Maruti Suzuki - Annual - Report - 2012-13 PDF

Resurgence
Resolve
Resilience
Maruti Suzuki India Limited

Annual Report 2012-13
whats
inside
Corporate Overview
Financial Statements
Maruti Suzuki at a Glance
Standalone
Corporate Highlights
Independent Auditors Report
80
Business Highlights
Balance Sheet
84
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85
Cash Flow Statement
86
Notes
88
Resilience
Resurgence
Resolve
Resilience against headwinds
10
Resolve to hold our ground

and push forward
Statement Pursuant to
Section 212
140
12
Resurgence and a new era of

sustainable growth
Financial Statement of
Subsidiary Companies
141
14
Management Review
Consolidated
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
142
Balance Sheet
144
6WDWHPHQWRI3URWDQG/RVV
145
Cash Flow Statement
146
Notes
148
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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.
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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
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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
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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
Resilience
Resolve
Resurgence
Fighting Fit
for Decades
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
2-3
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 YDULDQWV
3DVVHQJHUFDUV
Maruti 800
Alto 800 (also available Alto K 10)
Wagon R
Estilo
A-star
Ritz
CORPORATE OVERVIEW
DZire
MANAGEMENT REVIEW
Swift
SX4
Vans
STATUTORY REPORTS
Omni
FINANCIAL STATEMENTS
Kizashi
Eeco
8WLOLW\YHKLFOHV
Ertiga
Grand Vitara
Gypsy
ANNUAL REPORT 2012-13
4-5
Ability Meets
Acclaim
4WU
FY13
0DUXWL6X]XNLXQYHLOHG,QGLDVUVW/LIH8WLOLW\9HKLFOH
Ertiga on 12th 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 6th Institute of Driving and
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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
4WU
FY13
Maruti Suzuki unveiled Wagon R Pro, a limited edition

of one of our best-sellers Wagon R, sporting new
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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
FY13
Maruti Suzuki launched the New Alto 800
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2012 - Customer Satisfaction Index (CSI) study for the
13th consecutive year
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presented the title of Automobile Person of the
Year - 2013 to our Chairman Mr. R.C. Bhargava
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Ertiga - Family Car of the Year
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DZire - Compact Sedan of the Year
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Alto 800 - Value for Money Car of the Year
Ertiga - MPV of the Year
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Alto 800 - Compact Car of the Year
DZire - Midsized Car of the Year
Alto 800 - Viewers Choice four-wheeler of the Year
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DZire - Entry Sedan of the Year
Alto 800 - Entry Car of the Year
STATUTORY REPORTS
Maruti Suzuki was runners-up at the Corporate Green

Star Award
FY13
MANAGEMENT REVIEW
Maruti Suzuki was felicitated with the Golden Peacock

Award for Sustainability
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CORPORATE OVERVIEW
4WU
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TLG Partners, London

Maruti Suzuki ranked No. 3 in the list of the 100 most
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Maruti Suzuki won the award for excellence in
training practices and expertise in unique and
innovative ways to address the training and
development challenges
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Mr. S. Maitra, Sr. MEO, Supply Chain, was presented the
coveted Supply Chain Executive of the Year Award in
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Mr. M. Pareek, MEO, Marketing & Sales, was
awarded the prestigious Marketer of the Year award
(Automobiles)
Momentum Across Rough

and Smooth Territories
Business Highlights
NET SALES
` MN
203,583
289,585
358,490
347,059
426,126
Y- O -Y GROWTH
22.7%
2008-09
2009-10
6-7
NET WORTH
2010-11
2011-12
2012-13
` MN
138,675
118,351
185,789
151,874
93,449
Y- O -Y GROWTH
22.3%
2008-09
2009-10
BOOK VALUE & EPS
2010-11
2011-12
2012-13
Y- O -Y GROWTH
17.1%
615
Y- O -Y GROWTH
525
480
38.6%
410
86
323
79
79
57
42
Book Value
EPS
2008-09
2009-10
2010-11
2011-12
2012-13
Numbers paint a credible picture than words.

Every time we encountered a roadblock, it made
us determined to perform with more resolve
and persistence.
` MN
24,976
12,187
22,886
16,352
23,921
Y- O -Y GROWTH
CORPORATE OVERVIEW
PROFIT AFTER TAX
46.3%
2009-10
2010-11
TOTAL UNIT SALES
1,133,695
2009-10
2010-11
MSIL
J.D. Power Customer

Satisfaction Index
Industry Avg.
2012
Look around.
You will find us close by.
1,204
2011
2011-12
1,100
824
801
849
2010
Cities
874
879
2010-11
933
668
812
824
2009
Outlets
2012-13
834
2009-10
802
785
555
820
780
2012-13
2008-09
681
454
879
2011-12
1,171,434
STATUTORY REPORTS
2008-09
2012-13
1,271,005
1,018,365
792,167
2008
2011-12
MANAGEMENT REVIEW
2008-09
8-9
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...
1,171,434
4/5
Vehicles sold in 2012-13
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Maruti Suzuki
1st
62%
393,000
Growth of diesel vehicle

sales over 2011-12
Total diesel vehicle sales

in 2012-13

291,000
7,150
Growth of rural sales

over 2011-12
Total rural sales

in 2012-13
Total Resident Dealer

Sales Executives (RDSEs)
by 2012-13
640
240,000

Number of E-outlets (smaller

format outlets) across India
in 2012-13
Number of new cars sold

through exchange
in 2012-13
Market share in utility

vehicle segment
in 2012-13
79,000
41%
Zero
Number of utility vehicles

sold in 2012-13
Of the total water need met

through recycled water at
both plants in 2012-13
Waste water discharged

status at factories
In J. D. Power Customer
Satisfaction Index (CSI) study
for the 13th consecutive year
Rounded off to nearest 000
Tough
Challenges.
Tougher
Resilience.
Challenges have a
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test the extent of our
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GDP GROWTH
(%)
9.5
9.6
9.3
6.7
8.6
9.3
6.2
5.0
FY06
FY07
FY08
FY09
FY10
FY11
FY12
FY13
Challenge
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PETROL PRICES IN DELHI
MSIL PETROL VEHICLE SALES
(` / litre)
893,000
43.9
FY10
52.7
FY11
64.5
FY12
(in units)
701,000
598,000
68.2
FY13
FY11
FY12
FY13
Challenge
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EXPORTS TO EUROPEAN COUNTRIES (in units)
FY11
Challenge
28,000
FY12
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FY13
(Rounded off to nearest 000)
FY10
43,000
YEN vs RUPEE
0.51
0.53
0.61
0.66
Challenge
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PDUJLQVE\VLJQLFDQWO\LQFUHDVLQJWKHFRVWRILPSRUWV
FY10
FY11
FY12
FY13
Source: Economic Survey, Economic Outlook, Company
(Graphs not to scale) |
59,000
114,000
Firm Resolve.
Seasoned Foresight.
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is not enough to
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one needs seasoned
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Firm resolve
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FRIIHH,QWHQVHGLVFXVVLRQDPRQJGHVLJQKHDGVRQH[WHULRUDQGLQWHULRUV)LQDOLVLQJWKHFRORXUVPDWHULDOVDQGVW\OH0HWLFXORXV
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76,000
124
Number of Ertiga sold in just a

year of its launch
DIESEL VEHICLE SALES
(in units)
199,000
163,000
FY10
1XPEHURIGD\VWDNHQto sell 1 lakh units of

New Alto 800
FY11
243,000
FY12
393,000
FY13

,QFUHDVHLQVDOHRI
6ZLIWGLHVHOover
2011-12
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DZire (diesel) over
2011-12
Seasoned foresight
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RURAL SALES
151,000
(in units)
Sales
228,000
16.5%
FY10
245,000
20.5%
FY11
291,000
25%
FY12
Contribution to
domestic sales (%)
28%
FY13
Firm Resolve
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NEW CAR SALES THROUGH EXCHANGE

151,000
17%
194,000
17%
FY10
(in units)
Sales
211,000
22%
FY11
FY12
Contribution to
domestic sales (%)
240,000
23%
FY13
Seasoned foresight
1,300
FY11
(average sales/ month)
3,200
FY12
4,200
FY13
EXPORTS TO NON-EUROPEAN
COUNTRIES (in units)
33,000
FY10
79,000
FY11
84,000
FY12
92,000
FY13
Seasoned foresight
Firm resolve
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The Company made strong efforts to develop the non(XURSHDQPDUNHWVDQGWKLVFRPSHQVDWHGWRDODUJHH[WHQW

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Source: Company
(Graphs not to scale) |
CNG CAR SALES
(Rounded off to nearest 000)
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Resurgence.
Hard Earned.
Our industry
leadership has been
sustained by our
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DFUHV
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up an assembly capacity
in Gujarat
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~ `FURUHV
Amount of investment in
setting up the third assembly
plant at Manesar
Amount of investment in
setting up a diesel engine unit
at Gurgaon
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EBITDA AND PAT MARGIN

9.0
6.0
FY09
EBITDA
(%)
13.7
8.6
10.1
6.3
FY10
FY11
7.2
4.7
FY12
10.0
5.6
FY13
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MARUTI SUZUKI MARKET SHARE (%)

46.5
FY09
44.6
FY10
45.3
FY11
38.3
FY12
80
39.1
FY13
Basis Points
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PAT Margin
PASSENGER VEHICLE INDUSTRY GROWTH (%)
FY10
28.2
FY11
5.1
FY12
2.2
FY13

7RWDOJURZWKin domestic
sales by Maruti Suzuki
in 2012-13
(Graphs not to scale)
25.7
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Source: SIAM, Company
Chairmans
Message
5&%KDUJDYD
Chairman
16 - 17
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
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remember those who have lost their lives
or have been impacted by this tragedy.
Last year, I had communicated to you
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prevailed in 2011-12. The economy
had substantially slowed down; there
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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
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per cent, as against 4.2 per cent in the
previous year. The dollar fell from
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.
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
WKHUVWWKUHHPRQWKVRIWKLV\HDUWKH
industry recorded a fall of 10.4 per
cent in passenger cars, while utility
vehicles demand grew by 5.2 per cent.
Your Company has shown that its

employees have great resilience and can
work with great resolve to overcome
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year, sales volumes increased by 3.3
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` 1,635 crores to ` 2,392 crores. Our
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
We are now in the election year,

and traditionally, the governments
in power are reluctant to introduce
unpopular measures at this time. The
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manufacturing activity is progressing,
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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
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.
We are convinced that your Company

will remain the market leader and its
products will be the choice of most
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cars in India are MSIL products. We
are determined to keep introducing
products that will ensure our preeminent 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 3rd 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.
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
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has to make greater efforts than
ever before in these directions.
STATUTORY REPORTS
And then there was a silver lining. The

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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.
plants overseas. This decision will

greatly help the growth of our exports.
MANAGEMENT REVIEW
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.
CORPORATE OVERVIEW
` 51 on 31st March 2012 to ` 54 on 31st

March 2013. Consumer sentiment, which
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decisions to buy cars, had become
even more negative during the year.
From the
MDs Desk
.$\XNDZD
18 - 19
Managing Director & CEO
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 1st 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,
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KRQHVW\HIFLHQF\DQGULJRXU,DP
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
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The Japanese Yen appreciated and brought
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distortion between petrol and diesel
Regards,
K. Ayukawa
My job will be to catalyse this spirit

in all our people and partners.
STATUTORY REPORTS
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
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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
DOOWKHUHVSHFWLYHHOGVLQDQLQWHJUDWHG
manner. Integration, a never-give-up
attitude and whole-hearted efforts have
the power to deliver breakthrough results.
MANAGEMENT REVIEW
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
RQUH2XUSHRSOHWKRXJKHPRWLRQDOO\
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
SURWPDUJLQLPSURYHGVLPXOWDQHRXVO\
CORPORATE OVERVIEW
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.
20 - 21
Board
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Mr. A. Ganguli
Chairman
Mr. K. Ayukawa
Member
Ms. P. Shroff
Member
Mr. D. S. Brar
Member
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SHAREHOLDERS AND
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Mr. R. C. Bhargava
Chairman
Mr. K. Ayukawa
Member
Mr. S. Nakanishi
Member
Mr. D. S. Brar
Member
CORPORATE OVERVIEW
MANAGEMENT REVIEW
EXECUTIVE OFFICER
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Mr. S. Ravi Aiyar
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22 - 23
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NOTICE
NOTICE is hereby given that the 32nd Annual General Meeting of
the members of Maruti Suzuki India Limited will be held at 10:00
a.m. on Tuesday, the 27th 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 31st 0DUFK DQG SURW DQG ORVV DFFRXQW IRU WKH
QDQFLDO\HDUHQGHGRQWKDWGDWHWRJHWKHUZLWKWKHUHSRUWV
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.

7R FRQVLGHU DQG LI WKRXJKW W WR SDVV ZLWK RU ZLWKRXW
PRGLFDWLRQVWKHIROORZLQJDVDQOrdinary Resolution:
b)
Special Salary: `SHUDQQXP)L[HG
c)
Performance Linked Bonus: A performance linked bonus

equivalent to a guaranteed minimum of four months
EDVLFVDODU\DQGDPD[LPXPRIWHQPRQWKVEDVLFVDODU\
WREHSDLGDQQXDOO\ZLWKDXWKRULW\WRWKHERDUGZKLFK
H[SUHVVLRQVKDOOLQFOXGHDFRPPLWWHHWKHUHRIWR[WKH
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
IXUQLVKHG RU RWKHUZLVH RU KRXVH UHQW DOORZDQFH LQ
lieu thereof; house maintenance allowance, together
ZLWK WKH UHLPEXUVHPHQW RI H[SHQVHV RU DOORZDQFH
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
WD[ HWF PHGLFDO UHLPEXUVHPHQW PHGLFDO DFFLGHQW
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
ZKLFK H[SUHVVLRQ VKDOO LQFOXGH D FRPPLWWHH WKHUHRI
WR LQFUHDVH LW IURP WLPH WR WLPH XSWR D PD[LPXP RI
` 9,000,000/- per annum.
24 - 25
RESOLVED THAT pursuant to section 224 and other

applicable provisions of the Companies Act, 1956, M/s Price
:DWHUKRXVH 5HJLVWUDWLRQ 1R )51( &KDUWHUHG
Accountants, the retiring auditors of the Company, having
offered themselves for re-appointment, be and are hereby
UHDSSRLQWHGDVWKHDXGLWRUVRIWKH&RPSDQ\WRKROGRIFH
from the conclusion of the 32nd annual general meeting
upto the conclusion of the 33rd annual general meeting of
WKH &RPSDQ\ DW D UHPXQHUDWLRQ WR EH [HG E\ WKH ERDUG
DQG UHLPEXUVHPHQW RI RXW RI SRFNHW H[SHQVHV LQFXUUHG LQ
connection with the audit.
7.
Appointment of Mr. Kenichi Ayukawa as Managing Director &

&KLHI([HFXWLYH2IFHU
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
SURYLVLRQV LI DQ\ RI WKH &RPSDQLHV $FW LQFOXGLQJ
DQ\ VWDWXWRU\ PRGLFDWLRQV RU UHHQDFWPHQW WKHUHRI IRU
WKHWLPHEHLQJLQIRUFHDQGVXEMHFWWRWKHDSSURYDORIWKH
Central Government, Mr. Kenichi Ayukawa be and is hereby
DSSRLQWHGDV0DQDJLQJ'LUHFWRUDQG&KLHI([HFXWLYH2IFHU
not to retire by rotation with effect from 1st 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
DXWKRULW\WRWKHERDUGZKLFKH[SUHVVLRQVKDOOLQFOXGH
DFRPPLWWHHWKHUHRIWRUHYLVHKLVVDODU\IURPWLPHWR
time. The annual increments will be merit based and
take into account the Companys performance.
For the purpose of calculating the above ceiling,

perquisites and allowances shall be evaluated as per
LQFRPH WD[ UXOHV ZKHUHYHU DSSOLFDEOH ,Q WKH DEVHQFH
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.
3URYLVLRQIRUWKHXVHRI&RPSDQ\VFDUIRURIFLDOGXWLHV
DQG WHOHSKRQH DW UHVLGHQFH LQFOXGLQJ SD\PHQW IRU
ORFDO FDOOV DQG ORQJ GLVWDQFH RIFLDO FDOOV VKDOO QRW
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
FRQWDLQHG ZKHUH LQ DQ\ QDQFLDO \HDU GXULQJ WKH
currency of his tenure, in the event of loss or inadequacy
RISURWVWKH&RPSDQ\ZLOOVXEMHFWWRDSSOLFDEOHODZV
pay remuneration by way of basic and special salary,
SHUIRUPDQFHOLQNHGERQXVQRWH[FHHGLQJIRXUPRQWKV
EDVLF VDODU\ SHUTXLVLWHV DQG DOORZDQFHV DV VSHFLHG
above.
8.
Appointment of Mr. Toshiaki Hasuike as Joint Managing

Director
5(62/9('7+$7SXUVXDQWWR$UWLFOHDQG$UWLFOHRI
the Articles of Association of the Company read with Sections
198, 269, 309, 310, Schedule XIII and all other applicable
SURYLVLRQV RI WKH &RPSDQLHV $FW DQG VXEMHFW WR WKH
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 27th April 2013
for a period of 3 years at the following remuneration:
3URYLVLRQIRUWKHXVHRI&RPSDQ\VFDUIRURIFLDOGXWLHV
DQG WHOHSKRQH DW UHVLGHQFH LQFOXGLQJ SD\PHQW IRU
ORFDO FDOOV DQG ORQJ GLVWDQFH RIFLDO FDOOV VKDOO QRW
be included in the computation of perquisites and
allowances for the purpose of calculating the said
ceiling.
Minimum Remuneration
Basic Salary: ` 7,464,000/- per annum in the scale of

` 65,00,000/- to ` 9,000,000/- per annum with
DXWKRULW\WRWKHERDUGZKLFKH[SUHVVLRQVKDOOLQFOXGH
DFRPPLWWHHWKHUHRIWRUHYLVHKLVVDODU\IURPWLPHWR
time. The annual increments will be merit based and
take into account the Companys performance.
b)
Special Salary: `SHUDQQXP)L[HG
9.
Appointment of Mr. R.P. Singh as Director
c)
Performance Linked Bonus: A performance linked bonus

equivalent to a guaranteed minimum of four months
EDVLFVDODU\DQGDPD[LPXPRIWHQPRQWKVEDVLFVDODU\
WREHSDLGDQQXDOO\ZLWKDXWKRULW\WRWKHERDUGZKLFK
H[SUHVVLRQVKDOOLQFOXGHDFRPPLWWHHWKHUHRIWR[WKH
same based on certain performance criteria to be laid
down by the board.
d)
For the purpose of calculating the above ceiling,

perquisites and allowances shall be evaluated as per
LQFRPH WD[ UXOHV ZKHUHYHU DSSOLFDEOH ,Q WKH DEVHQFH
of any such rules, perquisites and allowances shall be
evaluated at actual cost.
10. Payment towards stay and other related expenses of

Mr. Shinzo Nakanishi, Director
5(62/9(' 7+$7 SXUVXDQW WR $UWLFOH RI WKH

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
DFFRUGHG IRU PHHWLQJ WKH H[SHQVHV RI 0U 6KLQ]R
Nakanishi, Director towards his stay including domestic/
international travel during the period from 1st April, 2013 to
30th-XQHXSWRDPD[LPXPRI` 20 lakhs.
By order of the board
For MARUTI SUZUKI INDIA LIMITED
New Delhi
26 April 2013
th
S. RAVI AIYAR
([HFXWLYH'LUHFWRU/HJDO
Company Secretary
Perquisites and Allowances: In addition to the salary

and performance linked bonus, he shall also be entitled
to perquisites and allowances like accommodation
IXUQLVKHG RU RWKHUZLVH RU KRXVH UHQW DOORZDQFH LQ
lieu thereof; house maintenance allowance, together
ZLWK WKH UHLPEXUVHPHQW RI H[SHQVHV RU DOORZDQFH
for utilities such as gas, electricity, water, furnishings,
repairs, servants salaries, society charges and property
WD[ HWF PHGLFDO UHLPEXUVHPHQW PHGLFDO DFFLGHQW
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
ZKLFK H[SUHVVLRQ VKDOO LQFOXGH D FRPPLWWHH WKHUHRI
WR LQFUHDVH LW IURP WLPH WR WLPH XSWR D PD[LPXP RI
` 6,000,000/- per annum.
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
SURSRVLQJKLVFDQGLGDWXUHIRUWKHRIFHRI'LUHFWRUEHDQGLV
hereby appointed as Director of the Company liable to retire
by rotation.
STATUTORY REPORTS
a)
MANAGEMENT REVIEW
Notwithstanding anything to the contrary herein

FRQWDLQHG ZKHUH LQ DQ\ QDQFLDO \HDU GXULQJ WKH
currency of his tenure, in the event of loss or inadequacy
RISURWVWKH&RPSDQ\ZLOOVXEMHFWWRDSSOLFDEOHODZV
pay remuneration by way of basic and special salary,
SHUIRUPDQFHOLQNHGERQXVQRWH[FHHGLQJIRXUPRQWKV
EDVLF VDODU\ SHUTXLVLWHV DQG DOORZDQFHV DV VSHFLHG
above.
CORPORATE OVERVIEW
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.
26 - 27
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
EH HIIHFWLYH VKRXOG EH GHSRVLWHG DW WKH UHJLVWHUHG RIFH
of the Company not less than forty eight hours before the
commencement of the meeting.

7KH H[SODQDWRU\ VWDWHPHQW SXUVXDQW WR VHFWLRQ RI WKH

Companies Act, 1956, in regard to the business as set out
in item nos. 7 to 10 and the relevant details pursuant to
FODXVHRIWKHOLVWLQJDJUHHPHQWH[HFXWHGZLWKWKHVWRFN
H[FKDQJHVDUHDQQH[HGKHUHWR

$PHPEHURUKLVKHUSUR[\LVUHTXHVWHGWREULQJWKHDQQXDO
UHSRUWWRWKHPHHWLQJDVH[WUDFRSLHVZLOOQRWEHGLVWULEXWHG

0HPEHUV3UR[LHVVKRXOGOOWKHDWWHQGDQFHVOLSIRUDWWHQGLQJ
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.

,QFDVHRIMRLQWKROGHUVDWWHQGLQJWKHPHHWLQJRQO\VXFKMRLQW
holder who is higher in the order of names will be entitled to
vote.

$OO GRFXPHQWV UHIHUUHG WR LQ WKH QRWLFH DQG H[SODQDWRU\

VWDWHPHQW DUH RSHQ IRU LQVSHFWLRQ DW WKH UHJLVWHUHG RIFH
of the Company on all working days between 9:30 a.m. and
11:30 a.m. upto the date of annual general meeting.

D
7KHUHJLVWHURIPHPEHUVZLOOUHPDLQFORVHGIURP)ULGD\
16th August, 2013 to Tuesday, 27th $XJXVW ERWK
GD\VLQFOXVLYH
E 6XEMHFW WR WKH SURYLVLRQV RI VHFWLRQ $ RI WKH

Companies Act, 1956, dividend as recommended by the
board of directors, if declared at the meeting will be
payable on or after 2nd September, 2013 to those whose
QDPHV DSSHDU LQ WKH UHJLVWHU RI PHPEHUV EHQHFLDO
owners as on the closing hours of 14th August 2013.
F
3XUVXDQWWR6HFWLRQV$DQG&RIWKH&RPSDQLHV
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
3URWHFWLRQ )XQG ,(3) HVWDEOLVKHG E\ WKH &HQWUDO
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
ZDUUDQWVDUHUHTXHVWHGWRPDNHWKHLUFODLPVZLWKRXW
any delay.
8.
Shareholders holding shares in electronic form may kindly

note that their bank account details as furnished by their
GHSRVLWRULHVWRWKHUHJLVWUDU WUDQVIHUDJHQWZLOOEHSULQWHG
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

UHSUHVHQWDWLYHV DUH UHTXHVWHG WR VHQG D GXO\ FHUWLHG FRS\
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
ZKLFKZLOOEHPDGHDYDLODEOHRQUHTXHVWWRWKHUHJLVWUDUDQG
transfer agents. The said nomination form can also be downloaded 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
6HFUHWDU\LQYHVWRU#PDUXWLFRLQDWOHDVWGD\VEHIRUHWKH
annual general meeting.
12.
Entry into the auditorium will be strictly against entry slips

DYDLODEOHDWWKHFRXQWHUVDWWKHYHQXHDQGDJDLQVWH[FKDQJH
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.
his stay including domestic/international travel during this

SHULRGXSWRDPD[LPXPRI` 20 lakhs only.
ITEM NO. 7
1RRWKHU'LUHFWRUH[FHSW0U6KLQ]R1DNDQLVKLLVFRQFHUQHGRU
interested in the proposed resolution. The Board recommends
this resolution for approval of the members.
0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU
&KLHI ([HFXWLYH 2IFHU ZLWK HIIHFW IURP st April, 2013 for
a period of three years at the remuneration given in the
proposed resolution. The approval of shareholders is sought
for appointment and payment of remuneration to Mr. Kenichi
Ayukawa.
1RRWKHU'LUHFWRUH[FHSW0U.HQLFKL$\XNDZDLVFRQFHUQHGRU
interested in the proposed resolution.
ITEM NO. 8
Mr. Toshiaki Hasuike was appointed as Whole-time Director
designated as Joint Managing Director with effect from 27th
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.
The Board recommends this resolution for approval of the

members.
ITEM NO. 9
ITEM NO. 10
0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU
&KLHI([HFXWLYH2IFHUZLWKHIIHFWIURPst April, 2013 for a
period of three years. In order to achieve smooth transition
RIWKHUHVSRQVLELOLWLHVRIWKHRIFHRI0DQDJLQJ'LUHFWRU
CEO, Mr. Shinzo Nakanishi would stay in India post 1st April,
IRUDSHULRGXSWRDPD[LPXPRIPRQWKV7KHDSSURYDO
RIVKDUHKROGHUVLVVRXJKWIRUPHHWLQJWKHH[SHQVHVWRZDUGV
Mr. Kenichi Ayukawa, 57, is a law graduate from Osaka

8QLYHUVLW\-DSDQ0U$\XNDZDMRLQHG6X]XNL0RWRU&RUSRUDWLRQ
in 1980 and worked at various levels there including General
Manager, Overseas Marketing Administration Department
and Managing Director of Pak Suzuki Motor Company Limited.
+HMRLQHGWKHERDUGRI0DUXWL6X]XNL,QGLD/LPLWHGLQ
Mr. Ayukawa is a member of the Board of Directors of several
companies such as Suzuki Italia S.P.A., Suzuki International
Europe GmbH, Suzuki Motor Iberia, S.A.U., Suzuki Austria
Automobil, Handels Gesellschaft m.b.H., Suzuki Motor Poland
SP.Z.O.O., Suzuki GB PLC, Magyar Suzuki Corporation Ltd.,
Suzuki Finance Europe B.V., Suzuki Philippines Inc., Pak
Suzuki Motor Co. Ltd., Vietnam Suzuki Corporation, PT Suzuki
,QGRPRELO 0RWRU 6X]XNL 0RWRU &KLQD ,QYHVWPHQW &R /WG
7DLZDQ6X]XNL$XWRPRELOH&RUS6X]XNL0RWRU7KDLODQG&R
Ltd., Suzuki Australia Pty. Ltd., Suzuki Newzealand Ltd., Suzuki
0RWRU'H0H[LFR6$'HF96X]XNL6HUYLFLRVGH0H[LFR6$
GH&96X]XNL$XWR6RXWK$IULFD3W\/WG6X]XNL0RWRU&]HFK
S.R.O., Suzuki Motor Rus, LLC, Suzuki Automobile Schweiz AG,
-LDQJ[L&KDQJKH6X]XNL$XWRPRELOH&R/WG6X]XNL0DOD\VLD
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
MRLQHG 6X]XNL 0RWRU &RUSRUDWLRQ LQ DQG ZRUNHG DW
various levels there including Department General Manager,
0DQDJLQJ2IFHU 'HSXW\([HFXWLYH*HQHUDO0DQDJHUDQG
ZDVDSSRLQWHGDV$XWRPRELOH(QJLQHHULQJ0DQDJLQJ2IFHU
'HSXW\([HFXWLYH*HQHUDO0DQDJHULQ
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
Mr. R.P. Singh was appointed as a Director with effect from

25th January, 2013 in the casual vacancy caused by the
UHVLJQDWLRQ RI 0U 06 %DQJD +H KROGV KLV RIFH XSWR WKH
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
SURSRVHKLVFDQGLGDWXUHIRUWKHRIFHRI'LUHFWRU1RRWKHU
'LUHFWRU H[FHSW 0U 53 6LQJK LV FRQFHUQHG RU LQWHUHVWHG LQ
his appointment. The Board recommends the resolution for
approval of the members.
Mr. Kenichi Ayukawa
STATUTORY REPORTS
1RRWKHU'LUHFWRUH[FHSW0U7RVKLDNL+DVXLNHLVFRQFHUQHGRU
interested in the proposed resolution.
A brief resume of the directors recommended for appointment/

re-appointment at the annual general meeting is as under:
MANAGEMENT REVIEW
The Board recommends this resolution for approval of the

members.
Additional information as per clause 49 of the listing

agreement
CORPORATE OVERVIEW
EXPLANATORY STATEMENT PURSUANT TO SECTION 173(2)

OF THE COMPANIES ACT, 1956
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.
28 - 29
During his career spanning over 42 years, Mr. Gangulis range

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cross border investments, Corporate mergers and reRUJDQLVDWLRQ QDQFLDO HYDOXDWLRQ RI SURMHFWV PDQDJHPHQW
RSHUDWLRQDO DQG VWDWXWRU\ DXGLW DQG FRQVXOWLQJ SURMHFWV
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
/WG &HQWXU\ 7H[WLOHV DQG ,QGXVWULHV /WG ,&5$ /WG +&/
Technologies Ltd., New Delhi Television Ltd., Triveni Turbines
/WG $97(& /WG $ULFHQW 7HFKQRORJLHV +ROGLQJV /WG 0/
Infomap Pvt. Ltd., Tata Teleservices Maharashtra Ltd., Hughes
Communications India Ltd., Laurus Labs Private Limited,
Manglam Cement Limited and a partner in Veritas Advisors
LLP.
Presently, he is a member of audit committee of Century
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/WG ,&5$ /WG $ULFHQW 7HFKQRORJLHV +ROGLQJV /WG 7ULYHQL
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
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of Delhi. After having started his career in 1974 with The
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been associated with the Pharmaceutical Industry for three
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Pharmaceutical company at various positions and rose to the
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ventured into GVK Biosciences - a leading contract research
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to Global Life Sciences companies. Mr. Brar also promoted
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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
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and is presently Chairman of Biotechnology Business Group
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of the Board of Governors of Indian Institute of Management,
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Mr. Brar has been involved with several leading industry
associations in India. He is a member of the National Council
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of CIIs Indian MNC Council. He has served as a member of
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Member of Prime Ministers Task Force on pharmaceuticals
and knowledge-based industries which drafted the blue print
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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
/LPLWHG6XUDM+RWHOV3ULYDWH/LPLWHG0DGKXEDQL,QYHVWPHQWV
3ULYDWH/LPLWHG'DYL[0DQDJHPHQW6HUYLFHV3ULYDWH/LPLWHG
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Pharmaceuticals Private Limited, Chetak Pharmaceuticals
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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
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University, Chandigarh in 1973 and after a brief stint
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FODVVHV MRLQHG WKH $GPLQLVWUDWLYH 6HUYLFH $SDUW IURP WKH
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Hyderabad Urban Development Authority. He had long
stints as Managing Director of Andhra Pradesh Industrial
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Mr. Keiichi Asai
1.
Rationalisation and consolidation of FDI policy;
2.
Re-inventing and establishing the Delhi Mumbai

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3.
Putting together the manufacturing policy for the

country.
Mr. Keiichi Asai, 57, is a graduate from Department of

Mechanical Engineering of Musashi Engineering University,
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worked at various levels at body design engineering, new
model member in Kosai plant, production planning, car line
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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.
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
26 April 2013
th
S. RAVI AIYAR
Company Secretary
MANAGEMENT REVIEW
After retirement from the Indian Administrative Service,

he has been selected by the Government of India for
appointment as Chairman, National Highways Authority
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CORPORATE OVERVIEW
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Chairman in March 2005 when the Bank was in continuous
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four and a half years in the Bank during which the Bank
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STATUTORY REPORTS
30 -31
Directors
Report
The Company ranked

third in the list of 100
most successful and
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in India listed by TLG
Partners, London.
Your directors have pleasure in presenting the 32nd annual report together with the audited
accounts for the year ended 31st March 2013.
FINANCIAL RESULTS
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(` in million)
Total revenue
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Addition on amalgamation
2012-13
2011-12
444,003
364,139
29,910
21,462
5,989
5,110
23,921
16,352
130,777
118,578
3,565
158,263
134,930
General reserve
2,392
1,635
Proposed dividend
2,417
2,167
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411
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153,043
130,777
FINANCIAL HIGHLIGHTS
DIVIDEND
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Belgium and the auditors recommended
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quality systems is done at regular intervals
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party agency. Also, the Company has an
internal assessment mechanism to verify
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systems across the Company.
AWARDS/RECOGNITION/
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the Company highest for the 13th time
in a row.
OPERATIONAL HIGHLIGHTS
Golden Peacock Award 2012 for

occupational health and safety in
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in the report on Management Discussion
and Analysis which forms part of this
annual report.
The Company was awarded the highest

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terms of the highest safety with regard
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QUALITY
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Top Gear family car of the year
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The Company ranked third in the list

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SUBSIDIARY COMPANIES
AND THEIR ACCOUNTS
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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.
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processes and supported the dealerships
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sheet of the Company. Annual accounts
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CRISIL RATINGS
Golden Peacock Award 2012 for

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STATUTORY REPORTS
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` 8 (eight) per equity share of ` 5 each for the
year ended 31st March 2013 amounting to
` 2,417 million.
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MANAGEMENT REVIEW
3URW EHIRUH WD[ 3%7 ZDV ` 29,910

million against ` 21,462 million showing
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WD[3$7VWRRGDW` 23,921 million against
` 16,352 million in the previous year
showing an increase of 46 per cent.
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` 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
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was 120,388 units as compared to 127, 379
units in the previous year.
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32 - 33
Directors Report
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companies. Hard copy of details of accounts
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shareholder on demand. Further, pursuant
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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
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and environment trainings.
AMALGAMATION
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
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trainers.
During the year under review, Suzuki

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amalgamated with and into the Company
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of Delhi dated 29th January 2013. The order
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Ministry of Corporate Affairs on 17th March
2013. The appointed date of amalgamation
was 1st April 2012. Pursuant to the scheme
of amalgamation, 1,3170,000 equity shares
of `HDFKZHUHDOORWWHGWR6X]XNL0RWRU
Corporation on 29th March 2013 and the
paid up equity capital stands increased to
` 1,510 million.
HUMAN RESOURCE
DEVELOPMENT
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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
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employees. The training programs varied
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training calendar encompassed training
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training were conducted for the employees
across all the levels. This translates to
an average of 5.15 days of training per
employee.
Some of the functional trainings imparted

internally are 3G, 3K, 5S, Design Failure Mode
Effects Analysis (DFMEA), environment,
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management, inventory and warehouse
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skills, etc.
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for the women employees to help them
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work and home and managing stress.
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helped not only to groom and retain the
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enhancement aspirations, while still
working in the organisation. The scheme
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(full time and part time) at select campuses.
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levels of assistant managers to managers.
DIRECTORS
Mr. Amal Ganguli, Mr. Keiichi Asai and
Mr. D. S. Brar, Directors of the Company,
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2013. Mr. Kenichi Ayukawa was appointed
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effect from 1st April 2013.
DIRECTORS
RESPONSIBILITY
STATEMENT
As required under section 217(2AA) of
the Companies Act, 1956, your directors
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a) that there were no material departures
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followed while preparing the annual
accounts;
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policies and applied them consistently
and made judgments and estimates
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to give a true and fair view of the state
of affairs of the Company at the end of
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the Company for that period;
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PERSONNEL
CONSOLIDATED FINANCIAL
STATEMENTS
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21 on Consolidated Financial Statements
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the conclusion of the ensuing annual
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the Companies Act, 1956.
COST AUDITORS
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directors
KENICHI AYUKAWA
Managing Director
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Chairman
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26th April 2013
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the Central Government, the Company
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accountants, as the cost auditors under
section 233B of the Companies Act, 1956
for the audit of the cost accounts for the
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ending on 31st 0DUFK 7KH H[WHQGHG
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format with the Ministry of Corporate
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January 2013.
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217(2A) of the Companies Act, 1956,
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STATUTORY REPORTS
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from Suzuki Motor Corporation, Japan. The
ERDUGDOVRSODFHVRQUHFRUGLWVDSSUHFLDWLRQ
IRU WKH HQWKXVLDVWLF FRRSHUDWLRQ KDUG
work and dedication of all the employees
of the Company including the Japanese
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DVVRFLDWHV DXWR QDQFH FRPSDQLHV VWDWH
government authorities and all concerned
ZLWKRXW ZKLFK LW ZRXOG QRW KDYH EHHQ
SRVVLEOH WR DFKLHYH DOO URXQG SURJUHVV
and growth of the Company. The directors
are thankful to the shareholders for their
continued patronage.
MANAGEMENT REVIEW
CONSERVATION OF
ENERGY, TECHNOLOGY
ABSORPTION, FOREIGN
EXCHANGE EARNINGS AND
OUTGO
5HSRUWLQJIRU,QWHUHVWLQ-RLQW9HQWXUHVWKH
DXGLWHG FRQVROLGDWHG QDQFLDO VWDWHPHQWV
DUHSURYLGHGLQWKH$QQXDO5HSRUW
CORPORATE OVERVIEW
F KDYLQJ WDNHQ SURSHU DQG VXIFLHQW

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
ACKNOWLEDGMENT
7KHERDUGRIGLUHFWRUVZRXOGOLNHWRH[SUHVV
LWVVLQFHUHWKDQNVIRUWKHFRRSHUDWLRQDQG
advice received from the Government of
,QGLD DQG WKH +DU\DQD *RYHUQPHQW <RXU
directors also take this opportunity to place
on record their gratitude for timely and
Directors Report
ANNEXURE A
,QIRUPDWLRQ LQ DFFRUGDQFH ZLWK WKH
Companies (Disclosure of Particulars in the
5HSRUW RI %RDUG RI 'LUHFWRUV 5XOHV
DQG IRUPLQJ SDUW RI WKH 'LUHFWRUV 5HSRUW
for the year ended 31st March 2013.
34 - 35
A. ENERGY CONSERVATION
The Company continued its energy
conservation drive with the main
IRFXV RQ LPSURYLQJ HIFLHQF\ WKURXJK
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
FRQVXPSWLRQ E\ PRUH WKDQ SHU FHQW
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.
(QHUJ\HIFLHQWHTXLSPHQWV
installed/replaced :
D (QHUJ\ HIFLHQW SXPSLQJ
V\VWHP IRU 5HYHUVH 2VPRVLV
52SODQWDW*XUJDRQSODQW
E (QHUJ\HIFLHQWPRWRUVLQSDLQW
shop, air washers, cooling tower,
ERLOHUDQGSRZHUSODQWLQERWK
Gurgaon and Manesar plant.
F (QHUJ\ HIFLHQW WUDQVIRUPHUV
for new shops.
G 5HSODFHPHQW RI VWDQGDUG
EODGHV RI FRROLQJ WRZHU IDQV
with
aerodynamic
energy
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3ODVWLF)53EODGHV
2. 8SJUDGDWLRQRI52V\VWHP
from two stage to three stage
for reduction in fresh water
consumption.
3.,QOHWVWHDPLQMHFWLRQV\VWHP
LQJDVWXUELQHVIRULPSURYLQJ
performance.
4. Optimisation / improvement of
process:
5 ' WHDP DFKLHYHG WKH FDSDELOLW\ IRU

FDUU\LQJ RXW IXOO ERG\ FKDQJH DQG LV
working on various new projects for
new model design and development.
7KH &RPSDQ\V 5 ' WHDP LV QRZ RQ
WKH SDWK RI DGYDQFLQJ WKLV FDSDELOLW\
further. Systemic efforts are going on
to enhance it in the near future via
IROORZLQJ
D 9ROWDJH UHGXFWLRQ LQ (OHFWUR

Deposition (ED) process in
Gurgaon plant.
E 5HVL]LQJ RI PRWRUV DQG
pumps rating as per process
requirement in shops.
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lighting.
(VWDEOLVKPHQW RI ZRUOG FODVV WHVW

track and proving ground facility at
5RKWDNZKLFKZLOOKHOSLQYDOLGDWLQJ
the various vehicle systems and
models
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VKRSV E\ VHTXHQWLDO RSHUDWLRQ
as per process requirement.
)DFLOLWDWLRQ RI IXOO LQKRXVH

designing,
development
and
evaluation of entire vehicle
H 0RGLHG FRPSUHVVHG DLU

system for improvement in
power consumption.
2YHUVHDV DQG LQKRXVH WUDLQLQJ RI

engineers
I ,PSURYHPHQW LQ DLU ZDVKHUV

HIFLHQF\ E\ UHSODFLQJ VSUD\
zone with celdec media.
'HYHORSPHQW RI SURWRW\SH EXLOG

FDSDELOLW\
5. Improvement in lightings:
Advanced engineering projects
D 5HSODFHPHQW RI FRQYHQWLRQDO

WXEHOLJKWVZLWKKLJKO\HIFLHQW
/(' /LJKW (PLWWLQJ 'LRGHV
WXEHOLJKWVLQYHKLFOHDVVHPEO\
shops, Gurgaon plant.
E ,PSURYHG QDWXUDO
system in shops.
OLJKWLQJ
B. RESEARCH &
DEVELOPMENT (R&D)
,QGLD LV RQH RI WKH PRVW FRPSHWLWLYH
DXWRPRWLYH PDUNHWV WRGD\ ,QFUHDVLQJ
FRPSHWLWLRQ IURP WKH JOREDO 2(0
2ULJLQDO (TXLSPHQW 0DQXIDFWXUHUV
volatile commodity prices, highly
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UHJXODWRU\ UHTXLUHPHQWV DQG ODVW EXW
not the least the increasing customer
H[SHFWDWLRQV PDNHV WKH ,QGLDQ
automotive market very challenging.
With unparalleled dedication and
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the Company worked in line with
the Companys vision to retain the
market superiority and win a place in
the customers hearts. The Companys
,QWKHPDQSRZHURI&RPSDQ\V
5 'WHDPUHDFKHGWR7KHIRFXV
ZDVRQFRQVROLGDWLQJWKHH[SHULHQFH
gained and training imparted to a
ODUJHQXPEHURI\RXQJHQJLQHHUVIRU
FKDOOHQJLQJ5 'UROHVLQWKHIXWXUH
6SHFLFDUHDVLQZKLFK5 'KDV
happened:
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preparation of the product road map,
SURGXFW VSHFLFDWLRQ WUDFNLQJ RI QHZ
technology and its implementation.
9DULRXV SUH DQG SRVW ODXQFK PDUNHW
research activities were conducted
to capture the customer voice and
LQFRUSRUDWH FXVWRPHU IHHGEDFN LQ WKH
H[LVWLQJDQGIXWXUHSURGXFWV
9HKLFOH H[WHULRU DQG LQWHULRU GHVLJQ
FDSDELOLWLHV ZHUH HQKDQFHG ZLWK
VPDUW %,: %RG\ LQ :KLWH VWUXFWXUH
SDFNDJLQJ DQG LPSURYHG W DQG QLVK
in interior design. Use of high tensile
steel and structure optimisation
helped in achieving overall weight
UHGXFWLRQWRJHWKLJKHUIXHOHIFLHQF\
1HZ FRVW HIIHFWLYH WHFKQRORJ\ RI
SDLQWHG LQVWUXPHQW SDQHO KDV EHHQ
introduced thus showcasing the

&RPSDQ\V FDSDELOLW\ LQ HQKDQFHPHQW
in instrument panel design and
development.
To enhance the virtual validation skills,

accuracy and reduce design cycle
WLPH DQG GHVLJQ PRGLFDWLRQ DQG
7R IXUWKHU LPSURYH WKH LQKRXVH

WHVWLQJ FDSDELOLW\ IRU WKH LPSHQGLQJ
safety regulation, new crash testing
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This will further reduce the product
development cost and skills.
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efforts
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indigenously and entirely designed and
GHYHORSHGE\WKH&RPSDQ\VHQJLQHHUV
with support from Suzuki Motor
Corporation, Japan.
Ertiga launched in April 2012 created
DQ HQWLUHO\ QHZ FRPSDFW 039 0XOWL
purpose vehicle) segment due to its
designing.
,QWURGXFWLRQRIUHIUHVKHG5LW]ERWKZLWK
manual and automatic transmission
features.
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DQHZUHQHGLQWHULRUVDQGEHWWHUIXHO
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touch screen audio and navigation
feature.
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*\SV\ ZHUH PDGH 2%' RQ ERDUG
GLDJQRVLV,,FRPSOLDQWZHOOEHIRUHWKH
deadline date during this year. Work is
SURJUHVVLQJ WR PDNH *\SV\ 2%' RQ
ERDUGGLDJQRVLV,,FRPSOLDQWHDUO\QH[W
year.
25 patent applications and 8 industrial
GHVLJQV ZHUH OHG E\ WKH &RPSDQ\V
5 'WHDPLQ
,19(67 ,QGLDQ 9DOXH (QJLQHHULQJ
6RFLHW\KDVDZDUGHG+$1'$*2/'(1
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IRU ([FHOOHQFH LQ GHSOR\LQJ YDOXH
engineering as a corporate activity.
Cost control was under constant focus

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IHDVLELOLW\ DQDO\VLV ZDV GRQH DQG
stringent cost targets were set for
HQJLQHHUV WR ZRUN RQ ,Q RUGHU WR
reduce costs right from concept stage,
The Companys engineers presented

WKHLU QGLQJV WKURXJK HQJLQHHULQJ
research papers at various international
forums such as SAE (Society of
$XWRPRWLYH (QJLQHHUV ,QWHUQDWLRQDO
6,$7 6\PSRVLXP RQ ,QWHUQDWLRQDO
Automotive Technology) and other
prestigious conferences which gave
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engineers and displayed the dedication,
focus and hard work with which the
&RPSDQ\V5 'WHDPZRUNHG
1HZ&$(&RPSXWHU$LGHG(QJLQHHULQJ
system and methodologies were
introduced to lay emphasis on doing
WKH WKLQJV UVW WLPH ULJKW and reduce
the prototyping cost.
STATUTORY REPORTS
7KH GHVLJQ SURWR YHKLFOH EXLOG

FDSDELOLW\ZDVIXUWKHUHQKDQFHGGXULQJ
WKH \HDU ,Q WKH DUHD RI ERG\ VKHOO
new technologies and materials like
coated and high tensile materials were
LQGXFWHG :RUN LV EHLQJ GRQH LQ WKH
new areas of powertrain development
ZLWK FRPSHWHQFLHV EHLQJ GHYHORSHG
in prototype casting and machining
providing further opportunities to
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design and product optimisation.
The ongoing advanced engineering

projects in the Company depict the
Companys vision towards future.
Project dedicated to development of
K\EULG HOHFWULF YHKLFOH LQWHJUDWLRQ RI
advance technologies and addition
RI QHZ IHDWXUHV ZHUH WDNHQ XS E\ WKH
Company during the year to enhance
FDSDELOLW\LQYDULRXVHOGVDQGGHYHORS
new technologies for future readiness.
MANAGEMENT REVIEW
&DSDELOLW\ XSJUDGDWLRQ ZDV GRQH

in the areas of chassis design and
development
to
meet
growing
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SHUIRUPDQFH UHOLDELOLW\ DQG IXHO
HIFLHQF\ 7KH H[WHQVLYH XVH RI &$(
Computer Aided Engineering on the
chassis parts during the initial design
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and reduction in design validation time,
thus minimising the overall vehicle
development
time. Contemporary
technology application and optimal
tuning of steering and suspension
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DQG (UWLJD ZLWK EHVW LQ FODVV ULGH
and handling to cater to customers
H[SHFWDWLRQV LQ WKH DUHD RI YHKLFOH
dynamics.
development cost, high performance

server was installed. The Company has
an edge over its competitors in terms of
computational skills.
CORPORATE OVERVIEW
Consistent efforts were put for

FDSDELOLW\ XSJUDGDWLRQ LQ WKH
automotive electrical and electronic
DUHD1HZJHQHUDWRUFRVWHIIHFWLYH(06
(Engine Management System) platform
were developed along with supplier
partner and implemented in Alto 800.
)RU FRQWURO VRIWZDUH YDOLGDWLRQ +,/
+DUGZDUH LQ /RRS V\VWHP ZDV VHWXS
during the year.
cost analysis and design to cost

WHFKQLTXHV ZHUH DGRSWHG 9( 9DOXH
Engineering) ideas of the Companys
engineers and also the suppliers were
incorporated at the design stage itself.
)RFXV RQ LQFRUSRUDWLQJ ,QGLD VSHFLF
cost reduction ideas right at the design
VWDJH IRU JOREDO PRGHOV KHOSHG WKH
Company in achieving stricter target
FRVWV )RU H[LVWLQJ PRGHOV IRFXVHG
value enhancement projects were
WDNHQXSLQWKHYDULRXVPRGHOVE\FURVV
functional teams across the Company
to provide the higher value products
at lower costs. This was also a step
WRZDUGV PDLQWDLQLQJ WKH SURWDELOLW\
during adverse economic conditions.
/RFDOLVDWLRQ RI LPSRUWHG SDUWV ZDV
taken up with a renewed thrust. This
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IURP IRUHLJQ H[FKDQJH H[SRVXUH DQG
to reduce material cost. The Company
saved ` FURUHV E\ ORFDOLVDWLRQ
and ` 209 crores from implementation
RI 9$ 9( 9DOXH $QDO\VLV9DOXH
Engineering) proposals.
Directors Report
36 - 37
Future plan of action

The Company will continue to introduce
new products to meet growing customers
H[SHFWDWLRQV 7KH H[LVWLQJ SURGXFWV
ZLOO EH UHIUHVKHG DW UHJXODU LQWHUYDOV WR
suit the upcoming trends. The Company
ZLOO SURDFWLYHO\ ZRUN RQ LQFUHDVLQJ WKH
IXHO HIFLHQF\ RI DOO LWV PRGHOV WR RIIHU
HFRQRPLFDOO\ DIIRUGDEOH DQG HQYLURQPHQW
IULHQGO\YHKLFOHV WR WKH FXVWRPHUV 2QH RI
WKH VLJQLFDQW VWHSV ZLOO EH WR LQWURGXFH
DOWHUQDWH IXHO RSWLRQV OLNH /3* /LTXHHG
3HWUROHXP *DV DQG &1* &RPSUHVVHG
1DWXUDO *DV LQ WKH &RPSDQ\V YHKLFOHV
The Company will continue to focus on
developing more products with alternate
IXHORSWLRQV,QWKHORQJWHUPWKH&RPSDQ\
ZLOOIRFXVRQHQKDQFLQJWKHFDSDELOLW\LQWKH
HOG RI (9+(9 (OHFWULF 9HKLFOH +\EULG
(OHFWULF 9HKLFOH DQG RWKHU HQYLURQPHQW
friendly initiatives. Another step towards
PDNLQJ YHKLFOHV PRUH DIIRUGDEOH ZLOO EH
E\ PDLQWDLQLQJ WKH FRVW RI GHYHORSPHQW
RI YHKLFOH WKURXJK 9$9( DQG ZHLJKW
reduction activities. The Company will
continuously work on alternate materials
and newer technologies to reduce the
vehicle cost and weight. Safety of the
FXVWRPHUV ZDV DQG ZLOO FRQWLQXH WR EH RI
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.
Designing of components and

systems including development
of design review process.
&RPSRQHQWDQGVXEFRPSRQHQW
level localisation, development
and testing of the parts for the
H[LVWLQJDQGQHZPRGHOV
1HZ DQG XQLTXH SODVWLF IXHO

UDLO ZKLFK LV EHLQJ XVHG IRU
WKH UVW WLPH LQ HQWLUH 6X]XNL
group, was designed and
introduced in Alto 800. This
UHVXOWHG LQ VLJQLFDQW ZHLJKW
UHGXFWLRQDQGIXHOHIFLHQF\
&DSDELOLW\HQKDQFHPHQWLQWKH
area of alternative fuels and
SRZHUWUDLQ E\ YDULRXV VWXG\
projects.
9( 9DOXH (QJLQHHULQJ GXULQJ
new model designing phase for
PD[LPLVLQJFRVWEHQHW
,66,GOHVWRSVWDUWIHDWXUHZDV

LQWURGXFHGLQWKHH[SRUWPDUNHW
to meet the stringent emission
regulation requirements like
(XUR7KH&RPSDQ\LVFDSDEOH
of meeting any emission
regulation in future and this
WHFKQRORJ\FDQEHH[WHQGHGWR
YHKLFOHV LQ ORFDO PDUNHW EDVHG
on emission regulations and
market trend.
Generation of newer ideas

for future designing and cost
reduction via teardown and
EHQFKPDUNLQJ
%HQHWVGHULYHGDVDUHVXOWRI
above efforts
High localisation content in
various vehicles has resulted in
lower costs.
6997 6LQJOH 9DULDEOH 9DOYH

Timing)
technology
was
LQWURGXFHGLQQHZ5LW]OHDGLQJ
to improve fuel economy and
reduced emissions.
Continuous
reduction
in
SURGXFWFRVWWKURXJK9$9(
6LJQLFDQW FRVW UHGXFWLRQ RI
parts of new models compared
WR H[LVWLQJ PRGHOV HQVXULQJ
SURWDELOLW\RIQHZPRGHOV
The Company achieved 3 to

15 per cent increase in fuel
HIFLHQF\GXULQJWKH\HDUDFURVV
all models among various fuel
RSWLRQVE\ZRUNLQJRQGLIIHUHQW
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.
3. Technology inducted
All
models
were
made
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GLDJQRVLV 2%',, UHJXODWLRQV
much ahead of the targeted
time of implementation i.e.
April 2013.
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designed and introduced in
$OWR&1*DQG:DJRQ5&1*
which resulted in huge cost
saving and weight reduction.
'XHWRPRUHSUHFLVHRZUDWHV
C. TECHNOLOGY
ABSORPTION,
ADAPTATION AND
INNOVATION
(IIRUWVLQEULHIPDGHWRZDUGV
technology absorption, adaptation
and innovation
&22FDUERQGLR[LGHHPLVVLRQV

ZHUHUHGXFHGYHU\VLJQLFDQWO\
&DSDELOLW\ HQKDQFHPHQW LQ

component
and
vehicle
evaluation, EHQFKPDUNLQJ DQG
design optimisation.
<HDURI,PSRUW
6WDWXVRIDEVRUSWLRQ7KHDERYH
WHFKQRORJLHV KDYH EHHQ XVHG
in products introduced during
the year.
Expenditure incurred on R&D

(` in million)
Particulars
A
&DSLWDO([SHQGLWXUH
5HFXUULQJ([SHQGLWXUH
2012-13
2011-12
2,613
1,491
2,533
2,226
TOTAL
5,146
3,717
7RWDO 5 ' H[SHQGLWXUH DV D SHUFHQWDJH

of total income
1.16%
1.02%
D. FOREIGN EXCHANGE EARNINGS & OUTGO

(ACCRUAL BASIS)
(` in million)
2012-13
2011-12
5DZPDWHULDOVDQGFRPSRQHQWV
42,344
30,451
Capital goods
14,762
11,625
791
1,147
32,379
24,855
45,514
36,918
CORPORATE OVERVIEW
Particulars
)RUHLJQH[FKDQJHXVHGHTXLYDOHQW
'LHV PRXOGVPDLQWHQDQFH
VSDUHV RWKHULWHPV
5R\DOW\LQWHUHVWGLYLGHQGDQG
others
Activities relating to exports
)RUDQGRQEHKDOIRIWKHERDUGRI
directors
KENICHI AYUKAWA
Managing Director
&(2
R.C. BHARGAVA
Chairman
LL 'HYHORSPHQW RI QHZ H[SRUW

PDUNHWV IRU SURGXFWV DQG VHUYLFHV
KD operations during the year
ZLWK ,QGRQHVLD DQG7KDLODQG ZHUH
HYHQWXDOO\ H[SDQGHG WR 0DOD\VLD
9LHWQDPDQG+XQJDU\DVZHOO1HZ
PRGHO 6SODVK $7 ZDV LQWURGXFHG
LQ,QGRQHVLD
LLL ([SRUWSODQVIRUIXWXUH'XHWRWKH
(XURSHDQ HFRQRP\ EHLQJ KLW E\
(XUR]RQH6RYHUHLJQ'HEW&ULVLVWKH
DXWRPRELOH LQGXVWU\ LV H[SHFWHG
WR VKULQN E\ SHU FHQW LQ
7KHUHIRUH WKH IRFXV ZLOO EH RQ
H[SRUWRIYHKLFOHVWR1RQ(XURSHDQ
markets.
STATUTORY REPORTS
L ,QLWLDWLYHV WDNHQ WR LQFUHDVH

H[SRUWV 7KH &RPSDQ\ FRQWLQXHG
LWV HIIRUWV WR H[SRUW WR /DWLQ
American and African markets.
7KH &RPSDQ\ H[SRUWHG D WRWDO RI
120,388 units during the year. The
H[SRUWV WR 1RQ(XURSHDQ PDUNHW
showed an increase of 10 per cent.
7RWDOH[SRUWVFURVVHGDODQGPDUNRI
1 million units.
MANAGEMENT REVIEW
)RUHLJQH[FKDQJHHDUQHGHTXLYDOHQW
1HZ'HOKL
26th April 2013
38 - 39
Corporate
Governance Report
The management
structure not only
DOORZVHDV\DQGTXLFN
FRPPXQLFDWLRQRIHOG
information to the board
members but also gives
them the opportunity to
give recommendations
relevant to their
business operations.
CORPORATE GOVERNANCE
PHILOSOPHY
MANAGEMENT STRUCTURE
AND SHARED LEADERSHIP
0DUXWL6X]XNL,QGLD/LPLWHGWKH&RPSDQ\
is fully committed to practising sound
corporate governance and upholding the
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EXVLQHVV%HLQJDYDOXHGULYHQRUJDQLVDWLRQ
the Company has always worked towards
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employees, customers, suppliers and other
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good corporate governance, viz., integrity,
equity, transparency, fairness, disclosure,
DFFRXQWDELOLW\DQGFRPPLWPHQWWRYDOXHV
7KH&RPSDQ\KDVDPXOWLWLHUPDQDJHPHQW
VWUXFWXUH KDYLQJ WKH ERDUG RI GLUHFWRUV DW
WKH WRS 7KH &RPSDQ\ KDV YH EXVLQHVV
verticals viz. Administration, Production,
(QJLQHHULQJ6XSSO\&KDLQDQG0DUNHWLQJ
Sales. The top level management of these
YHUWLFDOVLVKHDGHGE\DWHDPRIWZRSHUVRQV
one of whom is a Japanese manager and
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managers at the top management level are
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2IFHU 60(2 DQG 0DQDJLQJ ([HFXWLYH
2IFHU 0(2 7KH 60(2V DQG 0(2V DUH
VXSSRUWHG E\ ([HFXWLYH 2IFHUV (2V
who are also part of the top management.
7KHERDUGPHHWLQJVRIWKH&RPSDQ\PDUN
WKH SUHVHQFH RI DOO WKH 60(2V 0(2V DQG
(2V DV WKH\ DFW DV D FKDQQHO EHWZHHQ
WKHERDUGDERYHWKHPDQGWKHHPSOR\HHV
working under them. This structure not
only allows easy and quick communication
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EXW DOVR JLYHV WKHP WKH RSSRUWXQLW\ WR
give recommendations relevant to their
The Company fosters a culture in which high

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DFFRXQWDELOLW\ DQG WUDQVSDUHQW GLVFORVXUH
DUH LQJUDLQHG LQ DOO LWV EXVLQHVV GHDOLQJV
DQG VKDUHG E\ LWV ERDUG RI GLUHFWRUV
management and employees. The Company
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HQVXUH WKDW LWV ERDUG RI GLUHFWRUV LV ZHOO
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RYHUDOO UHVSRQVLELOLWLHV DQG WR SURYLGH WKH
management with the strategic direction
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value.
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departmental heads. Through this, it is
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Control and implementation of

the Companys strategy is achieved
effectively;
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focussed on implementation;
Delegation of decision making with

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Financial and operating control and
integrity are maintained at an optimal
level;
MANAGEMENT REVIEW
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RSHUDWLRQV DQG QDQFLDO SHUIRUPDQFH
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FRQVLVWVRIWZHOYHPHPEHUV7KH&KDLUPDQ
RI WKH ERDUG LV D 1RQ([HFXWLYH 'LUHFWRU
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RI ([HFXWLYH DQG 1RQ([HFXWLYH 'LUHFWRUV
in accordance with the provisions of clause
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1RQ([HFXWLYH'LUHFWRUVRIZKRPIRXUDUH
,QGHSHQGHQW'LUHFWRUV7KHLUFRPSRVLWLRQLV
given in Table 11RGLUHFWRULVUHODWHGWRDQ\
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stakeholders and the Company.
CORPORATE OVERVIEW
6WUDWHJLFVXSHUYLVLRQLVSURYLGHGE\WKH
ERDUG
BOARD OF DIRECTORS
Composition of the board
5LVN LV VXLWDEO\ HYDOXDWHG DQG GHDOW

with.
No. of other directorship(s)
No. of other committee(s)
Name
Category
Public
Private
Member
Chairman
0U5&%KDUJDYD
&KDLUPDQ1RQ([HFXWLYH
0U6KLQ]R1DNDQLVKL
Managing Director and

&(2([HFXWLYH
0U7VXQHR2KDVKL
([HFXWLYH
0U.D]XKLNR$\DEH
([HFXWLYH
Mr. Keiichi Asai
([HFXWLYH
0U2VDPX6X]XNL
1RQ([HFXWLYH
0U.HQLFKL$\XNDZD
1RQ([HFXWLYH
Mr. Kinji Saito
1RQ([HFXWLYH
Mr. Amal Ganguli
,QGHSHQGHQW
11
10
Ms. Pallavi Shroff
,QGHSHQGHQW
11
Mr. Davinder Singh Brar
,QGHSHQGHQW
11
12
0U536LQJK
,QGHSHQGHQW
0U6KLQ]R1DNDQLVKLUHWLUHGIURPWKHSRVWRI0DQDJLQJ'LUHFWRU &(2IURPWKHFORVHRIEXVLQHVVKRXUVRI March 2013.

st
0U.HQLFKL$\XNDZDZDVDSSRLQWHGDV0DQDJLQJ'LUHFWRU &(2ZLWKHIIHFWIURPst April 2013.

0U536LQJKZDVDSSRLQWHGZLWKHIIHFWIURPth January 2013.
S.No.
STATUTORY REPORTS
TABLE 1: Composition of the board as on 31st March 2013
1. Foreign companies, private limited

companies and companies under
section 25 of the Companies Act,
DUH H[FOXGHG IRU WKH SXUSRVH
RI FRQVLGHULQJ WKH OLPLW SUHVFULEHG
XQGHU FODXVH , & RI WKH OLVWLQJ
agreement. The committees considered
for the purpose are audit committee
and shareholders grievance committee
DV SUHVFULEHG XQGHU FODXVH ,& RI
the listing agreement.
BOARD MEETINGS
In terms of clause 49 of the listing

agreement:
1RQHRIWKHGLUHFWRUVZDVDPHPEHURI
more than 10 committees or Chairman
of more than 5 committees across all
FRPSDQLHVLQZKLFKKHVKHLVDGLUHFWRU
1RQH RI WKH GLUHFWRUV KROG HTXLW\
shares in the Company.
7KH ERDUG PHW VL[ WLPHV GXULQJ WKH \HDU

on 28th April 2012, 12th June 2012, 28th July
2012, 30th2FWREHUth January 2013
and 15th 0DUFK 7KH ERDUG PHHWV DW
least once in a quarter with a gap of not
PRUH WKDQ IRXU PRQWKV EHWZHHQ DQ\ WZR
meetings. However, additional meetings
are held, whenever necessary. Table 2 gives
the attendance record of the directors
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annual general meeting (AGM).
TABLE 2: Board meeting and AGM attendance record of the directors in 2012 2013
40 - 41
Name
Number of meetings attended

(Total meetings held: 6)
Whether attended last AGM
0U5&%KDUJDYD
Yes
0U6KLQ]R1DNDQLVKL
Yes
0U7VXQHR2KDVKL
Yes
0U.D]XKLNR$\DEH
Yes
Mr. Keiichi Asai
Yes
0U2VDPX6X]XNL
Yes
Mr. Kenichi Ayukawa
Yes
Mr. Kinji Saito
1R
Mr. Amal Ganguli
Yes
Ms. Pallavi Shroff
Yes
1R
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1$
0U5&%KDUJDYDDWWHQGHGWKHPHHWLQJKHOGRQth June 2012 through video conferencing.

0U536LQJKZDVDSSRLQWHGZLWKHIIHFWIURPth January 2013.
Information supplied to the board
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information of the Company. The following
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the agenda papers for the meetings are
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Annual operating plans, capital and
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4XDUWHUO\ UHVXOWV RI WKH &RPSDQ\ DQG
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segments;
Minutes of the meetings of the audit
committee and other committees of the
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appointment or removal of Chief
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Secretary;
Materially important
demand, prosecution
notices;
show cause,
and penalty
Fatal or serious accidents

dangerous occurrences;
and
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SROOXWLRQSUREOHP
Any material relevant default in

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Details of any joint venture
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or
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equity or intellectual property;
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proposed solutions;
$Q\ VLJQLFDQW GHYHORSPHQW LQ WKH

human resources and industrial
relations front;
4XDUWHUO\ GHWDLOV RI IRUHLJQ H[FKDQJH

H[SRVXUH DQG WKH VWHSV WDNHQ E\ WKH
1RQFRPSOLDQFH RI DQ\ UHJXODWRU\

statutory nature or listing requirements
DQGVKDUHKROGHUVHUYLFHVVXFKDVQRQ
payment of dividend, delay in share
transfer, etc.
Remuneration to Directors
Table 3 gives details of the remuneration
IRU WKH QDQFLDO \HDU HQGHG st March
2013. The Company did not advance any
loans to any of its directors in the year
under review.
TABLE 3:'HWDLOVRIUHPXQHUDWLRQIRUWKHQDQFLDO\HDUHQGHGst March 2013
0U6KLQ]R1DNDQLVKL
Salary &
3HUTXLVLWHV
Performance
Linked Bonus**
22,064,434
8,833,240
Sitting Fees
Commission
Total
30,897,674
433,774
1,526,096
16,129,521
6,220,000
22,349,521
Mr. Keiichi Asai
15,602,259
6,220,000
21,822,259
0U.D]XKLNR$\DEH
14,366,956
5,759,890
20,126,846
160,000
0U5&%KDUJDYD
3,400,000
3,560,000
Mr. Amal Ganguli
260,000
1,900,000
2,160,000
280,000
1,400,000
1,680,000
Ms. Pallavi Shroff
280,000
1,400,000
1,680,000

225,000
225,000
40,000
275,000
315,000
Mr. Kinji Saito
20,000
20,000
0U2VDPX6X]XNL
40,000
40,000
Mr. Kenichi Ayukawa
40,000
40,000
69,255,492
27,466,904
1,120,000
8,600,000
STATUTORY REPORTS
Mr. M.S. Banga

0U536LQJK
MANAGEMENT REVIEW
1,092,322
0U7VXQHR2KDVKL
0U6KXML2LVKL
CORPORATE OVERVIEW
Sale of material nature of investments,

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management to limit the risks of

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106,442,396
th
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The performance criteria for the purpose
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DVGHQHGE\WKHERDUGIRUWKH:KROHWLPH
Directors including Managing Director is as
XQGHU
a) Actual achievement in terms of growth
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previous year;
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c) Growth of market share of the

Companys products as compared to key
competitors in the industry.
1RHPSOR\HHRIWKH&RPSDQ\LVUHODWHGWR
any director of the Company.
Remuneration of the Non-Executive
Directors
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SD\PHQW RI UHPXQHUDWLRQ E\ ZD\ RI
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of ` 15 million per annum. The payment
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committee meetings, time devoted, current
trends prevailing in the industry, etc.
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([HFXWLYH 'LUHFWRUV IRU DWWHQGLQJ ERDUG
and committee meetings.
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from 28th April 2012.
COMMITTEES OF THE
BOARD
I.
Audit Committee
Composition
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LQ WKH 'LUHFWRUV UHVSRQVLELOLW\
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clause (2AA) of section 217 of
the Companies Act, 1956.
Table 4 shows the composition of the

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and Mr. Amal Ganguli, the Chairman, has
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management. The Chairman attended
the last annual general meeting to
answer shareholders queries.
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policies and practices and
reasons for the same.
TABLE 4: Composition of audit committee
42 - 43
Name
Mr. Amal
Ganguli
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Ms. Pallavi
Shroff
Category
,QGHSHQGHQW
Designation
Chairman
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,QGHSHQGHQW
0HPEHU
,QGHSHQGHQW
0HPEHU
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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
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DQG PHPEHUV RI WKH PDQDJHPHQW DUH
DOVR LQYLWHG DV PD\ EH UHTXLUHG IURP
time to time.
5ROH
The role of the audit committee
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information to ensure that the
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the replacement or removal of
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fee and also approval for payment
for any other services.
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
WKHERDUG
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c) Major
accounting
entries
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management.
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e) Compliance with listing and
other
legal
requirements
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f)
Disclosure of any related party

transactions.
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report.
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performance of statutory and
internal auditors, the adequacy of
internal control system.
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internal audit function including
the structure of the internal audit
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reporting structure coverage and
frequency of internal audit.
7.
Discussion with internal auditors

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follow up thereon.
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9.
Discussion with statutory auditors

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the nature and scope of audit as
well as post audit discussion to
ascertain any area of concern.
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the payment to the depositors,
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dividends) and creditors.
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12. Carrying out any other function
as is mentioned in the terms of
reference of the audit committee.
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of funds, if any raised through
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issue, preferential issue, etc.), the
statement of funds utilised for
purposes other than those stated
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the monitoring agency monitoring
the utilisation of proceeds of a
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appropriate recommendations to
the Board to take up steps in this
matter.
14. Approval of appointment of
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Whole time Finance Director
or any other person heading the
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that function) after assessing
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committee under the amendments,
The Company Secretary acts as the

secretary to the committee.
if any, from time to time, to the

listing agreement, Companies Act,
1956 and other statutes.
2EMHFWLYH
Meetings
TABLE 5: Attendance record of the

members of the audit committee
Category
No. of meetings
attended in
2012 13 (Total
meetings held: 6)
Mr. Amal
Ganguli
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Ms. Pallavi
Shroff
Chairman
0HPEHU
0HPEHU
0HPEHU
II. Shareholders / Investors Grievance

Committee
Meetings
Composition
TABLE 6: Composition of shareholders/

investors grievance committee
Name
Category
Designation
0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa
1RQ
([HFXWLYH
([HFXWLYH
Chairman
0HPEHU
,QGHSHQGHQW 0HPEHU
0HPEHU
'XULQJWKH\HDUVKDUHKROGHUVLQYHVWRUV
grievance committee met twice i.e. on
28th April 2012 and 30th2FWREHU
Table 7 gives the attendance record.
TABLE 7: Attendance record of the

members of the shareholders / investors
grievance committee
Name
0U5&
Bhargava
Mr. Shinzo
1DNDQLVKL
Mr. Davinder
Singh Brar
Mr. Kenichi
Ayukawa
No. of meetings attended

in 2012 13
(Total meetings held: 2)
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
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the Company. All disclosures related to
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where directors may have a potential
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interested directors do not participate in
the discussion nor do they vote on such
matters.
Related party transactions
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the interests of the Company. Details of
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given in note no. 53 to the annual accounts.
All related party transactions are
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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

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the Company.
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Table 6 shows the composition

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grievance committee of the Company.
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this committee attended the last
annual general meeting to address
shareholders queries.
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delegated the power of approval of
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shares, transmission
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shares,
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shares per transaction to the Managing
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Secretary severally.
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management discussion and analysis.
STATUTORY REPORTS
Name
MANAGEMENT
Management Discussion and Analysis
Report
MANAGEMENT REVIEW
The committee oversees redressal

of
shareholders and
investors
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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
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matters connected with the securities
transfers.
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during the year under review on 28th
April 2012, 22nd May 2012, 28th July
2012, 30th2FWREHUrd1RYHPEHU
2012 and 25th January 2013. Table 5
gives the details of attendance of audit
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During the year, 16 complaints were

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shares was pending as on 31st March
2013.
CORPORATE OVERVIEW
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The code of conduct was circulated to

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management personnel and they had
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31st March 2013. A declaration to this effect
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CEO/ CFO CERTIFICATION

The Company has institutionalised the
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assessment mechanism in order to lay
the foundation for further development of
superior corporate governance practices
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highest level of governance to enhance the
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of self assessment questionnaires through
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results of self assessment process were
disclosed to the auditors and the audit
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effectiveness of internal controls over
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Enabling controls self-assessments through the Controls Manager
44 - 45
PROCESS FOR REPORTING

RACM
RACM
RACM
Control Questionnaires
Identify Controls
Circulate online
control feedback
Control
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Flow to Upper Hierarchy
Approving
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procedure
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compliances.
The Company has developed comprehensive
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are assigned to each individual. The software
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compliance activities across the Company.
Code for prevention of insider trading
practices
Details of non compliance

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or any statutory authority on any matter
related to capital market since the last
three years.
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is presented to the Board of the Company
at its meetings.
The audit committee of the Company
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companies. The minutes of unlisted
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regulations on prevention of insider trading.
STATUTORY REPORTS
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management activities of the Company
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committee consists of Managing Director
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The code lays down guidelines, which

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shares of the Company and cautions on the
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MANAGEMENT REVIEW
7KH&RPSDQ\LVLPSDFWHGE\FKDQJHVLQWKH
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that necessitate continuous evaluation
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and minimisation procedures. The process
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methodology for assessing and identifying
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risk mitigation, monitoring plan and
comprehensive reporting on management
of enterprise wide risks.
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from time to time, any new risk that may
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status of the risk management activities in
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CORPORATE OVERVIEW
$V UHTXLUHG E\ FODXVH RI WKH OLVWLQJ

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WKH 0DQDJLQJ 'LUHFWRU &(2 DQG WKH
&KLHI )LQDQFLDO 2IFHU ZDV SODFHG EHIRUH
the Board of Directors at its meeting held
on 26th April 2013.
SHAREHOLDERS INFORMATION
Means of communication
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Monthly sales/
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Company. This also helped the Company in saving a huge cost towards printing and dispatch.
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post to their registered addresses.
Financial results
Corporate Filing
and Dissemination
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System)
6(%,KDVFRPPHQFHGSURFHVVLQJRILQYHVWRUFRPSODLQWVLQDFHQWUDOLVHGZHEEDVHGFRPSODLQWVUHGUHVVV\VWHP
LH6&25(67KH&RPSDQ\VXSSRUWHG6&25(6E\XVLQJLWDVDSODWIRUPIRUFRPPXQLFDWLRQEHWZHHQ6(%,DQG
the Company.
Exclusive e-mail ids

for investors
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investor@maruti.co.in
mailmanager@karvy.com
4XHULHV UHODWLQJ WR$QQXDO 5HSRUW PD\ EH VHQW WR LQYHVWRU#PDUXWLFRLQ DQG TXHULHV UHODWLQJ WR WUDQVIHU RI
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karvy.com
General body meetings
46 - 47
TABLE 8: Details of the last three AGMs of the Company

Financial Year

Location
Date
Time
$LUIRUFH$XGLWRULXP6XEURWR3DUN1HZ'HOKL
7 6HSWHPEHU
8th6HSWHPEHU
28th August 2012
DP
DP
DP
th
7KH&RPSDQ\KDVSDVVHGVSHFLDOUHVROXWLRQVLQWKHSUHYLRXVWKUHH$*0V1RVSHFLDOUHVROXWLRQVZHUHUHTXLUHGWREHSXWWKURXJKSRVWDO
EDOORWODVW\HDU
ADDITIONAL
SHAREHOLDER
INFORMATION
%\WKHHQGRI0D\)RXUWKTXDUWHUDQG
annual results
Annual General Meeting
Book closure
'DWH
27th August 2013
7KH SHULRG RI ERRN FORVXUH LV IURP )ULGD\

16th August 2013 to Tuesday, 27th August
ERWKGD\VLQFOXVLYH
'D\
Tuesday
Dividend payment
7LPH
DP
9HQXH
$LUIRUFH$XGLWRULXP6XEURWR
3DUN1HZ'HOKL
6XEMHFW WR WKH DSSURYDO RI WKH PHPEHUV

in the annual general meeting, a dividend
payment of ` 8 per equity share (face value
` SHUHTXLW\VKDUHIRUWKH\HDU
ZLOOEHSDLGRQRUDIWHUth August 2013, to
those whose names appear in the register
RIPHPEHUVEHQHFLDORZQHUVDWWKHFORVH
RIEXVLQHVVKRXUVRQth August 2013.
Financial Year
)LQDQFLDO<HDUst April to 31st March
For the year ending 31st March 2014 results
ZLOOEHDQQRXQFHG
%\WKHHQGRI-XO\)LUVWTXDUWHUUHVXOWV
%\WKHHQGRI2FWREHU6HFRQGTXDUWHU
results
%\ WKH HQG RI -DQXDU\ 7KLUG TXDUWHU
results
5HPLQGHUV ZHUH VHQW WR WKH VKDUHKROGHUV

requesting them for claiming unclaimed
GLYLGHQG IRU WKH \HDU 0DQ\
shareholders claimed their unclaimed
dividend. The payment was made directly
WRWKHLUEDQNDFFRXQWVZKHUHYHUWKHVDPH
ZHUH DYDLODEOH XQGHU LQWLPDWLRQ WR WKHP

7KHEDODQFHDPRXQWUHPDLQLQJXQFODLPHG
ZDV WUDQVIHUUHG WR WKH ,QYHVWRU (GXFDWLRQ
3URWHFWLRQ )XQG ,(3) ZLWK LQ WKH
stipulated time.
Listing on stock exchanges
The equity shares of the Company are
OLVWHGRQ%RPED\6WRFN([FKDQJH/LPLWHG
0XPEDL%6(DQG1DWLRQDO6WRFN([FKDQJH
RI ,QGLD /LPLWHG 16( 7KH DQQXDO OLVWLQJ
IHHV IRU WKH\HDU KDYH EHHQ SDLG
WR ERWK WKH VWRFN H[FKDQJHV7DEOH OLVWV
WKH &RPSDQ\V VWRFN H[FKDQJH FRGHV
The Company has also paid the annual
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6HFXULWLHV 'HSRVLWRU\ /LPLWHG 16'/ DQG
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TABLE 9: Stock Code

532500
0$587,
,1(%
TABLE 10:0RQWKO\KLJK ORZTXRWDWLRQRIWKH&RPSDQ\VHTXLW\VKDUH

Month
Bombay Stock Exchange
Apr 12
National Stock Exchange
High (`)
/RZ`)
High (`)
/RZ`)
1,415.00
1,262.10
1,417.05
1,260.65
1,380.05
1,098.30
1,384.50
1,093.15
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
2FW
1,443.75
1,335.00
1,443.00
1,261.20
1RY
1,514.95
1,434.50
1,514.50
1,434.20
1,537.00
1,448.95
1,539.90
1,451.00
1,634.00
1,482.35
1,633.90
1,482.30
)HE
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
Chart A
1,700
STATUTORY REPORTS
Dec 12
Jan 13
MANAGEMENT REVIEW
May 12
Jun 12
CORPORATE OVERVIEW
%RPED\6WRFN([FKDQJH
/LPLWHG0XPEDL%6(
1DWLRQDO6WRFN([FKDQJHRI
,QGLD/LPLWHG16(
,6,1
Stock market data

Table 10 gives the monthly high and low
prices of the Companys equity shares
RQ %6( DQG 16( IRU WKH \HDU
Chart A plots the movement of the
&RPSDQ\V VKDUH SULFHV RQ %6( YLVDYLV
%6(6HQVH[IRUWKH\HDU
22,000
1,600
1,400
18,000
1,300
1,200
16,000
1,100
14,000
1,000
900
12,000
800
Maruti Stock
0$513
FEB13
-$113
DEC12
12912
2&712
SEP12
AUG12
-8/12
-8112
MAY12
10,000
$3512
700
6HQVH[
20,000
1,500
Registrar and transfer agent
Share transfer system
Shareholding pattern
.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
3ORW1R9LWWDO5DR1DJDU
0DGKDSXU+\GHUDEDG
3K1R
)D[1R
0DLO,GPDLOPDQDJHU#NDUY\FRP
:HEVLWHZZZNDUY\FRPSXWHUVKDUHFRP
The Companys shares are transferred in

dematerialised form and are traded on the
VWRFNH[FKDQJHVFRPSXOVRULO\LQWKHGHPDW
mode. Any request for rematerialisation
DQGRUWUDQVIHURIVKDUHVLQSK\VLFDOPRGH
is also attended within the stipulated time.
7DEOH DQG OLVW WKH VKDUHKROGLQJ

SDWWHUQDQGGLVWULEXWLRQVFKHGXOHRIHTXLW\
shares of the Company as on 31st March
2013 respectively.
TABLE 11: (I) (a) Shareholding pattern as on 31st March 2013

Category
code
Category of shareholder
(II)
(A)
PROMOTER AND PROMOTER GROUP
48 - 49
(I)
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)
(III)
(IV)
(V)
(VI)
(VII)
(1)
Indian
(a)
,QGLYLGXDO+8)
0.00
0.00
&HQWUDO*RYHUQPHQW6WDWH
Government(s)
0.00
0.00
(c)
Bodies Corporate
0.00
0.00
(d)
)LQDQFLDO,QVWLWXWLRQV%DQNV
0.00
0.00
(e)
2WKHUV
0.00
0.00
0.00

Sub-Total A (1) :
(B)
No of
shareholders
(2)
Foreign
(a)
,QGLYLGXDOV15,V)RUHLJQ,QGLYLGXDOV
0.00
0.00
Bodies Corporate
169,788,440
156,618,440
56.21
56.21
(c)
,QVWLWXWLRQV
0.00
0.00
(d)
4XDOLHG)RUHLJQ,QYHVWRU
0.00
0.00
(e)
2WKHUV
0.00
0.00
Sub-Total A (2) :
169,788,440
156,618,440
56.21
56.21
TOTAL A=A (1) + A (2)
169,788,440
156,618,440
56.21
56.21
PUBLIC SHAREHOLDING
(1)
Institutions
(a)
0XWXDO)XQGV87,
240
11,080,584
11,080,584
3.67
3.67
)LQDQFLDO,QVWLWXWLRQV%DQNV
50
26,960,108
26,960,108
8.92
8.92
(c)
&HQWUDO*RYHUQPHQW6WDWH
Government(s)
0.00
0.00
(d)
9HQWXUH&DSLWDO)XQGV
0.00
0.00
(e)
,QVXUDQFH&RPSDQLHV
0.00
0.00
(f)
)RUHLJQ,QVWLWXWLRQDO,QYHVWRUV
434
67,537,703
67,537,703
22.36
22.36
Category
code
Category of shareholder
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+C)
0.00
0.00
32,860
32,860
0.01
0.01
(i)
2WKHUV
0.00
0.00
725
105,611,255
105,611,255
34.96
34.96
1,590
19,067,761
19,067,761
6.31
6.31
L,QGLYLGXDOVKROGLQJQRPLQDOVKDUH
capital upto ` 1 lakh
116,634
6,424,689
6,419,977
2.13
2.13
LL,QGLYLGXDOVKROGLQJQRPLQDOVKDUH
FDSLWDOLQH[FHVVRI` 1 lakh
81,000
81,000
0.03
0.03
150
150
0.00
0.00
1RQUHVLGHQWLQGLDQV
2,302
239,775
239,775
0.08
0.08
&OHDULQJPHPEHUV
165
512,274
512,274
0.17
0.17
34
354,716
354,716
0.12
0.12
(2)
Non-institutions
(a)
Bodies Corporate
,QGLYLGXDOV
(c)
2WKHUV
Foreign nationals
Trusts
(d)
0.00
0.00
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
0.00
SHARES HELD BY CUSTODIANS,

AGAINST WHICH
'HSRVLWRU\5HFHLSWVKDYHEHHQLVVXHG
(1)
Promoter and Promoter Group
(2)
Public
GRAND TOTAL (A+B+C) :
0.00
121,454
302,080,060
288,905,348
100.00
100.00
1RVKDUHVKDYHEHHQSOHGJHGE\WKH3URPRWHUVDVRQst0DUFK7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHV
HLWKHUWRWKHSXEOLFRUWKHSURPRWHUVRIWKH&RPSDQ\
Sub-Total B (2) :
STATUTORY REPORTS
MANAGEMENT REVIEW
)RUHLJQ9HQWXUH&DSLWDO,QYHVWRUV
(h)
CORPORATE OVERVIEW
As a
percentage
of (A+B)
g)
Sub-Total B (1) :
(C )
No of
shareholders
(I)(c)(i)
6WDWHPHQWVKRZLQJKROGLQJRIVHFXULWLHVLQFOXGLQJVKDUHVZDUUDQWVFRQYHUWLEOHVHFXULWLHVRISHUVRQVEHORQJLQJWRWKH

category Public and holding more than 1 per cent of the total number of shares
Sr. No.
Name of the shareholder
/LIH,QVXUDQFH&RUSRUDWLRQRI,QGLD
HSBC*OREDO,QYHVWPHQW)XQGV$&
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}
18,993,815
6.29
5,927,515
1.96
HSBC*OREDO,QYHVWPHQW)XQGV0DXULWLXV/LPLWHG
3
&UHGLW6XLVHH6LQJDSRUH/LPLWHG
5,926,749
1.96
,&,&,3UXGHQWLDO/LIH,QVXUDQFH&RPSDQ\/WG
4,665,377
1.54
0HUULOO/\QFK&DSLWDO0DUNHWV(VSDQD6$69
3,073,247
1.02
38,586,703
12.77
TOTAL
7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHVWRDQ\RIWKHDERYHVKDUHKROGHUVKROGLQJPRUHWKDQSHUFHQWRIWKH
WRWDOQXPEHURIVKDUHV
50 - 51
(I)(c)(i)
Sr. No.
6WDWHPHQWVKRZLQJKROGLQJRIVHFXULWLHVLQFOXGLQJVKDUHVZDUUDQWVFRQYHUWLEOHVHFXULWLHVRISHUVRQVWRJHWKHUZLWK3$&

belonging to the category Public and holding more than 5 per cent of the total number of shares of the Company
Name(s) of the shareholder(s) and the
3HUVRQV$FWLQJLQ&RQFHUW3$&ZLWKWKHP
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}
18,993,815
6.29
TOTAL
18,993,815
6.29
7KH&RPSDQ\KDVQRWLVVXHGZDUUDQWVRUFRQYHUWLEOHVHFXULWLHVWR/,&
(I)(d)
Sr. No.
6WDWHPHQWVKRZLQJGHWDLOVRIORFNHGLQVKDUHV
Name of the shareholder
1LO
(II)(a)
Sr. No.
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
1LO
1LO
1LO
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}
1LO
1LO
1LO
6WDWHPHQWVKRZLQJGHWDLOVRI'HSRVLWRU\5HFHLSWV'56
Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
1LO
(II)(b)
Sr. No.
6WDWHPHQWVKRZLQJ+ROGLQJRI'HSRVLWRU\5HFHLSWV'5VZKHUHXQGHUO\LQJVKDUHVKHOGE\3URPRWHU3URPRWHU

group are in excess of 1 per cent of the total number of shares.
Name of the DR Holder
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}
1LO
1LO
1LO
1LO
TABLE 12: Distribution of shareholding as on 31st March 2013

Category (Shares)
Number of Shares
120,805
99.46
7,331,613
2.43

117
0.10
855,114
0.28

119
0.10
1,744,215
0.58

66
0.05
1,642,018
0.54

43
0.04
1,519,639
0.50

39
0.03
1,764,743
0.58

0.07
6,425,023
2.13
0.15
280,797,695
92.95
121,455
100.00
302,080,060
100.00
DQGDERYH
TOTAL:
TABLE 13: Top 10 shareholders as on 31st March 2013
Sl. No.
Name / Joint Name (s)
Shareholding
169,788,440
56.21
18,993,815
6.29
Suzuki Motor Corporation

HSBC*OREDO,QYHVWPHQW)XQGV$& HSBC*OREDO,QYHVWPHQW
)XQGV0DXULWLXV/LPLWHG
5,927,515
1.96
&UHGLW6XLVHH6LQJDSRUH/LPLWHG
5,926,749
1.96
,&,&,3UXGHQWLDO/LIH,QVXUDQFH&RPSDQ\/WG
4,665,377
1.54
0HUULOO/\QFK&DSLWDO0DUNHWV(63$1$ 6$69
3,073,247
1.02
(XURSDFLF*URZWK)XQG
2,972,270
0.98
%DMDM$OOLDQ]/LIH,QVXUDQFH&RPSDQ\/WG
2,944,379
0.97
Stichting Pensioenfonds ABP
2,443,651
0.81
10
*RYHUQPHQW3HQVLRQ)XQG*OREDO
TOTAL:
'HPDWHULDOLVDWLRQRIVKDUHVDQGOLTXLGLW\
As on 31st March 2013, 95.64 per cent of
the Companys total paid up equity capital
representing 288905348 equity shares
was held in dematerialised form. The
EDODQFH SHU FHQW HTXLW\ UHSUHVHQWLQJ
13,174,712 equity shares was held in
physical form which includes 13,170,000

equity shares allotted to Suzuki Motor
Corporation on 29th March 2013 pursuant
to the scheme of amalgamation of Suzuki
3RZHUWUDLQ ,QGLD /LPLWHG ZLWK DQG LQWR
0DUXWL 6X]XNL ,QGLD /LPLWHG 7KH HTXLW\
shares of the Company are listed under
2,039,317
0.68
218,774,760
72.42
VSHFLHG FDWHJRU\ LQ %6( DQG DUH SDUW RI

1LIW\LQ16(
Suzuki Motor Corporation, the promoter of
the Company holds 156,618,440 shares in
dematerialised form.
1
2
STATUTORY REPORTS
88
178

MANAGEMENT REVIEW
Number of
shareholders
CORPORATE OVERVIEW
Type of outstanding DR
(ADRs,GDRs,SDRs,etc.)
3XUVXDQWWRFODXVH$RIWKHOLVWLQJDJUHHPHQWVWKH&RPSDQ\KDVRSHQHGDGHPDWDFFRXQWQDPHG0DUXWL6X]XNL,QGLD/WG8QFODLPHG
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Securities
Equity Shares
As on the date of credit of

shares in the account
No. of records
No. of shares
15
1,050
1RRIVKDUHKROGHUVZKR
approached for transfer
of shares from suspense
account
No. of shareholders
Balance as on
WRZKRPVKDUHVZHUH
31-03-2013
transferred from No. of records No. of shares
suspense account
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.
52 - 53
Secretarial audit
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practising Company Secretary carries out
secretarial audit and provides a report to
reconcile the total admitted capital with
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and listed capital. This audit is carried out
every quarter and the report thereon is
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and paid up capital of the Company is
in agreement with the aggregate of the
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any convertible instruments, conversion
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instruments.
Details of public funding obtained in the
last three years
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effective mechanism called Whistle
Blower Policy (Policy). The mechanism
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communicated within the organisation.
The purpose of this policy is to provide
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protects employees wishing to raise
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suspected fraud within the Company.
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Mr. Amal Ganguli, the Chairman of the audit

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telephone for reporting any matter.
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Town, Gurgaon, Haryana.
Address for correspondence
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funding in the last three years.
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Karvy Computershare Private Limited
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The Company complies with the following

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Secretarial standards issued by the

Institute of Company Secretaries of India
(ICSI)
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as on 31st March 2013. These secretarial
standards are recommendatory in nature.
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secretarial standards voluntarily as good
corporate governance practice and for
protection of interest of all stakeholders.
ANNEXURE A
DECLARATION OF THE MANAGING DIRECTOR & CEO
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KENICHI AYUKAWA
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26th April 2013
1HZ'HOKL
MANAGEMENT REVIEW
AUDITORS CERTIFICATE REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE

GOVERNANCE
CORPORATE OVERVIEW
)XUWKHUFHUWLHGWKDWWKHPHPEHUVRIWKHERDUGRIGLUHFWRUVDQGVHQLRUPDQDJHPHQWSHUVRQQHOKDYHDIUPHGWKHFRPSOLDQFHZLWKWKH
FRGHDSSOLFDEOHWRWKHPGXULQJWKH\HDUHQGHGst March, 2013.
To the Members of Maruti Suzuki India Limited
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STATUTORY REPORTS
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DVVWLSXODWHGLQ&ODXVHRIWKH/LVWLQJ$JUHHPHQWVRIWKHVDLG&RPSDQ\ZLWKVWRFNH[FKDQJHVLQ,QGLD
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For Price Waterhouse

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ABHISHEK RARA
Partner
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Gurgaon
May 29, 2013
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which the management has conducted the affairs of the Company.
54 - 55
Management Discussion
& Analysis
The Company is able to

foster strong customer
connect through its focus
on after-sales service at
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satisfaction for the 13th
consecutive year in the
annual survey by
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OVERVIEW
7KHVORZGRZQLQWKH,QGLDQHFRQRP\FRQWLQXHGIRUWKHVHFRQGVXFFHVVLYH\HDUZLWK*'3
JURZWKHVWLPDWHGDWSHUFHQWLQWKHORZHVWLQDGHFDGH7KLVZDVDFFRPSDQLHGE\
KLJKLQWHUHVWUDWHVLQDWLRQDQGZHDNFRQVXPHUVHQWLPHQW5LVLQJIXHOSULFHVFDXVHGSDUWO\
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(%)
,QGLDV*'3JURZWKUDWHWR
10
8
9.5
9.6
9.3
9.3
8.6
8.1
7.0
6.7
6.2
5.0
4
2
0
FY 04
FY 05
FY 06
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY13
Source: Economic Survey
'RPHVWLFDXWRLQGXVWU\JURZWK
Segment
FY09
FY10
FY11
FY13
26
28
39
29
18

Three Wheelers

26
19

Two Wheelers
26
26
14
Total of all segments
26
26
12
2.6
Numbers rounded off; Source: SIAM
50
45
40
35
30
25
20
15
10
5
0
(%)
46.5
44.6
45.3
38.3
FY 09
FY 10
FY 11
39.1
FY 12
FY 13
Source: SIAM
Petrol - Diesel price movement
(`)
73
75
67
71
68
68
67 66
63
65
58
60
55 53
56
` 17
` 32
50
48
47
45
49
41
40 38
1'HOKL3ULFH
35
Petrol
Diesel
16.04.13
02.04.13
01.04.13
22.03.13
16.03.13
02.03.13
16.02.13
18.01.13
16.01.13
16.11.12
27.10.12
09.10.12
14.09.12
01.08.12
24.07.12
29.06.12
18.06.12
03.06.12
24.05.12
01.12.11
16.11.11
04.11.11
01.10.11
16.09.11
01.07.11
25.06.11
15.05.11
15.01.11
16.12.10
09.11.10
02.11.10
30
Source: Company
70
69
STATUTORY REPORTS
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and diesel vehicles, which surfaced in
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total passenger vehicle sales increased
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market driven, diesel prices remained
government controlled for a large part of
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the sales of petrol vehicles for the second
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the slowdown deepened, the demand for
diesel vehicles also suffered.
MSIL market share
MANAGEMENT REVIEW
The domestic passenger vehicle industry

JUHZ E\ SHU FHQW LQ XQLW VDOHV LQ
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a growth of 4.4 per cent, and improve
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per cent. This growth was achieved on
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However, the Company had to increase its
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competitors and counter the weak consumer
sentiment.
CORPORATE OVERVIEW
0

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FY12
Management Discussion & Analysis
Petrol - Diesel mix for industry (PVs) (%)
100
80
60
34
35
36
66
65
64
40
48
58
52
42
20
0
FY 09
Petrol
FY 10
FY 11
FY 12
FY 13
Source: Company, SIAM
Diesel
6HJPHQWZLVHJURZWKIRULQGXVWU\
(PVs)
(%)
56 - 57
60
52
50
30
20
10

Passenger
Cars

Utility
9HKLFOHV
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Passenger
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Source: SIAM
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Utility vehicles share in PVs
(%)
25
21
20
15
13
14
10
5
0
FY 11
([SRUWVWR(XURSHZHUHDGYHUVHO\LPSDFWHG
owing to the slowdown in the region. The
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arrest the decline in unit sales to 5.5 per
cent over the previous year.
A strong Yen continued to put pressure on
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will, however, continue its programme with
suppliers to achieve higher localisation.
40
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vehicles market, utility vehicles posted
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the year and the share of this segment
increased to 21 per cent of the passenger
vehicle market. A part of this growth was
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vehicle Ertiga, launched in April 2012. Most
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addition, some of the growing customer
preference for utility vehicles appears to
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products in this segment.
FY 12
FY 13
Numbers rounded off; Source: SIAM
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opportunities for hedging for the future.
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workers at the Companys facility in
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workers, and legal proceedings against
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the safety and security of its people, the
Company locked out the Manesar facility.
The security arrangements were adequately
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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
Corporation,
Japan.
The
managers
demonstrated rare courage and resilience
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after just one month of the incident. The
recruitment and communication systems
with employees, and particularly with
the contract workers, were reviewed and
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the Manesar facility will henceforth work
normally.
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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
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there shortly.
Under a scheme of amalgamation approved
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amalgamated with itself, Suzuki Powertrain
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Motor Corporation, Japan and 30 per cent
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with the Company through a share swap.
7KHVZDSUDWLRZDV[HGDWEDVHGRQ
the terms of the scheme.
With the amalgamation, the Company has
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under single management control. This will
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sourcing, localisation and production
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All necessary approvals and formalities
for the amalgamation were completed
during the year and the amalgamation
was accounted for under Pooling
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The Ertiga was received well, with its diesel

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in general have emerged as an important
15
17
17
FY 10
FY 11
14
10
5
0
FY 09
FY 12
FY 13
Source: Company
:LWKVHPLXUEDQDQGUXUDO,QGLDHPHUJLQJ
as an important market for new car
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network into smaller towns via smaller
format outlets. The Companys initiatives,
including a dedicated sales force for rural
PDUNHWV 5'6( DQG LQQRYDWLYH PDUNHWLQJ
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18.5 per cent during the year and enhance
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volumes.
Rural sales penetration & RDSEs
28
8,000
20
6,000
16
5,000
4,000
3,000
2,000
1,000
7,150
7,000
6,500
25
5,200
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of new car retails went up to 23 per cent
during the year. Besides, sales of used
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from 409 to 450.
20
4,000
For the second year in a row, four of the

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passenger vehicle market were from the
Companys portfolio. These were Alto, Swift,
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Although the differential in prices of

petrol and diesel came down relative to
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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
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PRGHOV DQG ODUJHU DYDLODELOLW\ RI GLHVHO
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(around 300,000), the Company arranged
VXSSOLHVRIDERXWHQJLQHVSHU\HDU
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to improve further once the Companys new
diesel engine plant in Gurgaon, with an
DQQXDOFDSDFLW\RIXQLWVLQWKHUVW
SKDVHJRHVRQVWUHDPDERXWWKHPLGGOHRI

23
22
30
25
20
15
10
5
0
0
FY 09 FY 10 FY 11 FY 12 FY 13
Source: Company
5'6(V
% Penetration
7KH &RPSDQ\ ZDV DEOH WR FRQWDLQ WKH

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
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the Companys share in this segment from
19.2 per cent to 25.2 per cent.
5HIUHVKHG YHUVLRQV RI :DJRQ5 5LW] DQG

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25
STATUTORY REPORTS
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
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new customer segments using relevant
communication and focused promotions.
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crossed 50,000 for the year, as customers
sought to cope with high petrol prices.
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
RIIHUVPRUHVSDFHDQGKLJKHUIXHOHIFLHQF\
The Alto remained the countrys highest
selling car for the seventh year in a row.
(%)
MANAGEMENT REVIEW
BUSINESS PERFORMANCE
Domestic Market
With the Ertiga, the Company introduced

the new K14B engine, a light weight, highly
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K12M are powering most of the Companys
high selling models.
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through exchange
CORPORATE OVERVIEW
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amalgamation, registered a 21.9 per cent
growth in total revenue to ` 444,003
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stood at ` 23,921 million, a growth of
46.3 per cent over the previous year. The
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stood at ` 79, compared to ` 57 in the
previous year.
market segment, the Ertiga found favour

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2,500
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from 1st $SULO 7KH QDQFLDO UHVXOWV
RI WKH &RPSDQ\ IRU WKH \HDU DUH
accordingly for the amalgamated entity.
Share of smaller format outlets in

total outlets
(%)
1,500
564
FY 10
541
FY 09
Exports
509
300
483
600
460 221
681
319
802
424
933
900
1,204
559
1,100
640
1,200
FY 11
FY 12
FY 13
Source: Company
58 - 59
2XWOHWV
7KH&RPSDQ\QRZXVHVD*OREDO3RVLWLRQLQJ
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movement effectively. This has improved
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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.
Smaller format outlets
7KH &RPSDQ\ LV DEOH WR IRVWHU VWURQJ

customer connect through its focus on
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is evidence that this increases customer
loyalty and referral sales. During the year,
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industry for the 13th consecutive year in the
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Company improved its score, and remained
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average.
The Companys widespread reach continues
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During the year, the dealer sales network
reached 1,204 outlets in 874 cities and
VHUYLFHRXWOHWVH[SDQGHGWRRXWOHWVLQ
FLWLHV'XULQJWKH\HDUDSSUR[LPDWHO\
3,400 specialised service camps helped in
connecting with customers and generating
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To reduce the time taken to service vehicles,
the Company also introduced the concept
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7KHVHDUHVPDOOFRQYHQLHQWHQYLURQPHQW
friendly workshops that use much less
water and offer a quick turnaround. They
are designed mainly for customers in cities.
The Company reached a major milestone

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,QWURGXFWLRQ RI QHZ PRGHOV OLNH $VWDU
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milestone.
Even as sales were weak in Europe, the
&RPSDQ\V H[SRUWV WR QRQ(XURSHDQ
markets grew 9.5 per cent to 92,424 units.
7KHVKDUHRIVDOHVWRQRQ(XURSHDQPDUNHWV
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66 per cent in the previous year.
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and Thailand, are doing well and have now
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Exports sales & mix
140,000
138,266
127,379
100,000
80,000
60,000
40,000
20,000
0
FY 12
FY 13
Source: Company
Europe
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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
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Genuine Parts, which has now crossed 400
outlets, the Company proactively undertook
national campaigns to educate customers
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spurious parts.
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original equipment manufacturers in
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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
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the steps permitted under the law to protect
its interests and to continue to offer safe,
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OPERATIONS
120,388
120,000
FY 11
Parts & Accessories
The Companys manufacturing operations

improved across most internal parameters of
quality, productivity and cost. The measures
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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
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demand through optimum utilisation of
facilities.
:LWKERWKQHZODXQFKHV(UWLJDDQG$OWR
receiving positive responses in the market,
the operations geared up to meet the surge
in demand without disruption.
have most of its vendors adopt the same

standard.
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processes continuously. The downtime of
PDFKLQLQJ IDFLOLWLHV KDV FRPH GRZQ E\
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drive, the Company took measures to reduce
worker fatigue and improve ergonomics in
its manufacturing processes.
The Company initiated a Clean Development

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emission in its captive power plant. The
SURMHFW HQWDLOV XVH RI ZDVWH XH JDV RI
captive power plant to generate steam and
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The projects team is targeting to optimise

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local suppliers for equipment and machinery.
With several capital projects ongoing, and
more in the pipeline, this initiative will
UHFHLYHIRFXVLQWKHQH[WIHZ\HDUV
(TXLSPHQWEUHDNGRZQRIPDFKLQHVKRSVLQGH[HGWREDVH\HDU
100
(%)
100
69
60
56
53
49
40
0
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
Source: Company
Tool Room & Die Shop

The tool and die shop designs and develops
skin panel dies and casting dies for engine
components. With continuous improvement
LQ GHVLJQ FDSDELOLW\ WKH &RPSDQ\ LV QRZ
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per cent to 40 per cent over imported dies.
:LWK LWV JURZLQJ FDSDELOLW\ WKH &RPSDQ\

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time and cost.
Energy Conservation and Environment
Sensitivity
7KH &RPSDQ\ ZDV WKH UVW LQ WKH ,QGLDQ
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The Companys supply chain is crucial

WR LWV RSHUDWLRQV ZLWK DERXW SHU FHQW
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form of components and raw material.
The Company accordingly continues with
LWV HIIRUWV WR HQDEOH WKH VXSSO\ FKDLQ WR
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LPSURYH TXDOLW\ ,QVXODWLQJ WR WKH H[WHQW
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volatility, helps the Company.
Component supplies regularly face the
risk of disruption owing to factors like
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at suppliers and the like. The Company
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and ensured that operations are largely
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COMPONENT & RAW

MATERIAL PROCUREMENT
STATUTORY REPORTS
$ VHSDUDWH VHFWLRQ LQ WKLV $QQXDO 5HSRUW

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the environmental and social performance
of the Company in detail.
78
80
2ZLQJ WR LQQRYDWLYH HQHUJ\ FRQVHUYDWLRQ

PHDVXUHVWKH&RPSDQ\ZDVDEOHWRUHGXFH
its natural gas consumption for captive
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that natural gas prices have gone up
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containing energy cost as well.
MANAGEMENT REVIEW
Several cost reduction projects in operations

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projects led to a saving of ` 260 million
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suggestion programme, Sujhav Sangrehika,
led to generation of 396,828 ideas and a

saving of ` 3,640 million.
CORPORATE OVERVIEW
7KH &RPSDQ\ EHQHWV JUHDWO\ IURP KLJK

employee morale, loyalty and alignment.
The Production Management System (PMS)
involves employees at all levels of operations
to generate ideas, which are then discussed
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LPSOHPHQWDWLRQ E\ HPSOR\HHV WKHPVHOYHV
During the year, efforts were directed towards
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localisation, and improving quality.
management framework was put in place

with a detailed mapping of the entire chain,
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plans.
60 - 61
$ VWURQJ -DSDQHVH <HQ DQG ZHDN ,QGLDQ

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During the year, the Company encouraged
ORFDOLVDWLRQ RI LQQHU SDUWV E\ VXSSOLHUV
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
EHQHWVDFFUXHGLQODUJHUEHQHWV
DUHH[SHFWHGGXULQJ7KH&RPSDQ\
is also encouraging vendors to enhance
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appropriate, shifting sourcing from Japan
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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.
7KH &RPSDQ\ UHFRJQLVHV WKDW 7LHU,, DQG
7LHU,,, VXSSOLHUV KDYH D FULWLFDO UROH LQ
WKH YDOXH FKDLQ DQG LV H[DPLQLQJ ZD\V
to improve their quality and adherence
to systems. Through MACE (Maruti Centre
IRU ([FHOOHQFH WKH &RPSDQ\ LV ZRUNLQJ
FORVHO\ ZLWK 7LHU,, FRPSRQHQW VXSSOLHUV
to scale up their systems and processes,
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manufacturing. However, this segment
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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
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design, features, space, technology and
cost of ownership. The Company remains
on course with regard to implementing its
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The Company requires a strong product
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the future and meet changing customer
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times in product development and the
dynamic nature of the market, the Company
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FDSDELOLW\LQUHFHQW\HDUV
During the year, the Company continued
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proving ground at a 600 acre facility
LQ 5RKWDN +DU\DQD 7KLV LQLWLDWLYH ZLOO
HQKDQFH WKH &RPSDQ\V DELOLW\ WR GHVLJQ
develop, test and launch cars at a faster pace.
7KH &RPSDQ\ KDV VFDOHG XS LWV 5 '
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LQ WKH ODVW YH \HDUV 0DQ\ RI WKHP DUH
participating in new projects with Suzuki
0RWRU &RUSRUDWLRQ WR JDLQ H[SRVXUH DQG
H[SHULHQFH7KH &RPSDQ\ ZLOO FRQWLQXH WR
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connect with young engineers through
supporting popular events like Supra SAE
and participating in industry initiatives
WR ERRVW GHVLJQ FDSDELOLW\ DPRQJ \RXQJ
students.
5HFRJQLVLQJ WKH LPSRUWDQFH RI IXHO
HIFLHQF\ IRU ,QGLDQ FXVWRPHUV DV ZHOO
as for the environment, the Company is
working on new technologies, vehicle
weight reduction, lowering friction,
DOWHUQDWHPDWHULDOVDQGPRUH&1*PRGHOV
WR LPSURYH IXHO HIFLHQF\ DQG UHGXFH &22
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and electric vehicle projects along with

Suzuki Motor Corporation. The Company is
SDUWRID6,$0LQLWLDWLYH6RFLHW\RI,QGLDQ
$XWRPRELOH 0DQXIDFWXUHUV WR VXSSRUW
WKH JRYHUQPHQW LQ GUDIWLQJ IXHO HIFLHQF\
VWDQGDUGVIRUSDVVHQJHUYHKLFOHVLQ,QGLD
,QDGGLWLRQWRWKHQHZPRGHOVWKH&RPSDQ\
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6;DQG5LW]7KH&RPSDQ\DOVRXSJUDGHG
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diagnostics). Efforts to increase localisation
of inner parts gained strength during the
year. Projects in value analysis and value
HQJLQHHULQJFRQWULEXWHGWRHQKDQFLQJFRVW
effectiveness of parts and systems.
FINANCIAL PERFORMANCE
As mentioned in the overview section, the
Company amalgamated with itself, Suzuki
3RZHUWUDLQ ,QGLD /LPLWHG ,QFOXGLQJ WKH
effect of the amalgamation, for the full
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` 426,126 million, a growth of 22.8 per cent
RYHUWKHSUHYLRXV\HDU1HWSURWDIWHUWD[
stood at ` 23,921 million, an increase of
46.3 per cent over the previous year. This
JURZWKZDVGULYHQE\KLJKHUVDOHVRIQHZ
PRGHOV OLNH WKH 6ZLIW '=LUH DQG (UWLJD
EHWWHU DYHUDJH UHDOLVDWLRQ D EHQHW RQ
cost reduction in localisation efforts and a
IDYRXUDEOHH[FKDQJHUDWHPRYHPHQWLQWKH
later part of the year.
(` in million)
TABLE 1:$EULGJHGVWDWHPHQWRISURWDQGORVVIRU
Parameters
1
2011-12
Change
1,051,046
1,006,316
([SRUW
120,388
127,379
TOTAL
1,171,434
1,133,695
Gross Sale of Products
481,147
386,141
9HKLFOHV
441,163
362,111
6SDUHSDUWVGLHV PRXOGVFRPSRQHQWV
39,984
24,030
([FLVHGXW\
55,021
39,082
Net sales (2-3)
426,126
347,059
2WKHURSHUDWLQJUHYHQXH
9,753
8,812
2WKHULQFRPH
8,124
8,268
Total revenue (4+5+6)
444,003
364,139
&RQVXPSWLRQRIUDZPDWHULDOVFRPSRQHQWV WUDGHGJRRGV
325,150
280,656
10,696
8,013
1,898
552
18,612
11,384
(PSOR\HHEHQHWH[SHQVHV
10
Finance Costs
11
Depreciation and amortisation

2WKHUH[SHQVHV
Total expenses
14
3URWEHIRUHWD[
15
&XUUHQWWD[1HWRI0$7&UHGLWDYDLOHG
16
'HIHUUHGWD[
17
3URWDIWHUWD[
57,737
42,072
414,093
342,677
20.8%
29,910
21,462
39.4%
6,324
4,138
(335)
972
23,921
16,352
46.3%
TABLE 2: Financial performance ratios

Parameters
(As a % of net sales)

2012-13
2011-12
76.3
80.9
4.6
(PSOR\HHEHQHWH[SHQVHV
2.5
2.3
(0.2)
Depreciation and amortisation
4.4
3.3
(1.1)
2WKHUH[SHQVHV
13.5
12.1
(1.4)
3URWEHIRUHWD[
7.0
6.2
0.8
3URWDIWHUWD[
5.6
4.7
0.9
Material cost
Change
1RWH7KHJXUHVIRUWKHSUHYLRXV\HDUGRQRWLQFOXGHJXUHVIRUHUVWZKLOH6X]XNL3RZHUWUDLQ,QGLD/LPLWHGZKLFKKDVDPDOJDPDWHGZLWK
the Company effective 1st$SULO7KHUHIRUHWKHFXUUHQW\HDUJXUHVDUHQRWFRPSDUDEOHWRWKRVHRIWKHSUHYLRXV\HDU
STATUTORY REPORTS
12
13
21.9%
MANAGEMENT REVIEW
4
5
3.3%
CORPORATE OVERVIEW
Domestic
2012-13
Volumes
Treasury Operations
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WUHDVXU\LQYHVWPHQWVLVVDIHW\DQGSUXGHQFH,QYLHZRIWKLVWKH&RPSDQ\LQYHVWHGLWVVXUSOXVIXQGVLQGHEWVFKHPHVRIPXWXDOIXQGVDQG
EDQN[HGGHSRVLWV7KLVKDVHQDEOHGWKH&RPSDQ\WRHDUQUHDVRQDEOHDQGVWDEOHUHWXUQVLQDYRODWLOHLQWHUHVWUDWHVFHQDULR
7DEOHOLVWVWKHGLIIHUHQWSRUWIROLRVZKLOH7DEOHOLVWVWKHUHWXUQRQWKHVHVXUSOXVIXQGV
TABLE 3: Investment of surplus funds
(` in million)
Parameters
%DQN[HGGHSRVLWV
'HEWPXWXDOIXQG
TOTAL
31-03-13
% of total
31-03-12
% of total
15,000
69,362
84,362
18%
82%
100%
23,600
56,106
79,706
30%
70%
100%
TABLE 4: Income from investment of surplus fund

Parameters
2012-13
,QWHUHVWRQFRUSRUDWHERQGV
,QWHUHVWRQ[HGGHSRVLWV
2011-12
528
2,220
2,330
343
639
1HWSURWIURPVDOHRILQYHVWPHQWV
4,101
2,442
TOTAL
6,664
5,939
'LYLGHQGIURPGHEWPXWXDOIXQGV
62 - 63
(` in million)
Foreign exchange risk management
HUMAN RESOURCES
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components, raw
materials, royalty
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depending on the market conditions and the
view on the currency.
During the year, an incidence of criminal

violence at the Manesar facilities claimed
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Kumar Dev. Moreover, around a hundred
other colleagues, including senior people,
were injured and hospitalised in the
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to the law. Criminal proceeds are pending
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Post the traumatic event, the entire

Maruti Suzuki family came together and
collectively worked to emerge as a stronger
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vendors, dealers, village heads and local
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heartfelt gratitude to these stakeholders
for their wholehearted support.
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
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and other data, and for maintaining
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policies, guidelines and procedures.
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reviewed issues and taken concrete steps
to create and maintain a positive work
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taken to make the recruitment system
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communication, strengthen the grievance
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sessions).
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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
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comprehensive induction training,
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Despite the industrys strong demand for
talent, the Company could contain attrition
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than manufacturing industry standards)
through contemporary talent management
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and processes an online performance
management system, assessment and
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for greater motivation and retention.
Besides rewards and recognition, the
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through
learning
opportunities,
The capacity constraints in quality training

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for upgradation, curriculum redesign and
infrastructure improvement. The Company
plans to scale it to 50 institutes in a span
of three years.
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and a major differentiator in making
various functions of the Company faster,
leaner, more intelligent and powerful.
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systems with those of the parent Company,
Suzuki Motor Corporation, Japan for a
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and vehicle production. The Company
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currency, product portfolio, macroeconomic
scenario, government policy, industrial
relations, talent retention, managing size,
work culture, quality, cost and competition.
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supply chain, marketing, selling and service
network and working on maintaining
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effectiveness.
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with customers, its large sales and service
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to offer to customers during the period of
car ownership. The Company will safeguard
its culture of continuous improvement,
teamwork, discipline and stakeholder
sensitivity.
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Besides taking measures internally, such as
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engines, the Company is also engaging
more closely with policy makers through
industry forums to understand mutual
priorities and perspectives. The Company
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VXSSRUWLYH ZLWK D IRFXV RQ H[SDQGLQJ
growth,
maintaining
macroeconomic
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country.
Disclaimer
OUTLOOK
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are linked closely to economic growth. While
there is some uncertainty in the short term,
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growth path later. The Companys initiatives
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premise. At the same time, recognising that
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to greater volatility in the macro economy,
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commodities and fuel prices.
Changing customer preferences are likely
to present new challenges, including the
Statements in this management discussion

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looking statements within the meaning of
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the Companys operations include an
onward trend in the domestic auto industry,
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UDWH XFWXDWLRQV DQG VLJQLFDQW FKDQJHV
in the political and economic environment
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dealers through a Dealer Management
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informed decision making. With customer
data involving millions of records, the
analytics division provides critical insights
for management understanding.
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interconnectedness and the increasing
VFDOH RI WKH &RPSDQ\V EXVLQHVV DQG
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.
STATUTORY REPORTS
INFORMATION
TECHNOLOGY
The activity of risk management in the

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WKURXJKDPDQDJHPHQWVXEFRPPLWWHHWKH
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(50& 7KH (50& KHDGHG E\ 0DQDJLQJ
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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
SURGXFWGHYHORSPHQWFDSDELOLWLHVRI6X]XNL
0RWRU&RUSRUDWLRQLWVIRFXVRQWKH,QGLDQ
market and concerted efforts to strengthen
FDSDELOLWLHVRI0DUXWL6X]XNLHQJLQHHUVZLOO
help meet these challenges. The Company
is also actively looking at opportunities for
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Middle East.
MANAGEMENT REVIEW
The Company started a training academy

LQ 'HFHPEHU 7KH DFDGHP\ KDV
developed course content for training
SHRSOH DQG E\ YLUWXH RI WHFKQRORJ\
drastically scaled up the effectiveness,
speed and capacity of training. Besides
cutting down on the need to travel, it also
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Company plans to leverage this for training
SHRSOH HIIHFWLYHO\ LQ ODUJH QXPEHUV ERWK
LQKRXVHDQGLQLWVYDOXHFKDLQ
RISK MANAGEMENT
CORPORATE OVERVIEW
HPSRZHUPHQW
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FURVVIXQFWLRQDO
H[SRVXUH 7KH &RPSDQ\V GLSVWLFN DQG
engagement survey measures employee
engagement levels and derives action
plans for improvements.
64 - 65
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
HFRQRPLFHQYLURQPHQWDODQGVRFLDO,WVUVW%XVLQHVV5HVSRQVLELOLW\5HSRUWFDSWXUHVNH\
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
UHSRUWLQJ VWUXFWXUHV DUH EHLQJ LQWHJUDWHG 7KLV %XVLQHVV 5HVSRQVLELOLW\ 5HSRUW FRQWDLQV
combined information on Maruti Suzuki India Limited and Suzuki Powertrain India Limited
on economic indicators only.
SECTION A
Corporate Identity Number (CIN) of the Company
L34103DL1981PLC011375
Name of the Company
5HJLVWHUHGDGGUHVV
1, Nelson Mandela Marg,

Vasant Kunj, New Delhi-110070
Website
www.marutisuzuki.com
E-mail id
msilinvestorrelations@maruti.co.in
Financial year reported
2012-13
Sector(s) that the Company is engaged in (industrial activity code-wise)
Automobile
List three key products/services that the Company manufactures/provides (as in Passenger Cars, Multi Utility Vehicles (MUV),
balance sheet)
Multi Purpose Vehicles (MPV)
Total number of locations where business activity is undertaken by the Company
10
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
Markets served by the Company Local/State/National/International
Domestic: across India.

International: Europe, Africa, Asia, Oceania,
Latin America
Details
Paid up Capital (`)
1,510,400,300
Total Turnover (` million)
499024
7RWDOSURWDIWHUWD[HV` million)
23921
7RWDO6SHQGLQJRQ&RUSRUDWH6RFLDO5HVSRQVLELOLW\` million)
189.4
E$VSHUFHQWDJHRISURWDIWHUWD[RI
0.79 %
/LVWWKHDFWLYLWLHVDVSHU6FKHGXOH9,,RI&RPSDQ\V%LOOLQZKLFKH[SHQGLWXUH
in 4. above has been incurred
STATUTORY REPORTS
SECTION B
Financial Details of the Company
D5RDG6DIHW\
b. Skill Development
c. Community development (Key focus on education and health)
SECTION C
Other Details
Details
Does the Company have any Subsidiary Company / Companies?
Yes
'R WKH 6XEVLGLDU\ &RPSDQ\&RPSDQLHV SDUWLFLSDWH LQ WKH %5 ,QLWLDWLYHV RI WKH No
parent company? If yes, then indicate the number of such subsidiary company(s)
Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company No
GRHV EXVLQHVV ZLWK SDUWLFLSDWH LQ WKH %5 LQLWLDWLYHV RI WKH &RPSDQ\" ,I \HV
then indicate the per cent of such entity/entities? [Less than 30 per cent, 30-60
per cent, More than 60 per cent]
MANAGEMENT REVIEW
Details
CORPORATE OVERVIEW
General Information about the Company
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
D 'HWDLOVRIWKH'LUHFWRU'LUHFWRUVUHVSRQVLEOHIRULPSOHPHQWDWLRQRIWKH%5SROLF\SROLFLHV
DIN Number
Name
Designation
00108491
Mr. Shinzo Nakanishi*
0U6KLQ]R1DNDQLVKLZDVUHVSRQVLEOHIRU%XVLQHVV5HVSRQVLELOLW\IRU+HUHWLUHGIURPWKHSRVWRI0' &(2ZLWKHIIHFWIURP
close of business hours on 31st March 2013. Mr. Kenichi Ayukawa was appointed as MD&CEO with effect from 1st April 2013 and shall be
UHVSRQVLEOHIRU%XVLQHVV5HVSRQVLELOLW\IRU
E 'HWDLOVRIWKH%5KHDG
66 - 67
DIN Number
Name
Designation
Telephone number
e-mail id
N.A.
Mr. Kanwaldeep Singh
Vice President, Corporate Services
011-46781123
Kanwaldeep.singh@maruti.co.in
2. Principle-wise (as per National Voluntary Guidelines) Business Responsibility Policy/policies (Reply in Y/N)
Principle (Yes/No)
Sr.
No. Questions
Do you have a policy for?
Has the policy being formulated in consultation with the

relevant stakeholders?
Does the policy conform to any national /international

standards? If yes, specify?
+DV WKH SROLF\ EHLQJ DSSURYHG E\ WKH %RDUG" ,I \HV KDV
LW EHHQ VLJQHG E\ 0'RZQHU&(2DSSURSULDWH %RDUG
Director?
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%RDUG'LUHFWRU2IFLDOWRRYHUVHHWKHLPSOHPHQWDWLRQRI
the policy?
Indicate the link for the policy to be viewed online?
Has the policy been formally communicated to all relevant

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Does the Company have in-house structure to implement

the policy/policies.
Does the Company have a grievance redressal mechanism

related to the policy/policies to address stakeholders
grievances related to the policy/policies?
10
Has the Company carried out independent audit/evaluation

RI WKH ZRUNLQJ RI WKLV SROLF\ E\ DQ LQWHUQDO RU H[WHUQDO
agency?
List of Principles
PRINCIPLE 1: %XVLQHVVHVVKRXOGFRQGXFWDQGJRYHUQWKHPVHOYHVZLWK(WKLFV7UDQVSDUHQF\DQG$FFRXQWDELOLW\
PRINCIPLE 3: %XVLQHVVHVVKRXOGSURPRWHWKHZHOOEHLQJRIDOOHPSOR\HHV

PRINCIPLE 4: %XVLQHVVHV VKRXOG UHVSHFW WKH LQWHUHVWV RI DQG EH UHVSRQVLYH WRZDUGV DOO VWDNHKROGHUV HVSHFLDOO\ WKRVH ZKR DUH
disadvantaged, vulnerable and marginalised
PRINCIPLE 5: %XVLQHVVHVVKRXOGUHVSHFWDQGSURPRWHKXPDQULJKWV
PRINCIPLE 6: %XVLQHVVVKRXOGUHVSHFWSURWHFWDQGPDNHHIIRUWVWRUHVWRUHWKHHQYLURQPHQW
CORPORATE OVERVIEW
PRINCIPLE 2: %XVLQHVVHVVKRXOGSURYLGHJRRGVDQGVHUYLFHVWKDWDUHVDIHDQGFRQWULEXWHWRVXVWDLQDELOLW\WKURXJKRXWWKHLUOLIHF\FOH
PRINCIPLE 7: %XVLQHVVHVZKHQHQJDJHGLQLQXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\VKRXOGGRVRLQDUHVSRQVLEOHPDQQHU

PRINCIPLE 8: %XVLQHVVHVVKRXOGVXSSRUWLQFOXVLYHJURZWKDQGHTXLWDEOHGHYHORSPHQW
2a. If answer to S.No. 1 against any principle is No, please explain why: (Tick up to 2 options)
Principle (Yes/No)
1
1.
The Company has not understood the Principles
2.
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position to formulate and implement the policies on
VSHFLHGSULQFLSOHV
3.
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resources available for the task
4.
,WLVSODQQHGWREHGRQHZLWKLQQH[WPRQWKV
5.
,WLVSODQQHGWREHGRQHZLWKLQWKHQH[W\HDU
6.
Any other reason (please specify)
**
**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
,QGLFDWH WKH IUHTXHQF\ ZLWK ZKLFK WKH %RDUG RI 'LUHFWRUV &RPPLWWHH RI WKH %RDUG RU &(2 WR DVVHVV WKH %5 SHUIRUPDQFH RI WKH
Company. Within 3 months, 3-6 months, Annually, More than 1 year.
7KH 0DQDJLQJ 'LUHFWRU DQG WRS PDQDJHPHQW SHULRGLFDOO\ UHYLHZ WKH %5 SHUIRUPDQFH RI WKH &RPSDQ\ WKURXJK %XVLQHVV 5HYLHZ
0HHWLQJVDQG6WUDWHJ\0HHWLQJV%XVLQHVV5HYLHZ0HHWLQJVDUHKHOGRQDZHHNO\EDVLVDQG6WUDWHJ\0HHWLQJVDUHKHOGRQFHLQDPRQWK
*Human Rights: 7KH &RPSDQ\ FXUUHQWO\ GRHVQW KDYH D VWDQGDORQH +XPDQ 5LJKWV SROLF\ +RZHYHU DVSHFWV RI KXPDQ ULJKWV VXFK DV
FKLOGODERXUIRUFHGODERXURFFXSDWLRQDOVDIHW\GLVFULPLQDWLRQDUHFRYHUHGE\LWVYDULRXV+XPDQ5HVRXUFHSROLFLHV7KH&RPSDQ\PDNHV
concerted efforts to strengthen mechanisms to ensure implementation of such policies. The Company will also be developing a Human
5LJKWV3ROLF\LQWKHQHDUIXWXUH
STATUTORY REPORTS
Sr.
No. Questions
MANAGEMENT REVIEW
PRINCIPLE 9: %XVLQHVVHVVKRXOGHQJDJHZLWKDQGSURYLGHYDOXHWRWKHLUFXVWRPHUVDQGFRQVXPHUVLQDUHVSRQVLEOHPDQQHU
'RHVWKH&RPSDQ\SXEOLVKD%5RUD6XVWDLQDELOLW\5HSRUW":KDWLVWKHK\SHUOLQNIRUYLHZLQJWKLVUHSRUW"+RZIUHTXHQWO\LWLVSXEOLVKHG"
7KH&RPSDQ\SXEOLVKHVD6XVWDLQDELOLW\5HSRUWDVSHU*5,*IUDPHZRUNDQQXDOO\7KHUHSRUWLV$OHYHODQGLVH[WHUQDOO\DVVXUHG
7KH&RPSDQ\KDVEHHQSXEOLVKLQJLWV6XVWDLQDELOLW\5HSRUWVLQFH
7KH6XVWDLQDELOLW\5HSRUWVRIWKH&RPSDQ\FDQEHYLHZHGDWWKHFRUSRUDWHZHEVLWHKWWSZZZPDUXWLVX]XNLFRPVXVWDLQDELOLW\UHSRUWVDVS[
SECTION E: PRINCIPLE-WISE PERFORMANCE

PRINCIPLE 1 : Businesses should conduct and govern themselves with Ethics, Transparency and Accountability
'RHVWKHSROLF\UHODWLQJWRHWKLFVEULEHU\DQGFRUUXSWLRQFRYHURQO\WKH&RPSDQ\"<HV1R'RHVLWH[WHQGWRWKH*URXS-RLQW9HQWXUHV
Suppliers/Contractors/NGOs /Others?
68 - 69
As a responsible corporate citizen, the Company believes in the highest standards of professionalism, ethical behaviors and corporate
governance.
7KH&RPSDQ\V&RGHRI%XVLQHVV&RQGXFWDQG(WKLFVHQVXUHVFRPSOLDQFHZLWKWKH&RPSDQ\VVWDQGDUGVRIEXVLQHVVFRQGXFWDQGHWKLFV
DQGDOVRZLWKUHJXODWRU\UHTXLUHPHQWV$OOHPSOR\HHVVLJQDGHFODUDWLRQRQMRLQLQJWKH&RPSDQ\DQGDUHH[SHFWHGWRFRPSO\ZLWKWKH
letter and spirit of this Code.
-RLQWYHQWXUHVVXSSOLHUVDQGFRQWUDFWRUVRIWKH&RPSDQ\DUHLQGHSHQGHQWHQWLWLHV7KH&RPSDQ\V&RGHRI&RQGXFWDQG:KLVWOH%ORZHU
3ROLF\GRQWH[WHQGWRWKHP
+RZPDQ\VWDNHKROGHUFRPSODLQWVKDYHEHHQUHFHLYHGLQWKHSDVWQDQFLDO\HDUDQGZKDWSHUFHQWDJHZDVVDWLVIDFWRULO\UHVROYHGE\
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
%ORZHU3ROLF\LQ
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.
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.
([SHULPHQWDO SURMHFWV LQ WKH HOG RI K\EULG

electric vehicle have been undertaken by the
&RPSDQ\6XEVHTXHQWWRWKHGHPRQVWUDWLRQRI
SX4 Hybrid and EECO Electric demonstration
DWWKH&RPPRQZHDOWK*DPHV5 'FDSDELOLW\
was further enhanced in HEV-EV by taking
up study projects, such as further testing/
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Start Stop system testing & validation, Swift
5DQJH ([WHQGHU (OHFWULF 9HKLFOH RQURDG
testing.
The Company has voluntarily taken initiatives

to eliminate hazardous substances that have
impacts on the environment and human health,
VXFK DV 0HUFXU\ &DGPLXP /HDG +H[DYDOHQW
Chromium and Asbestos from its vehicles. ELV
vehicles are easy to scrap and over 85 per cent
of the vehicles parts can be recycled.
Since 2006-07, by selling over

369,928 alternate fuel vehicles,
the Company has been able to
cumulatively reduce CO2 emissions
by 157,232.8 tonnes per year.
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Hardware-In-Loop/Model-In-Loop based controls
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for fuel economy evaluation and others were
initiated.
Currently in India there is no system of vehicle

recycling or scrapping.
In order to encourage old vehicle recycling in
,QGLD1$75L3DORQJZLWK02+,KDVHVWDEOLVKHG
a dismantling demonstration unit in Chennai.
7KH&RPSDQ\KDVH[WHQGHGVXSSRUWWRWKLVQHZ
initiative by providing a few older vehicles and
by providing guidance in environment-friendly
vehicle dismantling methods.
CORPORATE OVERVIEW
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):
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
*XUJDRQDQG0DQHVDU,QGH[HG
to base year 2000-01, there
has been a reduction of nearly
30 per cent in Gurgaon plant
since 2000-01. Similarly, in
0DQHVDU LQGH[HG WR EDVH \HDU
2007-08, there has been a
reduction of nearly 40 per cent
since 2007-08.
100
82
51
FY 01
FY 02
43
FY 03
FY 04
39
38
36
FY 05
FY 06
FY 07
39
FY 08
43
40
38
39
42
FY 09
FY 10
FY 11
FY 12
FY13
58 per cent reduction achieved since 2000-01

Water consumption per car, indexed to base year 2007-08, Manesar
(%)
100
64
46
FY 08
FY 09
FY 10
39
FY 11
44
42
FY 12
FY13
58 per cent reduction achieved since 2007-08

,W LV GLIFXOW IRU WKH &RPSDQ\ WR

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.
$V LWV SURGXFWLRQ OLQHV DUH H[LEOH
and produce multiple models, there
LV SUDFWLFDO GLIFXOW\ LQ LVRODWLQJ
model-wise resource utilisation data.
Water consumption per car, indexed to base year 2000-01, Gurgaon (%)
STATUTORY REPORTS
L 5HGXFWLRQ GXULQJ VRXUFLQJ

production / distribution achieved
since the previous year throughout
the value chain?
b) Water: The Company has been able to reduce the per car water consumption at
its Gurgaon and Manesar facilities over the years.
MANAGEMENT REVIEW
Harnessing solar energy
(IXHQWWUHDWPHQWSODQWDW*XUJDRQ
100 km radius of the Company. The

Company constantly encourages
suppliers to set-up base near its
SODQWV %RWK *XUJDRQ DQG 0DQHVDU
plants have Suppliers Parks. The
Company has set up a separate
group responsible for localisation
of parts. This reduces the Companys
H[SRVXUH WR FXUUHQF\ XFWXDWLRQ
and boosts local economy.
c) Material: Two main ways

through which the Company
reduces material usage is yield
improvement and One Gram
One Component
weight
reduction initiative.
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 end users of the vehicles

produced by the Company are
LQGLYLGXDO FXVWRPHUV ,W LV GLIFXOW
for the Company to determine the
reduction in energy and water
usage during usage by customers.
100%
350
300
72.6%
250
200
50
0
58.7%
100
80
60
40
32.8%
271
100
55.7%
234
150
45.2%
49.6%
60.0%
66.2%
216
The Company places immense

focus on local sourcing of parts.
Nearly 86 per cent of the supplier
base by value is located within a
120
400
211
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.
(%)
165
If yes, what percentage of your

inputs was sourced sustainably?
Also, provide details thereof, in
about 50 words or so.
ISO 14001 status of Tier-I suppliers
147
i.
The Company also drives green

initiative at suppliers. It
is
encouraging its Tier-I supplier to
adopt ISO 14001 standard. As on 31st
March 2013, 72.6 per cent suppliers
ZHUH,62FHUWLHGDQGDLPV
at having 100 per cent suppliers
,62 FHUWLHG E\ 'HFHPEHU
2014 and provide support through
training programmes, sensitisation
sessions.
The Company works closely with

its suppliers. Maruti Center of
([FHOOHQFH0$&(ZDVVHWXSE\WKH
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
LQ TXDOLW\ FRVW VHUYLFH WHFKQRORJ\
orientation.
LL 5HGXFWLRQ GXULQJ XVDJH E\

consumers (energy, water) has been
achieved since the previous year?
3. Does the Company have procedures in

place for sustainable sourcing (including
transportation)?
7R DVVHVV DQG HQKDQFH +5

capability of its suppliers, the
Company launched a programme
FDOOHG
%XVLQHVV
([FHOOHQFH
through People where it engaged
NQRZOHGJHSDUWQHUVWRLPSURYH+5
practices of suppliers and to make
them harmonious with those of the
Company.
113
70 - 71
Optimisation of material is
central to the component
design and development right
at the product design stage.
The Company has recently formulated

Green Procurement Guidelines. This
will be rolled out in a phased manner,
starting with Tier -I suppliers.
82
The intent of the One Gram One

Component programme is to
identify opportunities for weight
reduction
through
design
PRGLFDWLRQV RI FRPSRQHQWV
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
IRU PD[LPLVLQJ VWHHO VKHHW
utilisation. In 2012-13, over
31,343T of steel scrap was given
to suppliers for manufacturing
of small parts.
The Shikhar programme was

launched four years ago to upgrade
TXDOLW\ SUDFWLFHV DW VXSSOLHUV HQG
,W SURYLGHV D SODWIRUP IRU TXDOLW\
teams to educate suppliers on basic
principles of 4M (man, machine,
method, material), tool maintenance,
VNLOO PDWUL[ DQG RWKHUV ZLWK DQ
REMHFWLYH WR VWUHQJWKHQ TXDOLW\
V\VWHPVDWVXSSOLHUV'XULQJTXDOLW\
month, top management of the
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WRUHLQIRUFHTXDOLW\LPSURYHPHQW
FY 06
FY 07
FY 08
FY 09
FY 10
FY 11
FY 12
FY 13
20
0
Dec-14
(Target)
9HQGRUZLWK,62FHUWLFDWLRQ RI9HQGRUSODQWVFHUWLHGIRU,62
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
Canal water
Tube well water
5DLQZDWHU
TOTAL
2012-13
1,967,786 m3
23,207 m3
1,800 m3
1,992,793 m3
PRINCIPLE 3 : Businesses should promote the wellbeing of all employees

1. Please indicate the total number of employees.
7KH&RPSDQ\LVDQHTXDORSSRUWXQLW\HPSOR\HUDQGKLUHVWDOHQWHGSURIHVVLRQDOVZLWK
YDULHGH[SHUWLVH$EUHDNXSRIWKHZRUNIRUFHDVRQst March, 2013 is outlined below.
Manpower Category
2012-13
5HJXODUPDQSRZHU
Assistant supervisor & above
4,648
Associates/technicians
3,029
Trainees
1,744
Total regular manpower
9,421
Apprentices
Contractual manpower/temporary workers
TOTAL MANPOWER
936
8,554
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
Male
Female
TOTAL REGULAR
2012-13
9,091
330
9,421
In 2012-13, 4264 T of hazardous waste

ZDV JHQHUDWHG 7KH H[LVWLQJ ODQGOO LV
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.
7KH&RPSDQ\PHWSHUFHQWRIWKHWRWDOZDWHUUHTXLUHPHQWRIERWKWKHSODQWVWKURXJK
UHF\FOHG ZDWHU LQ 7UHDWHG HIXHQW ZDWHU PHHWV WKH QHFHVVDU\ ZDWHU TXDOLW\
standards and is used for horticulture by the Company.
STATUTORY REPORTS
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.
Tree plantation by employees in Manesar village
MANAGEMENT REVIEW
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,
(IXHQW7UHDWPHQW 3ODQW (73 VOXGJH
incinerator ash and used oil. The
Company has been sending paint
sludge, phosphate sludge and ETP
sludge to the cement industry for coprocessing since 2010-11. This has
reduced the need for incineration and
ODQGOOLQJ
CORPORATE OVERVIEW
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.
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?
7KH&RPSDQ\VPDQDJHPHQWRIFLDOO\UHFRJQLVHVWZRHPSOR\HHDVVRFLDWLRQVXQLRQVRQHHDFKDWLWV*XUJDRQSODQW0DQHVDUSODQW
6. What percentage of your permanent employees is members of this recognised employee association?
The unions represent 100 per cent of the workers.
3OHDVHLQGLFDWHWKHQXPEHURIFRPSODLQWVUHODWLQJWRFKLOGODERXUIRUFHGODERXULQYROXQWDU\ODERXUVH[XDOKDUDVVPHQWLQWKHODVW
QDQFLDO\HDUDQGSHQGLQJDVRQWKHHQGRIWKHQDQFLDO\HDU
S.No. Category
1RRIFRPSODLQWVOHGGXULQJ
WKHQDQFLDO\HDU
No. of complaints pending as on

HQGRIWKHQDQFLDO\HDU
1.
Child labour/forced labour/involuntary labour
Nil
Nil
2.
6H[XDOKDUDVVPHQW
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?
72 - 73
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
UHTXLUHPHQWDVRXWOLQHGEHORZ
Category - wise training achievement
Category
Man-days
Examples of training
([HFXWLYHVDQGDERYH
7.27
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(QYLURQPHQW 0DQDJHPHQW 6\VWHP -DSDQHVH 0DQDJHPHQW
Practices, Personal Effectiveness etc.
Supervisors
4.30
1HHY$VSHFLDOWUDLQLQJIRUEHKDYLRXUDOLPSURYHPHQWFRQLFW
management, empowerment and innovative thinking.
/HYHO 8S &DWHUHG WRZDUGV VKRS RRU ZRUNHUV WHDFKHV
ways to focus on safety, collection of defect and rejection
GDWD DQDO\VLV DQG FRXQWHUPHDVXUHV ,W DOVR DFTXDLQWV WKH
HPSOR\HHVZLWKWKHEHVW-DSDQHVHVKRSRRUSUDFWLFHVDQG
focuses on the importance of positive attitude and team
ZRUNDWVKRSRRU
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
In 2012-13, as many as 19,590 training

manhours were dedicated on safety
WUDLQLQJIRUVKRSRRUZRUNHUV
PRINCIPLE 4 : Businesses should respect
the interests of, and be responsive
towards all stakeholders, especially those
who are disadvantaged, vulnerable and
marginalised.
Employees and
their families
a. Socio-economically disadvantaged
members of society
b. Schedule Caste/ Schedule Tribes
c.
Local community consisting of large

number of migrant population and
%3/IDPLOLHV
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).
Local community
and society
Environment
and regulatory
authorities
Shareholders
and investors
Customers and
their families
1. Infrastructure improvements
such as repair and maintenance
of building
5DLQ
ZDWHU
KDUYHVWLQJ
horticulture and landscaping
3. Provision of machines and tools
,QGXVWU\ H[SRVXUH WKURXJK
factory visits and interaction
with industry personnel
5. Addition of modules to augment
H[LVWLQJFRXUVHFRQWHQW
6. Faculty development
(GXFDWLRQDO H[SRVXUH WKURXJK
visits for students
In 2012-13, the total number of
VWXGHQWV EHQHWWLQJ IURP WKH
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
LWV GHDOHUV WR XSJUDGH VSHFLFDOO\
the automobile trade. The Company
has 80 technical tie ups with ITIs for
automobile trade upgradation as on
31st 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
Dealers, suppliers
& other business
partners
The Company carries out multiple

activities at ITIs such as:
STATUTORY REPORTS
7KH &RPSDQ\ KDV LGHQWLHG VL[ GLUHFW

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.
Within the stakeholder group Local

Community and Society, the Company
KDVLGHQWLHGWKHIROORZLQJYXOQHUDEOH
and marginsalised sections:
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
MANAGEMENT REVIEW
1. Has the Company mapped its internal

DQGH[WHUQDOVWDNHKROGHUV"<HV1R
2. Out of the above, has the Company

LGHQWLHGWKHGLVDGYDQWDJHGYXOQHUDEOH
& marginalised stakeholders?
CORPORATE OVERVIEW
Safety training is a part of the induction

process and all employees mandatorily go
through one day safety training. For shop
RRU ZRUNHUV SHULRGLF VDIHW\ WUDLQLQJ LV
organised as per the annual safety calander.
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
H[WHQGHGWRRWKHUVWDWHVDVZHOO
In
2012-13,
the
Company
successfully enrolled 1711 SC/ST
youth for training in safe driving
under this partnership.
c. Local community
74 - 75
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
VHDUFK RI HPSOR\PHQW %RWK LQ
Manesar and Gurgaon communities,
VHYHUDO %3/ IDPLOLHV DOVR UHVLGH
After understanding the needs
of the community, the Company
undertakes social projects to
address them.
'HWDLOV RI WKH &65 SURJUDPPHV RI

the Company are available in the
Social Performance section of the
&RPSDQ\V 6XVWDLQDELOLW\ 5HSRUW
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
RUH[WHQGWRWKH*URXS-RLQW9HQWXUHV
Suppliers/Contractors/NGOs/Others?
The Company currently doesnt have
D VWDQGDORQH +XPDQ 5LJKWV SROLF\
However, aspects of human rights,
such as child labour, forced labour,

occupational safety, discrimination are
FRYHUHGE\LWV+XPDQ5HVRXUFHSROLFLHV
The Company makes concerted efforts
to strengthen mechanisms to ensure
implementation of such policies. The
Company will be developing a Human
5LJKWV3ROLF\LQWKHQHDUIXWXUH
H[WHQWE\QDWXUDOFDODPLWLHVVXFKDVWKH
-DSDQ WVXQDPL LQ 0DUFK DQG WKH
7KDLODQG RRGV WKDW IROORZHG VKRUWO\
7KH &RPSDQ\ XQGHUWRRN DQ H[WHQVLYH
ULVN PDSSLQJ H[HUFLVH ZLWK UHJDUG WR
its value chain during the year and also
continued its focus on localisation and
2nd source development.
2. How many stakeholder complaints have

EHHQUHFHLYHGLQWKHSDVWQDQFLDO\HDU
and what per cent was satisfactorily
resolved by the management?
To minimise the environmental impact

of its product, the Company attempts
to continually improve its products in
WHUPV RI IXHO HIFLHQF\ PDWHULDO XVH
DQGUHF\FODELOLW\,WRIIHUVIDFWRU\WWHG
CNG vehicle options to its customers.
CNG is a cleaner fuel and is also more
economical.
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

FRYHURQO\WKH&RPSDQ\RUH[WHQGVWR
WKH *URXS-RLQW 9HQWXUHV6XSSOLHUV
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 201213, while the Company itself didnt
face any risk due to climate change,
its suppliers were impacted by climate
change. Suppliers were hit, to some
$OO WKH &RPSDQ\V PRGHOV H[SHFW

M800, Omni and Gypsy) are End-of-Life
compliant, which means they are free
from hazardous substances and over
SHU FHQW PDWHULDO FDQ EH H[WUDFWHG
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
FRPSOLDQFHUHSRUWLVOHG"
7KH &RPSDQ\ LV WKH UVW DXWRPRELOH

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.
100
29872.8
80
60
40
117340.7
300
250
200
150
100
50
20
0
FY 07
FY 08
FY 09
Cumulative CO2 reduction
FY 10
FY 11
FY 12
FY13
No. of alt. fuel vehicles sold
E (QHUJ\(IFLHQF\
The per car electricity consumption at Gurgaon and Manesar plants has been
reducing due to various innovations and technical improvements.
Electricity consumption per car, indexed to base year 2000-01, Gurgaon
(%)
100
87
80
82
72
73
71
69
70
FY 04
FY 05
FY 06
FY 07
FY 08
80
During the implementation of

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V\VWHP LQ IXHO HIFLHQF\
of all models was improved.
)XHO HIFLHQF\ IRU &1* PRGHOV
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.
350
Cumulative sales of alternatefuel vehicles
67631.4
120
92957.4
140
FY 01
FY 02
FY 03
FY 09
FY 10
68
70
73
FY 11
FY 12
FY13
Nearly 30 per cent reduction achieved since 2000-01
)XHO HIFLHQF\ RI GLHVHO YHKLFOHV

was improved by 2 per cent to 10
per cent for all models. The use
RI D QH[W JHQHUDWLRQ HQJLQH DQG
transmission oil helped in reducing
frictional losses and enhancing
IXHO HIFLHQF\ )XHO HIFLHQF\ ZDV
improved by over 10 per cent for
WKH 5LW] GLHVHO PRGHO E\ IULFWLRQ
reduction and engine calibration
changes.
160
400
STATUTORY REPORTS
6LJQLFDQW IXHO DQG WKHUPDO

HIFLHQF\ZDVLPSURYHGLQ$OWR
through technical advancements,
and by using low-friction engine
KDUGZDUH DQG UHQHG LQWDNH
system. Alto 800 has the bestLQFODVV IXHO HIFLHQF\ 3HWURO
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)
180
MANAGEMENT REVIEW
Product emissions: The Company has

successfully reduced CO2 emission
WKURXJKIXHOHIFLHQF\LPSURYHPHQWV
UHGXFWLRQ RI H[KDXVW HPLVVLRQV DQG
development of alternate fuel vehicles.
,PSURYHPHQWRIIXHOHIFLHQF\DQG&22
HPLVVLRQV UHGXFWLRQV LQ WKH H[LVWLQJ
YHKLFOHV)RUH[DPSOH
157231.8
a. Clean Technology
tonne/year
143756.6
Cumulative CO2 reduction
13408.9
6RPH H[DPSOHV RI WKH &RPSDQ\V

efforts towards clean technology, energy
HIFLHQF\UHQHZDEOHHQHUJ\DUH
7KH&RPSDQ\ZDVWKHUVWLQ,QGLDWRLQWURGXFHIDFWRU\WWHG&1*YHKLFOHV7KHVDOHRI
CNG vehicles has helped in reducing CO2 emissions.
Cumulative CO2 reduction, tonne/yr
,GOH 6WDUW 6WRS ,66 IHDWXUH KDV EHHQ LQWURGXFHG LQ WKH H[SRUW PDUNHW WR PHHW
VWULQJHQWHPLVVLRQUHJXODWLRQUHTXLUHPHQWV(XUR
CORPORATE OVERVIEW
5. Has the Company undertaken any

other initiatives on clean technology,
HQHUJ\ HIFLHQF\ UHQHZDEOH HQHUJ\
and others? Y/N. If yes, please give
hyperlink for web page and others.
Electricity consumption per car, indexed to base year 2007-08, Manesar
Society of Indian Automobile

Manufacturers (SIAM)
(%)
SIAM SAFE (Society for Automotive

Fitness and Environment)
100
%XUHDXRI,QGLDQ6WDQGDUGV%,6
80
72
62
62
64
Society of Automotive Engineers

(SAE)
Combat Climate Change (CCC),
a Sweden-based international NGO
Advertising Standards
of India (ASCI)
FY 08
FY 09
FY 10
FY 11
FY 12
FY13
Nearly 40 per cent reduction achieved since 2007-08
The International
Automation (ISA)
Council
Society
of
0HGLD8VHUV5HVHDUFK&RXQFLO085&
76 - 77
UN Global Compact, India

c. 5HQHZDEOH HQHUJ\ 6RODU OLJKWV
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
XVHGLQSODQW%0DQHVDU
7.
Environmental Impact Assessments (EIA)

are carried out as per the Guidelines of EIA
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E\WKH6WDWH([SHUW$SSUDLVDO&RPPLWWHH
After getting the Environment Clearance,
compliance reports are submitted twice a
year.
6. Are the Emissions/Waste generated by

the Company within the permissible
OLPLWV JLYHQ E\ &3&%63&% IRU WKH
QDQFLDO\HDUEHLQJUHSRUWHG"
All emissions and waste generated
by the Company are within the
SHUPLVVLEOH OLPLWV JLYHQ E\ &3&%
63&%7KHKD]DUGRXVZDVWHVSURGXFHG
as by-products of manufacturing
include paint sludge, phosphate sludge,
(IXHQW7UHDWPHQW 3ODQW (73 VOXGJH
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 coprocessing since 2010-11. This has
minimised the need for incineration
DQGODQGOOLQJ7KLVZDVFRQWLQXHGLQ
the reporting year as well.
Number of show cause/ legal notices

UHFHLYHG IURP &3&%63&% ZKLFK DUH
pending (i.e. not resolved to satisfaction)
as at the end of the Financial Year.
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&3&% DUH SHQGLQJ DQG VDWLVIDFWRU\
replies have been given to all notices
IRUWKHQDQFLDO\HDU
PRINCIPLE 7 : Businesses, when engaged

LQLQXHQFLQJSXEOLFDQGUHJXODWRU\SROLF\
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
LQGXVWU\ ERGLHV H[SHUW DJHQFLHV DQG
contributes to the policy making
process. The Company is a member of
the following organisations:
Confederation of Indian Industry (CII)
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
DQG $GPLQLVWUDWLRQ (FRQRPLF 5HIRUPV
Inclusive Development Policies, Energy
security, Water, Food Security, Sustainable
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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.
7KH &RPSDQ\ SURYLGHV WKH %XUHDX RI
,QGLDQ6WDQGDUGV%,6LQSXWVIRUQHZ
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.
CORPORATE OVERVIEW
MANAGEMENT REVIEW
$OHDUQHURQDGULYLQJVLPXODWRUDW,'751HZ'HOKL
'RHV WKH &RPSDQ\ KDYH VSHFLHG

programmes/initiatives/projects in pursuit
of the policy related to Principle 8? If yes
details thereof.
7KH &RPSDQ\ KDV DQ H[WHQVLYH &65

programme with three main focus
areas: road safety, skill development
and community development in
neighbouring villages. The Company
KDV ZHOO GHQHG &65 SROLF\ JLYHV
a high degree of importance to
2. Are the programmes/projects undertaken

through in-house team/own foundation/
H[WHUQDO1*2JRYHUQPHQWVWUXFWXUHVDQ\
other organisation?
7KH &65 SURJUDPPHVRI WKH &RPSDQ\

are run largely by in-house teams.
However, wherever needed, services of
1*2SDUWQHUVZLWKVXEMHFWH[SHUWLVHLV
taken.
3. Have you done any impact assessment of

your initiative?
7KH &65 SURJUDPPHV DQG WKHLU

impacts/outcomes
are
monitored
and reviewed by the management
periodically.
4. What is your Companys direct contribution

to community development projects$PRXQW LQ ,15 DQG WKH GHWDLOV RI WKH
projects undertaken.
'HWDLOV RI WKH &RPSDQ\V

programmes are as under.
&65
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
'ULYLQJDQG7UDIF5HVHDUFK,'75
and with its dealers set up Maruti
Driving Schools (MDS). About 50
per cent of those trained at MDS
are women. The Company runs
VL[,'75VDQG0'6DFURVVWKH
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 approachescomplete
adoption
of
the
institute and technical support in
strengthening automobile trade at
the ITIs. The Company is working
with 21 ITIs for their complete
RYHUDOO GHYHORSPHQW EHQHWWLQJ
over 8233 students in 2012-13. It is
working with 80 ITIs for automobile
trade upgradation. Most people
studying at the ITIs come from
PRINCIPLE 8 : Businesses should support

inclusive growth and equitable development
stakeholder engagement. The policy

of the Company can be viewed on its
corporate website.
STATUTORY REPORTS
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.
School health camp organised at a village in Gurgaon
78 - 79
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
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The Company spent ` 189.4 million

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5. Have you taken steps to ensure that this
community development initiative is
successfully adopted by the community?
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community development programmes
in the neighbouring villages of Manesar
and Gurgaon, the Company adopts the
following approaches:
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leaders and opinion makers
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in project implementation
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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
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The Company has a robust system for
addressing customer complaints with
regard to sales and service.
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company alleging defect in the vehicles
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number vi-a-vis compared with annual
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customer with the purchase of a car
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corporate citizen has complied to all
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advertising that are pending.
The Director General, Competition
Commission of India has conducted an
investigation on 17automobile original
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including the company for alleged
anti-competitive behavior. The matter
is pending adjudicating in Competition
Commission of India.
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customers who had purchases the
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alleging
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trade
practices
under The Consumer Protection Act
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The Company regularly engages with

customers to get their feedback on
the product and carries out internal
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level. In addition, the Company closely
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against the Company regarding unfair
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thereof, in about 50 words or so.
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MANAGEMENT REVIEW
3. Did your Company carry out any consumer

survey/ consumer satisfaction trends?
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is based on a study that measures
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CORPORATE OVERVIEW
to safety, operation and maintenance

of the vehicle. At the time of vehicle
delivery, technical features of the
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Product-related information is also
available on the Companys website.
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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.
879
849
FY 11
MSIL
824
FY 12
834
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FY 13
Industry

To the Members of Maruti Suzuki India Limited

REPORT ON THE FINANCIAL STATEMENTS

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Balance Sheet
As at 31st March 2013
$OODPRXQWVLQ`PLOOLRQXQOHVVRWKHUZLVHVWDWHG
Notes to
Accounts
As at
31.03.2012
EQUITY AND LIABILITIES

SHAREHOLDERS FUNDS
6KDUH&DSLWDO
5HVHUYHVDQG6XUSOXV
2

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185,789

151,874
4

7

4,087

12,811

5,682
CURRENT LIABILITIES
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8

10
11

68,280
266,880

65,466
223,022
12

14

2,227

117,414

12,787

157,632

84,626

112,232

18,407

109,248
266,880

110,790
223,022
TOTAL
84 -
As at
31.03.2013
ASSETS
NON - CURRENT ASSETS
)L[HG$VVHWV
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17
CURRENT ASSETS
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18

20
21
22

TOTAL
7KHQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV
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Statement of Profit and Loss

For the year ended 31st March 2013
Notes to
Accounts
For the year ended

31.03.2013
For the year ended

31.03.2012
481,147

8,812

8,124

444,003
364,139
REVENUE FROM OPERATIONS
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42,072

(427)
414,093
342,677
29,910
21,462
7,228

23,921
16,352
79.19
56.60
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&RVWRI0DWHULDO&RQVXPHG
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24
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Cash Flow Statement

A.
For the year

ended 31.03.2013
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ended 31.03.2012

,QWHUHVWLQFRPH

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(417)

CASH FLOW FROM OPERATING ACTIVITIES:

1HW3URWEHIRUH7D[
Adjustments for:
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(4,101)
(2,442)
(472)

44,052
25,843

$GMXVWPHQWVIRUFKDQJHVLQ:RUNLQJ&DSLWDO
86 - 87
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(477)
2,000
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Cash generated from Operating Activities
49,175
28,108
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Net Cash from Operating Activities
43,842
25,599

CASH FLOW FROM INVESTING ACTIVITIES:

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(35,741)
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C.
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(9,663)
6,165
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1,761
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1,000
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(1,562)
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88 -
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31.03.2013
As at
31.03.2012
18,720
3,720

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1,445
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1,510
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1,445

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153,043
130,777
184,279
150,429
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3,848
1,083
(61)
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3,023
1,066
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31.03.2012

1,036
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31.03.2013
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31.03.2012
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Notes

8.
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As at
31.03.2013
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31.03.2012
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9.
80

8,463
10,783
As at
31.03.2013
As at
31.03.2012

288
41,401

41,674
33,499
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31.03.2013
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228

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2,071

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11,427
11,661

15,892
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11. SHORT TERM PROVISIONS

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31.03.2012
5HIHU1RWHDQG
3URYLVLRQIRUUHWLUHPHQWDOORZDQFHV
3URYLVLRQIRUFRPSHQVDWHGDEVHQFHV
1,274
2

Other provisions
CORPORATE OVERVIEW
As at
31.03.2013
5HIHU1RWH
3URYLVLRQIRUZDUUDQW\ SURGXFWUHFDOO

2,417

411

3URYLVLRQIRUFRUSRUDWHGLYLGHQGWD[
3URYLVLRQIRUWD[DWLRQ
>1HWRIWD[SDLG`PLOOLRQ3UHYLRXV\HDU`PLOOLRQ
DQG0LQLPXP$OWHUQDWH7D[FUHGLWDYDLOHG`PLOOLRQSUHYLRXV
\HDU1LO@

6,482
5,292
As at
31.03.2013
As at
31.03.2012
$PRXQWRIGLYLGHQGSURSRVHG
2,417

'LYLGHQGSHUHTXLW\VKDUH
` 8.00
`
2QHTXLW\VKDUHVRI`HDFK
STATUTORY REPORTS
7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV
4,440
MANAGEMENT REVIEW
3URYLVLRQIRUSURSRVHGGLYLGHQG

TOTAL (A)

31,466
353

31,113

25,397

25,397

(7,435)
(276)

194,112
77
77
194,035
(180)
(7,159)

(10)
(142)

(1)

As at
31.03.2013

Deductions/
$GMXVWPHQWV

71,576
71,576

13,361
89

13,272

142

(4,301)

11,011
(70)
(70)
(4,231)

(1)

Deductions/
$GMXVWPHQWV
17,711
10
10
17,701

For the
year
Depreciation / Amortisation
Acquired pursuant
to a scheme of
DPDOJDPDWLRQ
22
Upto
01.04.2012

98,347
29

98,318
182

As at
31.03.2013

95,765
48
48
95,717

As at
31.03.2013
73,108

73,108

1,842

As at
31.03.2012
1HW%ORFN
2,663

3UHYLRXV<HDU)LJXUHV
5HIHUQRWH

TOTAL
As at
01.04.2012
/XPSVXPUR\DOW\
2ZQ$VVHWV$FTXLUHG
3DUWLFXODUV
13. INTANGIBLE ASSETS

658

Addition
*URVV%ORFN

574

Acquired
pursuant
to a scheme of
DPDOJDPDWLRQ

Deductions/
$GMXVWPHQWV

3,895

As at
31.03.2013

564

Upto
01.04.2012

203

Acquired pursuant
to a scheme of
DPDOJDPDWLRQ

901

For the
year

Deductions/
$GMXVWPHQWV

1,668

As at
31.03.2013

2,227
2,227
As at
31.03.2013
2,099

As at
31.03.2012
1HW%ORFN
)UHHKROGODQGFRVWLQJ` PLOOLRQ3UHYLRXV\HDU` PLOOLRQLVQRW\HWUHJLVWHUHGLQWKHQDPHRIWKH&RPSDQ\

3ODQWDQG0DFKLQHU\JURVVEORFNLQFOXGHVSURUDWDFRVWDPRXQWLQJWR` PLOOLRQ3UHYLRXV\HDU`PLOOLRQRID*DV7XUELQHMRLQWO\RZQHGE\WKH&RPSDQ\ZLWKLWV
JURXSFRPSDQLHVDQGRWKHUFRPSDQLHV

$SDUWRIIUHHKROGODQGRIWKH&RPSDQ\DW*XUJDRQDQG0DQHVDUKDVEHHQPDGHDYDLODEOHWRLWVJURXSFRPSDQLHV

$GMXVWPHQWVWRIUHHKROGODQGLQFOXGH`PLOOLRQDFFUXHGLQWKHSUHYLRXV\HDUDVSULFHDGMXVWPHQWFODLPHGE\WKHDXWKRULW\ZKLFKDOORWWHGWKHODQGLQDQHDUOLHU\HDU
UHYHUVHGLQWKHFXUUHQW\HDU>5HIHU1RWHYLL@

144,684

3UHYLRXV<HDU)LJXUHV
TOTAL (B)
TOTAL [(A) + (B)]

3ODQWDQG0DFKLQHU\
Assets given on operating

OHDVH

144,684
9HKLFOHV

27

)XUQLWXUH)L[WXUHVDQG2IFH
$SSOLDQFHV

82

3ODQWDQG0DFKLQHU\

1,412

%XLOGLQJ

Addition
*URVV%ORFN

Acquired
pursuant
to a scheme of
DPDOJDPDWLRQ
(OHFWURQLF'DWD3URFHVVLQJ
(TXLSPHQW

/HDVHKROG/DQG
As at
01.04.2012
)UHHKROG/DQG1RWH
3DUWLFXODUV
12. TANGIBLE ASSETS
98 -
Notes
Notes

14. CAPITAL WORK IN PROGRESS
&LYLO:RUNLQ3URJUHVV
As at
31.03.2012

7,101

19,422
9,419
15. NON-CURRENT INVESTMENTS

5HIHU1RWH
As at
31.03.2012
7UDGH,QYHVWPHQWYDOXHGDWFRVWXQOHVVRWKHUZLVHVWDWHG
,QYHVWPHQWLQVXEVLGLDULHVXQTXRWHGHTXLW\LQVWUXPHQWV

1,071
TXRWHGHTXLW\LQVWUXPHQWV
111
111
XQTXRWHGHTXLW\LQVWUXPHQWV
220
,QYHVWPHQWLQMRLQWYHQWXUHVXQTXRWHGHTXLW\LQVWUXPHQWV
,QYHVWPHQWLQDVVRFLDWHV
4,171
1,421

,QYHVWPHQWLQSUHIHUHQFHVKDUHVXQTXRWHG

17,114
/HVV3URYLVLRQIRUGLPLQXWLRQRWKHUWKDQWHPSRUDU\LQYDOXHRI
LQYHVWPHQWVLQSUHIHUHQFHVKDUHV
$JJUHJDWHYDOXHRITXRWHGLQYHVWPHQWV
0DUNHWYDOXHRITXRWHGLQYHVWPHQWV
$JJUHJDWHYDOXHRISURYLVLRQIRUGLPLQXWLRQRWKHUWKDQ
WHPSRUDU\LQYDOXHRILQYHVWPHQWV

18,485
13,933
18,424

111
111
1,474

$JJUHJDWHYDOXHRIXQTXRWHGLQYHVWPHQWV

STATUTORY REPORTS
2WKHU,QYHVWPHQWYDOXHGDWFRVWXQOHVVRWKHUZLVHVWDWHG
,QYHVWPHQWLQPXWXDOIXQGVXQTXRWHG
MANAGEMENT REVIEW
As at
31.03.2013
CORPORATE OVERVIEW
3ODQWDQG0DFKLQHU\
As at
31.03.2013
Notes

16. LONG TERM LOANS AND ADVANCES

As at
31.03.2013
As at
31.03.2012
&DSLWDO$GYDQFHV
8QVHFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOFDSLWDODGYDQFHV

Security Deposits

1,800

/RDQVDQG$GYDQFHVWR5HODWHG3DUWLHV
8QVHFXUHGFRQVLGHUHGJRRG5HIHU1RWH
7D[HV3DLG8QGHU'LVSXWH
100 - 101
,QWHUFRUSRUDWHGHSRVLWVFRQVLGHUHGGRXEWIXO

/HVV3URYLVLRQIRUGRXEWIXOGHSRVLWV

Other Loans and Advances

6HFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXORWKHUORDQVDQGDGYDQFHV
10
12
240

12,787

13,410
Notes

17.
OTHER NON-CURRENT ASSETS

As at
31.03.2012
Interest Accrued on Deposits, Loans and Advances

6HFXUHGFRQVLGHUHGJRRG
FRQVLGHUHGGRXEWIXO

1
1

/HVV3URYLVLRQIRUGRXEWIXOLQWHUHVW
11

&ODLPV
FRQVLGHUHGGRXEWIXO
/HVV3URYLVLRQIRUGRXEWIXOFODLPV
Others

27
27
412

27

27

8,946
263
,QYHVWPHQWLQPXWXDOIXQGVXQTXRWHG
As at
31.03.2013
As at
31.03.2012

52,298
47,541
STATUTORY REPORTS
18. CURRENT INVESTMENTS

5HIHU1RWH
MANAGEMENT REVIEW
/RQJ WHUP GHSRVLWV ZLWK EDQNV ZLWK PDWXULW\ SHULRG PRUH WKDQ
PRQWKV

CORPORATE OVERVIEW
As at
31.03.2013
Notes

19. INVENTORIES

5HIHU1RWH
As at
31.03.2013
As at
31.03.2012
&RPSRQHQWVDQG5DZ0DWHULDOV

Work in Progress
1,127

Finished Goods Manufactured

9HKLFOHV
9HKLFOHVSDUHVDQGFRPSRQHQWV
4,807

Traded Goods
9HKLFOH
102 -
9HKLFOHVSDUHVDQGFRPSRQHQWV

Stores and Spares

7RROV

18,407
17,965

,QYHQWRU\LQFOXGHVLQWUDQVLWLQYHQWRU\RI
&RPSRQHQWVDQG5DZ0DWHULDOV
7UDGHG*RRGVYHKLFOHVSDUHV
20. TRADE RECEIVABLES
Unsecured - considered good
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\
are due for payment
2WKHUV
18

8QVHFXUHGFRQVLGHUHGGRXEWIXO
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJVL[PRQWKVIURPWKHGDWHWKH\
are due for payment

/HVV3URYLVLRQIRUGRXEWIXOGHEWV

14,237

9,376
Notes

21. CASH AND BANK BALANCES

As at
31.03.2012
&DVKDQG&DVK(TXLYDOHQWV
&DVKRQKDQG
&KHTXHVDQGGUDIWVRQKDQG

%DQNEDODQFHVLQFXUUHQWDFFRXQWV
'HSRVLWVOHVVWKDQPRQWKVRULJLQDOPDWXULW\SHULRG

1,244
1,000

CORPORATE OVERVIEW
As at
31.03.2013
2WKHU%DQN%DODQFHV

'HSRVLWVPRUHWKDQPRQWKVRULJLQDOPDWXULW\SHULRG

17,000
8QFODLPHGGLYLGHQGDFFRXQWV

7,750
24,361

22. SHORT TERM LOANS AND ADVANCES

FRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
MANAGEMENT REVIEW
'HSRVLWVPRUHWKDQPRQWKVDQGXSWRPRQWKVRULJLQDO
maturity period)
/RDQVDQG$GYDQFHVWR5HODWHG3DUWLHV
%DODQFHZLWK&XVWRPV3RUW7UXVWDQG2WKHU*RYHUQPHQW
Authorities
8QVHFXUHG
Secured
8QVHFXUHG

1,872
7,783
23. OTHER CURRENT ASSETS

FRQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG

Secured
8QVHFXUHG

&ODLPV
8QVHFXUHG

788

5,403
3,764
2WKHUUHFHLYDEOHVWHHOFRLOV
8QVHFXUHG
Others
8QVHFXUHG
11,153
STATUTORY REPORTS
8QVHFXUHG
Notes

24. GROSS SALE OF PRODUCTS

5HIHU1RWH
For the
year ended
31.03.2013
For the
year ended
31.03.2012

481,147
386,141
,QFRPHIURPVHUYLFHV
>1HWRIH[SHQVHVRI`PLOOLRQ3UHYLRXV<HDU`PLOOLRQ@

6DOHRIVFUDS

&DVKGLVFRXQWUHFHLYHG
1,810
2,018
9HKLFOHV
6SDUHSDUWVGLHVDQGPRXOGVFRPSRQHQWV
25. OTHER OPERATING REVENUE
104 -
2WKHUV

9,753
8,812
26. OTHER INCOME

For the year
ended 31.03.2013
For the year

ended 31.03.2012
,QWHUHVW,QFRPHJURVVRQ

D)L[HGGHSRVLWV
E&RUSRUDWHERQGV
F5HFHLYDEOHVIURPGHDOHUV
G$GYDQFHVWRYHQGRUV
H,QFRPHWD[UHIXQG
I2WKHUV
2,220

210
141

'LYLGHQG,QFRPHIURP
D/RQJWHUPLQYHVWPHQWV
E2WKHUV
74

417

1HWJDLQRQVDOHRILQYHVWPHQWV
a)
Long term
4,087
E6KRUWWHUP
14
3URYLVLRQVQRORQJHUUHTXLUHGZULWWHQEDFN

4,101
2,442
472

8,124
8,268
Notes

27.
CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE
5HIHU1RWH

For the year
ended 31.03.2012
Work in Progress
2SHQLQJVWRFN
$GG$FTXLUHGSXUVXDQWWRDVFKHPHRIDPDOJDPDWLRQ
/HVV&ORVLQJVWRFN

1,127

CORPORATE OVERVIEW
For the year

ended 31.03.2013
9HKLFOHV0DQXIDFWXUHGDQG7UDGHG
2SHQLQJVWRFN
/HVV&ORVLQJVWRFN

4,220

4,812

870
(1,411)
/HVV([FLVHGXW\RQLQFUHDVHGHFUHDVHRIQLVKHGJRRGV

(1,122)

9HKLFOH6SDUHVDQG&RPSRQHQWV0DQXIDFWXUHGDQG7UDGHG
2SHQLQJVWRFN

/HVV&ORVLQJVWRFN

(1,297)
28. EMPLOYEE BENEFIT EXPENSES

For the
year ended
31.03.2012

&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGV
6WDIIZHOIDUHH[SHQVHV
7KH&RPSDQ\KDVFDOFXODWHGWKHYDULRXVEHQHWVSURYLGHGWRHPSOR\HHVDVXQGHU
$

10,696
8,013
'HQHG&RQWULEXWLRQ3ODQV
D
6XSHUDQQXDWLRQ)XQG
E
3RVW(PSOR\PHQW0HGLFDO$VVLVWDQFH6FKHPH
'XULQJWKH\HDUWKH&RPSDQ\KDVUHFRJQLVHGWKHIROORZLQJDPRXQWVLQWKHVWDWHPHQWRISURWDQGORVV
(PSOR\HUV&RQWULEXWLRQWR6XSHUDQQXDWLRQ)XQG
(PSOR\HUV&RQWULEXWLRQWR3RVW(PSOR\PHQW0HGLFDO$VVLVWDQFH6FKHPH
31.03.2013
31.03.2012

44
For the
year ended
31.03.2013
STATUTORY REPORTS
234
6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWV
>1HWRIVWDIIFRVWUHFRYHUHG`PLOOLRQ3UHYLRXV\HDU`PLOOLRQ@
MANAGEMENT REVIEW
$GG$FTXLUHGSXUVXDQWWRDVFKHPHRIDPDOJDPDWLRQ
Notes

%
6WDWH3ODQV
D
(PSOR\HUVFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH
E
(PSOR\HUVFRQWULEXWLRQWR(PSOR\HHV3HQVLRQ6FKHPH
31.03.2013
(PSOR\HUVFRQWULEXWLRQWR(PSOR\HH6WDWH,QVXUDQFH
31.03.2012

80
,QFOXGHGLQ&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGVDERYH
&
'HQHG%HQHW3ODQVDQG2WKHU/RQJ7HUP%HQHWV
106 - 107
D
&RQWULEXWLRQWR*UDWXLW\)XQGV(PSOR\HHV*UDWXLW\)XQG
E
/HDYH(QFDVKPHQW&RPSHQVDWHG$EVHQFH
F
5HWLUHPHQW$OORZDQFH
G
3URYLGHQW)XQG
,QDFFRUGDQFHZLWK$FFRXQWLQJ6WDQGDUGUHYLVHGDQDFWXDULDOYDOXDWLRQZDVFDUULHGRXWLQUHVSHFWRIWKHDIRUHVDLG

GHQHGEHQHWSODQVDQGRWKHUORQJWHUPEHQHWVEDVHGRQWKHIROORZLQJDVVXPSWLRQV
31.03.2013
31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
Absence

5DWHRILQFUHDVH
LQFRPSHQVDWLRQ
OHYHOV
Not
$SSOLFDEOH

5DWHRIUHWXUQRQ
SODQDVVHWV

21
'LVFRXQWUDWHSHU
annum)
([SHFWHGDYHUDJH
remaining working
OLYHVRIHPSOR\HHV
\HDUV
(PSOR\HHV Retirement
Gratuity $OORZDQFH
Fund
Provident
Fund
Leave
Encashment/
Compensated
Absence
Gratuity $OORZDQFH
Fund

Not
$SSOLFDEOH
Not
$SSOLFDEOH

Not
$SSOLFDEOH
Not
$SSOLFDEOH

Not
$SSOLFDEOH

Not
$SSOLFDEOH

Not
$SSOLFDEOH
21
21
21

22
22
22
(VWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQDQGRWKHU
UHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW

Notes

&KDQJHVLQSUHVHQWYDOXHRIREOLJDWLRQV
31.03.2013
Provident
Fund
Leave
Encashment/
Compensated
Absence

848

20
,QWHUHVWFRVW

&XUUHQWVHUYLFH
FRVW
Gratuity $OORZDQFH
Fund

827

801

80

171

101
141
28

(411)
422

(2)
10

3UHVHQWYDOXHRI
REOLJDWLRQDVDW
the year end

1,274

44

848

&KDQJHVLQWKHIDLUYDOXHRISODQDVVHWV
31.03.2013
31.03.2012
Provident
)XQG
(PSOR\HHV
*UDWXLW\
)XQG
Provident
)XQG
(PSOR\HHV
*UDWXLW\
)XQG

827
([SHFWHGUHWXUQRQ3ODQ$VVHWV

74
&RQWULEXWLRQ

28
%HQHWVSDLG

101
28
$FWXDULDOJDLQORVVRQREOLJDWLRQV

)DLUYDOXHRISODQDVVHWVDVDWWKH\HDUHQG
(27)

)DLUYDOXHRI3ODQ$VVHWVDVDWEHJLQQLQJRIWKH\HDU
STATUTORY REPORTS
%HQHWVSDLG
$FWXDULDO
JDLQORVVRQ
REOLJDWLRQV
MANAGEMENT REVIEW

$GG$FTXLVLWLRQ
RQDPDOJDPDWLRQ
5HIHU1RWH
Gratuity $OORZDQFH
Fund
CORPORATE OVERVIEW
Leave
Encashment/
Compensated
Absence
3UHVHQWYDOXHRI
REOLJDWLRQDVDW
EHJLQQLQJRIWKH
year
31.03.2012
Provident
Fund
Notes

5HFRQFLOLDWLRQRISUHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQDQGIDLUYDOXHRIDVVHWV
108 -
31.03.2013
Provident
Fund
Leave
Encashment/
Compensated
Absence
3UHVHQWYDOXHRI
REOLJDWLRQDVDW
the year end

1,274
)DLUYDOXHRISODQ
DVVHWVDVDWWKH
year end

31.03.2012
Gratuity $OORZDQFH
Fund
Provident
Fund
Leave
Encashment/
Compensated
Absence
Gratuity $OORZDQFH
Fund

44

848

6XUSOXV'HFLW

(1,274)

(44)
21

8QIXQGHGQHW
DVVHWOLDELOLW\
UHFRJQLVHGLQ
EDODQFHVKHHW
(1,274)
(44)
(850)
(37)
&ODVVLHGDV/RQJ
Term
42
35
&ODVVLHGDV
Short Term
1,274
850
TOTAL
1,274
44
850
37
31.03.2011
31.03.2010
Leave
Encashment/
Compensated
Absence
(PSOR\HHV
Gratuity
Fund
Retirement
$OORZDQFH
Leave
Encashment/
Compensated
Absence
(PSOR\HHV
Gratuity
Fund
Retirement
$OORZDQFH

827

827

6XUSOXVGHFLW

8QIXQGHGQHWDVVHWOLDELOLW\
UHFRJQLVHGLQEDODQFHVKHHW

3UHVHQWYDOXHRIREOLJDWLRQDVDWWKH
year end
)DLUYDOXHRISODQDVVHWVDVDWWKH\HDU
end
Notes

31.03.2009
(PSOR\HHV
Gratuity
Fund
Retirement
$OORZDQFH

27
3UHVHQWYDOXHRIREOLJDWLRQDVDWWKH\HDUHQG
)DLUYDOXHRISODQDVVHWVDVDWWKH\HDUHQG

(27)
8QIXQGHGQHWDVVHWOLDELOLW\UHFRJQLVHGLQEDODQFHVKHHW

(27)
([SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURW ORVV
31.03.2013
&XUUHQWVHUYLFH
FRVW
,QWHUHVWFRVW
Leave
Encashment/
Compensated
Absence**
801

31.03.2012
Gratuity $OORZDQFH
Fund*
Provident
Fund*
Leave
Encashment/
Compensated
Absence**

80

Gratuity $OORZDQFH
Fund*

(74)

6HWWOHPHQWFRVW

1HWDFWXDULDO
JDLQORVV
UHFRJQLVHG
during the year

422

(2)

(81)

,QFOXGHGLQ&RQWULEXWLRQWRSURYLGHQWDQGRWKHUIXQGVDERYH
,QFOXGHGLQ6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWVDERYH
7RWDOH[SHQVH
UHFRJQLVHGLQ
VWDWHPHQWRI
SURW ORVV
STATUTORY REPORTS
([SHFWHGUHWXUQ
RQSODQDVVHWV
Provident
Fund*
MANAGEMENT REVIEW

6XUSOXVGHFLW
CORPORATE OVERVIEW
Leave
Encashment/
Compensated
Absence
Notes

Provident Fund
% 31.03.2012

&RQVWLWXWLRQRI3ODQ$VVHWV
D'HEW)XQGV
31.03.2013

E2WKHUV
TOTAL
D
% 31.03.2013

Gratuity
% 31.03.2012

%

284

6,508
100%
5,480
100%
1,126
100%
907
100%
7KH UHWXUQ RQ WKH LQYHVWPHQW LV WKH QRPLQDO\LHOG DYDLODEOH RQ WKH IRUPDW RI LQYHVWPHQW DV DSSOLFDEOH WR$SSURYHG
*UDWXLW\)XQGXQGHU5XOHRI,QFRPH7D[$FW

E ([SHFWHG FRQWULEXWLRQ RQ DFFRXQW RI *UDWXLW\ DQG 3URYLGHQW )XQG IRU WKH \HDU HQGLQJ VW 0DUFK FDQ QRW EH
DVFHUWDLQHGDWWKLVVWDJH

110 - 111
F
7KHFRQWULEXWLRQWRZDUGVSURYLGHQWIXQGIRUHPSOR\HHVRIHUVWZKLOH6X]XNL3RZHUWUDLQ,QGLD/LPLWHG63,/KDYHEHHQ

GHSRVLWHGZLWKWKHRIFHRI5HJLRQDO3URYLGHQW)XQG&RPPLVVLRQHU53)&WLOOth0DUFKLHXSWRWKHHIIHFWLYHGDWH
RIDPDOJDPDWLRQUHIHUQRWH7KH&RPSDQ\DQGWKHHPSOR\HHVRI63,/DUHLQWKHSURFHVVRIOLQJDSSOLFDWLRQVZLWK
WKH53)&IRUWUDQVIHURIDFFXPXODWHGSURYLGHQWIXQGFRQWULEXWLRQWLOOth0DUFKWRWKHSURYLGHQWIXQGWUXVWRIWKH
&RPSDQ\7KHHPSOR\HHVRI63,/KDYHEHFRPHPHPEHUVRI0DUXWL3URYLGHQW)XQG7UXVWZLWKHIIHFWIURPth0DUFK
DQGWKHLUSURYLGHQWIXQGFRQWULEXWLRQSRVWWKDWGDWHKDVEHHQGHSRVLWHGZLWKWKHDERYHPHQWLRQHGWUXVW$FFRUGLQJO\WKH
SUHVHQWYDOXHRIWKHREOLJDWLRQRIWKHHPSOR\HHVVKDUHRI63,/KDVEHHQFRPSXWHGIURPth0DUFK
29. FINANCE COSTS

For the year
ended 31.03.2013
For the year

ended 31.03.2012
Interest on :
)RUHLJQFXUUHQF\ORDQVIURPEDQNV

%X\HUV
FUHGLWDQGH[SRUWFUHGLW


Other borrowing costs
30. DEPRECIATION & AMORTISATION EXPENSE

5HIHU1RWH

'HSUHFLDWLRQDPRUWLVDWLRQRQWDQJLEOHDVVHWV
$PRUWLVDWLRQRQLQWDQJLEOHDVVHWV

1,887

11
1,898
552
For the year

ended 31.03.2013
For the year

ended 31.03.2012
17,711
11,011

18,612
11,384
Notes

31. OTHER EXPENSES

For the year
ended 31.03.2012
&RQVXPSWLRQRIVWRUHV

3RZHUDQGIXHO>1HWRIDPRXQWUHFRYHUHG`PLOOLRQ3UHYLRXV
year `PLOOLRQ@

184

5HQW5HIHU1RWH
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3ODQWDQGPDFKLQHU\

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188

2WKHUV
277
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210

1HWORVVRQIRUHLJQFXUUHQF\WUDQVDFWLRQVDQGWUDQVODWLRQ

1,810
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2,781
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2WKHUPLVFHOODQHRXVH[SHQVHV

21
7,218

57,737
42,072
STATUTORY REPORTS

5R\DOW\
MANAGEMENT REVIEW

CORPORATE OVERVIEW
For the year

ended 31.03.2013
Notes

32. CONTINGENT LIABILITIES

D
&ODLPVDJDLQVWWKH&RPSDQ\GLVSXWHGDQGQRWDFNQRZOHGJHGDVGHEWV
3DUWLFXODUV
(i)
(a)
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WKHGHSDUWPHQWKDVOHGIXUWKHUDSSHDODQGVKRZFDXVHQRWLFHVRUGHUVRQWKH
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2,717
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OHGDSSHDOVDQGVKRZFDXVHQRWLFHVIRURWKHUSHULRGV
10,484

(c)
6KRZFDXVHQRWLFHVRQLVVXHV\HWWREHDGMXGLFDWHG
$PRXQWGHSRVLWHGXQGHUSURWHVW
112 -
(iii)
(iv)
(v)
As at
31.03.2012
([FLVH'XW\
TOTAL
(ii)
As at
31.03.2013
6HUYLFH7D[
(a) &DVHVGHFLGHGLQWKH&RPSDQ\VIDYRXUE\$SSHOODWHDXWKRULWLHVDQGIRUZKLFK
VDPHLVVXHVIRURWKHUSHULRGV
E &DVHVSHQGLQJEHIRUH$SSHOODWHDXWKRULWLHVLQUHVSHFWRIZKLFKWKH&RPSDQ\KDV
(c) 6KRZFDXVHQRWLFHVRQLVVXHV\HWWREHDGMXGLFDWHG
TOTAL
,QFRPH7D[
(a) &DVHVGHFLGHGLQWKH&RPSDQ\VIDYRUE\$SSHOODWHDXWKRULWLHVDQGIRUZKLFKWKH
GHSDUWPHQWKDVOHGIXUWKHUDSSHDOV
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RIZKLFKWKH&RPSDQ\KDVOHGDSSHDOV
TOTAL
Customs Duty
OHGDSSHDOV
6DOHV7D[
OHGDSSHDOV

22,055
17,559

7,982

1420
5,430

17,976

15,929

118
118
22
22

Notes

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and not provided for, amount to ` PLOOLRQ
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7KH &RPSDQ\ LV LQ WKH SURFHVV RI JDWKHULQJ PRUH

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7KH DPRXQWV VKRZQ LQ WKH LWHP D UHSUHVHQW

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114 -
LLL 7KHEDODQFHRI6XUSOXVRI6WDWHPHQWRI3URWDQG/RVV

of SPIL amounting to `PLOOLRQQHWRIDGMXVWPHQWV
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1VW $SULO KDYH EHHQ LQFOXGHG LQ WKH EDODQFH RI
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LY HTXLW\ VKDUHV RI ` HDFK IXOO\ SDLG LQ
63,/ KHOG DV LQYHVWPHQW E\ WKH &RPSDQ\ KDYH EHHQ
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RI WKH &RPSDQ\ $FFRUGLQJO\ WKH &RPSDQ\ KDV LVVXHG
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&RPSDQ\DUHDVEHORZ
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Assets
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&DVKDQG%DQNEDODQFHV

&XUUHQW$VVHWVDQG/RDQVDQG$GYDQFHV

TOTAL
31,556
/LDELOLWLHV
/RQJ7HUP%RUURZLQJV
/RQJ7HUP/LDELOLWLHVDQG3URYLVLRQV
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1,108

14,821

7UDQVIHURIEDODQFHVRI$PDOJDPDWHG&RPSDQ\
5HVHUYHV 6XUSOXVE

Less:$GMXVWPHQWIRUFDQFHOODWLRQRI&RPSDQ\VLQYHVWPHQWLQ7UDQVIHURU&RPSDQ\F

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9,153
Notes

7KH*HRJUDSKLFDO6HJPHQWVKDYHEHHQFRQVLGHUHGIRUGLVFORVXUHDVWKHVHFRQGDU\VHJPHQWXQGHUZKLFKWKHGRPHVWLFVHJPHQW
LQFOXGHVVDOHVWRFXVWRPHUVORFDWHGLQ,QGLDDQGWKHRYHUVHDVVHJPHQWLQFOXGHVVDOHVWRFXVWRPHUVORFDWHGRXWVLGH,QGLD
)LQDQFLDOLQIRUPDWLRQRIJHRJUDSKLFDOVHJPHQWVLVDVIROORZV
2012-2013
2011-2012
'RPHVWLF
2YHUVHDV
8QDOORFDWHG
7RWDO
'RPHVWLF
2YHUVHDV
5HYHQXHIURPH[WHUQDO
FXVWRPHUV

8,124

6HJPHQWDVVHWV
187,212
8,777

&DSLWDOH[SHQGLWXUHGXULQJ
the year

D
8QDOORFDWHG
7RWDO

'RPHVWLFVHJPHQWLQFOXGHVVDOHVDQGVHUYLFHVWRFXVWRPHUVORFDWHGLQ,QGLD
2YHUVHDVVHJPHQWLQFOXGHVVDOHVDQGVHUYLFHVUHQGHUHGWRFXVWRPHUVORFDWHGRXWVLGH,QGLD
F
8QDOORFDWHGDVVHWVLQFOXGHRWKHUGHSRVLWVGLYLGHQGEDQNDFFRXQWDQGLQYHVWPHQWV
G
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STATUTORY REPORTS
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MANAGEMENT REVIEW
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SXUFKDVHDQGVDOHRIPRWRUYHKLFOHVFRPSRQHQWVDQGVSDUHSDUWVDXWRPRELOHV7KHRWKHUDFWLYLWLHVRIWKH&RPSDQ\FRPSULVH
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39. THE FOLLOWING EXPENSES INCURRED ON RESEARCH AND DEVELOPMENT ARE INCLUDED UNDER RESPECTIVE
ACCOUNT HEADS:
2011-2012
(PSOR\HHVUHPXQHUDWLRQDQGEHQHWV

2WKHUH[SHQVHVRIPDQXIDFWXULQJDQGDGPLQLVWUDWLRQ

810
5HYHQXH([SHQGLWXUH
&DSLWDO([SHQGLWXUH

5,146
3,717
2012-2013
Notes

40. AUDITORS REMUNERATION*
Statutory audit
2012-2013
2011-2012
12.40
10.00
2WKHUDXGLWVHUYLFHVFHUWLFDWLRQ

1.48
5HLPEXUVHPHQWRIH[SHQVHV
0.71

5DZPDWHULDOVDQGFRPSRQHQWV

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([FOXGLQJVHUYLFHWD[
41. CIF VALUE OF IMPORTS
6WRUHVDQGVSDUHV
'LHVDQGPRXOGV
116 - 117
2WKHULWHPV

120

42. EXPENDITURE IN FOREIGN CURRENCY (ACCRUAL BASIS )

)HHVIRUWHFKQLFDOVHUYLFHV
7UDYHOOLQJH[SHQVHV

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1,070

,QWHUHVW

274
2WKHUV

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/XPSVXPUR\DOW\
43. EARNINGS IN FOREIGN CURRENCY

([SRUWRIJRRGV)2%EDVLV
44. DIVIDEND REMITTED IN FOREIGN CURRENCY (CASH BASIS )
'LYLGHQGIRUWKH\HDU3UHYLRXV\HDU
1RRIQRQUHVLGHQWVKDUHKROGHUV
1RRIVKDUHVIRUZKLFKGLYLGHQGUHPLWWHG
Notes

45. VALUE OF IMPORTED AND INDIGENOUS MATERIALS CONSUMED

2011-2012

5DZ0DWHULDOVDQG&RPSRQHQWV
Imported
,QGLJHQRXV

267,055
Imported

,QGLJHQRXV

3HUFHQWDJHRI7RWDO&RQVXPSWLRQ
ii)
Machinery Spares
Imported
1,201

1,715
1,211
Imported

,QGLJHQRXV

820
1,864
911
Imported

,QGLJHQRXV

/LFHQVHG
,QVWDOOHG
$FWXDO
Capacity
Capacity**
Production

,QGLJHQRXV
iii)
MANAGEMENT REVIEW

305,741
CORPORATE OVERVIEW
i)
2012-2013
Consumption of Stores
,QGLJHQRXV
STATUTORY REPORTS
Imported
46. LICENSED CAPACITY, INSTALLED CAPACITY AND ACTUAL PRODUCTION

8QLW
3DVVHQJHU&DUVDQG
/LJKW'XW\8WLOLW\9HKLFOHV
1RWHV
1RV
/LFHQVHG&DSDFLW\LVQRWDSSOLFDEOHIURP
,QVWDOOHG&DSDFLW\LVDVFHUWLHGE\WKHPDQDJHPHQWDQGUHOLHGXSRQE\WKHDXGLWRUVEHLQJDWHFKQLFDOPDWWHU
3UHYLRXV<HDUJXUHVDUHLQEUDFNHWV
Product
Notes

47.
SALES, OPENING STOCK AND CLOSING STOCK

Product
3DVVHQJHUYHKLFOHV
6SDUHSDUWVDQG&RPSRQHQWV
'LHVDQGPRXOGV
:RUNLQSURJUHVV
118 -
1RWHV
Opening Stock
6DOHV
&ORVLQJ6WRFN
Qty.(Nos.)
9DOXH
Qty.(Nos.)
9DOXH
Qty.(Nos.)
9DOXH
1,171,434
441,163
16,485
5,631
13,065
4,812

(4,220)

*
39,950
*
1,362
*
1,654
*
(24,001)
*

*

*

*

*

*

*

*

NA
593
1,127
*
(NA)
*

*

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YHKLFOHVZHUHSXUFKDVHG

&ORVLQJ6WRFNRIYHKLFOHVLVDIWHUDGMXVWPHQWRIYHKLFOHVSUHYLRXV\HDUWRWDOO\GDPDJHG

6DOHVTXDQWLW\H[FOXGHVRZQXVHYHKLFOHV1RVSUHYLRXV\HDU1RV

6DOHVTXDQWLW\H[FOXGHVVDPSOHYHKLFOHV1RVSUHYLRXV\HDU1RV

3UHYLRXV\HDUJXUHVDUHLQEUDFNHWV
,QYLHZRIWKHLQQXPHUDEOHVL]HVQXPEHUVLQGLYLGXDOO\OHVVWKDQSHUFHQWRIWKHFRPSRQHQWVVSDUHSDUWVDQGGLHVDQG

PRXOGVLWLVQRWSRVVLEOHWRJLYHTXDQWLWDWLYHGHWDLOV
48. STATEMENT OF RAW MATERIALS AND COMPONENTS CONSUMED

2012-13
2011-2012
*URXS2I0DWHULDO
Unit
Qty.
Amount
Qty.
Amount
6WHHOFRLOV
MT

11,448

)HUURXVFDVWLQJV
MT

1,874
1RQIHUURXVFDVWLQJV
MT

4,727

2WKHUFRPSRQHQWV
3DLQWV
./75

MT

1,818

305,741

267,055
,QYLHZRIWKHLQQXPHUDEOHVL]HVQXPEHUVLQGLYLGXDOO\OHVVWKDQSHUFHQWRIWKHFRPSRQHQWVVSDUHSDUWVDQGGLHVDQG

PRXOGVLWLVQRWSRVVLEOHWRJLYHTXDQWLWDWLYHGHWDLOV
49. PURCHASE OF STOCK IN TRADE

2012-2013
2011-2012

7UDGHGYHKLFOHV

2WKHUV

19,613
15,325
7UDGHGVSDUHV
Notes

50. STATEMENT OF EARNING PER SHARE

2012-2013
:HLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU1RV
1RPLQDOYDOXHSHUVKDUH,Q`)
%DVLFGLOXWHGHDUQLQJSHUVKDUH,Q`)

79.19
56.60
51. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31ST MARCH 2013 IN RESPECT OF ASSETS TAKEN ON NON CANCELLABLE OPERATING LEASES ARE AS FOLLOWS
a)
$VDOHVVHH
31.03.2013
31.03.2012
7RWDO0LQLPXP/HDVH3D\PHQWV
Outstanding as on 31st March 2013
7RWDO0LQLPXP/HDVH3D\PHQWV
Outstanding as on 31st March 2012
Premises
Cars
7RWDO
Premises
Within one year

/DWHUWKDQRQH\HDUEXWOHVVWKDQYH\HDUV
222

227
212
/DWHUWKDQYH\HDUV

741
31.03.2012
Minimum Lease Payment

7KH &RPSDQ\ KDV WDNHQ FHUWDLQ SUHPLVHV RQ FDQFHOODEOH RSHUDWLQJ OHDVH 7KH UHQW H[SHQVH DPRXQWLQJ WR ` PLOOLRQ
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STATUTORY REPORTS
&KDUJHGWRUHQWH[SHQVH
31.03.2013
MANAGEMENT REVIEW
Due
CORPORATE OVERVIEW
1HW3URWDIWHUWD[DWWULEXWDEOHWRVKDUHKROGHUVLQPLOOLRQ`)
2011-2012
E $VDOHVVRU
52. DERIVATIVE INSTRUMENTS OUTSTANDING AT THE BALANCE SHEET DATE:

D )RUZDUG&RQWUDFWVDJDLQVWLPSRUWVDQGUR\DOW\

)RUZDUGFRQWUDFWVWREX\-3<PLOOLRQ3UHYLRXV\HDU-3<PLOOLRQDJDLQVW86'DPRXQWLQJWR`

PLOOLRQ3UHYLRXV\HDU` PLOOLRQ

)RUZDUGFRQWUDFWVWREX\86'PLOOLRQ3UHYLRXV\HDU86'PLOOLRQDJDLQVW,15DPRXQWLQJWR` PLOOLRQ

3UHYLRXV\HDU` PLOOLRQ
7KHDERYHFRQWUDFWVKDYHEHHQXQGHUWDNHQWRKHGJHDJDLQVWWKHIRUHLJQH[FKDQJHH[SRVXUHVDULVLQJIURPWUDQVDFWLRQV
OLNHUR\DOW\DQGLPSRUWRIJRRGV

7KH&RPSDQ\KDVJLYHQFHUWDLQSODQWDQGPDFKLQHULHVRQFDQFHOODEOHRSHUDWLQJOHDVH7KHUHQWDOLQFRPHDULVLQJRIWKHVDPH
amounting to `PLOOLRQKDVEHHQFUHGLWHGWRVWDWHPHQWRISURWDQGORVV
Notes

120 - 121
E )RUZDUG&RQWUDFWV5DQJH)RUZDUGFRQWUDFWDJDLQVW([SRUWV

)RUZDUG FRQWUDFWV WR VHOO 86' PLOOLRQ 3UHYLRXV\HDU 86' PLOOLRQ DJDLQVW ,15 DPRXQWLQJ WR ` PLOOLRQ

)RUZDUGFRQWUDFWVWRVHOO(8521,/3UHYLRXV\HDU(852PLOOLRQDJDLQVW,15DPRXQWLQJWR1,/3UHYLRXV\HDU`

PLOOLRQ

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`PLOOLRQ
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JRRGV
(c)
86')ORDWLQJUDWH,15)ORDWLQJUDWHFURVVFXUUHQF\VZDS
2XWVWDQGLQJ86',15)ORDWLQJUDWHFURVVFXUUHQF\VZDSLV86'PLOOLRQ3UHYLRXV\HDU86'PLOOLRQDPRXQWLQJ

to `PLOOLRQ3UHYLRXV\HDU` PLOOLRQ
(d)
Forward Contracts against Buyers Credit :
)RUZDUG&RQWUDFWVWREX\-3<PLOOLRQ3UHYLRXV\HDU-3<PLOOLRQDJDLQVW,15DPRXQWLQJWR`PLOOLRQ3UHYLRXV

year `PLOOLRQ
)RUZDUG&RQWUDFWVWREX\86'PLOOLRQ3UHYLRXV\HDU86'PLOOLRQDJDLQVW,15DPRXQWLQJWR` PLOOLRQ3UHYLRXV

year `PLOOLRQ
7KHDERYHFRQWUDFWVKDYHEHHQXQGHUWDNHQWRKHGJHDJDLQVWWKHIRUHLJQH[FKDQJHH[SRVXUHDULVLQJIURPIRUHLJQFXUUHQF\ORDQ

7KHIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DGHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUHDVIROORZV
,QPLOOLRQ
As at 31.03.2013
YEN
5HFHLYDEOHV
3D\DEOHV
INR
(TXLYDOHQW
USD
INR
(TXLYDOHQW
EURO
177
101

17

18
INR
(TXLYDOHQW
GBP
INR
(TXLYDOHQW

1,270

As at 31.03.2012
5HFHLYDEOHV
3D\DEOHV
,QPLOOLRQ
YEN
INR
(TXLYDOHQW
USD
INR
(TXLYDOHQW
EURO
INR
(TXLYDOHQW

20
182
10

22
1,118

1RWH7KHDERYHGHWDLOVLQFOXGHWKHGHULYDWLYHLQVWUXPHQWVDQGIRUHLJQFXUUHQF\H[SRVXUHXQKHGJHGDVDFTXLUHGSXUVXDQWWR
VFKHPHRIDPDOJDPDWLRQUHIHUQRWH

0DUXWL,QVXUDQFH$JHQF\/RJLVWLFV/LPLWHG
441
1,297
7
7

10
10

144
144
Subsidiaries
Associates

85

301
2,114
5,415

-
1,088
2,151

1,073

-
7RWDO

29
+ROGLQJ
)HOORZ Key Management
Company subsidiaries
3HUVRQQHO
2012-2013
Suzuki Powertrain India Limited*
6X]XNL*%3/&

6X]XNL0RWRU,EHULFD6$8
10
997

104
104

-

9
Subsidiaries

1,249

2,486
Associates

1,207
22
22

23

45

3,475

-

2,667
7RWDO

-
+ROGLQJ
)HOORZ
Key
Company subsidiaries Management
3HUVRQQHO
2011-2012
7DLZDQ6X]XNL$XWRPRELOH&RUSRUDWLRQ
6X]XNL3KLOLSSLQHV,QF
6X]XNL1HZ=HDODQG/LPLWHG
6X]XNL0RWRUF\FOH,QGLD3ULYDWH/LPLWHG
68=8.,0272532/$1'63=22)RUPHU6X]XNL0RWRU3RODQG
Limited)
6X]XNL0RWRU7KDLODQG&R/LPLWHG
6X]XNL,WDOLD63$
6X]XNL,QWHUQDWLRQDO(XURSH*PE+
6X]XNL)UDQFH6$6
6X]XNL&DUV,UHODQG/LPLWHG
Suzuki Auto South Africa (Pty) Limited

6X]XNL$XVWULD$XWRPRELOH+DQGHOV*PE+
6X]XNL$XVWUDOLD3W\/LPLWHG
376X]XNL,QGRPRELO0RWRU)RUPHU37,QGRPRELO6X]XNL
,QWHUQDWLRQDO

Joint Ventures
0DJQHWL0DUHOOL3RZHUWUDLQ,QGLD3ULYDWH/LPLWHG
6RQD.R\R6WHHULQJ6\VWHPV/LPLWHG
1LSSRQ7KHUPRVWDW,QGLD/LPLWHG
6.+0HWDOV/LPLWHG
0DFKLQR3ODVWLFV/LPLWHG
.ULVKQD0DUXWL/LPLWHG

1,875
-D\%KDUDW0DUXWL/LPLWHG
'HQVR,QGLD/LPLWHG

247
589
&OLPDWH6\VWHPV,QGLD/LPLWHG
Caparo Maruti Limited
Outstanding at Year End

Loans and advances
UHFRYHUDEOH
$VDKL,QGLD*ODVV/LPLWHG
2WKHUV
TOTAL
$PRXQW5HFRYHUDEOH
6.+0HWDOV/LPLWHG
%HOOVRQLFD$XWR
Component India Pvt Ltd
376X]XNL,QGRPRELO
Motor
2WKHUV
TOTAL
Joint
Ventures
--,PSH['HOKL3ULYDWH/LPLWHG
0DUXWL,QVXUDQFH%URNHU/LPLWHG
0DUXWL,QVXUDQFH%XVLQHVV$JHQF\,QGLD/LPLWHG
0DUXWL,QVXUDQFH$JHQF\6ROXWLRQV/LPLWHG
7UXH9DOXH6ROXWLRQV/LPLWHG
0DUXWL,QVXUDQFH$JHQF\1HWZRUN/LPLWHG
0DUXWL,QVXUDQFH'LVWULEXWLRQ6HUYLFHV/LPLWHG
0DUXWL,QVXUDQFH$JHQF\6HUYLFHV/LPLWHG
Subsidiaries
%KDUDW6HDWV/LPLWHG
0DUXWL,QVXUDQFH%URNLQJ3ULYDWH/LPLWHG
STATUTORY REPORTS
0DQHVDU6WHHO3URFHVVLQJ,QGLD3ULYDWH/LPLWHG
Associates
,QHUJ\,QGLD$XWRPRWLYH&RPSRQHQWV/LPLWHG
0U.D]XKLNR$\DEHZHIth$SULO
.ULVKQD$XWR0LUURUV/LPLWHG
0U.HLLFKL$VDL
)0,$XWRPRWLYH&RPSRQHQWV/LPLWHG
0U7VXQHR2KDVKL
0DUN([KDXVW6\VWHPV/LPLWHG

%HOOVRQLFD$XWR&RPSRQHQW,QGLD3ULYDWH/LPLWHG
Magyar Suzuki Corporation Limited
-LQDQ4LQJTL6X]XNL0RWRUF\FOH&R/LPLWHG
0U6KXML2LVKLXSWRth$SULO
Joint Ventures
)HOORZ6XEVLGLDULHV2QO\ZLWKZKRPWKH&RPSDQ\KDGWUDQVDFWLRQV
during the current year)
0U6KLQ]R1DNDQLVKL
MANAGEMENT REVIEW
CORPORATE OVERVIEW
.H\0DQDJHPHQW3HUVRQQHO
+ROGLQJ&RPSDQ\
53. STATEMENT OF TRANSACTIONS WITH RELATED PARTIES
Notes
$PRXQWV3D\DEOH
2WKHUV
TOTAL
Goods in Transit Component Etc.
2WKHUV
TOTAL
Guarantees given to third
parties for the Company
2WKHUV
TOTAL
3XUFKDVHVRI7DQJLEOHDQG
,QWDQJLEOH)L[HG$VVHWV
2WKHUV
TOTAL
6DOHRI*RRGV
6X]XNL0RWRUF\FOH,QGLD
Private Ltd.
6X]XNL,QWHUQDWLRQDO
(XURSH*PE+
6X]XNL*%3/&
37,QGRPRELO6X]XNL
,QWHUQDWLRQDO
2WKHUV
TOTAL
Other Income
Finance Income/
Commission/Dividend
6.+0HWDOV/LPLWHG
&OLPDWH6\VWHPV,QGLD
Limited
2WKHUV
TOTAL

-

-

206

-

39
201
201

-

-

3,412

-
Subsidiaries

606
Joint
Ventures

363

5,373

156

-

-

-

58

1,734

5

954

1
1

23,203

10
10

-

-

236
7RWDO

5

954

-

403

- 32,247

2,106

-

-

- 15,603
+ROGLQJ
3HUVRQQHO
2012-2013

2,063
12,698
Associates

32

1,906

89

-

-

636
Joint Ventures
122 -

-

-

-

-

-

-
Subsidiaries

-
28
772
977
82
82

3,676

1,586

1,963

9,740

-

4,744
12,320

5

-

-

27
27
7RWDO

6,069

1,586

1,963

-

28
804
1,009
44
88

- 17,318

-

-

-

- 15,256
+ROGLQJ
)HOORZ
Key
3HUVRQQHO
44
88

3,010

260

-

-

4,853
Associates
2011-2012
Notes

-

-

269

11,488
11,488

-

-

-

1
1

-
Subsidiaries

1,358

22,656

87
87

-

4
4

-

-

763

557

-

363

2
2

-

-

187
187

15

22
22
2
20
97

-

-

22
22
2
20
97

1,131

2
559

- 24,538

-

-

-

-

-

8,919

188
188

Joint Ventures

-

-

-

-

-

-

-

Subsidiaries

-

1
1

-

-

-

71,707
88,631

28
1,122
1,622

-

-

1,090

18,031

1,175

21,149

480
480

-

199

-

-

-

3

9

28
1,800
2,299

7RWDO

1,175

200
27
20

85
27
20

85

1,090

-

-

- 18,031

-

- 118,701

-

+ROGLQJ
)HOORZ
Key
3HUVRQQHO
2011-2012
Associates
MANAGEMENT REVIEW
STATUTORY REPORTS
CORPORATE OVERVIEW
--,PSH['HOKL3ULYDWH/LPLWHGZDVDMRLQWYHQWXUHRIWKH&RPSDQ\LQWKHSUHYLRXV\HDUDQGKDVEHFRPHDVXEVLGLDU\RIWKH&RPSDQ\ZLWKHIIHFWIURPVW$SULO

88,134

147

1,131
200

7RWDO

1,358

-

-

+ROGLQJ
3HUVRQQHO
2012-2013

24,538

-

53,803

147
17
760
200

Associates
$PDOJDPDWHGZLWKWKH&RPSDQ\ZLWKHIIHFWIURPVW$SULO5HIHU1RWH
Note:
Other Misc Income

6.+0HWDOV/LPLWHG
%HOOVRQLFD$XWR
Component India Private
Limited
2WKHUV
TOTAL
([SHQGLWXUH
Purchases of Goods
2WKHUV
TOTAL
Proposed Dividend
TOTAL
5R\DOW\
TOTAL
Services Received
2WKHUV
TOTAL
2WKHU([SHQGLWXUH
6X]XNL*%3/&
2WKHUV
TOTAL
0DQDJHULDO5HPXQHUDWLRQ
0U6KLQ]R1DNDQLVKL
0U7VXQHR2KDVKL
0U.HLLFKL$VDL
0U6\XML2LVKL
0U.D]XKLNR$\DEH
TOTAL
Joint
Ventures
Notes
Notes

7KHGHWDLOVRI,QYHVWPHQWDVSHU1RWHDQGDUHSURYLGHGEHORZ
Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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

124 -
Investment in subsidiaries (unquoted equity shares,

IXOO\SDLG
0DUXWL,QVXUDQFH%XVLQHVV$JHQF\/LPLWHG
10
10

0DUXWL,QVXUDQFH'LVWULEXWLRQ6HUYLFHV/LPLWHG
10
10

7UXH9DOXH6ROXWLRQV/LPLWHG
10
10

0DUXWL,QVXUDQFH$JHQFLHV6ROXWLRQV/LPLWHG
10
10

0DUXWL,QVXUDQFH$JHQFLHV1HWZRUN/LPLWHG
10
10

0DUXWL,QVXUDQFH$JHQF\6HUYLFHV/LPLWHG
10
10

0DUXWL,QVXUDQFH$JHQF\/RJLVWLF/LPLWHG
10
10

0DUXWL,QVXUDQFH%URNHU/LPLWHG
10
10

10

90.5
14.5
Investment in joint ventures (unquoted equity shares,

IXOO\SDLG

10

72
10
10

100
100

)0,$XWPRWLYH&RPSRQHQWV/LPLWHG
10
10
44,100,000
44,100,000

441

441
.ULVKQD,VKL]DNL$XWR/LPLWHG
10
10

10

10
,QHUJ\$XWRPRWLYH6\VWHPV0DQXIDFWXULQJ,QGLD
Private Limited
10
10

%HOOVRQLFD$XWR&RPSRQHQWV,QGLD3ULYDWH/LPLWHG
0DQHVDU6WHHO3URFHVVLQJ,QGLD3ULYDWH/LPLWHG
10
10

0DUXWL,QVXUDQFH%URNLQJ3ULYDWH/LPLWHG
10
10

999
1,071
,QYHVWPHQWLQDVVRFLDWHVTXRWHGHTXLW\VKDUHVIXOO\
paid)

%KDUDW6HDWV/LPLWHG

'HQVR,QGLD/LPLWHG
10
10


0DFKLQR3ODVWLFV/LPLWHG
10
10

10

10
111
111
6RQD.R\R6WHHULQJ6\VWHPV/LPLWHG
Investment in associates (unquoted equity shares,

IXOO\SDLG
10
10

100
100

10
10

6.+0HWDOV/LPLWHG
10
10

1LSSRQ7KHUPRVWDW,QGLD/LPLWHG
10
10

&OLPDWH6\VWHPV,QGLD/LPLWHG
Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
6X]XNL3RZHUWUDLQ,QGLD/LPLWHG5HIHU1RWH
0DJQHWL0DUHOOL3RZHUWUDLQ,QGLD/LPLWHG

10
10
10

Current
Non Current

220
4,171

8QTXRWHG5HGHHPDEOH3UHIHUHQFH6KDUHV)XOO\
Paid) :
:HVWHUQ3DTXHV,QGLD/LPLWHG

100
100

/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXH
,QYHVWPHQWLQ0XWXDO)XQGVXQTXRWHG
8QLWVRI'HEW0XWXDO)XQGV
10

%DURGD3LRQHHU'D\V)036HULHV*URZWK
3ODQ
10

10,000,000

100

%DURGD3LRQHHU)L[HG0DWXULW\3ODQ6HULHV$3ODQ
%*URZWK2SWLRQ
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV)-*URZWK
2SWLRQ
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV)9*URZWK
2SWLRQ
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV):*URZWK
2SWLRQ
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV*$*URZWK
2SWLRQ
10

100,000,000

1,000

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV*)
'D\V*URZWK
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV**'D\V
*URZWK2SWLRQ
10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV*-'D\V
*URZWK2SWLRQ
10

40,000,000

400

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV*0'D\V
*URZWK2SWLRQ
10

20,000,000

200

*URZWK2SWLRQ
10

20,000,000

200

*URZWK2SWLRQ
10

20,000,000

200

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV+''D\V
*URZWK2SWLRQ
10

%LUOD6XQOLIH,QWHUYDO,QFRPH)XQG$QQXDO3ODQ
*URZWK2SWLRQ
10

10

48,000,000

480

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV';*URZWK
2SWLRQ

STATUTORY REPORTS
%DURGD3RLQHHU'D\V)036HULHV*URZWK
2SWLRQ
MANAGEMENT REVIEW
Non Current
CORPORATE OVERVIEW
Current
As at
31.03.2012
Notes

126 - 127
Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV'<*URZWK
2SWLRQ

10

40,000,000

400

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV($*URZWK
2SWLRQ

10

14,000,000

140

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV(%*URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV((*URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV()*URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV(**URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV(,*URZWK
2SWLRQ

10

100,000,000

1,000

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV(.*URZWK
2SWLRQ

10

40,000,000

400

%LUOD6XQOLIH)L[HG7HUP)XQG6HULHV(0*URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV'7*URZWK
2SWLRQ

10

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV(4*URZWK
2SWLRQ

10

20,000,000

200

%LUOD6XQOLIH)L[HG7HUP3ODQ6HULHV)$*URZWK
2SWLRQ

10

70,014,724

700

%133DULEDV2YHUQLJKW,QVWLWXWLRQDO3ODQ'DLO\
'LYLGHQG

10

%133DULEDV)L[HG7HUP)XQG6HULHV$*URZWK
2SWLRQ
10

20,000,000

200

%133DULEDV)L[HG7HUP)XQG6HULHV$*URZWK
2SWLRQ
10

40,000,000

400

&DQDUD5REHFFR)L[HG0DWXULW\3ODQ6HULHV3ODQ
$*URZWK2SWLRQ

10

&DQDUD5REHFR)L[HG0DWXULW\3ODQ6HULHV
0RQWKV3ODQ%*URZWK2SWLRQ

10

'63%ODFN5RFN)036HULHV0*URZWK
2SWLRQ

10

2SWLRQ

10

'63%ODFN5RFN)036HULHV0RQWK*URZWK
2SWLRQ

10

100,000,000

1,000

2SWLRQ

10

70,000,000

700

2SWLRQ

10

2SWLRQ
10
10
100,000,000
100,000,000
1,000

1,000
Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
Non Current
Current
Non Current
'63%ODFN5RFN)L[HG0DWXULW\3ODQ6HULHV
0RQWK*URZWK2SWLRQ
10

10

20,000,000

200

10

10

100,000,000

1,200

2SWLRQ
10

'63%ODFN5RFN6WUDWHJLF%RQG)XQG:HHNO\
'LYLGHQG5HLQYHVWPHQW
1,000

':6)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ

10

20,000,000

200

10


10

10
10

10

10

':67UHDVXU\)XQG&DVK,QVWLWXWLRQDO3ODQ

100

1,001

10

40,000,000
40,000,000
400

10

10

10

':63UHPLHU%RQG)XQG'LUHFW3ODQ*URZWK
10

10

+')&)03'D\'HF*URZWK2SWLRQ

10

10

+')&)03'D\)HE*URZWK2SWLRQ

10

70,000,000

700


10

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10

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+')&)03'D\V-DQ*URZWK2SWLRQ

10

8,000,000

80

10


10

+')&)03'D\0DUFK6HULHV;;,
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10
10
100,000,000
100,000,000
1,000

1,000
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*URZWK2SWLRQ
10
10
100,000,000
100,000,000
1,000

1,000
+')&)03'D\V$SULO*URZWK
6HULHV;;,
10

+')&$QQXDO,QWHUYDO)XQG6HULHV3ODQ%
10

40,000,000

400

+')&)03'D\'HF*URZWK2SWLRQ
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':6)L[HG7HUP)XQG6HULHV*URZWK2SWLRQ
':6)L[HG7HUP)XQG6HULHV*URZWK2SWLRQ
MANAGEMENT REVIEW
'63%ODFN5RFN)036HULHV*URZWK2SWLRQ
2SWLRQ
CORPORATE OVERVIEW
Current
Notes

128 -
Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
+')&)L[HG0DWXULW\3ODQ'D\V'HF
*URZWK
10

+')&)L[HG0DWXULW\3ODQ'D\V0DUFK
*URZWK2SWLRQ
10

20,000,000

200

+')&)L[HG0DWXULW\3ODQ'D\V0DUFK
6HULHV*URZWK2SWLRQ
10

+')&)L[HG0DWXULW\3ODQ'D\V'HF
*URZWK
10

+')&)ORDWLQJ5DWH,QFRPH)XQG
20

+')&)03'D\V)HE6HULHV
*URZWK2SWLRQ
10

+')&)03'1RY*URZWK2SWLRQ
10

*URZWK2SWLRQ
10

+')&)03'D\V2FWREHU*URZWK

10

*URZWK2SWLRQ
10

10

18,000,000

180

+')&)03'D\V-DQ6HULHV
*URZWK2SWLRQ
10

+')&0HGLXPH7HUP2SSRUWXQLW\)XQG*URZWK
10

+6%&)L[HG7HUP6HULHV*URZWK'D\V
*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ(
*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ)
*URZWK2SWLRQ

10

40,000,000

400

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ-
*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ$
*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ&
*URZWK2SWLRQ

10

*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ$
*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)036HULHV<HDU3ODQ%
*URZWK2SWLRQ

10

*URZWK2SWLRQ

10

20,000,000

200

10
10
100,000,000
100,000,000
1,000

1,000
,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ)
*URZWK2SWLRQ
Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
Non Current
Current
Non Current

*URZWK2SWLRQ
10
10
40,000,000
40,000,000
400

400
,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ'
*URZWK2SWLRQ
10
10
80,000,000
80,000,000
800

800
,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ,
*URZWK2SWLRQ
10
10

,&,&,3UXGHQWLDO,QWHUYDO)XQG$QQXDO,QWHUYDO3ODQ
,,,*URZWK2SWLRQ

10

,&,&,3UXGHQWLDO)L[HG0DWXULW\3ODQ,'D\V
*URZWK2SWLRQ
10

,&,&,3UXGHQWLDO)L[HG0DWXULW\3ODQ6HULHV
'D\V3ODQ'
10

20,000,000

200

'D\V3ODQ)*URZWK2SWLRQ
10

40,000,000

400

'D\V3ODQ+
10

'D\V3ODQ%*URZWK2SWLRQ
10

200

'D\V3ODQ&*URZWK2SWLRQ
10

100,000,000

1,000

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10

100,000,000

1,000

'D\V3ODQ%
10

40,000,000

400

'D\V3ODQ'
10

,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ+
*URZWK2SWLRQ
10

220

,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ'
*URZWK2SWLRQ
10

,&,&,3UXGHQWLDO)036HULHV'D\V3ODQ&
*URZWK2SWLRQ
10

,&,&,3UXGHQWLDO,QWHUYDO)XQG6HULHV9,$QQXDO
,QWHUYDO3ODQ&*URZWK2SWLRQ
10

,&,&,3UXGHQWLDO%OHQGHG3ODQ%*URZWK2SWLRQ
10

,&,&,3UXGHQWLDO%ODQGHG3ODQ%'LUHFW3ODQ'LYG
10

,'%,)03'D\V6HULHV,,)HE&*URZWK

2SWLRQ

10

,'%,)L[HG0DWXULW\3ODQ'D\V6HULHV,,,
0DUFK'*URZWK2SWLRQ
10

20,000,000

200

,'%,)L[HG0DWXULW\3ODQ6HULHV,,,)HE3ODQ

$*URZWK2SWLRQ
10

,')&)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ

10

12,000,000

120

10
STATUTORY REPORTS

MANAGEMENT REVIEW
*URZWK2SWLRQ
CORPORATE OVERVIEW
Current
Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
31.03.2012
Number
as at
31.03.2013
Number
as at
31.03.2012
As at
31.03.2013
Current
Non Current
Current
Non Current

10


10

22,000,000

220

,')&)L[HG0DWXULW\3ODQ<HDUO\6HULHV*URZWK
2SWLRQ

10

28,000,000

280

2SWLRQ

10

2SWLRQ

10

10

42,000,000

420

,')&)L[HG0DWXULW\3ODQ'D\V6HULHV
*URZWK2SWLRQ
10

10,000,000

100

,')&)L[HG7HUP3ODQ6HULHV*URZWK2SWLRQ
10

40,000,000

400

10

10

,')&<HDUO\6HULHV,QWHUYDO)XQG'LUHFW3ODQ6HULHV
,*URZWK2SWLRQ
10

,')&<HDUO\6HULHV,QWHUYDO6HULHV,,*URZWK2SWLRQ
10

,')&<HDUO\6HULHV,QWHUYDO6HULHV,,,*URZWK
2SWLRQ
10

20,000,000

200

,')&0RQH\0DQDJHU)XQG,QYHVWPHQW3ODQ
*URZWK
10

1,000

-0)L[HG0DWXULW\)XQG6HULHV;;,,,3ODQ$
10

10

40,008,224

400

-30RUJDQ,QGLD6HULHV0RQWKV*URZWK
2SWLRQ
10
10
120,000,000
120,000,000
1,200

1,200
-30RUJDQ,QFRPH)XQG6HULHV*URZWK)XQG
10

-30RUJDQ$FWLYH,QFRPH%RQG)XQG*URZWK
2SWLRQ
10

400

.RWDN)ORDWHU6KRUW7HUP'DLO\'LYLGHQG)XQG

10

2,210

.RWDN)036HULHV*URZWK2SWLRQ

10

,')&)036HULHV*URZWK2SWLRQ
130 -
As at
31.03.2012
-30RUJDQ)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ

10


10

21,000,000

210


10

41,000,000

410


10

42,000,000

420


10

70,000,000

700

.RWDN)036HULHV$*URZWK2SWLRQ

10

28,000,000

280

.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ
10

20,000,000

200

2SWLRQ
10

20,000,000

200

Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
Non Current
Current
Non Current
2SWLRQ
10

40,000,000

400

2SWLRQ
10

40,000,000

400

2SWLRQ
10

20,000,000

200

.RWDN)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ
10

10,000,000

100

/ 7)L[HG0DWXULW\3ODQ9,,-DQ'D\V
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10

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10

20,000,000

200

/ 7)L[HG0DWXULW\3ODQ9,,'$*URZWK

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10

18,000,000

180

/ 7)L[HG0DWXULW\3ODQ9,,0DU0$*URZWK

2SWLRQ
10

/,&1RPXUD0))L[HG0DWXULW\3ODQ6HULHV
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10

20,000,000

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/,&1RPXUD0XWXDO)XQG)L[HG0DWXULW\3ODQ
6HULHV'D\V*URZWK2SWLRQ
10

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV
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10

40,000,000

400

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV*URZWK
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10

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV
*UZRWK2SWLRQ

10

2SWLRQ

10

2SWLRQ

10

40,000,000

400

2SWLRQ

10

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV,9*URZWK
2SWLRQ

10

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV9*URZWK
2SWLRQ

10

210,000,000

2,100

5HOLDQFH)L[HG+RUL]RQ)XQG;;,6HULHV9,*URZWK
2SWLRQ

10

5HOLDQFH)L[HG+RUL]RQ)XQG;;,,6HULHV
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10

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10


STATUTORY REPORTS
10
10
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CORPORATE OVERVIEW
Current
Notes

132 -
Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
*URZWK2SWLRQ
10

17,000,000

170

*URZWK2SWLRQ
10

20,000,000

200

5HOLDQFH)L[HG+RUL]RQ)XQG;;,,,6HULHV*URZWK
2SWLRQ
10

2SWLRQ
10

2SWLRQ
10

5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV*URZWK
2SWLRQ
10

2SWLRQ
10

40,000,000

400

2SWLRQ
10

40,000,000

400

2SWLRQ
10

20,000,000

200

5HOLDQFH<HDUO\,QWHUYDO)XQG6HULHV,*URZWK
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10

5HOLJDUH&UHGLW2SSRUWXQLW\)XQG'LYLGHQG2SWLRQ

10

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,3ODQ&
*URZWK2SWLRQ

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18,000,000

180

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ$
*URZWK2SWLRQ

10

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ&
0RQWKV*URZWK2SWLRQ
10
10
20,000,000
20,000,000
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5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,,,3ODQ'
'D\V*URZWK2SWLRQ
10
10
20,000,000
20,000,000
200

200
5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;,93ODQ%
'D\V*URZWK2SWLRQ
10
10
27,000,000
27,000,000
270

270
5HOLJDUH)036HULHV;3ODQ(*URZWK2SWLRQ

10

14,000,000

140

5HOLJDUH)036HULHV;3ODQ)*URZWK2SWLRQ

10

5HOLJDUH)036HULHV;,3ODQ$'D\V*URZWK
2SWLRQ

10

5HOLJDUH)036HULHV;,3ODQ('D\V*URZWK
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10

12,000,000

120

5HOLJDUH)036HULHV;,,3ODQ$'D\V*URZWK
2SWLRQ

10

14,000,000

140

1,000

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,&*URZWK
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10

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,'*URZWK
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10

20,000,000

200

5HOLJDUHOLTXLGIXQG'DLO\'LYLGHQG
Notes

Name of the Company
Interest /
Dividend
%age
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
Non Current
Current
Non Current
10

20,000,000

200

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ'
'D\V*URZWK2SWLRQ
10

40,000,000

400

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ(
'D\V*URZWK2SWLRQ
10

40,000,000

400

5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ)
'D\V*URZWK2SWLRQ
10

5HOLJDUH$FWLYH,QFRPH%RQG)XQG*URZWK2SWLRQ
10

700

5HOLJDUH6KRUW7HUP)XQG*URZWK
10

1,000

3HHUOHVV)L[HG0DWXULW\3ODQ6HULHV*URZWK
2SWLRQ
10

20,000,000

200

6%,'HEW)XQG6HULHV0RQWKV*URZWK2SWLRQ
10
10
17,000,000
17,000,000
170

170
6%,'HEW)XQG6HULHV0RQWKV*URZWK2SWLRQ
10
10

6%,'HEW)XQG6HULHV*URZWK2SWLRQ

10

6%,'HEW)XQG6HULHV'D\V*URZWK2SWLRQ

10


10

10
10
84,000,000
84,000,000
840

840

10

6%,6')6'*URZWK2SWLRQ

10

10

10

6%,'HEW)XQG'D\V6HULHV*URZWK2SWLRQ
10

100,000,000

1,000

6')6'D\V*URZWK2SWLRQ
10

20,000,000

200

10

10

80,000,000

800

10

80,000,000

800

10

6%,6KRUW7HUP'HEW)XQG'LUHFW3ODQ:HHNO\'LYG
10

10

6XQGDUDP)L[HG7HUP3ODQ&4'D\V*URZWK
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10
10
20,000,000
20,000,000
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200
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10

20,000,000

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6XQGDUDP)L[HG7HUP3ODQ')'D\V*URZWK
2SWLRQ
10

40,000,000

400

6XQGDUDP)L[HG7HUP3ODQ'*'D\V*URZWK
2SWLRQ
10

20,000,000

200

7DWD)L[HG0DWXULW\3ODQ6HULHV,*URZWK2SWLRQ

10

17,000,000

170

7DWD)L[HG0DWXULW\3ODQ6HULHV6FKHPH'
*URZWK2SWLRQ

10

14,000,000

140

6XQGDUDP)L[HG7HUP3ODQ&&'D\V*URZWK
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6%,'HEW)XQG6HULHV0RQWK*URZWK2SWLRQ
6%,'HEW)XQG6HULHV0RQWK*URZWK2SWLRQ
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5HOLJDUH)L[HG0DWXULW\3ODQ6HULHV;9,,,3ODQ$
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Current
Notes

Name of the Company
)DFH9DOXH
`
31.03.2013
)DFH9DOXH
`
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
7DWD)L[HG0DWXULW\3ODQ6HULHV$*URZWK
2SWLRQ

10

7DWD)036HULHV3ODQ'*URZWK2SWLRQ

10

10

27,000,000

270

7DXUXV)L[HG0DWXULW\3ODQ'D\V6HULHV3
*URZWK2SWLRQ

10

7DXUXV/LTXLG)XQG'DLO\'LYLGHQG

1,000

7DXUXV)L[HG0DWXULW\3ODQ'D\V6HULHV;
*UZRWK2SWLRQ
10

17,000,000

170

87,)L[HG,QFRPH)XQG6HULHV;9,'D\V
*URZWK2SWLRQ

10

470

87,)L[HG,QFRPH,QWHUYDO3ODQ*URZWK2SWLRQ

10

87,)L[HG7HUP,QFRPH)XQG6HULHV;9,,*URZWK
2SWLRQ

10

100,000,000

1,000

87,)L[HG7HUP,QFRPH)XQG6HULHV;9,,,*URZWK
2SWLRQ

10

87,)L[HG7HUP,QFRPH)XQG6HULHV;;*URZWK
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10

20,000,000

200

87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,,
'D\V*URZWK2SWLRQ

10

87,)L[HG,QFRPH,QWHUYDO3ODQ*URZWK
10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,,
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,,,,,,
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,
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80,000,000

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87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,,
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,9,9
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,99
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,99,
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10

87,)L[HG7HUP,QFRPH)XQG6HULHV;,99,,
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10

100,000,000

1,000

52,298
17,064
47,541
8,565
7DWD)L[HG0DWXULW\3ODQ6HULHV*URZWK2SWLRQ
134 -
Interest /
Dividend
%age
'XULQJWKHFXUUHQW\HDUWKH&RPSDQ\KDVDFTXLUHGVKDUHVRI--,PSD['HOKL3ULYDWH/LPLWHGWKHUHE\LQFUHDVLQJLWVVKDUHKROGLQJIURPSHUFHQWWRSHUFHQW$FFRUGLQJO\--,PSH['HOKL3ULYDWH

/LPLWHGKDVEHHQFODVVLHGDVDVXEVLGLDU\LQWKHFXUUHQW\HDU
Notes

3XUVXDQWWRFODXVHL[ERI6HFWLRQ$RIWKH&RPSDQLHV$FWWKHGHWDLOVRIGLVSXWHGGXHVDUHDVIROORZV

Nature of the Dues
Amount (` in
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Amount deposited under

protest (` LQPLOOLRQ
,QFRPH7D[$FW
,QFRPH7D[

,QWHUHVW

,QFRPH7D[
,QWHUHVW
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77
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80
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2,000
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74
1,018

,QFRPH7D[

,QWHUHVW

,QFRPH7D[

,QWHUHVW
1,202
,QFRPH7D[
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1,482
24
$<
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$<
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8
12
STATUTORY REPORTS
1,808

4
12

,QFRPH7D[

,QWHUHVW
12
,QFRPH7D[
,QWHUHVW
1
13,795
6,766
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TOTAL
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$VVHVVLQJ$XWKRULW\*XUJDRQ
6DOHV7D[
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6DOHV7D[
47
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47
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,QFRPH7D[
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TOTAL
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,QFRPH7D[
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128
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204
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Forum where dispute is pending
MANAGEMENT REVIEW
,QWHUHVW

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Name of the Statute
Notes

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7KH&HQWUDO([FLVH$FW
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71
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Supreme Court of India.
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12
([FLVHGXW\
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TOTAL
)HE
1RYWR0DU
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May 08 to Aug 12
$SUWR0DU
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+LJK&RXUWRI'HOKL
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Supreme Court of India.

([FLVHGXW\
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The Finance Act, 1994
Amount (` in
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1
10,680
377
2
6HUYLFH7D[
101
3HQDOW\
101
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6HUYLFH7D[
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$SUWR'HF
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6HUYLFH7D[

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44
6HUYLFH7D[

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3HQDOW\

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6HUYLFH7D[

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10
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14
&XVWRPVGXW\
22
22
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TOTAL
GRAND TOTAL
27
22
27,335
7,182
1
1
STATUTORY REPORTS
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Notes

56. STATEMENT ON ASSETS, LIABILITIES, INCOME & EXPENSES OF JOINT VENTURES

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SI.No
Name of Company
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Incorporation
% Ownership Interest
As at 31.03.2013 As at 31.03.2012
India

India

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India

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India

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India

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India

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India

2012-2013
2011-2012

138 -
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DETAIL OF ASSETS
Non-current Assets
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214
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40

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(20)

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DETAIL OF EXPENDITURE
242
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(40)

DETAILS OF CONTINGENT LIABILITIES

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IRU HUVWZKLOH 6X]XNL 3RZHUWUDLQ ,QGLD /LPLWHG ZKLFK KDV
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WKHUHIRUHWKHFXUUHQW\HDUJXUHVDUHQRWFRPSDUDEOHWRWKRVH
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KENICHI AYUKAWA
SHINZO NAKANISHI
'LUHFWRU
ABHISHEK RARA
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0HPEHUVKLS1XPEHU
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78
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31.03.2013
31.03.2013
7KHQDQFLDO\HDURIWKHVXEVLGLDU\FRPSDQ\HQGHGRQ
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Maruti
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Business
Agency
Limited
Maruti
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Distribution
Services
Limited
Name of the Subsidiary Company
of the Companies Act, 1956, Relating to Subsidiary Companies
Statement Pursuant to Section 212
140 - 141
Financial Statement of Subsidiary

Notes
Companies 2012-13
(Amount in `)
3DUWLFXODUV
Maruti
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Services Ltd.
Maruti
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88,000,000

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12,800,000
2,710,000

(100,000)
(200,000)

Prior Period Item

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MANAGEMENT REVIEW
Turnover Income
CORPORATE OVERVIEW
&DSLWDO
5HVHUYHV 6XUSOXVHV
Maruti
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Agency
Limited
STATUTORY REPORTS

policies used and the reasonableness of the accounting
estimates made by Management, as well as evaluating the
RYHUDOOSUHVHQWDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
To the Board of Directors of Maruti Suzuki India Limited

:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDO
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
1RWH>@WRWKHDWWDFKHGFRQVROLGDWHGQDQFLDOVWDWHPHQWV
which comprise the consolidated Balance Sheet as at 31st
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Loss and the consolidated Cash Flow Statement for the
\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJ
policies and other explanatory information which we have
signed under reference to this report.

:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVRILVXEVLGLDULHV
and 8 jointly controlled entities included in the consolidated
QDQFLDO VWDWHPHQWV ZKLFK FRQVWLWXWH WRWDO DVVHWV RI ` 5,462
million and net assets of ` 2,125 million as at 31st March 2013,
total revenue of `PLOOLRQQHWSURWRI` 557 million and
QHW FDVK RZV DPRXQWLQJ WR ` 125 million for the year then
ended; and (ii) 12 associate companies which constitute net
SURWRI`PLOOLRQIRUWKH\HDUWKHQHQGHG7KHVHQDQFLDO
VWDWHPHQWVDQGRWKHUQDQFLDOLQIRUPDWLRQKDYHEHHQDXGLWHG
by other auditors whose reports have been furnished to us, and
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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
FRQWUROOHG HQWLWLHV ZKRVH QDQFLDO VWDWHPHQWV DUH XQDXGLWHG
the impact of which is not likely to be material.

:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXIFLHQW
and appropriate to provide a basis for our audit opinion.
MANAGEMENTS RESPONSIBILITY FOR THE

CONSOLIDATED FINANCIAL STATEMENTS
142 - 143
2.
The Companys Management is responsible for the

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that give a true and fair view of the consolidated
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accounting principles generally accepted in India. This
responsibility includes the design, implementation and
maintenance of internal control relevant to the preparation
DQGSUHVHQWDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
that give a true and fair view and are free from material
misstatement, whether due to fraud or error.
AUDITORS RESPONSIBILITY
3.
4.
Our responsibility is to express an opinion on these

FRQVROLGDWHGQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW:H
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
QDQFLDOVWDWHPHQWVDUHIUHHIURPPDWHULDOPLVVWDWHPHQW
An audit involves performing procedures to obtain
audit evidence about the amounts and disclosures in
WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV 7KH SURFHGXUHV
selected depend on the auditors judgement, including the
assessment of the risks of material misstatement of the
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or error. In making those risk assessments, the auditors
consider internal control relevant to the Companys
preparation and fair presentation of the consolidated
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that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting
OPINION

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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
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6HFWLRQ&RIWKH&RPSDQLHV$FW
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referred to in paragraph 6 above, and to the best of our
information and according to the explanations given to us,
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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 31st March 2013;
E LQ WKH FDVH RI WKH FRQVROLGDWHG 6WDWHPHQW RI 3URW DQG
/RVVRIWKHSURWIRUWKH\HDUHQGHGRQWKDWGDWHDQG
(c)
in the case of the consolidated Cash Flow Statement, of

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EMPHASIS OF MATTER
CORPORATE OVERVIEW
:HGUDZDWWHQWLRQWR1RWHDYLLRIWKHQDQFLDOVWDWHPHQWV

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
OHGDQDSSHDOZLWKWKH3XQMDEDQG+DU\DQD+LJK&RXUW
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
LVQRWTXDOLHGLQUHVSHFWRIWKLVPDWWHU
Firm Registration Number: 301112E

Place : New Delhi

Date : 26th April 2013
MANAGEMENT REVIEW
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
STATUTORY REPORTS
Consolidated Balance Sheet

As at 31st March 2013
Notes to
Accounts
As at
31.03.2012
EQUITY AND LIABILITIES

SHAREHOLDERS FUNDS
Share Capital
Reserves and Surplus
2
3
MINORITY INTEREST
NON - CURRENT LIABILITIES
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
1,510
188,768
190,278
106
1,445
155,302
156,747
-
4
5
6
7

4,176
1,121

14,605

1,028

7,488
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
Other Current Liabilities
Short Term Provisions
8

10
11

42,868

69,719
274,708

34,658

5,236
66,757
230,992
12
13
14

2,240

119,896
21,460
12,865

163,167
75,340
2,115

86,882

13,458
323
118,572
52,754
18,872

8,148
11,343
5,532
111,541
274,708
47,541
18,378
10,066
24,634

3,811
112,420
230,992
TOTAL
144 - 145
As at
31.03.2013
ASSETS
NON - CURRENT ASSETS
Fixed Assets
Tangible Assets
Intangible Assets
Capital Work in Progress
Non-Current Investments
Long Term Loans and Advances
Other Non-Current Assets
15
16
17
CURRENT ASSETS
Current Investments
Inventories
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
18

20
21
22
23
TOTAL
7KHQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV7KLVLVWKH&RQVROLGDWHG%DODQFH6KHHWUHIHUUHGWRLQRXUUHSRUWRIHYHQGDWH
KENICHI AYUKAWA
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
Executive Director (Legal)
& Company Secretary
Place: New Delhi

Date: 26th April 2013
Consolidated Statement of Profit and Loss

Notes to
Accounts
310,147
271,046

27

(1,506)
28

30
31
11,202

(438)
420,644
30,701

616
11,625
42,177
(427)
347,889
21,453
4,183

(300)

24,486
(13)
219
24,692
81.74
16,338
474
16,812
58.19
25
Other Income
Total Revenue
EXPENSES
Cost of Material Consumed
[Share of Joint Ventures ` 4,604 million (Previous Year ` 3,802 million)]
Purchase of Stock-in-Trade
[Share of Joint Ventures ` 33 million (Previous Year ` 253 million)]
Change in Inventories of Finished Goods, Work-in-Progress and
Stock-in-Trade
Finance Costs
Depreciation and Amortisation Expense
Other Expenses
Vehicles / Dies for Own Use
Total Expenses
3URWEHIRUH7D[
Less : Tax Expense - Current Tax
[Share of Joint Ventures ` 152 million (Previous Year `PLOOLRQ@
- MAT Credit Availed
- Deferred Tax
[Share of Joint Ventures ` 36 million (Previous Year ` (40) million)]
3URWIRUWKH<HDU
Minority Interest
6KDUHRI3URWLQUHVSHFWRI,QYHVWPHQWLQ$VVRFLDWHV
3URWIRUWKH<HDU
Basic / Diluted Earnings Per Share of `HDFKLQ5XSHHV5HIHU1RWH
26
7KHQRWHVDUHDQLQWHJUDOSDUWRIWKHVHQDQFLDOVWDWHPHQWV7KLVLVWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVUHIHUUHGWRLQRXUUHSRUWRI
even date.
KENICHI AYUKAWA
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
& Company Secretary
Place: New Delhi


8,443
369,342
STATUTORY REPORTS

55,811

10,885
443,044
8,301
451,345
24
MANAGEMENT REVIEW
For the year ended

31.03.2012
CORPORATE OVERVIEW
REVENUE FROM OPERATIONS

Gross Sale of Products
Less: Excise Duty
Net Sale of Products
Other Operating Revenue
For the year ended

31.03.2013
Consolidated Cash Flow Statement

A.
For the year

ended 31.03.2013
For the year

ended 31.03.2012
30,701
21,451
CASH FLOW FROM OPERATING ACTIVITIES:

1HW3URWEHIRUH7D[
Adjustments for:
Depreciation

11,627
Finance Cost

616
Interest Income
(3,135)
(4,042)
Dividend Income
(426)
(727)
6KDUHRI3URWLQUHVSHFWRI,QYHVWPHQWLQ$VVRFLDWHV

474
Share of minority interest
(13)
Net Loss on Sale / Discarding of Fixed Assets

3URWRQ6DOHRI,QYHVWPHQWV1HW
Provisions no Longer Required Written Back
Unrealised Foreign Exchange (Gain)/ Loss
146 - 147
2SHUDWLQJ3URWEHIRUH:RUNLQJ&DSLWDOFKDQJHV
332
157
(4,234)
(2,575)
(472)

1,425
556
45,272
26,445
6,431
7,738
Adjustments for changes in Working Capital :

- Increase/(Decrease) in Trade Payables
- Increase/(Decrease) in Short Term Provisions
252

- Increase/(Decrease) in Long Term Provisions

1,375
(1,431)
5,414

(23)
- Increase/(Decrease) in Other Current Liabilities

- Increase/(Decrease) in Other Long Term Liabilities
- (Increase)/Decrease in Trade Receivables
- (Increase)/Decrease in Inventories
(1,253)
3,431

- (Increase)/Decrease in Short Term Loans and Advances

- (Increase)/Decrease in Long Term Loans and Advances

(3,655)
(2,011)
(2,377)

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
(35,750)

438
70
- (Increase)/Decrease in Other Current Assets

- (Increase)/Decrease in Other Non Current Assets
B.
(3,658)
CASH FLOW FROM INVESTING ACTIVITIES:

Purchase of Fixed Assets
Sale of Fixed Assets
Sale of Investments
Purchase of Investments
Investments in Deposits with Banks
Maturities of Deposits with Banks
Interest Received
Dividend Received
Net Cash from Investing Activities
118,465

(15,000)
(22,600)
22,600
24,130
3,502
4,266
426
727
(32,265)
(31,808)
Consolidated Cash Flow Statement

C.
For the year

ended 31.03.2013
For the year

ended 31.03.2012
Proceeds from Short Term borrowings

Repayment of Short Term borrowings

(403)
Proceeds from Long Term borrowings
1,688
Repayment of Long Term borrowings
(4,588)
(1,413)
Interest Paid
(2,083)

Dividend Paid
(2,167)
(2,167)
CASH FLOW FROM FINANCING ACTIVITIES:
(351)
(9,786)
6,100
Net Increase/(Decrease) in Cash & Cash Equivalents
844
2,034
1,190
Cash and cash equivalents as at 1st April 2012 - acquired on amalgamation
1,051
st
Cash and Cash Equivalents as at 31 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

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 :
The above Cash Flow Statement has been prepared under the indirect method as set out in Accounting Standard -3 on Cash Flow
6WDWHPHQWQRWLHGXQGHU6HFWLRQ&RIWKH&RPSDQLHV$FW

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.
)LJXUHVLQEUDFNHWVUHSUHVHQWVFDVKRXWRZ
This is the Consolidated Cash Flow Statement referred to in our report of even date.
KENICHI AYUKAWA
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
0HPEHUVKLS1XPEHU
AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
& Company Secretary
Place: New Delhi

STATUTORY REPORTS
(1,437)
Cash and Cash Equivalents as at 1st April (Opening Balance)
MANAGEMENT REVIEW
(351)
Net Cash from Financing Activities
CORPORATE OVERVIEW
Corporate Dividend Tax Paid
Notes
To The Consolidated Financial Statements

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
Maruti Insurance Business Agency Limited

(Formerly known as Maruti Insurance
Brokers Limited)
Maruti Insurance Distribution Services
Limited
True Value Solutions Limited
Maruti Insurance Agency Network Limited
Maruti Insurance Agency Solutions Limited
Maruti Insurance Agency Services Limited
Maruti Insurance Logistic Limited
Maruti Insurance Broker Limited
J.J Impex (Delhi) Private Limited *
Mark Exhaust Systems Limited
Bellsonica Auto Components India Limited
Krishna Ishizaki Auto Limited (Formerly
known as Krishna Auto Mirrors Limited)
FMI Automotive India Limited
Inergy Automotive Systems Manufacturing
India Private Limited
Manesar Steel Processing (India) Private
Limited
Maruti Insurance Broking Private Limited
Suzuki Powertrain India Limited #
Climate Systems India Limited
SKH Metals Limited
Jay Bharat Maruti Limited
Machino Plastics Limited
Bharat Seats Limited
Krishna Maruti Limited
Asahi India Glass Limited
Denso India Limited
Nippon Thermostat (India) Limited
Sona Koyo Steering Systems Limited
Magneti Marelli Powertrain India Limited
148 -
2
3
4
5
6
7
8

10
11
12
13
14
15
16
17
18

20
21
22
23
24
25
26
27
28

Relationship
Country of
Incorporation
India
Percentage
of ownership
interest as on
31st March 2013
100.00
Percentage
of ownership
interest as on
31st March 2012
100.00
Subsidiary
Subsidiary
India
100.00
100.00
Subsidiary
Subsidiary
Subsidiary
Subsidary
Subsidary
Subsidary
Subsidary
Joint Venture
Joint Venture
Joint Venture
India
India
India
India
India
India
India
India
India
India
100.00
100.00
100.00
100.00
100.00
100.00
50.87
44.37
30.00
15.00
100.00
100.00
100.00
100.00
100.00
100.00

44.37
30.00
15.00
Joint Venture
Joint Venture
India
India

26.00

26.00
Joint Venture
India
15.00
15.00
Joint Venture
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
Associate
India
India
India
India
India
India
India
India
India
India
India
India
India
India

48.71

25.00
15.35
14.81
15.80
11.11
10.27
10.00

30.00

48.71

25.00
15.35
14.81
15.80
11.11
10.27
10.00

(*) During the current year the Company has acquired 152,500 shares of J. J. Impex (Delhi) Private Limited thereby increasing
LWVVKDUHKROGLQJIURPSHUFHQWWRSHUFHQW$FFRUGLQJO\--,PSH['HOKL3ULYDWH/LPLWHGKDVEHHQFODVVLHGDVD
subsidiary in the current year.
(#) Amalgamated with the Company (refer note 37)
Notes

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.
$OO XQUHDOLVHG VXUSOXVHV DQG GHFLWV RQ WUDQVDFWLRQV

between the group companies are eliminated.
Accounting policies between group companies are
consistent to the extent practicable. Appropriate
GLVFORVXUH LV PDGH RI VLJQLFDQW GHYLDWLRQV IURP WKH
company accounting policies, which have not been
adjusted.
The Company recognises income from services on

rendering of services.
1.4 FIXED ASSETS
7DQJLEOH$VVHWV
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.
E
$VVHWV DFTXLUHG XQGHU QDQFH OHDVHV DUH

capitalised at the lower of their fair value and
the present value of minimum lease payments.
,QWDQJLEOH$VVHWV
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
D 7DQJLEOH[HGDVVHWVH[FHSWOHDVHKROGODQGDUH
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
$FWH[FHSWIRUFHUWDLQ[HGDVVHWVZKHUH
based on the managements estimate of the
useful lives of the assets, higher depreciation
Investment in associates (entity over which the company

H[HUFLVHV VLJQLFDQW LQXHQFH ZKLFK LV QHLWKHU D
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.
Agency Commission income from insurance

companies and remuneration to dealers are
recognised based on the insurance policies issued by
the dealers.
STATUTORY REPORTS
$OO DVVHWV DQG OLDELOLWLHV KDYH EHHQ FODVVLHG DV FXUUHQW

or non-current as per the Companys operating cycle and
other criteria set out in the Schedule VI to the Companies
$FW%DVHGRQWKHQDWXUHRISURGXFWVDQGWKHWLPH
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
SXUSRVH RI FXUUHQW QRQFXUUHQW FODVVLFDWLRQRIDVVHWV
and liabilities.
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.
MANAGEMENT REVIEW
1.3 REVENUE RECOGNITION

Domestic and export sales are recognised on transfer
RI VLJQLFDQW ULVNV DQG UHZDUGV WR WKH FXVWRPHU
which takes place on dispatch of goods from the
factory and port respectively.
CORPORATE OVERVIEW
1.2 BASIS FOR PREPARATION OF THE CONSOLIDATED


7KHVH QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG LQ
accordance with the generally accepted accounting
principles in India under the historical cost convention
RQ DQ DFFUXDO EDVLV 7KHVH QDQFLDO VWDWHPHQWV KDYH
been prepared to comply in all material respects with
the applicable accounting principles in India, the
DSSOLFDEOH DFFRXQWLQJ VWDQGDUGV QRWLHG XQGHU 6HFWLRQ
211(3C) [Companies (Accounting Standards) Rules, 2006
DV DPHQGHG@ RI WKH &RPSDQLHV $FW $FFRXQWLQJ
Standard 30, Financial Instruments: Recognition and
Measurement issued by the Institute of Chartered
Accountants of India to the extent it does not contradict
any other accounting standard referred to Section 211
(3C) [Companies (Accounting Standards) Rules, 2006
as amended] of the Act, other recognised accounting
practices and policies and the relevant provisions of the
&RPSDQLHV$FW
Notes

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
Electrical Fittings
3 Years
5 13 Years
Furniture & Fittings
5 7 Years
Electronic Data
Processing Equipments
150 - 151
Depreciation rates
Plant & Machinery

Vehicles
5 Years
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)
c)
In case of certain associates inventory is valued at

ORZHU RI FRVW GHWHUPLQHG RQ WKH UVW LQ UVW RXW
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
LV FKDUJHG RII DJDLQVW WKH SURW RI WKH \HDU LQ ZKLFK
it is incurred. Capital expenditure on research and
GHYHORSPHQWLVVKRZQDVDQDGGLWLRQWR[HGDVVHWVDQG
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
GLIIHUHQFHLQ6WDWHPHQWRI3URWDQG/RVV+RZHYHU
the exchange difference arising on foreign currency
monetary items that qualify and are designated as
KHGJHLQVWUXPHQWVLQDFDVKRZKHGJHLVLQLWLDOO\
recognised in hedge reserve and subsequently
WUDQVIHUUHG WR WKH VWDWHPHQW RI SURW DQG ORVV RQ
occurrence of the underlying hedged transaction.
c)
Effective 1st 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
DFFRXQWLQJVWDQGDUGVQRWLHGXQGHU6HFWLRQ&
RI WKH &RPSDQLHV $FW DQG RWKHU UHJXODWRU\
requirements. All derivative contracts (except
for forward foreign exchange contracts where
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
VWDWHPHQWRISURWDQGORVV
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.
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.
Notes

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
WKH FRQWUDFW 3URW RU ORVV DULVLQJ RQ FDQFHOODWLRQ
or renewal of a forward contract is recognised
as income or expense in the year in which such
cancellation or renewal is made.
LL
7KH &RPSDQ\ KDV 'HQHG %HQHW 3ODQV QDPHO\

Gratuity, Provident Fund and Retirement Allowance
for employees and Other Long Term Employee
%HQHWV LH /HDYH (QFDVKPHQW &RPSHQVDWHG
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
Gains and losses arising out of actuarial

valuations are recognised immediately in
WKH VWDWHPHQW RI SURW DQG ORVV DV LQFRPH RU
expense.
In case of certain joint venture and associate
companies, contributions towards gratuity
and provident fund are charged to Statement
RI3URW /RVVRQWKHEDVLVRISUHPLXPSDLG
to the Life Insurance Corporation of India and
contribution made to Regional Provident Fund
&RPPLVVLRQHUVRIFH
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
RI SURW DQG ORVV LQ DFFRUGDQFH ZLWK WKH UHODWHG
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
SURWORVVIRUWKH\HDU
&XUUHQWWD[LVUHFRJQLVHGEDVHGRQDVVHVVDEOHSURW
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
EH WKDW IXWXUH WD[DEOH SURW ZLOO EH DYDLODEOH
against which such deferred tax assets can be
realised. Such assets are reviewed at each balance
VKHHW GDWH DQG ZULWWHQ GRZQ WR UHHFW WKH DPRXQW
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
3RVW(PSOR\PHQWDQG2WKHU/RQJ7HUP(PSOR\HH%HQHWV
L
7KH &RPSDQ\ KDV 'HQHG &RQWULEXWLRQ 3ODQV
IRU SRVW HPSOR\PHQW EHQHW QDPHO\ WKH
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
VWDWHPHQWRISURWDQGORVVHYHU\\HDU7KH&RPSDQ\
also maintains an insurance policy to fund a postemployment medical assistance scheme, which is a
'HQHG&RQWULEXWLRQ3ODQDGPLQLVWHUHGE\7KH1HZ
India Insurance Company Limited. The Companys
contribution to State Plans namely Employees State
Insurance Fund and Employees Pension Scheme are
FKDUJHG WR WKH VWDWHPHQW RI SURW DQG ORVV HYHU\
year.
LPPHGLDWHO\
STATUTORY REPORTS
1.12 EMPLOYEE BENEFIT COSTS

6KRUW7HUP(PSOR\HH%HQHWV
Recognised as an expense at the undiscounted amount in
WKHVWDWHPHQWRISURWDQGORVVIRUWKH\HDULQZKLFKWKH
related service is rendered.
7HUPLQDWLRQ EHQHWV DUH

recognised as an expense.
MANAGEMENT REVIEW
d)
CORPORATE OVERVIEW
any shortfall in the size of the fund maintained

by the Trust is additionally provided for in
WKH VWDWHPHQW RI SURW DQG ORVV 7KH *UDWXLW\
Fund and Provident Fund are recognised by
the income tax authorities and is administered
through Trusts set up by the Company.
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
WKH VWDWHPHQW RI SURW DQG ORVV RI WKDW SHULRG
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
VWDWHPHQWRISURWDQGORVVLQWKHDFFRXQWLQJSHULRG
in which they arise.
Notes

WD[ GXULQJ WKH VSHFLHG SHULRG 6XFK DVVHWV DUH

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
FRPSDQ\ ZLOO SD\ QRUPDO WD[ GXULQJ WKH VSHFLHG
period.
Deferred tax assets and liabilities are measured at
the tax rates that have been enacted or substantively
enacted at the balance sheet date.
152 - 153
1.16 DIVIDEND INCOME

Dividend from investments is recognised when the
right to receive the payment is established and when
QR VLJQLFDQW XQFHUWDLQW\ DV WR PHDVXUDELOLW\ RU
collectability exits.
1.17 INTEREST INCOME
Interest income is recognised on the time basis
determined by the amount outstanding and the rate
DSSOLFDEOHDQGZKHUHQRVLJQLFDQWXQFHUWDLQW\DVWR
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
RISURWDQGORVVWRWKHH[WHQWWKHFDUU\LQJDPRXQW
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 knowhow 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
UR\DOW\ LV FKDUJHG WR 6WDWHPHQW RI 3URW DQG
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
WKDW DQ RXWRZ RI UHVRXUFHV HPERG\LQJ HFRQRPLF
EHQHWVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQDQGWKHUH
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
HYHQWV WKH H[LVWHQFH RI ZKLFK ZLOO EH FRQUPHG RQO\
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
HYHQWVZKHUHLWLVHLWKHUQRWSUREDEOHWKDWDQRXWRZRI
resources will be required to settle or a reliable estimate
of the amount cannot be made.
1.21 LEASES
As a lessee

/HDVHV LQ ZKLFK D VLJQLFDQW SRUWLRQ RI WKH ULVNV DQG
rewards of ownership are retained by the lessor are
FODVVLHG DV RSHUDWLQJ OHDVHV 3D\PHQWV PDGH XQGHU
RSHUDWLQJ OHDVHV DUH FKDUJHG WR WKH VWDWHPHQW RI SURW
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
DOO WKH ULVNV DQG UHZDUGV RI RZQHUVKLS DUH FODVVLHG
as operating leases. Lease income on such operating
OHDVHV DUH UHFRJQLVHG LQ WKH VWDWHPHQW RI SURW DQG
loss on a straight line basis over the lease term which
LV UHSUHVHQWDWLYH RI WKH WLPH SDWWHUQ LQ ZKLFK EHQHW
derived from the use of the leased asset is diminished.
1.22 CASH AND CASH EQUIVALENTS

,Q WKH FDVK RZ VWDWHPHQW FDVK DQG FDVK HTXLYDOHQWV
include cash in hand, demand deposits with banks,
other short-term highly liquid investments with original
maturities of three months or less.
Notes

2.
SHARE CAPITAL
As at
31.03.2012
18,720
3,720
1,510
1,445
1,510
1,445
Authorised Capital
3,744,000,000 equity shares of ` 5 each (Previous year 744,000,000 equity shares of ` 5
each)
,VVXHG6XEVFULEHGDQG3DLGXS
302,080,060 equity shares of ` HDFK 3UHYLRXV\HDU HTXLW\ VKDUHV RI ` 5
each) fully paid up
As at 31.03.2013
Balance as at the beginning of the year
Balance as at the end of the year

(TXLW\VKDUHVKHOGE\WKHKROGLQJFRPSDQ\
1XPEHUVRI
Shares
Amount
1XPEHUVRI
Shares
Amount

1,445

1,445
13,170,000
65
302,080,060
1,510
288,910,060
1,445

As at 31.03.2013
As at 31.03.2012
1XPEHUVRI
Shares
Amount
1XPEHUVRI
Shares
Amount

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.
Suzuki Motor Corporation, the holding company
STATUTORY REPORTS
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)
As at 31.03.2012
MANAGEMENT REVIEW
5HFRQFLOLDWLRQRIWKHQXPEHURIVKDUHVRXWVWDQGLQJ
CORPORATE OVERVIEW
As at
31.03.2013
Notes

6KDUHVKHOGE\HDFKVKDUHKROGHUKROGLQJPRUHWKDQSHUFHQWRIWKHDJJUHJDWHVKDUHVLQWKH&RPSDQ\
Suzuki Motor Corporation (the holding company)

Life Insurance Corporation of India
1XPEHURI
Shares
1XPEHURI
Shares
56.21

54.21
156,618,440

8.45

6KDUHVDOORWWHGDVIXOO\SDLGXSSXUVXDQWWRFRQWUDFWVZLWKRXWSD\PHQWEHLQJUHFHLYHGLQFDVKGXULQJ\HDUVLPPHGLDWHO\

preceding 31st 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
154 - 155
Reserve created on Amalgamation

Capital Reserve on Consolidation
[includes Joint Venture share of ` 2 million (Previous Year
` 3 million)]
Securities Premium Account
As at
31.03.2013
As at
31.03.2012
9,153
32
31
4,246
4,246
General Reserve
$GG7UDQVIHUUHGIURP6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
15,852
14,217
2,418
1,635
18,270
15,852
Hedge Reserve
Less : Release / adjustments during the year
(441)

635
(402)
(441)
6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
135,612

2,411

16,812
Transferred to General Reserve
2,418
1,635
Proposed dividend
2,417
2,167
$GGLWLRQRQ$PDOJDPDWLRQQHWRIVKDUHRISURWRI
` 1,154 million accounted for till previous year, refer note 37)
$GG3URWIRUWKH\HDU
Less : Appropriations:
Dividend distribution tax

411
157,469
188,768
351
135,614
155,302
Notes

4.
LONG TERM BORROWINGS

As at
31.03.2012
Foreign currency loans from banks

Loans from holding company

5,429
1,620
1,698
7,049
1,698
Unsecured
Share in Joint Ventures

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.
MANAGEMENT REVIEW
2.
CORPORATE OVERVIEW
As at
31.03.2013
Loan amounting to `PLOOLRQ86'PLOOLRQLVWDNHQIURPKROGLQJFRPSDQ\DWDQLQWHUHVWUDWHRI/,%25UHSD\DEOH

in 6 half yearly instalments starting September 2014 (acquired pursuant to a scheme of amalgamation).
Loans Taken by Joint Ventures
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 `PLOOLRQWDNHQIURP0L]XKR&RUSRUDWH%DQN6LQJDSRUHDQGIXOO\VZDS#

from Mizuho Corporate Bank, New Delhi
5.
Foreign Currency Loan amounting to `PLOOLRQWDNHQIURP0L]XKR&RUSRUDWH%DQN6LQJDSRUHDQGIXOO\VZDS#IURP

Mizuho Corporate Bank, New Delhi.
6.
Foreign Currency Loan amounting to `PLOOLRQWDNHQIURPYDULRXVEDQNVDWYDU\LQJUDWHRILQWHUHVW
Foreign Currency Loan amounting to ` 34 million taken from The Bank of Tokyo Mitsubishi UFJ Ltd. at an interest rate of
LIBOR + 0.65.
STATUTORY REPORTS
1.
Notes

5.
DEFERRED TAX LIABILITIES (NET)

Major components of deferred tax arising on account of timing differences along with their movement as at 31st March 2013 are :
Movement
As at
31.03.2012
Addition due
to merger
during the
year*
As at
31.03.2013
Provision for doubtful debts / advances
176
(45)
131
Contingent provisions
152
30
182
Others

17
(44)
470
825
17
(59)
783
Deferred Tax Assets
(1)
826
17
(60)
783
'HSUHFLDWLRQRQ[HGDVVHWV
3,451
1,083
(1,007)
3,527
Exchange gain on capital accounts

(227)
(486)
657
1,187
1,844
3,849
1,083
(47)
4,885
Total (A)
'HIHUUHG7D[/LDELOLWLHV
156 - 157
$OORZDQFHVXQGHU,QFRPH7D[$FW
46
28
74
Total (B)
3,895
1,083
(19)
4,959
1HW'HIHUUHG7D[/LDELOLW\%$
3,069
1,066
41
4,176
Previous Year
1,730

3,069
* Includes adjustment of ` 341 million (Previous year `PLOOLRQRQDFFRXQWRIUHFODVVLFDWLRQWR'HIHUUHG7D[/LDELOLWLHVIURP

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
Deposits from dealers, contractors and others

Others
As at
31.03.2013
As at
31.03.2012
1,056

1,056
984
65
44
1,121
1,028
Notes

7.
LONG TERM PROVISIONS

As at
31.03.2012
42
35
Provision for retirement allowance (Refer Note 28)
Other Provisions
Provision for litigation / disputes

Provision for warranty & product recall

1,216
Others

2,217
10
1,658
1,693
2,259
1,693
Details of Other Provisions:

Litigation / Disputes
Warranty/ Product Recall
Others
2011-2012
2012-2013
2011-2012
2012-2013
2011-2012
Balance at the beginning of the

year

1,331

10
16
Additions during the year
111
102
544
581
Utilised/ reversed during the year
28

210

992
909
1,665
1,331
10
&ODVVLHGDV/RQJ7HUP

1,216

10
&ODVVLHGDV6KRUW7HUP
TOTAL

992
909
1,665
1,331
10
E 3URYLVLRQIRUZDUUDQW\DQGSURGXFWUHFDOOUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIZDUUDQW\DQGUHFDOOFRVWIRUSURGXFWV
sold.
F 3URYLVLRQIRURWKHUVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVRURWKHUREOLJDWLRQVRQDFFRXQWRIH[FLVHGXW\
export obligation, etc.
G 'XHWRWKHQDWXUHRIWKHDERYHFRVWVLWLVQRWSRVVLEOHWRHVWLPDWHWKHWLPLQJXQFHUWDLQWLHVUHODWLQJWRWKHLURXWRZVDVZHOO
as the expected reimbursements from such estimates.
D 3URYLVLRQIRUOLWLJDWLRQGLVSXWHVUHSUHVHQWVWKHHVWLPDWHGRXWRZLQUHVSHFWRIGLVSXWHVZLWKYDULRXVJRYHUQPHQWDXWKRULWLHV
STATUTORY REPORTS
2012-2013
MANAGEMENT REVIEW
2,259
CORPORATE OVERVIEW
As at
31.03.2013
Notes

8.
SHORT TERM BORROWINGS

As at
31.03.2013
As at
31.03.2012
Unsecured
From banks - cash credit
From banks - buyers credit and packing credit loans
9.
80
10,703
8,463
10,783
176
141
8,639
10,924
As at
31.03.2013
As at
31.03.2012
TRADE PAYABLES
Due to Micro and Small enterprises

Others
158 -
725
7,738
273
288

33,240
41,722
33,528
1,146
1,130
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
Current maturities of long term debts
As at
31.03.2013
As at
31.03.2012
1,586
Interest accrued but not due on:

- Loans
205
- Others
23
Unclaimed dividend *
126
228
43
Creditors for capital goods
4,057
5,245
Other payables
2,071
1,746
Book overdraft

1,365
Advances from customers/dealers
1,620
2,435
Statutory dues

Deposits from dealers, contractors and others

433

2,164
11,484
1,178
14,133
11,718
15,893
75
46
11,793
15,939
* Unclaimed dividend do not include any amount due to be credited to the Investor Education and Protection Fund under Section
&RIWKH&RPSDQLHV$FW
Notes

11. SHORT TERM PROVISIONS

As at
31.03.2012
3URYLVLRQVIRUHPSOR\HHEHQHWV
(Refer Note 7 and 28)
Provision for retirement allowances
Provision for compensated absences
1,278
2
1,280
850
852
Other provisions
CORPORATE OVERVIEW
As at
31.03.2013
(Refer Note 7)
Provision for warranty & product recall

2,417
2,167
411
351
Provision for corporate dividend tax

Provision for taxation [Net of tax paid]
1,882
7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV
1,274

4,384
6,439
5,236
(20)
6,419
5,236
MANAGEMENT REVIEW
Provision for proposed dividend*

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
STATUTORY REPORTS
As at
31.03.2013
184
254
25,703
27
13
31,113
353
353
31,466
-

147,874
147,874
118,878

2,108
1,045
25,703
30,554
8
3,118
133
3,416

12,314
1,886
11,476

1,443
Gross Block
Addition
Acquired
pursuant
to a scheme of
amalgamation*
105
1,106

82
As at
01.04.2012
(4)
(276)
(276)
(7,432)
(1,558)
8
(183)
(7,156)
(15)
(2,345)

(1)
(4,446)
(147)
Deductions/
Adjustments

77
77
197,611
147,874
3,165
803
197,534
1,138

2,000

1,607
As at
31.03.2013
723
72,534
62,617

180
72,534

22

1,164
Upto
01.04.2012

89
13,411
-
4
13,322
14
165

70
238
10
10
17,992
11,248

72
17,982
61
15
417
17,220

(4)
(70)
(70)
(4,303)
(1,331)
-
(46)
(4,233)
(5)
(1)

(132)
For the
Deductions/
Acquired pursuant
year
Adjustments
to a scheme of
amalgamation*

29
99,634
72,534
1,176
210
99,605

37

As at
31.03.2013

48
48
97,977
75,340

97,929

13,507
67,637
308
75,340

75,340
603
12,314
1,864

50,174

Net Block
As at
As at
31.03.2013 31.03.2012
574
574
-
2,683
2,683
648
20
As at
01.04.2012
20
658
658
2,035
-
Addition
Gross Block
(2)
(2)
(2)
Deductions/
Adjustments
20

3,913
2,683
18
As at
31.03.2013
(1) The Joint Ventures share is included in the above schedule under respective heads.
* Refer note 37
Own Assets (Acquired):

Lump Sum Royalty
Total
Previous Year Figures
Share in Joint Venture
(Note 1)
Particulars
Acquired
pursuant
to a scheme of
amalgamation*
568
568

4
Upto
01.04.2012
203
203
-
Acquired pursuant
to a scheme of
amalgamation*

904
377
3
For the
year
(2)
(2)
(2)
Deductions/
Adjustments
1,673
1,673
568
5
As at
31.03.2013
16
2,240
2,240
2,115
13
As at
31.03.2013
2,115
2,115
As at
31.03.2012
Net Block
Freehold land costing `PLOOLRQ3UHYLRXV\HDU` 5,268 million) is not yet registered in the name of the Company.
Plant and Machinery (gross block) includes pro-rata cost amounting to ` 374 million (Previous year ` 374 million) of a Gas Turbine jointly owned by the Company with its group
companies and other companies.
A part of freehold land of the Company at Gurgaon and Manesar has been made available to its group companies.
Adjustments to free hold land includes ` 2,354 million accrued in the previous year as price adjustment claimed by the authority which allotted the land in an earlier year reversed in
the current year [refer note 32 (vii)].
The Joint Ventures share is included in the above schedule under respective heads.
13. INTANGIBLE ASSETS
(5)
(3)
(4)
(1)
(2)
Freehold land (Note 1,3 & 4)

Leasehold land
Building
Plant and Machinery (Note 2)
Electronic Data Processing
Equipment
)XUQLWXUH)L[WXUHVDQG2IFH
Appliances
Vehicles:
- Owned
Total (A)
Assets given on operating
lease:
Plant & Machinery
Total (B)
Total [(A) + (B)]
(Note 5)
Particulars
12. TANGIBLE ASSETS
160 - 161
Notes
Notes

14. CAPITAL WORK IN PROGRESS
Civil Work in Progress

As at
31.03.2012

7,101
1,403
2,318
19,422
9,419
257
19,679
9,427
CORPORATE OVERVIEW
Plant and Machinery
As at
31.03.2013
15. NON-CURRENT INVESTMENTS

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)]
MANAGEMENT REVIEW
As at
31.03.2013
Other Investment (valued at cost unless otherwise stated)

Investment in mutual funds - unquoted

50
50
18,587
Less: Provision for diminution other than temporary in value of
investments in preference shares
Aggregate value of provision for diminution other than

temporary in value of investments

18,537
50

21,246
17,892
214
17
21,460
17,909

50
50
Aggregate value of unquoted investments
50
STATUTORY REPORTS
Investment in preference shares - unquoted
18,537
Notes

16. LONG TERM LOANS AND ADVANCES

As at
31.03.2013
As at
31.03.2012
Capital Advances
- considered doubtful
Less: Provision for doubtful capital advances

4,644
76
13
5,013
4,657
76

13
4,644
Security Deposits
120
108
1,800

6,481
Loans and Advances to Related Parties

Unsecured - considered good (Refer Note 37)
Taxes Paid Under Dispute
162 - 163

Inter corporate deposits - considered doubtful
125
Less: Provision for doubtful deposits
125
125
-
125

Secured - considered good
Less: Provision for doubtful other loans and advances
10
12
240
373
63
73
313
458
63
250
73
385
12,804
13,418
61
40
12,865
13,458
Notes

17.
OTHER NON-CURRENT ASSETS

As at
31.03.2012

Secured - considered good
6
-
1
1

Less Provision for doubtful interest
11

8,500
Claims
Less Provision for doubtful claims
Others
246
27
27
412
273
27
385
27
246
8,946
263
60
8,946
323
18. CURRENT INVESTMENTS
Investment in mutual funds - unquoted
As at
31.03.2012
52,686
47,541
52,686
47,541
68
52,754
47,541
As at
31.03.2013
STATUTORY REPORTS
385
MANAGEMENT REVIEW
Longterm deposits with banks with maturity period more than 12

months

CORPORATE OVERVIEW
As at
31.03.2013
Notes

19. INVENTORIES
As at
31.03.2013
As at
31.03.2012
Components and Raw Materials

Work in Progress
1,127

Finished Goods Manufactured

Vehicles
Vehicle spares and components
4,807
5,334
321
173
5,128
5,507
Traded Goods
Vehicle
Vehicle spares and components

1,374

Stores and Spares
164 - 165
Tools

1,486
546
275
437

18,436
17,955
436
423
18,872
18,378
3,247
4,165
26
43
Inventory includes in transit inventory of:

Components and Raw Materials
Traded Goods - vehicle spares
20. TRADE RECEIVABLES
Outstanding for a period exceeding six months from the date they
are due for payment
Others
34

18

8QVHFXUHGFRQVLGHUHGGRXEWIXO
Outstanding for a period exceeding six months from the date they
are due for payment
36
Less Provision for doubtful debts
36
35
-
35
14,293
9,390
599
676
14,892
10,066
Notes

21. CASH AND BANK BALANCES

As at
31.03.2012
Cash and Cash Equivalents

Cash on hand
Cheques and drafts on hand
Bank balances in current accounts
Deposits (less than 3 months original maturity period)
10
1,025

254
84

1,000
1,780
CORPORATE OVERVIEW
As at
31.03.2013
Other Bank Balances

3,000
5,600
Long term deposits (more than 12 months original maturity

period)
3,500
17,000
Unclaimed dividend accounts
6,506
22,605
7,795
24,385
249
24,634
1,073
867
6,770
5,044
22. SHORT TERM LOANS AND ADVANCES

(considered good, unless otherwise stated)
Loans and Advances to Related Parties
Unsecured
Balance with Customs, Port Trust and Other Government
Authorities
Unsecured
Secured
Unsecured
4
3,320
5
3,324
1,878
1,883
11,167
7,794
176
196
11,343
7,990
STATUTORY REPORTS
353
8,148
MANAGEMENT REVIEW
Deposits (more than 3 months but less than 12 months original

maturity period)
Notes

23. OTHER CURRENT ASSETS

(considered good, unless otherwise stated)
As at
31.03.2013
As at
31.03.2012

Secured
Unsecured
6

6

530
536
Claims
Unsecured

788
3,710
2,431
5,403
3,764
2WKHUUHFHLYDEOHVWHHOFRLOV
Unsecured
Others
Unsecured
166 - 167
129
47
5,532
3,811
24. GROSS SALE OF PRODUCTS

For the
year ended
31.03.2013
For the
year ended
31.03.2012

362,111

24,030
481,495
386,141
6,475
5,428
487,970
391,569
Income from services

[Net of expenses of ` 1,083 million (Previous Year `PLOOLRQ@

1,720
Sale of scrap

Cash discount received
1,810
2,018
Others
2,124
2,126
10,126
8,814
Vehicles
Spare parts / dies and moulds / components
25. OTHER OPERATING REVENUE
759
113
10,885
8,927
Notes

26. OTHER INCOME

For the year
ended 31.03.2012
Interest Income (gross) on:

a)
Fixed deposits
b)
Corporate bonds
c)
Receivables from dealers
d)
Advances to vendors
e)
Income tax refund
f)
Others
2,220
2,330
528

665

211
141

13
426
647
4,042
Dividend Income from:

a)
Long term investments
b)
Others
82
344
80
727
Net gain on sale of investments

a)
Long term
4,220
b) Short term
14
Provisions no longer required written back
27.
2,575
472

8,267
8,436
34
8,301
8,443
CHANGE IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

Work in Progress
Opening stock

457
Add: Pursuant to the scheme of amalgamation

1,127
(335)
(136)

Vehicles - Manufactured and Traded

Opening stock
Less: Closing stock
5,631
4,220
51
4,812
5,631
870
/HVV([FLVHGXW\RQLQFUHDVHGHFUHDVHRIQLVKHGJRRGV
(1,411)
861
(1,122)

Vehicle Spares and Components - Manufactured and Traded

Opening stock
Less: Closing stock
1,362
1,135
56

(277)
249
1,362
(227)
(1,485)
(57)
(21)
192
(1,506)
Less: Closing stock
STATUTORY REPORTS
2,567
4,234
MANAGEMENT REVIEW
3,135
CORPORATE OVERVIEW
For the year

ended 31.03.2013
Notes

28. EMPLOYEE BENEFIT EXPENSES

For the
year ended
31.03.2013
For the
year ended
31.03.2012

7,085
Contribution to provident and other funds
683
853
Staff welfare expenses

500
10,879
8,438
323
341
11,202
8,779
6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWV
[Net of staff cost recovered ` 38 million (Previous year ` 120 million)]
7KH&RPSDQ\KDVFDOFXODWHGWKHYDULRXVEHQHWVSURYLGHGWRHPSOR\HHVDVXQGHU
168 -
$
'HQHG&RQWULEXWLRQ3ODQV
a)
Superannuation Fund
b)
Post Employment Medical Assistance Scheme.
Employers Contribution to Superannuation Fund*
31.03.2013
31.03.2012
51
44
27
21
Employers Contribution to Post Employment Medical Assistance Scheme.*

Employers Contribution to Provident Fund/ Gratuity Liability (Share of Joint Venture ` 18
million (previous year ` 21 million)
B.
State Plans
a)
Employers contribution to Employee State Insurance
E
Employers contribution to Employee State Insurance.*

* Included in Contribution to Provident and Other Funds above
&
'HQHG%HQHW3ODQVDQG2WKHU/RQJ7HUP%HQHWV
a)
Contribution to Gratuity Funds - Employees Gratuity Fund.
b)
Leave Encashment/ Compensated Absence.
c)
Retirement Allowance
d)
Provident Fund
31.03.2013
31.03.2012
13

80
Notes

In accordance with Accounting Standard 15 (revised 2005), an actuarial valuation was carried out in respect of the aforesaid
GHQHGEHQHWSODQVDQGRWKHUORQJWHUPEHQHWVEDVHGRQWKHIROORZLQJDVVXPSWLRQV

Leave
Encashment/
Compensated
$EVHQFH

Employees
Gratuity
Fund
Retirement
Allowance

Not
Applicable
6.00%
6.00%
0.00%
8.55%
Not
Applicable
22

Not
Applicable
22
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
8.00%
8.00%
8.25%
Not
Applicable
6.00%
6.00%
Not
Applicable
8.60%
Not
Applicable
21
8.00%
Not
Applicable
21
8.50%
21
21
25
22
(VWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQDQGRWKHU
relevant factors such as supply and demand in the employment market.
MANAGEMENT REVIEW
Discount rate (per

annum)
Rate of increase
in compensation
levels
Rate of return on
plan assets.
Expected average
remaining working
lives of employees
(years)
31.03.2012
Leave
Encashment/
Compensated
$EVHQFH
8.00%
CORPORATE OVERVIEW
31.03.2013
Provident
Fund
Changes in present value of obligations
Present value of
obligation as at
beginning of the
year
Leave
Encashment/
Compensated
$EVHQFH

855
31.03.2012
Employees
Gratuity
Fund
Retirement
Allowance
860
37
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH

757
Employees
Gratuity
Fund
Retirement
Allowance
836
37
Add: Acquisition
on amalgamation
(Refer Note 37)
Interest cost
20
23
454
56

57
74
801

84
615
57
53

173
57
101
142
28
(411)
423
164
(2)
10
125
(75)
(3)

1,282
1,148
44

855
860
37
Current service
cost
%HQHWVSDLG
Actuarial
(gain) / loss on
obligations
Present value of
obligation as at
the year end
Add: JJ Impex
Limited
consolidated as
subsidiary
STATUTORY REPORTS
31.03.2013
Provident
Fund
Notes

Changes in the fair value of plan assets

31.03.2013
Fair value of Plan Assets as at beginning of the year
Employees
Gratuity
Fund
Provident
Fund
Employees
Gratuity
Fund
5,480

4,670
838
Add: JJ Impex Limited consolidated as subsidiary
Expected return on Plan Assets
456
75

75
Contribution

120
615
30
%HQHWVSDLG

57
101
28
Actuarial (gain)/ loss on obligations
(27)
(86)
(103)
6,508
1,150
5,480

Fair value of plan assets as at the year end

31.03.2012
Provident
Fund
5HFRQFLOLDWLRQRISUHVHQWYDOXHRIGHQHGEHQHWREOLJDWLRQDQGIDLUYDOXHRIDVVHWV
170 - 171
31.03.2013
31.03.2012
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
Provident
Fund
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
Present value of
obligation as at
the year end

1,282
1,148
44

855
860
37
Fair value of plan

assets as at the
year end
6,508
1,126
5,480

6XUSOXV'HFLW

(1,282)
(22)
(44)
21
(855)
60
(37)
Unfunded net
asset/ (liability)
recognised in
balance sheet.
(1,282)
(44)
(855)
(37)
&ODVVLHGDV/RQJ
Term
42
35
&ODVVLHGDV6KRUW
Term
1,282
855
Total
1,282
44
855
37
Notes

31.03.2011
31.03.2010
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
753
827
37

734

827
734
6XUSOXVGHFLW
(753)
(37)

Unfunded net asset/ (liability)

recognised in balance sheet.
(753)
(37)

Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund
Retirement
Allowance
550
621
27
621
Present value of obligation as at the

year end
Fair value of plan assets as at the year
end
31.03.2009
Present value of obligation as at the year end

Fair value of plan assets as at the year end
6XUSOXVGHFLW
(550)
(27)
Unfunded net asset/ (liability) recognised in balance sheet.
(550)
(27)
STATUTORY REPORTS
Retirement
Allowance
MANAGEMENT REVIEW
Employees
Gratuity
Fund
CORPORATE OVERVIEW
Leave
Encashment/
Compensated
$EVHQFH
Notes

([SHQVHVUHFRJQLVHGLQWKHVWDWHPHQWRISURW ORVV
31.03.2013
31.03.2012
Provident
Fund*
Leave
Encashment/
Compensated
$EVHQFH
Employees
Gratuity
Fund*
Retirement
Allowance**
Provident
Fund*
Leave
Encashment/
Compensated
$EVHQFH
801

84
615
57
454
56

(456)
(75)

Current service
cost
Interest cost
Expected return
on plan assets
172 - 173
Employees Retirement
Gratuity Allowance**
Fund*
53
57
74
(75)
Settlement cost
Net actuarial
(gain)/ loss
recognised
during the year
(438)
423
78
(2)
113
125
(81)
(3)
361

156
725
240
Total expense
recognised in
statement of
SURW ORVV
* Included in Contribution to provident and other funds above

,QFOXGHGLQ6DODULHVZDJHVDOORZDQFHVDQGRWKHUEHQHWVDERYH
Constitution of Plan Assets
(a) Debt Funds
(b) Others
TOTAL
31.03.2013
6,222
Provident Fund
% 31.03.2012

% 31.03.2013

Gratuity
% 31.03.2012
35%
324
%
36%
286
4%
284
5%
756
65%
583
64%
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
)XQGXQGHU5XOHRI,QFRPH7D[$FW

Expected contribution on account of Gratuity and Provident Fund for the year ending 31st 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
GHSRVLWHGZLWKWKHRIFHRI5HJLRQDO3URYLGHQW)XQG&RPPLVVLRQHU53)&WLOOth March 2013 i.e. upto the effective date of
DPDOJDPDWLRQ5HIHU1RWH7KH&RPSDQ\DQGWKHHPSOR\HHVRI63,/DUHLQWKHSURFHVVRIOLQJDSSOLFDWLRQVZLWKWKH53)&
for transfer of accumulated provident fund contribution till 17th 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 17th 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 17th March 2013.
Notes

29. FINANCE COSTS
Interest on :
- Foreign currency loans from banks
- Buyers' credit and export credit
- Deposits from dealers, contractors and others
2WKHUERUURZLQJFRVWV
323

658

11
1,900
78
1,978
For the year

ended 31.03.2012
15
273

547
5
552
64
616
For the year

ended 31.03.2012

18,897
11,248
377
11,625
For the year

ended 31.03.2013
For the year

ended 31.03.2012
1,864

201
156
Depreciation / amortisation on tangible assets

Amortisation on intangible assets
31. OTHER EXPENSES

280

137

24,540
2,568

3,537

544
5,513
332
63
7,287
57,895
602
58,497
532
163
210

827
18,031
1,548
1,810
2,781

581
4,631
157
21

41,662
515
42,177
Consumption of stores
Power and fuel [Net of amount recovered ` 1,101 million
(Previous year ` 1,716 million)]
Rent (Refer Note 41)
Repairs and maintenance :
- Plant and machinery
- Building
- Others
Insurance
Rates, taxes and fees
Royalty
Tools / machinery spares charged off
Exchange variation loss
Advertisement
Sales promotion
Warranty and product recall
Transportation and distribution expenses
Provision for doubtful advances
Provision for doubtful debts
Other miscellaneous expenses
STATUTORY REPORTS
For the year

ended 31.03.2013
MANAGEMENT REVIEW
30. DEPRECIATION & AMORTISATION EXPENSE

(Refer Note 12 & 13)
CORPORATE OVERVIEW
For the year

ended 31.03.2013
Notes

32. CONTINGENT LIABILITIES

D
&ODLPVDJDLQVWWKH&RPSDQ\GLVSXWHGDQGQRWDFNQRZOHGJHGDVGHEWV
Particulars
(i)
Excise Duty
Cases decided in the Companys favour by Appellate authorities and for which
same issues for other periods

2,717
(b)
Cases pending before Appellate authorities in respect of which the Company has
10,484
2,167
8,581
12,675
34
34
22,089
17,593
361
3,767
3,701
2,857

1,358
5
7,987
3
1420
5
5,435
3

6,230
12,058

6
17,982
6,772
6
15,935
6,137
118

22
22
50
50
(c)
Show cause notices on issues yet to be adjudicated
(d)
Share in Subsidiaries and JVs

Amount deposited under protest
174 - 175
(iii)
(iv)
(v)
As at
31.03.2012
(a)
TOTAL
(ii)
As at
31.03.2013
Service Tax
(a) Cases decided in the Companys favour by Appellate authorities and for which
same issues for other periods
(b) Cases pending before Appellate authorities in respect of which the Company has
(c) Show cause notices on issues yet to be adjudicated
(d) Share in Subsidiaries and JVs
TOTAL
Income Tax
(a) Cases decided in the Companys favor by Appellate authorities and for which the
GHSDUWPHQWKDVOHGIXUWKHUDSSHDOV
(b) Cases pending before Appellate authorities / Dispute Resolution Panel in respect
RIZKLFKWKH&RPSDQ\KDVOHGDSSHDOV
(c) Share in Subsidiaries and JVs
TOTAL
Amount deposited under protest (Including share of Joint Venture Current Year
` 2 million; Previous Year ` 2 million)
Customs Duty
OHGDSSHDOV
Sales Tax
OHGDSSHDOV
Notes

(vi)
34.
Estimated value of contracts on capital account, excluding

capital advances, remaining to be executed and not provided
for, amounts to ` PLOOLRQ LQFOXGHV VKDUH RI -RLQW
Venture ` 12 million) (Previous year ` PLOOLRQ
(includes share of Joint Venture ` 42 million).
35.
Consumption of raw materials and components has been

computed by adding purchases to the opening stock
DQG GHGXFWLQJ FORVLQJ VWRFN YHULHG SK\VLFDOO\ E\ WKH
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
RI3URW /RVVRQWKHEDVLVRISUHPLXPSDLGWRWKH/LIH
Insurance Corporation of India.
b)
Deferred Revenue Expenditure of Joint Venture and

Associate Companies have been charged to Statement
RI3URW /RVVLQWKH\HDURILQFXUUHQFH
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 31st 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

LVFKDUJHGWR6WDWHPHQWRI3URW /RVVDVDQGZKHQ
claimed by customer on actual basis.
(viii) In respect of disputed Local Area Development Tax

(LADT) (upto 15th April 2008) / Entry Tax, the Sales tax
GHSDUWPHQW KDV OHG DQ DSSHDO LQ 6XSUHPH &RXUW RI
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 16th April
2008 and introduced the Haryana Tax on Entry of Goods
into Local Area Act, 2008 with effect from the same
date.
Outstanding commitments under Letters of Credit established

by the Group aggregating ` PLOOLRQ 3UHYLRXV \HDU
` 2,110 million).
STATUTORY REPORTS
$V WKH DPRXQWV LI DQ\ RI QDO SULFH DGMXVWPHQWV LV
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.
33.
MANAGEMENT REVIEW
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 1st 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.
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.
CORPORATE OVERVIEW
(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
&RXUW&RXUWDQGWKH&RPSDQ\KDVOHGDQDSSHDOLQ
the Court.
b)
Claims against the Company for recovery of `

million (including share of Joint Venture ` 5 million)
(Previous year ` 583 million) (including share of Joint
Venture ` 7 million) lodged by various parties.
Notes

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 1st April 2012 on
completion of all the required formalities on 17th 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.
ii)
LLL 7KHEDODQFHRI6XUSOXVRI6WDWHPHQWRI3URWDQG/RVV
of SPIL amounting to ` 3,565 million (net of adjustments
on account of policy differences of ` 275 million ) as
at 1st April 2012 have been included in the balance of
6XUSOXVRI6WDWHPHQWRI3URWDQG/RVVRIWKH&RPSDQ\
LY HTXLW\ VKDUHV RI ` 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
HTXLW\ VKDUHV RQ th March 2013 thereby
increasing its equity capital to ` 1,510 million.
vi)
The surplus amounting to `PLOOLRQDULVLQJDVD

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.
176 - 177
The amalgamation was accounted for under the Pooling of

Interest Method as prescribed by the Accounting Standard
$FFRXQWLQJIRU$PDOJDPDWLRQVQRWLHGXQGHU&RPSDQLHV
(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 1st April 2012 were

incorporated at book value of SPIL, subject to
adjustments made to ensure uniformity of accounting
policies.
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.
Notes

vii)
The amounts relating to SPIL as at 1st $SULO LQFOXGHG LQ WKH WHUPV RI WKH VFKHPH LQ WKH QDQFLDO VWDWHPHQWV RI WKH
Company are as below:
Fixed assets (net) (including capital work-in-progress `PLOOLRQ
21,425
Cash and Bank balances
1,051
Current Assets and Loans and Advances

Total
31,556
CORPORATE OVERVIEW
Net Amount
Assets
/LDELOLWLHV
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
7UDQVIHURIEDODQFHVRI$PDOJDPDWHG&RPSDQ\
Reserves & Surplus (b)
3,565
MANAGEMENT REVIEW
Long Term Borrowings
Less:
Shares issued in the ratio of 1:70 to the shareholders of erstwhile Suzuki Powertrain India Limited, pursuant
to the scheme on amalgamation (d)
&UHGLWHGWR5HVHUYHRQ$PDOJDPDWLRQDEFG
38. D
66
9,153
7KH 3URW DIWHU WD[ RI 6.+ 0HWDOV /LPLWHG 'HQVR ,QGLD /LPLWHG 0DFKLQR 3ODVWLFV /LPLWHG 6RQD .R\R 6WHHULQJ 6\VWHPV
/LPLWHG $VDKL,QGLD*ODVV/LPLWHGKDVEHHQDQQXDOLVHGEDVHGRQXQDXGLWHGQDQFLDOVWDWHPHQWVRIQLQHPRQWKVHQGHGVW
December 2012. It is unlikely that the audited results would be materially different from annualised results.
E 7KH 3URW DIWHU WD[ RI &OLPDWH 6\VWHPV ,QGLD /LPLWHG -D\ %KDUDW 0DUXWL /LPLWHG .ULVKQD 0DUXWL /LPLWHG 0DQHVDU 6WHHO
Processing (India) Private Limited, Bellsonica Auto Component India Private Limited, Magneti Marelli Powertrain India Limited,
.ULVKQD,VKL]DNL$XWR/LPLWHGDQG%KDUDW6HDWV/LPLWHGKDVEHHQWDNHQRQWKHEDVLVRIXQDXGLWHGQDQFLDOVWDWHPHQWVIRU
QDQFLDO \HDU HQGHG st March 2013. It is unlikely that the audited results would be materially different from unaudited
results.
STATUTORY REPORTS
Adjustment for cancellation of Company's investment in Transferor Company (c)
Notes

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
FRPSULVH IDFLOLWDWLRQ RI SUHRZQHG FDU VDOHV HHW PDQDJHPHQW DQG FDU QDQFLQJ 7KH LQFRPH IURP WKHVH DFWLYLWLHV ZKLFK DUH
LQFLGHQWDOWRWKH&RPSDQ\VEXVLQHVVLVQRWPDWHULDOLQQDQFLDOWHUPVEXWVXFKDFWLYLWLHVFRQWULEXWHVLJQLFDQWO\LQJHQHUDWLQJWKH
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
178 -
Particulars
2011-2012
Domestic
Overseas
Unallocated
Total
Domestic
Overseas
Unallocated
Revenue from external

customers
450,230

507,156
361,286
40,302
7,351
Segment assets
244,465
8,777
21,466
274,708
203,701
7,577

Capital expenditure during

the year

32,244
Total
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.
F
8QDOORFDWHGUHYHQXHLQFOXGHVLQWHUHVWLQFRPHGLYLGHQGLQFRPHDQGSURWRQVDOHRILQYHVWPHQWV
d)
Unallocated assets include other deposits, dividend bank account and investments.
H
6HJPHQWDVVHWVLQFOXGHV[HGDVVHWVLQYHQWRULHVVXQGU\GHEWRUVFDVKDQGEDQNEDODQFHVH[FHSWGLYLGHQGEDQNDFFRXQW
other current assets, loans and advances (except other deposits).
I
&DSLWDOH[SHQGLWXUHGXULQJWKH\HDULQFOXGHV[HGDVVHWVWDQJLEOHDQGLQWDQJLEOHDVVHWVDQGQHWDGGLWLRQVWRFDSLWDOZRUN

in progress.
40. STATEMENT OF EARNING PER SHARE
1HW3URWDIWHUWD[DWWULEXWDEOHWRVKDUHKROGHUVLQPLOOLRQ`)
Weighted average number of equity shares outstanding
during the year (Nos)
Nominal value per share (In `)
Basic/diluted earning per share (In `)
2012-2013
2011-2012

16,812
302,080,060

5.00
5.00
81.74

Notes

41. MINIMUM LEASE PAYMENTS OUTSTANDING AS ON 31ST MARCH 2013 IN RESPECT OF ASSETS TAKEN ON
NON - CANCELLABLE OPERATING LEASES ARE AS FOLLOWS : As a lessee
Due
31.03.2013
31.03.2012
Total Minimum Lease Payments Outstanding

as on
31st March 2013
Total Minimum Lease

Payments Outstanding as on
31st March 2012
Premises
Within one year
Cars
Total
Premises
54

222
227
212
/DWHUWKDQYH\HDUV
682
682
741

Charged to rent expense
60

66
57
The Company has taken certain premises on cancellable operating lease. The rent expense amounting to ` 118 million
(Previous year ` PLOOLRQKDVEHHQFKDUJHGWRWKHVWDWHPHQWRISURWDQGORVV

MANAGEMENT REVIEW
50
/DWHUWKDQRQH\HDUEXWOHVVWKDQYH\HDUV
CORPORATE OVERVIEW
a)
E $VDOHVVRU
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 `PLOOLRQ

)RUZDUGFRQWUDFWVWREX\86'PLOOLRQ3UHYLRXV\HDU86'PLOOLRQDJDLQVW,15DPRXQWLQJWR` 1,086 million

(Previous year `PLOOLRQ
E )RUZDUG&RQWUDFWV5DQJH)RUZDUGFRQWUDFWDJDLQVW([SRUWV
-
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 `
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.
The above contracts have been undertaken to hedge against the foreign exchange exposures arising from transactions like
royalty and import of goods.
STATUTORY REPORTS
The Company has given certain plant and machineries on cancellable operating lease. The rental income arising of the same
amounting to `PLOOLRQKDVEHHQFUHGLWHGWRVWDWHPHQWRISURWDQGORVV
Notes

(c)
USD Floating rate/INR Floating rate cross-currency swap:
2XWVWDQGLQJ86',15)ORDWLQJUDWHFURVVFXUUHQF\VZDSLV86'PLOOLRQ3UHYLRXV\HDU86'PLOOLRQDPRXQWLQJ

to ` 3,773 million (Previous year ` 1,586 million)
(d)
Forward Contracts against Buyers Credit :
)RUZDUG&RQWUDFWVWREX\-3<PLOOLRQ3UHYLRXV\HDU-3<PLOOLRQDJDLQVW,15DPRXQWLQJWR` 460 million (Previous

year ` 2,434 million).
Forward Contracts to buy USD 165 million (Previous year USD 108 million against INR amounting to ` PLOOLRQ3UHYLRXV
year `PLOOLRQ
The above contracts have been undertaken to hedge against the foreign exchange exposure arising from foreign currency loan.

7KHIRUHLJQFXUUHQF\H[SRVXUHVWKDWDUHQRWKHGJHGE\DGHULYDWLYHLQVWUXPHQWRURWKHUZLVHDUHDVIROORZV
(In million)
As at 31.03.2013
180 - 181
YEN
Receivables
Payables
INR
Equivalent
USD
INR
Equivalent
EURO
177
101
54

4,105
17

18
INR
Equivalent
GBP
INR
Equivalent
257

1,270
0.6

As at 31.03.2012
Receivables
Payables
(In million)
YEN
INR
Equivalent
USD
INR
Equivalent
EURO
INR
Equivalent
32
20
182
10
715

22
1,118
133
Note: The above details include the derivative instruments and foreign currency exposure unhedged, as acquired pursuant to
scheme of amalgamation (refer note 37)
Mr.Kazuhiko Ayabe (w.e.f 28th April 2012)
FMI Automotive Components Limited
Bharat Seats Limited
Manesar Steel Processing India Private Limited
Outstanding at Year End

/RDQVDQGDGYDQFHVUHFRYHUDEOH
Others
TOTAL
$PRXQW5HFRYHUDEOH
SKH Metals Limited
Bellsonica Auto Component India
Pvt Ltd
PT Suzuki Indomobil Motor
Others
TOTAL
$PRXQWV3D\DEOH
Others
TOTAL
J.J. Impex (Delhi) Private Limited **
342
247
589
762
620

1,875
2,063
2,063
856
441
1,297
606
606
Associates
144
144
Joint
Ventures
236
236

12,698
1,063
1,088
2,151

29
Key
Management
Personnel
85
85
301
301
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
Suzuki Powertrain India Limited*
Total
686
1,249
4,853
4,853
636
636

15,602
563
-
303
2,183
2,486
Associates
10
997

104
104
Joint
Ventures

515
1,207
27
27

9,740
23
23
22
22
45
45
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
Taiwan Suzuki Automobile Corporation
Suzuki Philippines Inc.
Suzuki New Zealand Limited
Suzuki Motorcycle India Private Limited

1,233
3,475

5,516
15,256
563

303
2,355
2,658
Total
Key
Management
Personnel
Suzuki Motor Poland Sp. Z.o.o. (Former Suzuki Motor Poland Limited)
Suzuki Motor Iberica, S.A.U.
Suzuki Motor (Thailand) Co., Limited
Suzuki Italia S.P.A.
Suzuki International Europe G.m.b.H.
Suzuki GB PLC
Suzuki France S.A.S.
Suzuki Cars (Ireland) Limited
Suzuki Auto South Africa (Pty) Limited
Suzuki Austria Automobile Handels G.m.b.H.
Suzuki Australia Pty. Limited
PT Suzuki Indomobil Motor (Former PT Indomobil Suzuki International)
Magyar Suzuki Corporation Limited
Jinan Qingqi Suzuki Motorcycle Co., Limited
)HOORZ6XEVLGLDULHV2QO\ZLWKZKRPWKH&RPSDQ\KDGWUDQVDFWLRQV
during the current year)
1,063
2,107
5,408
762
620
856
342
721
1,063
Magneti Marelli Powertrain India Private Limited
Sona Koyo Steering Systems Limited
Nippon Thermostat (India) Limited
SKH Metals Limited
Machino Plastics Limited
Denso India Limited
Maruti Insurance Broker Limited
Maruti Insurance Business Agency India Limited
True Value Solutions Limited
Maruti Insurance Agency Solutions Limited
Maruti Insurance Agency Network Limited
Maruti Insurance Distribution Services Limited
Maruti Insurance Agency Logistics Limited
Maruti Insurance Agency Services Limited
STATUTORY REPORTS
6XEVLGLDULHV
Maruti Insurance Broking Private Limited

Associates
Inergy India Automotive Components Limited
Krishna Auto Mirrors Limited
Mr Keiichi Asai
Mark Exhaust Systems Limited

Bellsonica Auto Component India Private Limited
Mr Tsuneo Ohashi
Mr.Shuji Oishi (upto 28th April 2012)
Mr Shinzo Nakanishi
Joint Ventures
Key Management Personnel
Holding Company
MANAGEMENT REVIEW
CORPORATE OVERVIEW
43. STATEMENT OF TRANSACTIONS WITH RELATED PARTIES
Notes
TOTAL
206
TOTAL
39

269
TOTAL
Others
SKH Metals Limited
Bellsonica Auto Component India

Private Limited
Other Misc Income

TOTAL
Others
SKH Metals Limited
Finance Income/ Commission/Dividend
Other Income
3,412
3,412
PT Indomobil Suzuki International
TOTAL
Suzuki GB PLC
Others
Suzuki Motorcycle India Private Ltd.
Suzuki International Europe G.m.b.H.
Sale of Goods
206
Others
TOTAL
3XUFKDVHVRI7DQJLEOHDQG,QWDQJLEOH
Fixed Assets
Others
Guarantees given to third parties for

the Company
Others
Goods in Transit - Component Etc.
Joint
Ventures
760
17
147
232
164
200
363
165
56
43

50
5,373
5,373
156
156
Associates
87
87
58
58
1,734
1,734
954

15
15
23,203
6,256

3,150
4,625
10
10
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
Key
Management
Personnel
1,131
388
147
232
164
200
403
205
56
43

50
32,046

3,150
4,625
2,106
372
1,734
954

Total
182 - 183
188
188
32
32
1,906

89

Joint
Ventures
1,622
1,122
28
165

216
977
772
28
46
88
44
3,010
3,010
260
260
Associates
480
480
82
82
3,676
3,676
1,586
1,586
1,963

12,320
4,744

1,826
1,762
75
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
Key
Management
Personnel
2,299
1,800
28
165

216
1,009
804
28
46
88
44
17,318

1,826
1,762
75
6,070
354
3,676
1,586
1,586
1,963

Total
Notes
TOTAL
TOTAL
TOTAL
Mr. Kazuhiko Ayabe
TOTAL
763
763
557
557
24,538
24,538
1,358
1,358
22,656
22,656
97
20
22
22
31
Key
Management
Personnel
97
20
22
22
31
1,131

154
559
557
24,538
24,538
1,358
1,358
88,134
47,030
8,775

22,656
Total
8,919

Joint
Ventures
88,631
71,707
8,268
8,656
Associates
1,090

18,031
18,031
1,175
1,175
21,149

199
134
65
2011-12
Holding
Fellow
Company
VXEVLGLDULHV
MANAGEMENT REVIEW
STATUTORY REPORTS
consolidation of such transactions.
CORPORATE OVERVIEW
85

20
27
200
135
65
1,090

18,031
18,031
1,175
1,175
1,18,701
80,628
8,268
8,656

Total
The transactions entered into with the joint ventures companies have been disclosed above. The above disclosure does not include the disclosure of the amounts recorded on proportionate
85

20
27
Key
Management
Personnel
**J. J. Impex (Delhi) Private Limited was an joint venture of the Company in the previous year and has become a subsidiary of the Company with effect from 1st April, 2012
363

154
187
187
2012-13
Holding
Fellow
Company
VXEVLGLDULHV
* Amalgamated with the Company with effect from 1st April, 2012 ( Refer Note 37)
Note:
Mr. Keiichi Asai
Mr. Syuji Oishi
Mr. Shinzo Nakanishi
Mr. Tsuneo Ohashi
Managerial Remuneration
TOTAL
Suzuki GB PLC
53,803
35,355
8,775

Associates
Others
Other Expenditure
Others
Services Received
Royalty
Proposed Dividend
11,488
11,488
TOTAL
Others
Purchases of Goods
Expenditure
Joint
Ventures
Notes
Notes

44. The Board of Directors in its meeting held on 26th April

2013 have approved the amalgamation of the seven wholly
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effective from 1st April 2013 and is subject to Shareholders
and other necessary approvals.

KENICHI AYUKAWA
SHINZO NAKANISHI
Director
ABHISHEK RARA
Partner
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AJAY SETH
&KLHI)LQDQFLDO2IFHU
S. RAVI AIYAR
& Company Secretary
Place: New Delhi

184
45. 7KH JXUHV IRU WKH SUHYLRXV \HDU GR QRW LQFOXGH JXUHV IRU
erstwhile Suzuki Powertrain India Limited, which has been
amalgamated with the Company effective 1st April 2012,
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of the previous year.
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to predict roadblocks in advance.
But they do impede our path unexpectedly and make the journey forward challenging.
5HJLVWHUHG2IFH
Registrar and Transfer Agent
1, Nelson Mandela Road, Vasant Kunj

New Delhi 110 070
.DUY\&RPSXWHUVKDUH3YW/WG
Plot No. 17 24, Vittal Rao Nagar
Madhapur, Hyderabad 500 081
Andhra Pradesh
Phone: +91 11 4678 1000

Resilience
Resolve
Phone: +91 40 2342 0815/2342 0816

www.karvycomputershare.com
Resurgence
0DUXWL6X]XNL,QGLD/LPLWHG
concept and design at
(info@aicl.in)

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Resurgence

Maruti Suzuki India Limited

Maruti Suzuki at a Glance

Independent Auditors Report

Cash Flow Statement

Resilience against headwinds

Resolve to hold our ground

Resurgence and a new era of

From the MDs Desk

Executive Management Team

Corporate Governance Report

Business Responsibility Report

Independent Auditors Report

Cash Flow Statement

Alto 800 (also available Alto K 10)

Maruti Suzuki unveiled Wagon R Pro, a limited edition

Maruti Suzuki launched the New Alto 800

Maruti Suzuki was runners-up at the Corporate Green

Maruti Suzuki was felicitated with the Golden Peacock

TLG Partners, London

ANNUAL REPORT 2012-13

Momentum Across Rough

BOOK VALUE & EPS

Numbers paint a credible picture than words.

PROFIT AFTER TAX

TOTAL UNIT SALES

J.D. Power Customer

Vehicles sold in 2012-13

Growth of diesel vehicle

Total diesel vehicle sales

Growth of rural sales

Total rural sales

Total Resident Dealer

Number of E-outlets (smaller

Number of new cars sold

Market share in utility

Number of utility vehicles

Of the total water need met

Waste water discharged

Rounded off to nearest 000

PETROL PRICES IN DELHI

MSIL PETROL VEHICLE SALES

EXPORTS TO EUROPEAN COUNTRIES (in units)

(Rounded off to nearest 000)

Source: Economic Survey, Economic Outlook, Company

(Graphs not to scale) |

Number of Ertiga sold in just a

DIESEL VEHICLE SALES

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NEW CAR SALES THROUGH EXCHANGE

(average sales/ month)

The Company made strong efforts to develop the non(XURSHDQPDUNHWVDQGWKLVFRPSHQVDWHGWRDODUJHH[WHQW

(Graphs not to scale) |

CNG CAR SALES

(Rounded off to nearest 000)

EBITDA AND PAT MARGIN

MARUTI SUZUKI MARKET SHARE (%)

PASSENGER VEHICLE INDUSTRY GROWTH (%)

We are convinced that your Company will

During 2012-13, following the increase

Your Company has shown that its

Suzuki Japan has decided that India

We are now in the election year,

Special Salary: `SHUDQQXP)L[HG

Special Salary: `SHUDQQXP)L[HG

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