MIRA INFORM REPORT

Report Date :

03.07.2014

IDENTIFICATION DETAILS

Name :	MARUTI SUZUKI INDIA LIMITED (w.e.f.17.09.2007)
Formerly Known As :	MARUTI UDYOG LIMITED
Registered Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	24.02.1981
Com. Reg. No.:	55-011375
Capital Investment / Paid-up Capital :	Rs. 1510.000 Millions
CIN No.: [Company Identification No.]	l34103dl1981plc011375
TAN No.: [Tax Deduction & Collection Account No.]	DELM00046E
PAN No.: [Permanent Account No.]	AAACM0829Q
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing, Purchasing and Selling of Motor Vehicles, Components and Spare Parts ("Automobiles") and other activities like facilitation of Pre-Owned Car sales, Fleet Management and Car Financing.
No. of Employees :	48300 (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 743000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of SUZUKI MOTOR CORPORATION. It 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. Trade relations are trustworthy. Business is active. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating : AAA
Rating Explanation	Highest degree of safety and carry lowest credit risk.
Date	09.05.2014

Rating Agency Name	CRISIL
Rating	Short term rating : A1+
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	09.05.2014

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-11-46781000)

LOCATIONS

Registered / Head Office :	Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070, India
Tel No.:	91-11-46781000
Fax No.:	91-11-46150275/ 46150276
Email :	sanjeev.grover@maruti.co.in
Website :	www.marutisuzuki.com
Corporate office :	11^th Floor, Jeevan Prakash Building, 25 Kasturba Gandhi Marg, New Delhi – 110001, India
Tel No.:	91-11-23316831
Factory 1 :	Gurgaon Plant Old Palam Gurgaon Road, Gurgaon – 122015, Haryana, India
Tel No.:	91-124-2346721-30
Fax No.:	91-124-2341404
Factory 2:	Manesar Plant Manesar Plant, Plot No.1, Phase 3A, IMT Manesar, Haryana, India
Tel No.:	91-124-4884000
Regional Offices :	Located at: · Kolkata · Guwahati · New Delhi · Lucknow · Chennai   · Cochin · Mumbai · Ahmedabad · Ranchi · Indore · Chandigarh · Jaipur · Bangalore · Hyderabad · Pune

DIRECTORS

As on 31.03.2013

Name :	Mr. R C Bhargava
Designation :	Chairman
Name :	Mr. Keiichi Asai
Designation :	Director and Managing Executive Officer [Engineering]
Name :	Mr. Kazuhiko Ayabe
Designation :	Director and Managing Executive Officer [Supply Chain]
Name :	Mrs. Pallavi Shroff
Designation :	Director
Name :	Mr. Davinder Singh Brar
Designation :	Director
Date of Birth/Age :	60 Years
Name :	Mr. O. Suzuki
Designation :	Director
Name :	Mr. Kenichi Ayukawa
Designation :	Managing Director and Chief Executive Officer
Date of Birth/Age :	57 Years
Qualification :	Law Graduate from Osaka University, Japan
Name :	Mr. Shinzo Nakanishi
Designation :	Director
Name :	Mr. Amal Ganguli
Designation :	Director
Date of Birth/Age :	73 Years
Name :	Mr. R.P. Singh
Designation :	Director
Date of Birth/Age :	61 Years
Name :	Mr. K. Saito
Designation :	Director

KEY EXECUTIVES

Name :	Mr. S. Ravi Aiyar
Designation :	Executive Officer (Legal) and Company Secretary
Audit Committee :	· Mr. Amal Gaguli, Chairman · Mr. K. Ayukawa, 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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	Total No. of Shares	As a %
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	169788440	56.21
Sub Total	169788440	56.21
Total shareholding of Promoter and Promoter Group (A)	169788440	56.21
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	17576495	5.82
Financial Institutions / Banks	23501534	7.78
Foreign Institutional Investors	67554269	22.36
Qualified Foreign Investor	100	0.00
Sub Total	108632398	35.96
(2) Non-Institutions
Bodies Corporate	16706634	5.53
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5820451	1.93
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	127000	0.04
Any Others (Specify)	1005137	0.33
Trusts	385029	0.13
Clearing Members	363676	0.12
Foreign Nationals	150	0.00
Non-Resident Indians	256282	0.08
Sub Total	23659222	7.83
Total Public shareholding (B)	132291620	43.79
Total (A)+(B)	302080060	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	302080060	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing, Purchasing and Selling of Motor Vehicles, Components and Spare Parts ("Automobiles") and other activities like facilitation of Pre-Owned Car sales, Fleet Management and Car Financing.

Products/ Services :

ITC Code No.	Product Descriptions
8703.00	Motor Cars

Exports :

Not Divulged

Imports :

Not Divulged

PRODUCTION STATUS (AS ON 31.03.2013)

Particulars	Unit	Installed Capacity **	Actual Production
Passenger Cars and Light Duty Utility Vehicles	Nos.	1,260,000	1,168,917

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

Customers :	Not Divulged
Suppliers :	Not Divulged
No. of Employees :	48300 (Approximately)
Bankers :	· State Bank of Travancore, New Delhi, India · Punjab National Bank, Parliament Street, New Delhi, India · Bank of America, New Delhi, India · Bank of Tokyo – Mitsubishi Limited, New Delhi, India · State Bank of India, New Delhi, India · American Express Bank, New Delhi, India · Corporation Bank, New Delhi, India · BNP Paribas, Kasturba Gandhi Marg, New Delhi - 110001, India · Sanwa Bank, Kasturba Gandhi Marg, New Delhi – 110001, India · ABN Amro Bank, Barakhamba Road, New Delhi – 110001, India · Union Bank of India, New Delhi, India · Credit Lyonnais Bank, New Delhi, India · Citibank N.A., Barakhamba Road, New Delhi, India · State Bank of India, Gurgaon, Haryana, India

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Holding Company :	Suzuki Motor Corporation
Joint Ventures :	· Mark Exhaust Systems Limited · Bellsonica Auto Component India Private Limited · FMI Automotive Components Limited · Krishna Auto Mirrors Limited · Inergy India Automotive Components Limited · Maruti Insurance Broking Private Limited · Manesar Steel Processing India Private Limited
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 · Maruti Insurance Broker Limited · JJ. Impex (Delhi) Private Limited
Associates :	· Asa hi 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 (India) Limited · Sona Koyo Steering Systems Limited · Magneti Marelli Powertrain India Private Limited · Suzuki Powertrain India Limited
Fellow Subsidiaries (Only with whom the Company had transactions during the current year) :	· Jinan Oingqi Suzuki Motorcycle Company Limited · Magyar Suzuki Corporation Limited · PT Suzuki Indomobil Motor (Former PT Indomobil Suzuki International) · Suzuki Australia Pty. Limited · Suzuki Austria Automobile Handels G.m.b.H. · Suzuki Auto South Africa (Pty) Limited · Suzuki Cars (Ireland) Limited · Suzuki France S.A.S. · Suzuki GB PLC · Suzuki International Europe G.m.b.H. · Suzuki Italia S.P.A. · Suzuki Motor (Thailand) Company Limited · Suzuki Motor lberica, S.A.U. · Suzuki Motor Poland SP.Z.O.O. (Former Suzuki Motor Poland Limited) · Suzuki Motorcycle India Private Limited · Suzuki New Zealand Limited · Suzuki Philippines Inc. · Taiwan Suzuki Automobile Corporation

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
3744000000	Equity Shares	Rs. 5/- each	Rs. 18720.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
302080060	Equity Shares	Rs. 5/- each	Rs. 1510.000 Millions

NOTES:

RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING

	31.03.2013
	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
Share issued in the ratio of 1:70 to the shareholders of erstwhile Suzuki Powertrain India Limited pursuant to a scheme of amalgamation	13,170,000	65.000
Balance as at the end of the year	302,080,060	1510.000

EQUITY SHARES HELD BY THE HOLDING COMPANY AND ITS NOMINEES

	31.03.2013
	NUMBER OF SHARES	RS. IN MILLIONS
Suzuki Motor Corporation, the holding company	169788440	848.000
	169788440	848.000

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

Particular	%	NUMBER OF SHARES
Suzuki Motor Corporation (the holding company)	56.21	169788440
Life Insurance Corporation of India	6.29	18993815

SHARES ALLOTTED AS FULLY PAID UP PURSUANT TO CONTRACT (S) WITHOUT PAYMENT BEING RECEIVED ON CASH (DURING 5 YEARS IMMEDIATELY PRECEDING 31.03.2013)

13170000 Equity Shares have been allotted as fully paid up during the current year to Suzuki Motor Corporation pursuant to the scheme of amalgamation with Suzuki Powertrain India Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1510.000	1445.000	1445.000
(b) Reserves & Surplus	184279.000	150429.000	137230.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	185789.000	151874.000	138675.000
(3) Non-Current Liabilities
(a) long-term borrowings	5429.000	0.000	1390.000
(b) Deferred tax liabilities (Net)	4087.000	3023.000	1644.000
(c) Other long term liabilities	1036.000	966.000	959.000
(d) long-term provisions	2259.000	1693.000	1396.000
Total Non-current Liabilities (3)	12811.000	5682.000	5389.000
(4) Current Liabilities
(a) Short term borrowings	8463.000	10783.000	312.000
(b) Trade payables	41674.000	33499.000	26083.000
(c) Other current liabilities	11661.000	15892.000	9930.000
(d) Short-term provisions	6482.000	5292.000	3862.000
Total Current Liabilities (4)	68280.000	65466.000	40187.000
TOTAL	266880.000	223022.000	184251.000
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	95765.000	73108.000	54837.000
(ii) Intangible Assets	2227.000	2099.000	457.000
(iii) Capital work-in-progress	19422.000	9419.000	8625.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	18485.000	13933.000	11112.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12787.000	13410.000	12547.000
(e) Other Non-current assets	8946.000	263.000	471.000
Total Non-Current Assets	157632.000	112232.000	88049.000
(2) Current assets
(a) Current investments	52298.000	47541.000	39956.000
(b) Inventories	18407.000	17965.000	14150.000
(c) Trade receivables	14237.000	9376.000	8245.000
(d) Cash and cash equivalents	7750.000	24361.000	25085.000
(e) Short-term loans and advances	11153.000	7783.000	6836.000
(f) Other current assets	5403.000	3764.000	1930.000
Total Current Assets	109248.000	110790.000	96202.000
TOTAL	266880.000	223022.000	184251.000

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Net Sale of Products	426126.000	347059.000	358490.000
		Other Operating Revenue	9753.000	8812.000	7694.000
		Other Income	8124.000	8268.000	5088.000
		TOTAL (A)	444003.000	364139.000	371272.000
Less	EXPENSES
		Cost of Material Consumed	305741.000	267055.000	271418.000
		Purchases made for re-sale	19613.000	15325.000	12781.000
		Changes in inventories of finished goods, work in progress and stock in trade	234.000	(1297.000)	(560.000)
		Employees Benefit Expenses	10696.000	8013.000	7036.000
		Other Expenses	57737.000	42072.000	39381.000
		Vehicles / Dies for own use	(438.000)	(427.000)	(257.000)
		TOTAL (B)	393583.000	330741.000	329799.000
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		50420.000	33398.000	41473.000
Less	FINANCIAL EXPENSES (D)		1898.000	552.000	250.000
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		48522.000	32846.000	41223.000
Less/ Add	DEPRECIATION/ AMORTISATION (F)		18612.000	11384.000	10135.000
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		29910.000	21462.000	31088.000
Less	TAX (H)		5989.000	5110.000	8202.000
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		23921.000	16352.000	22886.000
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		130777.000	118578.000	100499.000
	ADDITION ON AMALGAMATION		3565.000	0.000	0.000
Less	APPROPRIATIONS
		Transfer to General Reserve	2392.000	1635.000	2289.000
		Dividend	2417.000	2167.000	2167.000
		Tax on Dividend	411.000	351.000	351.000
	BALANCE CARRIED TO THE B/S		153043.000	130777.000	118578.000
	EXPORT OF GOODS (FOB VALUE)		45514.000	36918.000	34988.000
	IMPORTS
		Raw Materials and Components	42344.000	30451.000	29691.000
		Capital Goods	14762.000	11625.000	8250.000
		Maintenance Spares	663.000	280.000	246.000
		Dies and Moulds	8.000	15.000	31.000
		Other Items	120.000	852.000	826.000
	TOTAL IMPORTS		57897.000	43223.000	39044.000
	Earnings Per Share (Rs.)		79.19	56.60	79.22

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013	31.12.2013	31.03.2014
Type	1^st Quarter	2^nd Quarter	3^rd Quarter	4^th Quarter
Net Sales	102373.400	104680.600	104680.600	121013.900
Total Expenditure	90711.800	91466.300	91466.300	108538.600
PBIDT (Excl OI)	11661.600	13214.300	13214.300	12475.300
Other Income	2043.000	1010.200	1010.200	4066.200
Operating Profit	13704.600	14224.500	14224.500	16541.500
Interest	442.300	433.900	433.900	434.300
Exceptional Items	0.000	0.000	0.000	0.000
PBDT	13262.300	13790.600	13790.600	16107.200
Depreciation	4801.600	4991.700	4991.700	5636.900
Profit Before Tax	8460.700	8798.900	8798.900	10470.300
Tax	2144.600	2096.600	2096.600	2469.800
Provisions and contingencies	0.000	0.000	0.000	0.000
Profit After Tax	6316.100	6702.300	6702.300	8000.500
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	6316.100	6702.300	6702.300	8000.500

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	5.39	4.49	6.16
Net Profit Margin (PBT/Sales)	(%)	7.02	6.18	8.67
Return on Total Assets (PBT/Total Assets}	(%)	13.06	10.75	18.90
Return on Investment (ROI) (PBT/Networth)		0.16	0.14	0.22
Debt Equity Ratio (Total Debt/Networth)		0.07	0.07	0.01
Current Ratio (Current Asset/Current Liability)		1.60	1.69	2.39

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1445.000	1445.000	1510.000
Reserves & Surplus	137230.000	150429.000	184279.000
Net worth	138675.000	151874.000	185789.000
long-term borrowings	1390.000	0.000	5429.000
Short term borrowings	312.000	10783.000	8463.000
Total borrowings	1702.000	10783.000	13892.000
Debt/Equity ratio	0.012	0.071	0.075

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	358490.000	347059.000	426126.000
		(3.189)	22.782

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	358490.000	347059.000	426126.000
Profit	22886.000	16352.000	23921.000
	6.38%	4.71%	5.61%

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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)	No
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
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

LITIGATION DETAILS

IN THE HIGH COURT OF DELHI AT NEW DELHI

ITA 34/2014

COMMISSIONER OF INCOME TAX II ..... Appellant

Through: Mr Ruchir Bhatia, Advocate.

versus

MARUTI SUZUKI INDIA LIMITED ..... Respondent

Through

CORAM:

HON'BLE MR. JUSTICE S. RAVINDRA BHAT

HON'BLE MR. JUSTICE VIBHU BAKHRU

ORDER

30.04.2014

An Adjournment has been sought on behalf of Mr Sabharwal, learned counsel for the appellant.

List on 16.07.2014.

S. RAVINDRA BHAT, J

VIBHU BAKHRU, J

APRIL 30, 2014

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	80042727	22/08/2000	500,000,000.00	HDFC BANK LIMITED	HINDUSTAN TIMES HOUSE, 5 TH FLOOR, 18-20 K.G. MARG, NEW DELHI - 110001, INDIA	-
2	80045189	22/09/2003 *	200,000,000.00	STATE BANK OF TRAVANCORE	KAROL BAGH, NEW DELHI - 110005, INDIA	-
3	80042726	02/02/2000	1,000,000,000.00	CORPORATION BANK	I.F. B., K.G. MARG, NEW DELHI - 110001, INDIA	-
4	80043903	28/02/2003 *	950,000,000.00	STATE BANK OF INDIA	CORPORATE ACOOUNT, 17, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA	-

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG-TERM BORROWINGS
Foreign currency loans from Banks	3920.000	0.000
Loans from Holding Company	1509.000	0.000
SHORT TERM BORROWINGS
From Banks – Cash Credit	725.000	80.000
From Banks – Buyers credit and packing Credit loans	7738.000	10703.000
Total	13892.000	10783.000
NOTE LONG-TERM BORROWINGS 1. Foreign currency loans from Bank include: - Loans accounting to Rs. 2264.000 Millions taken from Japan Bank to International Cooperation (JBIC) at an interest rate of LIBOR + 0.125, repayable in 6 half yearly instalments starting September 2014 (acquired to a scheme of amalgamation). The repayment of the loan is guaranteed by Suzuki Motor Corporation, Japan (the Holding Company) - Other loan term foreign currency loans amounting to Rs. 1656 Millions taken from banks during the year at an average interest rate of Libor + 1.375 and repayable in July 2015. 2. A loan amounting to Rs. 1509 Millions taken from the holding company at an interest rate of LIBOR + 0.48, repayable in 6 half yearly instalments starting September 2014 (acquired pursuant to a scheme of amalgamation).

GENERAL INFORMATION

The Company is primarily in the business of manufacturing, purchase and sale of motor vehicles, components 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. 444003.000 millions as against Rs. 364139.000 millions in the previous year showing an increase of 22 per cent. Sale of vehicles in the domestic market was 1,051,046 units as compared to 1,006,316 units in the previous year showing an increase of 4 per cent. Total number of vehicles exported was 120,388 units as compared to 127,379 units in the previous year.

Profit before tax (PBT) was Rs. 29910.000 millions against Rs. 21462.000 millions showing an increase of 39 per cent and profit after tax (PAT) stood at Rs. 23921.000 millions against Rs. 16352.000 millions in the previous year showing an increase of 46 per cent.

AWARDS/ RECOGNITION/ RANKINGS

· J. D. Power Asia Pacific 2012 Customer Satisfaction Index (CSI) Study ranked the Company highest for the 13^th time in a row.

· Golden Peacock Award - 2012 for occupational health and safety in automobile sector.

· Golden Peacock Award - 2012 for sustainability.

· Some of the awards given to Ertiga were:

· MUVof the year by Car India Awards

· MPV of the year by ET Zigwheels, Autocar India and BS Motoring 2013

· Compact SUV for the year by CNBC Overdrive

· Top Gear family car of the year Some of the awards given to Alto 800 were:

· Entry Hatchback Car of the Year 2012 by NDTV CNBC Awards 2013 Entry-level Hatchback Car of the Year by ET Zigwheels Awards 2012

· Best Value for Money Car of the year by Autocar Awards2013

· Compact Car of the year by CNBC Overdrive

· Viewers Choice by CNBC Overdrive • Some of the awards given to Swift DZirewere: Compact Sedan of the year 2013

· Compact Sedan of the year by Car India Midsized Car of the year by CNBC Over drive

· The Company ranked third in the list of 100 most successful and influential companies in India listed by TLG Partners, London.

Mr. R. C. Bhargava, Chairman was awarded the Automobile Person of the Year 2013 by NDTV Profit.

AMALGAMATION

During the year, Suzuki Powertrain India Limited (SPIL) was amalgamated with and into the Company vide the order of the Hon'ble High Court of Delhi dated 29^thJanuary 2013. The order was filed with the Registrar of Companies, Ministry of Corporate Affairs on 17^th March 2013. The appointed date of amalgamation was 1^stApril 2012. Pursuant to the scheme of amalgamation, 1,3170,000 equity shares of Rs. 5/-each were allotted to Suzuki Motor Corporation on 29^th March 2013 and the paid up equity capital stands increased to Rs. 1,510 million.

MANAGEMENT DISCUSSIONS AND ANALYSIS

OVERVIEW

The slowdown in the Indian economy continued for the second successive year, with GDP growth estimated at 5 per cent in 2012-13, the Lowest in a decade. This was accompanied by high interest rates, inflation and weak consumer sentiment. Rising fuel prices, caused partly by depreciation of rupee to the dollar, increased the cost of vehicle ownership for customers.

The domestic passenger vehicle industry grew by 2.2 per cent in unit sales in 2012-13.The Company was able to achieve a growth of 4.4 per cent, and improve market share by 80basis points to 39.1 per cent. This growth was achieved on the back of new and refreshed models launched in the last 18 months, and better availability of diesel engines during the year. However, the Company had to increase its marketing and sales expenses, compared to the previous year, to offset similar moves by competitors and counter the weak consumer sentiment.

The market distortion between petrol and diesel vehicles, which surfaced in 2011- 12, continued for the most part in 2012- 13. The share of diesel vehicles in total passenger vehicle sales increased from 48 per cent in 2011-12 to 58 per cent in 2012-13. While petrol prices were largely market driven, diesel prices remained government controlled fora large part of the year. This contributed to the decline in the sales of petrol vehicles for the second successive year. Later in the year, as the government embarked on a programme to withdraw diesel subsidies gradually, and as the slowdown deepened, the demand for diesel vehicles also suffered.

In contrast with the rest of the passenger vehicles market, utility vehicles posted arobust growth of 52 per cent during the year and the share of this segment increased to 21per cent of the passenger vehicle market. A part of this growth was contributed by the Company's new utility vehicle Ertiga, launched in April 2012. Most utility vehicles are powered by diesel and their recent success can be partly attributed to the favourable pricing of this fuel. In addition, some of the growing customer preference for utility vehicles appears to be owing to body styling, space and new products in this segment.

Exports to Europe were adversely impacted owing to the slowdown in the region. The Company was able to increase presence in markets in Africa and Latin America, and arrest the decline in unit sales to 5.5 per cent over the previous year.

A strong Yen continued to put pressure on the Company's bottom line in the first half of the year. Since then, the Rupee-Yen rate has turned positive and benefits are likely to accrue during 2013-14. The Company will, however, continue its programme with suppliers to achieve higher localisation.

Commodity prices remained largely stable. In some cases, prices came down offering opportunities for hedging for the future.

In July 2012, there was a shocking incident of criminal violence, by a section of the workers at the Company's facility in Manesar. It resulted in the tragic death of Awanish Kumar Dev, General Manager (HR). Nearly 100 managers were injured and had to behosptitalised. The police arrested 145 workers, and legal proceedings against them are under way. Concerned about the safety and security of its people, the Company locked out the Manesar facility. The security arrangements were adequately strengthened, and all those identified as having been involved in the violence were dealt with according to the law. There was total support from the stakeholders, including the Haryana Government, the local community in Manesar, Company's vendors and dealers, and Suzuki Motor

Corporation, Japan. The managers demonstrated rare courage and resilience and this enabled operations to resume after just one month of the incident. The recruitment and communication systems with employees, and particularly with the contract workers, were reviewed and modified. Operations returned to normal in about three months. It is expected that the Manesar facility will henceforth work normally.

While there are short-term concerns about the Indian economy and the growth of the automobile industry, the Company remains positive about the long-term opportunity in India. Accordingly, most of the capital projects, including a third vehicle assembly plant in Manesar and a new facility for diesel engines in Gurgaon, are proceeding as scheduled. During the year, the Company signed an agreement with the Gujarat government and acquired700 acres of land near Mehsana (near Ahmedabad) for future capacity expansion. Work is likely to start there shortly.

Under a scheme of amalgamation approved by the High Court, Delhi, the Company amalgamated with itself, Suzuki Powertrain India Limited (SPIL), a supplier to it of diesel engines and transmissions. SPIL, which was 70 per cent owned by Suzuki Motor Corporation, Japan and 30 per cent by Maruti Suzuki India, was amalgamated with the Company through a share swap. The swap ratio was fixed at 1:70 based on the terms of the scheme.

With the amalgamation, the Company has brought its entire diesel engine capacity under single management control. This will help strengthen the business, including sourcing, localisation and production planning. It will also provide manufacturing flexibility and cost reduction.

All necessary approvals and formalities for the amalgamation were completed during the year and the amalgamation was accounted for under 'Pooling of Interest Method' as prescribed by Accounting Standard-14 Accounting for Amalgamations' notified under Companies (Accounting Standards) Rules with effect from 1^st April, 2012. The financial results of the Company for the year 2012-13 are accordingly for the amalgamated entity.

Benefiting from increase in market share, a change in the product mix and higher export realisation, the Company, post-amalgamation, registered a 21.9 per cent growth in total revenue to Rs. 444,003 million. Profit after tax for the year stood at Rs. 23,921 million, a growth of 46.3 per cent over the previous year. The post-amalgamation earning per shares to od at Rs. 79, compared to Rs. 57 in the previous year.

BUSINESS PERFORMANCE

Domestic Market

Market conditions, particularly for petrol vehicles, remained challenging during the year even as there was strong demand for the Company's diesel models. To promote sales of petrol vehicles, the Company leveraged its strength in the rural market and among institutions. It reached out to new customer segments using relevant communication and focused promotions. Sales of the Company's factory-fitted CNG vehicles improved by 30 percent and crossed 50,000 for the year, as customers sought to cope with high petrol prices.

The Company was able to contain the decline in sales of its petrol vehicles to 14 percent, and enhance its market share in this segment to 58.4 per cent from 56.0 per cent in the previous year. Sales of diesel vehicles grew by 62 per cent, enhancing the Company's share in this segment from 19.2 per cent to 25.2 per cent.

For the second year in a row, four of the top five models by unit sales in the Indian passenger vehicle market were from the Company's portfolio. These were Alto, Swift, DZireand WagonR.

The Ertiga was received well, with its diesel variants attracting a wait-list of customers during the year. While Utility Vehicles (UV) in general have emerged as an important market segment, the Ertiga found favour also with young urban families looking for a vehicle that is fashionable and attractive and offers more space, without being bulky and expensive. The Company sold 76,375 units of the Ertiga in 2012-13.

With the Ertiga, the Company introduced the new K14B engine, a light weight, highly fuel efficient engine from the K-series family. Other K-series engines, K10B and K12M are powering most of the Company's high selling models.

The other major launch of the year, the new Alto 800, achieved sales of 100,000 units within 124 days of launch. The new car offers more space and higher fuel efficiency. The Alto remained the country's highest selling car for the seventh year in a row.

Refreshed versions of WagonR, Ritz and SX4 also helped volumes to some extent.

Although the differential in prices of petrol and diesel came down relative to the previous year, it remained significant. This enhanced the share of diesel vehicles in the industry from 48 per cent to 58 per cent. For the Company, diesel vehicles accounted for 37.4 per cent of its unit sales, helped by the popularity of these models and larger availability of diesel engines. Besides engine production by SPIL (around 300,000), the Company arranged supplies of about 100,000 engines per year from the Fiat Indian plant. Supply is likely to improve further once the Company's new diesel engine plant in Gurgaon, with an annual capacity of 150,000 units in the first phase, goes on stream about the middle of 2013-14.

The Company's pre-owned vehicle business (brand True Value) supported sales of new vehicles by encouraging trade-ins. Exchange penetration as a percentage of new car retails went up to 23 per cent during the year. Besides, sales of used vehicles from the network grew by 7 per cent to 252,000, contributing to dealer profitability and growth. During the year, the number of True Value outlets increased from 409 to 450.

With semi urban and rural India emerging as an important market for new car sales, the Company further expanded its network into smaller towns via smaller format outlets. The Company's initiatives, including a dedicated sales force for rural markets (RDSE) and innovative marketing methods, enabled it to grow rural sales by 18.5 per cent during the year and enhance its contribution to 28 per cent of domestic volumes.

The Company is able to foster strong customer connect through its focus on after-sales service at workshops. There is evidence that this increases customer loyalty and referral sales. During the year, the Company was rated first in customer satisfaction in the Indian auto mobile industry for the 13^th consecutive year in the annual survey by J. D. Power Asia Pacific. The Company improved its score, and remained the only manufacturer above industry average.

The Company's widespread reach continues to be a major competitive advantage. During the year, the dealer sales network reached 1,204 outlets in 874 cities and service outlets expanded to 2,965 outlets in 1,423 cities. During the year, approximately 3,400 specialised service camps helped in connecting with customers and generating exchange and new car enquiries.

To reduce the time taken to service vehicles, the Company also introduced the concept of Maruti Quick Stop (MOS) workshops. These are small, convenient, environment-friendly workshops that use much less water and offer a quick turnaround. They are designed mainly for customers in cities.

The Company now uses a Global Positioning System (GPS) to manage its logistics fleet movement effectively. This has improved fleet productivity and also contributes to timely delivery of vehicles. Currently 9,100 trucks and trailers are using this technology. During the year, the Company saved Rs. 34 million through route rationalisation.

Exports

The Company reached a major milestone by exporting its one-millionth vehicle. Introduction of new models like A-star, DZire, Ritz and new Alto 800 in export markets contributed to reaching this milestone.

Even as sales were weak in Europe, the Company's exports to non-European markets grew9.5 per cent to 92,424 units. The share of sales to non-European markets, primarily in Africa and Latin America, increased to 76 per cent of exports, from 66 per cent in the previous year.

Exports of knocked-down kits, which commenced in January'12 with Indonesia and Thailand, are doing well and have now expanded to Malaysia, Vietnam and Hungary.

Parts and Accessories

The Company expanded the range of Maruti Genuine Accessories by adding 350 new products during the year. These and other initiatives led to a 30 per cent increase in accessory sales, despite the weakness in the passenger vehicle market. Besides expanding the retail network for Maruti Genuine Parts, which has now crossed 400 outlets, the Company proactively undertook national campaigns to educate customers about the harmful impact of fake and spurious parts.

The Director General (Investigation) (DG), Competition Commission of India (CCI), conducted an investigation on 17automobile original equipment manufacturers in India, including the Company, on the allegation of non-availability of spare parts to independent repair workshops and restrictions imposed on original equipment suppliers not to supply spare parts in open market. The Company has contested the findings of the investigation and is taking all the steps permitted under the law to protect its interests and to continue to offer safe, reliable and genuine parts to its customers.

OPERATIONS

The Company's manufacturing operations improved across most internal parameters of quality, productivity and cost. The measures taken to build flexibility in operations in recent years stood the Company in good stead during the year. Despite the volatility in the market and demand distortion among petrol and diesel vehicles, the Company was able to produce vehicles in line with market demand through optimum utilisation of facilities.

With both new launches, Ertiga and Alto 800, receiving positive responses in the market, the operations geared up to meet the surge in demand without disruption.

The Company benefits greatly from high employee morale, loyalty and alignment. The Production Management System (PMS) involves employees at all levels of operations to generate ideas, which are then discussed within small groups and identified for implementation by employees themselves. During the year, efforts were directed towards reducing new project cost, bringing down operational expenses, particularly by higher localisation, and improving quality.

Several cost reduction projects in operations were undertaken. In-house automation projects led to a saving of Rs. 260 million in new projects. A pan-organisational suggestion programme, "Sujhav Sangrehika", led to generation of 396,828ideas and a saving of Rs. 3,640 million.

The Company uses the approach of Plan-Do-Check-Act to upgrade systems and processes continuously. The downtime of machining facilities has come down by about 50 per cent over five years. In another drive, the Company took measures to reduce worker fatigue and improve ergonomics in its manufacturing processes.

The projects team is targeting to optimise capital expenditure by identifying suitable local suppliers for equipment and machinery. With several capital projects ongoing, and more in the pipeline, this initiative will receive focus in the next few years.

ENGINEERING AND R&D

The Company's new products were well received during the year, and appear to have matched customer expectations on design, features, space, technology and cost of ownership. The Company remains on course with regard to implementing its medium-term product plan.

The Company requires a strong product pipeline to fulfil growing demand in the future and meet changing customer expectations. Considering the long lead times in product development and the dynamic nature of the market, the Company has been building design and development capability in recent years.

During the year, the Company continued work on its world-class R&D centre and proving ground at a 600 acre facility in Rohtak, Haryana. This initiative will enhance the Company's ability to design, develop, test and launch cars at a faster pace.

The Company has scaled up its R&D strength from about 300 to 1,200 engineers in the last five years. Many of them are participating in new projects with Suzuki Motor Corporation to gain exposure and experience. The Company will continue to need high-quality talent, and is enhancing connect with young engineers through supporting popular events like Supra SAE and participating in industry initiatives to boost design capability among young students.

Recognising the importance of fuel efficiency for Indian customers as well as for the environment, the Company is working on new technologies, vehicle weight reduction, lowering friction, alternate materials and more CNG models to improve fuel efficiency and reduce C0₂ emissions. It is also working on hybrids and electric vehicle projects along with Suzuki Motor Corporation. The Company is part of a SIAM initiative (Society of Indian Automobile Manufacturers) to support the government in drafting fuel efficiency standards for passenger vehicles in India.

In addition to the new models, the Company launched refreshed versions of WagonR, SX4and Ritz. The Company also upgraded its models to meet OBD II norms (Onboard diagnostics).Efforts to increase localisation of inner parts gained strength during the year. Projects in value analysis and value engineering contributed to enhancing cost effectiveness of parts and systems.

INFORMATION TECHNOLOGY

Information technology (IT) is a key enabler and a major differentiator in making various functions of the Company faster, leaner, more intelligent and powerful.

The Company uses IT to seamlessly integrate on a real-time basis all its vendors through an E-Nagare system and all its dealers through a Dealer Management System enabling fast transaction processing, better management control and informed decision making. With customer data involving millions of, the analytics division provides critical insights for management understanding.

In 2012-13, the Company successfully integrated Maruti R&D and manufacturing systems with those of the parent Company, Suzuki Motor Corporation, Japan for a unified approach to product development and vehicle production. The Company also moved its entire customer-facing applications to the 'cloud' and re-engineered its IT backbone technology structure to enhance reliability.

OUTLOOK

The prospects of the automobile industry are linked closely to economic growth. While there is some uncertainty in the short term, India is widely expected to return to a high growth path later. The Company's initiatives for capacity expansion are based on this premise. At the same time, recognising that India's growing global integration may lead to greater volatility in the macro economy, the Company is building in flexibility to mitigate the impact of short-term fluctuations in market demand, currency, commodities and fuel prices.

Changing customer preferences are likely to present new challenges, including the emergence of new product segments. The Company's product plan recognises this, as evident in its entry into the growing utility vehicle segment with Ertiga in the year. The product development capabilities of Suzuki Motor Corporation, its focus on the Indian market and concerted efforts to strengthen capabilities of Maruti Suzuki engineers will help meet these challenges. The Company is also actively looking at opportunities for export sales in Southeast Asia, Africa and Middle East.

As competition intensifies, the Company will build on the strong goodwill it enjoys with customers, its large sales and service network, and the superior value it is able to offer to customers during the period of car ownership. The Company will safeguard its culture of continuous improvement, teamwork, discipline and stakeholder sensitivity.

Policy has had a major bearing on the industry, notably in the last few years. Beside staking measures internally, such as balancing the capacity of petrol and diesel engines the Company is also engaging more closely with policy makers through industry forums to understand mutual priorities and perspectives. The Company expects the policy framework to remain supportive, with a focus on expanding growth, maintaining macroeconomic stability and promoting opportunity in the country.

STATEMENT OF UNAUDITED / AUDITED RESULTS FOR THE QUARTER / FOR THE YEAR ENDED 31ST MARCH 2014

PART I

(Rs. in Millions)

	Particulars	Standalone
		Quarter ended		Year Ended
		31^st March, 2014	31^st December, 2013		31st March, 2014
		Unaudited	Unaudited		Unaudited
	Domestic Vehicles Sold (No.)	298596	268185		1053689
	Export Vehicles Sold (No.)	26274	19966		101352
	Total Vehicles Sold (No.)	324870	288151		1155041
1	Income from Operations
a	Gross Sales	131275.400	120061.500		478227.700
	Less: Excise Duty on Sales	13094.100	13864.700		51780.100
	Net Sales	118181.300	106196.800		426447.600
b	Other Operating Income	2832.600	2741.600		10558.700
	Total Income from Operations (a+b)	121013.900	108938.400		437006.300
2	Expenses :
	[a] Cost of material consumed	80663.200	70231.600		288645.800
	[b] Purchases of stock-in-trade	6516.300	6176.200		24314.200
	[c] Changes in inventories of finished goods, work-in-progress and stock-in-trade	1603.000	1634.000		185.000
	[d] Employees benefits expense	4010.100	2996.600		13681.100
	[e] Depreciation and amortisation expense	5636.900	5413.800		20844.000
	[f] Other expenses	15746.000	14352.100		59221.100
	Total Expenses	114175.500	100804.300		406891.200
3	Profit from operations before other income, finance cost and exceptional items (1-2)	6838.400	8134.100		30115.100
4	Other income	4066.200	1169.500		8229.000
5	Profit from ordinary activities before finance cost and exceptional items (3+4)	10904.600	9303.600		38344.100
6	Finance Costs	434.300	448.000		1758.500
7	Profit from ordinary activities after finance cost but before exceptional items (5-6)	10470.300	8855.600		36585.600
8	Exceptional items	--	--		--
9	Profit from ordinary activities before tax (7-8)	10470.300	8855.600		36585.600
10	Tax expense	2469.800	2044.100		8755.100
11	Net profit from ordinary activities after tax (9-10)	8000.500	6811.500		27830.500
12	Extraordinary item	--	--		--
13	Net Profit for the Period (11-12)	8000.500	6811.500		27830.500
14	Share of Profit of associates
15	Minority interest
16	Net profit after taxes, minority interest and share of profit of associates (13+14+15)	8000.500	6811.500		27830.500
17	Paid-up equity share capital	1510.400	1510.400		1510.400
18	Face value of the share (Rs.)	5	5		5
19	Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year
20	Basic & diluted earnings per share (not annualized) Rs.	26.48	22.55		92.13

PART II

		Particulars	Standalone
			Quarter ended		Year Ended
			31^st March, 2014	31^st December, 2013		31st March, 2014
			Unaudited	Unaudited		Unaudited
A		PARTICULARS OF SHAREHOLDING
1		Public shareholding :
		Number of shares	132,291,620	132,291,620		132,291,620
		Percentage of shareholding	43.79%	43.79%		43.79%
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	169,788,440	169,788,440		169,788,440
		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)	56.21%	56.21%		56.21%
	Particulars		Quarter ended 31^st March, 2014
B	INVESTOR COMPLAINTS (Nos.)
	Pending at the beginning of the quarter		0
	Received during the quarter		2
	Disposed of during the quarter		2
	Remaining unresolved at the end of the quarter		0

Notes:

The Statement of Assets and Liabilities as required under Clause 41(v)(h) of the Listing Agreement is as Under:

(Rs. in Millions)

Particulars	Standalone as at
	31st March, 2014
	Audited
A. EQUITY AND LIABILITIES
1. Shareholders' Funds
(a) Share capital	1510.400
(b) Reserves & surplus	208270.300
Sub total - Shareholders' funds	209780.700
2. Minority Interest
3. Non-Current Liabilities
(a) Long term borrowings	4603.900
(b) Deferred tax liabilities (net)	5866.300
(c) Other long-term liabilities	2385.700
(d) Long-term provisions	1979.900
Sub total - Non-current liabilities	14835.800
4. Current Liabilities
(a) Short term borrowings	12246.800
(b) Trade payables	48975.200
(c ) Other current liabilities	12742.100
(d) Short-term provisions	6776.900
Sub total - Current liabilities	80741.000
TOTAL - EQUITY AND LIABILITIES	305357.500
B. ASSETS
1. Non-current Assets
(a) Fixed assets	134118.100
(b) Non current investments	13048.300
(c) Long-term loans and advances	16384300
(d) Other non-current assets	90.100
Sub total - Non-current assets	163640.800
2. Current Assets
(a) Current investments	88130.600
(b) Inventories	17059.500
(c) Trade receivables	14136.500
(d) Cash and bank balances	6297.500
(e) Short term loans and advances	12510.900
(f) Other current assets	3581.700
Sub total - Current assets	141716.700
TOTAL - ASSETS	3,053,575

2. The above unaudited results for the quarter ended 31st March, 2014 and the audited results for the year ended 31st March 2014 were reviewed by Audit Committee and approved by the Board of Directors in its meeting held on 25th April, 2014.

3. The Board of Directors at their meeting considered and recommended a final dividend aggregating Rs. 3625.000 Millions i.e. Rs 12 per share (Nominal value Rs.5.00 per share) (Previous Year Rs. 2416.700 Millions i.e. Rs 8 per share) for the financial year 2013-14.

4. The Company has considered "business segment' as the primary segment. The Company is primarily in the business of manufacturing, purchase and sale of Motor Vehicles, Components 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 such activities contribute significantly in generating demand for the products of the Company. Accordingly, segment information has not been disclosed.

5. Pursuant to the Supreme Court order setting aside the judgment of the Punjab and Haryana High Court (“High Court”) and directing the High Court for fresh determination of the compensation payable to the landowners, in an appeal filed by the 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 for industrial purposes, the Company has filed an impleadment application before the High Court and HSIIDC has revised the demand on the Company from Rs 5012.400 Millions to Rs 7495.500 Millions.

In respect of demand for Rs. 1375.800 Millions for the remaining part of the land of the Company at Manesar received from HSIIDC in the previous year, consequent to the order of the High Court the Company's appeal is pending adjudication with the High Court.

As the amount(s), if any, of final price adjustment(s) is/ are 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. The penal interest payable, if any, would be charged to the statement of profit and loss. The Company has made a payment of Rs.3700.000 Millions to HSIIDC under protest.

6. Pursuant to the scheme of amalgamation of Suzuki Powertrain India Limited (SPIL) with the Company with effect from April 1, 2012, on completion of all the formalities on March 17, 2013, the results of SPIL for the year April 1, 2012 to March 31, 2013 were included in the results of the Company for the quarter ended March 31, 2013. Therefore the figures for the quarter ended March 31, 2013 are not comparable.

7. 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

8. The figures of previous periods have been re-grouped, wherever necessary, to conform to current quarter /year classification.

9. Rs.10 Lacs is equal to Rs.1 Million.

FIXED ASSETS:

· Freehold Land

· Leasehold Land

· Building

· Plant and Machinery

· Electronic Data Processing Equipments

· Furniture, Fixtures and Office Appliances

· Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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 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. 59.97
UK Pound	1	Rs. 102.90
Euro	1	Rs. 82.02

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	SUM
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.