No.] |
AAACM0829Q |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of
Passenger Cars, Vans, Pickups, Jeeps, etc. in technical and financial collaboration
with Suzuki Motor Corporation of |
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|
|
|
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 607400000 |
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|
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Listing : |
Yes |
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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 an
excellent track record. The financial position of the company appears to be
strong and healthy. Performance capability is high. Business is active. Trade relations are trustworthy.
Payments are regular and as per commitment. The company can be considered excellent 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Highest degree of safety and lowest credit risk. |
|
Date |
28.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
28.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Head Office : |
Plot No. 1, |
|
Tel No.: |
Not Available |
|
Fax No.: |
91-11-46781000 / 46150275 / 46150276 |
|
Email : |
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|
Website : |
www.marutisuzuki.com |
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Corporate office : |
11th Floor, Jeevan Prakash Building, 25 Kasturba Gandhi Marg,
New Delhi – 110 001, India |
|
Tel No.: |
91-11-23316831 |
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|
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|
Factory 1 : |
Gurgaon Plant Old Palam Gurgaon Road, Gurgaon – 122015, Haryana, India |
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Tel No.: |
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 31.03.2012
|
Name : |
Mr. R C Bhargava |
|
Designation : |
Chairman |
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|
|
Name : |
Mr. Keiichi Asai |
|
Designation : |
Director and
Managing Executive Officer [Engineering] |
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|
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|
Name : |
Mr. Kazuhiko
Ayabe |
|
Designation : |
Director and
Managing Executive Officer [Supply Chain] |
|
|
|
|
Name : |
Mr. Tsuneo
Kobayashi |
|
Designation : |
Director and
Managing Executive Officer [Production] |
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|
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|
Name : |
Mr. Osama Suzuki |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Amal Ganguli |
|
Address : |
Director |
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|
|
|
Name : |
Mr. Shinzo
Nakanishi |
|
Designation : |
Managing Director
and Chief Executive Officer |
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|
|
|
Name : |
Mrs. Pallavi
Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kinji Saito |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Kenichi Ayukawa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Manvinder Singh Banga |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Davinder Singh Brar |
|
Designation : |
Director |
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Audit Committee |
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|
· Mr. Amal Gaguli, Chairman · Mr. Shinzo Nakanishi, Member · Mrs. Pallavi Shroff, Member · Mr. Davinder Singh Brar, Member |
|
|
|
|
Shareholder and Investors Grievance committee |
|
|
|
· Mr. R C Bhargava, Chairman · Mr. Shinzo Nakanishi, Member · Mr. Kenichi Ayukawa, Member · Mr. Davinder Singh Brar, Member |
KEY EXECUTIVES
|
Name : |
Mr. S. Ravi Aiyar |
|
Designation : |
Company Secretary
and Executive Officer (Legal) |
|
|
|
|
Name : |
Mr. S Y Siddiqui |
|
Designation : |
Senior Managing
Executive Officer (Administration – HR, IT Finance and COSL) |
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|
|
|
Marketing and Sales : |
Mr. Mayank Pareek
– Managing Executive Officer Mr. T Hashimoto –
Executive Officer |
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|
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|
Production : |
Mr. Tsuneo Ohsahi
– Directors and Managing Executive Officer Mr. M M Singh –
Senior Managing Executive Officer |
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|
|
Engineering : |
Mr. Keiichi Asai
– Director and Managing Executive Officer Mr. I V Rao –
Senior Managing Executive Officer |
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|
|
|
Supply Chain : |
Mr. Kazuhiko
Ayabe – Director and Managing Executive Officer Mr. Sudam Maitra
– Senior Managing Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
(2) Foreign |
|
|
|
|
Bodies Corporate |
156618440 |
54.21 |
|
|
|
156618440 |
54.21 |
|
|
Total shareholding of Promoter and Promoter Group (A) |
156618440 |
54.21 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
|
10751240 |
3.72 |
|
|
|
30704155 |
10.63 |
|
|
Foreign Institutional Investors |
66838194 |
23.13 |
|
|
Sub Total |
108293589 |
37.48 |
|
|
|
|
|
|
|
|
16975715 |
5.88 |
|
|
Individuals |
|
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
Million |
6151901 |
2.13 |
|
|
|
81000 |
0.03 |
|
|
|
789415 |
0.27 |
|
|
Non Resident Indians |
228358 |
0.08 |
|
|
Trusts |
331561 |
0.11 |
|
|
|
229346 |
0.08 |
|
|
|
150 |
0 |
|
|
Sub Total |
23998031 |
8.31 |
|
|
Total Public shareholding (B) |
132291620 |
45.79 |
|
|
Total (A)+(B) |
288910060 |
100 |
|
|
|
0 |
0 |
|
|
(1) Promoter and Promoter Group |
0 |
0 |
|
|
|
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
288910060 |
0 |
BUSINESS 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 :
31.03.2012)
|
Particulars |
Unit |
Installed
Capacity ** |
Actual
Production |
|
Passenger Cars and Light Duty Utility Vehicles |
Nos. |
1,260,000 |
1,134,607 |
|
|
|
|
|
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
|
No. of Employees : |
46200 [Approximately] |
|
|
|
|
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 India, Gurgaon, Haryana. |
|
|
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|
Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
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Holding Company : |
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|
Joint Ventures : |
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Subsidiaries : |
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|
|
|
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Associates : |
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|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
744000000 |
Equity Shares |
Rs.5/- each |
Rs. 3720.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
288910060 |
Equity Shares |
Rs.5/- each |
Rs. 1445.000
Millions |
|
|
|
|
|
NOTES
EQUITY SHARES HELD
BY THE HOLDING COMPANY AND ITS NOMINEES
|
|
AS AT 31.03.2012 |
|
|
|
NUMBER OF SHARES |
RS. IN MILLIONS |
|
Suzuki Motor Corporation, the holding company |
156,618,440 |
783.000 |
|
|
|
|
|
|
156,618,440 |
783.000 |
RECONCILIATION OF
THE NUMBER OF SHARES OUTSTANDING
|
|
AS AT 31.03.2012 |
|
|
|
NUMBER OF SHARES |
RS. IN MILLIONS |
|
Balance as at
the beginning of the year and at the end of the year |
288,910,060 |
1445.000 |
|
|
|
|
|
|
288,910,060 |
1445.000 |
RIGHTS,
PREFERENCES AND RESTRICTION ATTACHED TO SHARES
The Company has
one class of equity shares with a par value of Rs. 5 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
SHARES HELD BY
EACH SHAREHOLDER HOLDING MORE THAN 5% OF THE AGGREGATE SHARES IN THE COMPANY
|
|
% |
NUMBER OF SHARES
|
|
Suzuki Motor
Corporation (the holding company) and its nominees |
54.21 |
156,618,440 |
|
Life Insurance Corporation of India |
8.45 |
24,399,405 |
|
HSBC Global Investment
Funds A/C HSBC Global Investment Funds Mauritius Limited |
4.88 |
14,106,975 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
1445.000 |
1445.000 |
1445.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
150429.000 |
137230.000 |
116906.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
151874.000 |
138675.000 |
118351.000 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
265.000 |
|
|
2] Unsecured Loans |
10783.000 |
1702.000 |
7949.000 |
|
|
TOTAL BORROWING |
10783.000 |
1702.000 |
8214.000 |
|
|
DEFERRED TAX LIABILITIES |
3023.000 |
1644.000 |
2206.000 |
|
|
|
|
|
|
|
|
TOTAL |
165680.000 |
142021.000 |
128771.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
75207.000 |
55294.000 |
50247.000 |
|
|
Capital work-in-progress |
6114.000 |
8625.000 |
3876.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
61474.000 |
51068.000 |
71766.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
836.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
17965.000
|
14150.000 |
12088.000 |
|
|
Sundry Debtors |
9376.000
|
8245.000
|
8099.000
|
|
|
Cash & Bank Balances |
24361.000
|
25085.000
|
982.000
|
|
|
Other Current Assets |
4027.000
|
2401.000
|
848.000
|
|
|
Loans & Advances |
24498.000
|
19383.000
|
15707.000
|
|
Total
Current Assets |
80227.000
|
69264.000 |
37724.000 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
33499.000
|
26083.000
|
23181.000
|
|
|
Other Current Liabilities |
16858.000
|
10889.000
|
6213.000
|
|
|
Provisions |
6985.000
|
5258.000
|
6284.000
|
|
Total
Current Liabilities |
57342.000
|
42230.000 |
35678.000 |
|
|
Net Current Assets |
22885.000
|
27034.000
|
2046.000
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
165680.000 |
142021.000 |
128771.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales Turnover |
347059.000 |
358490.000 |
289585.000 |
|
|
|
Other Operating Revenue |
8812.000 |
7694.000 |
1404.000 |
|
|
|
Other Income |
8268.000 |
5088.000 |
10209.000 |
|
|
|
TOTAL (A) |
364139.000 |
371272.000 |
301198.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
267070.000 |
271418.000 |
|
|
|
|
Purchases made for re-sale |
15325.000 |
12781.000 |
|
|
|
|
Employees Benefit Expenses |
8438.000 |
7036.000 |
|
|
|
|
Other Expenses |
41647.000 |
39381.000 |
|
|
|
|
Vehicles / Dies for own use |
(427.000) |
(257.000) |
|
|
|
|
(Increase)/Decrease to Work in Progress and
Finished goods and Spare Parts |
(1312.000) |
(560.000) |
|
|
|
|
TOTAL (B) |
330741.000 |
329799.000 |
256688.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
33398.000 |
41473.000 |
44510.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
552.000 |
250.000 |
335.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
32846.000 |
41223.000 |
44175.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
11384.000 |
10135.000 |
8250.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
21462.000 |
31088.000 |
35925.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5110.000 |
8202.000 |
10949.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
16352.000 |
22886.000 |
24976.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
118578.000 |
100499.000 |
80042.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1635.000 |
2289.000 |
2498.000 |
|
|
|
Dividend |
2167.000 |
2167.000 |
1733.000 |
|
|
|
Tax on Dividend |
351.000 |
351.000 |
288.000 |
|
|
BALANCE CARRIED
TO THE B/S |
130777.000 |
118578.000 |
100499.000 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
36918.000 |
34988.000 |
45437.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
30451.000 |
29691.000 |
25616.000 |
|
|
|
Capital Goods |
11625.000 |
8250.000 |
3968.000 |
|
|
|
Maintenance Spares |
280.000 |
246.000 |
133.000 |
|
|
|
Dies and Moulds |
15.000 |
31.000 |
76.000 |
|
|
|
Other Items |
852.000 |
826.000 |
308.000 |
|
|
TOTAL IMPORTS |
43223.000 |
39044.000 |
30101.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
56.60 |
79.22 |
86.45 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
107781.500 |
83054.300 |
112003.400 |
|
Total Expenditure |
99918.600 |
77968.800 |
103090.700 |
|
PBIDT (Excl OI) |
7862.900 |
5085.500 |
8912.700 |
|
Other Income |
1123.100 |
1563.200 |
1886.200 |
|
Operating Profit |
8986.000 |
6648.700 |
10798.900 |
|
Interest |
331.500 |
380.100 |
459.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
8654.500 |
6268.600 |
10339.600 |
|
Depreciation |
3399.100 |
3470.400 |
3583.300 |
|
Profit Before Tax |
5255.400 |
2798.200 |
6756.300 |
|
Tax |
1017.700 |
523.700 |
1743.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
4237.700 |
2274.500 |
5012.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
4237.700 |
2274.500 |
5012.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.49
|
6.16
|
8.29
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.18
|
8.67
|
12.40
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.81
|
24.96
|
40.84
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.22
|
0.30
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.07
|
0.01
|
0.07
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.64
|
1.06
|
LOCAL AGENCY FURTHER INFORMATION
|
COURT CASE IN THE HIGH
COURT OF DELHI AT NEW DELHI
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FACILITIES
|
UNSECURED LOAN |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
LONG TERM BORROWINGS |
|
|
|
Foreign Currency Loans from Banks |
0.000 |
1390.000 |
|
SHORT TERM BORROWINGS |
|
|
|
From banks - cash credit |
80.000 |
312.000 |
|
From banks - buyers credit and packing credit loans |
10703.000 |
0.000 |
|
|
|
|
|
TOTAL |
10783.000 |
1702.000 |
|
NOTES
- to Japan Bank of International Cooperation along with interest rate
of LIBOR + 0.125. - to Bank of Tokyo Mitsubishi along with interest rate of LIBOR +
0.100. 2.
The repayment of above mentioned foreign currency
loans are guaranteed by Suzuki Motor Corporation, Japan (the holding company) |
||
GENERAL
INFORMATION
The Company is
primarily in the business of manufacturing, 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
Company is a public company listed on the Bombay Stock Exchange (BSE)
and the National Stock Exchange (NSE).
FINANCIAL HIGHLIGHTS
The total revenue
(net of excise) was Rs. 364,139 million as against Rs. 371,272 million in the
previous year showing a marginal decline of 1.92 per cent. Sale of vehicles in
the domestic market was 1,006,316 units as compared to 1,132,739 units in the
previous year. Total number of vehicles exported was 127,379 as compared to
138,266 in the previous year.
Profit before tax
(PBT) was Rs. 21,462 million against Rs. 31,088 million and profit after tax
(PAT) stood at Rs. 16,352 million against Rs. 22,886 million in the previous
year.
AWARDS/RECOGNITION/RANKINGS
v J D Power Customer
Satisfaction Index (CSI) Study ranked the Company highest for the 12th time in
a row.
v J D Power Asia
Pacific 2011 India Vehicle Dependability Study ranked Zen Estilo and Swift
DZire as the ‘most dependable cars’.
v JD Power IQS
ranked Zen Estilo and Swift DZire highest in the ‘compact’ and ‘entry midsize’
segment respectively.
v J D Power APEAL Study
2011 ranked Alto and Zen Estilo highest in the ‘compact’ segment. Swift DZire
received an award in the ‘entry midsize car’ segment for a fourth consecutive
year.
v CNBC TV 18
Overdrive awarded ‘Compact Car of the year 2012’ to new Swift.
v NDTV CNB’s ‘Premium
hatchback of the year’ awarded to new Swift.
v BBC India Top
Gear’s ‘Small car of the year 2011’ awarded to new Swift.
v ICOTY 2012 ‘Indian
Car of the Year 2012’ awarded to new Swift.
v Bloomberg UTVi’s
‘Compact Car of the Year’ awarded to new Swift.
Mr. R. C.
Bhargava, Chairman was bestowed with ‘The Order of the Rising Sun, Gold and
Silver Star’ by His Majesty Emperor Akihito of Japan.
SUBSIDIARY
COMPANIES AND THEIR ACCOUNTS
The Company’s
subsidiaries which were engaged in the business of insurance distribution in
the past generated an investment income of Rs. 163.80 million including a
dividend income of Rs. 28.65 million and long term capital gain of Rs. 129.13
million through mutual funds.
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 sale and re-purchase of new cars
through exchange and has made significant contribution towards enhancing
dealers’ profitability.
In terms of the
general circular dated 8th February 2011 issued by the Government of India,
Ministry of Corporate
Affairs, 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. Annual accounts of the subsidiary companies and the
related detailed information shall be made available to shareholders of the
Company and subsidiary companies seeking such information at any point of time.
The annual accounts of the subsidiary companies shall also be available for
inspection by any shareholder at the head office of the Company and of the
subsidiary companies. Hard copy of details of accounts of subsidiaries shall be
furnished to any shareholder on demand. Further, pursuant to Accounting
Standard – 21 issued by the Institute of Chartered Accountants of India,
consolidated financial statements presented by the Company include the
financial information of its subsidiaries.
MANAGEMENT DISCUSSION AND ANALYSIS
OVERVIEW
The financial year
2011-12 was full of challenges and turbulence for the Indian passenger vehicle
industry. With a background of two good years of 8.4 per cent economic growth,
the financial year 2011-12 began on an optimistic note. However, during the
course of the year it became evident that the Indian economy would fall short
of these expectations and the GDP growth in 2011-12 is now estimated to be
around 6.5 per cent. It was the second year in succession with a double digit
inflation rate and the central bank raised interest rates to curb inflation.
Prices of crude oil also shot up in the international market. With petrol
prices deregulated the previous year, and diesel prices under government
control, there was a high difference in the prices of the two fuels. This led to
a severe demand distortion between petrol and diesel cars. High inflation, high
interest rates and high petrol prices impacted affordability of cars,
particularly in the smaller cost-sensitive segment. The Indian passenger
vehicle market grew by a meagre 4.7 per cent. Sales of petrol cars declined by
13.7 per cent in the domestic market while diesel car sales grew by 37.4
percent with an additional wait list of customer bookings owing to capacity
constraints. If the market is segmented on size, the sales of bigger cars (A3
segment and above) grew by 17.5 per cent and of utility vehicles by 16.5 per
cent, while those of small and compact cars declined by 1.4 per cent.
The global
economic environment was also uncertain following a natural calamity in Japan,
a downgrade of credit rating of the U.S.A. and a sovereign debt crisis in the
Eurozone. The latter continues to be a dominant global factor and a source of
volatility in the financial and currency markets. While export sales of the
Company’s products to the European markets plummeted, the fall in volumes was
made up to some extent by increase in sales to non-European markets.
On the cost side,
a steep appreciation of the Yen increased the Rupee cost of direct and indirect
imports and royalty. Although there was some benefit on export realizations,
the quantum was limited.
The Company
suffered an unfortunate labour unrest situation at its Manesar facility. Since
then, the management
has taken measures
to promote cordial industrial relations. The unrest impacted the production of
vehicles, including in the diesel segment, which were in high demand.
The competitive
intensity also increased with new model launches including in small and compact
segment and aggressive price cuts. Since the Company is present predominantly
in the small car segment and in petrol cars, and did not have a sizeable
presence in utility vehicle segment, it was impacted more than industry as a
whole and domestic sales fell by 11.2 per cent to 1,006,316 units. Net Sales,
including exports, stood at Rs. 347,059 million, a decline of 3.2 per cent over
the previous year. Efforts to revive the market by higher discounts and sales
promotion activities, together with higher commodity prices and adverse foreign
exchange rates, put pressure on profit. Net Profit after tax declined by 28.6
per cent to Rs. 16,351 million
While the year was
marked by challenges on several fronts, the Company continued to take
significant measures for the long term in the areas of capacity expansion,
brand building, product development and network expansion. Customers rated the
Company the best in customer satisfaction in India for the twelfth consecutive
year in the J.D. Power survey. The Company launched refined versions of its
Swift and DZire models, even while they were at the prime of sales and customer
demand. The new models were received well and sales have increased further.
During the year, the Company commissioned a second car plant at Manesar and
augmented availability of diesel engines by outsourcing with the help of Suzuki
Motor Corporation. Work on the development of a new R&D centre at Rohtak
progressed according to schedule. The Company entered the utility vehicle space
with the showcasing of a new model, the Ertiga. The Ertiga, designed as an alternative
to sedans and targeted at families upgrading from compact and mid-size cars,
has received a positive response and order books are full for the next few
months.
BUSINESS PERFORMANCE
DOMESTIC MARKET
During the year,
market conditions remained tough due to high interest rates, high petrol prices
and an uncertain political and economic environment. As mentioned above, the
difference between petrol and diesel prices shot up
causing a further
decline in the demand for petrol vehicles and a customer waitlist for diesel
vehicles. The percentage of diesel vehicles in domestic passenger vehicle sales
increased from 36 per cent in 2010-11 to 47 per cent in 2011-12.
The sales of
diesel models of the Company were limited by capacity constraints and therefore
had a long customer waitlist for delivery built up during the year. Towards the
fourth quarter of the year, the Company enhanced diesel engine availability by
outsourcing from Fiat India Automobiles Limited. The competition launched new
models and in several cases announced aggressive discounts and price cuts. The
market share in passenger vehicles declined from the past levels of about 45
per cent to 38.4 per cent. However, the Company will make efforts to recover
market share in the next few years given the popularity of its diesel models,
enhanced diesel engine availability, renewed focus on efficient petrol vehicles
and strong new launches, among other reasons. Four out of the top five selling
models in India in the year were from the Maruti Suzuki stable.
During the year,
the Company launched refreshed variants of the Swift and the DZire. These
brands have been on waiting lists for delivery since their launch. The first
Swift, launched six years ago, created great enthusiasm in the Indian passenger
vehicle market with its contemporary European design, styling, features and
performance. DZire is an attractive package for an urban family, offering
plush, comfortable interiors and superior fuel efficiency. Maruti and Suzuki
engineers ventured on the tough task of surpassing existing standards in their
efforts together to enhance further the styling, features and fuel efficiency
of the cars. The market response to the new models has been satisfying and the
combined volumes have shot up from about 22,000 units to over 30,000 units per
month.
At the 2012 Delhi
Auto Expo, the Company unveiled the Ertiga - Life Utility Vehicle. The global
premiere of Ertiga
marks the entry of
the Company in the UV segment, which will help further strengthen its leadership
position in the industry. The Company also showcased the XA-Alpha, a concept
compact SUV.
The Company
continues to focus on network expansion to remain close to customers. During
the year, the dealer
sales network
reached 1,100 outlets in 801 cities and total service points expanded to 2,958
workshops in 1,408 cities. The Company is the only passenger vehicle
manufacturer to achieve more than one thousand sales outlets in India.
Higher network
penetration helps in capturing more sales from across geographies. The Company
has the highest presence in terms of district coverage at 82 per cent. The
rural segment has grown at a fast pace in the last 5 years. Better road
infrastructure, higher minimum support prices and government social schemes have
had a positive impact on the rural economy and increased purchasing power as
well as aspiration levels. Rural sales, even in such a tough year, remained
healthy and robust. In the year, rural sales contributed more than 25 per cent
of total domestic sales.
The Company’s
workshop network has about 25,000 dealer service technicians trained in
technical skills and customer friendly processes. This has contributed to the
Company being rated the best in Customer Satisfaction in India for the twelfth
consecutive year in the JD Power Asia Pacific survey. For reducing the transit
time and faster delivery of vehicles and parts to the southern states, the
Company opened a transit vehicle park for vehicles and parts distribution
centre at Bangalore.
The integrated business
model of the Company’s dealerships proved valuable in a difficult year. The
TrueValue business is an effective tool to promote new car sales by offering a
hassle-free way for customers to exchange old cars for new or otherwise. During
the year, dealerships sourced and sold over 230,000 pre-owned cars. Of these
nearly 90 per cent resulted in exchange buying of new cars.
PARTS AND ACCESSORIES
The Company’s
large vehicle arc continued to drive demand in the aftermarket. To educate
customers and encourage use of genuine parts for safety and better performance,
it employed radio campaigns, service checkup
camps and carried
out other marketing activities. The Company worked on the retail network for
easy availability and expanding the range of accessories by introducing more
than 300 new products.
Parts and
accessories achieved a gross turnover of Rs. 23, 385 million, a growth of 16
per cent over the previous year.
EXPORTS
The export
business was challenged by the weak global economic scenario, particularly in
the European market.
The Company made
strong efforts to develop the non-European markets and this compensated to a
large extent for the fall in European sales. The Company worked in close
co-ordination with the distributors and implemented various sales enablers and
best practices that resulted in robust sales and improved brand presence.
Non-European markets now account for 66 per cent of total exports up
In the year, the
Company exported 127,379 vehicles, a decline of 8 per cent over the previous
year. The Company’s premium small car A-star with low CO2 emission was the
single largest selling model and its cumulative sales crossed the milestone of
300,000 units.
SUSTAINABILITY
The sustainability
efforts of the Company focus on three dimensions of its performance - economic,
environmental and social. The Company considers its various stakeholders to be
essential partners in its sustainability journey and regularly reviews its
stakeholder engagement mechanisms to address their concerns and needs in a
proactive and progressive way.
The Company has
made numerous improvements within the boundaries of its manufacturing
facilities over the years. In 2011-12, the Company became the first automobile
company in the country to register a Clean Development Mechanism (CDM) project
with United Nations Framework Convention on Climate Change (UNFCCC). In due
course, the project will allow the Company to earn tradable carbon credits.
The Company
promoted sensitivity for the environment amongst its suppliers as well. The
Company’s corporate social responsibility (CSR) projects continued to expand in
the year. Road safety, the Company’s largest CSR project, laid high focus on
driver training for increasing safety on Indian roads. Besides, emphasis was
laid on spreading awareness on road safety among school children and the
general public. The Company had set a goal of training 500,000 persons in safe
driving under its National Road Safety Mission in 2008. Of this, 100,000 were
to be from the underprivileged sections of the society. The Company completed
its 3-year training goal in December 2011. Many of the underprivileged trained
in driving are using their skill to earn a living, either by joining an
existing enterprise or setting up their own business. The driving training
network of the Company consists of Institutes of Driving and Traffic Research
(IDTRs), run in collaboration with state governments and Maruti Driving Schools
(MDS), neighbourhood training centres owned and managed by the Company’s
dealerships. There are now 6 IDTRs across the country and over 200 Maruti
Driving Schools. During the year, the Company crossed the milestone of training
1 million people in safe driving in the last one decade.
The Company’s
skill training programme expanded with new partnerships with Government
Industrial Training Institutes (ITIs). The Company is working in close
partnership with state government, for overall up-gradation of 10 Institutes,
including two ITIs for women and one ITI for Scheduled Cast / Scheduled Tribe
students. Besides these Institutes, the automobile trade was upgraded in 38
ITIs across the country.
Development
activities in four Manesar villages continued smoothly in the year. The key
activities were school education, infrastructure development and skill training
for employment. For initiating activities in four villages in Gurgaon, the
Company undertook a needs assessment of the area. Focused activities will begin
in these locations in the coming year.
Expressing
commitment to workplace safety, the Company underwent the Occupational Health
and Safety Assessment Sequence (OHSAS) 18001 Certification in 2011-12. Over
100,000 man-hours of safety training were provided in 2011-12.
The Company
measures and shares its performance in the area of sustainability with
stakeholders in the form of a sustainability report. The report is in
accordance with Global Reporting Initiative (GRI) G3 guidelines and is
externally assured with an A+ certification.
OPERATIONS
The aggregate
decline of 11.2 per cent in the domestic market in the year was accompanied by
fluctuations in demand in each quarter, and also across models. There were
changes in production lines for new versions of Swift and DZire and changes in
the diesel and petrol product mix. This placed demands on the ability of the
manufacturing operations and vendors to meet the fluctuating needs of the
market while staying lean with inventories.
The manufacturing
operations comprising three plants at Gurgaon and one plant at Manesar tried to
meet customers’ requirements with flexibility and agility. A second plant was
commissioned in Manesar taking the installed capacity of the Company to 1.26
million units per annum. However, with productivity improvements and kaizen or
continuous improvement over the years, the Company is able to achieve a
throughput of 1.5 million units per annum.
This second plant
is built with high automation levels, world class facilities, ergonomically
designed equipment and advanced technologies. It has capacity of 250,000
vehicles p.a. The Company has been able to reduce space per vehicle by 30 per
cent by innovative rationalisation of total space. The plant was commissioned
in September with substantial reduction in investment cost.
The Company has
identified four pillars of manufacturing excellence – Safety, Productivity,
Quality and Cost Reduction and these are achieved by involving all the
employees in both generation of ideas and in execution. The Japanese practice
of kaizen involves every employee looking for small and continuous improvement
in his/her work area. The total adds up to big benefits in cost reduction,
waste elimination, productivity and quality improvement. An additional
advantage is that it engages and empowers employees and tries to leverage the
entire organisation’s potential. The Company holds regular competitions in
suggestion schemes and quality circles and duly recognizes the high performers.
TOOL ROOM AND DIE SHOP
The capability to design
and develop tools and dies directly translates into the Company’s ability to
develop new models at a faster pace and lower cost. The Company was able to
enhance this capability and for the first time exported sheet metal dies to
Suzuki for its overseas facilities. With automation and kaizen in the design
and manufacturing process, the Company has been able to achieve a cost
advantage of 25 to 40 per cent over imported dies.
ENERGY AND ENVIRONMENT SENSITIVITY IN OPERATIONS
The Company
deployed some of the best technologies and global practices towards water and
energy conservation using the principle of Reduce, Reuse and Recycle. The
results over the years have been quite encouraging as the following graphs
show. However, in 2011-12, there was an increase in per unit consumption of
water and electricity owing to lower volumes.
To utilise the
energy of the exhaust gases of the Gas Turbine Generators, Waste Heat Recovery
Boilers (WHRBs) and Steam Turbine Generators (STGs) were installed in the
Gurgaon campus. In Manesar, a special Fluidised bed type incinerator was
installed for cleaning of paint booth gratings instead of a direct burning type
incinerator to reduce emissions.
COMPONENT AND RAW
MATERIAL PROCUREMENT
The challenge of
demand volatility was equally applicable to vendor manufacturing operations as
it was to in house manufacturing. Parts which were specific to a diesel or
petrol model experienced greater volatility. The Company’s vendors rose to the
occasion and supported it with flexibility and agility to meet the changing
requirements.
The challenge of
macroeconomic volatility was felt on the cost side also as changes in commodity
prices and foreign exchange rates were pronounced. The upward movement of the
Yen combined with a downward movement of the Rupee made the Company’s direct
imports and vendors’ imports expensive. The Company launched a major drive to
localize imported parts and inner parts and created a dedicated organization
structure to achieve this objective. Besides these areas, focus on yield
improvement, consolidated buying and value analysis and value engineering
helped offset the impact. The Company made efforts to develop competency in
commodity hedging and some commodity exposure was also hedged.
During the year,
the Company also benefited from lower duty, as India’s Free Trade Agreements
(FTA) with Japan, Korea, Thailand and ASEAN were notified. Taking the benefits
of the FTAs further, locally produced components were exported to Suzuki
subsidiaries in Thailand and Indonesia, presenting an additional opportunity
for suppliers.
For the business
to scale up to global levels, Tier 2 vendors need to be strengthened in terms
of robustness of manufacturing and quality systems and management bandwidth.
The Company is devoting resources to their up gradation as they will form the
foundation of sustainable growth of the Indian car industry.
FINANCIAL PERFORMANCE
As mentioned in
the Overview section, the Company was impacted by lower sales owing to a tough
macroeconomic scenario and higher cost owing to adverse foreign exchange rates
and commodity price increases. To increase sales, the Company expanded its
network reach, tried to leverage rural sales, targeted niche customer segments
and made efforts to enhance diesel engine supplies. On profit margins, the
Company made strong efforts to reduce cost and localize and was also forced to
pass on some price increase to the customer. While the Net Profit declined as
is shown in the following abridged profit and loss statement, the Company has
taken some strong and concrete measures to enhance revenues and profits:
- Diesel engine availability is expected to improve to about 400,000
units in the year 2012-13 from about 250,000 units in 2011-12. Realising
the potential demand for diesel vehicles, a further capacity expansion is
planned in phases.
- The Company has entered the utility vehicles segment with the
Ertiga, where it had a miniscule presence till now, and plans to
strengthen this position with more products.
- As mentioned in the Raw Material and Component Procurement section,
the Company is making focused efforts on localizing import content and has
created a dedicated organization structure for this.
- The Company has received permission from the Reserve Bank of India
to take hedges on foreign exchange exposure due to its vendors’ inner part
imports. This will facilitate centralized and fast decisions on foreign
currency hedges for the entire value chain.
- The Company has also constituted joint teams of Finance and Supply
Chain functions to explore possibilities of hedging its commodity exposure
in copper, aluminium and precious metals.
OUTLOOK
Though the Indian
passenger vehicle industry has reasons and prospects to grow at a good pace for
a long time,
the journey will
not be smooth, as was seen in the year 2011-12. There were challenges in terms
of adverse macroeconomics, demand slowdown, petrol-diesel price distortion,
adverse foreign exchange rates and turbulence in industrial relations. The
market share and profitability of the Company were adversely impacted. While
the growth prospects in India are fundamentally positive, challenges like these
and the impact of business cycles cannot be ruled out. Competitive intensity
will also increase in the future. The differentiating factor is the
management’s commitment not to accept adversity, to learn from every
opportunity and emerge stronger, to look for areas in its sphere of influence
rather than surrendering to external adversity, to keep investing and strengthening
for the long term, promote the well being of its stakeholders and stay focused
on the needs of its customers. The Company has some good enablers in the areas
of management talent and commitment, relevant technology, a proximate and
caring network, sensitivity to new customer lifestyles and potential segments,
a culture of efficiency and cost consciousness, promotion of superior
management practices in its vendors and dealers and scalability in all these
areas. Unfazed by the past, but avoiding complacence at all times, the Company
will keep working hard to strengthen its market leadership and profitability
and its ability to continue serving society.
FIXED ASSETS
- Freehold Land
- Leasehold
Land
- Building
- Plant and
Machinery
- Electronic
Data Processing Equipments
- Furniture,
Fixtures and Office Appliances
- Vehicles
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2012
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Month Ended |
|
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
109569.500 |
80701.100 |
295563.000 |
|
|
Other Operating Income |
2433.900 |
2353.200 |
7276.200 |
|
|
Net Sales/Income
from Operations |
112003.400 |
83054.300 |
302839.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
83760.400 |
58654.100 |
223044.900 |
|
|
Purchase of Stock In Trade |
5668.400 |
4935.700 |
15209.000 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(1587.300) |
2519.700 |
(400.200) |
|
|
Employee Benefits Expenses |
2412.300 |
2352.200 |
7147.100 |
|
|
Depreciation and Amortization Expenses |
3583.300 |
3470.400 |
10452.800 |
|
|
Other Expenses |
12836.900 |
95071.100 |
35537.700 |
|
|
f) Total |
106674.000 |
81439.200 |
290991.300 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
5329.400 |
1615.100 |
11847.900 |
|
|
|
|
|
|
|
4. |
Other Income |
1886.200 |
1563.200 |
4133.800 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
7215.600 |
3178.300 |
15981.700 |
|
|
|
|
|
|
|
6. |
Interest |
459.300 |
380.100 |
1171.800 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
6756.300 |
2798.200 |
14809.900 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
6756.300 |
2798.200 |
14809.900 |
|
|
|
|
|
|
|
10. |
Tax Expense |
1743.400 |
523.700 |
3284.800 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
5012.900 |
2274.500 |
11525.100 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
5012.900 |
2274.500 |
11525.100 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
1444.600 |
1444.600 |
1444.600 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not
Annualised |
17.35 |
7.87 |
39.89 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
132291620 |
132291620 |
132291620 |
|
|
- Percentage of Shareholding |
45.79% |
45.79% |
45.79% |
|
|
|
|
|
|
|
18. |
Promoters
and 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 |
156,618,440 |
156,618,440 |
156,618,440 |
|
|
- 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 DECEMBER, 2012 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTES
1.
The
above results for the period ended 31st December, 2012 were reviewed
by Audit Committee and approved by the Board of Directors in its meeting held
on 25th January, 2013. These results have been subjected to a Limited Review by
the Auditors.
2.
The
Company has considered "business segment' as the primary segment. 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.
3.
The
Company's impleadment application in the pending appeal by Haryana State
Industrial and Infrastructure Development Corporation Limited
("HSIIDC"), relating to the demand raised for additional compensation
by landowners for land acquired from them at Manesar, has been heard and the order
has been reserved by the Supreme Court against the demand of Rs. 5012.400
Millions. The demand for Rs. 1375.800 Millions for remaining part of land at
Manesar was received subsequent to the quarter end and the Company is in the
process of evaluating its legal options.
As the amounts, if
any, of final price adjustment(s) is not determinable at this stage, the
Company considers that no provision is required to be made at present. Any
additional compensation, if payable, will have the effect of enhancing the
asset value of the freehold land.
4.
The
figures of previous periods have been re-grouped, wherever necessary, to
conform to current quarter classification
5.
Rs.10
Lacs is equal to Rs.1 Million
WEBSITE DETAILS
PROFILE
Subject (MSIL, formerly known as Maruti Udyog Limited) is a subsidiary
of Suzuki Motor Corporation, Japan. Subject has been the leader of the Indian
car market for over two and a half decades. The company has two manufacturing
facilities located at Gurgaon and Manesar, south of New Delhi, India. Both the
facilities have a combined capability to produce over a 1.5 million (1,500,000)
vehicles annually. The company plans to expand its manufacturing capacity to
1.75 million by 2013.
The Company offers 15 brands and over 150 variants ranging from people's car
Maruti 800 to the latest Life Utility Vehicle, Ertiga. The portfolio includes
Maruti 800, Alto, Alto K10, A-star, Estilo, WagonR, Ritz, Swift, Swift DZire,
SX4, Omni, Eeco, Kizashi, Grand Vitara, Gypsy and Ertiga. In an environment
friendly initiative, in August 2010 Maruti Suzuki introduced factory fitted CNG
option on 5 models across vehicle segments. These include Eeco, Alto, Estilo,
Wagon R and Sx4. With this Subject became the first company in India to
introduce factory fitted CNG vehicles.
In terms of number of cars produced and sold, the Company is the largest
subsidiary of Suzuki Motor Corporation. Cumulatively, the Company has produced
over 10 million vehicles since the roll out of its first vehicle on 14th
December, 1983.
Subject is the only Indian Company to have crossed the 10 million sales mark
since its inception. In 2011-12, the company sold over 1.13 million vehicles
including 1,27,379 units of exports.
The Company employs over 9000 people (as on 31st March, 2012). Subject sales
and service network is the largest among car manufacturers in India. The
Company has been rated first in customer satisfaction in the JD Power survey
for 12 consecutive years. Besides serving the Indian market, Subject also
exports cars to several countries in Europe, Asia, Latin America, Africa and
Oceania
NEWS
SEEING
STRONG DEMAND IN RURAL MARKETS: MARUTI SUZUKI
The
overall sentiment in the auto industry remains bad, but growth in rural markets
has been strong, Mayank Pareek, Maruti Suzuki's managing executive officer,
marketing and sales, said on Monday.
There
has been a continuous decline in volumes in the last 4 months, and diesel
vehicle sales are also down as the cost of ownership (high fuel prices,
expensive loans) has gone up, Pareek told CNBC-TV18.
"I
think difficult is the statement. It is all worst time auto industry has seen
in long time," he said.
Also Read:
Maruti names Kenichi Ayukawa as CEO as Nakanishi retires
The
rural sales, however, are up 19 percent this year, he said, adding that the
company started focusing on the rural markets during the slowdown in 2008, and
this rural push has helped it gain market share.
Rural
markets now contribute to as much as 28 percent of Maruti's total sales,
compared with just 4 percent in 2008, he added.
Domestic
car sales plunged 26 percent to a 12-year low in Feb, according to data
published by Society of Indian Automobile Manufacturers. Maruti's sales
declined 8 percent year-on-year, last month.
The
company has already halted production twice this month in the wake of the
slowdown. Pareek said the company would continue with its strategy to control
inventory by stopping production on select days, instead of pushing stocks up
at the dealers end, in the wake of the sluggish retail demand.
Many
auto companies have started discounts and special offers on their cars to
lure customers. Pareek noted that the discounts are at an all time high and so
this could be a good time to buy cars.
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 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 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. 54.38 |
|
|
1 |
Rs. 82.04 |
|
Euro |
1 |
Rs. 69.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
YES |
|
--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.