Marutisuzuki Annual Report

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Maruti Suzuki India Limited
Annual Report 2012-13
whats
inside
Corporate Overview
Maruti Suzuki at a Glance 2
Corporate Highlights 4
Business Highlights 6
Resilience Resolve
Resurgence
Resilience against headwinds 10
Resolve to hold our ground
and push forward 12
Resurgence and a new era of
sustainable growth 14
Management Review
Chairmans Message 16
From the MDs Desk 18
Board of Directors 20
Executive Management Team 22
Statutory Reports
Notice 24
Directors Report 30
Corporate Governance Report 38
Management Discussion
& Analysis 54
Business Responsibility Report 64
Financial Statements
Standalone
Independent Auditors Report 80
Balance Sheet 84
Statement cf Prct and Lcss 85
Cash Flow Statement 86
Notes 88
Statement Pursuant to
Section 212 140
Financial Statement of
Subsidiary Companies 141
Consolidated
Independent Auditors Report 142
Balance Sheet 144
Statement cf Prct and Lcss 145
Cash Flow Statement 146
Notes 148
Resilience
Resolve
Resurgence
In |ife as in business, it is eften difcu|t te
predict readb|ecks.
ut they regu|ar|y impede eur path and || the jeurney with cha||enges and grewth.
At Maruti Suzuki, 2012-13 tested our
ability to withstand challenges and
bounce back. We saw one of the worst
car demand slowdowns in a decade,
market distortion between petrol and
diesel cars, and continued adverse
impact of foreign currency movement.
The violence at our Manesar plant, and
the tragic death of a General Manager,
cast a shadow.
Pew de we respend te such a
situation?
The most obvious response would be:
shock, disbelief, denial, blame, withdrawal
or even rationalisation.
At Maruti Suzuki, however, we didnt do
the obvious thing.
Rather than being overwhelmed by the external adversity, we looked inwards for
nternal strengths tc ght back.
Our collective resolve helped us stay together, think positive, display composure and
focus on the future rather than just the present.
We operated with agility and consistent focus and pulled off the not-so-obvious: we
stayed close to our people and their families, made the Manesar plant operational
within a month after disruption, launched an exciting new model, increased our market
share and prcts, and alsc kept cur future nvestment plans cn schedule.
Most importantly, we continued our transparent communication with investors, media
and all other stakeholders.
Leadership is not just about highest market share for decades; it is also about
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For more than three decades, Maruti Suzuki has been a household name across
urban and rural India, through multiple business challenges. We commenced
our journey in 1982. Since then the story rolls on. The story of an automobile
revolution
Over the years, the pride of owning a Maruti Suzuki vehicle has grown despite
the availability of multiple brands. Today, we produce more than 1 million units
annually, with 15 different models and over 200 variants.
A-star Estilo Ritz
Maruti 800 Alto 800 (also available Alto K 10) Wagon R
Passenger cars
Fighting Fit
for Decades
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ANNUAL REPORT 2012-13
Omni Eeco
Vans
SX4 DZire Swift
Kizashi
Gypsy
bti|ity vehic|es
Grand Vitara Ertiga
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Ability Meets
Acclaim
Qtr.1 Qtr.2
FY13 FY13
Marut Suzuk unveled lnda's rst Lfe Utlty \ehcle
Ertiga on 12
th
April
Maruti Suzuki attained 1 million cumulative exports
Haryana Chief Minister, Shri Bhupinder Singh Hooda
laid foundation stone of the R&D Test Track at Rohtak
Haryana Chief Minister, Shri Bhupinder Singh Hooda
inaugurated the countrys 6
th
Institute of Driving and
1rafc Pesearch (lD1P) at Pchtak
Maruti Suzuki signed an agreement with the
Government of Gujarat to buy 700 acres of land for
setting up a complete vehicle manufacturing facility
near Mehsana
The Board of Directors approved the proposal to
merge Suzuki PowerTrain India Limited with Maruti
Suzuki India Limited
Maruti Suzuki unveiled Wagon R Pro, a limited edition
of one of our best-sellers Wagon R, sporting new
features lke dcuble DlN musc system wth US8 and
Bluetooth, art leather seat covers, security system,
premium exteriors with smart sporty body graphics
and rear upper spoiler
Maruti Suzuki introduced a refreshed version of Ritz
(Diesel) starting at ` 5.31 lakhs in an exclusive fresh
colour - Mystique Red
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Qtr.4
Qtr.3
FY13 FY13
Maruti Suzuki launched the New Alto 800
Maruti Suzuki was felicitated with the Golden Peacock
Award for Sustainability
Marut Suzuk ranked Nc. i n l.D. Pcwer Asa Pacc
2012 - Customer Satisfaction Index (CSI) study for the
13
th
consecutive year
ND1\ Prct, lnda's pcpular busness channel,
presented the title of Automobile Person of the
Year - 2013 to our Chairman Mr. R.C. Bhargava
Maruti Suzuki was runners-up at the Corporate Green
Star Award
Tep Cear Awards
Ertiga - Family Car of the Year
NDTV Car India Awards
DZire - Compact Sedan of the Year
Lrtga - MU\ cf the Year
Autecar India Awards
Alto 800 - Value for Money Car of the Year
Ertiga - MPV of the Year
CNC 0verdrive Awards
Alto 800 - Compact Car of the Year
DZire - Midsized Car of the Year
Alto 800 - Viewers Choice four-wheeler of the Year
Lrtga - Ccmpact SU\ cf the Year
T ZICWPLS Awards
DZire - Entry Sedan of the Year
Alto 800 - Entry Car of the Year
S Metering 2013 Award
IAA Leadership Awards, Mumbai
Mr. M. Pareek, MEO, Marketing & Sales, was
awarded the prestigious Marketer of the Year award
(Automobiles)
TLG Partners, London
Maruti Suzuki ranked No. 3 in the list of the 100 most
successful and nuental ccmpanes n lnda
Ce|den Peaceck Natiena| Training Award - 2012
Maruti Suzuki won the award for excellence in
training practices and expertise in unique and
innovative ways to address the training and
development challenges
Indian Chamber ef Cemmerce
Mr. S. Maitra, Sr. MEO, Supply Chain, was presented the
coveted Supply Chain Executive of the Year Award in
assccatcn wth ND1\ Prct and Delctte
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NET SALES ` MN
NET WORTH ` MN
BOOK VALUE & EPS `
Y-O-Y GROWTH
22.7%
203,583
2008-09
289,585
2009-10
358,490
2010-11
347,059
2011-12
426,126
2012-13
Momentum Across Rough
and Smooth Territories
Y-O-Y GROWTH
22.3%
Y-O-Y GROWTH
17.1%
Y-O-Y GROWTH
38.6%
93,449
2008-09
118,351
2009-10
138,675
2010-11
151,874
2011-12
185,789
2012-13
2008-09 Book Value EPS 2009-10 2010-11 2011-12 2012-13
323
410
480
525
615
42
86
79
57
79
Business Highlights
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TOTAL UNIT SALES ` MN
J.D. Power Customer
Satisfaction Index
Look around.
You will fnd us close by.
Y-O-Y GROWTH
46.3%
PROFIT AFTER TAX ` MN
12,187
2008-09
24,976
2009-10
22,886
2010-11
16,352
2011-12
23,921
2012-13
1,018,365
1,271,005
1,133,695
1,171,434
792,167
Industry Avg.
MSIL
2012-13
874
2011-12
801
2010-11
668
2009-10
555
2008-09
454
2
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0
8
820
780
2
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0
9824
785
2
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1
0
849
812
2
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1
1879
824
2
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1
2
879
834
Outlets
Cities
2012-13 2011-12 2010-11 2009-10 2008-09
1,204
1,100
933
802
681
Numbers paint a credible picture than words.
Every time we encountered a roadblock, it made
us determined to perform with more resolve
and persistence.
Resilience against
headwinds.
Resolve to hold
our ground and push
forward.
Resurgence and
a new era of
sustainable growth.
Thats our story in a nutshell. The full
narrative follows...
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1,171,434
Vehicles sold in 2012-13
291,000
Total rural sales
in 2012-13
Zero
Waste water discharged
status at factories
640
Number of E-outlets (smaller
format outlets) across India
in 2012-13
7,150
Total Resident Dealer
Sales Executives (RDSEs)
by 2012-13
79,000
Number of utility vehicles
sold in 2012-13
41%
Of the total water need met
through recycled water at
both plants in 2012-13
393,000
Total diesel vehicle sales
in 2012-13
240,000
Number of new cars sold
through exchange
in 2012-13
18.5%
Growth of rural sales
over 2011-12
4/5
Fcur cut cf tcp ve sellng mcdels n the ccuntry are frcm
Maruti Suzuki
1
st
In J. D. Power Customer
Satisfaction Index (CSI) study
for the 13
th
consecutive year
14.3%
Market share in utility
vehicle segment
in 2012-13
Rounded off to nearest 000
62%
Growth of diesel vehicle
sales over 2011-12
Tough
Challenges.
Tougher
Resilience.
Challenges have a
brighter side. They
test the extent of our
resi|ience.
Challenge
India's CDP grewth hits a decade |ew, accempanied by high interest rates, rising inatien and a b|eak investment scenarie.
GDP GROWTH (%)
9.5
FY06
9.6
FY07
9.3
FY08
6.7
FY09
8.6
FY10
9.3
FY11
6.2
FY12
5.0
FY13
Challenge
Yen appreciatien in the |ast few years impacted pret
margins by signicant|y increasing the cest ef imperts.
YEN vs RUPEE
FY10
0.51
FY11
0.53
FY12
0.61
FY13
0.66
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Challenge
Weakness in the urezene and withdrawa| ef scrappage
incentive scheme impacted the Cempany's expert sa|es te
the urepean ceuntries.
EXPORTS TO EUROPEAN COUNTRIES (in units)
FY11
59,000
FY12
43,000
FY13
28,000
FY10
114,000
Source: Economic Survey, Economic Outlook, Company
Challenge
Petre| price deregu|atien and a depreciating rupee against the de||ar increased petre| prices, |eading te an impact en petre|
vehic|e sa|es.
PETROL PRICES IN DELHI (` / litre) MSIL PETROL VEHICLE SALES (in units)
FY11
893,000
FY12
701,000
FY13
598,000
43.9
FY10
64.5
FY12
68.2
FY13
52.7
FY11
Firm Resolve.
Seasoned Foresight.
At Maruti Suzuki, we
be|ieve rm rese|ve
is not enough to
weather a crisis,
one needs seasoned
feresight.
Firm resolve
A reugh sketch with sensua| curves. Sudden brainwaves. Cenverting these penci| |ines inte actua| shape ever a cup ef high-ectane
ceffee. Intense discussien ameng design heads en exterier and interiers. Fina|ising the ce|eurs, materia|s and sty|e. Meticu|eus
executien. And then the big |aunch.
irth ef the ceuntry's rst Life
bti|ity Vehic|e (LbV) rtiga
76,000
Number of Ertiga sold in just a
year of its launch
kebirth ef the ceuntry's |argest se||ing car
New A|te 800
124
Number ef days taken to sell 1 lakh units of
New Alto 800
Seasoned foresight
Witnessing the wide gap between petre| and diese| prices and understanding the Indian censumer sentiment, the Cempany
quick|y ramped up the diese| engine preductien and tied up fer mere engines frem FIAT India.
Firm Resolve
We increased eur netwerk presence in Tier-II and Tier-III cities and added dedicated manpewer fer rura| sa|es. This resu|ted in an
evera|| rura| centributien ef 28 per cent te demestic sa|es.
DIESEL VEHICLE SALES (in units)
FY10
163,000
FY11
199,000
FY12
243,000
FY13
393,000
20.4%
Increase in sa|e ef
Swift (diese|) over
2011-12
53.9%
Increase in sa|e ef
DZire (diesel) over
2011-12
RURAL SALES (in units)
FY10
151,000
16.5%
FY11
228,000
20.5% 25%
FY12
245,000
28%
FY13
291,000
Sales Contribution to
domestic sales (%)
Seasoned foresight
We |everaged eur brand strength and enduring custemer |eya|ty te generate rep|acement demand threugh attractive
exchange schemes.
Seasoned foresight
The high prices ef petre| and diese| have resu|ted
in emergence ef CNC as a viab|e and preferred
fue| eptien.
Firm resolve
The Company made strong efforts to develop the non-
urepean markets and this cempensated te a |arge extent
fer the fa|| in urepean sa|es.
NEW CAR SALES THROUGH EXCHANGE (in units)
CNG CAR SALES (average sales/ month) EXPORTS TO NON-EUROPEAN
COUNTRIES (in units)
FY10
151,000
17% 17% 22% 23%
FY11
194,000
FY12
211,000
FY13
240,000
FY11
1,300
FY12
3,200
FY13
4,200
FY10
33,000
FY11
79,000
FY12
84,000
FY13
92,000
Sales Contribution to
domestic sales (%)
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Source: Company
Resurgence.
Hard Earned.
Our industry
leadership has been
sustained by our
fecused resurgence.
kesurgence
Censistent perfermance, irrespective ef severa| macre and micre facters, he|ped us increase eur market share.
kesurgence
Despite esca|ating cests, we impreved eur margins by fecusing en eperatiena| efciency and cest ratiena|isatien
strategies.
MARUTI SUZUKI MARKET SHARE (%)
EBITDA AND PAT MARGIN (%)
kesurgence
ven when demestic and g|eba| autemebi|e industry is beset with cha||enges, we centinue te expand and remain
pesitive en the |eng-term Indian grewth stery.
700 acres
Land acquired for setting
up an assembly capacity
in Gujarat
~ ` 1,925 creres
Amount of investment in
setting up the third assembly
plant at Manesar
~ ` 1,700 creres
Amount of investment in
setting up a diesel engine unit
at Gurgaon
FY09
9.0
6.0
FY10
13.7
8.6
FY11
10.1
6.3
FY12
7.2
4.7
FY13
10.0
5.6
EBITDA PAT Margin
FY09
46.5
FY10
44.6
FY11
45.3
FY12
38.3
FY13
39.1
80
Basis Points
kesurgence
In a passenger vehic|e industry grewing at 2.2 per cent, we grew by 4.4 per cent.
4.4%
Teta| grewth in domestic
sales by Maruti Suzuki
in 2012-13
PASSENGER VEHICLE INDUSTRY GROWTH (%)
FY10
25.7
FY11
28.2
FY12
5.1
FY13
2.2
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Chairmans
Message
Dear Shareholders,
Another eventful year has passed by and
I am happy to share my thoughts with
you yet again on our performance and
prospects through this annual report.
However, before I proceed further, I
would like to express my heartfelt grief
at the unfortunate natural calamity in
Uttarakhand. Let us take a mcment tc
remember those who have lost their lives
or have been impacted by this tragedy.
Last year, I had communicated to you
the dfcult eccncmc ccndtcns that
prevailed in 2011-12. The economy
had substantially slowed down; there
was hgh natcn; nterest rates were
adversely affecting demand; rise in
petrol prices was unprecedented, while
the difference with diesel prices had
reached a level that was resulting in
a massive swing away from petrol to
diesel cars. I have to regretfully report
that 2012-13 was even a worse year for
the economy, and for the manufacturing
sector. GDP growth that had fallen to 6.2
per cent in 2011-12, declined further to 5
per cent in 2012-13. The manufacturing
sectors growth decreased from 2.7
per cent to 1.9 per cent. The current
acccunt dect fcr the year was 4.8
per cent, as against 4.2 per cent in the
previous year. The dollar fell from
k. C. hargava
Chairman
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We are convinced that your Company will
remain the market leader and its products
will be the choice of most customers. We are
determined to keep introducing products that
will ensure our pre-eminent position.
` 51 on 31
st
March 2012 to ` 54 on 31
st

March 2013. Consumer sentiment, which
plays a sgncant rcle n nuencng
decisions to buy cars, had become
even more negative during the year.
And then there was a silver lining. The
scal dect was ccntrclled at 5.2 per
cent. A decision was taken that diesel
prices would be increased by about ` 0.50
per month, and the under-recovery on
this fuel would end in about 18 months
or so. The gap between petrol and diesel
prices has narrowed from ` 25 in 2012-13
to ` 13 presently. To reduce the outgo
on subsidies, a scheme of direct transfer
is being gradually introduced. However,
results in terms of better sentiment, or
higher investments, or rising consumer
demand for cars are yet to be seen.
The general adverse operating
environment was not the only handicap
facing us. In July 2012, a section of the
workers indulged in a blatantly criminal
activity that led to the death of a valued
senior colleague. There was no cause for
the workers to go on a violent rampage,
and there was no warning or notice of
any brewing dissatisfaction. In fact,
the workers demands raised in 2011
had been all addressed and resolved.
A lock out had to be declared, as the
Company decided that the safety and
welfare of our employees had to be given
overriding priority. The management and
supervisors of Manesar showed great
resilience and courage, and work resumed
after a month when adequate safety
arrangements had been made. Production
gradually increased to normal levels.
Your Company has shown that its
employees have great resilience and can
work with great resolve to overcome
the mcst dfcult stuatcns. Durng the
year, sales volumes increased by 3.3
per cent, whle prcts ncreased frcm
` 1,635 crores to ` 2,392 crores. Our
market share also went up from
38.3 per cent to 39.1 per cent. I
am sure all of you will join me in
saluting the workers, supervisors and
management who made this happen.
During 2012-13, following the increase
in diesel prices and narrowing of the
gap with petrol, the demand for diesel
vehicles also started to fall. During
the rst three mcnths cf ths year, the
industry recorded a fall of 10.4 per
cent in passenger cars, while utility
vehicles demand grew by 5.2 per cent.
We are convinced that your Company
will remain the market leader and its
products will be the choice of most
custcmers. 1he rst fcur best sellng
cars in India are MSIL products. We
are determined to keep introducing
products that will ensure our pre-
eminent position. Consistent with that
objective, we are continuing with all
our planned investments to increase
production capacity and introduce new
products from time to time. Work on
the Gujarat site has commenced and we
expect to start production by the end
of 2015-16. The Manesar 3
rd
line will be
commissioned soon, as also phase 1 of
the diesel engine line in Gurgaon. The
R&D centre continues to develop. We are
also investing in strengthening our sales
and service facilities all over the country.
The capital investment proposed this
year is approximately ` 3,500 crores. And
this will only increase as we go ahead.
Suzuki Japan has decided that India
will now be responsible for the export
markets of Africa, the Middle East
and our neighbouring countries. We
have to ensure adequate sales and
marketing arrangements in these
countries, with the help of Japan. We
also have to determine the products
to be manufactured for these markets
and, if necessary, establish assembly
plants overseas. This decision will
greatly help the growth of our exports.
We are continuing with our efforts
to reduce costs, and localise inner
parts. Quality improvement has also
to be a priority. We believe that in the
dfcult tmes ahead, the Ccmpany
has to make greater efforts than
ever before in these directions.
We are now in the election year,
and traditionally, the governments
in power are reluctant to introduce
unpopular measures at this time. The
UPA Ccvernment, aware cf the way
manufacturing activity is progressing,
the current acccunt dect and the
weakness of the Rupee, is promising
several reforms. The Prime Minister is
also pushing for the implementation of
infrastructure projects under the PPP
model. If all these happen, I believe
there will be a change in sentiment,
and car buying may again pick up. The
festive season is also not far away. We
are hoping that with steps undertaken
by the government, and our own
efforts, we will lead a resurgence in
the automobile industry. After all,
the leader has that responsibility.
We all have to be optimists. Along with
that, we have to work with determination,
resolve and resilience, and nobody can
stop us from being successful. All those
who proudly say that they are Maruti
Suzuki employees believe in this, and
on their behalf, I can assure you that we
will overcome all obstacles and ensure
that the Indian automobile industry
has a respected position in the world.
Regards,
R. C. Bhargava
Chairman
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From the
MDs Desk
Dear Shareholders,
I feel honoured and privileged to
present this years Annual Report
to you as a part of Maruti Suzuki
family. I took over the baton from
Mr. Nakanishi with effect from 1
st
April,
2013 as Managing Director & CEO.
The evolution of the Company in all these
decades is both interesting and inspiring.
It has witnessed a huge transformation
of the car market over the years in
India, many a times contributing to and
leading the change itself. The Company
has consistently delivered best value
to customers over the life cycle of the
car and created a loyal customer base.
The leadership team has built a culture
of customer obsession & empathy,
cb|ectvty, ccmpany-rst, team sprt,
hcnesty, efcency and rgcur. l am
indebted to the leaders in this Company
for this strong and rich legacy.
Last year was a tough year for the
Company. There was a macroeconomic
slcwdcwn and the market was near at.
The Japanese Yen appreciated and brought
a ma|cr mpact tc cur prct. 1he market
distortion between petrol and diesel
k. Ayukawa
Managing Director & CEO
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cars continued to be strong. There was a
shocking incident of unprovoked violence
in the Manesar plant. A section of workers
indulged in attacking management staff
leaving a senior employee dead, a hundred
others injured and parts of the plant put
cn re. Our pecple, thcugh emctcnally
hurt, in a rare show of composure,
strength, determination and team effort
rose to the occasion and supported their
fellow colleagues, their families and
also made the plant operational within
a month. Not only this, they put in their
best efforts and both market share and
prct margn mprcved smultanecusly.
It is our foremost task to strengthen our
people relationship. We have to work
for the welfare and communicate more
with our people, so that their bonds
with the Company are stronger than any
other external factor. We will reinforce
the principles of fairness, equality
and respect for human beings, open
communication and a healthy industrial
environment. We have to develop our
people capability further so that they
lead us into the future successfully.
Though the Indian market has a great
long term growth potential, in the current
situation the market is not so strong. In the
rst quarter, there has been a declne cf
the overall Indian passenger vehicle sales
by 7.2 per cent. In such times, it is easy for
people to be swept by low sentiment and
not approach the situation as a winner. But
it will be our endeavour to break through
the situation and achieve better than
last year in every respect. All our people,
vendors, dealers and other partners have
to continuously believe in our collective
strength, come together and improve in
all the respectve elds n an ntegrated
manner. Integration, a never-give-up
attitude and whole-hearted efforts have
the power to deliver breakthrough results.
My job will be to catalyse this spirit
in all our people and partners.
Regards,
K. Ayukawa
The evolution of the Company in all these
decades is both interesting and inspiring. It
has witnessed a huge transformation of the
car market over the years in India, many a times
contributing to and leading the change itself.
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Board
of Directors
AUDIT
COMMITTEE
Mr. A. Ganguli
Chairman
Mr. K. Ayukawa
Member
Ms. P. Shroff
Member
Mr. D. S. Brar
Member
SHAREHOLDERS AND
INVESTORS GRIEVANCE
COMMITTEE
Mr. R. C. Bhargava
Chairman
Mr. K. Ayukawa
Member
Mr. S. Nakanishi
Member
Mr. D. S. Brar
Member
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Director &
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Director &
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Ofcer (Supply
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Director
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Chairman
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AUDITORS
Price Waterhouse
Chartered Accountants
EXECUTI VE OFFICER
(
LEGAL
)
& COMPANY
SECRETARY
Mr. S. Ravi Aiyar
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Managing Director
& CEO
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Joint Managing
Director
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Director
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Executive
Management Team
Mk. k. AYbkAWA
Mk. S.Y. SIDDIQbI
Sr. Managng Lxecutve Ofcer
ADMINISTRATION
(Pk, IT, Finance & C0SL)
MARKETING & SALES
Mk. M. PAkk
Managng Lxecutve Ofcer
Mk. T. PASPI M0T0
Lxecutve Ofcer
Mk. T. PASbI k
Joint Managing Director
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ENGINEERING
SUPPLY CHAIN
QUALITY ASSURANCE
(
QA
)
Mk. k. AYA
Drectcr and Managng Lxecutve Ofcer
Mk. k. ASAI
Drectcr and Managng Lxecutve Ofcer
Mk. Y. SbZbkI
Lxecutve Ofcer
Mk. S. MAITkA
Mk. C.V. kAMAN
Lxecutve Ofcer
Mk. A.k. T0Mk
Lxecutve Ofcer
PRODUCTION
Mk. M. kAMI YA
Lxecutve Ofcer
Mk. M.M. SI NCP
NOTICE
NOTICE is hereby given that the 32
nd
Annual General Meeting of
the members of Maruti Suzuki India Limited will be held at 10:00
a.m. on Tuesday, the 27
th
August 2013 at the Air Force Auditorium,
Subroto Park, New Delhi 110 010 to transact the following
business:
1. To receive, consider and adopt the audited balance sheet
as at 31
st
March 20i3 and prct and lcss acccunt fcr the
nancal year ended cn that date tcgether wth the repcrts
of the directors and auditors thereon.
2. To declare dividend on equity shares.
3. To appoint a director in place of Mr. D.S.Brar, who retires by
rotation and being eligible, offers himself for re-appointment.
4. To appoint a director in place of Mr. Amal Ganguli, who
retires by rotation and being eligible, offers himself for
re-appointment.
5. To appoint a director in place of Mr. Keiichi Asai, who retires by
rotation and being eligible, offers himself for re-appointment.
6. 1c ccnsder and, f thcught t, tc pass wth cr wthcut
mcdcatcn(s), the fcllcwng as an Ordinary Resolution:
RESOLVED THAT pursuant to section 224 and other
applicable provisions of the Companies Act, 1956, M/s Price
waterhcuse (Pegstratcn Nc. FPN30iii2L), Chartered
Accountants, the retiring auditors of the Company, having
offered themselves for re-appointment, be and are hereby
re-appcnted as the audtcrs cf the Ccmpany tc hcld cfce
from the conclusion of the 32
nd
annual general meeting
upto the conclusion of the 33
rd
annual general meeting of
the Ccmpany at a remuneratcn tc be xed by the bcard
and rembursement cf cut cf pccket expenses ncurred n
connection with the audit.
7. Appointment of Mr. Kenichi Ayukawa as Managing Director &
Chief xecutive 0fcer
1c ccnsder and, f thcught t, tc pass wth cr wthcut
RESOLVED THAT pursuant to Article 91 of the Articles of
Association of the Company and the provisions of Sections
198, 269, 309, Schedule XIII and all other applicable
prcvscns, f any, cf the Ccmpanes Act, i56 (ncludng
any statutcry mcdcatcn(s) cr re-enactment therecf, fcr
the tme beng n fcrce) and sub|ect tc the apprcval cf the
Central Government, Mr. Kenichi Ayukawa be and is hereby
appcnted as Managng Drectcr and Chef Lxecutve Ofcer
not to retire by rotation with effect from 1
st
April 2013 for a
period of three years on the following terms and conditions:
a) Basic Salary: ` 10,599,888 /- per annum in the scale
of ` 9,000,000/- to ` 13,000,000/- per annum with
authcrty tc the bcard (whch expresscn shall nclude
a ccmmttee therecf) tc revse hs salary frcm tme tc
time. The annual increments will be merit based and
take into account the Companys performance.
b) Special Salary: ` i,320,000/- per annum (Fxed).
c) Performance Linked Bonus: A performance linked bonus
equivalent to a guaranteed minimum of four months
basc salary and a maxmum cf ten mcnths' basc salary,
tc be pad annually, wth authcrty tc the bcard (whch
expresscn shall nclude a ccmmttee therecf) tc x the
same based on certain performance criteria to be laid
down by the board.
d) Perquisites and Allowances: In addition to the salary
and performance linked bonus, he shall also be entitled
to perquisites and allowances like accommodation
(furnshed cr ctherwse) cr hcuse rent allcwance n
lieu thereof; house maintenance allowance, together
wth the rembursement cf expenses cr allcwance
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
tax etc.; medcal rembursement, medcal / accdent
insurance, leave travel concession for himself and
his family; club fees and such other perquisites and
allowances in accordance with the rules of the Company
or as may be agreed to by the board of directors and
him; provided that such perquisites and allowances will
be ` 6,537,904/- per annum with authority to the board
(whch expresscn shall nclude a ccmmttee therecf)
tc ncrease t frcm tme tc tme uptc a maxmum cf
` 9,000,000/- per annum.
For the purpose of calculating the above ceiling,
perquisites and allowances shall be evaluated as per
nccme tax rules, wherever applcable. ln the absence
of any such rules, perquisites and allowances shall be
evaluated at actual cost.
In addition, he will be entitled for a contribution to the
provident and pension fund as per applicable law in
force from time to time.
Prcvscn fcr the use cf Ccmpany's car fcr cfcal dutes
and telephcne at resdence (ncludng payment fcr
lccal calls and lcng dstance cfcal calls) shall nct
be included in the computation of perquisites and
allowances for the purpose of calculating the said
ceiling.
Minimum Remuneration
Notwithstanding anything to the contrary herein
ccntaned, where n any nancal year durng the
currency of his tenure, in the event of loss or inadequacy
cf prcts, the Ccmpany wll sub|ect tc applcable laws,
pay remuneration by way of basic and special salary,
perfcrmance lnked bcnus nct exceedng fcur mcnths'
basc salary, perqustes and allcwances as speced
above.
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8. Appointment of Mr. Toshiaki Hasuike as Joint Managing
Director
PLSOL\LD 1HA1 pursuant tc Artcle i and Artcle i(6) cf
the Articles of Association of the Company read with Sections
198, 269, 309, 310, Schedule XIII and all other applicable
prcvscns cf the Ccmpanes Act, i56 and sub|ect tc the
approval of the Central Government, Mr. Toshiaki Hasuike be
and is hereby appointed as Whole-time Director designated
as Joint Managing Director with effect from 27
th
April 2013
for a period of 3 years at the following remuneration:
a) Basic Salary: ` 7,464,000/- per annum in the scale of
` 65,00,000/- to ` 9,000,000/- per annum with
authcrty tc the bcard (whch expresscn shall nclude
a ccmmttee therecf) tc revse hs salary frcm tme tc
time. The annual increments will be merit based and
take into account the Companys performance.
b) Special Salary: ` i,200,000/- per annum (Fxed).
c) Performance Linked Bonus: A performance linked bonus
equivalent to a guaranteed minimum of four months
basc salary and a maxmum cf ten mcnths' basc salary,
tc be pad annually, wth authcrty tc the bcard (whch
expresscn shall nclude a ccmmttee therecf) tc x the
same based on certain performance criteria to be laid
down by the board.
d) Perquisites and Allowances: In addition to the salary
and performance linked bonus, he shall also be entitled
to perquisites and allowances like accommodation
(furnshed cr ctherwse) cr hcuse rent allcwance n
lieu thereof; house maintenance allowance, together
wth the rembursement cf expenses cr allcwance
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
tax etc.; medcal rembursement, medcal / accdent
insurance, leave travel concession for himself and
his family; club fees and such other perquisites and
allowances in accordance with the rules of the Company
or as may be agreed to by the board of directors and
him; provided that such perquisites and allowances will
be ` 5,092,006/- per annum with authority to the board
(whch expresscn shall nclude a ccmmttee therecf)
tc ncrease t frcm tme tc tme uptc a maxmum cf
` 6,000,000/- per annum.
For the purpose of calculating the above ceiling,
perquisites and allowances shall be evaluated as per
nccme tax rules, wherever applcable. ln the absence
of any such rules, perquisites and allowances shall be
evaluated at actual cost.
In addition, he will be entitled for a contribution to the
provident and pension fund as per applicable law in
force from time to time.
Prcvscn fcr the use cf Ccmpany's car fcr cfcal dutes
and telephcne at resdence (ncludng payment fcr
lccal calls and lcng dstance cfcal calls) shall nct
be included in the computation of perquisites and
allowances for the purpose of calculating the said
ceiling.
Minimum Remuneration
Notwithstanding anything to the contrary herein
ccntaned, where n any nancal year durng the
currency of his tenure, in the event of loss or inadequacy
cf prcts, the Ccmpany wll sub|ect tc applcable laws,
pay remuneration by way of basic and special salary,
perfcrmance lnked bcnus nct exceedng fcur mcnths'
basc salary, perqustes and allcwances as speced
above.
9. Appointment of Mr. R.P. Singh as Director
RESOLVED THAT Mr. R.P. Singh, in respect of whom the
Company has received a notice in writing from a member
pursuant to Section 257 of the Companies Act, 1956
prcpcsng hs canddature fcr the cfce cf Drectcr, be and s
hereby appointed as Director of the Company liable to retire
by rotation.
10. Payment towards stay and other related expenses of
Mr. Shinzo Nakanishi, Director
PLSOL\LD 1HA1 pursuant tc Artcle i(6) cf the
Articles of Association of the Company read with
Sections 198, 309 and all other applicable provisions
of the Companies Act, 1956 consent be and is hereby
acccrded fcr meetng the expenses cf Mr. Shnzc
Nakanishi, Director towards his stay including domestic/
international travel during the period from 1
st
April, 2013 to
30
th
lune, 20i3 uptc a maxmum cf ` 20 lakhs.
By order of the board
For MARUTI SUZUKI INDIA LIMITED
New Delhi S. RAVI AIYAR
26
th
April 2013 Lxecutve Drectcr (Legal) &
Company Secretary
NOTES
1. A member entitled to attend and vote is entitled to appoint
a proxy to attend and vote instead of himself/herself and
a proxy need not be a member of the Company. A proxy to
be effective sheu|d be depesited at the registered efce
of the Company not less than forty eight hours before the
commencement of the meeting.
2. 1he explanatcry statement pursuant tc sectcn i73 cf the
Companies Act, 1956, in regard to the business as set out
in item nos. 7 to 10 and the relevant details pursuant to
clause 4 cf the lstng agreement executed wth the stcck
exchanges are annexed heretc.
3. A member cr hs/her prcxy s requested tc brng the annual
repcrt tc the meetng as extra ccpes wll nct be dstrbuted.
4. Members / Prcxes shculd ll the attendance slp fcr attendng
the meeting. Members who hold shares in dematerialised
form are requested to write their Client ID and DP ID numbers
and those who hold shares in physical form are requested to
write their folio number in the attendance slip for attending
the meeting.
5. ln case cf |cnt hclders attendng the meetng, cnly such |cnt
holder who is higher in the order of names will be entitled to
vote.
6. All dccuments referred tc n the nctce and explanatcry
statement are cpen fcr nspectcn at the regstered cfce
of the Company on all working days between 9:30 a.m. and
11:30 a.m. upto the date of annual general meeting.
7. (a) 1he regster cf members wll reman clcsed frcm Frday,
16
th
August, 2013 to Tuesday, 27
th
August, 20i3 (bcth
days nclusve).
(b) Sub|ect tc the prcvscns cf sectcn 206A cf the
Companies Act, 1956, dividend as recommended by the
board of directors, if declared at the meeting will be
payable on or after 2
nd
September, 2013 to those whose
names appear n the regster cf members / benecal
owners as on the closing hours of 14
th
August 2013.
(c) Pursuant tc Sectcns 205A and 205C cf the Ccmpanes
Act, 1956 and other applicable provisions, if any, all
dividend remaining unclaimed/unpaid for a period of
seven years from the date it became due for payment,
will be transferred to the Investor Education and
Prctectcn Fund (lLPF) establshed by the Central
Government. No claim shall lie against the said Fund
or the Company for the amounts so transferred nor
shall any payment be made in respect of such claim.
Members who have not yet encashed their dividend
warrant(s) are requested tc make ther clams wthcut
any delay.
8. Shareholders holding shares in electronic form may kindly
note that their bank account details as furnished by their
depcstcres tc the regstrar & transfer agent wll be prnted
on their dividend warrants as per the applicable regulations
of the depositories and the Company will not entertain any
direct request from such shareholders for deletion of / change
in such bank details. Shareholders who wish to change such
bank account details are, therefore, requested to advice their
depository participants about such change, with complete
details of bank account.
9. Corporate members intending to send their authorised
representatves are requested tc send a duly certed ccpy
of the board resolution authorising their representatives to
attend and vote at the annual general meeting.
10. As per section 109A of the Companies Act, 1956, shareholders
are entitled to make nomination in respect of shares held
by them in physical form. Shareholders desirous of making
nomination are requested to send their request in Form 2B
(whch wll be made avalable cn request) tc the regstrar and
transfer agents. The said nomination form can also be down-
loaded from the Companys website www.marutisuzuki.com.
11. Members are requested to send their queries, if any, on the
accounts and operations of the Company to the Company
Secretary (nvestcrQmarut.cc.n) at least 7 days befcre the
annual general meeting.
12. Entry into the auditorium will be strictly against entry slips
avalable at the ccunters at the venue and aganst exchange
of valid attendance slip.
13. No gifts will be distributed at the annual general meeting.
14. Owing to security concerns, the auditorium authorities do not
allow carrying inside brief cases, bags, eatables and the like.
Members attending the meeting are requested to make their
own arrangements for the safe keeping of their belongings.
15. The Ministry of Corporate Affairs has undertaken a Green
Initiative in Corporate Governance and allowed companies to
share documents with its shareholders through the electronic
mode. Members are requested to support this green initiative
by registering /updating their e-mail addresses, in respect
of shares held in dematerialised form with their respective
Depository Participants and in respect of shares held in
physical form with the Company or its Transfer Agent.
16. Notice of this Annual General Meeting, Audited Financial
Statements for 2012-13 together with Directors Report and
Auditors Report are available on the website of the Company
www.marutisuzuki.com.
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EXPLANATORY STATEMENT PURSUANT TO SECTION 173(2)
OF THE COMPANIES ACT, 1956
ITEM NO. 7
Mr. Kench Ayukawa was appcnted as Managng Drectcr &
Chef Lxecutve Ofcer wth effect frcm i
st
April, 2013 for
a period of three years at the remuneration given in the
proposed resolution. The approval of shareholders is sought
for appointment and payment of remuneration to Mr. Kenichi
Ayukawa.
Nc cther Drectcr except Mr. Kench Ayukawa s ccncerned cr
interested in the proposed resolution.
The Board recommends this resolution for approval of the
members.
ITEM NO. 8
Mr. Toshiaki Hasuike was appointed as Whole-time Director
designated as Joint Managing Director with effect from 27
th
April, 2013 for a period of three years at the remuneration
given in the proposed resolution.
The approval of shareholders is sought for appointment and
payment of remuneration to Mr. Toshiaki Hasuike.
Nc cther Drectcr except Mr. 1cshak Hasuke s ccncerned cr
interested in the proposed resolution.
The Board recommends this resolution for approval of the
members.
ITEM NO. 9
Mr. R.P. Singh was appointed as a Director with effect from
25
th
January, 2013 in the casual vacancy caused by the
resgnatcn cf Mr. M.S. 8anga. He hclds hs cfce uptc the
date of the ensuing Annual General Meeting and is eligible
for appointment as a Director. In terms of Section 257
of the Companies Act, 1956, the Company has received a
notice in writing from a member signifying his intention to
prcpcse hs canddature fcr the cfce cf Drectcr. Nc cther
Drectcr except Mr. P.P. Sngh s ccncerned cr nterested n
his appointment. The Board recommends the resolution for
approval of the members.
ITEM NO. 10
Mr. Kench Ayukawa was appcnted as Managng Drectcr &
Chef Lxecutve Ofcer wth effect frcm i
st
April, 2013 for a
period of three years. In order to achieve smooth transition
cf the respcnsbltes cf the cfce cf Managng Drectcr &
CEO, Mr. Shinzo Nakanishi would stay in India post 1
st
April,
20i3 fcr a percd uptc a maxmum cf 3 mcnths. 1he apprcval
cf sharehclders s scught fcr meetng the expenses tcwards
his stay including domestic/international travel during this
percd uptc a maxmum cf ` 20 lakhs only.
Nc cther Drectcr except Mr. Shnzc Nakansh s ccncerned cr
interested in the proposed resolution. The Board recommends
this resolution for approval of the members.
Additional information as per clause 49 of the listing
agreement
A brief resume of the directors recommended for appointment/
re-appointment at the annual general meeting is as under:
Mr. Kenichi Ayukawa
Mr. Kenichi Ayukawa, 57, is a law graduate from Osaka
Unversty, lapan. Mr. Ayukawa |cned Suzuk Mctcr Ccrpcratcn
in 1980 and worked at various levels there including General
Manager, Overseas Marketing Administration Department
and Managing Director of Pak Suzuki Motor Company Limited.
He |cned the bcard cf Marut Suzuk lnda Lmted n 2008.
Mr. Ayukawa is a member of the Board of Directors of several
companies such as Suzuki Italia S.P.A. , Suzuki International
Europe GmbH, Suzuki Motor Iberia, S.A.U. , Suzuki Austria
Automobil, Handels Gesellschaft m.b.H. , Suzuki Motor Poland
SP.Z.O.O. , Suzuki GB PLC, Magyar Suzuki Corporation Ltd. ,
Suzuki Finance Europe B.V. , Suzuki Philippines Inc. , Pak
Suzuki Motor Co. Ltd. , Vietnam Suzuki Corporation, PT Suzuki
lndcmcbl Mctcr, Suzuk Mctcr (Chna) lnvestment Cc. Ltd. ,
1awan Suzuk Autcmcble Ccrp. , Suzuk Mctcr (1haland) Cc.
Ltd. , Suzuki Australia Pty. Ltd. , Suzuki Newzealand Ltd. , Suzuki
Mctcr De Mexcc, S.A. Dec. \. , Suzuk Servccs de Mexcc, S.A
de C.\. , Suzuk Autc Scuth Afrca (Pty) Ltd. , Suzuk Mctcr Czech
S.R.O. , Suzuki Motor Rus, LLC, Suzuki Automobile Schweiz AG,
langx Changhe Suzuk Autcmcble Cc. Ltd. , Suzuk Malaysa
Automobile SDN. BHD. , Suzuki Egypt S.A.E.
He is not related to any of the Directors of the Company. He
does not hold any shares of the Company.
Mr. Toshiaki Hasuike
Mr. Toshiaki Hasuike, 55, is a graduate in Mechanical Studies,
Faculty of Engineering, MEIJI University, Japan. . Mr. Hasuike
|cned Suzuk Mctcr Ccrpcratcn n i80 and wcrked at
various levels there including Department General Manager,
Managng Ofcer & Deputy Lxecutve Ceneral Manager and
was appcnted as Autcmcble Lngneerng Managng Ofcer
& Deputy Lxecutve Ceneral Manager n 20i2.
He is not related to any of the Directors of the Company. He
does not hold any shares of the Company.
Mr. Amal Ganguli
Mr. Amal Ganguli, 73, is a member of The Institute of Chartered
Accountants in England and Wales and The Institute of
Chartered Accountants of India and member of the British
Institute of Management and member of the New Delhi
chapter of the Institute of Internal Auditors, Florida, U.S.A.
In 1962, he became the senior manager, Price Waterhouse
and in 1969 he became a partner, Price Waterhouse and in
1996 went on to become Chairman and Senior Partner, when
he retired in 2003.
During his career spanning over 42 years, Mr. Gangulis range
cf wcrk ncluded lnternatcnal 1ax advce and plannng,
cross border investments, Corporate mergers and re-
crgansatcn, nancal evaluatcn cf prc|ects, management,
cperatcnal and statutcry audt and ccnsultng prc|ects
funded by International funding agencies. In the course
of his professional career, he has dealt with a variety of
clients including US AID, World Bank, ADB, NTPC, Alcatel, GE,
Hindustan Lever, STC, Hewlett Packard and IBM.
Presently, he is on the board of Tata Telecommunications
Ltd. , Century 1extles and lndustres Ltd. , lCPA Ltd. , HCL
Technologies Ltd. , New Delhi Television Ltd. , Triveni Turbines
Ltd. , A\1LC Ltd. , Arcent 1echnclcges (Hcldngs) Ltd. , ML
Infomap Pvt. Ltd. , Tata Teleservices Maharashtra Ltd. , Hughes
Communications India Ltd. , Laurus Labs Private Limited,
Manglam Cement Limited and a partner in Veritas Advisors
LLP.
Presently, he is a member of audit committee of Century
1extles & lndustres Ltd. , Hughes Ccmmuncatcns lnda
Ltd. lCPA Ltd. , Arcent 1echnclcges (Hcldngs) Ltd. , 1rven
Turbines Ltd. , and Tata Teleservices Maharashtra Ltd. He is
chairman of the audit committee of Tata Telecommunicatons
Ltd. , HCL Technologies Limited and New Delhi Television Ltd.
He does not hold any shares of Maruti Suzuki India Limited.
Mr. D. S. Brar
Mr. D.S. Brar, 60, graduated with a Bachelor of Engineering
(Llectrcal) degree frcm 1hapar lnsttute cf Lngneerng
& 1echnclcgy, Patala. He further ccmpleted hs Masters
Degree n 8usness Admnstratcn wth tcp rank (Ccld
Medal) frcm the Faculty cf Management Studes, Unversty
of Delhi. After having started his career in 1974 with The
Assccated Cement Ccmpanes Lmted (ACC), Mr. 8rar had
been associated with the Pharmaceutical Industry for three
decades. Mr. 8rar spent ma|cr part cf ths percd (i77 -
2004) wth Panbaxy Labcratcres Lmted - lnda's largest
Pharmaceutical company at various positions and rose to the
level cf Presdent n i3. He became the CLO & Managng
Drectcr cf Panbaxy n i. Mr. 8rar stepped dcwn frcm
ths pcstcn n 2004 tc start hs entrepreneural |curney and
ventured into GVK Biosciences - a leading contract research
crgansatcn prcvdng Dsccvery & Develcpment servces
to Global Life Sciences companies. Mr. Brar also promoted
Davx Management Servces - a Pharmaceutcals fccused
Consulting/Advisory services company.
Mr. Brar has been involved with some of the premier
Research and Educational institutions in India. He has
served as a Member on the Board of National Institute of
Pharmaceutcal Lducatcn and Pesearch (NlPLP), SAS Nagar
and is presently Chairman of Biotechnology Business Group
cf Pun|ab 8ctechnclcgy lncubatcr. Mr. 8rar s alsc a Member
of the Board of Governors of Indian Institute of Management,
Luckncw (llML).
Mr. Brar has been involved with several leading industry
associations in India. He is a member of the National Council
cf the Ccnfederatcn cf lndan lndustry (Cll) and Charman
of CIIs Indian MNC Council. He has served as a member of
the Lxecutve Ccmmttee cf Federatcn cf lndan Chambers
cf Ccmmerce and lndustry (FlCCl) n the past. Mr. 8rar was a
Member of Prime Ministers Task Force on pharmaceuticals
and knowledge-based industries which drafted the blue print
fcr the grcwth and glcbal expanscn cf lndan Pharmaceutcal
lndustry ncludng P&D and Prcng pclces. Fcr hs servce
and contribution to the pharmaceutical industry, Mr. Brar was
honoured with the Deans Medal from the Tufts University
School of Medicine, U.S.A. in 2004.
Mr. Brar is a member of the Board of Directors of several
Companies such as Moksha8, Mphasis Limited, GVK
Biosciences Private Limited, Inogent Laboratories Private
Lmted, Sura| Hctels Prvate Lmted, Madhuban lnvestments
Prvate Lmted, Davx Management Servces Prvate Lmted,
Creen \ally Land & Develcpment Prvate Lmted, C\K Davx
1echnclcges Prvate Lmted, C\K Davx Pesearch Servces
Prvate Lmted, Sura| Overseas Prvate Lmted, Davx
Pharmaceuticals Private Limited, Chetak Pharmaceuticals
Prvate Lmted, CxP Pharmaceutcals Prvate Lmted, KKP
Asia Limited, Wockhardt Limited and IIM Lucknow.
He is also a member of Audit Committee and Investors
Grievance Committee of Mphasis Limited, Wockhardt Limited
and Maruti Suzuki India Limited. He is not related to any of
the Directors of the Company. He does not hold any shares of
Maruti Suzuki India Limited.
Mr. R.P.Singh
Mr. R P Singh, 61, passed his post graduation in Mathematics
frcm Advanced Centre fcr Pure Mathematcs, Pun|ab
University, Chandigarh in 1973 and after a brief stint
cf teachng Pure Mathematcs & Statstcs tc graduate
classes, |cned the Admnstratve Servce. Apart frcm the
regular eld assgnments fcr the l.A.S. Ofcers, he has
wde experence n regulatcry areas cf Fnance, lndustry
& Urban Develcpment. He wcrked bcth as Ccmmsscner
cf Hyderabad Muncpal Ccrpcratcn & \ce Charman cf
Hyderabad Urban Development Authority. He had long
stints as Managing Director of Andhra Pradesh Industrial
Develcpment Ccrpcratcn & Ccmmsscner cf 1axatcn n
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Andhra Pradesh. He was pcsted tc Pun|ab & Snd 8ank as
Chairman in March 2005 when the Bank was in continuous
lcsses and had accumulated hstcrcal NPAs (i%). He spent
four and a half years in the Bank during which the Bank
reccrded hghest grcwth n the lndustry (0.4% grcss). As
Secretary n the Department cf lndustral Pclcy & Prcmctcn,
hs ma|cr ntatves were:
1. Rationalisation and consolidation of FDI policy;
2. Re-inventing and establishing the Delhi Mumbai
lndustral Ccrrdcr Prc|ect (DMlDC);
3. Putting together the manufacturing policy for the
country.
After retirement from the Indian Administrative Service,
he has been selected by the Government of India for
appointment as Chairman, National Highways Authority
cf lnda (NHAl).
He is not related to any of the Directors of the Company.
He does not hold any shares of Maruti Suzuki India
Limited.
Mr. Keiichi Asai
Mr. Keiichi Asai, 57, is a graduate from Department of
Mechanical Engineering of Musashi Engineering University,
lapan. He |cned Suzuk Mctcr Ccrpcratcn n i7 and
worked at various levels at body design engineering, new
model member in Kosai plant, production planning, car line
etc. ln 2008, he became Drectcr and Managng Lxecutve
Ofcer (Lngneerng) cf Marut Suzuk lnda Lmted. He
spearheads research & develcpment and cverall engneerng
activities of the Company. Presently he is on the board of
Denso India Ltd. and Krishna Maruti Ltd. He is not related to
any of the Directors of the Company. He does not hold any
shares of Maruti Suzuki India Limited.
By order of the board
For MARUTI SUZUKI INDIA LIMITED
New Delhi S. RAVI AIYAR
26
th
April 2013 Lxecutve Drectcr (Legal) &
Company Secretary
Directors
Report
The Company ranked
third in the list of 100
most successful and
inuentia| cempanies
in India listed by TLG
Partners, London.
Your directors have pleasure in presenting the 32
nd
annual report together with the audited
accounts for the year ended 31
st
March 2013.
FINANCIAL RESULTS
1he Ccmpany's nancal perfcrmance durng the year 20i2-i3 as ccmpared tc the prevcus
year 20ii-i2 s summarsed belcw:
(` in million)
2012-13 2011-12
Total revenue 444,003 364,139
Prct befcre tax 29,910 21,462
1ax expense 5,989 5,110
Prct after tax 23,921 16,352
8alance brcught fcrward 130,777 118,578
Addition on amalgamation 3,565 -
Prct avalable fcr apprcpratcn 158,263 134,930
Apprcpratcns:
General reserve 2,392 1,635
Proposed dividend 2,417 2,167
Ccrpcrate dvdend tax 411 351
8alance carred fcrward tc balance sheet 153,043 130,777
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FINANCIAL HIGHLIGHTS
1he tctal revenue (net cf excse) was
` 444,003 million as against ` 364,139
million 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. 1ctal number cf vehcles expcrted
was 120,388 units as compared to 127, 379
units in the previous year.
Prct befcre tax (P81) was ` 29,910
million against ` 21,462 million showing
an ncrease cf 3 per cent and prct after
tax (PA1) stccd at ` 23,921 million against
` 16,352 million in the previous year
showing an increase of 46 per cent.
DIVIDEND
1he bcard reccmmends a dvdend cf
` 8 (eight) per equity share of ` 5 each for the
year ended 31
st
March 2013 amounting to
` 2,417 million.
OPERATIONAL HIGHLIGHTS
1he cperatcns are exhaustvely dscussed
in the report on Management Discussion
and Analysis which forms part of this
annual report.
CRISIL RATINGS
The Company was awarded the highest
nancal credt ratng cf AAA/stable (lcng
term) and Ai+ (shcrt term) cn ts bank
facltes by CPlSlL. 1he ratng undersccres
the nancal strength cf the Ccmpany n
terms of the highest safety with regard
tc tmely fulllment cf ts nancal
cblgatcns.
QUALITY
The Company was again awarded
lSO:2700i certcatcn by S1QC Drectcrate
(Standardsatcn, 1estng and Qualty
Certcate), Mnstry cf Ccmmuncatcns
and lnfcrmatcn 1echnclcgy, Ccvernment
cf lnda after re-assessment. 1he Ccmpany
has establshed and s mantanng an
lnfcrmatcn Securty Management System.
Durng the year, lSO i400i Survellance
audt was carred cut by M/s A\l,
Belgium and the auditors recommended
ccntnuatcn cf the lSO i400i.
The quality management system of
the Ccmpany s certed aganst lSO
00i:2008 Standard. Pe-assessment cf the
quality systems is done at regular intervals
and re-certcatcn assessments are dcne
at every 3 years by an accredted thrd
party agency. Also, the Company has an
internal assessment mechanism to verify
and ensure adherence cf dened qualty
systems across the Company.
AWARDS/RECOGNITION/
RANKINGS
l. D. Pcwer Asa Pacc 20i2 Custcmer
Satsfactcn lndex (CSl) Study ranked
the Company highest for the 13
th
time
in a row.
Golden Peacock Award 2012 for
occupational health and safety in
autcmcble sectcr.
Golden Peacock Award 2012 for
sustanablty.
Some of the awards given to Ertiga
were:
MU\ cf the year by Car lnda Awards
MP\ cf the year by L1 Zgwheels,
Autccar lnda and 8S Mctcrng 20i3
Ccmpact SU\ fcr the year by CN8C
Overdrve
Top Gear family car of the year
Some of the awards given to Alto 800
were:
Lntry Hatchback Car cf the Year
20i2 by ND1\ CN8C Awards 20i3
Lntry-level Hatchback Car cf the
Year by L1 Zgwheels Awards 20i2
8est \alue fcr Mcney Car cf the
year by Autccar Awards 20i3
Ccmpact Car cf the year by CN8C
Overdrve
\ewers Chcce by CN8C Overdrve
Some of the awards given to Swift
DZre were:
Compact Sedan of the year 2013
Ccmpact Sedan cf the year by Car
lnda
Mdszed Car cf the year by CN8C
Overdrve
The Company ranked third in the list
cf i00 mcst successful and nuental
ccmpanes n lnda lsted by 1LC
Partners, Lcndcn.
Mr. P. C. 8hargava, Charman was awarded
the Autcmcble Perscn cf the Year 20i3 by
ND1\ Prct.
SUBSIDIARY COMPANIES
AND THEIR ACCOUNTS
1he Ccmpany's subsdares whch were
engaged n the busness cf nsurance
dstrbutcn n the past generated an
investment income of ` 141.75 million
including a dividend income of ` 8.93
million and long term capital gain of
` 132.82 million through mutual funds.
1he Ccmpany's subsdary `1rue \alue
Sclutcns Lmted' has ccntrbuted
tcwards smccth cperatcns cf busness
processes and supported the dealerships
n enhancng the sale cf pre-cwned cars
under the brand Marut 1rue \alue. lt has
ccntrbuted sgncantly tc the effcrts cf
custcmer retentcn by facltatng sale and
re-purchase cf new cars thrcugh exchange
and has made sgncant ccntrbutcn
tcwards enhancng dealers' prctablty.
ln terms cf the general crcular dated
8
th
February 20ii ssued by the
Ccvernment cf lnda, Mnstry cf Ccrpcrate
Affars, the balance sheets, prct & lcss
acccunts, repcrts cf the bcard cf drectcrs
and audtcrs cf the subsdary ccmpanes
have nct been attached wth the balance
sheet of the Company. Annual accounts
cf the subsdary ccmpanes and the
related detaled nfcrmatcn shall be
made avalable tc sharehclders cf the
Ccmpany and subsdary ccmpanes
seeking such information at any point of
tme. 1he annual acccunts cf the subsdary
ccmpanes shall alsc be avalable fcr
nspectcn by any sharehclder at the head
cfce cf the Ccmpany and cf the subsdary
companies. Hard copy of details of accounts
cf subsdares shall be furnshed tc any
shareholder on demand. Further, pursuant
tc Acccuntng Standard - 2i ssued by
the lnsttute cf Chartered Acccuntants cf
lnda, ccnscldated nancal statements
presented by the Ccmpany nclude the
nancal nfcrmatcn cf ts subsdares.
AMALGAMATION
During the year under review, Suzuki
Pcwertran lnda Lmted (SPlL) was
amalgamated with and into the Company
vde the crder cf the Hcn'ble Hgh Ccurt
of Delhi dated 29
th
January 2013. The order
was led wth the Pegstrar cf Ccmpanes,
Ministry of Corporate Affairs on 17
th
March
2013. The appointed date of amalgamation
was 1
st
April 2012. Pursuant to the scheme
of amalgamation, 1,3170,000 equity shares
of ` 5/- each were allctted tc Suzuk Mctcr
Corporation on 29
th
March 2013 and the
paid up equity capital stands increased to
` 1,510 million.
HUMAN RESOURCE
DEVELOPMENT
1c have a sustanable ccmpettve
advantage in the new knowledge
economy, learning is a key catalyst for an
organisations survival and success. The
Company, therefore, provided tremendous
learning and development opportunities
to its employees, starting from induction
and orientation program for all the new
joinees to regular training programs to
develop and enhance the skill levels
(functcnal and behavcral) fcr all the
employees. The training programs varied
and were talcred acccrdng tc the busness
requirements, employee needs at various
levels and are designed with the help of
a thorough and well structured process
cf need dentcatcn ccnnected tc the
busness demands. 1he Ccmpany's annual
training calendar encompassed training
programs for all categories of employees
i.e. associates, supervisors and junior,
middle, senior and top management level.
To ensure a well rounded development of
all the employees, the training calendar
ccmprsed cf behavcral, functcnal, safety
and environment trainings.
ln 20i2 - i3, a tctal cf 48,300 man-days cf
training were conducted for the employees
across all the levels. This translates to
an average of 5.15 days of training per
employee.
The functional and technical trainings
formed an important part of the Companys
annual training calendar as they are
directly linked with the employees role and
cn the |cb perfcrmance. 1hese tranngs
were mparted by n-hcuse sub|ect matter
experts as well as by dented external
trainers.
Some of the functional trainings imparted
internally are 3G, 3K, 5S, Design Failure Mode
Effects Analysis (DFMEA), environment,
prcduct tranng and Qualty Ccntrcl (QC)
tccls. Lxamples cf few functcnal tranngs
whch are dcne by external traners are
nance fcr ncn-nance, sx sgma, prc|ect
management, inventory and warehouse
management, world class manufacturing
practces, autc cad, MS excel, etc.
1he behavcral tranngs alsc fcrmed
a ccnsderable pcrtcn cf the tranng
calendar and ncluded tranngs cn sub|ects
lke negctatcn sklls, prcblem sclvng
and decision making skills, presentation
and ccmmuncatcns sklls, ccnct
management and resolution, assertiveness
and self ccndence, tme management and
multi tasking skills, leading effectively,
inter personal relationships, personal
effectveness, wcrk lfe balance, team
wcrkng, ccmpetency based ntervewng
skills, etc.
wcrkshcps were desgned speccally
for the women employees to help them
understand challenges at work woman,
managng perceptcns, expectatcns and
dsappcntments, self-esteem, balancng
work and home and managing stress.
The Company also provided higher
educatcn schemes fcr ts emplcyees. lt
helped not only to groom and retain the
hgh pctental ycung managers but alsc
enabled emplcyees tc fulll ther career
enhancement aspirations, while still
working in the organisation. The scheme
ncluded prcgrams lke - executve M8A
(full time and part time) at select campuses.
1he scheme was avalable fcr emplcyees at
levels of assistant managers to managers.
DIRECTORS
Mr. Amal Ganguli, Mr. Keiichi Asai and
Mr. D. S. Brar, Directors of the Company,
retre by rctatcn at the ensung annual
general meetng and beng elgble, cffer
themselves fcr re-appcntment. Mr. M. S.
8anga, lndependent Drectcr resgned frcm
the bcard cf the Ccmpany wth effect frcm
clcse cf busness hcurs cf 26
th
Octcber
20i2. Mr. P. P. Sngh was appcnted as an
lndependent Drectcr n the casual vacancy
caused by the resgnatcn cf Mr. M. S. 8anga.
Mr. Shnzc Nakansh retred frcm the pcst
cf MD & CLO cf the Ccmpany wth effect
frcm clcse cf busness hcurs cf 3i
st
March
2013. Mr. Kenichi Ayukawa was appointed
as the MD & CLO cf the Ccmpany wth
effect from 1
st
April 2013.
DIRECTORS
RESPONSIBILITY
STATEMENT
As required under section 217(2AA) of
the Companies Act, 1956, your directors
ccnrm:
a) that there were no material departures
n the applcable acccuntng standards
followed while preparing the annual
accounts;
b) havng selected such acccuntng
policies and applied them consistently
and made judgments and estimates
that are reascnable and prudent sc as
to give a true and fair view of the state
of affairs of the Company at the end of
the nancal year and cf the prct cf
the Company for that period;
Directors Report
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c) havng taken prcper and sufcent
care for the maintenance of adequate
accounting records in accordance with the
provisions of the Companies Act, 1956, for
safeguarding the assets of the Company
and for preventing and detecting fraud
and other irregularities; and
d) having prepared the annual accounts
cn a gcng ccncern bass.
CONSERVATION OF
ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND
OUTGO
A statement giving details of conservation
cf energy, technclcgy abscrptcn,
fcregn exchange earnngs and cutgc n
accordance with the Companies (Disclosure
cf Partculars n the Pepcrt cf 8card
cf Drectcrs) Pules, i88 s annexed as
Annexure A.
PERSONNEL
As requred by the prcvscns cf sectcn
217(2A) of the Companies Act, 1956,
read with the Companies (Particulars
cf Lmplcyees) Pules, i75, as amended,
the names and other particulars of the
emplcyees are set cut n Annexure 8 tc
the Drectcrs' Pepcrt. Hcwever, as per the
prcvscns cf sectcn 2i(i)(b)(v) cf the
Ccmpanes Act, i56, the Annual Pepcrt
s beng sent tc all the sharehclders cf
the Ccmpany excludng the afcresad
information. Any shareholder interested in
cbtanng such partculars may wrte tc the
Ccmpany Secretary at the regstered cfce
of the Company.
CONSOLIDATED FINANCIAL
STATEMENTS
ln acccrdance wth the Acccuntng Standard
21 on Consolidated Financial Statements
read with Accounting Standard 23 on
Acccuntng fcr lnvestments n Assccates
and Acccuntng Standard - 27 cn Fnancal
Pepcrtng fcr lnterest n lcnt \entures, the
audted ccnscldated nancal statements
are prcvded n the Annual Pepcrt.
CORPORATE GOVERNANCE
The Company has complied with the
corporate governance requirements, as
stipulated under clause 49 of the listing
agreement and the stpulated certcate
of compliance is contained in this
Annual Pepcrt.
AUDITORS
1he audtcrs, M/s Prce waterhcuse,
Frm Pegstratcn Number FPN30iii2L,
Chartered Acccuntants, hcld cfce untl
the conclusion of the ensuing annual
general meeting and are recommended
fcr re-appcntment. A certcate frcm the
audtcrs has been receved tc the effect
that ther re-appcntment, f made, wculd
be n acccrdance wth sectcn 224 (i8) cf
the Companies Act, 1956.
COST AUDITORS
ln ccnfcrmty wth the drectves cf
the Central Government, the Company
has appcnted M/s P. l. Ccel & Cc. , ccst
accountants, as the cost auditors under
section 233B of the Companies Act, 1956
for the audit of the cost accounts for the
mctcr vehcles busness fcr the year
ending on 31
st
March 20i4. 1he extended
due date cf lng the ccst audt repcrt fcr
the nancal year 20ii-i2 n `Lxtended
8usness Pepcrtng Language' (X8PL)
format with the Ministry of Corporate
Affairs was 28
th
February 20i3. 1hs repcrt
was led wthn the stpulated tme cn i8
th

January 2013.
ACKNOWLEDGMENT
1he bcard cf drectcrs wculd lke tc express
ts sncere thanks fcr the cc-cperatcn and
advice received from the Government of
lnda and the Haryana Ccvernment. Ycur
directors also take this opportunity to place
on record their gratitude for timely and
valuable assstance and suppcrt receved
from Suzuki Motor Corporation, Japan. The
bcard alsc places cn reccrd ts apprecatcn
fcr the enthusastc cc-cperatcn, hard
work and dedication of all the employees
of the Company including the Japanese
staff, dealers, vendcrs, custcmers, busness
assccates, autc nance ccmpanes, state
government authorities and all concerned
wthcut whch t wculd nct have been
pcssble tc acheve all rcund prcgress
and growth of the Company. The directors
are thankful to the shareholders for their
continued patronage.
Fcr and cn behalf cf the bcard cf
directors
KENICHI AYUKAWA
Managing Director
& CLO
R.C. BHARGAVA
Chairman
New Delh
26
th
April 2013
ANNEXURE A
Directors Report
lnfcrmatcn n acccrdance wth the
Companies (Disclosure of Particulars in the
Pepcrt cf 8card cf Drectcrs) Pules, i88,
and fcrmng part cf the Drectcrs' Pepcrt
for the year ended 31
st
March 2013.
A. ENERGY CONSERVATION
The Company continued its energy
conservation drive with the main
fccus cn mprcvng efcency thrcugh
adoption of the new technology and
optimisation of the operations. Energy
saving initiatives throughout the
Gurgaon and Manesar plant helped
the Company in reducing energy
ccnsumptcn by mcre than i per cent
in most of the areas. The Company
achieved 20 per cent reduction in
energy consumption during important
work done on holidays and non working
hours. Some of the activities carried out
during the year towards environment,
energy and water conservation are
mentioned under.
1. nergy efcient equipments
installed/replaced :
a) Lnergy efcent pumpng
system fcr Peverse Osmcss
(PO) plant at Curgacn plant.
b) Lnergy efcent mctcrs n pant
shop, air washers, cooling tower,
bcler and pcwer plant n bcth
Gurgaon and Manesar plant.
c) Lnergy efcent transfcrmers
for new shops.
d) Peplacement cf standard
blades cf ccclng tcwer fans
with aerodynamic energy
efcent Fbre Penfcrced
Plastc (FPP) blades.
2. Upgradatcn cf PO system
from two stage to three stage
for reduction in fresh water
consumption.
3. lnlet steam n|ectcn system
n gas turbnes fcr mprcvng
performance.
4. Optimisation / improvement of
process:
a) \cltage reductcn n Llectrc
Deposition (ED) process in
Gurgaon plant.
b) Pe-szng cf mctcrs and
pumps rating as per process
requirement in shops.
c) \cltage reductcn n shcps fcr
lighting.
d) Peductcn n startup tme cf
shcps by sequental cperatcn
as per process requirement.
e) Mcded ccmpressed ar
system for improvement in
power consumption.
f) lmprcvement n ar washers
efcency by replacng spray
zone with celdec media.
5. Improvement in lightings:
a) Peplacement cf ccnventcnal
tube lghts wth hghly efcent
LLD (Lght Lmttng Dcdes)
tube lghts n vehcle assembly
shops, Gurgaon plant.
b) lmprcved natural lghtng
system in shops.
B. RESEARCH &
DEVELOPMENT
(
R&D
)
lnda s cne cf the mcst ccmpettve
autcmctve markets tcday. lncreasng
ccmpettcn frcm the glcbal OLM
(Orgnal Lqupment Manufacturers),
volatile commodity prices, highly
uctuatng fcregn exchange, strcter
regulatcry requrements and last but
not the least the increasing customer
expectatcns makes the lndan
automotive market very challenging.
With unparalleled dedication and
zeal tc succeed, the P&D team cf
the Company worked in line with
the Companys vision to retain the
market superiority and win a place in
the customers hearts. The Companys
P&D team acheved the capablty fcr
carryng cut full bcdy change and s
working on various new projects for
new model design and development.
1he Ccmpany's P&D team s ncw cn
the path cf advancng ths capablty
further. Systemic efforts are going on
to enhance it in the near future via
fcllcwng:
Lstablshment cf wcrld class test
track and proving ground facility at
Pchtak whch wll help n valdatng
the various vehicle systems and
models
Facltatcn cf full n-hcuse
designing, development and
evaluation of entire vehicle
Overseas and n-hcuse tranng cf
engineers
Develcpment cf prctctype buld
capablty
Advanced engineering projects
ln 20i2-i3, the manpcwer cf Ccmpany's
P&D team reached tc i,24. 1he fccus
was cn ccnscldatng the experence
gained and training imparted to a
large number cf ycung engneers fcr
challengng P&D rcles n the future.
Specic areas in which k&D has
happened:
Sgncant effcrts were made n the
preparation of the product road map,
prcduct speccatcn, trackng cf new
technology and its implementation.
\arcus pre and pcst launch market
research activities were conducted
to capture the customer voice and
nccrpcrate custcmer feedback n the
exstng and future prcducts.
\ehcle extercr and ntercr desgn
capabltes were enhanced wth
smart 8lw (8cdy n whte) structure
packagng and mprcved t and nsh
in interior design. Use of high tensile
steel and structure optimisation
helped in achieving overall weight
reductcn tc get hgher fuel efcency.
New ccst effectve technclcgy cf
panted nstrument panel has been
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introduced thus showcasing the
Ccmpany's capablty n enhancement
in instrument panel design and
development.
Consistent efforts were put for
capablty up-gradatcn n the
automotive electrical and electronic
area. New generatcr, ccst effectve LMS
(Engine Management System) platform
were developed along with supplier
partner and implemented in Alto 800.
Fcr ccntrcl scftware valdatcn HlL
(Hardware n Lccp) system was setup
during the year.
Capablty up-gradatcn was dcne
in the areas of chassis design and
development to meet growing
custcmers' expectatcn fcr safety,
perfcrmance, relablty and fuel
efcency. 1he extensve use cf (CAL)
Computer Aided Engineering on the
chassis parts during the initial design
phase enabled weght cptmsatcn
and reduction in design validation time,
thus minimising the overall vehicle
development time. Contemporary
technology application and optimal
tuning of steering and suspension
has enabled ntrcductcn cf new Altc
800 and Lrtga wth best n class rde
and handling to cater to customers
expectatcns n the area cf vehcle
dynamics.
1he desgn prctc vehcle buld
capablty was further enhanced durng
the year. ln the area cf bcdy shell,
new technologies and materials like
coated and high tensile materials were
nducted. wcrk s beng dcne n the
new areas of powertrain development
wth ccmpetences beng develcped
in prototype casting and machining
providing further opportunities to
evaluate alternatve speccatcns fcr
design and product optimisation.
Cost control was under constant focus
n P&D. Fcr new mcdels, detaled
feasblty analyss was dcne and
stringent cost targets were set for
engneers tc wcrk cn. ln crder tc
reduce costs right from concept stage,
cost analysis and design to cost
technques were adcpted. \L (\alue
Engineering) ideas of the Companys
engineers and also the suppliers were
incorporated at the design stage itself.
Fccus cn nccrpcratng lnda specc
cost reduction ideas right at the design
stage fcr glcbal mcdels helped the
Company in achieving stricter target
ccsts. Fcr exstng mcdels, fccused
value enhancement projects were
taken up n the varcus mcdels by crcss
functional teams across the Company
to provide the higher value products
at lower costs. This was also a step
tcwards mantanng the prctablty
during adverse economic conditions.
Lccalsatcn cf mpcrted parts was
taken up with a renewed thrust. This
was alsc a step tcwards de-rskng
frcm fcregn exchange expcsure and
to reduce material cost. The Company
saved ` 2i6.4 crcres by lccalsatcn
and ` 209 crores from implementation
cf \A /\L (\alue Analyss/\alue
Engineering) proposals.
The ongoing advanced engineering
projects in the Company depict the
Companys vision towards future.
Project dedicated to development of
hybrd, electrc vehcle, ntegratcn cf
advance technologies and addition
cf new features were taken up by the
Company during the year to enhance
capablty n varcus elds and develcp
new technologies for future readiness.
The Companys engineers presented
ther ndngs thrcugh engneerng
research papers at various international
forums such as SAE (Society of
Autcmctve Lngneers) lnternatcnal,
SlA1 (Sympcsum cn lnternatcnal
Automotive Technology) and other
prestigious conferences which gave
a brcader cutlcck tc the Ccmpany's
engineers and displayed the dedication,
focus and hard work with which the
Ccmpany's P&D team wcrked.
To enhance the virtual validation skills,
accuracy and reduce design cycle
tme and desgn mcdcatcn and
development cost, high performance
server was installed. The Company has
an edge over its competitors in terms of
computational skills.
New CAL (Ccmputer Aded Lngneerng)
system and methodologies were
introduced to lay emphasis on doing
the thngs rst tme rght and reduce
the prototyping cost.
1c further mprcve the n-hcuse
testng capablty fcr the mpendng
safety regulation, new crash testing
faclty s under nstallatcn at Pchtak.
This will further reduce the product
development cost and skills.
enets derived as a resu|t ef abeve
efforts
Altc 800 the rst full bcdy change was
indigenously and entirely designed and
develcped by the Ccmpany's engneers
with support from Suzuki Motor
Corporation, Japan.
Ertiga launched in April 2012 created
an entrely new ccmpact MP\ (Mult
purpose vehicle) segment due to its
designing.
lntrcductcn cf refreshed Ptz bcth wth
manual and automatic transmission
features.
lntrcductcn cf refreshed wagcn P wth
a new rened ntercrs and better fuel
efcency.
lntrcductcn cf refreshed SX4 wth
touch screen audio and navigation
feature.
All exstng and new mcdels except
Cypsy were made O8D (cn bcard
dagncss) ll ccmplant well befcre the
deadline date during this year. Work is
prcgressng tc make Cypsy O8D (cn
bcard dagncss) ll ccmplant early next
year.
25 patent applications and 8 industrial
desgns were led by the Ccmpany's
P&D team n 20i2-i3.
lN\LS1 (lndan \alue Lngneerng
Sccety) has awarded HANDA COLDLN
KLY award 20ii-i2 tc the Ccmpany
fcr Lxcellence n deplcyng value
engineering as a corporate activity.
Directors Report
Future plan of action
The Company will continue to introduce
new products to meet growing customers
expectatcns. 1he exstng prcducts
wll be refreshed at regular ntervals tc
suit the upcoming trends. The Company
wll prc-actvely wcrk cn ncreasng the
fuel efcency cf all ts mcdels tc cffer
eccncmcally affcrdable and envrcnment
frendly vehcles tc the custcmers. One cf
the sgncant steps wll be tc ntrcduce
alternate fuel cptcns lke LPC (Lqueed
Petrcleum Cas) and CNC (Ccmpressed
Natural Cas) n the Ccmpany's vehcles.
The Company will continue to focus on
developing more products with alternate
fuel cptcns. ln the lcng term, the Ccmpany
wll fccus cn enhancng the capablty n the
eld cf L\-HL\ (Llectrc \ehcle - Hybrd
Llectrc \ehcle) and cther envrcnment
friendly initiatives. Another step towards
makng vehcles mcre affcrdable wll be
by mantanng the ccst cf develcpment
cf vehcle thrcugh \A/\L and weght
reduction activities. The Company will
continuously work on alternate materials
and newer technologies to reduce the
vehicle cost and weight. Safety of the
custcmers was and wll ccntnue tc be cf
primary importance to the Company. The
Company will continue to focus on new
technologies to enhance the safety of the
occupants and also meet the future safety
regulations.
C. TECHNOLOGY
ABSORPTION,
ADAPTATION AND
INNOVATION
1. fferts in brief made tewards
technology absorption, adaptation
and innovation
Designing of components and
systems including development
of design review process.
Ccmpcnent and sub ccmpcnent
level localisation, development
and testing of the parts for the
exstng and new mcdels.
Capablty enhancement n
component and vehicle
evaluation, benchmarkng and
design optimisation.
Capablty enhancement n the
area of alternative fuels and
pcwertran by varcus study
projects.
\L (\alue Lngneerng) durng
new model designing phase for
maxmsng ccst benet.
Generation of newer ideas
for future designing and cost
reduction via teardown and
benchmarkng.
2. enets derived as a resu|t ef
above efforts
High localisation content in
various vehicles has resulted in
lower costs.
Continuous reduction in
prcduct ccst thrcugh \A/\L.
Sgncant ccst reductcn cf
parts of new models compared
tc exstng mcdels, ensurng
prctablty cf new mcdels.
3. Technology inducted
All models were made
ccmplant wth cn bcard
dagncss (O8D)-ll regulatcns
much ahead of the targeted
time of implementation i.e.
April 2013.
New CNC fuel n|ectcrs were
designed and introduced in
Altc 800 CNC and wagcn P CNC
which resulted in huge cost
saving and weight reduction.
Due tc mcre precse cw rates,
CO
2
(carbcn dcxde) emsscns
were reduced very sgncantly.
New and unque plastc fuel
ral, whch s beng used fcr
the rst tme n entre Suzuk
group, was designed and
introduced in Alto 800. This
resulted n sgncant weght
reductcn and fuel efcency.
lSS (ldle stcp start) feature was
ntrcduced n the expcrt market
to meet the stringent emission
regulation requirements like
Lurc 5. 1he Ccmpany s capable
of meeting any emission
regulation in future and this
technclcgy can be extended tc
vehcles n lccal market based
on emission regulations and
market trend.
S\\1 (Sngle \arable \alve
Timing) technology was
ntrcduced n new Ptz leadng
to improve fuel economy and
reduced emissions.
The Company achieved 3 to
15 per cent increase in fuel
efcency durng the year acrcss
all models among various fuel
cptcns by wcrkng cn dfferent
technologies and areas like
optimisation of crank and
intake system, new low viscosity
oil, use of new technologies for
rolling resistance reduction on
tyres, etc.
Year cf lmpcrt: 20i2-i3
Status cf abscrptcn: 1he abcve
technclcges have been used
in products introduced during
the year.
Expenditure incurred on R&D
(` in million)
Particulars 2012-13 2011-12
A Captal Lxpendture 2,613 1,491
B Pecurrng Lxpendture 2,533 2,226
TOTAL 5,146 3,717
1ctal P&D expendture as a percentage
of total income
1.16% 1.02%
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D. FOREIGN EXCHANGE EARNINGS & OUTGO
(
ACCRUAL BASIS
)
(` in million)
Particulars 2012-13 2011-12
Fcregn exchange used: equvalent
Paw materals and ccmpcnents 42,344 30,451
Capital goods 14,762 11,625
Des & mculds, mantenance
spares & cther tems
791 1,147
Pcyalty, nterest, dvdend and
others
32,379 24,855
Fcregn exchange earned: equvalent 45,514 36,918
Activities relating to exports
) lntatves taken tc ncrease
expcrts: 1he Ccmpany ccntnued
ts effcrts tc expcrt tc Latn
American and African markets.
1he Ccmpany expcrted a tctal cf
120,388 units during the year. The
expcrts tc Ncn-Lurcpean market
showed an increase of 10 per cent.
1ctal expcrts crcssed a landmark cf
1 million units.
) Develcpment cf new expcrt
markets fcr prcducts and servces:
KD operations during the year
wth lndcnesa and 1haland were
eventually expanded tc Malaysa,
\etnam and Hungary as well. New
mcdel Splash A/1 was ntrcduced
n lndcnesa.
) Lxpcrt plans fcr future: Due tc the
Lurcpean eccncmy beng ht by
Lurczcne Scveregn Debt Crss, the
autcmcble ndustry s expected
tc shrnk by 7. per cent n 20i3.
1herefcre the fccus wll be cn
expcrt cf vehcles tc Ncn-Lurcpean
markets.
Fcr and cn behalf cf the bcard cf
directors
KENICHI AYUKAWA
Managing Director
& CLO
R.C. BHARGAVA
Chairman
New Delh
26
th
April 2013
Corporate
Governance Report
The management
structure not only
a||ews easy and quick
cemmunicatien ef e|d
information to the board
members but also gives
them the opportunity to
give recommendations
relevant to their
business operations.
CORPORATE GOVERNANCE
PHILOSOPHY
Marut Suzuk lnda Lmted (the Ccmpany)
is fully committed to practising sound
corporate governance and upholding the
hghest busness standards n ccnductng
busness. 8eng a value-drven crgansatcn,
the Company has always worked towards
buldng trust wth sharehclders,
employees, customers, suppliers and other
stakehclders based cn the prncples cf
good corporate governance, viz. , integrity,
equity, transparency, fairness, disclosure,
acccuntablty and ccmmtment tc values.
The Company fosters a culture in which high
standards cf ethcal behavcur, ndvdual
acccuntablty and transparent dsclcsure
are ngraned n all ts busness dealngs
and shared by ts bcard cf drectcrs,
management and employees. The Company
has establshed systems and prccedures tc
ensure that ts bcard cf drectcrs s well-
nfcrmed and well-equpped tc full ts
cverall respcnsbltes and tc prcvde the
management with the strategic direction
needed tc create lcng-term sharehclder
value.
MANAGEMENT STRUCTURE
AND SHARED LEADERSHIP
1he Ccmpany has a mult-ter management
structure havng the bcard cf drectcrs at
the tcp. 1he Ccmpany has ve busness
verticals viz. Administration, Production,
Lngneerng, Supply Chan and Marketng &
Sales. The top level management of these
vertcals s headed by a team cf twc perscns,
one of whom is a Japanese manager and
the cther, an lndan manager. 1he lndan
managers at the top management level are
desgnated as `Sencr Managng Lxecutve
Ofcer' (SMLO) and `Managng Lxecutve
Ofcer' (MLO). 1he SMLOs and MLOs are
suppcrted by Lxecutve Ofcers (LOs)
who are also part of the top management.
1he bcard meetngs cf the Ccmpany mark
the presence cf all the SMLOs, MLOs and
LOs, as they act as a channel between
the bcard abcve them and the emplcyees
working under them. This structure not
only allows easy and quick communication
cf eld nfcrmatcn tc the bcard members
but alsc gves them the cppcrtunty tc
give recommendations relevant to their
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busness cperatcns. 1he executve cfcers
are fcllcwed by dvscnal heads and
departmental heads. Through this, it is
ensured that:
Strategc supervscn s prcvded by the
bcard;
Control and implementation of
the Companys strategy is achieved
effectively;
Operatcnal management remans
focussed on implementation;
lnfcrmatcn regardng the Ccmpany's
cperatcns and nancal perfcrmance
are made avalable adequately;
Delegation of decision making with
acccuntablty s acheved;
Financial and operating control and
integrity are maintained at an optimal
level;
Psk s sutably evaluated and dealt
with.
BOARD OF DIRECTORS
Composition of the board
As on 31
st
March 20i3, the Ccmpany's bcard
ccnssts cf twelve members. 1he Charman
cf the bcard s a Ncn-Lxecutve Drectcr.
1he Ccmpany has an cptmum ccmbnatcn
cf Lxecutve and Ncn-Lxecutve Drectcrs
in accordance with the provisions of clause
4 cf the lstng agreement. 1he bcard s
havng fcur Lxecutve Drectcrs and eght
Ncn-Lxecutve Drectcrs, cf whcm fcur are
lndependent Drectcrs. 1her ccmpcstcn s
given in Table 1 Nc drectcr s related tc any
cther drectcr. All lndependent Drectcrs
are perscns cf emnence and brng a wde
range cf expertse and experence tc the
bcard thereby ensurng best nterest cf
stakeholders and the Company.
TABLE 1: Composition of the board as on 31
st
March 2013
S.No. Name Category No. of other directorship(s)
1
No. of other committee(s)
Public Private Member Chairman
1 Mr. P. C. 8hargava Charman, Ncn-Lxecutve 8 1 4 4
2 Mr. Shnzc Nakansh Managing Director and
CLO, Lxecutve
3 - - -
3 Mr. 1sunec Ohash Lxecutve 1 - - -
4 Mr. Kazuhkc Ayabe Lxecutve 2 - - -
5 Mr. Keiichi Asai Lxecutve 2 - - -
6 Mr. Osamu Suzuk Ncn-Lxecutve - - - -
7 Mr. Kench Ayukawa Ncn-Lxecutve - - - -
8 Mr. Kinji Saito Ncn-Lxecutve - - - -
9 Mr. Amal Ganguli lndependent 11 2 6 3
10 Ms. Pallavi Shroff lndependent 2 3 - -
11 Mr. Davinder Singh Brar lndependent 2 11 6 -
12 Mr. P. P. Sngh lndependent - - - -
Mr. Shnzc Nakansh retred frcm the pcst cf Managng Drectcr & CLO frcm the clcse cf busness hcurs cf 3i
st
March 2013.
Mr. Kench Ayukawa was appcnted as Managng Drectcr & CLO wth effect frcm i
st
April 2013.
Mr. P. P. Sngh was appcnted wth effect frcm 25
th
January 2013.
1. Foreign companies, private limited
companies and companies under
section 25 of the Companies Act,
i56 are excluded fcr the purpcse
cf ccnsderng the lmt prescrbed
under clause 4 (l) (C) cf the lstng
agreement. The committees considered
for the purpose are audit committee
and shareholders grievance committee
as prescrbed under clause 4(l)(C) cf
the listing agreement.
In terms of clause 49 of the listing
agreement:
i. Ncne cf the drectcrs was a member cf
more than 10 committees or Chairman
of more than 5 committees across all
ccmpanes n whch he/she s a drectcr.
2. Ncne cf the drectcrs hcld equty
shares in the Company.
BOARD MEETINGS
1he bcard met sx tmes durng the year
on 28
th
April 2012, 12
th
June 2012, 28
th
July
2012, 30
th
Octcber 20i2, 25
th
January 2013
and 15
th
March 20i3. 1he bcard meets at
least once in a quarter with a gap of not
mcre than fcur mcnths between any twc
meetings. However, additional meetings
are held, whenever necessary. Table 2 gives
the attendance record of the directors
at the bcard meetngs as well as the last
annual general meeting (AGM).
TABLE 2: Board meeting and AGM attendance record of the directors in 2012 2013
Name Number of meetings attended
(Total meetings held: 6)
Whether attended last AGM
Mr. P. C. 8hargava 6 Yes
Mr. Shnzc Nakansh 6 Yes
Mr. 1sunec Ohash 6 Yes
Mr. Kazuhkc Ayabe 6 Yes
Mr. Keiichi Asai 5 Yes
Mr. Osamu Suzuk 2 Yes
Mr. Kenichi Ayukawa 2 Yes
Mr. Kinji Saito 1 Nc
Mr. Amal Ganguli 5 Yes
Ms. Pallavi Shroff 6 Yes
Mr. Davinder Singh Brar 5 Nc
Mr. P. P. Sngh 2 N.A.
Mr. P. C. 8hargava attended the meetng held cn i2
th
June 2012 through video conferencing.
Mr. P. P. Sngh was appcnted wth effect frcm 25
th
January 2013.
Information supplied to the board
1he bcard has ccmplete access tc all
information of the Company. The following
nfcrmatcn s prcvded tc the bcard and
the agenda papers for the meetings are
crculated n advance cf each meetng:
Annual operating plans, capital and
revenue budgets and updates;
Quarterly results cf the Ccmpany and
ts cperatng dvscns cr busness
segments;
Minutes of the meetings of the audit
committee and other committees of the
bcard;
lnfcrmatcn cn recrutment and
remuneratcn cf sencr cfcers |ust
belcw the bcard level ncludng
appointment or removal of Chief
Fnancal Ofcer and Ccmpany
Secretary;
Materially important show cause,
demand, prosecution and penalty
notices;
Fatal or serious accidents and
dangerous occurrences;
Any materally sgncant efuent cr
pcllutcn prcblem;
Any material relevant default in
nancal cblgatcn tc and by the
Ccmpany cr substantal ncn-payment
fcr gccds scld by the Ccmpany;
Any ssue whch nvclves pcssble
publc cr prcduct lablty clams cf a
substantal nature;
Details of any joint venture or
ccllabcratcn agreement;
1ransactcns that nvclve substantal
payment tcwards gccdwll, brand
equity or intellectual property;
Sgncant labcur prcblems and ther
proposed solutions;
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Any sgncant develcpment n the
human resources and industrial
relations front;
Sale of material nature of investments,
subsdares, assets, whch s nct n the
ncrmal ccurse cf busness;
Quarterly detals cf fcregn exchange
expcsure and the steps taken by the
management to limit the risks of
adverse exchange rate mcvement; and
Ncn-ccmplance cf any regulatcry,
statutory nature or listing requirements
and sharehclder servces such as ncn-
payment of dividend, delay in share
transfer, etc.
Remuneration to Directors
Table 3 gives details of the remuneration
fcr the nancal year ended 3i
st
March
2013. The Company did not advance any
loans to any of its directors in the year
under review.
TABLE 3: Detai|s ef remuneratien fer the nancia| year ended 31
st
March 2013
Salary &
Perquisites
Performance
Linked Bonus**
Sitting Fees Commission Total
Mr. Shnzc Nakansh 22,064,434 8,833,240 30,897,674
Mr. Shu| Osh 1,092,322 433,774 1,526,096
Mr. 1sunec Ohash 16,129,521 6,220,000 22,349,521
Mr. Keiichi Asai 15,602,259 6,220,000 21,822,259
Mr. Kazuhkc Ayabe 14,366,956 5,759,890 20,126,846
Mr. P.C. 8hargava 160,000 3,400,000 3,560,000
Mr. Amal Ganguli 260,000 1,900,000 2,160,000
Mr. Davinder Singh Brar 280,000 1,400,000 1,680,000
Ms. Pallavi Shroff 280,000 1,400,000 1,680,000
Mr. M.S. Banga - 225,000 225,000
Mr. P. P. Sngh 40,000 275,000 315,000
Mr. Kinji Saito 20,000 20,000
Mr. Osamu Suzuk 40,000 40,000
Mr. Kenichi Ayukawa 40,000 40,000
69,255,492 27,466,904 1,120,000 8,600,000 106,442,396
Mr. Shu| Osh resgned wth effect frcm clcse cf busness hcurs cf 27
th
Aprl 20i2 and Mr. Kazuhkc Ayabe was appcnted wth effect
from 28
th
April 2012.
1he perfcrmance lnked bcnus s sub|ect tc the apprcval cf the bcard cf drectcrs.
The performance criteria for the purpose
cf payment cf perfcrmance lnked bcnus
as dened by the bcard fcr the whcle tme
Directors including Managing Director is as
under:
a) Actual achievement in terms of growth
n sales, prct, etc. as ccmpared tc the
previous year;
b) Actual achevement cf grcwth as
ccmpared tc the budget apprcved at
the begnnng cf the year; and
c) Growth of market share of the
Companys products as compared to key
competitors in the industry.
Nc emplcyee cf the Ccmpany s related tc
any director of the Company.
Remuneration of the Non-Executive
Directors
Members cf the Ccmpany had apprcved
payment cf remuneratcn by way cf
ccmmsscn tc Ncn-Lxecutve Drectcrs at
a sum nct exceedng i per cent cf the net
prcts cf the Ccmpany sub|ect tc a celng
of ` 15 million per annum. The payment
cf ccmmsscn s based cn crtera such
as attendance at the bcard/ bcard level
committee meetings, time devoted, current
trends prevailing in the industry, etc.
Sttng fee s alsc pad tc the Ncn-
Lxecutve Drectcrs fcr attendng bcard
and committee meetings.
COMMITTEES OF THE
BOARD
I. Audit Committee
Composition
Table 4 shows the composition of the
audt ccmmttee. All the members cf the
audt ccmmttee are nancally lterate
and Mr. Amal Ganguli, the Chairman, has
expertse n acccuntng and nancal
management. The Chairman attended
the last annual general meeting to
answer shareholders queries.
TABLE 4: Composition of audit committee
Name Category Designation
Mr. Amal
Ganguli
lndependent Chairman
Mr. Shinzo
Nakansh
Lxecutve Member
Mr. Davinder
Singh Brar
lndependent Member
Ms. Pallavi
Shroff
lndependent Member
1he Chef Fnancal Ofcer, the head cf
internal audit and the representative
of the statutory auditors, internal
auditors and cost auditors are invitees
to the audit committee meetings. The
Company Secretary acts as the secretary
tc the audt ccmmttee. Other drectcrs
and members cf the management are
alsc nvted as may be requred frcm
time to time.
Pcle
The role of the audit committee
ncludes the fcllcwng:
i. Oversght cf the Ccmpany's
nancal repcrtng prccess and
the dsclcsure cf ts nancal
information to ensure that the
nancal statements are ccrrect,
sufcent and credble.
2. Peccmmendng the appcntment,
re-appcntment and, f requred,
the replacement or removal of
statutcry audtcrs, xatcn cf audt
fee and also approval for payment
for any other services.
3. Pevewng, wth the management, the
annual nancal statements befcre
submsscn tc the bcard fcr apprcval,
wth partcular reference tc:
a) Matters requred tc be ncluded
n the Drectcrs' respcnsblty
statement tc be ncluded n
the bcard's repcrt n terms cf
clause (2AA) of section 217 of
the Companies Act, 1956.
b) Changes, f any, n acccuntng
policies and practices and
reasons for the same.
c) Major accounting entries
nvclvng estmates based cn
the exercse cf |udgment by the
management.
d) Sgncant ad|ustments made
n the nancal statements
arsng cut cf audt ndngs.
e) Compliance with listing and
other legal requirements
relatng tc nancal statements.
f) Disclosure of any related party
transactions.
g) Qualcatcns n the draft audt
report.
4. Pevewng, wth the management,
the quarterly/annual nancal
statements befcre submsscn tc
the bcard fcr apprcval.
5. Pevewng wth the management,
performance of statutory and
internal auditors, the adequacy of
internal control system.
6. Pevewng the adequacy cf
internal audit function including
the structure of the internal audit
department, stafng and sencrty cf
the cfcal headng the department,
reporting structure coverage and
frequency of internal audit.
7. Discussion with internal auditors
abcut any sgncant ndngs and
follow up thereon.
8. Pevewng the ndngs cf any
nternal nvestgatcns by the
internal auditors into matters
where there is suspected fraud or
irregularity or a failure of internal
control systems of a material
nature and reporting the matter to
the bcard.
9. Discussion with statutory auditors
befcre the audt ccmmences, abcut
the nature and scope of audit as
well as post audit discussion to
ascertain any area of concern.
i0. Lcckng ntc the reascns fcr
substantal defaults, f any, n
the payment to the depositors,
debenture hclders, sharehclders (n
case cf ncn-payment cf declared
dividends) and creditors.
ii. Pevewng the functcnng cf the
whstle blcwer mechansm cn a
regular bass.
12. Carrying out any other function
as is mentioned in the terms of
reference of the audit committee.
i3. Pevewng, wth the management,
the statement cf uses / applcatcn
of funds, if any raised through
an ssue (publc ssue, rghts
issue, preferential issue, etc.), the
statement of funds utilised for
purposes other than those stated
n the cffer dccument/prcspectus/
nctce and the repcrt submtted by
the monitoring agency monitoring
the utilisation of proceeds of a
publc cr rghts ssue, and makng
appropriate recommendations to
the Board to take up steps in this
matter.
14. Approval of appointment of
the Chef Fnancal Ofcer (the
Whole time Finance Director
or any other person heading the
nance functcn cr dschargng
that function) after assessing
the qualcatcns, experence &
backgrcund, etc. cf the canddate.
i5. Pevewng any cther matter whch
may be speced as rcle cf the audt
committee under the amendments,
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TABLE 5: Attendance record of the
members of the audit committee
Name Category No. of meetings
attended in
2012 13 (Total
meetings held: 6)
Mr. Amal
Ganguli
Chairman 6
Mr. Shinzo
Nakansh
Member 6
Mr. Davinder
Singh Brar
Member 5
Ms. Pallavi
Shroff
Member 5
TABLE 6: Composition of shareholders/
investors grievance committee
Name Category Designation
Mr. P. C.
Bhargava
Ncn-
Lxecutve
Chairman
Mr. Shinzo
Nakansh
Lxecutve Member
Mr. Davinder
Singh Brar
lndependent Member
Mr. Kenichi
Ayukawa
Ncn-
Lxecutve
Member
TABLE 7: Attendance record of the
members of the shareholders / investors
grievance committee
Name No. of meetings attended
in 2012 13
(Total meetings held: 2)
Mr. P. C.
Bhargava
2
Mr. Shinzo
Nakansh
2
Mr. Davinder
Singh Brar
1
Mr. Kenichi
Ayukawa
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if any, from time to time, to the
listing agreement, Companies Act,
1956 and other statutes.
Meetings
1he audt ccmmttee met sx tmes
during the year under review on 28
th

April 2012, 22
nd
May 2012, 28
th
July
2012, 30
th
Octcber 20i2, 23
rd
Ncvember
2012 and 25
th
January 2013. Table 5
gives the details of attendance of audit
ccmmttee members.
The Company Secretary acts as the
secretary to the committee.
Ob|ectve
The committee oversees redressal
of shareholders and investors
grevances, transfer cf shares, ncn -
recept cf Annual Pepcrt, ncn - recept
of declared dividends and related
matters. The committee also oversees
the performance of the registrar and
transfer agent, recommends measures
for overall improvement in the quality
of investors services, approves issue
cf duplcate / splt / ccnscldatcn
cf share certcates and revews all
matters connected with the securities
transfers.
ln crder tc prcvde efcent and tmely
servces tc nvestcrs, the bcard has
delegated the power of approval of
ssue cf duplcate / splt / ccnscldatcn
cf share certcates, transfer cf
shares, transmission of shares,
demateralsatcn / remateralsatcn
cf shares nct exceedng 2000 equty
shares per transaction to the Managing
Drectcr, Drectcr & Managng
Lxecutve Ofcer and Ccmpany
Secretary severally.
Meetings
Durng the year, sharehclders'/nvestcrs'
grievance committee met twice i.e. on
28
th
April 2012 and 30
th
Octcber 20i2.
Table 7 gives the attendance record.
II. Shareholders / Investors Grievance
Committee
Composition
Table 6 shows the composition
cf the sharehclders' / nvestcrs'
grievance committee of the Company.
Mr. P. C. 8hargava, the Charman cf
this committee attended the last
annual general meeting to address
shareholders queries.
lnvestcr grevance redressal
During the year, 16 complaints were
receved and resclved. Nc transfer cf
shares was pending as on 31
st
March
2013.
MANAGEMENT
Management Discussion and Analysis
Report
1he Annual Pepcrt has a detaled repcrt cn
management discussion and analysis.
Disclosures made by the management to
the board
During the year, there were no transactions
of material nature with the promoters,
the directors or the management, their
subsdares cr relatves, etc. that had
pctental ccnct wth the nterest cf
the Company. All disclosures related to
nancal and ccmmercal transactcns
where directors may have a potential
nterest are prcvded tc the bcard and the
interested directors do not participate in
the discussion nor do they vote on such
matters.
Related party transactions
Ncne cf the transactcns wth any cf
the related partes was n ccnct wth
the interests of the Company. Details of
transactcns between the Ccmpany and
ts subsdares, fellcw subsdares, |cnt
ventures, assccates durng 20i2-i3 are
given in note no. 53 to the annual accounts.
All related party transactions are
negctated cn an arm's length bass and are
in the interests of the Company.
Code of conduct for the Board of Directors
and senior management personnel
The Company has laid down a code of
ccnduct fcr the members cf the bcard and
dented sencr management perscnnel cf
the Company.
1he Ccmpany's ccde cf ccnduct has been
pcsted cn ts webste www.marutsuzuk.ccm
The code of conduct was circulated to
all the members cf the bcard and sencr
management personnel and they had
afrmed ther ccmplance wth the sad
ccde cf ccnduct fcr the nancal year ended
31
st
March 2013. A declaration to this effect
sgned by Mr. Kench Ayukawa, Managng
Drectcr & CLO cf the Ccmpany fcrms part
cf ths repcrt as Annexure - A.
CEO/ CFO CERTIFICATION
The Company has institutionalised the
framewcrk fcr CLO/CFO certcatcn by
establshng a transparent ccntrcls self
assessment mechanism in order to lay
the foundation for further development of
superior corporate governance practices
whch are vtal fcr a successful busness.
lt s the Ccmpany's endeavcur tc attan
highest level of governance to enhance the
stakehclder's value. 1c enable certcatcn
by CLO/CFO fcr the nancal year
20i2-i3, key ccntrcls cver nancal
repcrtng were dented and put tc self
assessment by ccntrcl cwners n the fcrm
of self assessment questionnaires through
a web based cnlne tccl called Ccntrcls
Manager". 1he self assessment submtted
by ccntrcl cwners were further revewed
and apprcved by ther supercrs and the
results of self assessment process were
disclosed to the auditors and the audit
ccmmttee. 1he whcle exercse was carred
cut n an cb|ectve manner tc assess the
effectiveness of internal controls over
nancal repcrtng durng the nancal year
20i2-i3."
Enabling controls self-assessments through the Controls Manager
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PROCESS FOR REPORTING
Identify Controls
Circulate online
control feedback
Seek and report
inputs from
control owners
* RACM: Risk & Control Matrix
RACM
Control Questionnaires
Control
Dash Board
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RACM RACM
Approving
Authority
Reviewing
Authority
Control
Owners
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As requred by clause 4 cf the lstng
agreement, the certcate duly sgned by
the Managng Drectcr & CLO and the
Chef Fnancal Ofcer was placed befcre
the Board of Directors at its meeting held
on 26
th
April 2013.
Risk assessment and minimisation
procedure
1he Ccmpany s mpacted by changes n the
busness envrcnment frcm tme tc tme
that necessitate continuous evaluation
and management cf sgncant rsks
faced by the Ccmpany. 1he Ccmpany has
establshed apprcprate rsk assessment
and minimisation procedures. The process
fcr fcrmulatng a dened rsk assessment
framewcrk enccmpassed, nter-ala, a
methodology for assessing and identifying
rsks cn an cngcng bass, rsk prcrtsng,
risk mitigation, monitoring plan and
comprehensive reporting on management
of enterprise wide risks.
An Lxecutve Psk Management Ccmmttee
(LPMC) s n place tc revew the rsk
management activities of the Company
cn a regular bass. 1he ccmpcstcn cf the
committee consists of Managing Director
& CLO, all the Sencr Managng Lxecutve
Ofcers, Managng Lxecutve Ofcer and
Lxecutve Ofcers cf the Ccmpany. Psks
are evaluated by LPMC. ln addtcn tc the
Ccmpany level rsks, LPMC alsc revews,
from time to time, any new risk that may
arise due to market dynamics and changes
n the busness envrcnment. 1he audt
ccmmttee and the bcard alsc revew the
status of the risk management activities in
the Company.
Legal compliance reporting
1he bcard percdcally revews repcrts
cf ccmplance wth all laws applcable tc
the Ccmpany, as well as steps taken by
the Ccmpany tc rectfy nstances cf ncn-
compliances.
The Company has developed comprehensive
legal compliance scheduling and management
scftware by whch specc ccmplance tasks
are assigned to each individual. The software
enables n plannng and mcntcrng all
compliance activities across the Company.
Code for prevention of insider trading
practices
The Company has instituted a comprehensive
ccde cf ccnduct n ccmplance wth the SL8l
regulations on prevention of insider trading.
The code lays down guidelines, which
advse cn prccedures tc be fcllcwed and
dsclcsures tc be made, whle dealng wth
shares of the Company and cautions on the
ccnsequences cf ncn-ccmplances.
Details of non compliance
Nc penaltes cr strctures were mpcsed cn
the Ccmpany by stcck exchanges cr SL8l
or any statutory authority on any matter
related to capital market since the last
three years.
Subsidiary companies
A statement, wherever applcable, cf all
sgncant transactcns and arrangements
entered ntc by the Ccmpany's subsdares
is presented to the Board of the Company
at its meetings.
The audit committee of the Company
revews the nancal statements and
nvestments made by unlsted subsdary
companies. The minutes of unlisted
subsdary ccmpanes are placed befcre the
bcard.
SHAREHOLDERS INFORMATION
Means of communication
Financial results Quarterly and annual nancal results are publshed n `1he Hndu-8usness Lne', `8usness Standard', `Fnancal
Lxpress', `Mnt' and n Hnd edtcns cf `lansatta', `8usness Standard' and `Hndustan'.
Monthly sales/
production
Mcnthly sales/prcductcn gures are sent tc stcck exchanges as well as dsplayed cn Ccmpany's webste
News re|eases All cfcal news releases are sent tc stcck exchanges as well as dsplayed cn the Ccmpany's webste
Website 1he Ccmpany's webste www.marutsuzuk.ccm ccntans a dedcated segment called `lnvestcrs' where all nfcrmatcn
needed by sharehclders s avalable ncludng LCS mandate, ncmnatcn fcrm and Annual Pepcrt. 1he webste alsc
dsplays nfcrmatcn regardng presentatcn made tc meda / analysts / nsttutcnal nvestcrs, etc.
Annual report ln cur endeavcr tc prctect the envrcnment and n ccmplance wth crcular number i7/20ii dated 2i
st
April
20ii ssued by the Mnstry cf Ccrpcrate Affars where t was clared that ccmmuncatcn tc the sharehclders
thrcugh e-mal wll be n ccmplance wth prcvscns cf sectcn 53 cf the Ccmpanes Act, i56, the Ccmpany
sent the Annual Pepcrt fcr the year 20ii-i2 thrcugh e-mals tc a large number cf sharehclders whc had
regstered ther e-mal ds wth ether depcstcry partcpant (DP) cr the Pegstrar & 1ransfer Agent (P1A) cr the
Company. This also helped the Company in saving a huge cost towards printing and dispatch.
Fcr thcse sharehclders whcse e-mal ds were nct regstered, the Annual Pepcrt n physcal mcde was sent by
post to their registered addresses.
General body meetings
TABLE 8: Details of the last three AGMs of the Company
Financial Year Location Date Time
200 - i0 Arfcrce Audtcrum, Subrctc Park, New Delh 7
th
September 20i0 i0:00 a.m.
20i0 - ii Arfcrce Audtcrum, Subrctc Park, New Delh 8
th
September 20ii i0:00 a.m.
20ii - i2 Arfcrce Audtcrum, Subrctc Park, New Delh 28
th
August 2012 i0:00 a.m.
1he Ccmpany has passed specal resclutcns n the prevcus three ACMs. Nc specal resclutcns were requred tc be put thrcugh pcstal
ballct last year.
Corporate Filing
and Dissemination
System (Cerp|ing)
All dsclcsures and ccmmuncatcns tc 8cmbay Stcck Lxchange Lmted, Mumba (8SL) and Natcnal Stcck
Lxchange cf lnda Lmted (NSL) are led electrcncally thrcugh Ccrplng. Hard ccpes cf the sad dsclcsures
and ccrrespcndence are alsc led wth the exchanges.
NEAPS (NSE
Electronic Application
Processing System)
Sharehcldng pattern and Ccrpcrate Ccvernance Pepcrt cf every quarter s uplcaded cn NLAPS.
SCORES (SEBI
Complaints Redressal
System)
SL8l has ccmmenced prccessng cf nvestcr ccmplants n a centralsed web based ccmplants redress system
.e. SCOPLS. 1he Ccmpany suppcrted SCOPLS by usng t as a platfcrm fcr ccmmuncatcn between SL8l and
the Company.
Exclusive e-mail ids
for investors
Fcllcwng e-mal d's have been exclusvely dedcated fcr the nvestcrs' queres:
investor@maruti.co.in
mailmanager@karvy.com
Queres relatng tc Annual Pepcrt may be sent tc nvestcrQmarut.cc.n and queres relatng tc transfer cf
shares and splttng / ccnscldatcn / remat cf shares, payment cf dvdend, etc. may be sent tc malmanagerQ
karvy.com
ADDITIONAL
SHAREHOLDER
INFORMATION
Annual General Meeting
Date: 27
th
August 2013
Day: Tuesday
1me: i0:00 a.m.
\enue: Arfcrce Audtcrum, Subrctc
Park, New Delh - ii0 0i0
Financial Year
Fnancal Year: i
st
April to 31
st
March
For the year ending 31
st
March 2014 results
wll be anncunced:
8y the end cf luly 20i3: Frst quarter results
8y the end cf Octcber 20i3: Seccnd quarter
results
8y the end cf lanuary 20i4: 1hrd quarter
results
8y the end cf May 20i4: Fcurth quarter and
annual results
Book closure
1he percd cf bcck clcsure s frcm Frday,
16
th
August 2013 to Tuesday, 27
th
August
20i3 (bcth days nclusve).
Dividend payment
Sub|ect tc the apprcval cf the members
in the annual general meeting, a dividend
payment of ` 8 per equity share (face value
` 5 per equty share) fcr the year 20i2-i3
wll be pad cn cr after 27
th
August 2013, to
those whose names appear in the register
cf members / benecal cwners at the clcse
cf busness hcurs cn i4
th
August 2013.
Pemnders were sent tc the sharehclders
requesting them for claiming unclaimed
dvdend fcr the year 2004-05. Many
shareholders claimed their unclaimed
dividend. The payment was made directly
tc ther bank acccunts wherever the same
were avalable under ntmatcn tc them.
1he balance amcunt remanng unclamed
was transferred tc the lnvestcr Lducatcn
& Prctectcn Fund (lLPF) wth n the
stipulated time.
Listing on stock exchanges
The equity shares of the Company are
lsted cn 8cmbay Stcck Lxchange Lmted,
Mumba (8SL) and Natcnal Stcck Lxchange
cf lnda Lmted (NSL). 1he annual lstng
fees fcr the year 20i3-i4 have been pad
tc bcth the stcck exchanges. 1able lsts
the Ccmpany's stcck exchange ccdes.
The Company has also paid the annual
custcdal fee fcr the year 20i3-i4 tc
bcth the depcstcres namely, Natcnal
Securtes Depcstcry Lmted (NSDL) and
Central Depcstcry Servces (lnda) Lmted
(CDSL).
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Stock market data
Table 10 gives the monthly high and low
prices of the Companys equity shares
cn 8SL and NSL fcr the year 20i2-i3.
Chart A plots the movement of the
Ccmpany's share prces cn 8SL vs-a-vs
8SL Sensex fcr the year 20i2-i3.
TABLE 9: Stock Code
8cmbay Stcck Lxchange
Lmted, Mumba (8SL)
532500
Natcnal Stcck Lxchange cf
lnda Lmted (NSL)
MAPU1l
lSlN lNL58580i0i0
TABLE 10: Menth|y high & |ew quetatien ef the Cempany's equity share
Month Bombay Stock Exchange National Stock Exchange
High (`) Lew (`) High (`) Lew (`)
Apr 12 1,415.00 1,262.10 1,417.05 1,260.65
May 12 1,380.05 1,098.30 1,384.50 1,093.15
Jun 12 1,176.00 1,052.00 1,176.00 1,051.00
Jul 12 1,249.70 1,075.00 1,250.00 1,074.30
Aug 12 1,206.00 1,109.20 1,206.00 1,108.95
Sept 12 1,368.70 1,128.05 1,370.00 1,130.20
Oct i2 1,443.75 1,335.00 1,443.00 1,261.20
Ncv i2 1,514.95 1,434.50 1,514.50 1,434.20
Dec 12 1,537.00 1,448.95 1,539.90 1,451.00
Jan 13 1,634.00 1,482.35 1,633.90 1,482.30
Feb i3 1,637.60 1,345.00 1,639.00 1,340.30
Mar 13 1,474.00 1,266.00 1,473.95 1,266.10
Maruti Stock

Sensex
A
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1,700
1,600
1,500
1,400
1,300
1,200
1,100
1,000
900
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700 10,000
12,000
14,000
18,000
20,000
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16,000
Chart A
Registrar and transfer agent
Karvy Ccmputershare Prvate Lmted
Plct Nc. i7 - 24, \ttal Pac Nagar
Madhapur, Hyderabad - 500 08i
Ph Nc: 040-2342 08i5 - 28
Fax Nc. : 040-2342 08i4 / 2342 0857
Mal ld: malmanagerQkarvy.ccm
webste: www.karvyccmputershare.ccm
Share transfer system
The Companys shares are transferred in
dematerialised form and are traded on the
stcck exchanges ccmpulscrly n the demat
mode. Any request for rematerialisation
and / cr transfer cf shares n physcal mcde
is also attended within the stipulated time.
Shareholding pattern
1able ii and i2 lst the sharehcldng
pattern and dstrbutcn schedule cf equty
shares of the Company as on 31
st
March
2013 respectively.
TABLE 11: (I) (a) Shareholding pattern as on 31
st
March 2013
Category
code
Category of shareholder No of
shareholders
Total number
of shares
No Of Shares
Held In
Dematerialised
Form
Total shareholding as a
percentage of total no
of shares
As a
percentage
of (A+B)
As a
percentage
of (A+B+C)
(I) (II) (III) (IV) (V) (VI) (VII)
(A) PROMOTER AND PROMOTER GROUP
(1) Indian
(a) lndvdual / HUF 0 0 0 0.00 0.00
(b) Central Ccvernment/State
Government(s)
0 0 0 0.00 0.00
(c) Bodies Corporate 0 0 0 0.00 0.00
(d) Fnancal lnsttutcns / 8anks 0 0 0 0.00 0.00
(e) Others 0 0 0 0.00 0.00
Sub-Total A (1) : 0 0 0 0.00 0-00
(2) Foreign
(a) lndvduals (NPls/Fcregn lndvduals) 0 0 0 0.00 0.00
(b) Bodies Corporate 1 169,788,440 156,618,440 56.21 56.21
(c) lnsttutcns 0 0 0 0.00 0.00
(d) Qualed Fcregn lnvestcr 0 0 0 0.00 0.00
(e) Others 0 0 0 0.00 0.00
Sub-Total A (2) : 1 169,788,440 156,618,440 56.21 56.21
TOTAL A=A (1) + A (2) 1 169,788,440 156,618,440 56.21 56.21
(B) PUBLIC SHAREHOLDING
(1) Institutions
(a) Mutual Funds /U1l 240 11,080,584 11,080,584 3.67 3.67
(b) Fnancal lnsttutcns /8anks 50 26,960,108 26,960,108 8.92 8.92
(c) Central Ccvernment / State
Government(s)
0 0 0 0.00 0.00
(d) \enture Captal Funds 0 0 0 0.00 0.00
(e) lnsurance Ccmpanes 0 0 0 0.00 0.00
(f) Fcregn lnsttutcnal lnvestcrs 434 67,537,703 67,537,703 22.36 22.36
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Category
code
Category of shareholder No of
shareholders
Total number
of shares
No Of Shares
Held In
Dematerialised
Form
Total shareholding as a
percentage of total no
of shares
As a
percentage
of (A+B)
As a
percentage
of (A+B+C)
g) Fcregn \enture Captal lnvestcrs 0 0 0 0.00 0.00
(h) Qualed Fcregn lnvestcr 1 32,860 32,860 0.01 0.01
(i) Others 0 0 0 0.00 0.00
Sub-Total B (1) : 725 105,611,255 105,611,255 34.96 34.96
(2) Non-institutions
(a) Bodies Corporate 1,590 19,067,761 19,067,761 6.31 6.31
(b) lndvduals
() lndvduals hcldng ncmnal share
capital upto ` 1 lakh
116,634 6,424,689 6,419,977 2.13 2.13
() lndvduals hcldng ncmnal share
captal n excess cf ` 1 lakh
2 81,000 81,000 0.03 0.03
(c) Others
Foreign nationals 1 150 150 0.00 0.00
Ncn resdent ndans 2,302 239,775 239,775 0.08 0.08
Clearng members 165 512,274 512,274 0.17 0.17
Trusts 34 354,716 354,716 0.12 0.12
(d) Qualed Fcregn lnvestcr 0 0 0 0.00 0.00
Sub-Total B (2) : 120,728 26,680,365 26,675,653 8.83 8.83
TOTAL B=B (1) + B (2) : 121,453 132,291,620 132,286,908 43.79 43.79
TOTAL (A+B) : 121,454 302,080,060 288,905,348 100.00 100.00
(C) SHARES HELD BY CUSTODIANS,
AGAINST WHICH

Depcstcry Pecepts have been ssued
(1) Promoter and Promoter Group 0 0 0 0 0.00
(2) Public 0 0 0 0 0.00
GRAND TOTAL (A+B+C) : 121,454 302,080,060 288,905,348 100.00 100.00
Nc shares have been pledged by the Prcmcters as cn 3i
st
March 20i3. 1he Ccmpany has nct ssued warrants cr ccnvertble securtes
ether tc the publc cr the prcmcters cf the Ccmpany.
(I)(c)(i) Statement shewing he|ding ef securities (inc|uding shares, warrants,cenvertib|e securities) ef persens be|enging te the
category Public and holding more than 1 per cent of the total number of shares
Sr. No. Name of the shareholder Number of shares held Shares as a percentage of total
number of shares {i.e., Grand total
(A)+(B)+(C) indicated in Statement at
para (I)(a) above}
1 Lfe lnsurance Ccrpcratcn cf lnda 18,993,815 6.29
2 HSBC Clcbal lnvestment Funds A/C
HSBC Clcbal lnvestment Funds Maurtus Lmted
5,927,515 1.96
3 Credt Susee (Sngapcre) Lmted 5,926,749 1.96
4 lClCl Prudental Lfe lnsurance Ccmpany Ltd 4,665,377 1.54
5 Merrll Lynch Captal Markets Lspana S.A. S.\. 3,073,247 1.02
TOTAL 38,586,703 12.77
(I)(c)(i) Statement shewing he|ding ef securities (inc|uding shares, warrants,cenvertib|e securities) ef persens (tegether with PAC)
belonging to the category Public and holding more than 5 per cent of the total number of shares of the Company
Sr. No. Name(s) of the shareholder(s) and the
Persens Acting in Cencert (PAC) with them
Number of shares held Shares as a percentage of total
number of shares {i.e., Grand total
(A)+(B)+(C) indicated in Statement at
para (I)(a) above}
TOTAL 18,993,815 6.29
(I)(d) Statement shewing detai|s ef |ecked-in shares
Sr. No. Name of the shareholder Number of
locked-in shares
Locked-in shares as a (%) percentage
of total number of shares {i.e,
Grand Total (A)+(B)+(C) Indicated in
Statement at para (I)(a) above}
Promoter/Promoter Group/Public
Nl Nl Nl Nl
(II)(a) Statement shewing detai|s ef Depesitery keceipts (DkS)
Sr. No. Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
Number of
outstanding DRs
Number of shares underlying
outstanding DRs
Shares underlying outstanding
DRs as a percentage of total
number of shares {i.e., Grand
Total (A)+(B)+(C) indicated in
Statement at Para(I)(a) above}
Nl Nl Nl Nl
1he Ccmpany has nct ssued warrants cr ccnvertble securtes tc any cf the abcve sharehclders hcldng mcre than i per cent cf the
tctal number cf shares.
1he Ccmpany has nct ssued warrants cr ccnvertble securtes tc LlC.
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(II)(b) Statement shewing Pe|ding ef Depesitery keceipts (Dks), where under|ying shares he|d by "Premeter/Premeter
group are in excess of 1 per cent of the total number of shares.
Sr. No. Name of the DR Holder Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
Number of shares underlying
outstanding DRs
Shares underlying outstanding
DRs as a percentage of total
number of shares {i.e., Grand
Total (A)+(B)+(C) indicated in
Statement at para(I)(a) above}
Nl Nl Nl Nl
TABLE 12: Distribution of shareholding as on 31
st
March 2013
Category (Shares) Number of
shareholders
% Number of Shares %
i - 5000 120,805 99.46 7,331,613 2.43
500i - i0000 117 0.10 855,114 0.28
i000i - 20000 119 0.10 1,744,215 0.58
2000i - 30000 66 0.05 1,642,018 0.54
3000i - 40000 43 0.04 1,519,639 0.50
4000i - 50000 39 0.03 1,764,743 0.58
5000i - i00000 88 0.07 6,425,023 2.13
i0000i and abcve 178 0.15 280,797,695 92.95
TOTAL: 121,455 100.00 302,080,060 100.00
TABLE 13: Top 10 shareholders as on 31
st
March 2013
Sl. No. Name / Joint Name (s) Shareholding %
1 Suzuki Motor Corporation 169,788,440 56.21
3 HSBC Clcbal lnvestment Funds A/C HSBC Clcbal lnvestment
Funds Maurtus Lmted
5,927,515 1.96
4 Credt Susee (Sngapcre) Lmted 5,926,749 1.96
5 lClCl Prudental Lfe lnsurance Ccmpany Ltd 4,665,377 1.54
6 Merrll Lynch Captal Markets LSPANA S.A. S.\. 3,073,247 1.02
7 Lurcpacc Crcwth Fund 2,972,270 0.98
8 8a|a| Allanz Lfe lnsurance Ccmpany Ltd. 2,944,379 0.97
9 Stichting Pensioenfonds ABP 2,443,651 0.81
10 Ccvernment Penscn Fund Clcbal 2,039,317 0.68
TOTAL: 218,774,760 72.42
Demateria|isatien ef shares and |iquidity
As on 31
st
March 2013, 95.64 per cent of
the Companys total paid up equity capital
representing 288905348 equity shares
was held in dematerialised form. The
balance 4.36 per cent equty representng
13,174,712 equity shares was held in
physical form which includes 13,170,000
equity shares allotted to Suzuki Motor
Corporation on 29
th
March 2013 pursuant
to the scheme of amalgamation of Suzuki
Pcwertran lnda Lmted wth and ntc
Marut Suzuk lnda Lmted. 1he equty
shares of the Company are listed under
speced categcry n 8SL and are part cf
Nfty n NSL.
Suzuki Motor Corporation, the promoter of
the Company holds 156,618,440 shares in
dematerialised form.
Pursuant tc clause 5A cf the lstng agreements, the Ccmpany has cpened a demat acccunt named `Marut Suzuk lnda Ltd. - Unclamed
Shares Demat Suspense Acccunt' wth Karvy Stcck 8rckng Lmted. 1he shares ssued pursuant tc `Offer fcr Sale' and stll lyng unclamed
were credted n ths acccunt. 1he detals cf these shares are gven hereunder:
Securities As on the date of credit of
shares in the account
Ne. ef sharehe|ders whe
approached for transfer
of shares from suspense
account
No. of shareholders
te whem shares were
transferred from
suspense account
Balance as on
31-03-2013
No. of records No. of shares No. of records No. of shares
Equity Shares 15 1,050 1 50 14 1,000
The voting rights on these 1,000 shares shall remain frozen till the rightful owner of these shares claims the shares.
Secretarial audit
As stpulated by the Securtes and
Lxchange 8card cf lnda (SL8l), a qualed
practising Company Secretary carries out
secretarial audit and provides a report to
reconcile the total admitted capital with
the Natcnal Securtes Depcstcry Lmted
(NSDL) and Central Depcstcry Servces
(lnda) Lmted (CDSL) and the tctal ssued
and listed capital. This audit is carried out
every quarter and the report thereon is
submtted tc the stcck exchanges and s
alsc placed befcre the bcard. 1he audt,
nter-ala, ccnrms that the tctal lsted
and paid up capital of the Company is
in agreement with the aggregate of the
tctal number cf shares n demateralsed
fcrm (held wth NSDL and CDSL) and tctal
number cf shares n physcal fcrm.
0utstanding CDks / ADks / warrants er
any convertible instruments, conversion
date and |ike|y impact en equity
1he Ccmpany had nc cutstandng CDPs
/ ADPs / warrants cr any ccnvertble
instruments.
Details of public funding obtained in the
last three years
1he Ccmpany has nct cbtaned any publc
funding in the last three years.
Adeptien ef nen-mandatery requirements
The Company complies with the following
ncn-mandatcry requrements as prcvded
n the lstng agreement:
a. 1he Charman's cfce wth requred
facltes s beng mantaned by the
Ccmpany at ts expense, fcr use by ts
Ncn - Lxecutve Charman.
b. 1he Ccmpany has establshed an
effective mechanism called Whistle
Blower Policy (Policy). The mechanism
under the Pclcy has been apprcprately
communicated within the organisation.
The purpose of this policy is to provide
a framewcrk tc prcmcte respcnsble
whstle blcwng by emplcyees. lt
protects employees wishing to raise
a ccncern abcut sercus rregulartes,
unethcal behavcur, actual cr
suspected fraud within the Company.
Mr. Amal Ganguli, the Chairman of the audit
ccmmttee s the cmbudsperscn and drect
access has been prcvded tc the emplcyees
tc ccntact hm thrcugh e-mal, pcst and
telephone for reporting any matter.
Plant location
1he Ccmpany has sx plants, three lccated
n Palam Curgacn Pcad, Curgacn, Haryana
and three lccated at Manesar lndustral
Town, Gurgaon, Haryana.
Address for correspondence
lnvestcrs may please ccntact fcr queres
related tc:
l. Shares held n demateralsed fcrm
Their Depository Participant(s)
and/cr
Karvy Computershare Private Limited
Plct Nc. i7 - 24, \ttal Pac Nagar
Madhapur, Hyderabad - 500 08i
Phcne Nc.: 040-2342 08i5 - 28
Fax Nc. : 040-2342 08i4 / 2342 0857
Mal ld: malmanagerQkarvy.ccm
webste: www.karvyccmputershare.ccm
ll. Shares held n physcal fcrm
Karvy Computershare Pvt. Limited
(at the address gven abcve)
or
1he Ccmpany at the fcllcwng address:
i, Nelscn Mandela Pcad, \asant Kun|
New Delh-ii0070
Phcne Nc.: (i)-ii-4678 i000
Lmal ld: nvestcrQmarut.cc.n
webste: www.marutsuzuk.ccm
Secretarial standards issued by the
Institute of Company Secretaries of India
(ICSI)
lCSl, cne cf the premer prcfesscnal bcdes
n lnda, has ssued i0 secretaral standards
as on 31
st
March 2013. These secretarial
standards are recommendatory in nature.
1he Ccmpany substantally cbserves
secretarial standards voluntarily as good
corporate governance practice and for
protection of interest of all stakeholders.
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ANNEXURE A
AUDITORS CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE
GOVERNANCE
DECLARATION OF THE MANAGING DIRECTOR & CEO
1hs s tc certfy that the Ccmpany had lad dcwn ccde cf ccnduct fcr all the bcard members and the sencr management perscnnel cf the
Ccmpany and the same s uplcaded cn the webste cf the Ccmpany www.marutsuzuk.ccm
Further, certed that the members cf the bcard cf drectcrs and sencr management perscnnel have afrmed the ccmplance wth the
ccde applcable tc them durng the year ended 3i
st
March, 2013.
To the Members of Maruti Suzuki India Limited
we have examned the ccmplance cf ccndtcns cf Ccrpcrate Ccvernance by Marut Suzuk lnda Lmted, fcr the year ended March 3i,
20i3, as stpulated n Clause 4 cf the Lstng Agreements cf the sad Ccmpany wth stcck exchanges n lnda.
1he ccmplance cf ccndtcns cf Ccrpcrate Ccvernance s the respcnsblty cf the Ccmpany's management. Our examnatcn was carred
cut n acccrdance wth the Cudance Ncte cn Certcatcn cf Ccrpcrate Ccvernance (as stpulated n Clause 4 cf the Lstng Agreement),
ssued by the lnsttute cf Chartered Acccuntants cf lnda and was lmted tc prccedures and mplementatcn therecf, adcpted by the
Ccmpany fcr ensurng the ccmplance cf the ccndtcns cf Ccrpcrate Ccvernance. lt s nether an audt ncr an expresscn cf cpncn cn
the nancal statements cf the Ccmpany.
ln cur cpncn and tc the best cf cur nfcrmatcn and acccrdng tc the explanatcns gven tc us, we certfy that the Ccmpany has ccmpled
wth the ccndtcns cf Ccrpcrate Ccvernance as stpulated n the abcve mentcned Lstng Agreements.
we state that such ccmplance s nether an assurance as tc the future vablty cf the Ccmpany ncr the efcency cr effectveness wth
which the management has conducted the affairs of the Company.
KENICHI AYUKAWA
Managng Drectcr &CLO
26
th
April 2013
New Delh
For Price Waterhouse
Frm Pegstratcn Number: 30iii2L
ABHISHEK RARA
Partner
Membershp Number - 07777
Gurgaon
May 29, 2013
Management Discussion
& Analysis
The Company is able to
foster strong customer
connect through its focus
on after-sales service at
werksheps. During the
year, the Cempany was
rated rst in custemer
satisfaction for the 13
th

consecutive year in the
annual survey by
I. D. Pewer Asia Pacic.
OVERVIEW
1he slcwdcwn n the lndan eccncmy ccntnued fcr the seccnd successve year, wth CDP
grcwth estmated at 5 per cent n 20i2-i3, the lcwest n a decade. 1hs was acccmpaned by
hgh nterest rates, natcn and weak ccnsumer sentment. Psng fuel prces, caused partly
by deprecatcn cf rupee tc the dcllar, ncreased the ccst cf vehcle cwnershp fcr custcmers.
Source: Economic Survey
India's CDP grewth rate (2003-04 te 2012-13) (%)
8.1
FY 04
7.0
FY 05 FY 06
9.5
9.6
FY 07
8.6
FY 10
9.3
FY 11
5.0
FY13
9.3
FY 08
6.7
FY 09
6.2
FY 12
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Numbers rounded off; Source: SIAM
The domestic passenger vehicle industry
grew by 2.2 per cent n unt sales n
20i2-i3. 1he Ccmpany was able tc acheve
a growth of 4.4 per cent, and improve
market share by 80 bass pcnts tc 3.i
per cent. This growth was achieved on
the back cf new and refreshed mcdels
launched n the last i8 mcnths, and better
avalablty cf desel engnes durng the year.
However, the Company had to increase its
marketng and sales expenses, ccmpared tc
the prevcus year, tc cffset smlar mcves by
competitors and counter the weak consumer
sentiment.
1he market dstcrtcn between petrcl
and diesel vehicles, which surfaced in
20ii-i2, ccntnued fcr the mcst part n
20i2-i3. 1he share cf desel vehcles n
total passenger vehicle sales increased
frcm 48 per cent n 20ii-i2 tc 58 per cent
n 20i2-i3. whle petrcl prces were largely
market driven, diesel prices remained
government controlled for a large part of
the year. 1hs ccntrbuted tc the declne n
the sales of petrol vehicles for the second
successve year. Later n the year, as the
gcvernment embarked cn a prcgramme tc
wthdraw desel subsdes gradually, and as
the slowdown deepened, the demand for
diesel vehicles also suffered.
Demestic aute industry grewth (%)
Segment FY09 FY10 FY11 FY12 FY13
Passenger \ehcles 0 26 28 5 2
Ccmmercal \ehcles -22 39 29 18 -2
Three Wheelers -4 26 19 -2 5
Two Wheelers 3 26 26 14 3
Total of all segments 1 26 26 12 2.6
Source: Company
Petrol Diesel
0
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1
2
1
6
.
0
1
.
1
3
1
8
.
0
1
.
1
3
1
6
.
0
2
.
1
3
0
2
.
0
3
.
1
3
1
6
.
0
3
.
1
3
2
2
.
0
3
.
1
3
0
1
.
0
4
.
1
3
0
2
.
0
4
.
1
3
1
6
.
0
4
.
1
3
75
70
65
60
55
50
45
40
35
30
45
40
35
30
25
20
15
10
5
0
46.5
44.6 45.3
38.3 39.1
Source: SIAM
MSIL market share (%)
Petrol - Diesel price movement (`)
FY 09 FY 10 FY 11 FY 12 FY 13
50
38
41
47
48 49
` 32
` 17
53
56
58
63
67
69
73
68
71
68
67
66
(N. Delh Prce)
ln ccntrast wth the rest cf the passenger
vehicles market, utility vehicles posted
a rcbust grcwth cf 52 per cent durng
the year and the share of this segment
increased to 21 per cent of the passenger
vehicle market. A part of this growth was
ccntrbuted by the Ccmpany's new utlty
vehicle Ertiga, launched in April 2012. Most
utlty vehcles are pcwered by desel and
ther recent success can be partly attrbuted
tc the favcurable prcng cf ths fuel. ln
addition, some of the growing customer
preference for utility vehicles appears to
be cwng tc bcdy stylng, space and new
products in this segment.
Lxpcrts tc Lurcpe were adversely mpacted
owing to the slowdown in the region. The
Ccmpany was able tc ncrease presence n
markets n Afrca and Latn Amerca, 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 Ccmpany's bcttcmlne n the rst half
cf the year. Snce then, the Pupee-Yen rate
has turned pcstve and benets are lkely
tc accrue durng 20i3-i4. 1he Ccmpany
will, however, continue its programme with
suppliers to achieve higher localisation.
Ccmmcdty prces remaned largely stable.
ln scme cases, prces came dcwn cfferng
opportunities for hedging for the future.
ln luly 20i2, there was a shcckng ncdent
cf crmnal vclence, by a sectcn cf the
workers at the Companys facility in
Manesar. lt resulted n the tragc death cf
Awansh Kumar Dev, Ceneral Manager (HP).
Nearly i00 managers were n|ured and had
tc be hcspttalsed. 1he pclce arrested i45
workers, and legal proceedings against
them are under way. Ccncerned abcut
the safety and security of its people, the
Company locked out the Manesar facility.
The security arrangements were adequately
strengthened, and all thcse dented as
havng been nvclved n the vclence were
dealt with according to the law. There
was total support from the stakeholders,
including the Haryana Government, the
local community in Manesar, Companys
vendors and dealers, and Suzuki Motor
Management Discussion & Analysis
Corporation, Japan. The managers
demonstrated rare courage and resilience
and ths enabled cperatcns tc resume
after just one month of the incident. The
recruitment and communication systems
with employees, and particularly with
the contract workers, were reviewed and
mcded. Operatcns returned tc ncrmal
n abcut three mcnths. lt s expected that
the Manesar facility will henceforth work
normally.
whle there are shcrt-term ccncerns abcut
the lndan eccncmy and the grcwth cf the
autcmcble ndustry, the Ccmpany remans
pcstve abcut the lcng-term cppcrtunty
n lnda. Acccrdngly, mcst cf the captal
prc|ects, ncludng a thrd vehcle 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 acquired 700 acres of land
near Mehsana (near Ahmedabad) fcr future
capacty expanscn. wcrk s lkely tc start
there shortly.
Under a scheme of amalgamation approved
by the Hgh Ccurt, Delh, the Ccmpany
amalgamated with itself, Suzuki Powertrain
lnda Lmted (SPlL), a suppler tc t cf
desel engnes and transmsscns. SPlL,
whch was 70 per cent cwned by Suzuk
Motor Corporation, Japan and 30 per cent
by Marut Suzuk lnda, was amalgamated
with the Company through a share swap.
1he swap ratc was xed at i:70 based cn
the terms of the scheme.
With the amalgamation, the Company has
brcught ts entre desel engne capacty
under single management control. This will
help strengthen the busness, ncludng
sourcing, localisation and production
plannng. lt wll alsc prcvde manufacturng
exblty and ccst reductcn.
All necessary approvals and formalities
for the amalgamation were completed
during the year and the amalgamation
was accounted for under Pooling
cf lnterest Methcd' as prescrbed by
Acccuntng Standard-i4 `Acccuntng fcr
Amalgamatcns' ncted under Ccmpanes
Numbers rounded off; Source: SIAM
Crcwth n 20i2-i3
Source: SIAM
Utility vehicles share in PVs (%)
Segment-wise grewth fer industry
(PVs)
(%)
Source: Company, SIAM
Petrol Diesel
Petrol - Diesel mix for industry (PVs) (%)
52
Utility
\ehcles
\ans
1
-7
Passenger
Cars
Passenger
\ehcles
2
5
6

-

5
7
34
FY 09
66
35
FY 10
65
36
FY 11
64
48
FY 12
52
58
FY 13
42
0
100
80
20
0
13
FY 11
14
FY 12
21
FY 13
0
5
10
15
20
25
-i0
10
20
30
40
50
60
40
60
C
O
R
P
O
R
A
T
E

O
V
E
R
V
I
E
W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
(Acccuntng Standards) Pules wth effect
from 1
st
Aprl, 20i2. 1he nancal results
cf the Ccmpany fcr the year 20i2-i3 are
accordingly for the amalgamated entity.
8enetng frcm ncrease n market share,
a change n the prcduct mx and hgher
expcrt realsatcn, the Ccmpany, pcst-
amalgamation, registered a 21.9 per cent
growth in total revenue to ` 444,003
mllcn. Prct after tax fcr the year
stood at ` 23,921 million, a growth of
46.3 per cent over the previous year. The
pcst-amalgamatcn earnng per share
stood at ` 79, compared to ` 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 Companys diesel models. To promote
sales of petrol vehicles, the Company
leveraged its strength in the rural market
and amcng nsttutcns. lt reached cut tc
new customer segments using relevant
communication and focused promotions.
Sales cf the Ccmpany's factcry-tted CNC
vehcles mprcved by 30 per cent and
crossed 50,000 for the year, as customers
sought to cope with high petrol prices.
1he Ccmpany was able tc ccntan the
decline in sales of its petrol vehicles to 14
per cent, 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
vehcles grew by 62 per cent, enhancng
the Companys share in this segment from
19.2 per cent to 25.2 per cent.
For the second year in a row, four of the
tcp ve mcdels by unt sales n the lndan
passenger vehicle market were from the
Companys portfolio. These were Alto, Swift,
DZre and wagcnP.
The Ertiga was received well, with its diesel
varants attractng a wat-lst cf custcmers
durng the year. whle Utlty \ehcles (U\)
in general have emerged as an important
market segment, the Ertiga found favour
alsc wth ycung urban famles lcckng fcr
a vehcle that s fashcnable and attractve
and cffers mcre space, wthcut beng bulky
and expensve. 1he Ccmpany scld 76,375
unts cf the Lrtga n 20i2-i3.
With the Ertiga, the Company introduced
the new K14B engine, a light weight, highly
fuel efcent engne frcm the K-seres
famly. Other K-seres engnes, Ki08 and
K12M are powering most of the Companys
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
cffers mcre space and hgher fuel efcency.
The Alto remained the countrys highest
selling car for the seventh year in a row.
Pefreshed verscns cf wagcnP, Ptz and
SX4 alsc helped vclumes tc scme extent.
Although the differential in prices of
petrol and diesel came down relative to
the prevcus year, t remaned sgncant.
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
unt sales, helped by the pcpularty cf these
mcdels and larger avalablty cf desel
engnes. 8esdes engne prcductcn by SPlL
(around 300,000), the Company arranged
supples cf abcut i00,000 engnes per year
frcm the Fat lndan plant. Supply s lkely
to improve further once the Companys new
diesel engine plant in Gurgaon, with an
annual capacty cf i50,000 unts n the rst
phase, gces cn stream abcut the mddle cf
20i3-i4.
1he Ccmpany's pre-cwned vehcle busness
(brand 1rue\alue) suppcrted sales cf
new vehcles by enccuragng trade-ns.
Lxchange penetratcn as a percentage
of new car retails went up to 23 per cent
during the year. Besides, sales of used
vehcles frcm the netwcrk grew by 7 per
cent tc 252,000, ccntrbutng tc dealer
prctablty and grcwth. Durng the year,
the number cf 1rue\alue cutlets ncreased
from 409 to 450.
wth sem urban and rural lnda emergng
as an important market for new car
sales, the Ccmpany further expanded ts
network into smaller towns via smaller
format outlets. The Companys initiatives,
including a dedicated sales force for rural
markets (PDSL) and nncvatve marketng
methcds, enabled t tc grcw rural sales by
18.5 per cent during the year and enhance
ts ccntrbutcn tc 28 per cent cf dcmestc
volumes.
Source: Company
Source: Company
PDSLs % Penetration
14
FY 09
17
FY 10
17
FY 11
22
FY 12
23
FY 13
Percentage ef new car sa|es
through exchange
(%)
Rural sales penetration & RDSEs
9
FY 09
2
,
5
0
0
16
FY 10
4
,
0
0
0
20
FY 11
5
,
2
0
0
25
FY 12
6
,
5
0
0
28
FY 13
7
,
1
5
0
0
5
10
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
15
20
25
30
25
20
15
10
5
0
1he Ccmpany s able tc fcster strcng
customer connect through its focus on
after-sales servce at wcrkshcps. 1here
is evidence that this increases customer
loyalty and referral sales. During the year,
the Ccmpany was rated rst n custcmer
satsfactcn n the lndan autcmcble
industry for the 13
th
consecutive year in the
annual survey by l. D. Pcwer Asa Pacc. 1he
Company improved its score, and remained
the cnly manufacturer abcve ndustry
average.
The Companys widespread reach continues
tc be a ma|cr ccmpettve advantage.
During the year, the dealer sales network
reached 1,204 outlets in 874 cities and
servce cutlets expanded tc 2,65 cutlets n
i,423 ctes. Durng the year, apprcxmately
3,400 specialised service camps helped in
connecting with customers and generating
exchange and new car enqures.
To reduce the time taken to service vehicles,
the Company also introduced the concept
cf Marut Quck Stcp (MQS) wcrkshcps.
1hese are small, ccnvenent, envrcnment-
friendly workshops that use much less
water and offer a quick turnaround. They
are designed mainly for customers in cities.
Parts & Accessories
1he Ccmpany expanded the range cf Marut
Cenune Accesscres by addng 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
expandng the retal netwcrk fcr Marut
Genuine Parts, which has now crossed 400
outlets, the Company proactively undertook
national campaigns to educate customers
abcut the harmful mpact cf fake and
spurious parts.
1he Drectcr Ceneral (lnvestgatcn) (DC),
Ccmpettcn Ccmmsscn cf lnda (CCl),
ccnducted an nvestgatcn cn i7 autcmcble
original equipment manufacturers in
lnda, ncludng the Ccmpany, cn the
allegatcn cf ncn-avalablty cf 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
ndngs cf the nvestgatcn and s takng all
the steps permitted under the law to protect
its interests and to continue to offer safe,
relable and genune parts tc ts custcmers.
OPERATIONS
The Companys manufacturing operations
improved across most internal parameters of
quality, productivity and cost. The measures
taken tc buld exblty n cperatcns n
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 tc prcduce vehcles n lne wth market
demand through optimum utilisation of
facilities.
wth bcth new launches, Lrtga and Altc 800,
receiving positive responses in the market,
the operations geared up to meet the surge
in demand without disruption.
1he Ccmpany ncw uses a Clcbal Pcstcnng
System (CPS) tc manage ts lcgstcs eet
movement effectively. This has improved
eet prcductvty and alsc ccntrbutes tc
timely delivery of vehicles. Currently 9,100
trucks and trailers are using this technology.
During the year, the Company saved ` 34
million through route rationalisation.
Exports
The Company reached a major milestone
by expcrtng ts cne-mllcnth vehcle.
lntrcductcn cf new mcdels lke A-star,
DZre, Ptz and new Altc 800 n expcrt
markets ccntrbuted tc reachng ths
milestone.
Even as sales were weak in Europe, the
Ccmpany's expcrts tc ncn-Lurcpean
markets grew 9.5 per cent to 92,424 units.
1he share cf sales tc ncn-Lurcpean markets,
prmarly n Afrca and Latn Amerca,
ncreased tc 76 per cent cf expcrts, frcm
66 per cent in the previous year.
Lxpcrts cf knccked-dcwn kts, whch
ccmmenced n lanuary'i2 wth lndcnesa
and Thailand, are doing well and have now
expanded tc Malaysa, \etnam and Hungary.
Source: Company
Outlets Smaller format outlets
Share of smaller format outlets in
total outlets
(%)
Source: Company
Europe Ncn - Lurcpe
1ctal Lxpcrt Sales
Exports sales & mix
138,266
127,379
120,388
5
8

-

5
9
681
FY 09
4
6
0
2
2
1
802
FY 10
4
8
3
3
1
9
933
FY 11
5
0
9
4
2
4
1,100
FY 12
5
4
1
5
5
9
1,204
FY 13
5
6
4
6
4
0
0
300
600
900
1,200
1,500
0
20,000
40,000
60,000
80,000
100,000
120,000
140,000
FY 13 FY 12 FY 11
C
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R
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V
I
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W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
1he Ccmpany benets greatly frcm hgh
employee morale, loyalty and alignment.
The Production Management System (PMS)
involves employees at all levels of operations
to generate ideas, which are then discussed
wthn small grcups and dented fcr
mplementatcn by emplcyees themselves.
During the year, efforts were directed towards
reducng new prc|ect ccst, brngng dcwn
cperatcnal expenses, partcularly by hgher
localisation, and improving quality.
Several cost reduction projects in operations
were undertaken. ln-hcuse autcmatcn
projects led to a saving of ` 260 million
n new prc|ects. A pan-crgansatcnal
suggestion programme, Sujhav Sangrehika,
led to generation of 396,828 ideas and a
saving of ` 3,640 million.
1he Ccmpany uses the apprcach cf Plan-
Dc-Check-Act tc upgrade systems and
processes continuously. The downtime of
machnng facltes has ccme dcwn by
abcut 50 per cent cver ve years. ln ancther
drive, the Company took measures to reduce
worker fatigue and improve ergonomics in
its manufacturing processes.
The projects team is targeting to optimise
captal expendture by dentfyng sutable
local suppliers for equipment and machinery.
With several capital projects ongoing, and
more in the pipeline, this initiative will
receve fccus n the next few years.
Tool Room & Die Shop
The tool and die shop designs and develops
skin panel dies and casting dies for engine
components. With continuous improvement
n desgn capablty, the Ccmpany s ncw
expcrtng des tc Suzuk grcup ccmpanes
cverseas. Desgn nncvatcns and best
practces have led tc a ccst benet cf 25
per cent to 40 per cent over imported dies.
wth ts grcwng capablty, the Ccmpany
wll be able tc delver new mcdels n less
time and cost.
Energy Conservation and Environment
Sensitivity
1he Ccmpany was the rst n the lndan
autcmcble space tc be lSOi400i certed
and snce then has been wcrkng tc
have most of its vendors adopt the same
standard.
The Company initiated a Clean Development
Mechansm (CDM) prc|ect tc reduce CO
2

emission in its captive power plant. The
prc|ect entals use cf waste ue gas cf
captive power plant to generate steam and
thereby electrcty. 1hs has been regstered
and apprcved as a CDM prc|ect by UNFCC.
lt s expected tc generate 40,000 Certed
Lmsscn Peductcn (CLP) annually fcr the
next i0 years.
Owng tc nncvatve energy ccnservatcn
measures, the Ccmpany was able tc reduce
its natural gas consumption for captive
pcwer generatcn by i5 per cent. Cven
that natural gas prices have gone up
sgncantly, these measures ccntrbuted tc
containing energy cost as well.
A separate sectcn n ths Annual Pepcrt,
8usness Pespcnsblty Pepcrt" dscusses
the environmental and social performance
of the Company in detail.
COMPONENT & RAW
MATERIAL PROCUREMENT
The Companys supply chain is crucial
tc ts cperatcns, wth abcut 80 per cent
cf the car by value beng prccured n the
form of components and raw material.
The Company accordingly continues with
ts effcrts tc enable the supply chan tc
beccme mcre prcductve, reduce ccsts and
mprcve qualty. lnsulatng, tc the extent
pcssble, the supply chan frcm market
volatility, helps the Company.
Component supplies regularly face the
risk of disruption owing to factors like
ccds, transpcrt strkes, ndustral unrest
at suppliers and the like. The Company
has sc far managed dsruptcns by takng
sutable measures as and when requred
and ensured that operations are largely
unaffected. Startng 20i2-i3, a rcbust rsk
Source: Company
quipment breakdewn ef machine sheps (indexed te base year 2007-08) (%)
100
FY 08
78
FY 09
69
FY 10
56
FY 11
53
FY 12 FY 13
49
100
80
60
40
20
0
management framework was put in place
with a detailed mapping of the entire chain,
pcssble dsruptcn events and ccntnuty
plans.
A strcng lapanese Yen and weak lndan
Pupee fcr mcst part cf the year rendered
the Ccmpany's mpcrt ccntent expensve.
During the year, the Company encouraged
lccalsatcn cf nner parts by supplers
and also put in place a dedicated team to
facilitate and monitor localisation. This led
to good results.
The last few months of the year saw
softening of the Japanese Yen. While some
benets accrued n 20i2-i3, larger benets
are expected durng 20i3-i4. 1he Ccmpany
is also encouraging vendors to enhance
lccal P&D capablty and wherever
appropriate, shifting sourcing from Japan
tc the ASLAN regcn.
Ccmmcdty prces were reascnably
stable. 1he pclcy cf fcrward bcckng cf
commodities, and hedging the currency has
also resulted in cost savings. The Company
took initiatives to consolidate different
grades of steel in its purchase activities,
and improve yields in manufacturing
components to reduce material cost.
1he Ccmpany reccgnses that 1er-ll and
1er-lll supplers have a crtcal rcle n
the value chan, and s examnng ways
to improve their quality and adherence
to systems. Through MACE (Maruti Centre
fcr Lxcellence), the Ccmpany s wcrkng
clcsely wth 1er-ll ccmpcnent supplers
to scale up their systems and processes,
and strengthen the ecc-system fcr qualty
manufacturing. However, this segment
remans an area cf ccncern. Specc prc|ects
were jointly adopted with vendor partners
in the areas of energy saving, productivity
improvement and cost reduction.
ENGINEERING AND R&D
The Companys new products were well
received during the year, and appear to
have matched custcmer expectatcns cn
design, features, space, technology and
cost of ownership. The Company remains
on course with regard to implementing its
medum-term prcduct plan.
The Company requires a strong product
ppelne tc full grcwng demand n
the future and meet changing customer
expectatcns. Ccnsderng the lcng lead
times in product development and the
dynamic nature of the market, the Company
has been buldng desgn and develcpment
capablty n recent years.
During the year, the Company continued
wcrk cn ts wcrld-class P&D centre and
proving ground at a 600 acre facility
n Pchtak, Haryana. 1hs ntatve wll
enhance the Ccmpany's ablty tc desgn,
develop, test and launch cars at a faster pace.
1he Ccmpany has scaled up ts P&D
strength frcm abcut 300 tc i,200 engneers
n the last ve years. Many cf them are
participating in new projects with Suzuki
Mctcr Ccrpcratcn tc gan expcsure and
experence. 1he Ccmpany wll ccntnue tc
need hgh-qualty talent, and s enhancng
connect with young engineers through
supporting popular events like Supra SAE
and participating in industry initiatives
tc bccst desgn capablty amcng ycung
students.
Peccgnsng the mpcrtance cf fuel
efcency fcr lndan custcmers as well
as for the environment, the Company is
working on new technologies, vehicle
weight reduction, lowering friction,
alternate materals and mcre CNC mcdels
tc mprcve fuel efcency and reduce CO
2

emsscns. lt s alsc wcrkng cn hybrds
and electric vehicle projects along with
Suzuki Motor Corporation. The Company is
part cf a SlAM ntatve (Sccety cf lndan
Autcmcble Manufacturers) tc suppcrt
the gcvernment n draftng fuel efcency
standards fcr passenger vehcles n lnda.
ln addtcn tc the new mcdels, the Ccmpany
launched refreshed verscns cf wagcnP,
SX4 and Ptz. 1he Ccmpany alsc upgraded
ts mcdels tc meet O8D ll ncrms (Onbcard
diagnostics). Efforts to increase localisation
of inner parts gained strength during the
year. Projects in value analysis and value
engneerng ccntrbuted tc enhancng ccst
effectiveness of parts and systems.
FINANCIAL PERFORMANCE
As mentioned in the overview section, the
Company amalgamated with itself, Suzuki
Pcwertran lnda Lmted. lncludng the
effect of the amalgamation, for the full
year, the Ccmpany regstered Net Sales cf
` 426,126 million, a growth of 22.8 per cent
cver the prevcus year. Net prct after tax
stood at ` 23,921 million, an increase of
46.3 per cent over the previous year. This
grcwth was drven by hgher sales cf new
mcdels lke the Swft, DZre and Lrtga,
better average realsatcn, a benet cn
cost reduction in localisation efforts and a
favcurable exchange rate mcvement n the
later part of the year.
6
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TABLE 1: Abridged statement ef pret and |ess fer 2012-13 (` in million)
Parameters 2012-13 2011-12 Change
1 Volumes
Domestic 1,051,046 1,006,316
Lxpcrt 120,388 127,379
TOTAL 1,171,434 1,133,695 3.3%
2 Gross Sale of Products 481,147 386,141
\ehcles 441,163 362,111
Spare parts/ des & mculds/ ccmpcnents 39,984 24,030
3 Lxcse duty 55,021 39,082
4 Net sales (2-3) 426,126 347,059
5 Other cperatng revenue 9,753 8,812
6 Other nccme 8,124 8,268
7 Total revenue (4+5+6) 444,003 364,139 21.9%
8 Ccnsumptcn cf raw materals, ccmpcnents & traded gccds 325,150 280,656
9 Lmplcyee benet expenses 10,696 8,013
10 Finance Costs 1,898 552
11 Depreciation and amortisation 18,612 11,384
12 Other expenses 57,737 42,072
13 Total expenses 414,093 342,677 20.8%
14 Prct befcre tax (7-i3) 29,910 21,462 39.4%
15 Current tax (Net cf MA1 Credt avaled) 6,324 4,138
16 Deferred tax (335) 972
17 Pret after tax (14-15-16) 23,921 16,352 46.3%
Ncte: 1he gures fcr the prevcus year dc nct nclude gures fcr erstwhle Suzuk Pcwertran lnda Lmted, whch has amalgamated wth
the Company effective 1
st
Aprl, 20i2. 1herefcre, the current year gures are nct ccmparable tc thcse cf the prevcus year.
TABLE 2: Financial performance ratios (As a % of net sales)
Parameters 2012-13 2011-12 Change
Material cost 76.3 80.9 4.6
Lmplcyee benet expenses 2.5 2.3 (0.2)
Depreciation and amortisation 4.4 3.3 (1.1)
Other expenses 13.5 12.1 (1.4)
Prct befcre tax 7.0 6.2 0.8
Prct after tax 5.6 4.7 0.9
TABLE 4: Income from investment of surplus fund (` in million)
Parameters 2012-13 2011-12
lnterest cn ccrpcrate bcnds - 528
lnterest cn xed depcsts 2,220 2,330
Dvdend frcm debt mutual funds 343 639
Net prct frcm sale cf nvestments 4,101 2,442
TOTAL 6,664 5,939
TABLE 3: Investment of surplus funds (` in million)
Parameters 31-03-13 % of total 31-03-12 % of total
8ank xed depcsts 15,000 18% 23,600 30%
Debt mutual fund 69,362 82% 56,106 70%
TOTAL 84,362 100% 79,706 100%
Treasury Operations
1he Ccmpany has efcently managed ts surplus funds thrcugh careful treasury cperatcns. 1he gudng prncple cf the Ccmpany's
treasury nvestments s safety and prudence. ln vew cf ths, the Ccmpany nvested ts surplus funds n debt schemes cf mutual funds and
bank xed depcsts. 1hs has enabled the Ccmpany tc earn reascnable and stable returns n a vclatle nterest rate scenarc.
1able 3 lsts the dfferent pcrtfclcs whle 1able 4 lsts the return cn these surplus funds.
Foreign exchange risk management
1he Ccmpany s expcsed tc the rsks
assccated wth uctuatcns n fcregn
exchange rates manly cn mpcrt cf
components, raw materials, royalty
payments and expcrt cf vehcles. lt has a
well-structured exchange rsk management
pclcy. 1he Ccmpany manages ts exchange
rsk by usng apprcprate hedge nstruments
depending on the market conditions and the
view on the currency.
Interna| centre|s and adequacy
The Company has a proper and adequate
system of internal control to ensure that
all assets are safeguarded and protected
against loss from unauthorised use or
disposition, and that all transactions are
authorised, recorded and reported correctly.
The internal control system is designed to
ensure that nancal and cther reccrds are
relable fcr preparng nancal nfcrmatcn
and other data, and for maintaining
acccuntablty cf assets. 1he nternal
ccntrcl system s supplemented by an
extensve prcgramme cf nternal audts,
revews by management, and dccumented
policies, guidelines and procedures.
HUMAN RESOURCES
During the year, an incidence of criminal
violence at the Manesar facilities claimed
the lfe cf a valuable cclleague, Awansh
Kumar Dev. Moreover, around a hundred
other colleagues, including senior people,
were injured and hospitalised in the
barbarc act. All thcse nvclved n the
vclence have been dealt wth acccrdng
to the law. Criminal proceeds are pending
aganst i45 ex-wcrkers.
Post the traumatic event, the entire
Maruti Suzuki family came together and
collectively worked to emerge as a stronger
crgansatcn. 1he Ccmpany ccllabcrated
wth stakehclders - Ccvernment cf Haryana,
vendors, dealers, village heads and local
ccmmunty n Manesar's vcnty - tc emerge
frcm the crss. 1he Ccmpany expresses ts
heartfelt gratitude to these stakeholders
for their wholehearted support.
1he Ccmpany has analysed pcssble causes,
reviewed issues and taken concrete steps
to create and maintain a positive work
envrcnment. Several ntatves have been
taken to make the recruitment system
mcre rcbust, ncrease the fccus cn nternal
communication, strengthen the grievance
handlng system and step up behavcral
tranng (ncludng thrcugh cutbcund
sessions).
wth the demcgraphc shft, there wll be
a larger proportion of younger people
in the workforce. A younger workforce
requires higher levels of engagement,
and companies are evolving new ways
to motivate them. The focus thus is on
strengthenng the `cn-bcardng' prccess
comprehensive induction training,
challengng assgnments, creatng |cb
exctement and mentcrng.
Despite the industrys strong demand for
talent, the Company could contain attrition
tc 4.8 per cent n 20i2-i3 (much better
than manufacturing industry standards)
through contemporary talent management
ntatves. Lmplcyee-frendly HP pclces
and processes an online performance
management system, assessment and
develcpment centres, 360 degree feedback
and |cb rctatcn - prcvded the rght mpetus
for greater motivation and retention.
Besides rewards and recognition, the
Ccmpany was able tc enhance engagement
through learning opportunities,
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empcwerment and crcss-functcnal
expcsure. 1he Ccmpany's dpstck and
engagement survey measures employee
engagement levels and derives action
plans for improvements.
The Company started a training academy
n December 20i2. 1he academy has
developed course content for training
pecple and, by vrtue cf technclcgy,
drastically scaled up the effectiveness,
speed and capacity of training. Besides
cutting down on the need to travel, it also
ensures better utlsatcn cf faculty. 1he
Company plans to leverage this for training
pecple effectvely n large numbers, bcth
n-hcuse and n ts value chan.
The capacity constraints in quality training
n the ccuntry wll ccntnue tc be a
challenge. 1he Ccmpany has adcpted 2i l1ls
(lndustral 1ranng lnsttutes) n Haryana
for upgradation, curriculum redesign and
infrastructure improvement. The Company
plans to scale it to 50 institutes in a span
of three years.
INFORMATION
TECHNOLOGY
lnfcrmatcn technclcgy (l1) s a key enabler
and a major differentiator in making
various functions of the Company faster,
leaner, more intelligent and powerful.
1he Ccmpany uses l1 tc seamlessly
ntegrate cn a real-tme bass all ts vendcrs
thrcugh an L-Nagare system and all ts
dealers through a Dealer Management
System enablng fast transactcn
prccessng, better management ccntrcl and
informed decision making. With customer
data involving millions of records, the
analytics division provides critical insights
for management understanding.
ln 20i2-i3, the Ccmpany successfully
ntegrated Marut P&D and manufacturng
systems with those of the parent Company,
Suzuki Motor Corporation, Japan for a
uned apprcach tc prcduct develcpment
and vehicle production. The Company
alsc mcved ts entre custcmer-facng
applcatcns tc the `clcud' and re-
engneered ts l1 backbcne technclcgy
structure tc enhance relablty.
RISK MANAGEMENT
The activity of risk management in the
Ccmpany s revewed by the Audt Ccmmttee
thrcugh a management subccmmttee, the
Lxecutve Psk Management Ccmmttee
(LPMC). 1he LPMC, headed by Managng
Drectcr & CLO, ccmprses all Drectcrs,
vertcal heads and executve cfcers cf the
Ccmpany. lt revews the rsk management
actvtes cn a regular bass.
1he pace cf change n the busness
envrcnment, hgher glcbalsatcn and
interconnectedness and the increasing
scale cf the Ccmpany's busness and
operations necessitated a relook at the
risk management structure. The Company
revamped the structure after taking
inputs from stakeholders including top
management, employees, vendors, dealers,
investors, union leaders, local community
around its plants and industry analysts.
1he LPMC revewed the rsks that emerged
and prcrtsed them cn the bass cf lkely
mpact and prcbablty cf cccurrence.
1he tcp rsks tc be mcntcred relate tc
currency, product portfolio, macroeconomic
scenario, government policy, industrial
relations, talent retention, managing size,
work culture, quality, cost and competition.
1he Ccmpany's busness alsc depends cn
supply chain, marketing, selling and service
network and working on maintaining
ther cverall rcbustness, dedcatcn and
effectiveness.
OUTLOOK
1he prcspects cf the autcmcble ndustry
are linked closely to economic growth. While
there is some uncertainty in the short term,
lnda s wdely expected tc return tc a hgh
growth path later. The Companys initiatives
fcr capacty expanscn are based cn ths
premise. At the same time, recognising that
lnda's grcwng glcbal ntegratcn may lead
to greater volatility in the macro economy,
the Ccmpany s buldng n exblty
tc mtgate the mpact cf shcrt-term
uctuatcns n market demand, currency,
commodities and fuel prices.
Changing customer preferences are likely
to present new challenges, including the
emergence of new product segments. The
Companys product plan recognises this, as
evident in its entry into the growing utility
vehicle segment with Ertiga in the year. The
prcduct develcpment capabltes cf Suzuk
Mctcr Ccrpcratcn, ts fccus cn the lndan
market and concerted efforts to strengthen
capabltes cf Marut Suzuk engneers wll
help meet these challenges. The Company
is also actively looking at opportunities for
expcrt sales n Scutheast Asa, Afrca and
Middle East.
As ccmpettcn ntenses, the Ccmpany
wll buld cn the strcng gccdwll t en|cys
with customers, its large sales and service
netwcrk, and the supercr value t s 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.
Pclcy has had a ma|cr bearng cn the
ndustry, nctably n the last few years.
Besides taking measures internally, such as
balancng the capacty cf petrcl and desel
engines, the Company is also engaging
more closely with policy makers through
industry forums to understand mutual
priorities and perspectives. The Company
expects the pclcy framewcrk tc reman
suppcrtve, wth a fccus cn expandng
growth, maintaining macroeconomic
stablty and prcmctng cppcrtunty n the
country.
Disclaimer
Statements in this management discussion
and analyss descrbng the Ccmpany's
cb|ectves, prc|ectcns, estmates and
expectatcns are categcrsed as `fcrward
looking statements within the meaning of
applcable laws and regulatcns.
Actual results may dffer substantally cr
materally frcm thcse expressed cr mpled.
lmpcrtant develcpments that cculd affect
the Companys operations include an
onward trend in the domestic auto industry,
ccmpettcn, rse n nput ccsts, exchange
rate uctuatcns, and sgncant changes
in the political and economic environment
n lnda, envrcnmental standards, tax laws,
ltgatcn and labcur relatcns.
Business Responsibility
Report (As per Clause 55 of the Listing Agreement)
The Company gives
focused attention
to all aspects of
sustainability economic,
environmental and
social. As a responsible
corporate, it is concerned
about the holistic growth
and development of
its operations and the
welfare, prosperity
and growth of
its stakeholders.
As a responsible corporate, Maruti Suzuki India Limited (Company) is concerned about
the holistic growth of its operations and the welfare, prosperity and development of
its stakeholders. The Company gives focused attention to all aspects of sustainability
eccncmc, envrcnmental and sccal. lts rst 8usness Pespcnsblty Pepcrt captures key
highlights of its sustainability performance in 2012-13.
In 2012-13, Suzuki Powertrain India Limited was amalgamated with the Company. The
Company accounted for the amalgamation in its books of account in accordance with the
method of accounting prescribed by the Central Government. However, other processes and
repcrtng structures are beng ntegrated. 1hs 8usness Pespcnsblty Pepcrt ccntans
combined information on Maruti Suzuki India Limited and Suzuki Powertrain India Limited
on economic indicators only.
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SECTION A
General Information about the Company Details
1 Corporate Identity Number (CIN) of the Company L34103DL1981PLC011375
2 Name of the Company Maruti Suzuki India Limited
3 Pegstered address 1, Nelson Mandela Marg,
Vasant Kunj, New Delhi-110070
4 Website www.marutisuzuki.com
5 E-mail id msilinvestorrelations@maruti.co.in
6 Financial year reported 2012-13
7 Sector(s) that the Company is engaged in (industrial activity code-wise) Automobile
8 List three key products/services that the Company manufactures/provides (as in
balance sheet)
Passenger Cars, Multi Utility Vehicles (MUV),
Multi Purpose Vehicles (MPV)
9 Total number of locations where business activity is undertaken by the Company
i. Number of international locations Company manufactures cars only in India
ii. Number of national locations Company manufactures cars at its Gurgaon
and Manesar plants located in Haryana
10 Markets served by the Company Local/State/National/International Domestic: across India.
International: Europe, Africa, Asia, Oceania,
Latin America
SECTION B

Financial Details of the Company Details
1 Paid up Capital (`) 1,510,400,300
2 Total Turnover (` million) 499024
3 1ctal prct after taxes (` million) 23921
4 1ctal Spendng cn Ccrpcrate Sccal Pespcnsblty (` million) 189.4
b. As percentage cf prct after tax cf 20i2-i3 0.79 %
5 Lst the actvtes as per Schedule \ll cf Ccmpany's 8ll, 20ii, n whch expendture
in 4. above has been incurred
a. Pcad Safety
b. Skill Development
c. Community development (Key focus on education and health)
SECTION C

Other Details Details
1 Does the Company have any Subsidiary Company / Companies? Yes
2 Dc the Subsdary Ccmpany/Ccmpanes partcpate n the 8P lntatves cf the
parent company? If yes, then indicate the number of such subsidiary company(s)
No
3 Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company
dces busness wth partcpate n the 8P ntatves cf the Ccmpany7 lf yes,
then indicate the per cent of such entity/entities? [Less than 30 per cent, 30-60
per cent, More than 60 per cent]
No
Business Responsibility Report
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
a) Detals cf the Drectcr/Drectcrs respcnsble fcr mplementatcn cf the 8P pclcy/pclces
DIN Number 00108491
Name Mr. Shinzo Nakanishi*
Designation Managing Director & CEO
Mr. Shnzc Nakansh was respcnsble fcr 8usness Pespcnsblty fcr 20i2-i3. He retred frcm the pcst cf MD&CLO wth effect frcm
close of business hours on 31
st
March 2013. Mr. Kenichi Ayukawa was appointed as MD&CEO with effect from 1
st
April 2013 and shall be
respcnsble fcr 8usness Pespcnsblty fcr 20i3-i4.
b) Detals cf the 8P head
DIN Number N.A.
Name Mr. Kanwaldeep Singh
Designation Vice President, Corporate Services
Telephone number 011-46781123
e-mail id Kanwaldeep.singh@maruti.co.in
2. Principle-wise (as per National Voluntary Guidelines) Business Responsibility Policy/policies (Reply in Y/N)
Sr.
No.
Questions
Principle (Yes/No)
1 2 3 4 5 6 7 8 9
1 Do you have a policy for? Y Y Y Y N Y N Y Y
2 Has the policy being formulated in consultation with the
relevant stakeholders?
Y Y Y Y N Y N Y Y
3 Does the policy conform to any national /international
standards? If yes, specify?
N N Y Y N Y N Y Y
4 Has the pclcy beng apprcved by the 8card7 lf yes, has
t been sgned by MD/cwner/CLO/apprcprate 8card
Director?
Y Y Y Y N Y N Y Y
5 Dces the Ccmpany have a speced ccmmttee cf the
8card/ Drectcr/Ofcal tc cversee the mplementatcn cf
the policy?
Y N Y Y N Y N Y Y
6 Indicate the link for the policy to be viewed online? Y Y Y Y N Y N Y Y
7 Has the policy been formally communicated to all relevant
nternal and external stakehclders7
Y Y Y Y N Y N Y Y
8 Does the Company have in-house structure to implement
the policy/policies.
Y Y Y Y N Y N Y Y
9 Does the Company have a grievance redressal mechanism
related to the policy/policies to address stakeholders
grievances related to the policy/policies?
Y Y Y Y Y Y Y Y Y
10 Has the Company carried out independent audit/evaluation
cf the wcrkng cf ths pclcy by an nternal cr external
agency?
N N N N N Y N N Y
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List of Principles
PRINCIPLE 1: 8usnesses shculd ccnduct and gcvern themselves wth Lthcs, 1ransparency and Acccuntablty
PRINCIPLE 2: 8usnesses shculd prcvde gccds and servces that are safe and ccntrbute tc sustanablty thrcughcut ther lfe cycle
PRINCIPLE 3: 8usnesses shculd prcmcte the wellbeng cf all emplcyees
PRINCIPLE 4: 8usnesses shculd respect the nterests cf, and be respcnsve tcwards all stakehclders, especally thcse whc are
disadvantaged, vulnerable and marginalised
PRINCIPLE 5: 8usnesses shculd respect and prcmcte human rghts
PRINCIPLE 6: 8usness shculd respect, prctect and make effcrts tc restcre the envrcnment
PRINCIPLE 7: 8usnesses, when engaged n nuencng publc and regulatcry pclcy, shculd dc sc n a respcnsble manner
PRINCIPLE 8: 8usnesses shculd suppcrt nclusve grcwth and equtable develcpment
PRINCIPLE 9: 8usnesses shculd engage wth and prcvde value tc ther custcmers and ccnsumers n a respcnsble manner
2a. If answer to S.No. 1 against any principle is No, please explain why: (Tick up to 2 options)
Sr.
No.
Questions
Principle (Yes/No)
1 2 3 4 5 6 7 8 9
1. The Company has not understood the Principles - - - - - - -
2. 1he Ccmpany s nct at a stage where t nds tself n a
position to formulate and implement the policies on
speced prncples
- - - - - - - - -
3. 1he Ccmpany dces nct have nancal cr manpcwer
resources available for the task
- - - - - - - - -
4. lt s planned tc be dcne wthn next 6 mcnths - - - - - - - - -
5. lt s planned tc be dcne wthn the next i year - - - - Y - - - -
6. Any other reason (please specify) - - - * - - ** - -
*Human Rights: 1he Ccmpany currently dcesn't have a standalcne Human Pghts pclcy. Hcwever, aspects cf human rghts, such as
chld labcur, fcrced labcur, cccupatcnal safety, dscrmnatcn are ccvered by ts varcus Human Pescurce pclces. 1he Ccmpany makes
concerted efforts to strengthen mechanisms to ensure implementation of such policies. The Company will also be developing a Human
Pghts Pclcy n the near future.
**Policy Advocacy: The Company doesnt have a policy on policy advocacy. However, advocacy on policies related to the automobile industry
are done through Society of Indian Automobile Manufactures (SIAM). The Company has an independent department responsible for
interaction with SIAM and for government affairs.
3. Governance related to BR
i. lndcate the frequency wth whch the 8card cf Drectcrs, Ccmmttee cf the 8card cr CLO tc assess the 8P perfcrmance cf the
Company. Within 3 months, 3-6 months, Annually, More than 1 year.
1he Managng Drectcr and tcp management percdcally revew the 8P perfcrmance cf the Ccmpany thrcugh 8usness Pevew
Meetngs and Strategy Meetngs. 8usness Pevew Meetngs are held cn a weekly bass and Strategy Meetngs are held cnce n a mcnth.
Alternate Fuel Vehicles Hybrid and Electric Technology End-of-Life Vehicles (ELV)
The Company has developed a
new Intelligent Gas Port Injection
(i-GPI) technology for CNG bi-fuel
vehicles. The i-GPI technology
promotes uniform and complete
combustion in the combustion
chamber, resulting in lesser
pollutants, without compromising
on the vehicles power and
performance.
Since 2006-07, by selling over
369,928 alternate fuel vehicles,
the Company has been able to
cumulatively reduce CO
2
emissions
by 157,232.8 tonnes per year.
Lxpermental prc|ects n the eld cf hybrd/
electric vehicle have been undertaken by the
Ccmpany. Subsequent tc the demcnstratcn cf
SX4 Hybrid and EECO Electric demonstration
at the Ccmmcnwealth Cames, P&D capablty
was further enhanced in HEV-EV by taking
up study projects, such as further testing/
mprcvement cf SX4 HL\ fuel efcency, ldle
Start Stop system testing & validation, Swift
Pange Lxtender, Llectrc \ehcle cn-rcad
testing.
ln addtcn, new prccesses, such as xL\
Hardware-In-Loop/Model-In-Loop based controls
develcpment/testng, xL\ vehcle smulatcn
for fuel economy evaluation and others were
initiated.
The Company has voluntarily taken initiatives
to eliminate hazardous substances that have
impacts on the environment and human health,
such as Mercury, Cadmum, Lead, Hexavalent
Chromium and Asbestos from its vehicles. ELV
vehicles are easy to scrap and over 85 per cent
of the vehicles parts can be recycled.
Currently in India there is no system of vehicle
recycling or scrapping.
In order to encourage old vehicle recycling in
lnda, NA1PP, alcng wth MOHl, has establshed
a dismantling demonstration unit in Chennai.
1he Ccmpany has extended suppcrt tc ths new
initiative by providing a few older vehicles and
by providing guidance in environment-friendly
vehicle dismantling methods.
2. Dces the Ccmpany publsh a 8P cr a Sustanablty Pepcrt7 what s the hyperlnk fcr vewng ths repcrt7 Hcw frequently t s publshed7
1he Ccmpany publshes a Sustanablty Pepcrt, as per CPl C3.i framewcrk annually. 1he repcrt s A+ level and s externally assured.
1he Ccmpany has been publshng ts Sustanablty Pepcrt snce 2008-0.
1he Sustanablty Pepcrts cf the Ccmpany can be vewed at the ccrpcrate webste: http://www.marutsuzuk.ccm/sustanablty-repcrts.aspx
SECTION E: PRINCIPLE-WISE PERFORMANCE
PRINCIPLE 1 : Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
i. Dces the pclcy relatng tc ethcs, brbery and ccrruptcn ccver cnly the Ccmpany7 Yes/ Nc. Dces t extend tc the Crcup/lcnt \entures/
Suppliers/Contractors/NGOs /Others?
As a responsible corporate citizen, the Company believes in the highest standards of professionalism, ethical behaviors and corporate
governance.
1he Ccmpany's Ccde cf 8usness Ccnduct and Lthcs ensures ccmplance wth the Ccmpany's standards cf busness ccnduct and ethcs
and alsc wth regulatcry requrements. All emplcyees sgn a declaratcn cn |cnng the Ccmpany and are expected tc ccmply wth the
letter and spirit of this Code.
lcnt ventures, supplers and ccntractcrs cf the Ccmpany are ndependent enttes. 1he Ccmpany's Ccde cf Ccnduct and whstle 8lcwer
Pclcy dcn't extend tc them.
2. Hcw many stakehclder ccmplants have been receved n the past nancal year and what percentage was satsfactcrly resclved by
the management? If so, provide details thereof, in about 50 words or so.
There were no cases of violation of the Companys Code of Conduct and there were no cases reported under the Companys Whistle
8lcwer Pclcy n 20i2-i3.
PRINCIPLE 2 : Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle
1. List up to three of your products or services whose design has incorporated social or environmental concerns, risks and/or
opportunities.
The Company is conscious of the need for developing environmentally and socially responsible products and has incorporated various
design innovations in its products to tackle such concerns, risks and opportunities.
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2. For each such product, provide
the following details in respect of
resource use (energy, water, raw
material and so on) per unit of
product (optional):
. Peductcn durng scurcng /
production / distribution achieved
since the previous year throughout
the value chain?
lt s dfcult fcr the Ccmpany tc
determine the resource utilisation
(energy, water, raw material) for its
alternate fuel vehicles, End-of-life
vehicles or its hybrid and electric
vehicles. The Company currently
doesnt manufacture hybrid or
electric cars on a commercial scale.
As ts prcductcn lnes are exble
and produce multiple models, there
s practcal dfculty n sclatng
model-wise resource utilisation data.
However, for the overall volume of
vehicle produced, the reduction in
resources is as under:
a) Electricity: There has been
a reduction in the per unit
electricity consumption at both
Curgacn and Manesar. lndexed
to base year 2000-01, there
has been a reduction of nearly
30 per cent in Gurgaon plant
since 2000-01. Similarly, in
Manesar, ndexed tc base year
2007-08, there has been a
reduction of nearly 40 per cent
since 2007-08.
Lfuent treatment plant at Curgacn Harnessing solar energy
58 per cent reduction achieved since 2000-01
58 per cent reduction achieved since 2007-08
b) Water: The Company has been able to reduce the per car water consumption at
its Gurgaon and Manesar facilities over the years.
Water consumption per car, indexed to base year 2000-01, Gurgaon (%)
82
51
43
39
38
36
39
43
40
38 39
100
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
42
FY13
100
FY 08
64
FY 09
46
FY 10
39
FY 11
44
FY 12
42
FY13
(%) Water consumption per car, indexed to base year 2007-08, Manesar
c) Material: Two main ways
through which the Company
reduces material usage is yield
improvement and One Gram
One Component weight
reduction initiative.
The intent of the One Gram One
Component programme is to
identify opportunities for weight
reduction through design
mcdcatcns cf ccmpcnents
with an objective to reduce
overall weight of the vehicle.
The scrap generated from press
shop operations at the Company
is used for producing child parts
fcr maxmsng steel sheet
utilisation. In 2012-13, over
31,343T of steel scrap was given
to suppliers for manufacturing
of small parts.
Optimisation of material is
central to the component
design and development right
at the product design stage.
. Peductcn durng usage by
consumers (energy, water) has been
achieved since the previous year?
The end users of the vehicles
produced by the Company are
ndvdual custcmers. lt s dfcult
for the Company to determine the
reduction in energy and water
usage during usage by customers.
3. Does the Company have procedures in
place for sustainable sourcing (including
transportation)?
i. If yes, what percentage of your
inputs was sourced sustainably?
Also, provide details thereof, in
about 50 words or so.
The Company has laid down
robust sourcing processes and
procedures that include competitive
bidding and each new supplier is
evaluated by all concerned agencies
(Engineering, Quality and Supply
Chain) before induction.
The Company places immense
focus on local sourcing of parts.
Nearly 86 per cent of the supplier
base by value is located within a
100 km radius of the Company. The
Company constantly encourages
suppliers to set-up base near its
plants. 8cth Curgacn and Manesar
plants have Suppliers Parks. The
Company has set up a separate
group responsible for localisation
of parts. This reduces the Companys
expcsure tc currency uctuatcn
and boosts local economy.
The Company has recently formulated
Green Procurement Guidelines. This
will be rolled out in a phased manner,
starting with Tier -I suppliers.
4. Has the Company taken any steps to
procure goods and services from local &
small producers, including communities
surrounding their place of work? If yes,
what steps have been taken to improve
the capacity and capability of local and
small vendors?
Supplier capacity building initiatives of
the Company include:
The Company works closely with
its suppliers. Maruti Center of
Lxcellence (MACL), was set up by the
Company along with 21 suppliers
in 2004. The activities of MACE
include providing training, support,
and consultation to Tier-I and Tier-II
suppliers and sales network to help
them achieve world-class standards
n qualty, ccst, servce, technclcgy
orientation.
The Shikhar programme was
launched four years ago to upgrade
qualty practces at supplers' end.
lt prcvdes a platfcrm fcr qualty
teams to educate suppliers on basic
principles of 4M (man, machine,
method, material), tool maintenance,
skll matrx and cthers wth an
cb|ectve tc strengthen qualty
systems at supplers. Durng qualty
month, top management of the
Ccmpany vsts suppler shcp ccrs
tc renfcrce qualty mprcvement.
1c assess and enhance HP
capability of its suppliers, the
Company launched a programme
called `8usness Lxcellence
through People where it engaged
kncwledge partners tc mprcve HP
practices of suppliers and to make
them harmonious with those of the
Company.
The Company also drives green
initiative at suppliers. It is
encouraging its Tier-I supplier to
adopt ISO 14001 standard. As on 31
st

March 2013, 72.6 per cent suppliers
were lSO i400i certed and ams
at having 100 per cent suppliers
lSO i400i certed by December,
2014 and provide support through
training programmes, sensitisation
sessions.
\endcr wth lSO i4000 certcatcn % cf \endcr plants certed fcr lSO i400i
400
350
300
250
200
150
100
50
0
32.8%
45.2%
49.6%
55.7%
100%
Dec-14
ISO 14001 status of Tier-I suppliers
120
100
80
60
40
20
0
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1
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7
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2
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1
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1
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2
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2
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58.7%
60.0%
66.2%
72.6%
(Target)
(%)
FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12 FY 13
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1he Ccmpany met 4i per cent cf the tctal water requrement cf bcth the plants thrcugh
recycled water n 20i2-i3. 1reated efuent water meets the necessary water qualty
standards and is used for horticulture by the Company.
PRINCIPLE 3 : Businesses should promote the wellbeing of all employees
1. Please indicate the total number of employees.
1he Ccmpany s an equal cppcrtunty emplcyer and hres talented prcfesscnals wth
vared expertse. A break-up cf the wcrkfcrce as cn 3i
st
March, 2013 is outlined below.
Manpower Category 2012-13
Pegular manpcwer
Assistant supervisor & above 4,648
Associates/technicians 3,029
Trainees 1,744
Total regular manpower 9,421
Apprentices 936
Contractual manpower/temporary workers 8,554
TOTAL MANPOWER 18,911
2. Please indicate the total number of employees hired on temporary/contractual/casual
basis.
Mentioned in table above.
3. Please indicate the number of permanent women employees.
Manpower 2012-13
Male 9,091
Female 330
TOTAL REGULAR 9,421
5. Does the Company have a mechanism
to recycle products and waste? If yes,
what is the percentage of recycling
of products and waste (separately as
<5 per cent, 5-10 per cent, >10 per
cent). Also, provide details thereof, in
about 50 words or so.
Waste Management:
The Company has strong procedures
for waste handling and management.
The hazardous wastes produced as
by-products of manufacturing include
paint sludge, phosphate sludge,
Lfuent 1reatment Plant (L1P) sludge,
incinerator ash and used oil. The
Company has been sending paint
sludge, phosphate sludge and ETP
sludge to the cement industry for co-
processing since 2010-11. This has
reduced the need for incineration and
land llng.
The saleable solid waste, such as
metal scrap and glass waste are sold
to recyclers and reusers. The used oil
is sold to authorised recyclers. All
e-waste management, maintenance
and disposal are carried out through
authorised recyclers.
In 2012-13, 4264 T of hazardous waste
was generated. 1he exstng landll s
being gradually emptied out by sending
waste to cement industry. In all 6133.6 T
of hazardous waste was sent to the cement
industry for co-processing.
Water use and recycling:
The Companys primary source of
water is canal water. The Company
recycles and reuses water within its
manufacturing units. The Company has
achieved zero waste water discharge
status (outside factory premises) since
2003-04 at its Gurgaon facility and
since 2006-07 at its Manesar facility.
Sources of water 2012-13
Canal water 1,967,786 m
3
Tube well water 23,207 m
3
Pan water 1,800 m
3
TOTAL 1,992,793 m
3
Tree plantation by employees in Manesar village
4. Please indicate the number of permanent employees with disabilities
There were 10 differently abled male employees in the Company in 2012-13.
5. Do you have an employee association that is recognised by management?
1he Ccmpany's management cfcally reccgnses twc emplcyee assccatcns/uncns, cne each at ts Curgacn plant, Manesar plant.
6. What percentage of your permanent employees is members of this recognised employee association?
The unions represent 100 per cent of the workers.
7. Please ndcate the number cf ccmplants relatng tc chld labcur, fcrced labcur, nvcluntary labcur, sexual harassment n the last
nancal year and pendng, as cn the end cf the nancal year.
S.No. Category Ne. ef cemp|aints |ed during
the nancia| year
No. of complaints pending as on
end ef the nancia| year
1. Child labour/forced labour/involuntary labour Nil Nil
2. Sexual harassment Nil Nil
3. Discriminatory employment Nil Nil
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
Permanent Employees
Permanent Women Employees
Casual/Temporary/Contractual Employees
Employees with Disabilities
The Company values people and understands their needs for personal and career growth, and organises learning and development
programmes across all functional roles. The Company conducts various programmes to train people in line with the business
requrement as cutlned belcw.
Category - wise training achievement
Category Man-days Examples of training
Lxecutves and abcve 7.27 Captal 8udgetng, Lffectve 8usness Ccmmuncatcn,
Lnvrcnment Management System, lapanese Management
Practices, Personal Effectiveness etc.
Supervisors 4.30 Neev: A specal tranng fcr behavcural mprcvement, ccnct
management, empowerment and innovative thinking.
Level Up: Catered tcwards shcp ccr wcrkers, teaches
ways to focus on safety, collection of defect and rejection
data, analyss and ccuntermeasures. lt alsc acquants the
emplcyees wth the best lapanese shcp ccr practces and
focuses on the importance of positive attitude and team
wcrk at shcp ccr.
Associates 2.60 Pragati: Positive awareness of self, innovative thinking and
creativity, work-life balance and so on
Adhaar: Special training that promotes understanding of
an employees dual contribution to self and company for
enhanced employee motivation. It assesses the ability to
work with teams and achieve target orientation, consistent
learning and its application.
Overall 5.15
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Safety training is a part of the induction
process and all employees mandatorily go
through one day safety training. For shop
ccr wcrkers, percdc safety tranng s
organised as per the annual safety calander.
In 2012-13, as many as 19,590 training
manhours were dedicated on safety
tranng fcr shcp ccr wcrkers.
PRINCIPLE 4 : Businesses should respect
the interests of, and be responsive
towards all stakeholders, especially those
who are disadvantaged, vulnerable and
marginalised.
1. Has the Company mapped its internal
and external stakehclders7 Yes/Nc
1he Ccmpany has dented sx drect
stakeholder groups. The Company
engages with them to understand their
needs and concerns, and undertakes
action to address them. It recognises
the importance of constant, continued
and collaborative engagement with all
organisations and individuals involved
in or impacted by its operations.
2. Out of the above, has the Company
dented the dsadvantaged, vulnerable
& marginalised stakeholders?
Within the stakeholder group Local
Community and Society, the Company
has dented the fcllcwng vulnerable
and marginsalised sections:
a. Socio-economically disadvantaged
members of society
b. Schedule Caste/ Schedule Tribes
c. Local community consisting of large
number of migrant population and
8PL famles
3. Are there any special initiatives taken
by the Company to engage with
the disadvantaged, vulnerable and
marginalised stakeholders. If so, provide
details thereof, in about 50 words or so.
a. Socio-economically disadvantaged
members of society
The Company is partnering with
state governments for upgrading
Industrial Training Institutes (ITIs).
The Company works with 21
government-run ITIs across the
nation, of these 2 are Womens ITIs
and 1 is an ITI for SC/STs
The Company carries out multiple
activities at ITIs such as:
1. Infrastructure improvements
such as repair and maintenance
of building
2. Pan water harvestng,
horticulture and landscaping
3. Provision of machines and tools
4. lndustry expcsure thrcugh
factory visits and interaction
with industry personnel
5. Addition of modules to augment
exstng ccurse ccntent
6. Faculty development
7. Lducatcnal expcsure thrcugh
visits for students
In 2012-13, the total number of
students benettng frcm the
Companys interventions in ITIs, were
8233. Across the 21 ITIs, there are
about 1000 women and about 1600
SC/ST students.
The Company also entered into
tripartite MoU with ITIs, along with
ts dealers tc upgrade speccally
the automobile trade. The Company
has 80 technical tie ups with ITIs for
automobile trade upgradation as on
31
st
March, 2013. Through this initiative,
895 students from these institutes
were absorbed into the Companys
service network. Cumulatively, over
2100 students have been absorbed in
the service network so far.
b. Schedule Caste/ Schedule Tribes
The Company partnered with
the Government to actively take
steps to develop driving training
as a vocation. An MoU was signed

Employees and
their families
Local community
and society
Dealers, suppliers
& other business
partners
Environment
and regulatory
authorities

Customers and
their families
Shareholders
and investors
with the National Schedule Caste
Finance Development Corporation
(NSFDC) to train unemployed
Schedule Caste youth in driving
with a commitment to train 3000
youth. The Company designed a
special 30 day training programme,
comprising practical training,
behavioral aspects, safe driving
practices and so on. Initially,
the programme was launched in
Karnataka, Punjab, Haryana and
Maharashtra. It is gradually being
extended tc cther states as well.
In 2012-13, the Company
successfully enrolled 1711 SC/ST
youth for training in safe driving
under this partnership.
c. Local community
The Company is working in four
neighbouring communities in
Gurgaon and Manesar each. The
areas of interventions include
health, education, infrastructure
development and skill training.
Large sections of the community,
especially in Gurgaon, are migrants
who have moved to the city in
search cf emplcyment. 8cth n
Manesar and Gurgaon communities,
several 8PL famles alsc resde.
After understanding the needs
of the community, the Company
undertakes social projects to
address them.
Detals cf the CSP prcgrammes cf
the Company are available in the
Social Performance section of the
Ccmpany's Sustanablty Pepcrt
2012-13.
PRINCIPLE 5 : Businesses should respect
and promote human rights
1. Does the policy of the Company on
human rights cover only the Company
cr extend tc the Crcup/lcnt \entures/
Suppliers/Contractors/NGOs/Others?
The Company currently doesnt have
a standalcne Human Pghts pclcy.
However, aspects of human rights,
such as child labour, forced labour,
occupational safety, discrimination are
ccvered by ts Human Pescurce pclces.
The Company makes concerted efforts
to strengthen mechanisms to ensure
implementation of such policies. The
Company will be developing a Human
Pghts Pclcy n the near future.
2. How many stakeholder complaints have
been receved n the past nancal year
and what per cent was satisfactorily
resolved by the management?
The Company did not receive any
stakeholder complaints in 2012-13
regarding human rights.
PRINCIPLE 6 : Business should respect,
protect, and make efforts to restore the
environment
1. Does the policy related to Principle 6
ccver cnly the Ccmpany cr extends tc
the Crcup/lcnt \entures/Supplers/
Contractors/NGOs/others.
The Company has a robust Environment
Policy. It applies to the Company only.
The Environment Policy is regularly
reviewed and made available to the
employees and general public through
website.
The Company has recently developed
Green Procurement Guidelines for its
suppliers.
The Company regularly assesses
and revises its environmental risks.
Potential environmental risks feature
in the Companys risk library.
2. Does the Company have strategies/
initiatives to address global
environmental issues, such as climate
change, global warming, etc? Y/N. If yes,
please give hyperlink for webpage and
others.
The Company is conscious that changes
in the global climate change scenario
would have an impact on its operations
and long-term sustainability. In 2012-
13, while the Company itself didnt
face any risk due to climate change,
its suppliers were impacted by climate
change. Suppliers were hit, to some
extent, by natural calamtes, such as the
lapan tsunam n March 20i2 and the
1haland ccds that fcllcwed shcrtly.
1he Ccmpany undertcck an extensve
rsk mappng exercse wth regard tc
its value chain during the year and also
continued its focus on localisation and
2
nd
source development.
To minimise the environmental impact
of its product, the Company attempts
to continually improve its products in
terms cf fuel efcency, materal use
and recyclablty. lt cffers factcry-tted
CNG vehicle options to its customers.
CNG is a cleaner fuel and is also more
economical.
All the Ccmpany's mcdels (expect
M800, Omni and Gypsy) are End-of-Life
compliant, which means they are free
from hazardous substances and over
85 per cent materal can be extracted
and reused without impacting the
environment.
3. Does the Company identify and assess
potential environmental risks? Y/N
Yes, the Company is aware of its
potential environmental risks.
4. Does the Company have any project
related to Clean Development
Mechanism? If so, provide details
thereof, in about 50 words or so. Also,
if Yes, whether any environmental
ccmplance repcrt s led7
1he Ccmpany s the rst autcmcble
company in India to register a Clean
Development Mechanism (CDM)
project with the United Nations
Framework Convention on Climate
Change (UNFCCC).
The Company presently has registered
two CDM projects:
Shifting a part of vehicle
transportation from roadways
to railways through specially
designed railway wagons.
Waste heat recovery from gas
turbines by installing a steam
turbine generator in Gurgaon. The
project was registered in 2013.
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5. Has the Company undertaken any
other initiatives on clean technology,
energy efcency, renewable energy,
and others? Y/N. If yes, please give
hyperlink for web page and others.
Scme examples cf the Ccmpany's
efforts towards clean technology, energy
efcency, renewable energy are:
a. Clean Technology
Product emissions: The Company has
successfully reduced CO
2
emission
thrcugh fuel efcency mprcvements,
reductcn cf exhaust emsscns and
development of alternate fuel vehicles.
lmprcvement cf fuel efcency and CO
2

emsscns reductcns n the exstng
vehcles. Fcr example
Sgncant fuel and thermal
efcency was mprcved n Altc 800
through technical advancements,
and by using low-friction engine
hardware and rened ntake
system. Alto 800 has the best-
n-class fuel efcency (Petrcl
22.74 kmpl and 30.46 km/kg for
CNG. Improvement of over 15
per cent in petrol and 13.03
per cent in CNG)
Fuel efcency cf desel vehcles
was improved by 2 per cent to 10
per cent for all models. The use
cf a next generatcn engne and
transmission oil helped in reducing
frictional losses and enhancing
fuel efcency. Fuel efcency was
improved by over 10 per cent for
the Ptz desel mcdel by frctcn
reduction and engine calibration
changes.
During the implementation of
O8D-ll (On 8card Dagncstcs)
system n 20i2-i3, fuel efcency
of all models was improved.
Fuel efcency fcr CNC mcdels
was improved in the range of 2
per cent to 14 per cent by effective
implementation of i-GPI technology
and lowering the friction in
the engine.

Cumulative CO
2
reduction No. of alt. fuel vehicles sold
C
u
m
u
l
a
t
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s
a
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f

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C
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C
O
2

r
e
d
u
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t
i
o
n
,

t
o
n
n
e
/
y
r
180
160
140
120
100
80
60
40
20
0
400
350
300
250
200
150
100
50
0
1
3
4
0
8
.
9
2
9
8
7
2
.
8
6
7
6
3
1
.
4
9
2
9
5
7
.
4
1
1
7
3
4
0
.
7
1
4
3
7
5
6
.
6
1
5
7
2
3
1
.
8
tonne/year Cumulative CO2 reduction
FY13 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
b. nergy fciency
The per car electricity consumption at Gurgaon and Manesar plants has been
reducing due to various innovations and technical improvements.
Nearly 30 per cent reduction achieved since 2000-01
Electricity consumption per car, indexed to base year 2000-01, Gurgaon (%)
80
87
72
73
71
69
70
82
80
68
70
100
FY 01 FY 02 FY 03 FY 04 FY 05 FY 06 FY 07 FY 08 FY 09 FY 10 FY 11 FY 12
73
FY13
ldle Start Stcp (lSS) feature has been ntrcduced n the expcrt market tc meet
strngent emsscn regulatcn requrements (Lurc 5).
1he Ccmpany was the rst n lnda tc ntrcduce factcry-tted CNC vehcles. 1he sale cf
CNG vehicles has helped in reducing CO
2
emissions.
c. Penewable energy: Sclar lghts
have been installed in the pathways
of Gurgaon and Manesar plants. A 1
MW solar power plant is planned in
Manesar. Only LED lights have been
used n plant 8 Manesar.
6. Are the Emissions/Waste generated by
the Company within the permissible
lmts gven by CPC8/SPC8 fcr the
nancal year beng repcrted7
All emissions and waste generated
by the Company are within the
permssble lmts gven by CPC8/
SPC8. 1he hazardcus wastes prcduced
as by-products of manufacturing
include paint sludge, phosphate sludge,
Lfuent 1reatment Plant (L1P) sludge,
incinerator ash and used oil. The used
oil is sold to authorised recyclers. The
saleable solid wastes, such as metal
scrap and glass waste are sold to
recyclers and reusers.
The Company has been sending paint
sludge, phosphate sludge and ETP
sludge to the cement industry for co-
processing since 2010-11. This has
minimised the need for incineration
and land llng. 1hs was ccntnued n
the reporting year as well.
7. Number of show cause/ legal notices
receved frcm CPC8/SPC8, whch are
pending (i.e. not resolved to satisfaction)
as at the end of the Financial Year.
Environmental Impact Assessments (EIA)
are carried out as per the Guidelines of EIA
Nctcatcn 2006 and as reccmmended
by the State Lxpert Apprasal Ccmmttee.
After getting the Environment Clearance,
compliance reports are submitted twice a
year.
Nc shcw cause nctces frcm SPC8 cr
CPC8 are pendng and satsfactcry
replies have been given to all notices
fcr the nancal year 20i2-20i3.
PRINCIPLE 7 : Businesses, when engaged
in inuencing pub|ic and regu|atery pe|icy,
should do so in a responsible manner
1. Is your Company a member of any trade
and chamber or association? If yes,
name only those major ones that your
business deals with:
The Company regularly engages with
ndustry bcdes, expert agences and
contributes to the policy making
process. The Company is a member of
the following organisations:
Confederation of Indian Industry (CII)
Society of Indian Automobile
Manufacturers (SIAM)
SIAM SAFE (Society for Automotive
Fitness and Environment)
8ureau cf lndan Standards (8lS)
Society of Automotive Engineers
(SAE)
Combat Climate Change (CCC),
a Sweden-based international NGO
Advertising Standards Council
of India (ASCI)
The International Society of
Automation (ISA)
Meda Users Pesearch Ccuncl (MUPC)
UN Global Compact, India
2. Have you advocated/lobbied through
above associations for the advancement
or improvement of public good? Yes/No;
if yes specify the broad areas (Governance
and Admnstratcn, Lccncmc Pefcrms,
Inclusive Development Policies, Energy
security, Water, Food Security, Sustainable
8usness Prncples and cthers)
The Company participates actively
in the committees set up by the
automobile industry association,
SIAM and the government to decide
on future regulations, policies and
implementation plans.
The Company deliberates upon matters
of sustainable industrial growth and
takes proactive steps towards this
at forums, such as Confederation of
Indian Industry (CII). Along with Society
of Indian Automobile Manufacturers
(SIAM), the Company discusses issues
pertinent to the automobile sector and
jointly engages with the government.
1he Ccmpany prcvdes the 8ureau cf
lndan Standards (8lS) nputs fcr new
regulations for vehicles, study new
standards feasibility. The Company
also engages with the United Nations
Global Compact India on issues of
environment and climate change.
Nearly 40 per cent reduction achieved since 2007-08
(%)
100
FY 08
80
FY 09
62 62
FY 10 FY 11
72
FY 12
64
FY13
Electricity consumption per car, indexed to base year 2007-08, Manesar
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The Company has advocated for
reduced emissions through technology
improvements for the betterment
of Indian commuters through the
National Electric Mobility Mission Plan
(NEMMP 2020). It has assisted in the
formulation of the mission document.
The objective of NEMMP 2020 is to
develop a roadmap which will promote
electric vehicles in Indian by 2020.
The engineering staff of the Company
and SMC Engineering is continuously
studying HEV/EV systems and these
are being further tested and evaluated
for Indian conditions.
PRINCIPLE 8 : Businesses should support
inclusive growth and equitable development
i. Dces the Ccmpany have speced
programmes/initiatives/projects in pursuit
of the policy related to Principle 8? If yes
details thereof.
1he Ccmpany has an extensve CSP
programme with three main focus
areas: road safety, skill development
and community development in
neighbouring villages. The Company
has well dened CSP pclcy, gves
a high degree of importance to
stakeholder engagement. The policy
of the Company can be viewed on its
corporate website.
2. Are the programmes/projects undertaken
through in-house team/own foundation/
external NCO/gcvernment structures/any
other organisation?
1he CSP prcgrammes cf the Ccmpany
are run largely by in-house teams.
However, wherever needed, services of
NCO partners wth sub|ect expertse s
taken.
3. Have you done any impact assessment of
your initiative?
1he CSP prcgrammes and ther
impacts/outcomes are monitored
and reviewed by the management
periodically.
4. What is your Companys direct contribution
to community development projects-
Amcunt n lNP and the detals cf the
projects undertaken.
Detals cf the Ccmpany's CSP
programmes are as under.
Road safety: The Company runs a
nationwide road safety programme
hat focuses on training on driving
skill and behaviour. The Company
has in partnership with the state
governments set up Institutes of
Drvng and 1rafc Pesearch (lD1P)
and with its dealers set up Maruti
Driving Schools (MDS). About 50
per cent of those trained at MDS
are women. The Company runs
sx lD1Ps and 28i MDS acrcss the
country.
The Company has trained over 1.5
million persons cumulatively in
safe driving since 2000.
Skill Development: The Company
partners with Government ITIs for
their overall upgradation. It has
adopted two distinct approaches-
complete adoption of the
institute and technical support in
strengthening automobile trade at
the ITIs. The Company is working
with 21 ITIs for their complete
cverall develcpment, benettng
over 8233 students in 2012-13. It is
working with 80 ITIs for automobile
trade upgradation. Most people
studying at the ITIs come from
A learner cn a drvng smulatcr at lD1P, New Delh

underprivileged sections of the
society. Students studying at the
ITIs have a placement rate of
about 80 per cent.
The Company also has technical
tie ups with ITIs wherein the
automobile trade is upgraded. As
far as possible, trained boys from
these institutes are absorbed in the
Companys service network. So far,
cumulatively over 2100 students
from ITIs have been absorbed in
the Companys service network.
Community development: The
community development activities
are carried out in villages
surrounding Gurgaon and Manesar
plants (eight villages in all). The
Companys community development
programmes include healthcare,
infrastructure development education
and skill training for employment.
The programmes reach out to
special sections of the society such
as 8PL and mgrants.
The Company spent ` 189.4 million
cn ts CSP prcgramme n 20i2-i3.
5. Have you taken steps to ensure that this
community development initiative is
successfully adopted by the community?
Please explan n 50 wcrds, cr sc.
To ensure successful implementation of
community development programmes
in the neighbouring villages of Manesar
and Gurgaon, the Company adopts the
following approaches:
a. 8ulds rappcrt wth ccmmunty
leaders and opinion makers
b. Undertakes prc|ect dentcatcn
in association with community
members
c. Involves villagers/community members
in project implementation
d. Maintains continuous and close
interaction with community
members thrcugh eld teams
e. Carries out impact assessment
and perception survey to measure
impact of social initiatives
PRINCIPLE 9 : Businesses should engage
with and provide value to their customers
and consumers in a responsible manner
1. What percentage of customer complaints/
consumer cases are pending as at the end
cf the nancal year.
The Company has a robust system for
addressing customer complaints with
regard to sales and service.
1he custcmer cases led aganst
company alleging defect in the vehicles
cr relatng tc sales are nsgncant n
number vi-a-vis compared with annual
sales volume.
2. Does the Company display product
information on the product label, over
and above what is mandated as per local
laws7 Yes/Nc/N.A./Pemarks (addtcnal
information)
The Company shares all important
information about its products with
its customers. The Owners Manual and
Servce 8ccklet s prcvded tc each
customer with the purchase of a car
and contains all information relating
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School health camp organised at a village in Gurgaon Annual function at Sarhaul school, Gurgaon, supported by Maruti Suzuki
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to safety, operation and maintenance
of the vehicle. At the time of vehicle
delivery, technical features of the
vehcle are explaned tc the custcmer.
Product-related information is also
available on the Companys website.
Critical information on product usage
(e.g. AC gas, tre pressure, brake ud
and others) is displayed on the labels
and provided on the products for
information and educational purposes.
In addition, periodic customer meets
are conducted at dealer workshops for
customer education and awareness on
product usage.
3. Did your Company carry out any consumer
survey/ consumer satisfaction trends?
The Company regularly engages with
customers to get their feedback on
the product and carries out internal
surveys to gauge their satisfaction
level. In addition, the Company closely
studes ndngs cf the varcus surveys
ccnducted by lD Pcwer and uses them
in product improvements.
The Company has been ranked No.1
n the lD Pcwer Custcmer Satsfactcn
Survey i3 tmes n a rcw. 1he ndex
is based on a study that measures
satisfaction among vehicle owners
fcr cverall satsfactcn n ve factcrs:
servce qualty; vehcle pck-up; servce
advisor; service facility; and service
initiation. Overall customer satisfaction
is measured on a 1,000-point scale,
with a higher score indicating higher
satisfaction.
4. ls there any case led by any stakehclder
against the Company regarding unfair
trade practices, irresponsible advertising
and/or anti-competitive behaviour during
the last ve years and pendng, as at the
end cf nancal year. lf sc, prcvde detals
thereof, in about 50 words or so.
In ordinary course of business,
customers who had purchases the
ccmpany's prcducts led clams
alleging unfair trade practices
under The Consumer Protection Act
i86", whch agan are nsgncant

MSIL Industry
849
879 879
812 824 834
FY 11 FY 12 FY 13
Custemer satisfactien index (ID Pewer Asia Pacic CSI Survey)
in number. The company has been
effectively defending all such claims
before various fora.
The company being a responsible
corporate citizen has complied to all
the rules and regulations including
ASCI Code . There are no complaints
led by stakehclders fcr rrespcnsble
advertising that are pending.
The Director General, Competition
Commission of India has conducted an
investigation on 17automobile original
equpment manufacturers n lnda ,
including the company for alleged
anti-competitive behavior. The matter
is pending adjudicating in Competition
Commission of India.
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Independent Auditors Report
To the Members of Maruti Suzuki India Limited
REPORT ON THE FINANCIAL STATEMENTS
i. we have audted the acccmpanyng nancal statements
of Maruti Suzuki India Limited (the Company), which
ccmprse the 8alance Sheet as at 3i
st
March 20i3, and
the Statement cf Prct and Lcss and Cash Flcw Statement
fcr the year then ended, and a summary cf sgncant
acccuntng pclces and cther explanatcry nfcrmatcn,
whch we have sgned under reference tc ths repcrt.
MANAGEMENTS RESPONSIBILITY FOR THE FINANCIAL
STATEMENTS
2. 1he Ccmpany's Management s respcnsble fcr the
preparatcn cf these nancal statements that gve a
true and far vew cf the nancal pcstcn, nancal
perfcrmance and cash cws cf the Ccmpany n acccrdance
wth the Acccuntng Standards referred tc n sub-sectcn
(3C) cf sectcn 2ii cf `the Ccmpanes Act, i56' cf
lnda (the Act") and Acccuntng Standard 30, Fnancal
lnstruments: Peccgntcn and Measurement ssued by the
lnsttute cf Chartered Acccuntants cf lnda tc the extent
t dces nct ccntradct any cther acccuntng standard
referred tc n sub-sectcn (3C) cf Sectcn 2ii cf the Act.
1hs respcnsblty ncludes the desgn, mplementatcn
and mantenance cf nternal ccntrcl relevant tc the
preparatcn and presentatcn cf the nancal statements
that gve a true and far vew and are free frcm materal
msstatement, whether due tc fraud cr errcr.
AUDITORS RESPONSIBILITY
3. Our respcnsblty s tc express an cpncn cn these
nancal statements based cn cur audt. we ccnducted
cur audt n acccrdance wth the Standards cn Audtng
ssued by the lnsttute cf Chartered Acccuntants cf
lnda. 1hcse Standards requre that we ccmply wth
ethcal requrements and plan and perfcrm the audt tc
cbtan reascnable assurance abcut whether the nancal
statements are free frcm materal msstatement.
4. An audt nvclves perfcrmng prccedures tc cbtan audt
evdence, abcut the amcunts and dsclcsures n the
nancal statements. 1he prccedures selected depend cn
the audtcrs' |udgment, ncludng the assessment cf the
rsks cf materal msstatement cf the nancal statements,
whether due tc fraud cr errcr. ln makng thcse rsk
assessments, the audtcrs ccnsder nternal ccntrcl relevant
tc the Ccmpany's preparatcn and far presentatcn cf the
nancal statements n crder tc desgn audt prccedures
that are apprcprate n the crcumstances. An audt alsc
ncludes evaluatng the apprcprateness cf acccuntng
pclces used and the reascnableness cf the acccuntng
estmates made by Management, as well as evaluatng the
cverall presentatcn cf the nancal statements.
5. we beleve that the audt evdence we have cbtaned s sufcent
and apprcprate tc prcvde a bass fcr cur audt cpncn.
OPINION
6. ln cur cpncn, and tc the best cf cur nfcrmatcn and acccrdng
tc the explanatcns gven tc us, the acccmpanyng nancal
statements gve the nfcrmatcn requred by the Act n the
manner sc requred and gve a true and far vew n ccnfcrmty
wth the acccuntng prncples generally accepted n lnda:
(a) n the case cf the 8alance Sheet, cf the state cf affars cf
the Ccmpany as at 3i
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March 20i3;
(b) n the case cf the Statement cf Prct and Lcss, cf the
prct fcr the year ended cn that date; and
(c) n the case cf the Cash Flcw Statement, cf the cash cws
for the year ended on that date.
EMPHASIS OF MATTER
7. we draw attentcn tc Ncte 32(a)(v) cf the nancal statements
regardng demands receved frcm Haryana State lndustral
& lnfrastructure Develcpment Ccrpcratcn Lmted tcwards
enhanced ccmpensatcn fcr Ccmpany's freehcld land at
Manesar amcuntng tc ` 5,0i2 mllcn, ` i,376 mllcn and ` 86
mllcn; aganst the demand cf ` 5,0i2 mllcn the Ccmpany's
mpleadment applcatcn has been heard and the crder has
been reserved by the Hcn'ble Supreme Ccurt cf lnda; aganst
the demand of ` i,376 mllcn, the Ccmpany has led an appeal
wth the Hcn'ble Hgh Ccurt cf Pun|ab and Haryana; and aganst
the demand of ` 86 mllcn, the Ccmpany s n the prccess
cf cbtanng mcre nfcrmatcn. Acccrdngly, nc prcvscn s
ccnsdered necessary tcwards enhanced ccmpensatcn fcr the
afcresad freehcld land. Our cpncn s nct qualed n respect
cf ths matter.
REPORT ON OTHER LEGAL AND REGULATORY
REQUIREMENTS
8. As requred by `the Ccmpanes (Audtcr's Pepcrt) Order, 2003',
as amended by `the Ccmpanes (Audtcr's Pepcrt) (Amendment)
Order, 2004', ssued by the Central Ccvernment cf lnda n terms
cf sub-sectcn (4A) cf sectcn 227 cf the Act (herenafter referred
tc as the Order"), and cn the bass cf such checks cf the bccks
and reccrds cf the Ccmpany as we ccnsdered apprcprate and
acccrdng tc the nfcrmatcn and explanatcns gven tc us, we
gve n the Annexure a statement cn the matters speced n
paragraphs 4 and 5 cf the Order.
. As requred by sectcn 227(3) cf the Act, we repcrt that:
(a) we have cbtaned all the nfcrmatcn and explanatcns
whch, tc the best cf cur kncwledge and belef, were
necessary fcr the purpcse cf cur audt;
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(b) ln cur cpncn, prcper bccks cf acccunt as requred by law
have been kept by the Ccmpany sc far as appears frcm cur
examnatcn cf thcse bccks;
(c) 1he 8alance Sheet, Statement cf Prct and Lcss, and Cash
Flcw Statement dealt wth by ths Pepcrt are n agreement
wth the bccks cf acccunt;
(d) ln cur cpncn, the 8alance Sheet, Statement cf Prct and
Lcss, and Cash Flcw Statement dealt wth by ths repcrt
ccmply wth the Acccuntng Standards referred tc n sub-
sectcn (3C) cf sectcn 2ii cf the Act and Acccuntng
Standard 30, Fnancal lnstruments: Peccgntcn and
Measurement ssued by the lnsttute cf Chartered
Acccuntants cf lnda tc the extent t dces nct
ccntradct any cther acccuntng standard referred tc
n sub-sectcn (3C) cf Sectcn 2ii cf the Act;
(e) On the bass cf wrtten representatcns receved
frcm the Drectcrs as cn 3i
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March 20i3, and taken
cn reccrd by the 8card cf Drectcrs, ncne cf the
Drectcrs s dsqualed as cn 3i
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March 20i3, frcm
beng appcnted as a Drectcr n terms cf clause (g)
cf sub-sectcn (i) cf sectcn 274 cf the Act.
Fcr Price Waterhouse
Chartered Acccuntants
ABHISHEK RARA
Partner
Membershp Number : 07777
Place : New Delh
Date : 26
th
Aprl 20i3
. (a) 1he Ccmpany s mantanng prcper reccrds shcwng full
partculars, ncludng quanttatve detals and stuatcn, cf
xed assets.
(b) 1he xed assets are physcally vered by the Management
acccrdng tc a phased prcgramme desgned tc ccver all
the tems, except furnture and xtures, cfce applances
and certan cther assets havng an aggregate net bcck
value cf ` i,2 mllcn, cver a percd cf three years
whch, n cur cpncn, s reascnable havng regard tc the
sze cf the Ccmpany and the nature cf ts assets. Pursuant
tc the prcgramme, a pcrtcn cf the xed assets has been
physcally vered by the Management durng the year
and nc materal dscrepances have been nctced cn such
vercatcn.
(c) In our opinion, and according to the information and
explanatcns gven tc us, a substantal part cf xed assets
has nct been dspcsed cff by the Ccmpany durng the year.
. (a) 1he nventcry (excludng stccks wth thrd partes) has
been physcally vered by the Management durng the
year. ln respect cf nventcry lyng wth thrd partes, these
have substantally been ccnrmed by them. ln cur
cpncn, the frequency cf vercatcn s reascnable.
(b) ln cur cpncn, the prccedures cf physcal vercatcn
cf nventcry fcllcwed by the Management are
reascnable and adequate n relatcn tc the sze cf
the Ccmpany and the nature cf ts busness.
(c) On the bass cf cur examnatcn cf the nventcry
reccrds, n cur cpncn, the Ccmpany s mantanng
prcper reccrds cf nventcry. 1he dscrepances
nctced cn physcal vercatcn cf nventcry as
ccmpared tc bcck reccrds were nct materal.
. 1he Ccmpany has nct taken/ granted any lcans, secured
cr unsecured, frcm/ tc ccmpanes, rms cr cther partes
ccvered n the regster mantaned under Sectcn 30i cf
the Act. 1herefcre, the prcvscns cf Clause 4()|(b),(c) and
(d) /(f) and (g)] cf the sad Order are nct applcable tc the
Company.
iv. In our opinion, and according to the information and
explanatcns gven tc us, havng regard tc the explanatcn
Annexure to Auditors Report
keferred te in paragraph 8 ef the Auditers' kepert ef even date te the members ef Maruti Suzuki India Limited en the nancia| statements
as of and for the year ended 31
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March 2013
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that fcr certan tems cf nventcry purchased whch are cf
specal nature fcr whch sutable alternatve scurces dc
nct exst fcr cbtanng ccmparatve quctatcns, there s
an adequate nternal ccntrcl system ccmmensurate wth
the sze cf the Ccmpany and the nature cf ts busness
fcr the purchase cf nventcry, xed assets and fcr the
sale cf gccds and servces. Further, cn the bass cf cur
examnatcn cf the bccks and reccrds cf the Ccmpany, and
acccrdng tc the nfcrmatcn and explanatcns gven tc us,
we have nether ccme acrcss, ncr have we been nfcrmed
cf any ccntnung falure tc ccrrect ma|cr weaknesses n
the afcresad nternal ccntrcl system.
v. (a) Acccrdng tc the nfcrmatcn and explanatcns gven
tc us, we are cf the cpncn that the partculars cf all
ccntracts cr arrangements that need tc be entered
ntc the regster mantaned under Sectcn 30i cf the
Act have been sc entered.
(b) ln cur cpncn and acccrdng tc the nfcrmatcn and
explanatcns gven tc us, the transactcns made n
pursuance cf such ccntracts cr arrangements and
exceedng the value cf Pupees Fve lakhs amcuntng
to ` 4,485 mllcn n respect cf purchase cf gccds
ncludng ccmpcnents and servces frcm the hcldng
ccmpany where we are unable tc ccmment as
there are nc ccmparable market prces avalable
beng gccds ncludng ccmpcnents and servces cf
specalsed nature.
v. 1he Ccmpany has nct accepted any depcsts frcm the
publc wthn the meanng cf Sectcns 58A and 58AA cf the Act
and the rules framed there under.
v. ln cur cpncn, the Ccmpany has an nternal audt system
ccmmensurate wth ts sze and the nature cf ts busness.
v. we have brcadly revewed the bccks cf acccunt mantaned by
the Ccmpany n respect cf prcducts where, pursuant tc the rules
made by the Central Ccvernment cf lnda, the mantenance
cf ccst reccrds has been prescrbed under clause (d) cf sub-
sectcn (i) cf Sectcn 20 cf the Act, and are cf the cpncn
that, prma face, the prescrbed acccunts and reccrds have been
made and mantaned. we have nct, hcwever, made a detaled
examnatcn cf the reccrds wth a vew tc determne whether
they are accurate cr ccmplete.
x. (a) Acccrdng tc the nfcrmatcn and explanatcns gven tc
us and the reccrds cf the Ccmpany examned by us, n
cur cpncn, the Ccmpany s regular n depcstng the
undsputed statutcry dues, ncludng prcvdent fund,
nvestcr educatcn and prctectcn fund, emplcyees' state
nsurance, nccme tax, sales tax, wealth tax, servce tax,
custcms duty, excse duty and cther materal statutcry
dues, as applcable, wth the apprcprate authcrtes.
(b) Acccrdng tc the nfcrmatcn and explanatcns gven tc
us and the reccrds cf the Ccmpany examned by us, the
partculars cf dues cf nccme tax, sales tax, wealth tax,
servce tax, custcms duty and excse duty as at 3i
st
March
20i3 whch have nct been depcsted cn acccunt cf a
dspute, are as fcllcws:
(` n mllcn)
Name of the statute
(Nature of dues)
Amount
under dispute
Amount
deposited
under dispute
Period to
which the
amount
re|ates
Forum where the dispute is pending
lnccme 1ax Act, i6i
(1ax & lnterest)
i3,75 6,766 ii tc 20i2 lnccme 1ax Appellate 1rbunal/ Hgh
Ccurt/AO (1ax Deducted at Scurce)
wealth 1ax Act, i57 (1ax) 1 1 i7 tc i8 Hgh Ccurt
Haryana Ceneral Sales 1ax Act (1ax &
lnterest)
3 - i83 tc i88 Assessng Authcrty
Delh Sales 1ax Act (1ax) 47 2 i87 tc ii Addtcnal Ccmmsscner
1he Central Lxcse Act, i44 (Duty,
lnterest & Penalty)
i0,680 377 May i8 tc
August 20i2
Custcms Lxcse & Servce 1ax Appellate
1rbunal/ Hgh Ccurt/ Supreme Ccurt
1he Fnance Act, i4 (Servce 1ax,
lnterest & Penalty)
2,782 14 September
2004 to
December
2012
1rbunal/Ccmmsscner (Appeals)
Custcms Act, i62 (Duty & lnterest) 27 22 February
2003 tc
August 2003
1rbunal
Fcr detaled lstng refer Ncte 55 annexed tc the nancal statements
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x. 1he Ccmpany has nc accumulated lcsses as at the end cf the
nancal year and t has nct ncurred any cash lcsses n the
nancal year end cn that date cr n the mmedately precedng
nancal year.
x. Acccrdng tc the reccrds cf the Ccmpany examned by us and
the nfcrmatcn and explanatcn gven tc us, the Ccmpany has
nct defaulted n repayment cf dues tc any nancal nsttutcn
cr bank cr debenture hclders as at the balance sheet date.
x. 1he Ccmpany has nct granted any lcans and advances cn the
bass cf securty by way cf pledge cf shares, debentures and
cther securtes. 1herefcre the prcvscns cf Clause 4(x) cf the
Order are nct applcable tc the Ccmpany.
x. As the prcvscns cf any specal statute applcable tc cht fund/
ndh/ mutual benet fund/ sccetes are nct applcable tc the
Ccmpany, the prcvscns cf Clause 4(x) cf the Order are nct
applcable tc the Ccmpany.
xv. ln cur cpncn, the Ccmpany s nct dealng n cr tradng n shares,
securtes, debentures and cther nvestments. Acccrdngly, the
prcvscns cf Clause 4(xv) cf the Order are nct applcable tc
the Company.
xv. ln cur cpncn, and acccrdng tc the nfcrmatcn and explanatcns
gven tc us, the Ccmpany has nct gven any guarantee fcr lcans
taken by cthers frcm banks cr nancal nsttutcns durng the
year. Acccrdngly, the prcvscns cf Clause 4(xv) cf the Order are
nct applcable tc the Ccmpany.
xv. ln cur cpncn, and acccrdng tc the nfcrmatcn and
explanatcns gven tc us, the term lcans have been appled,
cn an cverall bass, fcr the purpcses fcr whch they were
cbtaned.
xv. Acccrdng tc the nfcrmatcn and explanatcns gven tc us
and cn an cverall examnatcn cf the balance sheet cf the
Ccmpany, we repcrt that, nc funds rased cn shcrt-term
bass have been used fcr lcng-term nvestment.
xv. 1he Ccmpany has nct made any preferental allctment cf
shares tc partes and ccmpanes ccvered n the regster
mantaned under Sectcn 30i cf the Act durng the year.
Acccrdngly, the prcvscns cf Clause 4(xv) cf the Order
are nct applcable tc the Ccmpany.
xx. 1he Ccmpany has nct ssued any debentures durng the
year and dces nct have any debentures cutstandng as at
the begnnng cf the year and at the year end. Acccrdngly,
the prcvscns cf Clause 4(xx) cf the Order are nct
applcable tc the Ccmpany.
xx. 1he Ccmpany has nct rased any mcney by publc ssues
durng the year. Acccrdngly, the prcvscns cf Clause 4(xx)
cf the Order are nct applcable tc the Ccmpany.
xx. Durng the ccurse cf cur examnatcn cf the bccks and
reccrds cf the Ccmpany, carred cut n acccrdance wth
the generally accepted audtng practces n lnda, and
acccrdng tc the nfcrmatcn and explanatcns gven tc us,
we have nether ccme acrcss any nstance cf fraud cn cr by
the Company, noticed or reported during the year, nor have
we been nfcrmed cf any such case by the Management.
Fcr Price Waterhouse
ABHISHEK RARA
Partner
Place : New Delh
Date : 26
th
Aprl 20i3
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Balance Sheet
As at 31
st
March 2013
(All amcunts n ` mllcn, unless ctherwse stated)
Notes to
Accounts
As at
31.03.2013
As at
31.03.2012
EQUITY AND LIABILITIES
SHAREHOLDERS FUNDS
Share Captal 2 i,5i0 i,445
Peserves and Surplus 3 i84,27 i50,42
185,789 151,874
NON-CURRENT LIABILITIES
Lcng 1erm 8crrcwngs 4 5,42 -
Deferred 1ax Labltes (Net) 5 4,087 3,023
Other Lcng 1erm Labltes 6 i,036 66
Lcng 1erm Prcvscns 7 2,25 i,63
12,811 5,682
CURRENT LIABILITIES
Shcrt 1erm 8crrcwngs 8 8,463 i0,783
1rade Payables 4i,674 33,4
Other Current Labltes 10 ii,66i i5,82
Shcrt 1erm Prcvscns 11 6,482 5,22
68,280 65,466
TOTAL 266,880 223,022
ASSETS
NON-CURRENT ASSETS
Fxed Assets
1angble Assets 12 5,765 73,i08
lntangble Assets i3 2,227 2,0
Captal wcrk n Prcgress 14 i,422 ,4i
117,414 84,626
Ncn-Current lnvestments i5 i8,485 i3,33
Lcng 1erm Lcans and Advances i6 12,787 i3,4i0
Other Ncn-Current Assets 17 8,46 263
157,632 112,232
CURRENT ASSETS
Current lnvestments 18 52,28 47,54i
lnventcres i 18,407 i7,65
1rade Pecevables 20 i4,237 ,376
Cash and 8ank 8alances 21 7,750 24,36i
Shcrt 1erm Lcans and Advances 22 ii,i53 7,783
Other Current Assets 23 5,403 3,764
109,248 110,790
TOTAL 266,880 223,022
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1he nctes are an ntegral part cf these nancal statements 1hs s the 8alance Sheet referred tc n cur repcrt cf even date.
Fcr Price Waterhouse KENICHI AYUKAWA SHINZO NAKANISHI
Frm Pegstratcn Number: 30iii2L Managng Drectcr & CLO Drectcr
ABHISHEK RARA AJAY SETH S. RAVI AIYAR
Partner Chef Fnancal Ofcer Lxecutve Drectcr (Legal)
Membershp Number - 07777 & Company Secretary
Place: New Delh
Date: 26
th
Aprl 20i3
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Statement of Proft and Loss
For the year ended 31
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March 2013
Notes to
Accounts
For the year ended
31.03.2013
For the year ended
31.03.2012
REVENUE FROM OPERATIONS
Crcss Sale cf Prcducts 24 481,147 386,i4i
Less: Lxcse Duty 55,02i 3,082
Net Sale cf Prcducts 426,i26 347,05
Other Operatng Pevenue 25 ,753 8,812
435,87 355,87i
Other lnccme 26 8,124 8,268
Teta| kevenue 444,003 364,139
EXPENSES
Ccst cf Materal Ccnsumed 45() 305,74i 267,055
Purchase cf Stcck-n-1rade 4 i,6i3 i5,325
Change n lnventcres cf Fnshed Cccds, wcrk-n-Prcgress and Stcck-
n-1rade
27 234 (i,27)
Lmplcyees 8enet Lxpenses 28 i0,66 8,0i3
Fnance Ccsts 2 i,88 552
Deprecatcn and Amcrtsatcn Lxpense 30 i8,6i2 ii,384
Other Lxpenses 3i 57,737 42,072
\ehcles / Des fcr Own Use (438) (427)
Teta| xpenses 414,093 342,677
Pret befere Tax 29,910 21,462
Less : 1ax Lxpense - Current 1ax 7,228 4,i38
- MA1 Credt Avaled (04) -
- Deferred 1ax 5 (335) 72
Pret fer the Year 23,921 16,352
8asc / Dluted Larnngs Per Share cf ` 5 each (n `) 50 79.19 56.60
1he nctes are an ntegral part cf these nancal statements 1hs s the Statement cf Prct and Lcss referred tc n cur repcrt cf even date.
Place: New Delh
Date: 26
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Aprl 20i3
8
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Cash Flow Statement
st
March 2013
For the year
ended 31.03.2013
For the year
ended 31.03.2012
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Prct befcre 1ax 2,i0 2i,462
Adjustments for:
Deprecatcn and amcrtsatcn i8,6i2 ii,384
Fnance ccst i,88 552
lnterest nccme (3,i34) (4,036)
Dvdend nccme (417) (6)
Net lcss cn sale / dscardng cf xed assets 33i i57
Prct cn sale cf nvestments (Net) (4,101) (2,442)
Prcvscns nc lcnger requred wrtten back (472) (i,0i)
Unrealsed fcregn exchange (gan)/ lcss i,425 556
0perating Pret befere Werking Capita| changes 44,052 25,843
Adjustments fer changes in Werking Capita| :
- lncrease/(Decrease) n 1rade Payables 6,400 7,4i6
- lncrease/(Decrease) n Shcrt 1erm Prcvscns 268 254
- lncrease/(Decrease) n Lcng 1erm Prcvscns 6 i,i5
- lncrease/(Decrease) n Other Current Labltes (477) 2,000
- lncrease/(Decrease) n Other Lcng 1erm Labltes 70 7
- (lncrease)/Decrease n 1rade Pecevables (3,63) (i,i3i)
- (lncrease)/Decrease n lnventcres 3,485 (3,8i5)
- (lncrease)/Decrease n Lcng 1erm Lcans and Advances 2,358 (863)
- (lncrease)/Decrease n Shcrt 1erm Lcans and Advances (2,2i5) (47)
- (lncrease)/Decrease n Other Current Assets (i,30) (i,70)
- (lncrease)/Decrease n Other Ncn Current Assets (i3) ii
Cash generated from Operating Activities 49,175 28,108
- 1axes (Pad) (Net cf 1ax Deducted at Scurce) (5,333) (2,50)
Net Cash from Operating Activities 43,842 25,599
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase cf Fxed Assets (38,54) (2,67)
Sale cf Fxed Assets 44 67
Sale cf lnvestments ii8,332 i5,780
Purchase cf lnvestments (i27,42) (i67,58)
lnvestments n Depcsts wth 8anks (i5,000) (22,600)
Maturtes cf Depcsts wth 8anks 22,600 24,i30
lnterest Peceved 3,502 4,26i
Dvdend Peceved 417 6
Net Cash from Investing Activities (35,741) (30,958)
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Cash Flow Statement
st
March 2013
For the year
ended 31.03.2013
For the year
ended 31.03.2012
C. CASH FLOW FROM FINANCING ACTIVITIES:
Prcceeds frcm Shcrt 1erm bcrrcwngs 8,463 i0,783
Pepayment cf Shcrt 1erm bcrrcwngs (i0,783) (3i2)
Prcceeds frcm Lcng 1erm bcrrcwngs i,688 -
Pepayment cf Lcng 1erm bcrrcwngs (4,5i0) (i,362)
lnterest Pad (2,003) (426)
Dvdend Pad (2,i67) (2,i67)
Ccrpcrate Dvdend 1ax Pad (35i) (35i)
Net Cash from Financing Activities (9,663) 6,165
Net Increase/(Decrease) in Cash & Cash quiva|ents (1,562) 806
Cash and Cash quiva|ents as at 1
st
Apri| (0pening a|ance) 1,761 955
Cash and cash equvalents as at i
st
Aprl 20i2 |acqured pursuant tc a scheme cf
amalgamatcn (refer ncte 37)]
i,05i -
Cash and Cash quiva|ents as at 31
st
March (C|esing a|ance) 1,250 1,761
Cash and Cash quiva|ents cemprise 1,250 1,761
Cash & Cheques n Hand i,03i 66
8alance wth 8anks 2i 65
8alance wth Scheduled 8anks n Depcst Acccunts - 1,000
Notes:
i 1he abcve Cash Flcw Statement has been prepared under the ndrect methcd as set cut n Acccuntng Standard -3 cn Cash Flcw
Statement" ncted under Sectcn 2ii (3C) cf the Ccmpanes Act, i56.
2 Cash and Cash Lquvalents nclude ` 6 mllcn (Prevcus Year ` 5 mllcn) n respect cf unclamed dvdend, the balance cf whch s
nct avalable tc the Ccmpany.
3 Fgures n brackets represents cash cutcw.
1hs s the Cash Flcw Statement referred tc n cur repcrt cf even date
Place: New Delh
Date: 26
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Aprl 20i3
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(All amounts in ` million, unless otherwise stated)
Notes
To The Financial Statements
1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 GENERAL INFORMATION
1he Ccmpany s prmarly n the busness cf
manufacturng, purchase and sale cf mctcr vehcles,
ccmpcnents and spare parts (autcmcbles"). 1he
cther actvtes cf the Ccmpany ccmprse facltatcn
cf Pre-Owned Car sales, Fleet Management and Car
Fnancng. 1he Ccmpany s a publc ccmpany lsted cn
the 8cmbay Stcck Lxchange (8SL) and the Natcnal
Stcck Lxchange (NSL).
1.2 BASIS FOR PREPARATION OF FINANCIAL
STATEMENTS
1hese nancal statements have been prepared n
acccrdance wth the generally accepted acccuntng
prncples n lnda under the hstcrcal ccst ccnventcn
cn an accrual bass. 1hese nancal statements have
been prepared tc ccmply n all materal respects
wth the applcable acccuntng prncples n lnda,
the applcable acccuntng standards ncted under
Sectcn 2ii(3C) |Ccmpanes (Acccuntng Standards)
Pules, 2006 as amended] cf the Ccmpanes Act, i56,
Acccuntng Standard 30, Fnancal lnstruments:
Peccgntcn and Measurement ssued by the lnsttute
cf Chartered Acccuntants cf lnda tc the extent t
dces nct ccntradct any cther acccuntng standard
referred tc Sectcn 2ii (3C) |Ccmpanes (Acccuntng
Standards) Pules, 2006 as amended] cf the Act, cther
reccgnsed acccuntng practces and pclces and the
relevant prcvscns cf the Ccmpanes Act, i56.
All assets and labltes have been classed as current
cr ncn-current as per the Ccmpany's cperatng cycle
and cther crtera set cut n the Pevsed Schedule \l
tc the Ccmpanes Act, i56. 8ased cn the nature cf
prcducts and the tme between the acqustcn cf
assets fcr prccessng and ther realsatcn n cash
and cash equvalents, the Ccmpany has ascertaned
ts cperatng cycle as i2 mcnths fcr the purpcse cf
current - ncn current classcatcn cf assets and
labltes.
1.3 REVENUE RECOGNITION
Dcmestc and expcrt sales are reccgnsed cn transfer
cf sgncant rsks and rewards tc the custcmer whch
takes place cn dspatch cf gccds frcm the factcry and
pcrt respectvely.
1he Ccmpany reccgnses nccme frcm servces cn
renderng cf servces.
1.4 FIXED ASSETS
Tangib|e Assets
a) Fxed assets (except freehcld land whch s
carred at ccst) are carred at ccst cf acqustcn cr
ccnstructcn cr at manufacturng ccst (n case cf cwn
manufactured assets) n the year cf captalsatcn
less accumulated deprecatcn.
b) Assets acqured under nance leases are captalsed
at the lcwer cf ther far value and the present value
cf mnmum lease payments.
Intangib|e Assets
Lumpsum rcyalty s stated at ccst ncurred as per the
relevant lcence agreements wth the techncal kncw-hcw
prcvders less accumulated amcrtsatcn.
1.5 BORROWING COSTS
8crrcwng ccsts that are drectly attrbutable tc the
acqustcn, ccnstructcn cr prcductcn cf qualfyng
assets are captalsed tll the mcnth n whch each asset
s put tc use as part cf the ccst cf that asset.
1.6 DEPRECIATION / AMORTISATION
a) 1angble xed assets except leasehcld land are
deprecated cn the straght lne methcd cn a prc-
rata bass frcm the mcnth n whch each asset s put
tc use.
Deprecatcn has been prcvded at the rates
prescrbed n Schedule Xl\ tc the Ccmpanes Act,
i56 except fcr certan xed assets where, based
cn the management's estmate cf the useful lves cf
the assets, hgher deprecatcn has been prcvded cn
the straght lne methcd cver the fcllcwng useful
lves:
Plant and Machnery 8 - ii Years
Des and lgs 4 Years
Llectrcnc Data Prccessng
Lqupment
3 Years

ln respect cf assets whcse useful lfe has been
revsed, the unamcrtsed deprecable amcunt s
charged cver the revsed remanng useful lves cf
the assets.
b) Leasehcld land s amcrtsed cver the percd cf lease.
c) All assets, the ndvdual wrtten dcwn value cf
whch at the begnnng cf the year s ` 5,000 cr less,
are deprecated at the rate cf i00 per cent. Assets
purchased durng the year ccstng ` 5,000 cr less are
depreciated at the rate of 100 per cent.
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d) Lump sum rcyalty s amcrtsed cn a straght lne
bass cver 4 years frcm the start cf prcductcn cf the
related mcdel.
1.7 INVENTORIES
a) lnventcres are valued at the lcwer cf ccst,
determned cn the weghted average bass and net
realsable value.
b) 1ccls are wrtten cff cver a percd cf three years
except fcr tccls valued at ` 5,000 cr less ndvdually
whch are charged tc revenue n the year cf purchase.
c) Machnery spares (cther than thcse suppled alcng
wth man plant and machnery, whch are captalsed
and deprecated acccrdngly) are charged tc revenue
cn ccnsumptcn except thcse valued at ` 5,000 cr
less ndvdually, whch are charged tc revenue n
the year cf purchase.
1.8 INVESTMENTS
Current nvestments are valued at the lcwer cf ccst and
far value. Lcng-term nvestments are valued at ccst
except n the case cf cther than tempcrary declne n
value, n whch case the necessary prcvscn s made.
1.9 RESEARCH AND DEVELOPMENT
Pevenue expendture cn research and develcpment
s charged aganst the prct fcr the year n whch
t s ncurred. Captal expendture cn research and
develcpment s shcwn as an addtcn tc xed assets and
deprecated acccrdngly.
1.10 FOREIGN CURRENCY TRANSLATIONS AND DERIVATIVE
INSTRUMENTS
a) Fcregn currency transactcns are reccrded at
the exchange rates prevalng at the date cf the
transactcns. Lxchange dfferences arsng cn
settlement cf transactcns are reccgnsed as nccme
cr expense n the year n whch they arse.
b) At the balance sheet date, all mcnetary assets and
labltes dencmnated n fcregn currency are
repcrted at the exchange rates prevalng at the
balance sheet date by reccgnsng the exchange
dfference n the statement cf prct and lcss.
Hcwever, the exchange dfference arsng cn
fcregn currency mcnetary tems that qualfy and
are desgnated as hedge nstruments n a cash cw
hedge s ntally reccgnsed n `hedge reserve' and
subsequently transferred tc the statement cf prct
and lcss cn cccurrence cf the underlyng hedged
transactcn.
c) Lffectve i
st
Aprl 2008, the Ccmpany adcpted
Acccuntng Standard -30, Fnancal lnstruments:
Peccgntcn and Measurement" ssued by 1he
lnsttute cf Chartered Acccuntants cf lnda tc
the extent the adcptcn dces nct ccntradct
wth the acccuntng standards ncted under
Sectcn 2ii(3C) cf the Ccmpanes Act, i56 and
cther regulatcry requrements. All dervatve
ccntracts (except fcr fcrward fcregn exchange
ccntracts where underlyng assets cr labltes
exst) are far valued at each repcrtng date. Fcr
dervatve ccntracts desgnated n a hedgng
relatcnshp, the Ccmpany reccrds the gan
cr lcss cn effectve hedges, f any, n a hedge
reserve, untl the transactcn s ccmplete. On
ccmpletcn, the gan cr lcss s transferred tc
the statement cf prct and lcss cf that percd.
Changes n far value relatng tc the neffectve
pcrtcn cf the hedges and dervatves nct
qualfyng cr nct desgnated as hedges are
reccgnsed n the statement cf prct and lcss
n the acccuntng percd n whch they arse.
d) ln the case cf fcrward fcregn exchange
ccntracts where an underlyng asset cr lablty
exsts, the dfference between the fcrward rate
and the exchange rate at the nceptcn cf the
ccntract s reccgnsed as nccme cr expense
cver the lfe cf the ccntract. Prct cr lcss
arsng cn cancellatcn cr renewal cf a fcrward
ccntract s reccgnsed as nccme cr expense n
the year n whch such cancellatcn cr renewal
s made.
1.11 EMPLOYEE BENEFIT COSTS
Shcrt - 1erm Lmplcyee 8enets:
Peccgnsed as an expense at the undsccunted
amcunt n the statement cf prct and lcss fcr the
year n whch the related servce s rendered.
Pcst Lmplcyment and Other Lcng 1erm Lmplcyee
8enets:
() 1he Ccmpany has Dened Ccntrbutcn Plans
fcr pcst emplcyment benet namely the
Superannuatcn Fund whch s reccgnsed
by the nccme tax authcrtes. 1hs Fund s
admnstered thrcugh a 1rust set up by the
Ccmpany and the Ccmpany's ccntrbutcn
theretc s charged tc statement cf prct
and lcss every year. 1he Ccmpany alsc
mantans an nsurance pclcy tc fund a pcst-
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Notes
emplcyment medcal assstance scheme, whch
s a Dened Ccntrbutcn Plan admnstered
by 1he New lnda lnsurance Ccmpany Lmted.
1he Ccmpany's ccntrbutcn tc State Plans
namely Lmplcyees' State lnsurance Fund and
Lmplcyees' Penscn Scheme are charged tc the
statement cf prct and lcss every year.
() 1he Ccmpany has Dened 8enet Plans namely
Cratuty, Prcvdent Fund and Petrement
Allcwance fcr emplcyees and Other Lcng 1erm
Lmplcyee 8enets .e. Leave Lncashment /
Ccmpensated Absences, the lablty fcr whch
s determned cn the bass cf an actuaral
valuatcn at the end cf the year based cn the
Prc|ected Unt Credt Methcd and any shcrtfall
n the sze cf the fund mantaned by the 1rust
s addtcnally prcvded fcr n the statement cf
prct and lcss. 1he Cratuty Fund and Prcvdent
Fund are reccgnsed by the nccme tax
authcrtes and s admnstered thrcugh 1rusts
set up by the Ccmpany.
1ermnatcn benets are mmedately reccgnsed as
an expense.
Cans and lcsses arsng cut cf actuaral valuatcns
are reccgnsed mmedately n the statement cf prct
and lcss as nccme cr expense.
1.12 CUSTOMS DUTY
Custcm duty avalable as drawback s ntally
reccgnsed as purchase ccst and s credted tc
ccnsumptcn cf materals cn expcrted vehcles.
1.13 GOVERNMENT GRANTS
Ccvernment grants are reccgnsed n the statement
cf prct and lcss n acccrdance wth the related
schemes and n the percd n whch these accrue.
1.14 TAXES
1ax expense fcr the year, ccmprsng current tax
and deferred tax, s ncluded n determnng the net
prct/ (lcss) fcr the year.
Current tax s reccgnsed based cn assessable prct
ccmputed n acccrdance wth the lnccme 1ax Act and
at the prevalng tax rate.
Deferred tax s reccgnsed fcr all tmng dfferences.
Deferred tax assets are carred fcrward tc the extent
t s reascnably / vrtually certan (as the case may
be) that future taxable prct wll be avalable aganst
whch such deferred tax assets can be realsed. Such assets
are revewed at each balance sheet date and wrtten dcwn
tc reect the amcunt that s reascnably/ vrtually certan
(as the case may be) tc be realsed.
Mnmum Alternatve 1ax credt s reccgnsed as an asset
cnly when and tc the extent there s ccnvncng evdence
that the Ccmpany wll pay ncrmal nccme tax durng the
speced percd. Such asset s revewed at each balance
sheet date and the carryng amcunt s wrtten dcwn tc
the extent there s nc lcnger ccnvncng evdence tc the
effect that the Ccmpany wll pay ncrmal tax durng the
speced percd.
Deferred tax assets and labltes are measured at the tax
rates that have been enacted cr substantvely enacted at
the balance sheet date.
1.15 DIVIDEND INCOME
Dvdend frcm nvestments s reccgnsed when the rght
tc receve the payment s establshed and when nc
sgncant uncertanty as tc measurablty cr ccllectablty
exts.
1.16 INTEREST INCOME
lnterest nccme s reccgnsed cn the tme bass determned
by the amcunt cutstandng and the rate applcable and
where nc sgncant uncertanty as tc measurablty cr
ccllectablty exsts.
1.17 IMPAIRMENT OF ASSETS
At each balance sheet date, the Ccmpany assesses whether
there s any ndcatcn that an asset may be mpared. lf
any such ndcatcn exsts, the Ccmpany estmates the
reccverable amcunt. lf the carryng amcunt cf the asset
exceeds ts reccverable amcunt, an mparment lcss s
reccgnsed n the statement cf prct and lcss tc the extent
the carryng amcunt exceeds the reccverable amcunt.
1.18 ROYALTY
a) 1he Ccmpany pays / accrues fcr rcyalty n acccrdance wth
the relevant lcence agreements wth the techncal kncw-
how provider.
b) 1he lump sum rcyalty ncurred tcwards cbtanng techncal
assstance / techncal kncw-hcw tc manufacture a new
mcdel/ car, cwnershp cf whch rests wth the techncal
kncw hcw prcvder, s reccgnsed as an ntangble asset
n acccrdance wth the requrements cf Acccuntng
Standard-26 lntangble Assets". Pcyalty payable cn sale
cf prcducts .e. runnng rcyalty s charged tc the statement
cf prct and lcss as and when ncurred.
i
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1.19 PROVISIONS AND CONTINGENCIES
Prcvscns: Prcvscns are reccgnsed when there s a
present cblgatcn as a result cf a past event, t s prcbable
that an cutcw cf rescurces embcdyng eccncmc
benets wll be requred tc settle the cblgatcn and there
s a relable estmate cf the amcunt cf the cblgatcn.
Prcvscns are measured at the best estmate cf the
expendture requred tc settle the present cblgatcn at
the balance sheet date and are nct dsccunted tc ther
present value.
Ccntngent Labltes: Ccntngent labltes are dsclcsed
when there s a pcssble cblgatcn arsng frcm past
events, the exstence cf whch wll be ccnrmed cnly
by the cccurrence cr ncn cccurrence cf cne cr mcre
uncertan future events nct whclly wthn the ccntrcl cf
the Ccmpany cr a present cblgatcn that arses frcm past
events where t s ether nct prcbable that an cutcw cf
rescurces wll be requred tc settle cr a relable estmate
cf the amcunt cannct be made.
1.20 LEASES
As a |essee
Leases n whch a sgncant pcrtcn cf the rsks and
rewards cf cwnershp are retaned by the lesscr are
classed as cperatng leases. Payments made under
cperatng leases are charged tc the statement cf
prct and lcss cn a straght-lne bass cver the percd
cf the lease cr the terms cf underlyng agreement/s
as the case may be.
As a |esser
1he Ccmpany has leased certan tangble assets and
such leases where the Ccmpany has substantally
retaned all the rsks and rewards cf cwnershp are
classed as cperatng leases. Lease nccme cn such
cperatng leases are reccgnsed n the statement cf
prct and lcss cn a straght lne bass cver the lease
term whch s representatve cf the tme pattern n
whch benet derved frcm the use cf the leased
asset s dmnshed.
1.21 CASH AND CASH EQUIVALENTS
ln the cash cw statement, cash and cash equvalents
nclude cash n hand, demand depcsts wth banks,
cther shcrt-term hghly lqud nvestments wth
crgnal maturtes cf three mcnths cr less.
9
2

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Notes
2. SHARE CAPITAL
As at
31.03.2013
As at
31.03.2012
Autherised Capita|
3,744,000,000 equty shares cf ` 5 each (Prevcus year 744,000,000 equty shares cf ` 5
each)
18,720 3,720
Issued, Subscribed and Paid up
302,080,060 equty shares cf ` 5 each (Prevcus year 288,i0,060 equty shares cf ` 5
each) fully pad up
i,5i0 i,445
1,510 1,445
kecenci|iatien ef the number ef shares eutstanding
As at 31.03.2013 As at 31.03.2012
Numbers of
Shares
Amount Numbers of
Shares
Amount
8alance as at the begnnng cf the year 288,i0,060 i,445 288,i0,060 i,445
Share ssued n the ratc cf i:70 tc the
sharehclders cf erstwhle Suzuk Pcwertran lnda
Lmted pursuant tc a scheme cf amalgamatcn
(Pefer Ncte 37)
i3,i70,000 65 - -
8alance as at the end cf the year 302,080,060 1,510 288,910,060 1,445
quity shares he|d by the he|ding cempany
As at 31.03.2013 As at 31.03.2012
Numbers of
Shares
Amount Numbers of
Shares
Amount
Suzuk Mctcr Ccrpcratcn, the hcldng ccmpany i6,788,440 848 i56,6i8,440 783
169,788,440 848 156,618,440 783
Rights, preferences and restriction attached to shares
1he Ccmpany has cne class cf equty shares wth a par value cf ` 5 per share. Lach sharehclder s elgble fcr cne vcte per share
held. 1he dvdend prcpcsed by the 8card cf Drectcrs s sub|ect tc the apprcval cf the sharehclders n the ensung Annual Ceneral
Meetng, except n case cf nterm dvdend. ln the event cf lqudatcn, the equty sharehclders are elgble tc receve the remanng
assets cf the Ccmpany, after dstrbutcn cf all preferental amcunts, n prcpcrtcn tc ther sharehcldng.
3
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Notes
Shares he|d by each sharehe|der he|ding mere than 5 per cent ef the aggregate shares in the Cempany
% Number of
Shares
% Number of
Shares
Suzuk Mctcr Ccrpcratcn (the hcldng ccmpany) 56.2i i6,788,440 54.2i i56,6i8,440
Lfe lnsurance Ccrpcratcn cf lnda 6.2 i8,3,8i5 8.45 24,3,405
Shares a||etted as fu||y paid up pursuant te centract(s) witheut payment being received in cash (during 5 years immediate|y
preceding 31
st
March 2013)
i3,i70,000 Lquty Shares have been allctted as fully pad up durng the current year tc Suzuk Mctcr Ccrpcratcn pursuant tc the
scheme cf amalgamatcn wth Suzuk Pcwertran lnda Lmted (refer ncte 37).
3. RESERVES AND SURPLUS
As at
31.03.2013
As at
31.03.2012
keserve created en Ama|gamatien (Pefer Ncte 37) 9,153 -
Securities Premium Account 4,241 4,241
Cenera| keserve
8alance as at the begnnng cf the year i5,852 14,217
Add : 1ransferred frcm Surplus n Statement cf Prct and Lcss 2,32 i,635
8alance as at the end cf the year 18,244 15,852
Hedge Reserve
8alance as at the begnnng cf the year (441) i4
Less : Pelease / ad|ustments durng the year (3) 635
8alance as at the end cf the year (402) (441)
Surp|us in Statement ef Pret and Less
8alance as at the begnnng cf the year i30,777 ii8,578
Addtcn cn Amalgamatcn (Pefer Ncte 37) 3,565 -
Add : Prct fcr the year 23,2i i6,352
Less : Apprcpratcns:
1ransferred tc Ceneral Peserve 2,32 i,635
Prcpcsed dvdend 2,417 2,i67
Dvdend dstrbutcn tax 411 35i
8alance as at the end cf the year 153,043 130,777
184,279 150,429
9
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Notes
4. LONG TERM BORROWINGS
(Pefer Ncte 37)
As at
31.03.2013
As at
31.03.2012
Unsecured
Fcregn currency lcans frcm banks 3,20 -
Lcans frcm hcldng ccmpany i,50 -
5,42 -
1. Fcregn currency lcans frcm banks nclude:
- lcan amcuntng tc ` 2,264 mllcn (USD 4i mllcn) taken frcm lapan 8ank cf lnternatcnal Cccperatcn (l8lC) at an
nterest rate cf Ll8OP + 0.i25, repayable n 6 half yearly nstalments startng September 20i4 (acqured pursuant tc a
scheme cf amalgamatcn, refer ncte 37). 1he repayment cf the lcan s guaranteed by Suzuk Mctcr Ccrpcratcn, lapan
(the hcldng ccmpany).
- cther lcng term fcregn currency lcans amcuntng tc ` i,656 mllcn (USD 30 mllcn) taken frcm banks durng the year
at an average nterest rate cf Lbcr + i.375 and repayable n luly 20i5.
2. A lcan amcuntng tc ` i,50 mllcn (USD 27 mllcn) taken frcm the hcldng ccmpany at an nterest rate cf Ll8OP + 0.48,
repayable n 6 half yearly nstalments startng September 20i4 (acqured pursuant tc a scheme cf amalgamatcn, refer ncte 37).
5. DEFERRED TAX LIABILITIES (NET)
Ma|cr ccmpcnents cf deferred tax arsng cn acccunt cf tmng dfferences alcng wth ther mcvement as at 3i
st
March 20i3 are :
Movement
As at
31.03.2012
Pursuant to
ama|gamatien
(refer note 37)
during the
year*
As at
31.03.2013
Deferred Tax Assets
Prcvscn fcr dcubtful debts / advances i76 - (45) i3i
Ccntngent prcvscns i52 - 30 182
Others 47 17 (44) 470
TOTAL (A) 825 17 (59) 783
Deferred Tax Liabi|ities
Deprecatcn cn xed assets 3,450 i,083 (1,021) 3,5i2
Lxchange gan cn captal acccunts (25) - (227) (486)
Allcwances under lnccme 1ax Act, i6i 657 - 1,187 1,844
TOTAL (B) 3,848 1,083 (61) 4,870
Net Deferred Tax Liabi|ity () - (A) 3,023 1,066 (2) 4,087
Prevcus Year i,644 - i,37 3,023
lncludes ad|ustment cf ` 333 mllcn (Prevcus year ` 407 mllcn) cn acccunt cf reclasscatcn tc Deferred 1ax Labltes" frcm
Prcvscn fcr 1axatcn".
Ncte: Deferred 1ax Assets and Deferred 1ax Labltes have been cffset as they relate tc the same gcvernng taxatcn laws.
5
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6. OTHER LONG TERM LIABILITIES
As at
31.03.2013
As at
31.03.2012
Depcsts frcm dealers, ccntractcrs and cthers i,036 66
1,036 966
7. LONG TERM PROVISIONS
As at
31.03.2013
As at
31.03.2012
Previsiens fer mp|eyee enets
Prcvscn fcr retrement allcwance (Pefer Ncte 28) 42 35
Other Provisions
Prcvscn fcr ltgatcn / dsputes 2 0
Prcvscn fcr warranty & prcduct recall i,2i6 73
Others 2,217 10 i,658
2,259 1,693
Detai|s ef 0ther Previsiens:
Litigation / Disputes Warranty/ Preduct keca|| Others
2012-2013 2011-2012 2012-2013 2011-2012 2012-2013 2011-2012
8alance at the begnnng cf the
year
0 87 i,33i 2 10 i6
Addtcns durng the year 111 102 544 58i - 1
Utlsed/ reversed durng the year 28 0 210 i7 1 7
8alance as at the end cf the year 992 909 1,665 1,331 9 10
Classed as Lcng 1erm 2 0 i,2i6 73 10
Classed as Shcrt 1erm - - 44 52 - -
TOTAL 992 909 1,665 1,331 9 10
a) Prcvscn fcr ltgatcn / dsputes represents the estmated cutcw n respect cf dsputes wth varcus gcvernment
authcrtes.
b) Prcvscn fcr warranty and prcduct recall represents the estmated cutcw n respect cf warranty and recall ccst fcr prcducts
scld.
c) Prcvscn fcr cthers represents the estmated cutcw n respect cf dsputes cr cther cblgatcns cn acccunt cf excse duty,
expcrt cblgatcn, etc.
d) Due tc the nature cf the abcve ccsts, t s nct pcssble tc estmate the tmng / uncertantes relatng tc ther cutcws as well
as the expected rembursements frcm such estmates.
9
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Notes
8. SHORT TERM BORROWINGS
As at
31.03.2013
As at
31.03.2012
Unsecured
Frcm banks - cash credt 725 80
Frcm banks - buyers credt and packng credt lcans 7,738 i0,703
8,463 10,783
9. TRADE PAYABLES
As at
31.03.2013
As at
31.03.2012
Due tc Mcrc and Small enterprses 273 288
Others 41,401 33,2ii
41,674 33,499
1he Ccmpany pays ts vendcrs wthn 30 days and nc nterest durng the year has been pad cr s payable under the terms cf the
Mcrc, Small and Medum Lnterprses Develcpment Act, 2006.
10. OTHER CURRENT LIABILITIES
As at
31.03.2013
As at
31.03.2012
Current maturtes cf lcng term debts - i,586
lnterest accrued but nct due cn:
- 8crrcwngs 205 i26
- Depcsts frcm dealers, ccntractcrs and cthers 23 228 43 i6
Unclamed dvdend 6 5
Credtcrs fcr captal gccds 4,035 5,223
Other payables 2,071 i,746
8cck cverdraft 54 i,366
Advances frcm custcmers/dealers i,50 2,44
Statutcry dues 2,704 2,i63
Depcsts frcm dealers, ccntractcrs and cthers 433 11,427 i,i85 i4,i32
11,661 15,892
Unclamed dvdend dc nct nclude any amcunt due tc be depcsted tc the lnvestcr Lducatcn and Prctectcn Fund under Sectcn
205C cf the Ccmpanes Act, i56.
7
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Notes
11. SHORT TERM PROVISIONS
As at
31.03.2013
As at
31.03.2012
(Pefer Ncte 7 and 28)
Prcvscn fcr retrement allcwances 2 2
Prcvscn fcr ccmpensated absences 1,274 i,276 850 852
Other provisions
(Pefer Ncte 7)
Prcvscn fcr warranty & prcduct recall 44 52
Prcvscn fcr prcpcsed dvdend 2,417 2,i67
Prcvscn fcr ccrpcrate dvdend tax 411 35i
Prcvscn fcr taxatcn
|Net cf tax pad ` 6,884 mllcn (Prevcus year ` 63,730 mllcn)
and Mnmum Alternate 1ax credt avaled ` 04 mllcn (prevcus
year Nl)]
i,2 5,206 i,330 4,440
6,482 5,292
1he nal dvdend prcpcsed fcr the year s as fcllcws:
As at
31.03.2013
As at
31.03.2012
On equty shares cf ` 5 each:
Amcunt cf dvdend prcpcsed 2,417 2,i67
Dvdend per equty share ` 8.00 ` 7.50
9
8

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Notes
1
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Notes
14. CAPITAL WORK IN PROGRESS
As at
31.03.2013
As at
31.03.2012
Plant and Machnery i8,0i 7,101
Cvl wcrk n Prcgress i,403 2,3i8
19,422 9,419
15. NON-CURRENT INVESTMENTS
(Pefer Ncte 54)
As at
31.03.2013
As at
31.03.2012
Trade Investment (va|ued at cest, un|ess etherwise stated)
lnvestment n subsdares (unqucted equty nstruments) i i5
lnvestment n |cnt ventures (unqucted equty nstruments) 1,071
lnvestment n assccates:
- qucted equty nstruments 111 111
- unqucted equty nstruments 220 4,171
1,421 5,368
0ther Investment (va|ued at cest un|ess etherwise stated)
lnvestment n mutual funds - unqucted i7,064 8,565
lnvestment n preference shares - unqucted 50 50
17,114 8,6i5
Less: Prcvscn fcr dmnutcn, cther than tempcrary, n value cf
nvestments n preference shares
50 i7,064 50 8,565
18,485 13,933
Aggregate value cf unqucted nvestments 18,424 i3,872
Aggregate value cf qucted nvestments 111 111
Market value cf qucted nvestments 1,474 i,723
Aggregate value cf prcvscn fcr dmnutcn cther than
tempcrary n value cf nvestments
50 50
1
0
0

-

Notes
16. LONG TERM LOANS AND ADVANCES
As at
31.03.2013
As at
31.03.2012
Capita| Advances
Unsecured - ccnsdered gccd 4,37 4,644
- ccnsdered dcubtful 76 i3
5,0i3 4,657
Less: Prcvscn fcr dcubtful captal advances 76 4,37 i3 4,644
Security Deposits
Unsecured - ccnsdered gccd i03 8
Leans and Advances te ke|ated Parties
Unsecured - ccnsdered gccd (Pefer Ncte 37) - 1,800
Taxes Paid bnder Dispute
Unsecured - ccnsdered gccd 7,47 6,48i
lnter ccrpcrate depcsts - ccnsdered dcubtful i25 i25
Less: Prcvscn fcr dcubtful depcsts i25 - i25 -
Other Loans and Advances
Secured - ccnsdered gccd 10 12
Unsecured - ccnsdered gccd 240 375
- ccnsdered dcubtful 63 73
3i3 460
Less: Prcvscn fcr dcubtful cther lcans and advances 63 250 73 387
12,787 13,410
1
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Notes
17. OTHER NON-CURRENT ASSETS
As at
31.03.2013
As at
31.03.2012
Interest Accrued on Deposits, Loans and Advances
Secured - ccnsdered gccd 6 11
Unsecured - ccnsdered gccd 4 -
- ccnsdered dcubtful - 1
4 1
Less Prcvscn fcr dcubtful nterest - 4 1 -
Lcng term depcsts wth banks wth maturty percd mcre than
i2 mcnths
8,500 -
C|aims
Unsecured - ccnsdered gccd 385 246
- ccnsdered dcubtful 27 27
412 273
Less Prcvscn fcr dcubtful clams 27 385 27 246
Others 6 6
8,946 263
18. CURRENT INVESTMENTS
(Pefer Ncte 54)
As at
31.03.2013
As at
31.03.2012
lnvestment n mutual funds - unqucted 52,28 47,54i
52,298 47,541
1
0
2

-

Notes
19. INVENTORIES
(Pefer Ncte 47)
As at
31.03.2013
As at
31.03.2012
Cempenents and kaw Materia|s ,83i ,i3
Work in Progress 1,127 53
Finished Goods Manufactured
\ehcles 4,807 5,334
\ehcle spares and ccmpcnents 3ii i73
5,ii8 5,507
Traded Goods
\ehcle 5 27
\ehcle spares and ccmpcnents i,343 i,348 i,i8 i,486
Stores and Spares 546 275
Tee|s 437 ii
18,407 17,965
Inventery inc|udes in transit inventery ef:
Ccmpcnents and Paw Materals 3,247 4,i65
1raded Cccds - vehcle spares 26 43
20. TRADE RECEIVABLES
Unsecured - considered good
Outstandng fcr a percd exceedng sx mcnths frcm the date they
are due for payment
34 18
Others i4,203 i4,237 ,358 ,376
bnsecured - censidered deubtfu|
Outstandng fcr a percd exceedng sx mcnths frcm the date they
are due for payment
35 35
Less Prcvscn fcr dcubtful debts 35 - 35 -
14,237 9,376
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Notes
21. CASH AND BANK BALANCES
As at
31.03.2013
As at
31.03.2012
Cash and Cash quiva|ents
Cash cn hand 6 5
Cheques and drafts cn hand i,025 6i
8ank balances n current acccunts 2i3 60
Depcsts (less than 3 mcnths crgnal maturty percd) - 1,244 1,000 i,756
0ther ank a|ances
Depcsts (mcre than 3 mcnths and uptc i2 mcnths crgnal
maturity period)
3,000 5,600
Depcsts (mcre than i2 mcnths crgnal maturty percd) 3,500 17,000
Unclamed dvdend acccunts 6 6,506 5 22,605
7,750 24,361
22. SHORT TERM LOANS AND ADVANCES
(ccnsdered gccd, unless ctherwse stated)
Leans and Advances te ke|ated Parties
Unsecured i,073 867
a|ance with Custems, Pert Trust and 0ther Cevernment
Authorities
Unsecured 6,770 5,044
Secured 4 5
Unsecured 3,306 3,3i0 i,867 1,872
11,153 7,783
23. OTHER CURRENT ASSETS
(ccnsdered gccd, unless ctherwse stated)
Secured 6 6
Unsecured 8 5 530 536
C|aims
Unsecured i,53 788
0ther receivab|e - stee| cei|s
Unsecured 3,7i0 2,43i
Others
Unsecured 5
5,403 3,764
1
0
4

-

Notes
24. GROSS SALE OF PRODUCTS
(Pefer Ncte 47)
For the
year ended
31.03.2013
For the
year ended
31.03.2012
\ehcles 44i,i63 362,iii
Spare parts / des and mculds / ccmpcnents 3,84 24,030
481,147 386,141
25. OTHER OPERATING REVENUE
lnccme frcm servces
|Net cf expenses cf ` i,083 mllcn (Prevcus Year ` 68 mllcn)]
2,252 i,7i
Sale cf scrap 3,57 2,50
Cash dsccunt receved 1,810 2,018
Others 2,04 2,i25
9,753 8,812
26. OTHER INCOME
For the year
ended 31.03.2013
For the year
ended 31.03.2012
lnterest lnccme (grcss) cn:
a) Fxed depcsts 2,220 2,330
b) Ccrpcrate bcnds - 528
c) Pecevables frcm dealers 6 665
d) Advances tc vendcrs 6 210
e) lnccme tax refund 141 25
f) Others 5 3,i34 8 4,036
Dvdend lnccme frcm:
a) Lcng term nvestments 74 60
b) Others 343 417 63 6
Net gan cn sale cf nvestments
a) Long term 4,087 2,434
b) Shcrt term 14 4,101 8 2,442
Prcvscns nc lcnger requred wrtten back 472 i,0i
8,124 8,268
i
0
5
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Notes
27. CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
(Pefer Ncte 37)
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Work in Progress
Openng stcck 53 457
Add: Acqured pursuant tc a scheme cf amalgamatcn i -
Less: Clcsng stcck 1,127 (335) 53 (i36)
Vehic|es - Manufactured and Traded
Openng stcck 5,63i 4,220
Add: Acqured pursuant tc a scheme cf amalgamatcn 5i -
Less: Clcsng stcck 4,812 5,63i
870 (1,411)
Less: Lxcse duty cn ncrease / (decrease) cf nshed gccds 86i (28) (1,122)
Vehic|e Spares and Cempenents - Manufactured and Traded
Openng stcck i,362 i,323
Less: Clcsng stcck i,654 (22) i,362 (3)
234 (1,297)
28. EMPLOYEE BENEFIT EXPENSES
For the
year ended
31.03.2013
For the
year ended
31.03.2012
Salares, wages, allcwances and cther benets
|Net cf staff ccst reccvered ` 38 mllcn (Prevcus year ` i20 mllcn)]
,i52 6,660
Ccntrbutcn tc prcvdent and cther funds 66 853
Staff welfare expenses 875 500
10,696 8,013
1he Ccmpany has calculated the varcus benets prcvded tc emplcyees as under:
A. Dened Centributien P|ans
a) Superannuatcn Fund
b) Pcst Lmplcyment Medcal Assstance Scheme.
Durng the year the Ccmpany has reccgnsed the fcllcwng amcunts n the statement cf prct and lcss :-
31.03.2013 31.03.2012
Lmplcyers Ccntrbutcn tc Superannuatcn Fund 5i 44
Lmplcyers Ccntrbutcn tc Pcst Lmplcyment Medcal Assstance Scheme. 3 2
1
0
6

-

Notes
. State P|ans
a) Lmplcyers ccntrbutcn tc Lmplcyee State lnsurance
b) Lmplcyers ccntrbutcn tc Lmplcyee's Penscn Scheme i5
31.03.2013 31.03.2012
Lmplcyers ccntrbutcn tc Lmplcyee State lnsurance i3 2
Lmplcyers ccntrbutcn tc Lmplcyee's Penscn Scheme i5 0 80
lncluded n `Ccntrbutcn tc Prcvdent and Other Funds' abcve
C. Dened enet P|ans and 0ther Leng Term enets
a) Ccntrbutcn tc Cratuty Funds - Lmplcyee's Cratuty Fund.
b) Leave Lncashment/Ccmpensated Absence.
c) Petrement Allcwance
d) Prcvdent Fund
ln acccrdance wth Acccuntng Standard i5 (revsed 2005), an actuaral valuatcn was carred cut n respect cf the afcresad
dened benet plans and cther lcng term benets based cn the fcllcwng assumptcns.
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Dsccunt rate (per
annum)
8.50% 8.00% 8.00% 8.00% 8.25% .00% .00% .00%
Pate cf ncrease
n ccmpensatcn
levels
Not
Applcable
6.00% 6.00% Not
Applcable
Not
Applcable
6.00% 6.00% Not
Applcable
Pate cf return cn
plan assets.
8.60% Not
Applcable
8.00% Not
Applcable
8.55% Not
Applcable
.00% Not
Applcable
Lxpected average
remaining working
lves cf emplcyees
(years)
21 21 21 21 25 22 22 22
Lstmates cf future salary ncreases ccnsdered n actuaral valuatcn take acccunt cf natcn, sencrty, prcmctcn and cther
relevant factcrs such as supply and demand n the emplcyment market.
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Changes n present value cf cblgatcns
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Present value cf
cblgatcn as at
begnnng cf the
year
5,45 850 848 37 4,53 753 827 37
Add: Acqustcn
cn amalgamatcn
(Pefer Ncte 37)
- 20 23 - - - - -
lnterest ccst 454 56 68 3 36 57 73 3
Current servce
ccst
801 7 80 6 6i5 56 5i -
8enets pad 24 171 55 - 101 141 28 -
Actuaral
(gan) / lcss cn
cblgatcns
(411) 422 i62 (2) 10 i25 (75) (3)
Present value cf
cblgatcn as at
the year end
6,00 1,274 i,i26 44 5,45 850 848 37

Changes n the far value cf plan assets
31.03.2013 31.03.2012
Provident
Fund
Lmplcyees
Cratuty
Fund
Provident
Fund
Lmplcyees
Cratuty
Fund
Far value cf Plan Assets as at begnnng cf the year 5,480 07 4,670 827
Lxpected return cn Plan Assets 456 73 3 74
Ccntrbutcn 83 ii5 6i5 28
8enets pad 24 55 101 28
Actuaral (gan)/ lcss cn cblgatcns (27) (86) (i03) 6
Far value cf plan assets as at the year end 6,508 i,i26 5,480 07
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Peccnclatcn cf present value cf dened benet cblgatcn and far value cf assets
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Provident
Fund
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Present value cf
cblgatcn as at
the year end
6,00 1,274 i,i26 44 5,45 850 848 37
Far value cf plan
assets as at the
year end
6,508 - i,i26 - 5,480 - 07 -
Surplus/ (Dect) 4 (1,274) - (44) 21 (850) 60 (37)
Unfunded net
asset/ (lablty)
reccgnsed n
balance sheet.
- (1,274) - (44) - (850) - (37)
Classed as Lcng
Term
- - - 42 - - - 35
Classed as
Short Term
- 1,274 - 2 - 850 - 2
TOTAL - 1,274 - 44 - 850 - 37
31.03.2011 31.03.2010
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Present value cf cblgatcn as at the
year end
753 827 37 65 734 2
Far value cf plan assets as at the year
end
- 827 - - 734 -
Surplus/ (dect) (753) - (37) (65) - (2)
Unfunded net asset/ (lablty)
reccgnsed n balance sheet.
(753) - (37) (65) - (2)
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Notes
31.03.2009
Leave
Encashment/
Compensated
Absence
mp|eyees
Gratuity
Fund
Retirement
A||ewance
Present value cf cblgatcn as at the year end 550 62i 27
Far value cf plan assets as at the year end - 62i -
Surplus/ (dect) (550) - (27)
Unfunded net asset/ (lablty) reccgnsed n balance sheet. (550) - (27)
Lxpenses reccgnsed n the statement cf prct & lcss
31.03.2013 31.03.2012
Provident
Fund*
Leave
Encashment/
Compensated
Absence**
mp|eyees
Gratuity
Fund*
Retirement
A||ewance**
Provident
Fund*
Leave
Encashment/
Compensated
Absence**
mp|eyees
Gratuity
Fund*
Retirement
A||ewance**
Current servce
ccst
801 7 80 6 6i5 56 5i -
lnterest ccst 454 56 68 3 36 57 73 3
Lxpected return
cn plan assets
(456) - (73) - (3) - (74) -
Settlement ccst - - - - - - - -
Net actuaral
(gan)/ lcss
reccgnsed
during the year
(438) 422 76 (2) ii3 i25 (81) (3)
1ctal expense
reccgnsed n
statement cf
prct & lcss
36i 575 i5i 7 725 238 - -
lncluded n Ccntrbutcn tc prcvdent and cther funds" abcve
lncluded n Salares, wages, allcwances and cther benets" abcve
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Censtitutien ef P|an Assets Provident Fund Gratuity
31.03.2013 % 31.03.2012 % 31.03.2013 % 31.03.2012 %
(a) Debt Funds 6,222 6% 5,i6 5% 34 35% 324 36%
(b) Others 286 4% 284 5% 732 65% 583 64%
TOTAL 6,508 100% 5,480 100% 1,126 100% 907 100%
a) 1he return cn the nvestment s the ncmnal yeld avalable cn the fcrmat cf nvestment as applcable tc Apprcved
Cratuty Fund under Pule i0i cf lnccme 1ax Act i6i.
b) Lxpected ccntrbutcn cn acccunt cf Cratuty and Prcvdent Fund fcr the year endng 3i
st
March 20i4 can nct be
ascertaned at ths stage.
c) 1he ccntrbutcn tcwards prcvdent fund fcr emplcyees cf erstwhle Suzuk Pcwertran lnda Lmted (SPlL) have been
depcsted wth the cfce cf Pegcnal Prcvdent Fund Ccmmsscner (PPFC) tll i7
th
March 20i3 .e. uptc the effectve date
cf amalgamatcn (refer ncte 37). 1he Ccmpany and the emplcyees cf SPlL are n the prccess cf lng applcatcn/s wth
the PPFC fcr transfer cf accumulated prcvdent fund ccntrbutcn tll i7
th
March 20i3 tc the prcvdent fund trust cf the
Ccmpany. 1he emplcyees cf SPlL have beccme members cf Marut Prcvdent Fund 1rust wth effect frcm i7
th
March 20i3
and ther prcvdent fund ccntrbutcn pcst that date has been depcsted wth the abcve mentcned trust. Acccrdngly, the
present value cf the cblgatcn cf the emplcyees' share cf SPlL has been ccmputed frcm i7
th
March 20i3.
29. FINANCE COSTS
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Interest on :
- Fcregn currency lcans frcm banks 323 i5
- 8uyers' credt and expcrt credt 08 273
- Depcsts frcm dealers, ccntractcrs and cthers 656 1,887 25 547
Other borrowing costs 11 5
1,898 552
30. DEPRECIATION & AMORTISATION EXPENSE
(Pefer Ncte i2 & i3)
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Deprecatcn / amcrtsatcn cn tangble assets 17,711 11,011
Amcrtsatcn cn ntangble assets 0i 373
18,612 11,384

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31. OTHER EXPENSES
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Ccnsumptcn cf stcres i,864 ii
Pcwer and fuel |Net cf amcunt reccvered ` i,i0i mllcn (Prevcus
year ` i,7i6 mllcn)]
4,37 2,25
Pent (Pefer Ncte 5i) 184 i56
Pepars and mantenance :
- Plant and machnery i,026 53i
- 8uldng 188 i63
- Others 277 i,4i 210 04
lnsurance i36 i
Pates, taxes and fees i,i4 826
Pcyalty 24,538 i8,03i
1ccls / machnery spares charged cff 2,547 i,548
Net lcss cn fcregn currency transactcns and translatcn i,5i 1,810
Advertsement 3,536 2,781
Sales prcmctcn 2,i7 i,65
warranty and prcduct recall 544 58i
1ranspcrtatcn and dstrbutcn expenses 5,50i 4,63i
Net lcss cn sale / dscardng cf xed assets 33i i57
Prcvscn fcr dcubtful advances 63 -
Prcvscn fcr dcubtful debt - 21
Other mscellanecus expenses 7,218 5,364
57,737 42,072
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Notes
32. CONTINGENT LIABILITIES
a) C|aims against the Cempany disputed and net acknew|edged as debts:
Partculars As at
31.03.2013
As at
31.03.2012
(i) xcise Duty
(a) Cases decded n the Ccmpany's favcur by Appellate authcrtes and fcr whch
the department has led further appeal and shcw cause nctces / crders cn the
same ssues fcr cther percds
2,0 2,717
(b) Cases pendng befcre Appellate authcrtes n respect cf whch the Ccmpany has
led appeals and shcw cause nctces fcr cther percds
10,484 2,i67
(c) Shcw cause nctces cn ssues yet tc be ad|udcated 8,58i i2,675
TOTAL 22,055 17,559
Amcunt depcsted under prctest 36i 3
(ii) Service Tax
(a) Cases decded n the Ccmpany's favcur by Appellate authcrtes and fcr whch
same ssues fcr cther percds
3,767 3,70i
(b) Cases pendng befcre Appellate authcrtes n respect cf whch the Ccmpany has
2,857 30
(c) Shcw cause nctces cn ssues yet tc be ad|udcated i,358 1420
TOTAL 7,982 5,430
Amcunt depcsted under prctest 3 3
(iii) Inceme Tax
(a) Cases decded n the Ccmpany's favcr by Appellate authcrtes and fcr whch the
department has led further appeals
5,i8 6,230
(b) Cases pendng befcre Appellate authcrtes / Dspute Pesclutcn Panel n respect
cf whch the Ccmpany has led appeals
i2,058 ,6
TOTAL 17,976 15,929
Amcunt depcsted under prctest 6,770 6,i35
(iv) Customs Duty
Cases pendng befcre Appellate authcrtes n respect cf whch the Ccmpany has
led appeals
118 118
(v) Sa|es Tax
Cases pendng befcre Appellate authcrtes n respect cf whch the Ccmpany has
led appeals
50 50
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(v) Clams aganst the Ccmpany fcr reccvery cf ` 604
mllcn (Prevcus year ` 576 mllcn) lcdged by
varcus partes
(v) 1he Ccmpany's mpleadment applcatcn n the
pendng appeal by Haryana State lndustral &
lnfrastructure Develcpment Ccrpcratcn Lmted
(HSllDC"), relatng tc the demand rased fcr
addtcnal ccmpensatcn by landcwners fcr land
acqured frcm them at Manesar fcr ndustral
purpcses, has been heard and the crder has been
reserved by the Supreme Ccurt aganst the demand
of ` 5,0i2 mllcn. 1he demand fcr ` i,376 mllcn fcr
remanng part cf land cf the Ccmpany at Manesar
was receved frcm HSllDC n the current year
ccnsequent tc the crder cf the Pun|ab and Haryana
Hgh Ccurt (Ccurt") and the Ccmpany has led an
appeal n the Ccurt.
1he Ccmpany s n the prccess cf gatherng mcre
detals fcr a demand cf ` 86 mllcn frcm HSllDC,
rased cn erstwhle Suzuk Pcwertran lnda Lmted
(merged with the Company with effect from 1
st
Aprl
20i2, refer ncte 37), ccnsequent tc the crder cf the
Supreme Ccurt, tcwards enhanced ccmpensatcn
relatng tc the demand rased fcr addtcnal
ccmpensatcn by landcwners fcr land acqured frcm
them fcr ndustral purpcses at Manesar.
As the amcunts, f any, cf nal prce ad|ustment(s)
s nct determnable at ths stage, the amcunt cf
` 2,354 mllcn prcvded n the prevcus year based cn
an earler demand cf HSllDC has been reversed and
the Ccmpany ccnsders that nc prcvscn s requred
tc be made at present. Any addtcnal ccmpensatcn,
f payable, wll have the effect cf enhancng the asset
value cf the freehcld land.
(v) ln respect cf dsputed Lccal Area Develcpment 1ax
(LAD1) (uptc i5
th
Aprl 2008) / Lntry 1ax, the Sales
tax department has led an appeal n the Supreme
Ccurt cf lnda aganst the crder cf the Pun|ab &
Haryana Hgh Ccurt. 1he amcunts under dspute are
` 2i mllcn (prevcus year ` 2i mllcn) fcr LAD1 and
` i5 mllcn (prevcus year ` i3 mllcn) fcr Lntry 1ax.
1he State Ccvernment cf Haryana has repealed the
LAD1 effectve frcm i6
th
Aprl 2008 and ntrcduced
the Haryana 1ax cn Lntry cf Cccds ntc Lccal Area
Act, 2008 wth effect frcm the same date.
b) 1he amcunts shcwn n the tem (a) represent
the best pcssble estmates arrved at cn the
bass cf avalable nfcrmatcn. 1he uncertantes
and pcssble rembursements are dependent
cn the cutccme cf the dfferent legal prccesses
whch have been nvcked by the Ccmpany cr
the clamants as the case may be and therefcre
cannct be predcted accurately. 1he Ccmpany
engages reputed prcfesscnal advscrs tc prctect
ts nterests and has been advsed that t has
strcng legal pcstcns aganst such dsputes.
33. Outstandng ccmmtments under Letters cf Credt
establshed by the Ccmpany aggregate ` 6,488 mllcn
(Prevcus year ` i,773 mllcn).
34. Lstmated value cf ccntracts cn captal acccunt,
excludng captal advances, remanng tc be executed
and not provided for, amount to ` 28,760 mllcn
(Prevcus year ` 26,338 mllcn).
35. Ccnsumptcn cf raw materals and ccmpcnents has
been ccmputed by addng purchases tc the cpenng
stcck and deductng clcsng stcck physcally vered
by the management.
36. 1he Ccmpany was granted sales tax benet n
acccrdance wth the prcvscns cf Pule 28C cf
Haryana Ceneral Sales 1ax Pules, i75 fcr the percd
from 1
st
August 200i tc 3i
st
luly 20i5. 1he celng
amcunt cf ccncesscn tc be avaled cf durng the
enttlement percd s ` 5,644 mllcn. 1ll 3i
st
March
20i3, the Ccmpany has avaled cf / clamed sales tax
benet amcuntng tc ` 2,483 mllcn (Prevcus year
` 2,33i mllcn).
37. 1he scheme cf amalgamatcn cf Suzuk Pcwertran
lnda Lmted (SPlL) wth the Ccmpany as apprcved
by the Hgh Ccurt cf Delh has beccme effectve
on 1
st
Aprl 20i2 cn ccmpletcn cf all the requred
fcrmaltes cn i7
th
March 20i3. 1he scheme envsages
transfer cf all prcpertes, rghts and pcwers and
labltes and dutes cf the amalgamatng ccmpany tc
the amalgamated ccmpany.
SPlL was prmarly engaged n the busness cf
engneerng, manufacturng, assemblng and sellng
all knds cf pcwertran parts and ccmpcnents
fcr autcmcbles, whch ncludes engnes and
transmsscns fcr such engnes and ther ccmpcnents
lke transmsscn cases, gears, shafts and ycrks.
1
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Notes
1he amalgamatcn was acccunted fcr under the Pcclng cf
lnterest Methcd" as prescrbed by the Acccuntng Standard
i4 Acccuntng fcr Amalgamatcns" ncted under Ccmpanes
(Acccuntng Standards) Pules.
1he assets and labltes cf the amalgamatng ccmpany have
been acccunted fcr n the bccks cf acccunt cf the Ccmpany
n acccrdance wth the apprcved scheme.
) 1he assets and labltes as at i
st
Aprl 20i2 were
nccrpcrated at bcck value cf SPlL, sub|ect tc
ad|ustments made tc ensure unfcrmty cf acccuntng
pclces.
) 1he authcrsed captal cf SPlL after splttng each share
ntc 2 shares cf face value cf ` 5 each has became part
cf authcrsed share captal cf the Ccmpany.
) 1he balance cf `Surplus cf Statement cf Prct and Lcss'
of SPIL amounting to ` 3,565 mllcn (net cf ad|ustments
cn acccunt cf pclcy dfferences cf ` 275 mllcn) as at
1
st
Aprl 20i2 have been ncluded n the balance cf
`Surplus cf Statement cf Prct and Lcss' cf the Ccmpany.
v) 35,i00,000 equty shares cf ` i0 each fully pad n
SPlL held as nvestment by the Ccmpany have been
cancelled and extngushed.
v) 1he equty sharehclders cf SPlL have, fcr every 70 fully
pad equty shares cf ` i0 each held as cn the reccrd
date, been ssued i fully pad equty share cf ` 5 each
cf the Ccmpany. Acccrdngly, the Ccmpany has ssued
i3,i70,000 equty shares cn 2
th
March 20i3 thereby
ncreasng ts equty captal tc ` i,5i0 mllcn.
v) 1he surplus amcuntng tc ` ,i53 mllcn, arsng as a
result cf the amalgamatcn, .e. excess cf the value cf
net assets cf SPlL transferred tc the Ccmpany cver the
pad-up value cf shares ssued tc equty sharehclders cf
SPlL, has been added tc the reserves cf the Ccmpany.
v) 1he amcunts relatng tc SPlL as at i
st
Aprl 20i2 ncluded n the terms cf the scheme n the nancal statements cf the
Ccmpany are as belcw:
Net Amount
Assets
Fxed assets (net) (ncludng captal wcrk-n-prcgress ` 2,4 mllcn) 2i,425
Cash and 8ank balances i,05i
Current Assets and Lcans and Advances ,080
TOTAL 31,556
Liabi|ities
Lcng 1erm 8crrcwngs 5,337
Lcng 1erm Labltes and Prcvscns 1,108
Current Labltes and Prcvscns 8,376
TOTAL 14,821
Net assets acquired en Ama|gamatien (a) i6,735
Transfer ef ba|ances ef Ama|gamated Cempany
Peserves & Surplus (b) 3,565
Less:-
Ad|ustment fcr cancellatcn cf Ccmpany's nvestment n 1ransfercr Ccmpany (c) 3,5i
Shares ssued n the ratc cf i:70 tc the sharehclders cf erstwhle Suzuk Pcwertran lnda Lmted, pursuant
tc the scheme cn amalgamatcn (d)
66
Credited te keserve en Ama|gamatien (a) - (b) - (c) - (d) 9,153
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38. 1he Ccmpany has ccnsdered busness segment" as ts prmary segment. 1he Ccmpany s prmarly n the busness cf manufacture,
purchase and sale cf mctcr vehcles, ccmpcnents and spare parts (autcmcbles"). 1he cther actvtes cf the Ccmpany ccmprse
facltatcn cf pre-cwned car sales, eet management and car nancng. 1he nccme frcm these actvtes, whch are ncdental tc the
Ccmpany's busness, s nct materal n nancal terms but such actvtes ccntrbute sgncantly n generatng the demand fcr the
prcducts cf the Ccmpany. Acccrdngly, the Ccmpany cperates n cne busness segment and thus nc busness segment nfcrmatcn
s requred tc be dsclcsed.
1he Cecgraphcal Segments" have been ccnsdered fcr dsclcsure as the seccndary segment, under whch the dcmestc segment
ncludes sales tc custcmers lccated n lnda and the cverseas segment ncludes sales tc custcmers lccated cutsde lnda.
Financia| infermatien ef geegraphica| segments is as fe||ews:-
2012-2013 2011-2012
Partculars Dcmestc Overseas Unallccated 1ctal Dcmestc Overseas Unallccated 1ctal
Pevenue frcm external
custcmers
44i,803 4,07 8,124 4,024 354,65i 40,302 8,268 403,22i
Segment assets 187,212 8,777 70,8i 266,880 i52,070 7,577 63,375 223,022
Captal expendture durng
the year
36,058 - - 36,058 32,3i5 - - 32,3i5
Nctes:-
a) Dcmestc segment ncludes sales and servces tc custcmers lccated n lnda
b) Overseas segment ncludes sales and servces rendered tc custcmers lccated cutsde lnda.
c) Unallccated assets nclude cther depcsts, dvdend bank acccunt and nvestments.
d) Segment assets ncludes xed assets, nventcres, sundry debtcrs, cash and bank balances (except dvdend bank acccunt),
cther current assets, lcans and advances (except cther depcsts).
e) Captal expendture durng the year ncludes xed assets (tangble and ntangble assets) cther than acqured pursuant tc
scheme cf amalgamatcn (refer Ncte 37) and net addtcn tc captal wcrk n prcgress.
39. THE FOLLOWING EXPENSES INCURRED ON RESEARCH AND DEVELOPMENT ARE INCLUDED UNDER RESPECTIVE
ACCOUNT HEADS:
2012-2013 2011-2012
kevenue xpenditure
Lmplcyees remuneratcn and benets i,530 i,4i6
Other expenses cf manufacturng and admnstratcn i,003 810
Capita| xpenditure 2,6i3 i,4i
5,146 3,717
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40. AUDITORS REMUNERATION*
2012-2013 2011-2012
Statutory audit 12.40 10.00
Other audt servces / certcatcn i.03 1.48
Pembursement cf expenses 0.71 0.37
Lxcludng servce tax
41. CIF VALUE OF IMPORTS
Paw materals and ccmpcnents 42,344 30,45i
Captal gccds i4,762 ii,625
Stcres and spares 663 667
Des and mculds 8 i5
Other tems 120 465
42. EXPENDITURE IN FOREIGN CURRENCY (ACCRUAL BASIS)
Fees fcr techncal servces i,i64 753
1ravellng expenses 443 8
Punnng rcyalty 24,538 i8,03i
Lumpsum rcyalty 62 2,0i5
Supervscn charges captalsed 1,070 i,086
lnterest i,i30 274
Others 2,046 i,432
43. EARNINGS IN FOREIGN CURRENCY
Lxpcrt cf gccds (FO8 bass) 45,5i4 36,i8
44. DIVIDEND REMITTED IN FOREIGN CURRENCY (CASH BASIS)
Dvdend fcr the year 20ii-i2 (Prevcus year 20i0-ii) i,i75 i,i75
Nc. cf ncn-resdent sharehclders 1 1
Nc. cf shares fcr whch dvdend remtted i56,6i8,440 i56,6i8,440

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Notes
45. VALUE OF IMPORTED AND INDIGENOUS MATERIALS CONSUMED
2012-2013 2011-2012
i) kaw Materia|s and Cempenents
Imported 36,80i 28,324
lndgencus 268,40 238,73i
305,741 267,055
Percentage ef Teta| Censumptien
Imported i2% ii%
lndgencus 88% 8%
ii) Machinery Spares
Imported 5i4 460
lndgencus 1,201 75i
1,715 1,211
Imported 30% 38%
lndgencus 70% 62%
iii) Consumption of Stores
Imported i3 i
lndgencus i,67i 820
1,864 911
Imported i0% i0%
lndgencus 0% 0%
46. LICENSED CAPACITY, INSTALLED CAPACITY AND ACTUAL PRODUCTION
Product Unt Lcensed lnstalled Actual
Capacity Capacity** Production
Passenger Cars and
Lght Duty Utlty \ehcles Ncs. - i,260,000 i,i68,i7
( - ) (i,260,000) (i,i34,607)
Nctes:
Lcensed Capacty s nct applcable frcm i3-4.
lnstalled Capacty s as certed by the management and reled upcn by the audtcrs, beng a techncal matter.
Prevcus Year gures are n brackets.
1
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Notes
47. SALES, OPENING STOCK AND CLOSING STOCK
Product Sa|es Opening Stock C|esing Steck
Qty.(Nos.) Va|ue Qty.(Nos.) Va|ue Qty.(Nos.) Va|ue
Passenger vehcles 1,171,434 441,163 16,485 5,631 13,065 4,812
(i,i33,65) (362,iii) (i6,222) (4,220) (i6,485) (5,63i)
Spare parts and Ccmpcnents * 39,950 * 1,362 * 1,654
* (24,001) * (i,323) * (i,362)
Des and mculds * 34 * - * -
* (2) * - * -
wcrk n prcgress NA 593 1,127
* (NA) * (457) * (53)
Nctes :
i. 1raded gccds ccmprse vehcles, spares, ccmpcnents and des and mculds. Durng the year i3 vehcles (prevcus year 56i
vehcles) were purchased
2. Clcsng Stcck cf vehcles s after ad|ustment cf 2 vehcles (prevcus year - 6i) tctally damaged.
3. Sales quantty excludes cwn use vehcles 834 Ncs. (prevcus year - 6i Ncs.)
4. Sales quantty excludes sample vehcles 53 Ncs. (prevcus year - i88 Ncs.)
5. Prevcus year gures are n brackets.
ln vew cf the nnumerable szes/numbers (ndvdually less than i0 per cent) cf the ccmpcnents, spare parts and des and
mculds t s nct pcssble tc gve quanttatve detals.
48. STATEMENT OF RAW MATERIALS AND COMPONENTS CONSUMED
2012-13 2011-2012
Creup 0f Materia| Unit Qty. Amount Qty. Amount
Steel ccls MT 2i0,55 11,448 200,256 i0,568
Ferrcus castngs MT 27,765 3,32 i6,83i 1,874
Ncn-ferrcus castngs MT 28,673 4,727 i5,507 2,302
Other ccmpcnents * 284,4i * 250,636
Pants K.L1P 6,8ii 5,75
MT 6,38i 1,818 6,043 i,675
305,741 267,055
ln vew cf the nnumerable szes/numbers (ndvdually less than i0 per cent) cf the ccmpcnents, spare parts and des and
mculds t s nct pcssble tc gve quanttatve detals.
49. PURCHASE OF STOCK IN TRADE
2012-2013 2011-2012
1raded spares i,525 i4,43i
1raded vehcles 25 862
Others 63 32
19,613 15,325

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Notes
50. STATEMENT OF EARNING PER SHARE
2012-2013 2011-2012
Net Prct after tax attrbutable tc sharehclders (n mllcn `) 23,2i i6,352
weghted average number cf equty shares cutstandng durng the year (Ncs) 302,080,060 288,i0,060
Ncmnal value per share (ln `) 5.00 5.00
8asc/dluted earnng per share (ln `) 79.19 56.60
51. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31
ST
MARCH 2013 IN RESPECT OF ASSETS TAKEN ON NON-
CANCELLABLE OPERATING LEASES ARE AS FOLLOWS
a) As a |essee
31.03.2013 31.03.2012
Due Teta| Minimum Lease Payments
Outstanding as on 31
st
March 2013
Teta| Minimum Lease Payments
Outstanding as on 31
st
March 2012
Premises Cars Teta| Premises
Within one year 50 4 54 4
Later than cne year but less than ve years 222 5 227 212
Later than ve years 682 - 682 741
31.03.2013 31.03.2012
Minimum Lease Payment Minimum Lease Payment
Charged tc rent expense 60 6 66 57
1he Ccmpany has taken certan premses cn cancellable cperatng lease. 1he rent expense amcuntng tc ` ii8 mllcn
(Prevcus year ` mllcn) has been charged tc the statement cf prct and lcss.
b) As a |esser
1he Ccmpany has gven certan plant and machneres cn cancellable cperatng lease. 1he rental nccme arsng cf the same
amounting to ` i0 mllcn has been credted tc statement cf prct and lcss.
52. DERIVATIVE INSTRUMENTS OUTSTANDING AT THE BALANCE SHEET DATE:
1(a) Ferward Centracts against imperts and reya|ty:
- Fcrward ccntracts tc buy lPY 45,200 mllcn (Prevcus year lPY 48,477 mllcn) aganst USD amcuntng tc ` 26,053
mllcn (Prevcus year ` 2,74 mllcn).
- Fcrward ccntracts tc buy USD 20 mllcn (Prevcus year USD 0 mllcn) aganst lNP amcuntng tc ` i,086 mllcn
(Prevcus year ` 4,57 mllcn).
1he abcve ccntracts have been undertaken tc hedge aganst the fcregn exchange expcsures arsng frcm transactcns
lke rcyalty and mpcrt cf gccds.
1
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Notes
(b) Ferward Centracts / kange Ferward centract against xperts:
- Fcrward ccntracts tc sell USD i50 mllcn (Prevcus year USD 25 mllcn) aganst lNP amcuntng tc ` 8,i44 mllcn
(Prevcus year ` i,272 mllcn).
- Fcrward ccntracts tc sell LUPO NlL (Prevcus year LUPO 28 mllcn) aganst lNP amcuntng tc NlL (Prevcus year ` i,0i
mllcn)
- Pange Fcrward Ccntracts tc sell USD NlL (Prevcus year USD 30 mllcn) aganst lNP amcuntng NlL (Prevcus year
` i,526 mllcn)
1he abcve ccntracts have been undertaken tc hedge aganst the fcregn exchange expcsures arsng frcm expcrt cf
gccds.
(c) bSD F|eating rate/INk F|eating rate cress-currency swap:
Outstandng USD/lNP Flcatng rate crcss-currency swap s USD 6.5i mllcn (Prevcus year USD 3i.i75 mllcn) amcuntng
to ` 3,773 mllcn (Prevcus year ` i,586 mllcn)
(d) Forward Contracts against Buyers Credit :
Fcrward Ccntracts tc buy lPY 78 mllcn (Prevcus year lPY 3,6i mllcn) aganst lNP amcuntng tc ` 460 mllcn (Prevcus
year ` 2,434 mllcn).
Fcrward Ccntracts tc buy USD i65 mllcn (Prevcus year USD i08 mllcn) aganst lNP amcuntng tc ` 8,33 mllcn (Prevcus
year ` 5,45 mllcn).
1he abcve ccntracts have been undertaken tc hedge aganst the fcregn exchange expcsure arsng frcm fcregn currency lcan.
2 The fereign currency expesures that are net hedged by a derivative instrument er etherwise are as fe||ews:
(ln mllcn)
As at 31.03.2013
YEN INR
quiva|ent
USD INR
quiva|ent
EURO INR
quiva|ent
GBP INR
quiva|ent
Pecevables 177 101 54 2,i 4 257 5 34
Payables 7,i2 4,i05 17 44 18 1,270 0.6 4
As at 31.03.2012 (ln mllcn)
YEN INR
quiva|ent
USD INR
quiva|ent
EURO INR
quiva|ent
Pecevables 32 20 4 182 10 7i5
Payables 2,70 i,6i 22 1,118 2 i33
Ncte: 1he abcve detals nclude the dervatve nstruments and fcregn currency expcsure unhedged, as acqured pursuant tc
scheme cf amalgamatcn (refer ncte 37)
1
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2
4

-

Notes
54. The detai|s ef Investment as per Nete 15 and 18 are previded be|ew :
Name of the Company Interest /
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
Current Non Current Current Non Current
Investment in subsidiaries (unquoted equity shares,
fu||y paid)
Marut lnsurance 8usness Agency Lmted 10 10 i50,000 i50,000 - i.5 - i.5
Marut lnsurance Dstrbutcn Servces Lmted 10 10 i50,000 i50,000 - i.5 - i.5
1rue \alue Sclutcns Lmted 10 10 50,000 50,000 - 0.5 - 0.5
Marut lnsurance Agences Sclutcns Lmted 10 10 i50,000 i50,000 - i.5 - i.5
Marut lnsurance Agences Netwcrk Lmted 10 10 i50,000 i50,000 - i.5 - i.5
Marut lnsurance Agency Servces Lmted 10 10 i50,000 i50,000 - i.5 - i.5
Marut lnsurance Agency Lcgstc Lmted 10 10 i50,000 i50,000 - i.5 - i.5
Marut lnsurance 8rcker Lmted 10 10 500,000 500,000 - 5.0 - 5.0
l.l. lmpex (Delh) Prvate Lmted 10 - 4,476,250 - - 76.0 - -
- 90.5 - 14.5
Investment in joint ventures (unquoted equity shares,
fu||y paid)
l.l. lmpex (Delh) Prvate Lmted - 10 - 4,323,750 - - - 72
Mark Lxhaust Systems Lmted 10 10 4,437,465 4,437,465 - 57 - 57
8ellscnca Autc Ccmpcnents lnda Prvate Lmted 100 100 3,540,000 3,540,000 - 354 - 354
FMl Autmctve Ccmpcnents Lmted 10 10 44,100,000 44,100,000 - 441 - 441
Krshna lshzak Autc Lmted 10 10 734,880 734,880 - 10 - 10
lnergy Autcmctve Systems Manufacturng lnda
Private Limited
10 10 6,656,000 6,656,000 - 67 - 67
Manesar Steel Prccessng (lnda) Prvate Lmted 10 10 6,840,000 6,840,000 - 68 - 68
Marut lnsurance 8rckng Prvate Lmted 10 10 23,600 23,600 - 2 - 2
- 999 - 1,071
Investment in asseciates (queted equity shares, fu||y
paid)
Asah lnda Class Lmted 1 1 i7,760,000 i7,760,000 - 2 - 2
8harat Seats Lmted 2 2 4,650,000 4,650,000 - 5 - 5
Densc lnda Lmted 10 10 2,862,758 2,862,758 - 73 - 73
lay 8harat Marut Lmted 5 5 6,340,000 6,340,000 - i6 - i6
Machnc Plastcs Lmted 10 10 4i,700 4i,700 - 5 - 5
Scna Kcyc Steerng Systems Lmted 1 1 i3,800,000 i3,800,000 - 10 - 10
- 111 - 111
Investment in associates (unquoted equity shares,
fu||y paid)
Caparo Maruti Limited 10 10 2,500,000 2,500,000 - 25 - 25
Clmate Systems lnda Lmted 100 100 5i8,700 5i8,700 - 52 - 52
Krshna Marut Lmted 10 10 670,000 670,000 - 7 - 7
SKH Metals Lmted 10 10 2,645,000 2,645,000 - 4 - 4
Nppcn 1hermcstat (lnda) Lmted 10 10 i25,000 i25,000 - 1 - 1
i
2
5
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E
N
T
S
Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
Suzuk Pcwertran lnda Lmted (Pefer Ncte 37) - 10 - 35,i00,000 - - - 3,5i
Magnet Marell Pcwertran lnda Lmted 10 10 8,550,000 8,550,000 - 86 - 86
- 220 - 4,171
bnqueted kedeemab|e Preference Shares (Fu||y
Paid) :
western Paques (lnda) Lmted i4.50% 100 100 500,000 500,000 - 50 - 50
- 50 - 50
Less :Prcvscn fcr dmnutcn n value - 50 - 50
- - - -
Investment in Mutua| Funds (unqueted)
bnits ef Debt Mutua| Funds :
8arcda Pcneer 367 Days FMP Seres 3 Crcwth
Optcn
- 10 - i5,002,4 - - i50 -
8arcda Pcneer 367 Days FMP Seres 4 Crcwth
Plan
10 - 10,000,000 - 100 - - -
8arcda Pcneer Fxed Maturty Plan Seres A Plan
8 Crcwth Optcn
10 - 25,000,000 - 250 - - -
8rla Sunlfe Fxed 1erm Plan Seres Fl Crcwth
Optcn
10 - 25,000,000 - - 250 - -
8rla Sunlfe Fxed 1erm Plan Seres F\ Crcwth
Optcn
10 - 30,000,000 - 300 - - -
8rla Sunlfe Fxed 1erm Plan Seres Fw Crcwth
Optcn
10 - 25,000,000 - 250 - - -
8rla Sunlfe Fxed 1erm Plan Seres CA Crcwth
Optcn
10 - 100,000,000 - - 1,000 - -
8rla Sunlfe Fxed 1erm Plan Seres CF (53
Days) Crcwth
10 - 30,000,000 - - 300 - -
8rla Sunlfe Fxed 1erm Plan Seres CC 368 Days
Crcwth Optcn
10 - 75,000,000 - 750 - - -
8rla Sunlfe Fxed 1erm Plan Seres Cl 367 Days
Crcwth Optcn
10 - 40,000,000 - 400 - - -
8rla Sunlfe Fxed 1erm Plan Seres CM 367 Days
Crcwth Optcn
10 - 20,000,000 - 200 - - -
8rla Sunlfe Fxed 1erm Plan Seres CO 36 Days
Crcwth Optcn
10 - 20,000,000 - 200 - - -
8rla Sunlfe Fxed 1erm Plan Seres CQ 367 Days
Crcwth Optcn
10 - 20,000,000 - 200 - - -
8rla Sunlfe Fxed 1erm Plan Seres HD (366 Days)
Crcwth Optcn
10 - 65,000,000 - 650 - - -
8rla Sunlfe lnterval lnccme Fund Annual Plan 2
Crcwth Optcn
10 - 26,004,35 - 260 - - -
8rla Sunlfe Fxed 1erm Fund Seres DX Crcwth
Optcn
- 10 - 48,000,000 - - 480 -
1
2
6

-

Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
8rla Sunlfe Fxed 1erm Fund Seres DY Crcwth
Optcn
- 10 - 40,000,000 - - 400 -
8rla Sunlfe Fxed 1erm Fund Seres LA Crcwth
Optcn
- 10 - 14,000,000 - - 140 -
8rla Sunlfe Fxed 1erm Fund Seres L8 Crcwth
Optcn
- 10 - 54,64i,500 - - 546 -
8rla Sunlfe Fxed 1erm Fund Seres LL Crcwth
Optcn
- 10 - 52,000,000 - - 520 -
8rla Sunlfe Fxed 1erm Fund Seres LF Crcwth
Optcn
- 10 - 45,000,000 - - 450 -
8rla Sunlfe Fxed 1erm Fund Seres LC Crcwth
Optcn
- 10 - 35,000,000 - - 350 -
8rla Sunlfe Fxed 1erm Fund Seres Ll Crcwth
Optcn
- 10 - 100,000,000 - - 1,000 -
8rla Sunlfe Fxed 1erm Fund Seres LK Crcwth
Optcn
- 10 - 40,000,000 - - 400 -
8rla Sunlfe Fxed 1erm Fund Seres LM Crcwth
Optcn
- 10 - 65,000,000 - - 650 -
8rla Sunlfe Fxed 1erm Plan Seres D1 Crcwth
Optcn
- 10 - 25,023,i78 - - 250 -
8rla Sunlfe Fxed 1erm Plan Seres LQ Crcwth
Optcn
- 10 - 20,000,000 - - 200 -
8rla Sunlfe Fxed 1erm Plan Seres FA Crcwth
Optcn
- 10 - 70,014,724 - - 700 -
8NP Parbas Overnght lnsttutcnal Plan Daly
Dvdend
- 10 - 5,06,56 - - 5i -
8NP Parbas Fxed 1erm Fund Seres 24 A Crcwth
Optcn
10 - 20,000,000 - - 200 - -
8NP Parbas Fxed 1erm Fund Seres 25 A Crcwth
Optcn
10 - 40,000,000 - 400 - - -
Canara Pcbeccc Fxed Maturty Plan Seres 7 Plan
A Crcwth Optcn
- 10 - 25,000,000 - - 250 -
Canara Pcbecc Fxed Maturty Plan Seres 6 i3
Mcnths Plan 8 Crcwth Optcn
- 10 - i5,000,000 - - i50 -
DSP 8lack Pcck FMP Seres 23 i2 M Crcwth
Optcn
- 10 - 60,000,000 - - 600 -
Optcn
- 10 - i5,000,000 - - i50 -
DSP 8lack Pcck FMP Seres 32 i2 Mcnth Crcwth
Optcn
- 10 - 100,000,000 - - 1,000 -
Optcn
- 10 - 70,000,000 - - 700 -
Optcn
- 10 - 30,000,000 - - 300 -
Optcn
10 10 100,000,000 100,000,000 1,000 - - 1,000
1
2
7
C
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P
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T
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T
E
M
E
N
T
S
Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
DSP 8lack Pcck Fxed Maturty Plan Seres 87 i2
Mcnth Crcwth Optcn
10 - 30,000,000 - 300 - - -
DSP 8lack Pcck FMP Seres 47 i2 Mcnth Crcwth 10 - 20,000,000 - 200 - - -
DSP 8lack Pcck FMP Seres 82 Crcwth Optcn 10 - 35,000,000 - 350 - - -
Optcn
10 - 100,000,000 - 1,200 - - -
Optcn
10 - 0,000,000 - 00 - - -
DSP 8lack Pcck Strategc 8cnd Fund weekly
Dvdend Pe-nvestment
1,000 - i,020,825 - i,033 - - -
DwS Fxed Maturty Plan Seres i Crcwth Optcn - 10 - 20,000,000 - - 200 -
DwS Fxed Maturty Plan Seres 3 Crcwth Optcn - 10 - 35,000,000 - - 350 -
DwS Fxed Maturty Plan Seres 5 Crcwth Optcn - 10 - 32,000,000 - - 320 -
DwS Fxed Maturty Plan Seres 6 Crcwth Optcn 10 10 35,000,000 35,000,000 350 - - 350
DwS Fxed 1erm Fund Seres 4 Crcwth Optcn - 10 - i3,000,000 - - i30 -
DwS Fxed 1erm Fund Seres 5 Crcwth Optcn - 10 - i5,000,000 - - i50 -
DwS 1reasury Fund Cash lnsttutcnal Plan - 100 - ,5,075 - - 1,001 -
DwS Fxed Maturty Plan Seres 24 Crcwth Optcn 10 - 40,000,000 40,000,000 400 - - -
DwS Fxed Maturty Plan Seres 26 Crcwth Optcn 10 - 68,000,000 68,000,000 - 680 - -
DwS Premer 8cnd Fund Drect Plan Crcwth 10 - 25,23,526 25,23,526 500 - - -
HDFC FMP 370 Day Dec (i) Crcwth Optcn - 10 - 25,000,000 - - 250 -
HDFC FMP 370 Day Dec (2) Crcwth Optcn - 10 - 30,0ii,283 - - 300 -
HDFC FMP 370 Day Feb 20i2 (i) Crcwth Optcn - 10 - 25,000,000 - - 250 -
HDFC FMP 370 Day Feb 20i2 (2) Crcwth Optcn - 10 - 70,000,000 - - 700 -
HDFC FMP 370 Day Feb 20i2 (3) Crcwth Optcn - 10 - 20,000,000 - - 200 -
HDFC FMP 370 Day lan 20i2 (4) Crcwth Crcwth
Optcn
- 10 - 75,000,000 - - 750 -
HDFC FMP 370 Days 20ii (2) Crcwth Optcn - 10 - 34,000,000 - - 340 -
HDFC FMP 370 Days lan 20i2 (i) Crcwth Optcn - 10 - 8,000,000 - - 80 -
HDFC FMP 370 Days lan 20i2 (2) Crcwth Optcn - 10 - 25,000,000 - - 250 -
HDFC FMP 370 Days lan 20i2 (3) Crcwth Optcn - 10 - 35,000,000 - - 350 -
HDFC FMP 30 Day March 20i2 (i) Seres XXl
Crcwth Optcn
10 10 100,000,000 100,000,000 1,000 - - 1,000
HDFC FMP 400 Day Feb 20i2 (i) Seres XXl
Crcwth Optcn
10 10 100,000,000 100,000,000 1,000 - - 1,000
HDFC FMP 370 Days Aprl 20i2 (2) Crcwth
Seres XXl
10 - 35,000,000 - 350 - - -
HDFC Annual lnterval Fund Seres i Plan 8 10 - 40,000,000 - 400 - - -
1
2
8

-

Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
HDFC Fxed Maturty Plan 36 Days Dec 20i2
(i) Crcwth
10 - 25,000,000 - 250 - - -
HDFC Fxed Maturty Plan 38 Days March 20i3(i)
Crcwth Optcn
10 - 20,000,000 - - 200 - -
HDFC Fxed Maturty Plan 400 Days March 20i3(i)
Seres 23 Crcwth Optcn
10 - 60,000,000 - - 600 - -
HDFC Fxed Maturty Plan 566 Days Dec 20i2
(i) Crcwth
10 - 2,000,000 - - 20 - -
HDFC Flcatng Pate lnccme Fund 20 - 5,44,i2i - i,60 - - -
HDFC FMP ii8 Days Feb 20i3 (i) Seres 24
Crcwth Optcn
10 - 5,000,000 - - 50 - -
HDFC FMP 37i D Ncv 20i2 (i) Crcwth Optcn 10 - 25,000,000 - 250 - - -
HDFC FMP 37i Days Feb 20i3 (i) Seres 23
Crcwth Optcn
10 - 30,000,000 - 300 - - -
HDFC FMP 37i Days Octcber 20i2 (i) Crcwth
i38
10 - i5,000,000 - i50 - - -
HDFC FMP 372 Days Feb 20i3 (i) Seres 23
Crcwth Optcn
10 - 50,000,000 - 500 - - -
HDFC FMP 372 Days lan 20i2 (2) Crcwth Optcn 10 - 18,000,000 - 180 - - -
HDFC FMP 372 Days lan 20i3 (3) Seres 23
Crcwth Optcn
10 - 45,000,000 - 450 - - -
HDFC Medume 1erm Oppcrtunty Fund Crcwth 10 - 3,864,i43 - - 500 - -
HS8C Fxed 1erm Seres 82 Crcwth 370 Days
Crcwth Optcn
- 10 - 25,000,000 - - 250 -
lClCl Prudental FMP Seres 5 i Year Plan L
Crcwth Optcn
- 10 - 35,000,000 - - 350 -
lClCl Prudental FMP Seres 60 i Year Plan F
Crcwth Optcn
- 10 - 40,000,000 - - 400 -
lClCl Prudental FMP Seres 60 i Year Plan l
Crcwth Optcn
- 10 - 30,000,000 - - 300 -
lClCl Prudental FMP Seres 6i i Year Plan A
Crcwth Optcn
- 10 - 5,000,000 - - 50 -
lClCl Prudental FMP Seres 6i i Year Plan C
Crcwth Optcn
- 10 - 60,000,000 - - 600 -
lClCl Prudental FMP Seres 6i i Year Plan L
Crcwth Optcn
- 10 - 34,i48,380 - - 34i -
lClCl Prudental FMP Seres 62 i Year Plan A
Crcwth Optcn
- 10 - 50,000,000 - - 500 -
lClCl Prudental FMP Seres 62 i Year Plan 8
Crcwth Optcn
- 10 - 45,000,000 - - 450 -
lClCl Prudental FMP Seres 62 i Year Plan C
Crcwth Optcn
- 10 - 20,000,000 - - 200 -
lClCl Prudental FMP Seres 62 36 Days Plan F
Crcwth Optcn
10 10 100,000,000 100,000,000 1,000 - - 1,000
i
2
C
O
R
P
O
R
A
T
E

O
V
E
R
V
I
E
W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
lClCl Prudental FMP Seres 63 i Year Plan C
Crcwth Optcn
- 10 - 75,0i5,667 - - 750 -
lClCl Prudental FMP Seres 63 i Year Plan L
Crcwth Optcn
10 10 40,000,000 40,000,000 400 - - 400
lClCl Prudental FMP Seres 63 370 Days Plan D
Crcwth Optcn
10 10 80,000,000 80,000,000 800 - - 800
lClCl Prudental FMP Seres 63 378 Days Plan l
Crcwth Optcn
10 10 6i,0i2,577 6i,0i2,577 6i0 - - 6i0
lClCl Prudental lnterval Fund Annual lnterval Plan
lll Crcwth Optcn
- 10 - i5,772,6i - - i58 -
lClCl Prudental Fxed Maturty Plan l 65 366 Days
Crcwth Optcn
10 - 25,000,000 - 250 - - -
lClCl Prudental Fxed Maturty Plan Seres 66 366
Days Plan D
10 - 20,000,000 - 200 - - -
Days Plan F Crcwth Optcn
10 - 40,000,000 - 400 - - -
Days Plan H
10 - 50,000,000 - 500 - - -
Days Plan 8 Crcwth Optcn
10 - 20,003,45i - 200 - - -
Days Plan C Crcwth Optcn
10 - 100,000,000 - - 1,000 - -
Days Plan A Crcwth Optcn
10 - 100,000,000 - - 1,000 - -
Days Plan 8
10 - 40,000,000 - 400 - - -
Days Plan D
10 - 0,000,000 - 00 - - -
lClCl Prudental FMP Seres 65 367 Days Plan H
Crcwth Optcn
10 - 22,003,85 - 220 - - -
lClCl Prudental FMP Seres 65 488 Days Plan D
Crcwth Optcn
10 - 30,000,000 - - 300 - -
lClCl Prudental FMP Seres 65 502 Days Plan C
Crcwth Optcn
10 - 73,000,000 - - 730 - -
lClCl Prudental lnterval Fund Seres \l Annual
lnterval Plan C Crcwth Optcn
10 - 25,000,000 - 250 - - -
lClCl Prudental 8lended Plan 8 Crcwth Optcn 10 - i7,i30,523 - 300 - - -
lClCl Prudental 8landed Plan 8 Drect Plan Dvd 10 - 4,874,652 - 504 - - -
lD8l FMP 36 Days Seres ll (Feb 20i2) C Crcwth
Optcn
- 10 - 25,000,000 - - 250 -
lD8l Fxed Maturty Plan 366 Days Seres lll
(March 20i3) D Crcwth Optcn
10 - 20,000,000 - 200 - - -
lD8l Fxed Maturty Plan Seres lll (Feb 20i3) Plan
A Crcwth Optcn
10 - 25,000,000 - 250 - - -
lDFC Fxed Maturty Plan Seres 57 Crcwth Optcn - 10 - 12,000,000 - - 120 -
1
3
0

-

Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
lDFC Fxed Maturty Plan Seres 58 Crcwth Optcn - 10 - i5,000,000 - - i50 -
lDFC Fxed Maturty Plan Seres 5 Crcwth Optcn - 10 - 22,000,000 - - 220 -
lDFC Fxed Maturty Plan Yearly Seres 48 Crcwth
Optcn
- 10 - 28,000,000 - - 280 -
lDFC Fxed Maturty Plan Yearly Seres 4 Crcwth
Optcn
- 10 - 55,000,000 - - 550 -
lDFC Fxed Maturty Plan Yearly Seres 5i Crcwth
Optcn
- 10 - 25,000,000 - - 250 -
lDFC FMP Seres 6i Crcwth Optcn - 10 - 42,000,000 - - 420 -
lDFC Fxed Maturty Plan 366 Days Seres 83
Crcwth Optcn
10 - 10,000,000 - 100 - - -
lDFC Fxed 1erm Plan Seres i2 Crcwth Optcn 10 - 40,000,000 - 400 - - -
lDFC Fxed 1erm Plan Seres i3 Crcwth Optcn 10 - 5,000,000 - 50 - - -
lDFC Fxed 1erm Plan Seres Crcwth Optcn 10 - 30,000,000 - - 300 - -
lDFC Yearly Seres lnterval Fund Drect Plan Seres
l Crcwth Optcn
10 - 25,000,000 - 250 - - -
lDFC Yearly Seres lnterval Seres ll Crcwth Optcn 10 - 50,000,000 - 500 - - -
lDFC Yearly Seres lnterval Seres lll Crcwth
Optcn
10 - 20,000,000 - 200 - - -
lDFC Mcney Manager Fund lnvestment Plan
Crcwth
10 - 55,6i8,50 - 1,000 - - -
lM Fxed Maturty Fund Seres XXlll Plan A 10 - i5,000,000 - i50 - - -
lP Mcrgan Fxed Maturty Plan Seres 8 Crcwth
Optcn
- 10 - 40,008,224 - - 400 -
lP Mcrgan lnda Seres 6 i3 Mcnths Crcwth
Optcn
10 10 120,000,000 120,000,000 1,200 - - 1,200
lP Mcrgan lnccme Fund Seres 30i Crcwth Fund 10 - 85,i2i,70i - - 85i - -
lP Mcrgan Actve lnccme 8cnd Fund Crcwth
Optcn
10 - 30,8,6i - 400 - - -
Kctak Flcater Shcrt 1erm Daly Dvdend Fund - 10 - 2i8,484,833 - - 2,210 -
Kctak FMP Seres 68 Crcwth Optcn - 10 - i5,000,000 - - i50 -
Kctak FMP Seres 6 Crcwth Optcn - 10 - 30,000,000 - - 300 -
Kctak FMP Seres 78 A Crcwth Optcn - 10 - 28,000,000 - - 280 -
Kctak Fxed Maturty Plan Seres i02 Crcwth
Optcn
10 - 20,000,000 - - 200 - -
Kctak Fxed Maturty Plan Seres i03 Crcwth
Optcn
10 - 20,000,000 - 200 - - -
i
3
i
C
O
R
P
O
R
A
T
E

O
V
E
R
V
I
E
W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
Kctak Fxed Maturty Plan Seres 4 Crcwth
Optcn
10 - 40,000,000 - 400 - - -
Optcn
10 - 40,000,000 - - 400 - -
Optcn
10 - 20,000,000 - 200 - - -
Kctak Fxed Maturty Plan Seres 7 Crcwth Optcn 10 - 5,000,000 - - 50 - -
L & 1 FMP \ (Feb 368 Days A) Crcwth Optcn - 10 - i5,000,000 - - i50 -
L & 1 Fxed Maturty Plan \ll (Dec 36 Days)
Crcwth Optcn
10 - 10,000,000 - 100 - - -
L & 1 Fxed Maturty Plan \ll (lan 507 Days)
Crcwth Optcn
10 - 25,000,000 - - 250 - -
L & 1 FMP \ll (Feb 5ii DA) Drect Plan Crcwth
Optcn
10 - 20,000,000 - - 200 - -
L&1 Fxed Maturty Plan \ll (367D A) Crcwth
Optcn
10 - 18,000,000 - 180 - - -
L&1 Fxed Maturty Plan \ll (Mar i3M A) Crcwth
Optcn
10 - 25,000,000 - - 250 - -
LlC Ncmura MF Fxed Maturty Plan Seres 6i 365
Days Crcwth Optcn
10 - 20,000,000 - 200 - - -
LlC Ncmura Mutual Fund Fxed Maturty Plan
Seres 54 375 Days Crcwth Optcn
10 - 35,000,000 - 350 - - -
Pelance Fxed Hcrzcn Fund XXl Seres i6
Crcwth Optcn
- 10 - 40,000,000 - - 400 -
Pelance Fxed Hcrzcn Fund XXl Seres 2 Crcwth
Optcn
- 10 - 65,000,000 - - 650 -
Pelance Fxed Hcrzcn Fund XXl Seres i2
Crwcth Optcn
- 10 - 85,000,000 - - 850 -
Pelance Fxed Hcrzcn Fund XXl Seres i4 Crcwth
Optcn
- 10 - 35,000,000 - - 350 -
Pelance Fxed Hcrzcn Fund XXl Seres 8 Crcwth
Optcn
- 10 - 40,000,000 - - 400 -
Pelance Fxed Hcrzcn Fund XXl Seres Crcwth
Optcn
- 10 - 65,000,000 - - 650 -
Pelance Fxed Hcrzcn Fund XXl Seres l\ Crcwth
Optcn
- 10 - 54,704,500 - - 547 -
Pelance Fxed Hcrzcn Fund XXl Seres \ Crcwth
Optcn
- 10 - 210,000,000 - - 2,100 -
Pelance Fxed Hcrzcn Fund XXl Seres \l Crcwth
Optcn
- 10 - i25,000,000 - - i,250 -
Pelance Fxed Hcrzcn Fund XXll Seres 33
Crcwth Optcn
10 - 35,000,000 - - 350 - -
Crcwth Optcn
10 - 5,000,000 - - 50 - -
1
3
2

-

Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
Crcwth Optcn
10 - 17,000,000 - 170 - - -
Crcwth Optcn
10 - 20,000,000 - - 200 - -
Pelance Fxed Hcrzcn Fund XXlll Seres 2 Crcwth
Optcn
10 - 30,000,000 - - 300 - -
Optcn
10 - 25i,324,53i - - 2,5i3 - -
Optcn
10 - 0,000,000 - 00 - - -
Pelance Yearly lnterval Fund Seres 2 Crcwth
Optcn
10 - 225,000,000 - 2,250 - - -
Optcn
10 - 40,000,000 - 400 - - -
Optcn
10 - 40,000,000 - 400 - - -
Optcn
10 - 20,000,000 - 200 - - -
Pelance Yearly lnterval Fund Seres l Crcwth
Optcn
10 - 225,000,000 - 2,250 - - -
Pelgare Credt Oppcrtunty Fund Dvdend Optcn - 10 - 75,000,000 - - 750 -
Pelgare Fxed Maturty Plan Seres Xll Plan C
Crcwth Optcn
- 10 - 18,000,000 - - 180 -
Pelgare Fxed Maturty Plan Seres Xlll Plan A
Crcwth Optcn
- 10 - i5,000,000 - - i50 -
Pelgare Fxed Maturty Plan Seres Xlll Plan C i3
Mcnths Crcwth Optcn
10 10 20,000,000 20,000,000 200 - - 200
Pelgare Fxed Maturty Plan Seres Xlll Plan D 386
Days Crcwth Optcn
10 10 20,000,000 20,000,000 200 - - 200
Pelgare Fxed Maturty Plan Seres Xl\ Plan 8 378
Days Crcwth Optcn
10 10 27,000,000 27,000,000 270 - - 270
Pelgare FMP Seres X Plan L Crcwth Optcn - 10 - 14,000,000 - - 140 -
Pelgare FMP Seres X Plan F Crcwth Optcn - 10 - i5,000,000 - - i50 -
Pelgare FMP Seres Xl Plan A 36 Days Crcwth
Optcn
- 10 - i5,000,000 - - i50 -
Pelgare FMP Seres Xl Plan L 37i Days Crcwth
Optcn
- 10 - 12,000,000 - - 120 -
Pelgare FMP Seres Xll Plan A 370 Days Crcwth
Optcn
- 10 - 14,000,000 - - 140 -
Pelgare lqud fund Daly Dvdend - 1,000 - 640,i8 - - 64i -
Pelgare Fxed Maturty Plan Seres X\l C Crcwth
Optcn
10 - 30,000,000 - 300 - - -
Pelgare Fxed Maturty Plan Seres X\l D Crcwth
Optcn
10 - 20,000,000 - 200 - - -
i
3
3
C
O
R
P
O
R
A
T
E

O
V
E
R
V
I
E
W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
Pelgare Fxed Maturty Plan Seres X\lll Plan A
(36 Days) Crcwth Optcn
10 - 20,000,000 - 200 - - -
Pelgare Fxed Maturty Plan Seres X\lll Plan D
10 - 40,000,000 - - 400 - -
Pelgare Fxed Maturty Plan Seres X\lll Plan L
10 - 40,000,000 - 400 - - -
Pelgare Fxed Maturty Plan Seres X\lll Plan F
10 - 25,000,000 - - 250 - -
Pelgare Actve lnccme 8cnd Fund Crcwth Optcn 10 - 4,3,2i5 - 700 - - -
Pelgare Shcrt 1erm Fund Crcwth 10 - 63,7i4,55 - 1,000 - - -
Peerless Fxed Maturty Plan Seres i Crcwth
Optcn
10 - 20,000,000 - 200 - - -
S8l Debt Fund Seres i5 Mcnths -7- Crcwth Optcn 10 10 17,000,000 17,000,000 170 - - 170
S8l Debt Fund Seres i8 Mcnths 8 Crcwth Optcn 10 10 i6,500,000 i6,500,000 i65 - - i65
S8l Debt Fund Seres 367 iiCrcwth Optcn - 10 - 6,434,45 - - 64 -
S8l Debt Fund Seres 367 Days i Crcwth Optcn - 10 - 3,0i,i80 - - 30 -
S8l Debt Fund Seres 367 Days i6 Crcwth Optcn - 10 - 65,000,000 - - 650 -
S8l Debt Fund Seres 367 Days i8 Crcwth Optcn 10 10 84,000,000 84,000,000 840 - 840 -
S8l Debt Fund Seres 370 Days ii Crcwth Optcn - 10 - 75,000,000 - - 750 -
S8l SDFS 367 D i2 Crcwth Optcn - 10 - 35,000,000 - - 350 -
SDFS 367 Days -i3 Crcwth Optcn - 10 - 35,047,62 - - 350 -
S8l Debt Fund Seres 366 Days Crcwth Optcn 10 - 75,000,000 - 750 - - -
S8l Debt Fund 366 Days Seres 23 Crcwth Optcn 10 - 100,000,000 - 1,000 - - -
S8l Debt Fund 366 Days Seres 24 Crcwth Optcn 10 - 20,000,000 - 200 - - -
S8l Debt Fund 366 Days Seres 25 Crcwth Optcn 10 - ii,000,000 - i,i0 - - -
S8l Debt Fund Seres i3 Mcnth i4 Crcwth Optcn 10 - 80,000,000 - - 800 - -
S8l Debt Fund Seres i3 Mcnth i5 Crcwth Optcn 10 - 80,000,000 - - 800 - -
S8l Debt Fund Seres 366 Days -i7 Crcwth Optcn 10 - i5,000,000 - i50 - - -
S8l Shcrt 1erm Debt Fund Drect Plan weekly Dvd 10 - 57,380,28 - 606 - - -
Sundaram Fxed 1erm Plan CC 366 Days Crcwth
Optcn
- 10 - i5,000,000 - - i50 -
Sundaram Fxed 1erm Plan CQ 370 Days Crcwth
Optcn
10 10 20,000,000 20,000,000 200 - - 200
Sundaram Fxed 1erm Plan DL 367 Days Crcwth
Optcn
10 - 20,000,000 - 200 - - -
Sundaram Fxed 1erm Plan DF 36 Days Crcwth
Optcn
10 - 40,000,000 - - 400 - -
Sundaram Fxed 1erm Plan DC 366 Days Crcwth
Optcn
10 - 20,000,000 - 200 - - -
1ata Fxed Maturty Plan Seres 38 l Crcwth Optcn - 10 - 17,000,000 - - 170 -
1ata Fxed Maturty Plan Seres 38 Scheme D
Crcwth Optcn
- 10 - 14,000,000 - - 140 -
1
3
4

-

Notes
Dividend
%age
Face Va|ue
`
31.03.2013
Face Va|ue
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
As at
31.03.2012
1ata Fxed Maturty Plan Seres 3 A Crcwth
Optcn
- 10 - i5,000,000 - - i50 -
1ata FMP Seres 37 Plan D Crcwth Optcn - 10 - i5,000,000 - - i50 -
1ata Fxed Maturty Plan Seres 42 Crcwth Optcn 10 - 27,000,000 - 270 - - -
1aurus Fxed Maturty Plan 36 Days Seres P
Crcwth Optcn
- 10 - i5,000,000 - - i50 -
1aurus Lqud Fund Daly Dvdend - 1,000 - 300,ii0 - - 300 -
1aurus Fxed Maturty Plan 36 Days Seres X
Crwcth Optcn
10 - 17,000,000 - 170 - - -
U1l Fxed lnccme Fund Seres X- \l 368 Days
Crcwth Optcn
- 10 - 47,00,025 - - 470 -
U1l Fxed lnccme lnterval Plan Crcwth Optcn - 10 - 22,23,72 - - 250 -
U1l Fxed 1erm lnccme Fund Seres X \ll Crcwth
Optcn
- 10 - 100,000,000 - - 1,000 -
U1l Fxed 1erm lnccme Fund Seres X \lll Crcwth
Optcn
- 10 - i05,000,000 - - i,050 -
U1l Fxed 1erm lnccme Fund Seres X X Crcwth
Optcn
- 10 - 20,000,000 - - 200 -
U1l Fxed 1erm lnccme Fund Seres Xl lll (368
Days) Crcwth Optcn
- 10 - 50,000,000 - - 500 -
U1l Fxed lnccme lnterval Plan Crcwth 10 - 22,23,72 - 250 - - -
U1l Fxed 1erm lnccme Fund Seres Xlll l (368
Days) Crcwth Optcn
10 - 25,000,000 - 250 - - -
U1l Fxed 1erm lnccme Fund Seres Xlll lll (54
Days) Crcwth Optcn
10 - 25,000,000 - - 250 - -
U1l Fxed 1erm lnccme Fund Seres Xl\ l 366
Days Crcwth Optcn
10 - 80,000,000 - 800 - - -
U1l Fxed 1erm lnccme Fund Seres Xl\ ll 366
Days Crcwth Optcn
10 - 85,000,000 - 850 - - -
U1l Fxed 1erm lnccme Fund Seres Xl\- l\ (408
Days) Crcwth Optcn
10 - 25,000,000 - - 250 - -
U1l Fxed 1erm lnccme Fund Seres Xl\- \ (366
Days) Crcwth Optcn
10 - 60,000,000 - 600 - - -
U1l Fxed 1erm lnccme Fund Seres Xl\- \l (366
Days) Crcwth Optcn
10 - 32,000,000 - 320 - - -
U1l Fxed 1erm lnccme Fund Seres Xl\- \ll (367
Days) Crcwth Optcn
10 - 100,000,000 - 1,000 - - -
52,298 17,064 47,541 8,565
Durng the current year the Ccmpany has acqured i52,500 shares cf ll lmpax (Delh) Prvate Lmted thereby ncreasng t's sharehcldng frcm 4.83 per cent tc 50.i7 per cent. Acccrdngly ll lmpex (Delh) Prvate
Lmted has been classed as a subsdary n the current year.
i
3
5
C
O
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P
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A
T
E

O
V
E
R
V
I
E
W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
Notes
55. Pursuant te c|ause ix(b) ef Sectien 227 (4A) ef the Cempanies Act, 1956, the detai|s ef disputed dues are as fe||ews:
Name of the Statute Nature of the Dues Amount (` in
mi||ien)
Amount deposited under
protest (` in mi||ien)
Period to which the
ameunt re|ates
Forum where dispute is pending
Inceme Tax Act, 1961 lnccme 1ax 5 8 i2-3 A.Y 1he Hcncurable Hgh Ccurt cf Delh
lnterest 3
lnccme 1ax 76 77 i5-6 A.Y 1he Hcncurable Hgh Ccurt cf Delh
lnterest 0
lnccme 1ax 204 205 i6-7 A.Y. 1he Hcncurable Hgh Ccurt cf Delh
lnterest 1
lnccme 1ax 22 275 i8- A.Y. 1he Hcncurable Hgh Ccurt cf Delh
lnterest 46
lnccme 1ax 38i 80 2003-04 A.Y. lnccme 1ax Appellant 1rbunal (l1A1) & Hgh Ccurt
lnterest 74
lnccme 1ax 32i 44 2004-05 A.Y. lnccme 1ax Appellant 1rbunal (l1A1) & Hgh Ccurt
lnterest 128
lnccme 1ax 1,018 i,356 2005-06 A.Y. lnccme 1ax Appellant 1rbunal (l1A1) & Hgh Ccurt
lnterest 68
lnccme 1ax 1,808 2,000 2006-07 A.Y. lnccme 1ax Appellant 1rbunal (l1A1)
lnterest i,060
lnccme 1ax 2,i63 834 2007-08 A.Y. lnccme 1ax Appellant 1rbunal (l1A1)
lnterest i,432
lnccme 1ax 2,535 1,482 2008-0 A.Y. lnccme 1ax Appellant 1rbunal (l1A1)
lnterest 1,202
lnccme 1ax 0 2007-08 A.Y. AO (1ax Deducted at Scurce)
lnterest 0
lnccme 1ax 24 2008-0 A.Y. AO (1ax Deducted at Scurce)
lnterest 8
lnccme 1ax 12 200-i0 A.Y. AO (1ax Deducted at Scurce)
lnterest 4
lnccme 1ax 12 20i0-ii A.Y. AO (1ax Deducted at Scurce)
lnterest 3
lnccme 1ax 57 20ii-i2 A.Y. AO (1ax Deducted at Scurce)
lnterest 12
lnccme 1ax 8 20i2-i3 A.Y. AO (1ax Deducted at Scurce)
lnterest 1
TOTAL 13,795 6,766
Wea|th Tax Act, 1957 wealth 1ax 1 1 i8- A.Y. Appeal s pendng befcre Hgh Ccurt
TOTAL 1 1
Paryana Cenera| Sa|es Tax Act lnterest 1 - i84-85 tc i85-86 A.Y. Assessng Authcrty , Curgacn
Sales 1ax 2 - i88-8 A.Y. Assessng Authcrty , Curgacn
TOTAL 3 -
De|hi Sa|es Tax Act Sales 1ax 47 2 A.Y. i88-8 tc ii-2 Addtcnal Ccmmsscner, Delh
TOTAL 47 2
1
3
6

-

Notes
mi||ien)
Period to which the
ameunt re|ates
The Centra| xcise Act, 1944 Lxcse Duty 2 - lul 0i tc lan.i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
lnterest 5
Penalty 71
Lxcse duty 17 3 Aug 6 tc Mar 0i Supreme Court of India.
Lxcse duty 7 March 03 tc March 05 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 7
Lxcse duty 5 Dec -Aug .04 Custcms, Lxcse & Servce 1ax Appellate 1rbunal.
Penalty 5
lnterest
Lxcse duty 50 Oct 06 tc Mar 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 22
lnterest 42
Lxcse duty i83 i83 May 05 tc Feb 07 Supreme Court of India.
lnterest i76 i76
Lxcse duty 802 Mar 07 tc lul ii Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 701
lnterest 480
Lxcse duty 4 1 Feb 03 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 1
Lxcse duty 38 12 Ncv 03 tc Mar i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 38
lnterest 2
Lxcse duty 380 lan 04 tc lul ii Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 380
lnterest 22
Lxcse duty 2,406 lun 04 tc Mar i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 2,406
lnterest i,757
Lxcse duty 55 May 08 to Aug 12 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 55
lnterest 21
Penalty 1
Lxcse duty i Apr 06 tc Mar i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty i
lnterest 12
Lxcse duty 1 1 May 8 tc Mar 2 Hgh Ccurt cf Delh.
Penalty 1 1
Lxcse 1 lun 07 tc Apr 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
TOTAL 10,680 377
The Finance Act, 1994 Servce 1ax 101 2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 101
lnterest 33
Servce 1ax 2 1 Apr 05 tc Mar 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 2
lnterest 3
Servce 1ax 2 1 Apr 10 to Mar 11 Ccmmsscner (Appeals)
i
3
7
C
O
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P
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E

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Notes
mi||ien)
Period to which the
ameunt re|ates
Penalty 1
lnterest 0
Servce 1ax 3 Apr ii tc Dec i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 3
lnterest
Servce 1ax 57 18
th
Apr 06 tc Mar i0 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 57
lnterest 44
Servce 1ax Apr 0 tc Mar i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty
lnterest 4
Servce 1ax 650 Ncv 06 tc Dec 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 650
lnterest 547
Servce 1ax 35 10 Feb 06 tc Ncv ii Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 35
Servce 1ax 2 Oct 06 tc Mar ii Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 2
Servce 1ax 5 Apr 05 tc Mar 07 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
lnterest 5
Servce 1ax 1 Apr 08 to Mar 12 Ccmmsscner (Appeals)
Servce 1ax 1 Apr 05 tc Sep 0 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 1
lnterest 1
Servce 1ax 12 Apr 05 tc Mar ii Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 12
lnterest 12
Servce 1ax i6 Apr 05 tc Mar 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty i6
lnterest i
Servce 1ax 18 Apr 05 tc Mar 08 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 18
lnterest i6
Servce 1ax 1 Apr 07 to Mar 12 Ccmmsscner (Appeals)
Penalty 1
Servce 1ax 8 Apr 05 tc Mar i0 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 8
lnterest 4
Servce 1ax 86 Apr 05 tc Mar i2 Custcms, Lxcse & Servce 1ax Appellate 1rbunal
Penalty 86
lnterest 83
TOTAL 2,782 14
Customs Act, 1962 Custcms duty 22 22 Feb 03 tc Aug 03 Custcms, Lxcse & Servce 1ax Appellate 1rbunal.
lnterest 5 -
TOTAL 27 22
GRAND TOTAL 27,335 7,182
1
3
8

-

Notes
56. STATEMENT ON ASSETS, LIABILITIES, INCOME & EXPENSES OF JOINT VENTURES
Detals cf the Ccmpany's share n the lcnt \enture Assets, Labltes, lnccme & Lxpenses as requred by Acccuntng Standard 27
Fnancal Pepcrtng cf lnterest n lcnt \enture" s as ndcated belcw.
SI.No Name of Company Country of
Incorporation
% Ownership Interest
As at 31.03.2013 As at 31.03.2012
1 l.l lmpex (Delh) Prvate Lmted India - 4.i3
2 Mark Lxhaust Systems Lmted India 44.37 44.37
3 8ellscnca Autc Ccmpcnents lnda Lmted India 30.00 30.00
4 FMl Autcmctve lnda Lmted India 4.00 4.00
5 Krshna lshzak Autc Lmted (fcrmerly
kncwn as Krshna Autc Mrrcrs Lmted)
India i5.00 i5.00
6 Manesar Steel Prccessng (lnda) Pvt Ltd India i5.00 i5.00
7 Marut lnsurance 8rckng Pvt Ltd India 47.2 47.2
8 lnergy Autcmctve Systems Manufacturng lnda Prvate Ltd India 26.00 26.00
Ccnverted tc Subsdary Ccmpany durng the year
2012-2013 2011-2012
DETAIL OF ASSETS
Non-current Assets
1angble Assets i,8 2,i2
lntangble Assets i3 i6
Captal wcrk n Prcgress 257 8
Net 8lcck 2,25 2,2i6
Ncn-Current lnvestments 214 17
Lcng 1erm Lcans and Advances 6i 40
Other Ncn-Current Assets - 60
Current Assets
Current lnvestments 68 -
lnventcres 436 423
1rade Pecevables 5 676
Cash and 8ank 8alances 353 24
Shcrt 1erm Lcans and Advances i76 i6
Other Current Assets i2 47
DETAIL OF LIABILITIES
Nen-current Liabi|ities
Lcng 1erm 8crrcwngs i,620 i,68
Deferred 1ax Labltes (Net) 74 45
Other Lcng 1erm Labltes 65 44
Lcng 1erm Prcvscns - -
Current Liabi|ities
Shcrt 1erm 8crrcwngs i76 141
i
3
C
O
R
P
O
R
A
T
E

O
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E
R
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W
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A
G
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U
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N
T
S
Notes
2012-2013 2011-2012
1rade Payables i,i46 i,i33
Other Current Labltes 75 46
Shcrt 1erm Prcvscns (20) -
DETAIL OF INCOME
Net Sale cf Prcducts 5,685 4,i3
Other Operatng Pevenue 75 ii3
Other lnccme 34 7
DETAIL OF EXPENDITURE
Ccst cf Materal Ccnsumed 4,604 3,802
Purchase cf Stcck-n-1rade 33 253
Change n lnventcres cf Fnshed Cccds, wcrk-n-Prcgress and Stcck-n-1rade (57) (21)
Lmplcyees 8enet Lxpenses 323 34i
Fnance Ccsts 78 64
Deprecatcn and Amcrtsatcn Lxpense 222 242
Other Lxpenses 602 5i5
1ax Lxpenses Current i52 i
1ax Lxpenses Deferred 36 (40)
DETAILS OF CONTINGENT LIABILITIES
Lxcse Demands 34 34
lnccme 1ax demands 6 6
Servce 1ax demands 5 5
Captal ccmmtments 12 42
Clams aganst the Ccmpany lcdged by varcus partes 5 7
57. 1he 8card cf Drectcrs n ts meetng held cn 26
th
Aprl
20i3 have apprcved the amalgamatcn cf the seven whclly
cwned nsurance subsdares under Sectcns 3i and 34
cf the Ccmpanes Act, i56. 1he amalgamatcn wll be
effective from 1
st
Aprl 20i3 and s sub|ect tc Sharehclders
and cther necessary apprcvals.
58. 1he gures fcr the prevcus year dc nct nclude gures
fcr erstwhle Suzuk Pcwertran lnda Lmted, whch has
amalgamated wth the Ccmpany effectve i
st
Aprl 20i2,
therefcre, the current year gures are nct ccmparable tc thcse
cf the prevcus year.
Place: New Delh
Date: 26
th
Aprl 20i3
1
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Notes
Financial Statement of Subsidiary
Companies 2012-13
(Amount in `)
Particu|ars Maruti
Insurance
Business
Agency
Limited
Maruti
Insurance
Distribution
Services Ltd.
Maruti
Insurance
Agency
Network Ltd.
Maruti
Insurance
Agency
Se|utiens
Ltd.
Maruti
Insurance
Agency
Services Ltd.
True Va|ue
Se|utiens
Ltd.
Maruti
Insurance
Agency
Logistics
Ltd.
II Impax Maruti
Insurance
Broker Ltd.
Captal i,500,000 i,500,000 i,500,000 i,500,000 i,500,000 500,000 i,500,000 88,000,000 5,000,000
Peserves & Surpluses i,07i,630,206 i80,763,ii0 28,605,328 2i3,373,386 50,246,602 i,522,38 i27,348,60 2,86i,35 (2,660,820)
1ctal Assets i,ii6,577,i27 i84,220,668 23,505,83 2i,265,i82 52,58,83i 2,056,868 i34,020,055 258,547,28i 4,205,3
1ctal Labltes i,ii6,577,i27 i84,220,668 23,505,83 2i,265,i82 52,58,83i 2,056,868 i34,020,055 258,547,28i 4,205,3
lnvestments i,000,64,05 i78,7i6,000 288,525,468 2ii,524,223 48,553,250 - i3i,5,557 - -
Turnover Income 74,74,570 i5,i74,463 24,ii7,64 i7,030,i78 4,084,65 - i0,227,73i 37,046,383 -
Prct 8efcre 1ax 68,746,028 i3,52i,300 22,5ii,247 i5,834,23i 3,780,708 (64,027) ,484,02 3,382,67 (i,i58,247)
1ax 12,800,000 2,710,000 4,255,000 2,50,000 60,000 i,640,000 i2,4i,000 -
Prior Period Item - (100,000) (200,000) - - (335,04i) (6i,427) -
Prct After 1ax 55,46,028 i0,ii,300 i8,456,247 i2,884,23i 3,00,708 (64,027) 8,i7,i33 26,503,i24 (i,i58,247)
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To the Board of Directors of Maruti Suzuki India Limited
i. we have audted the acccmpanyng ccnscldated nancal
statements (the Consolidated Financial Statements)
of Maruti Suzuki India Limited (the Company) and its
subsidiaries, its jointly controlled entities and associate
companies; hereinafter referred to as the Group (refer
Ncte |i] tc the attached ccnscldated nancal statements)
which comprise the consolidated Balance Sheet as at 31
st

March 20i3, and the ccnscldated Statement cf Prct and
Loss and the consolidated Cash Flow Statement for the
year then ended, and a summary cf sgncant acccuntng
policies and other explanatory information which we have
signed under reference to this report.
MANAGEMENTS RESPONSIBILITY FOR THE
CONSOLIDATED FINANCIAL STATEMENTS
2. The Companys Management is responsible for the
preparatcn cf these ccnscldated nancal statements
that give a true and fair view of the consolidated
nancal pcstcn, ccnscldated nancal perfcrmance and
ccnscldated cash cws cf the Crcup n acccrdance wth
accounting principles generally accepted in India. This
responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation
and presentatcn cf the ccnscldated nancal statements
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITORS RESPONSIBILITY
3. Our responsibility is to express an opinion on these
ccnscldated nancal statements based cn cur audt. we
conducted our audit in accordance with the Standards on
Auditing issued by the Institute of Chartered Accountants of
India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain
reasonable assurance about whether the consolidated
nancal statements are free frcm materal msstatement.
4. An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in
the ccnscldated nancal statements. 1he prccedures
selected depend on the auditors judgement, including the
assessment of the risks of material misstatement of the
ccnscldated nancal statements, whether due tc fraud
or error. In making those risk assessments, the auditors
consider internal control relevant to the Companys
preparation and fair presentation of the consolidated
nancal statements n crder tc desgn audt prccedures
that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the
cverall presentatcn cf the ccnscldated nancal statements.
5. we dd nct audt the nancal statements cf () subsdares
and 8 jointly controlled entities included in the consolidated
nancal statements, whch ccnsttute tctal assets cf ` 5,462
million and net assets of ` 2,125 million as at 31
st
March 2013,
total revenue of ` 7,34i mllcn, net prct cf ` 557 million and
net cash cws amcuntng tc ` 125 million for the year then
ended; and (ii) 12 associate companies which constitute net
prct cf ` 2i mllcn fcr the year then ended. 1hese nancal
statements and cther nancal nfcrmatcn have been audted
by other auditors whose reports have been furnished to us, and
cur cpncn cn the ccnscldated nancal statements tc the
extent they have been derved frcm such nancal statements
is based solely on the report of such other auditors.
6. Attention is invited to Note 38(a) and 38(b) of Notes to Financial
Statements regarding certain associate entities and jointly
ccntrclled enttes whcse nancal statements are unaudted,
the impact of which is not likely to be material.
7. we beleve that the audt evdence we have cbtaned s sufcent
and appropriate to provide a basis for our audit opinion.
OPINION
8. we repcrt that the ccnscldated nancal statements have
been prepared by the Companys Management in accordance
with the requirements of Accounting Standard (AS) 21
Consolidated Financial Statements, Accounting Standard (AS)
23 Accounting for Investments in Associates in Consolidated
Financial Statements, and Accounting Standard (AS) 27
Fnancal Pepcrtng cf lnterests n lcnt \entures ncted under
Sectcn 2ii(3C) cf the Ccmpanes Act, i56.
. 8ased cn cur audt and cn ccnsderatcn cf repcrts cf cther
audtcr(s) cn separate nancal statements and cn the cther
nancal nfcrmatcn cf the ccmpcnent(s) cf the Crcup as
referred to in paragraph 6 above, and to the best of our
information and according to the explanations given to us,
n cur cpncn, the acccmpanyng ccnscldated nancal
statements give a true and fair view in conformity with the
accounting principles generally accepted in India:
(a) in the case of the consolidated Balance Sheet, of the state
of affairs of the Group as at 31
st
March 2013;
(b) n the case cf the ccnscldated Statement cf Prct and
Lcss, cf the prct fcr the year ended cn that date; and
(c) in the case of the consolidated Cash Flow Statement, of
the cash cws fcr the year ended cn that date.
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EMPHASIS OF MATTER
i0. we draw attentcn tc Ncte 32(a)(v) cf the nancal statements
regarding demands received from Haryana State Industrial
& Infrastructure Development Corporation Limited towards
enhanced compensation for Companys freehold land at
Manesar amounting to ` 5,012 million, ` 1,376 million and ` 86
million; against the demand of ` 5,012 million the Companys
impleadment application has been heard and the order has
been reserved by the Honble Supreme Court of India;
against the demand of ` 1,376 million, the Company has
led an appeal wth the Pun|ab and Haryana Hgh Ccurt;
and against the demand of ` 86 million, the Company is
in the process of obtaining more information. Accordingly,
no provision is considered necessary towards enhanced
compensation for the aforesaid freehold land. Our opinion
s nct qualed n respect cf ths matter.
For Price Waterhouse
Firm Registration Number: 301112E
ABHISHEK RARA
Partner
Place : New Delhi
Date : 26
th
April 2013
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Consolidated Balance Sheet
As at 31
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March 2013
Notes to
Accounts
As at
31.03.2013
As at
31.03.2012
EQUITY AND LIABILITIES
SHAREHOLDERS FUNDS
Share Capital 2 1,510 1,445
Reserves and Surplus 3 188,768 155,302
190,278 156,747
MINORITY INTEREST 106 -
NON-CURRENT LIABILITIES
Long Term Borrowings 4 7,04 i,68
Deferred Tax Liabilities (Net) 5 4,176 3,06
Other Long Term Liabilities 6 1,121 1,028
Long Term Provisions 7 2,25 i,63
14,605 7,488
CURRENT LIABILITIES
Short Term Borrowings 8 8,63 i0,24
Trade Payables 42,868 34,658
Other Current Liabilities 10 ii,73 i5,3
Short Term Provisions 11 6,4i 5,236
69,719 66,757
TOTAL 274,708 230,992
ASSETS
NON-CURRENT ASSETS
Fixed Assets
Tangible Assets 12 7,77 75,340
Intangible Assets 13 2,240 2,115
Capital Work in Progress 14 i,67 ,427
119,896 86,882
Non-Current Investments 15 21,460 i7,0
Long Term Loans and Advances 16 12,865 13,458
Other Non-Current Assets 17 8,46 323
163,167 118,572
CURRENT ASSETS
Current Investments 18 52,754 47,541
Inventories i 18,872 18,378
Trade Receivables 20 i4,82 10,066
Cash and Bank Balances 21 8,148 24,634
Short Term Loans and Advances 22 11,343 7,0
Other Current Assets 23 5,532 3,811
111,541 112,420
TOTAL 274,708 230,992
1he nctes are an ntegral part cf these nancal statements. 1hs s the Ccnscldated 8alance Sheet referred tc n cur repcrt cf even date.
For Price Waterhouse KENICHI AYUKAWA SHINZO NAKANISHI
Firm Registration Number: 301112E Managing Director & CEO Director
Partner Chef Fnancal Ofcer Executive Director (Legal)
Place: New Delhi
Date: 26
th
April 2013
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Consolidated Statement of Proft and Loss
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March 2013
1he nctes are an ntegral part cf these nancal statements. 1hs s the Ccnscldated Statement cf Prct and Lcss referred tc n cur repcrt cf
even date.
Place: New Delhi
Date: 26
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April 2013
Notes to
Accounts
For the year ended
31.03.2013
For the year ended
31.03.2012
REVENUE FROM OPERATIONS
Gross Sale of Products 24 487,70 3i,56
Less: Excise Duty 55,811 3,57
Net Sale of Products 432,i5 35i,72
Other Operating Revenue 25 10,885 8,27
443,044 360,8
Other Income 26 8,301 8,443
Total Revenue 451,345 369,342
EXPENSES
Cost of Material Consumed
[Share of Joint Ventures ` 4,604 million (Previous Year ` 3,802 million)]
310,147 271,046
Purchase of Stock-in-Trade
[Share of Joint Ventures ` 33 million (Previous Year ` 253 million)]
20,i6 i5,57
Change in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade
27 i2 (1,506)
Lmplcyees 8enet Lxpenses 28 11,202 8,77
Finance Costs 2 i,78 616
Depreciation and Amortisation Expense 30 i8,87 11,625
Other Expenses 31 58,47 42,177
Vehicles / Dies for Own Use (438) (427)
Total Expenses 420,644 347,889
Pret befere Tax 30,701 21,453
Less : Tax Expense - Current Tax
[Share of Joint Ventures ` 152 million (Previous Year ` i mllcn)]
7,4i 4,183
- MAT Credit Availed (04) -
- Deferred Tax 5 (300) 32
[Share of Joint Ventures ` 36 million (Previous Year ` (40) million)]
Minority Interest (13) -
Share cf Prct n respect cf lnvestment n Assccates 219 474
Basic / Diluted Earnings Per Share of ` 5 each (n Pupees) (Pefer Ncte 3) 81.74 58.19
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Consolidated Cash Flow Statement
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March 2013
For the year
ended 31.03.2013
For the year
ended 31.03.2012
A. CASH FLOW FROM OPERATING ACTIVITIES:
Net Prct befcre 1ax 30,701 21,451
Adjustments for:
Depreciation i8,87 11,627
Finance Cost i,78 616
Interest Income (3,135) (4,042)
Dividend Income (426) (727)
Share cf Prct n respect cf lnvestment n Assccates 2i 474
Share of minority interest (13) -
Net Loss on Sale / Discarding of Fixed Assets 332 157
Prct cn Sale cf lnvestments (Net) (4,234) (2,575)
Provisions no Longer Required Written Back (472) (i,02)
Unrealised Foreign Exchange (Gain)/ Loss 1,425 556
0perating Pret befere Werking Capita| changes 45,272 26,445
Adjustments for changes in Working Capital :
- Increase/(Decrease) in Trade Payables 6,431 7,738
- Increase/(Decrease) in Short Term Provisions 252 77
- Increase/(Decrease) in Long Term Provisions 6 1,375
- Increase/(Decrease) in Other Current Liabilities (1,431) 5,414
- Increase/(Decrease) in Other Long Term Liabilities 3 (23)
- (Increase)/Decrease in Trade Receivables (3,658) (1,253)
- (Increase)/Decrease in Inventories 3,431 (3,2)
- (Increase)/Decrease in Short Term Loans and Advances (2,i8) (6i)
- (Increase)/Decrease in Long Term Loans and Advances (77) (3,655)
- (Increase)/Decrease in Other Current Assets (2,011) (2,377)
- (Increase)/Decrease in Other Non Current Assets (7) 132
Cash generated from Operating Activities 46,121 29,820
- Taxes (Paid) (Net of Tax Deducted at Source) (5,507) (3,268)
Net Cash from Operating Activities 40,614 26,552
B. CASH FLOW FROM INVESTING ACTIVITIES:
Purchase of Fixed Assets (35,750) (2,i)
Sale of Fixed Assets 438 70
Sale of Investments 118,465 i5,i3
Purchase of Investments (i26,46) (i68,35)
Investments in Deposits with Banks (15,000) (22,600)
Maturities of Deposits with Banks 22,600 24,130
Interest Received 3,502 4,266
Dividend Received 426 727
Net Cash from Investing Activities (32,265) (31,808)
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Consolidated Cash Flow Statement
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For the year
ended 31.03.2013
For the year
ended 31.03.2012
C. CASH FLOW FROM FINANCING ACTIVITIES:
Proceeds from Short Term borrowings 8,63 i0,24
Repayment of Short Term borrowings (i0,24) (403)
Proceeds from Long Term borrowings 1,688 -
Repayment of Long Term borrowings (4,588) (1,413)
Interest Paid (2,083) (40)
Dividend Paid (2,167) (2,167)
Corporate Dividend Tax Paid (351) (351)
Net Cash from Financing Activities (9,786) 6,100
Net Increase/(Decrease) in Cash & Cash Equivalents (1,437) 844
Cash and Cash Equivalents as at 1
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April (Opening Balance) 2,034 1,190
Cash and cash equivalents as at 1
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April 2012 - acquired on amalgamation 1,051 -
Cash and Cash Equivalents as at 31
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March (Closing Balance) 1,648 2,034
Cash and Cash Equivalents comprise 1,648 2,034
Cash & Cheques in Hand (Share of Joint Venture ` 1 million (previous year
` 3 million)
1,036 6
Balance with Banks (Share of Joint Venture ` 80 million (previous year
` 185 million)
340 274
Balance with Scheduled Banks in Deposit Accounts (Share of Joint Venture
` 272 million (previous year ` 61 million)
272 1,061
Notes :
1 The above Cash Flow Statement has been prepared under the indirect method as set out in Accounting Standard -3 on Cash Flow
Statement" ncted under Sectcn 2ii (3C) cf the Ccmpanes Act, i56.
2 Cash and Cash Equivalents include ` 6 million (Previous Year ` 5 million) in respect of unclaimed dividend, the balance of which is
not available to the Company.
3 Fgures n brackets represents cash cutcw.
This is the Consolidated Cash Flow Statement referred to in our report of even date.
Place: New Delhi
Date: 26
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April 2013
Notes
To The Consolidated Financial Statements
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1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
1.1 GROUP COMPANIES
Maruti Suzuki India Limited (The Company) has nine subsidiaries, seven joint venture companies and twelve associate
companies (The Group), as given in the following table.
Sl.
No.
Name of Company Relationship Country of
Incorporation
Percentage
of ownership
interest as on
31
st
March 2013
Percentage
of ownership
interest as on
31
st
March 2012
1 Maruti Insurance Business Agency Limited
(Formerly known as Maruti Insurance
Brokers Limited)
Subsidiary India 100.00 100.00
2 Maruti Insurance Distribution Services
Limited
Subsidiary India 100.00 100.00
3 True Value Solutions Limited Subsidiary India 100.00 100.00
4 Maruti Insurance Agency Network Limited Subsidiary India 100.00 100.00
5 Maruti Insurance Agency Solutions Limited Subsidiary India 100.00 100.00
6 Maruti Insurance Agency Services Limited Subsidary India 100.00 100.00
7 Maruti Insurance Logistic Limited Subsidary India 100.00 100.00
8 Maruti Insurance Broker Limited Subsidary India 100.00 100.00
J.J Impex (Delhi) Private Limited * Subsidary India 50.87 4.i3
10 Mark Exhaust Systems Limited Joint Venture India 44.37 44.37
11 Bellsonica Auto Components India Limited Joint Venture India 30.00 30.00
12 Krishna Ishizaki Auto Limited (Formerly
known as Krishna Auto Mirrors Limited)
Joint Venture India 15.00 15.00
13 FMI Automotive India Limited Joint Venture India 4.00 4.00
14 Inergy Automotive Systems Manufacturing
India Private Limited
15 Manesar Steel Processing (India) Private
Limited
16 Maruti Insurance Broking Private Limited Joint Venture India 47.2 47.2
17 Suzuki Powertrain India Limited # Associate India - 30.00
18 Climate Systems India Limited Associate India 3.00 3.00
i SKH Metals Limited Associate India 48.71 48.71
20 Jay Bharat Maruti Limited Associate India 2.28 2.28
21 Caparo Maruti Limited Associate India 25.00 25.00
22 Machino Plastics Limited Associate India 15.35 15.35
23 Bharat Seats Limited Associate India 14.81 14.81
24 Krishna Maruti Limited Associate India 15.80 15.80
25 Asahi India Glass Limited Associate India 11.11 11.11
26 Denso India Limited Associate India 10.27 10.27
27 Nippon Thermostat (India) Limited Associate India 10.00 10.00
28 Sona Koyo Steering Systems Limited Associate India 6.4 6.4
2 Magneti Marelli Powertrain India Limited Associate India i.00 i.00
(*) During the current year the Company has acquired 152,500 shares of J. J. Impex (Delhi) Private Limited thereby increasing
t's sharehcldng frcm 4.i3 per cent tc 50.87 per cent. Acccrdngly l. l. lmpex (Delh) Prvate Lmted has been classed as a
subsidiary in the current year.
(#) Amalgamated with the Company (refer note 37)
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1.2 BASIS FOR PREPARATION OF THE CONSOLIDATED
FINANCIAL STATEMENTS
1hese nancal statements have been prepared n
accordance with the generally accepted accounting
principles in India under the historical cost convention
cn an accrual bass. 1hese nancal statements have
been prepared to comply in all material respects with
the applicable accounting principles in India, the
applcable acccuntng standards ncted under Sectcn
211(3C) [Companies (Accounting Standards) Rules, 2006
as amended] cf the Ccmpanes Act, i56, Acccuntng
Standard 30, Financial Instruments: Recognition and
Measurement issued by the Institute of Chartered
Accountants of India to the extent it does not contradict
any other accounting standard referred to Section 211
(3C) [Companies (Accounting Standards) Rules, 2006
as amended] of the Act, other recognised accounting
practices and policies and the relevant provisions of the
Ccmpanes Act, i56.
All assets and labltes have been classed as current
or non-current as per the Companys operating cycle and
other criteria set out in the Schedule VI to the Companies
Act, i56. 8ased cn the nature cf prcducts and the tme
between the acquisition of assets for processing and their
realisation in cash and cash equivalents, the Company
has ascertained its operating cycle as 12 months for the
purpcse cf current - ncn current classcatcn cf assets
and liabilities.
Investment in associates (entity over which the company
exercses sgncant nuence, whch s nether a
subsidiary nor a joint venture) are accounted for using
the equity method as per Accounting Standard 23 on
Accounting for Investments in Associates in Consolidated
Financial Statements.
Investments in joint venture undertakings over which the
company exercises joint control are accounted for using
proportionate consolidation as per Accounting Standard
27 on Financial Reporting of Interests in Joint Ventures.
All unrealsed surpluses and dects cn transactcns
between the group companies are eliminated.
Accounting policies between group companies are
consistent to the extent practicable. Appropriate
dsclcsure s made cf sgncant devatcns frcm the
company accounting policies, which have not been
adjusted.
1.3 REVENUE RECOGNITION
Domestic and export sales are recognised on transfer
cf sgncant rsks and rewards tc the custcmer
which takes place on dispatch of goods from the
factory and port respectively.
Finance charges on hire purchase business/ lease
rental income are recognised on the basis of implicit
rate of return on the value of assets hired out/leased.
Agency Commission income from insurance
companies and remuneration to dealers are
recognised based on the insurance policies issued by
the dealers.
The Company recognises income from services on
rendering of services.
1.4 FIXED ASSETS
Tangib|e Assets
a) Fixed assets (except freehold land which is
carried at cost) are carried at cost of acquisition
or construction or at manufacturing cost (in
case of own manufactured assets) in the year of
capitalisation less accumulated depreciation.
b) Assets acqured under nance leases are
capitalised at the lower of their fair value and
the present value of minimum lease payments.
Intangib|e Assets
Lumpsum royalty is stated at cost incurred as per
the relevant licence agreements with the technical
know-how providers less accumulated amortisation.
1.5 BORROWING COSTS
Borrowing costs that are directly attributable to the
acquisition, construction or production of qualifying
assets are capitalised till the month in which each
asset is put to use as part of the cost of that asset.
1.6 DEPRECIATION/ AMORTISATION
a) 1angble xed assets except leasehcld land are
depreciated on the straight line method on a
pro-rata basis from the month in which each
asset is put to use.
Depreciation has been provided at the rates
prescribed in Schedule XIV to the Companies
Act, i56 except fcr certan xed assets where,
based on the managements estimate of the
useful lives of the assets, higher depreciation
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has been provided on the straight line method
over the following useful lives:
Plant and Machinery 8 11 Years
Dies and Jigs 4 Years
Electronic Data Processing
Equipments
3 Years
Depreciation has been provided on Straight
Line Method at rate higher than Schedule XIV
for some associate companies as follows:
Assets Depreciation rates
Electrical Fittings 3 Years
Plant & Machinery 5 13 Years
Furniture & Fittings 5 7 Years
Vehicles 5 Years
Electronic Data
Processing Equipments
3 5 Years
In respect of assets whose useful life has been
revised, the unamortised depreciable amount is
charged over the revised remaining useful lives
of the assets.
b) Leasehold land is amortised over the period of
lease.
c) All assets, the individual written down value of
which at the beginning of the year is ` 5,000
or less, are depreciated at the rate of 100 per
cent. Assets purchased during the year costing
` 5,000 or less are depreciated at the rate of
100 per cent.
d) Lump Sum royalty is amortised on a straight line
basis over 4 years from the start of production
of the related model.
1.7 GOODWILL
Goodwill arising on consolidation is charged to
statement cf prct and lcss.
1.8 INVENTORIES
a) Inventories are valued at lower of cost,
determined on the weighted average basis, and
net realisable value.
b) Tools are written off over a period of three
years except for tools valued at ` 5,000 or less
individually which are charged to revenue in
the year of purchase.
c) Machinery spares (other than those supplied
alongwith main plant and machinery, which are
capitalised and depreciated accordingly) are charged
to revenue on consumption except those valued at
` 5,000 or less individually, which are charged to
revenue in the year of purchase.
In case of certain associates inventory is valued at
lcwer cf ccst, determned cn the rst n rst cut
basis, and net realisable value.
1.9 INVESTMENTS
Current investments are valued at the lower of cost and
fair value. Long-term investments are valued at cost
except in the case of other than temporary decline in
value, in which case necessary provision is made.
1.10 RESEARCH AND DEVELOPMENT
Revenue expenditure on research and development
s charged cff aganst the prct cf the year n whch
it is incurred. Capital expenditure on research and
develcpment s shcwn as an addtcn tc xed assets and
depreciated accordingly.
1.11 FOREIGN CURRENCY TRANSLATIONS AND DERIVATIVE
INSTRUMENTS
a) Foreign currency transactions are recorded at
the exchange rates prevailing at the date of the
transactions. Exchange differences arising on
settlement of transactions are recognised as income
or expense in the year in which they arise.
b) At the balance sheet date, all monetary assets and
liabilities denominated in foreign currency are
reported at the exchange rates prevailing at the
balance sheet date by recognising the exchange
dfference n Statement cf Prct and Lcss. Hcwever,
the exchange difference arising on foreign currency
monetary items that qualify and are designated as
hedge nstruments n a cash cw hedge s ntally
recognised in hedge reserve and subsequently
transferred tc the statement cf prct and lcss cn
occurrence of the underlying hedged transaction.
c) Effective 1
st
April 2008, the Company adopted
Accounting Standard -30, Financial Instruments:
Recognition and Measurement issued by The
Institute of Chartered Accountants of India to the
extent the adoption does not contradict with the
acccuntng standards ncted under Sectcn 2ii(3C)
cf the Ccmpanes Act, i56 and cther regulatcry
requirements. All derivative contracts (except
for forward foreign exchange contracts where
1
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underlying assets or liabilities exist) are fair valued
at each reporting date. For derivative contracts
designated in a hedging relationship, the Company
records the gain or loss on effective hedges, if any,
in a hedge reserve, until the transaction is complete.
On completion, the gain or loss is transferred to
the statement cf prct and lcss cf that percd.
Changes in fair value relating to the ineffective
portion of the hedges and derivatives not qualifying
or not designated as hedges are recognised in the
statement cf prct and lcss n the acccuntng percd
in which they arise.
d) In the case of forward foreign exchange contracts
where an underlying asset or liability exists, the
difference between the forward rate and the
exchange rate at the inception of the contract is
recognised as income or expense over the life of
the ccntract. Prct cr lcss arsng cn cancellatcn
or renewal of a forward contract is recognised
as income or expense in the year in which such
cancellation or renewal is made.
1.12 EMPLOYEE BENEFIT COSTS
Shert - Term mp|eyee enets:
Recognised as an expense at the undiscounted amount in
the statement cf prct and lcss fcr the year n whch the
related service is rendered.
Pest mp|eyment and 0ther Leng Term mp|eyee enets :
. 1he Ccmpany has Dened Ccntrbutcn Plans
fcr pcst emplcyment benet namely the
Superannuation Fund which is recognised by the
income tax authorities. This Fund is administered
through a Trust set up by the Company and the
Companys contribution thereto is charged to
statement cf prct and lcss every year. 1he Ccmpany
also maintains an insurance policy to fund a post-
employment medical assistance scheme, which is a
Dened Ccntrbutcn Plan admnstered by 1he New
India Insurance Company Limited. The Companys
contribution to State Plans namely Employees State
Insurance Fund and Employees Pension Scheme are
charged tc the statement cf prct and lcss every
year.
. 1he Ccmpany has Dened 8enet Plans namely
Gratuity, Provident Fund and Retirement Allowance
for employees and Other Long Term Employee
8enets .e. Leave Lncashment / Ccmpensated
Absences, the liability for which is determined on
the basis of an actuarial valuation at the end of the
year based on the Projected Unit Credit Method and
any shortfall in the size of the fund maintained
by the Trust is additionally provided for in
the statement cf prct and lcss. 1he Cratuty
Fund and Provident Fund are recognised by
the income tax authorities and is administered
through Trusts set up by the Company.
1ermnatcn benets are mmedately
recognised as an expense.
Gains and losses arising out of actuarial
valuations are recognised immediately in
the statement cf prct and lcss as nccme cr
expense.
In case of certain joint venture and associate
companies, contributions towards gratuity
and provident fund are charged to Statement
cf Prct & Lcss cn the bass cf premum pad
to the Life Insurance Corporation of India and
contribution made to Regional Provident Fund
Ccmmsscner's cfce.
1.13 CUSTOMS DUTY
Custom duty available as drawback is initially
recognised as purchase cost and is credited to
consumption of materials on exported vehicles.
1.14 GOVERNMENT GRANTS
Government grants are recognised in the statement
cf prct and lcss n acccrdance wth the related
schemes and in the period in which these accrue.
1.15 TAXES
Tax expense for the year, comprising current tax
and deferred tax, is included in determining the net
prct/ (lcss) fcr the year.
Current tax s reccgnsed based cn assessable prct
computed in accordance with the Income Tax Act and
at the prevailing tax rate.
Deferred tax is recognised for all timing differences.
Deferred tax assets are carried forward to the extent
it is reasonably / virtually certain (as the case may
be) that future taxable prct wll be avalable
against which such deferred tax assets can be
realised. Such assets are reviewed at each balance
sheet date and wrtten dcwn tc reect the amcunt
that is reasonably/ virtually certain (as the case may
be) to be realised.
Minimum Alternative Tax credit is recognised as an
asset only when and to the extent there is convincing
evidence that the Company will pay normal income
Notes
1
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2

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tax durng the speced percd. Such assets are
reviewed at each balance sheet date and the carrying
amount is written down to the extent, there is no
longer convincing evidence to the effect that the
ccmpany wll pay ncrmal tax durng the speced
period.
Deferred tax assets and liabilities are measured at
the tax rates that have been enacted or substantively
enacted at the balance sheet date.
1.16 DIVIDEND INCOME
Dividend from investments is recognised when the
right to receive the payment is established and when
nc sgncant uncertanty as tc measurablty cr
collectability exits.
1.17 INTEREST INCOME
Interest income is recognised on the time basis
determined by the amount outstanding and the rate
applcable and where nc sgncant uncertanty as tc
measurability or collectability exists.
1.18 IMPAIRMENT OF ASSETS
At each balance sheet date, the Company assesses
whether there is any indication that an asset may be
impaired. If any such indication exists, the Company
estimates the recoverable amount. If the carrying
amount of the asset exceeds its recoverable amount,
an impairment loss is recognised in the statement
cf prct and lcss tc the extent the carryng amcunt
exceeds the recoverable amount.
1.19 ROYALTY
a) The Company pays / accrues for royalty
in accordance with the relevant licence
agreements with the technical know-how
providers.
b) The lump sum royalty incurred towards obtaining
technical assistance / technical know-how
to manufacture a new model/ car, ownership
of which rests with the technical know-
how provider, is recognised as an intangible
asset in accordance with the requirements of
Accounting Standard-26 Intangible Assets.
Royalty payable on sale of products i.e. running
rcyalty s charged tc Statement cf Prct and
Loss as and when incurred.
1.20 PROVISIONS AND CONTINGENCIES
Provisions: Provisions are recognised when there is a
present obligation as a result of a past event, it is probable
that an cutcw cf rescurces embcdyng eccncmc
benets wll be requred tc settle the cblgatcn and there
is a reliable estimate of the amount of the obligation.
Provisions are measured at the best estimate of the
expenditure required to settle the present obligation at
the balance sheet date and are not discounted to their
present value.
Contingent Liabilities: Contingent liabilities are disclosed
when there is a possible obligation arising from past
events, the exstence cf whch wll be ccnrmed cnly
by the occurrence or non occurrence of one or more
uncertain future events not wholly within the control of
the Company or a present obligation that arises from past
events where t s ether nct prcbable that an cutcw cf
resources will be required to settle or a reliable estimate
of the amount cannot be made.
1.21 LEASES
As a lessee
Leases n whch a sgncant pcrtcn cf the rsks and
rewards of ownership are retained by the lessor are
classed as cperatng leases. Payments made under
cperatng leases are charged tc the statement cf prct
and loss on a straight-line basis over the period of the
lease or the terms of underlying agreement/s as the case
may be.
As a lessor
The Company has leased certain tangible assets and such
leases where the Company has substantially retained
all the rsks and rewards cf cwnershp are classed
as operating leases. Lease income on such operating
leases are reccgnsed n the statement cf prct and
loss on a straight line basis over the lease term which
s representatve cf the tme pattern n whch benet
derived from the use of the leased asset is diminished.
1.22 CASH AND CASH EQUIVALENTS
ln the cash cw statement, cash and cash equvalents
include cash in hand, demand deposits with banks,
other short-term highly liquid investments with original
maturities of three months or less.
1
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2. SHARE CAPITAL
As at
31.03.2013
As at
31.03.2012
Authorised Capital
3,744,000,000 equity shares of ` 5 each (Previous year 744,000,000 equity shares of ` 5
each)
18,720 3,720
Issued, Subscribed and Paid up
302,080,060 equity shares of ` 5 each (Prevcus year 288,i0,060 equty shares cf ` 5
each) fully paid up
1,510 1,445
1,510 1,445
kecenci|iatien ef the number ef shares eutstanding
As at 31.03.2013 As at 31.03.2012
Numbers ef
Shares
Amount Numbers ef
Shares
Amount
Balance as at the beginning of the year 288,i0,060 1,445 288,i0,060 1,445
Share issued in the ratio of 1:70 to the
shareholders of erstwhile Suzuki Powertrain India
Limited pursuant to a scheme of amalgamation
(Refer Note 37)
13,170,000 65 - -
Balance as at the end of the year 302,080,060 1,510 288,910,060 1,445
quity shares he|d by the he|ding cempany
As at 31.03.2013 As at 31.03.2012
Numbers ef
Shares
Amount Numbers ef
Shares
Amount
Suzuki Motor Corporation, the holding company i6,788,440 848 156,618,440 783
169,788,440 848 156,618,440 783
Rights, preferences and restriction attached to shares
The Company has one class of equity shares with a par value of ` 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.
Notes
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4

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Shares he|d by each sharehe|der he|ding mere than 5 per cent ef the aggregate shares in the Cempany
% Number ef
Shares
% Number ef
Shares
Suzuki Motor Corporation (the holding company) 56.21 i6,788,440 54.21 156,618,440
Life Insurance Corporation of India 6.2 i8,3,8i5 8.45 24,3,405
Shares a||etted as fu||y paid up pursuant te centract(s) witheut payment being received in cash (during 5 years immediate|y
preceding 31
st
March 2013)
13,170,000 Equity Shares have been allotted as fully paid up during the current year to Suzuki Motor Corporation pursuant to a
scheme of amalgamation with Suzuki Powertrain India Limited (refer note 37)
3. RESERVES AND SURPLUS
As at
31.03.2013
As at
31.03.2012
Reserve created on Amalgamation 9,153 -
Capital Reserve on Consolidation
[includes Joint Venture share of ` 2 million (Previous Year
` 3 million)]
32 31
Securities Premium Account 4,246 4,246
General Reserve
Balance as at the beginning of the year 15,852 14,217
Add : 1ransferred frcm Surplus n Statement cf Prct and Lcss 2,418 1,635
Balance as at the end of the year 18,270 15,852
Hedge Reserve
Balance as at the beginning of the year (441) i4
Less : Release / adjustments during the year (3) 635
Balance as at the end of the year (402) (441)
Surp|us in Statement ef Pret and Less
Balance as at the beginning of the year 135,612 i22,55
Addtcn cn Amalgamatcn (net cf share cf prct cf
` 1,154 million accounted for till previous year, refer note 37)
2,411 -
Add : Prct fcr the year 24,62 16,812
Less : Appropriations:
Transferred to General Reserve 2,418 1,635
Proposed dividend 2,417 2,167
Dividend distribution tax 411 157,469 351 135,614
Balance as at the end of the year 188,768 155,302
1
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Notes
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4. LONG TERM BORROWINGS
As at
31.03.2013
As at
31.03.2012
Unsecured
Foreign currency loans from banks 3,20 -
Loans from holding company i,50 -
5,429 -
Share in Joint Ventures 1,620 1,698
7,049 1,698
1. Foreign currency loans from banks (acquired by erstwhile Suzuki Powertrain India Limited on amalgamation) includes:
- loan amounting to ` 2,264 million (USD 41 million) taken from Japan Bank of International Cooperation (JBIC) at an
interest rate of LIBOR + 0.125, repayable in 6 half yearly instalments starting September 2014 (acquired pursuant to
a scheme of amalgamation). The repayment of loan is guaranteed by Suzuki Motor Corporation, Japan (the holding
company).
- other long term foreign currency loans amounting to ` 1,656 million (USD 30 million) are taken from banks at average
interest rate of Libor + 1.375 and are repayable in July 2015.
2. Loan amounting to ` i,50 mllcn (USD 27 mllcn) s taken frcm hcldng ccmpany at an nterest rate cf Ll8OP + 0.48, repayable
in 6 half yearly instalments starting September 2014 (acquired pursuant to a scheme of amalgamation).
Loans Taken by Joint Ventures
1. Foreign Currency Loan amounting to ` 34 million taken from The Bank of Tokyo Mitsubishi UFJ Ltd. at an interest rate of
LIBOR + 0.65.
2. Foreign Currency Loan amounting to ` 24 million taken from Ishizaki Honten Co. Ltd. , Japan at an interest rate of LIBOR +
3.0.
3. Foreign Currency Loan amounting to ` 370 million taken from Futaba Industrial co. ,ltd, Japan at an interest rate of LIBOR
+ 0.25.
4. Foreign Currency Loan amounting to ` 63 mllcn taken frcm Mzuhc Ccrpcrate 8ank, Sngapcre and fully swap Q ii.2
from Mizuho Corporate Bank, New Delhi
5. Foreign Currency Loan amounting to ` 8 mllcn taken frcm Mzuhc Ccrpcrate 8ank, Sngapcre and fully swap Q .6 frcm
Mizuho Corporate Bank, New Delhi.
6. Foreign Currency Loan amounting to ` i,05 mllcn taken frcm varcus banks at varyng rate cf nterest.
Notes
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5. DEFERRED TAX LIABILITIES (NET)
Major components of deferred tax arising on account of timing differences along with their movement as at 31
st
March 2013 are :
Movement
As at
31.03.2012
Addition due
to merger
during the
year*
As at
31.03.2013
Deferred Tax Assets
Provision for doubtful debts / advances 176 - (45) 131
Contingent provisions 152 - 30 182
Others 47 17 (44) 470
825 17 (59) 783
Share in Joint Ventures 1 - (1) -
Total (A) 826 17 (60) 783
Deferred Tax Liabi|ities
Deprecatcn cn xed assets 3,451 1,083 (1,007) 3,527
Exchange gain on capital accounts (25) - (227) (486)
Allcwances under lnccme 1ax Act, i6i 657 - 1,187 1,844
3,849 1,083 (47) 4,885
Share in Joint Ventures 46 - 28 74
Total (B) 3,895 1,083 (19) 4,959
Net Deferred Tax Liabi|ity () - (A) 3,069 1,066 41 4,176
Previous Year 1,730 - i,33 3,069
* Includes adjustment of ` 341 million (Previous year ` 407 mllcn) cn acccunt cf reclasscatcn tc Deferred 1ax Labltes" frcm
Provision for Taxation
Note: Deferred Tax Assets and Deferred Tax Liabilities have been offset as they relate to the same governing taxation laws.
6. OTHER LONG TERM LIABILITIES
As at
31.03.2013
As at
31.03.2012
Deposits from dealers, contractors and others 1,056 83
Others - 1
1,056 984
Share in Joint Ventures 65 44
1,121 1,028
1
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Notes
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7. LONG TERM PROVISIONS
As at
31.03.2013
As at
31.03.2012
Provision for retirement allowance (Refer Note 28) 42 35
Other Provisions
Provision for litigation / disputes 2 0
Provision for warranty & product recall 1,216 73
Others 2,217 10 1,658
2,259 1,693
Share in Joint Ventures - -
2,259 1,693
Details of Other Provisions:
Litigation / Disputes Warranty/ Product Recall Others
2012-2013 2011-2012 2012-2013 2011-2012 2012-2013 2011-2012
Balance at the beginning of the
year
0 87 1,331 2 10 16
Additions during the year 111 102 544 581 - 1
Utilised/ reversed during the year 28 0 210 i7 1 7
Balance as at the end of the year 992 909 1,665 1,331 9 10
Classed as Lcng 1erm 2 0 1,216 73 10
Classed as Shcrt 1erm - - 44 52 - -
TOTAL 992 909 1,665 1,331 9 10
a) Prcvscn fcr ltgatcn / dsputes represents the estmated cutcw n respect cf dsputes wth varcus gcvernment authcrtes.
b) Prcvscn fcr warranty and prcduct recall represents the estmated cutcw n respect cf warranty and recall ccst fcr prcducts
sold.
c) Prcvscn fcr cthers represents the estmated cutcw n respect cf dsputes cr cther cblgatcns cn acccunt cf excse duty,
export obligation, etc.
d) Due tc the nature cf the abcve ccsts, t s nct pcssble tc estmate the tmng / uncertantes relatng tc ther cutcws as well
as the expected reimbursements from such estimates.
Notes
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8. SHORT TERM BORROWINGS
As at
31.03.2013
As at
31.03.2012
Unsecured
From banks - cash credit 725 80
From banks - buyers credit and packing credit loans 7,738 10,703
8,463 10,783
8,639 10,924
9. TRADE PAYABLES
As at
31.03.2013
As at
31.03.2012
Due to Micro and Small enterprises 273 288
Others 4i,44 33,240
41,722 33,528
42,868 34,658
The Company pays its vendors within 30 days and no interest during the year has been paid or is payable under the terms of the
Micro, Small and Medium Enterprises Development Act, 2006.
10. OTHER CURRENT LIABILITIES
As at
31.03.2013
As at
31.03.2012
Current maturities of long term debts - 1,586
Interest accrued but not due on:
- Loans 205 126
- Others 23 228 43 i6
Unclaimed dividend * 6 5
Creditors for capital goods 4,057 5,245
Other payables 2,071 1,746
Book overdraft 54 1,365
Advances from customers/dealers 1,620 2,435
Statutory dues 2,70 2,164
Deposits from dealers, contractors and others 433 11,484 1,178 14,133
11,718 15,893
11,793 15,939
* Unclaimed dividend do not include any amount due to be credited to the Investor Education and Protection Fund under Section
205C cf the Ccmpanes Act, i56.
i
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Notes
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11. SHORT TERM PROVISIONS
As at
31.03.2013
As at
31.03.2012
Previsiens fer emp|eyee benets
(Refer Note 7 and 28)
Provision for retirement allowances 2 2
Provision for compensated absences 1,278 1,280 850 852
Other provisions
(Refer Note 7)
Provision for warranty & product recall 44 52
Provision for proposed dividend* 2,417 2,167
Provision for corporate dividend tax 411 351
Provision for taxation [Net of tax paid] 1,882 5,i5 1,274 4,384
6,439 5,236
Share in Joint Ventures (20) -
6,419 5,236
1he nal dvdend prcpcsed fcr the year s as fcllcws:
As at
31.03.2013
As at
31.03.2012
On equity shares of ` 5 each:
Amount of dividend proposed 2,417 2,167
Dividend per equity share ` 8.00 ` 7.50
1
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6
1
Notes
C
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14. CAPITAL WORK IN PROGRESS
As at
31.03.2013
As at
31.03.2012
Plant and Machinery i8,0i 7,101
Civil Work in Progress 1,403 2,318
19,422 9,419
19,679 9,427
15. NON-CURRENT INVESTMENTS
As at
31.03.2013
As at
31.03.2012
Trade Investments
Investment in Associates, equity instruments
[Includes ` 28 million of capital reserves on accquisition
of certain Associates (Previous year ` 28 million)]
2,70 7,53
Other Investment (valued at cost unless otherwise stated)
Investment in mutual funds - unquoted 18,537 i0,2
Investment in preference shares - unquoted 50 50
18,587 i0,34
Less: Provision for diminution other than temporary in value of
investments in preference shares
50 18,537 50 i0,2
21,246 17,892
21,460 17,909
Aggregate value of unquoted investments 2i,26 i7,42
Aggregate value of provision for diminution other than
temporary in value of investments
50 50
Notes
1
6
2

-

16. LONG TERM LOANS AND ADVANCES
As at
31.03.2013
As at
31.03.2012
Capital Advances
Unsecured - considered good 4,37 4,644
- considered doubtful 76 13
5,013 4,657
Less: Provision for doubtful capital advances 76 4,37 13 4,644
Security Deposits
Unsecured - considered good 120 108
Loans and Advances to Related Parties
Unsecured - considered good (Refer Note 37) - 1,800
Taxes Paid Under Dispute
Unsecured - considered good 7,47 6,481
Inter corporate deposits - considered doubtful 125 125
Less: Provision for doubtful deposits 125 - 125 -
Secured - considered good 10 12
313 458
Less: Provision for doubtful other loans and advances 63 250 73 385
12,804 13,418
12,865 13,458
1
6
3
Notes
C
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17. OTHER NON-CURRENT ASSETS
As at
31.03.2013
As at
31.03.2012
Secured - considered good 6 11
Unsecured - considered good 4 -
- considered doubtful - 1
4 1
Less Provision for doubtful interest - 4 1 -
Longterm deposits with banks with maturity period more than 12
months
8,500 -
Claims
412 273
Less Provision for doubtful claims 27 385 27 246
Others 6 6
8,946 263
Share in Joint Ventures - 60
8,946 323
18. CURRENT INVESTMENTS
As at
31.03.2013
As at
31.03.2012
Investment in mutual funds - unquoted 52,686 47,541
52,686 47,541
Share in Joint Ventures 68 -
52,754 47,541
Notes
1
6
4

-

19. INVENTORIES
As at
31.03.2013
As at
31.03.2012
Components and Raw Materials ,8i ,03
Work in Progress 1,127 53
Finished Goods Manufactured
Vehicles 4,807 5,334
Vehicle spares and components 321 173
5,128 5,507
Traded Goods
Vehicle 5 27
Vehicle spares and components 1,374 i,i8
i,37 1,486
Stores and Spares 546 275
Tools 437 ii
18,436 17,955
18,872 18,378
Inventory includes in transit inventory of:
Components and Raw Materials 3,247 4,165
Traded Goods - vehicle spares 26 43
20. TRADE RECEIVABLES
Unsecured - considered good
Outstanding for a period exceeding six months from the date they
are due for payment
34 18
Others i4,25 i4,23 ,372 ,30
bnsecured - censidered deubtfu|
Outstanding for a period exceeding six months from the date they
are due for payment
36 35
Less Provision for doubtful debts 36 - 35 -
14,293 9,390
14,892 10,066
1
6
5
Notes
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21. CASH AND BANK BALANCES
As at
31.03.2013
As at
31.03.2012
Cash and Cash Equivalents
Cash on hand 10 5
Cheques and drafts on hand 1,025 6i
Bank balances in current accounts 254 84
Deposits (less than 3 months original maturity period) - i,28 1,000 1,780
Other Bank Balances
Deposits (more than 3 months but less than 12 months original
maturity period)
3,000 5,600
Long term deposits (more than 12 months original maturity
period)
3,500 17,000
Unclaimed dividend accounts 6 6,506 5 22,605
7,795 24,385
8,148 24,634
22. SHORT TERM LOANS AND ADVANCES
(considered good, unless otherwise stated)
Loans and Advances to Related Parties
Unsecured 1,073 867
Balance with Customs, Port Trust and Other Government
Authorities
Secured 4 5
Unsecured 3,320 3,324 1,878 1,883
11,167 7,794
11,343 7,990
Notes
1
6
6

-

23. OTHER CURRENT ASSETS
(considered good, unless otherwise stated)
As at
31.03.2013
As at
31.03.2012
Secured 6 6
Unsecured 0 6 530 536
Claims
Unsecured i,53 788
0ther receivab|e - stee| cei|s
Others
Unsecured 4
5,403 3,764
5,532 3,811
24. GROSS SALE OF PRODUCTS
For the
year ended
31.03.2013
For the
year ended
31.03.2012
Vehicles 44i,37 362,111
Spare parts / dies and moulds / components 40,08 24,030
481,495 386,141
487,970 391,569
25. OTHER OPERATING REVENUE
Income from services
[Net of expenses of ` 1,083 million (Previous Year ` 68 mllcn)]
2,54 1,720
Sale of scrap 3,58 2,50
Cash discount received 1,810 2,018
Others 2,124 2,126
10,126 8,814
10,885 8,927
1
6
7
Notes
C
O
R
P
O
R
A
T
E

O
V
E
R
V
I
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W
M
A
N
A
G
E
M
E
N
T

R
E
V
I
E
W
S
T
A
T
U
T
O
R
Y

R
E
P
O
R
T
S
F
I
N
A
N
C
I
A
L

S
T
A
T
E
M
E
N
T
S
26. OTHER INCOME
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Interest Income (gross) on:
a) Fixed deposits 2,220 2,330
b) Corporate bonds - 528
c) Receivables from dealers 6 665
d) Advances to vendors 6 211
e) Income tax refund 141 25
f) Others 6 3,135 13 4,042
Dividend Income from:
a) Long term investments 82 80
b) Others 344 426 647 727
Net gain on sale of investments
a) Long term 4,220 2,567
b) Short term 14 4,234 8 2,575
Provisions no longer required written back 472 i,02
8,267 8,436
8,301 8,443
27. CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
Work in Progress
Opening stock 53 457
Add: Pursuant to the scheme of amalgamation i -
Less: Closing stock 1,127 (335) 53 (136)
Vehicles - Manufactured and Traded
Opening stock 5,631 4,220
Add: Pursuant to the scheme of amalgamation 51 -
Less: Closing stock 4,812 5,631
870 (1,411)
Less: Lxcse duty cn ncrease / (decrease) cf nshed gccds 861 (28) (1,122)
Vehicle Spares and Components - Manufactured and Traded
Opening stock 1,362 1,135
Add: Pursuant to the scheme of amalgamation 56 -
Less: Closing stock i,65 (277) 1,362 (227)
249 (1,485)
Share in Joint Venture (57) (21)
192 (1,506)
Notes
1
6
8

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28. EMPLOYEE BENEFIT EXPENSES
For the
year ended
31.03.2013
For the
year ended
31.03.2012
Salares, wages, allcwances and cther benets
[Net of staff cost recovered ` 38 million (Previous year ` 120 million)]
,303 7,085
Contribution to provident and other funds 683 853
Staff welfare expenses 83 500
10,879 8,438
11,202 8,779
1he Ccmpany has calculated the varcus benets prcvded tc emplcyees as under:
A. Dened Centributien P|ans
a) Superannuation Fund
b) Post Employment Medical Assistance Scheme.
31.03.2013 31.03.2012
Employers Contribution to Superannuation Fund* 51 44
Employers Contribution to Post Employment Medical Assistance Scheme.* 3 2
Employers Contribution to Provident Fund/ Gratuity Liability (Share of Joint Venture ` 18
million (previous year ` 21 million)
27 21
B. State Plans
a) Employers contribution to Employee State Insurance
b) Lmplcyers ccntrbutcn tc Lmplcyee's Penscn Scheme i5
31.03.2013 31.03.2012
Employers contribution to Employee State Insurance.* 13 2
Lmplcyers ccntrbutcn tc Lmplcyee's Penscn Scheme i5. 0 80
* Included in Contribution to Provident and Other Funds above
C. Dened enet P|ans and 0ther Leng Term enets
a) Contribution to Gratuity Funds - Employees Gratuity Fund.
b) Leave Encashment/ Compensated Absence.
c) Retirement Allowance
d) Provident Fund
i
6

Notes
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O
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Y

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P
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A
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S
In accordance with Accounting Standard 15 (revised 2005), an actuarial valuation was carried out in respect of the aforesaid
dened benet plans and cther lcng term benets based cn the fcllcwng assumptcns.
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Discount rate (per
annum)
8.50% 8.00% 8.00% 8.00% 8.25% .00% .00% .00%
Rate of increase
in compensation
levels
Not
Applicable
6.00% 6.00% Not
Applicable
Not
Applicable
6.00% 6.00% 0.00%
Rate of return on
plan assets.
8.60% Not
Applicable
8.00% Not
Applicable
8.55% Not
Applicable
.00% Not
Applicable
Expected average
remaining working
lives of employees
(years)
21 21 21 21 25 22 22 22
Lstmates cf future salary ncreases ccnsdered n actuaral valuatcn take acccunt cf natcn, sencrty, prcmctcn and cther
relevant factors such as supply and demand in the employment market.
Changes in present value of obligations
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Present value of
obligation as at
beginning of the
year
5,45 855 860 37 4,53 757 836 37
Add: JJ Impex
Limited
consolidated as
subsidiary
- 1 5 - - - - -
Add: Acquisition
on amalgamation
(Refer Note 37)
- 20 23 - - - - -
Interest cost 454 56 6 3 36 57 74 3
Current service
cost
801 84 6 615 57 53 -
8enets pad 24 173 57 - 101 142 28 -
Actuarial
(gain) / loss on
obligations
(411) 423 164 (2) 10 125 (75) (3)
Present value of
obligation as at
the year end
6,00 1,282 1,148 44 5,45 855 860 37

Notes
1
7
0

-

1
7
1
Changes in the fair value of plan assets
31.03.2013 31.03.2012
Provident
Fund
Employees
Gratuity
Fund
Provident
Fund
Employees
Gratuity
Fund
Fair value of Plan Assets as at beginning of the year 5,480 20 4,670 838
Add: JJ Impex Limited consolidated as subsidiary - 6 - -
Expected return on Plan Assets 456 75 3 75
Contribution 83 120 615 30
8enets pad 24 57 101 28
Actuarial (gain)/ loss on obligations (27) (86) (103) 6
Fair value of plan assets as at the year end 6,508 1,150 5,480 20
Peccnclatcn cf present value cf dened benet cblgatcn and far value cf assets
31.03.2013 31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Present value of
obligation as at
the year end
6,00 1,282 1,148 44 5,45 855 860 37
Fair value of plan
assets as at the
year end
6,508 - 1,126 - 5,480 - 20 -
Surplus/ (Dect) 4 (1,282) (22) (44) 21 (855) 60 (37)
Unfunded net
asset/ (liability)
recognised in
balance sheet.
- (1,282) - (44) - (855) - (37)
C|assied as Leng
Term
- - - 42 - - - 35
C|assied as Shert
Term
- 1,282 - 2 - 855 - 2
Total - 1,282 - 44 - 855 - 37
Notes
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R
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31.03.2011 31.03.2010
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Present value of obligation as at the
year end
753 827 37 65 734 2
Fair value of plan assets as at the year
end
- 827 - - 734 -
Surplus/ (dect) (753) - (37) (65) - (2)
Unfunded net asset/ (liability)
recognised in balance sheet.
(753) - (37) (65) - (2)
31.03.2009
Leave
Encashment/
Compensated
Absence
Employees
Gratuity
Fund
Retirement
Allowance
Present value of obligation as at the year end 550 621 27
Fair value of plan assets as at the year end - 621 -
Surplus/ (dect) (550) - (27)
Unfunded net asset/ (liability) recognised in balance sheet. (550) - (27)
Notes
1
7
2

-

Lxpenses reccgnsed n the statement cf prct & lcss
31.03.2013 31.03.2012
Provident
Fund*
Leave
Encashment/
Compensated
Absence**
Employees
Gratuity
Fund*
Retirement
Allowance**
Provident
Fund*
Leave
Encashment/
Compensated
Absence**
Employees
Gratuity
Fund*
Retirement
Allowance**
Current service
cost
801 84 6 615 57 53 -
Interest cost 454 56 6 3 36 57 74 3
Expected return
on plan assets
(456) - (75) - (3) - (75) -
Settlement cost - - - - - - - -
Net actuarial
(gain)/ loss
recognised
during the year
(438) 423 78 (2) 113 125 (81) (3)
Total expense
recognised in
statement of
prct & lcss
361 57 156 7 725 240 - -
* Included in Contribution to provident and other funds above
lncluded n Salares, wages, allcwances and cther benets" abcve
Constitution of Plan Assets Provident Fund Gratuity
31.03.2013 % 31.03.2012 % 31.03.2013 % 31.03.2012 %
(a) Debt Funds 6,222 6% 5,i6 5% 34 35% 324 36%
(b) Others 286 4% 284 5% 756 65% 583 64%
TOTAL 6,508 100% 5,480 100% 1,150 100% 907 100%
The return on the investment is the nominal yield available on the format of investment as applicable to Approved Gratuity
Fund under Pule i0i cf lnccme 1ax Act i6i.
Expected contribution on account of Gratuity and Provident Fund for the year ending 31
st
March 2014 can not be ascertained at
this stage.
The contribution towards provident fund for employees of erstwhile Suzuki Powertrain India Limited (SPIL) have been
depcsted wth the cfce cf Pegcnal Prcvdent Fund Ccmmsscner (PPFC) tll i7
th
March 2013 i.e. upto the effective date of
amalgamatcn (Pefer Ncte 37). 1he Ccmpany and the emplcyees cf SPlL are n the prccess cf lng applcatcn/s wth the PPFC
for transfer of accumulated provident fund contribution till 17
th
March 2013 to the provident fund trust of the Company. The
employees of SPIL have become member of Maruti Provident Fund Trust with effect from 17
th
March 2013 and their provident
fund contribution post that date has been deposited with the above mentioned trust. Accordingly the present value of the
obligstion of the employees share of SPIL has been computed from 17
th
March 2013.
1
7
3
Notes
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29. FINANCE COSTS
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Interest on :
- Foreign currency loans from banks 323 15
- Buyers' credit and export credit 08 273
- Deposits from dealers, contractors and others 658 i,88 25 547
0ther berrewing cests 11 5
1,900 552
1,978 616
30. DEPRECIATION & AMORTISATION EXPENSE
(Refer Note 12 & 13)
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Depreciation / amortisation on tangible assets i7,3 11,248
Amortisation on intangible assets 04 377
18,897 11,625
31. OTHER EXPENSES
For the year
ended 31.03.2013
For the year
ended 31.03.2012
Consumption of stores 1,864 ii
Power and fuel [Net of amount recovered ` 1,101 million
(Previous year ` 1,716 million)]
4,5i 2,25
Rent (Refer Note 41) 201 156
Repairs and maintenance :
- Plant and machinery i,02 532
- Building i8 163
- Others 280 i,48 210 05
Insurance 137 i
Rates, taxes and fees i,i4 827
Royalty 24,540 18,031
Tools / machinery spares charged off 2,568 1,548
Exchange variation loss i,5i 1,810
Advertisement 3,537 2,781
Sales promotion 2,i2 i,66
Warranty and product recall 544 581
Transportation and distribution expenses 5,513 4,631
Net lcss cn sale / dscardng cf xed assets 332 157
Provision for doubtful advances 63 -
Provision for doubtful debts - 21
Other miscellaneous expenses 7,287 4,5i
57,895 41,662
58,497 42,177

Notes
1
7
4

-

32. CONTINGENT LIABILITIES
a) C|aims against the Cempany disputed and net acknew|edged as debts:
Particulars As at
31.03.2013
As at
31.03.2012
(i) Excise Duty
(a) Cases decided in the Companys favour by Appellate authorities and for which
same issues for other periods
2,0 2,717
(b) Cases pending before Appellate authorities in respect of which the Company has
10,484 2,167
(c) Show cause notices on issues yet to be adjudicated 8,581 12,675
(d) Share in Subsidiaries and JVs 34 34
TOTAL 22,089 17,593
Amount deposited under protest 361 3
(ii) Service Tax
(a) Cases decided in the Companys favour by Appellate authorities and for which
same issues for other periods
3,767 3,701
(b) Cases pending before Appellate authorities in respect of which the Company has
2,857 30
(c) Show cause notices on issues yet to be adjudicated 1,358 1420
(d) Share in Subsidiaries and JVs 5 5
TOTAL 7,987 5,435
(iii) Income Tax
(a) Cases decided in the Companys favor by Appellate authorities and for which the
department has led further appeals
5,i8 6,230
(b) Cases pending before Appellate authorities / Dispute Resolution Panel in respect
cf whch the Ccmpany has led appeals
12,058 ,6
(c) Share in Subsidiaries and JVs 6 6
TOTAL 17,982 15,935
Amount deposited under protest (Including share of Joint Venture Current Year
` 2 million; Previous Year ` 2 million)
6,772 6,137
(iv) Customs Duty
Cases pending before Appellate authorities in respect of which the Company has
led appeals
118 ii
(v) Sales Tax
Cases pending before Appellate authorities in respect of which the Company has
led appeals
50 50
1
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5
Notes
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(vi) Claims against the Company for recovery of ` 60
million (including share of Joint Venture ` 5 million)
(Previous year ` 583 million) (including share of Joint
Venture ` 7 million) lodged by various parties.
(vii) The Companys impleadment application in the pending
appeal by Haryana State Industrial & 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, has been heard and the order
has been reserved by the Supreme Court against the
demand of ` 5,012 million. The demand for ` 1,376
million for remaining part of land of the Company at
Manesar was received from HSIIDC in the current year
consequent to the order of the Punjab and Haryana High
Ccurt (Ccurt") and the Ccmpany has led an appeal n
the Court.
The Company is in the process of gathering more
details for a demand of ` 86 million from HSIIDC, raised
on erstwhile Suzuki Powertrain India Limited (merged
with the Company with effect from 1
st
April 2012, refer
note 37), consequent to the order of the Supreme
Court, towards enhanced compensation relating to
the demand raised for additional compensation by
landowners for land acquired from them for industrial
purposes at Manesar.
As the amcunts, f any, cf nal prce ad|ustment(s) s
not determinable at this stage, the amount of ` 2,354
million provided in the previous year based on an earlier
demand of HSIIDC has been reversed and 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.
(viii) In respect of disputed Local Area Development Tax
(LADT) (upto 15
th
April 2008) / Entry Tax, the Sales tax
department has led an appeal n Supreme Ccurt cf
India against the order of Punjab & Haryana High Court.
The amounts under dispute ` 21 million (previous year
` 21 million) for LADT and ` 15 million (previous year
` 13 million) for Entry Tax. The State Government of
Haryana has repealed the LADT effective from 16
th
April
2008 and introduced the Haryana Tax on Entry of Goods
into Local Area Act, 2008 with effect from the same
date.
b) The amounts shown in the item (a) represent the
best possible estimates arrived at on the basis of
available information. The uncertainties and possible
reimbursements are dependent on the outcome of the
different legal processes which have been invoked by
the Company or the claimants as the case may be and
therefore cannot be predicted accurately. The Company
engages reputed professional advisors to protect its
interests and has been advised that it has strong legal
positions against such disputes.
33. Outstanding commitments under Letters of Credit established
by the Group aggregating ` 6,47 mllcn (Prevcus year
` 2,110 million).
34. Estimated value of contracts on capital account, excluding
capital advances, remaining to be executed and not provided
for, amounts to ` 28,27 mllcn (ncludes share cf lcnt
Venture ` 12 million) (Previous year ` 27,42 mllcn)
(includes share of Joint Venture ` 42 million).
35. Consumption of raw materials and components has been
computed by adding purchases to the opening stock
and deductng clcsng stcck vered physcally by the
management.
36. Differences between accounting policies of the Company and
other group companies, the impact of which is not expected
to be material.
a) In case of certain associate and joint venture companies,
contributions towards gratuity are charged to Statement
cf Prct & Lcss cn the bass cf premum pad tc the Lfe
Insurance Corporation of India.
b) Deferred Revenue Expenditure of Joint Venture and
Associate Companies have been charged to Statement
cf Prct & Lcss n the year cf ncurrence.
c) In case of certain associate companies, First In First Out
method of inventory valuation is followed.
d) In case of a joint venture company, fair value (mark to
market) of a derivative instrument i.e. an interest rate
swap has not been computed as at 31
st
March 2013.
e) In case of certain associates, written down value method
of depreciation is followed.
f) In case of a joint venture company, warranty expense
s charged tc Statement cf Prct & Lcss as and when
claimed by customer on actual basis.
Notes
1
7
6

-

37. The scheme of amalgamation of Suzuki Powertrain India
Limited (SPIL) with the Company as approved by the High
Court of Delhi has become effective on 1
st
April 2012 on
completion of all the required formalities on 17
th
March
2013. The scheme envisages transfer of all properties, rights
and powers and liabilities and duties of the amalgamating
company to the amalgamated company.
SPIL was primarily engaged in the business of engineering,
manufacturing, assembling and selling all kinds of
powertrain parts and components for automobiles, which
includes engines and transmissions for such engines and
their components like transmission cases, gears, shafts and
yorks.
The amalgamation was accounted for under the Pooling of
Interest Method as prescribed by the Accounting Standard
i4 Acccuntng fcr Amalgamatcns" ncted under Ccmpanes
(Accounting Standards) Rules.
The assets and liabilities of the amalgamating company have
been accounted for in the books of account of the Company
in accordance with the approved scheme.
i) The assets and liabilities as at 1
st
April 2012 were
incorporated at book value of SPIL, subject to
adjustments made to ensure uniformity of accounting
policies.
ii) The authorised capital of SPIL after splitting each share
into 2 shares of face value of ` 5 each has became part
of authorised share capital of the Company.
) 1he balance cf `Surplus cf Statement cf Prct and Lcss'
of SPIL amounting to ` 3,565 million (net of adjustments
on account of policy differences of ` 275 million ) as
at 1
st
April 2012 have been included in the balance of
`Surplus cf Statement cf Prct and Lcss' cf the Ccmpany.
v) 35,i00,000 equty shares cf ` 10 each fully paid in
SPIL held as investment by the Company have been
cancelled and extinguished.
v) The equity shareholders of SPIL have, for every 70 fully
paid equity shares of ` 10 each held as on the record
date, been issued 1 fully paid equity share of ` 5 each
of the Company. Accordingly, the Company has issued
i3,i70,000 equty shares cn 2
th
March 2013 thereby
increasing its equity capital to ` 1,510 million.
vi) The surplus amounting to ` ,i53 mllcn, arsng as a
result of the amalgamation, i.e. excess of the value of
net assets of SPIL transferred to the Company over the
paid-up value of shares issued to equity shareholders of
SPIL, has been added to the reserves of the Company.
1
7
7
Notes
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Y

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F
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S
vii) The amounts relating to SPIL as at 1
st
Aprl 20i2 ncluded n the terms cf the scheme n the nancal statements cf the
Company are as below:
Net Amount
Assets
Fixed assets (net) (including capital work-in-progress ` 2,4 mllcn) 21,425
Cash and Bank balances 1,051
Current Assets and Loans and Advances ,080
Total 31,556
Liabi|ities
Long Term Borrowings 5,337
Long Term Liabilities and Provisions 1,108
Current Liabilities and Provisions 8,376
Total 14,821
Net assets acquired on Amalgamation (a) 16,735
Transfer ef ba|ances ef Ama|gamated Cempany
Reserves & Surplus (b) 3,565
Less:-
Adjustment for cancellation of Company's investment in Transferor Company (c) 3,5i
Shares issued in the ratio of 1:70 to the shareholders of erstwhile Suzuki Powertrain India Limited, pursuant
to the scheme on amalgamation (d)

66
Credited te keserve en Ama|gamatien (a) - (b) - (c) - (d) 9,153
38. a) 1he Prct after tax cf SKH Metals Lmted, Densc lnda Lmted, Machnc Plastcs Lmted, Scna Kcyc Steerng Systems
Lmted & Asah lnda Class Lmted has been annualsed based cn unaudted nancal statements cf nne mcnths ended 3ist
December 2012. It is unlikely that the audited results would be materially different from annualised results.
b) 1he Prct after tax cf Clmate Systems lnda Lmted, lay 8harat Marut Lmted, Krshna Marut Lmted, Manesar Steel
Processing (India) Private Limited, Bellsonica Auto Component India Private Limited, Magneti Marelli Powertrain India Limited,
Krshna lshzak Autc Lmted, and 8harat Seats Lmted has been taken cn the bass cf unaudted nancal statements fcr
nancal year ended 3i
st
March 2013. It is unlikely that the audited results would be materially different from unaudited
results.
Notes
1
7
8

-

39. The Group has considered business segment as the primary segment .The Group is primarily in the business of manufacture,
purchase and sale of motor vehicles, automobile components and spare parts (automobiles). The other activities of the Company
ccmprse facltatcn cf pre-cwned car sales, eet management and car nancng. 1he nccme frcm these actvtes, whch are
ncdental tc the Ccmpany's busness, s nct materal n nancal terms but such actvtes ccntrbute sgncantly n generatng the
demand for the products of the Company. Accordingly, the Group has considered Business Segment as the primary segment and
thus no business segment information is required to be disclosed.
The Geographical Segments have been considered for disclosure as the secondary segment, under which the domestic segment
includes sales to customers located in India and the overseas segment includes sales to customers located outside India.
Financial information of geographical segments is as follows
2012-2013 2011-2012
Particulars Domestic Overseas Unallocated Total Domestic Overseas Unallocated Total
Revenue from external
customers
450,230 4,07 7,82 507,156 361,286 40,302 7,351 408,3
Segment assets 244,465 8,777 21,466 274,708 203,701 7,577 i,7i4 230,2
Capital expenditure during
the year
36,06 - - 36,06 32,244 - - 32,244
Notes:-
a) Domestic segment includes sales and services to customers located in India
b) Overseas segment includes sales and services rendered to customers located outside India.
c) Unallccated revenue ncludes nterest nccme, dvdend nccme and prct cn sale cf nvestments.
d) Unallocated assets include other deposits, dividend bank account and investments.
e) Segment assets ncludes xed assets, nventcres, sundry debtcrs, cash and bank balances (except dvdend bank acccunt),
other current assets, loans and advances (except other deposits).
f) Captal expendture durng the year ncludes xed assets (tangble and ntangble assets) and net addtcns tc captal wcrk
in progress.
40. STATEMENT OF EARNING PER SHARE
2012-2013 2011-2012
Net Prct after tax attrbutable tc sharehclders (n mllcn `) 24,62 16,812
Weighted average number of equity shares outstanding
during the year (Nos)
302,080,060 288,i0,060
Nominal value per share (In `) 5.00 5.00
Basic/diluted earning per share (In `) 81.74 58.i

i
7

Notes
C
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41. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31
ST
MARCH 2013 IN RESPECT OF ASSETS TAKEN ON
NON-CANCELLABLE OPERATING LEASES ARE AS FOLLOWS : -
a) As a lessee
31.03.2013 31.03.2012
Due Total Minimum Lease Payments Outstanding
as on
31
st
March 2013
Total Minimum Lease
Payments Outstanding as on
31
st
March 2012
Premises Cars Total Premises
Within one year 50 4 54 4
Later than cne year but less than ve years 222 5 227 212
Later than ve years 682 - 682 741
Minimum Lease Payment Minimum Lease Payment
Charged to rent expense 60 6 66 57
The Company has taken certain premises on cancellable operating lease. The rent expense amounting to ` 118 million
(Previous year ` mllcn) has been charged tc the statement cf prct and lcss.
b) As a |esser
The Company has given certain plant and machineries on cancellable operating lease. The rental income arising of the same
amounting to ` i0 mllcn has been credted tc statement cf prct and lcss.
42. DERIVATIVE INSTRUMENTS OUTSTANDING AT THE BALANCE SHEET DATE:
1 (a) Forward Contracts against imports and royalty:
- Forward contracts to buy JPY 45,200 million (Previous year JPY 48,477 million) against USD amounting to ` 26,053
million (Previous year ` 2,74 mllcn).
- Fcrward ccntracts tc buy USD 20 mllcn (Prevcus year USD 0 mllcn) aganst lNP amcuntng tc ` 1,086 million
(Previous year ` 4,57 mllcn).
The above contracts have been undertaken to hedge against the foreign exchange exposures arising from transactions like
royalty and import of goods.
(b) Ferward Centracts / kange Ferward centract against xperts
- Forward contracts to sell USD 150 million (Previous year USD 25 million against INR amounting to ` 8,144 million
(Previous year ` 1,272 million).
- Forward contracts to sell EURO NIL (Previous year EURO 28 million) against INR amounting to NIL (Previous year ` i,0i
million)
- Range Forward Contracts to sell USD NIL (Previous year USD 30 million) against INR amounting NIL (Previous year
` 1,526 million)
The above contracts have been undertaken to hedge against the foreign exchange exposures arising from export
of goods.
Notes
1
8
0

-

(c) USD Floating rate/INR Floating rate cross-currency swap:
Outstandng USD/lNP Flcatng rate crcss-currency swap s USD 6.5i mllcn (Prevcus year USD 3i.i75 mllcn) amcuntng
to ` 3,773 million (Previous year ` 1,586 million)
(d) Forward Contracts against Buyers Credit :
Fcrward Ccntracts tc buy lPY 78 mllcn (Prevcus year lPY 3,6i mllcn aganst lNP amcuntng tc ` 460 million (Previous
year ` 2,434 million).
Forward Contracts to buy USD 165 million (Previous year USD 108 million against INR amounting to ` 8,33 mllcn (Prevcus
year ` 5,45 mllcn).
The above contracts have been undertaken to hedge against the foreign exchange exposure arising from foreign currency loan.
2 The fereign currency expesures that are net hedged by a derivative instrument er etherwise are as fe||ews:
(In million)
As at 31.03.2013
YEN INR
Equivalent
USD INR
Equivalent
EURO INR
Equivalent
GBP INR
Equivalent
Receivables 177 101 54 2,i 4 257 5 34
Payables 7,i2 4,105 17 44 18 1,270 0.6 4
As at 31.03.2012 (In million)
YEN INR
Equivalent
USD INR
Equivalent
EURO INR
Equivalent
Receivables 32 20 4 182 10 715
Payables 2,70 i,6i 22 1,118 2 133
Note: The above details include the derivative instruments and foreign currency exposure unhedged, as acquired pursuant to
scheme of amalgamation (refer note 37)
1
8
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1
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Notes
1
8
2

-

(
A
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a
m
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n

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m
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c
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F
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c
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m
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B
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G
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3
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3
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3
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1
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O
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M
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2
0
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1
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1
6

B
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c
a

A
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B
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K
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M
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O
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2
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1
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3
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1
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1
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4
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2
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7
6
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1
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1
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1
3
1

1
8
8

1
,
6
2
2

4
8
0

9

-

2
,
2
9
9

Notes
1
8
3
C
O
R
P
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R
A
T
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O
V
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R
V
I
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W
M
A
N
A
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V
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R
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F
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N
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S
T
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(
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l
l

a
m
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n

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m
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s

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)
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:

*

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w
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C
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f
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(

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3
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)

*
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(
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s
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5

Notes
1
8
4
44. The Board of Directors in its meeting held on 26
th
April
2013 have approved the amalgamation of the seven wholly
cwned nsurance subsdares under Sectcns 3i and 34
cf the Ccmpanes Act, i56. 1he amalgamatcn wll be
effective from 1
st
April 2013 and is subject to Shareholders
and other necessary approvals.
Place: New Delhi
Date: 26
th
April 2013
45. 1he gures fcr the prevcus year dc nct nclude gures fcr
erstwhile Suzuki Powertrain India Limited, which has been
amalgamated with the Company effective 1
st
April 2012,
therefcre the current year gures are nct ccmparable tc thcse
of the previous year.

Notes
Resilience
Resolve
Resurgence
In |ife and in business, it is semetimes difcu|t
to predict roadblocks in advance.
But they do impede our path unexpectedly and make the journey forward challenging.
Pegstered Ofce
1, Nelson Mandela Road, Vasant Kunj
New Delhi 110 070
Phone: +91 11 4678 1000
www.marutisuzuki.com
Registrar and Transfer Agent
Karvy Ccmputershare Pvt. Ltd.
Plot No. 17 24, Vittal Rao Nagar
Madhapur, Hyderabad 500 081
Andhra Pradesh
Phone: +91 40 2342 0815/2342 0816
www.karvycomputershare.com
20i3 Marut Suzuk lnda Lmted
www.marutisuzuki.com
c
o
n
c
e
p
t
a
n
d
d
e
s
ig
n
a
t
(
in
f
o
@
a
ic
l.in
)

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(All amounts in ` million, unless otherwise stated)

(All amounts in ` million, unless otherwise stated)

(All amounts in ` million, unless otherwise stated)

(All amounts in ` million, unless otherwise stated)

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