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HOME / MARKET TODAY / COMPANY SNAPSHOT / DIRECTOR'S SPEECH

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Maruti Suzuki India Director's Speech March 2013 
The directors have pleasure in presenting the 32nd annual report together with the audited accounts for the year ended 31st March 2013.

FINANCIAL RESULTS

The Company's financial performance during the year 2012-13 as compared to the previous year 2011-12 is summarised below: (Rs. in million)

2012-13 2011-12

Total revenue 444,003 364,139

Profit before tax 29,910 21,462

Tax expense 5,989 5,110

Profit after tax 23,921 16,352

Balance brought forward 130,777 118,578

Addition on amalgamation 3,565 -

Profit available for appropriation 158,263 134,930

Appropriations:

General reserve 2,392 1,635

Proposed dividend 2,417 2,167

Corporate dividend tax 411 351

Balance carried forward to balance sheet 153,043 130,777

FINANCIAL HIGHLIGHTS

The total revenue (net of excise) was Rs. 444,003 million as against Rs. 364,139 million in the previous year showing an increase of 22 per cent. Sale of vehicles in the domestic market was 1,051,046 units as compared to 1,006,316 units in the previous year showing an increase of 4 per cent. Total number of vehicles exported was 120,388 units as compared to 127, 379 units in the previous year.

Profit before tax (PBT) was Rs. 29,910 million against Rs. 21,462 million showing an increase of 39 per cent and profit after tax (PAT) stood at Rs. 23,921 million against Rs. 16,352 million in the previous year showing an increase of 46 per cent.

DIVIDEND

The board recommends a dividend of Rs. 8 (eight) per equity share of Rs. 5 each for the year ended 31st March 2013 amounting to Rs. 2,417 million.

OPERATIONAL HIGHLIGHTS

The operations are exhaustively discussed in the report on 'Management Discussion and Analysis' which forms part of this annual report.

CRISIL RATINGS

The Company was awarded the highest financial credit rating of AAA/stable (long term) and A1 (short term) on its bank facilities by CRISIL. The rating underscores the financial strength of the Company in terms of the highest safety with regard to timely fulfillment of its financial obligations.

QUALITY

The Company was again awarded

ISO:27001 certification by STOC Directorate (Standardisation, Testing and Quality Certificate), Ministry of Communications and Information Technology, Government of India after re-assessment. The Company has established and is maintaining an Information Security Management System.

During the year, ISO 14001 Surveillance audit was carried out by M/s AVI, Belgium and the auditors recommended continuation ofthe ISO 14001.

The quality management system of the Company is certified against ISO 9001:2008 Standard. Re-assessment ofthe quality systems is done at regular intervals and re-certification assessments are done at every 3 years by an accredited third party agency. Also, the Company has an internal assessment mechanism to verify and ensure adherence of defined quality systems across the Company.

AWARDS/RECOGNITION/ RANKINGS

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

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

Golden Peacock Award - 2012 for sustainability.

Some of the awards given to Ertiga were:

MUV ofthe year by Car India Awards

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

Compact SUV for the year by CNBC Overdrive

- Top Gear family car of the year

Some of the awards given to Alto 800 were:

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

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

Compact Car of the year by CNBC Overdrive

- Viewers Choice by CNBC Overdrive

Some of the awards given to Swift

DZire were:

- Compact Sedan of the year 2013

Compact Sedan of the year by Car India

Midsized Car of the year by CNBC Overdrive

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

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

SUBSIDIARY COMPANIES AND THEIR ACCOUNTS

The Company's subsidiaries which were engaged in the business of insurance distribution in the past generated an investment income of Rs. 141.75 million including a dividend income of Rs. 8.93 million and long term capital gain of Rs. 132.82 million through mutual funds.

The Company's subsidiary 'True Value Solutions Limited' has contributed towards smooth operations of business processes and supported the dealerships in enhancing the sale of pre-owned cars under the brand Maruti True Value. It has contributed significantly to the efforts of customer retention by facilitating sale and re-purchase of new cars through exchange and has made significant contribution towards enhancing dealers' profitability.

In terms of the general circular dated 8th February 2011 issued by the Government of India, Ministry of Corporate Affairs, the balance sheets, profit & loss accounts, reports of the board of directors and auditors of the subsidiary companies have not been attached with the balance sheet of the Company. Annual accounts of the subsidiary companies and the related detailed information shall be made available to shareholders of the Company and subsidiary companies seeking such information at any point of time. The annual accounts of the subsidiary companies shall also be available for inspection by any shareholder at the head office of the Company and of the subsidiary companies. Hard copy of details of accounts of subsidiaries shall be furnished to any shareholder on demand. Further, pursuant to Accounting Standard - 21 issued by the Institute of Chartered Accountants of India, consolidated financial statements presented by the Company include the financial information of its subsidiaries.

AMALGAMATION

During the year under review, Suzuki Powertrain India Limited (SPIL) was amalgamated with and into the Company vide the order of the Hon'ble High Court of Delhi dated 29th January 2013. The order was filed with the Registrar of Companies, 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 Rs. 5/- each were allotted to Suzuki Motor Corporation on 29th March 2013 and the paid up equity capital stands increased to Rs. 1,510 million.

HUMAN RESOURCE DEVELOPMENT

To have a sustainable competitive advantage in the new knowledge economy, learning is a key catalyst for an organisation's 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 (functional and behavioral) for all the employees. The training programs varied and were tailored according to the business requirements, employee needs at various levels and are designed with the help of a thorough and well structured process of need identification connected to the business demands. The Company's annual training calendar encompassed training programs for all categories of employees i.e. associates, supervisors and junior, middle, senior and top management level. To ensure a well rounded development of all the employees, the training calendar comprised of behavioral, functional, safety and environment trainings.

In 2012 -13, a total of 48,300 man-days of training were conducted for the employees across all the levels. This translates to an average of 5.15 days of training per employee.

The functional and technical trainings formed an important part of the Company's annual training calendar as they are directly linked with the employees' role and on the job performance. These trainings were imparted by in-house subject matter experts as well as by identified external trainers.

Some of the functional trainings imparted internallyare 3G,3K,5S, Design Failure Mode Effects Analysis (DFMEA), environment, product training and Quality Control (OC) tools. Examples of few functional trainings which are done by external trainers are finance for non-finance, six sigma, project management, inventory and warehouse management, world class manufacturing practices, auto cad, MS excel, etc.

The behavioral trainings also formed a considerable portion of the training calendarand included trainings on subjects like negotiation skills, problem solving and decision making skills, presentation and communications skills, conflict management and resolution, assertiveness and self confidence, time management and multi tasking skills, leading effectively, inter personal relationships, personal effectiveness, work life balance, team working, competency based interviewing skills, etc.

Workshops were designed specifically for the women employees to help them understand challenges at work woman, managing perceptions, expectations and disappointments, self-esteem, balancing work and home and managing stress.

The Company also provided higher education schemes for its employees. It helped not only to groom and retain the high potential young managers but also enabled employees to fulfill their career enhancement aspirations, while still working in the organisation. The scheme included programs like - executive MBA (full time and part time) at select campuses. The scheme was available for employees at levels of assistant managers to managers.

DIRECTORS

Mr. Amal Ganguli, Mr. Keiichi Asai and Mr. D. S. Brar, Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for re-appointment. Mr. M. S. Banga, Independent Director resigned from the board of the Company with effect from close of business hours of 26th October 2012. Mr. R. P. Singh was appointed as an Independent Director in the casual vacancy caused bythe resignation of Mr. M.S. Banga. Mr. Shinzo Nakanishi retired from the post of MD & CEO of the Company with effect from close of business hours of 31st March 2013. Mr. Kenichi Ayukawa was appointed as the MD & CEO of the Company with effect from 1st April 2013.

DIRECTORS' RESPONSIBILITY STATEMENT

As required under section 217(2AA) of the Companies Act, 1956, your directors confirm:

a) that there were no material departures in the applicable accounting standards followed while preparing the annual accounts;

b) having selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period;

c) having taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and

d) having prepared the annual accounts on a going concern basis.

CONSERVATION OF ENERGY,TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO

A statement giving details of conservation of energy, technology absorption, foreign exchange earnings and outgo in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 is annexed as Annexure A.

PERSONNEL

As required by the provisions of section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, the names and other particulars of the employees are set out in Annexure B to the Directors' Report. However, as per the provisions of section 219(l)(b)(iv) of the Companies Act, 1956, the Annual Report is being sent to all the shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.

CONSOLIDATED FINANCIAL STATEMENTS

In accordance with the Accounting Standard - 21 on Consolidated Financial Statements read with Accounting Standard - 23 on Accounting for Investments in Associates and Accounting Standard - 27 on Financial Reporting for Interest in Joint Ventures, the audited consolidated financial statements are provided in the Annual Report.

CORPORATE GOVERNANCE

The Company has complied with the corporate governance requirements, as stipulated under clause 49 of the listing agreement and the stipulated certificate of compliance is contained in this Annual Report.

AUDITORS

The auditors, M/s Price Waterhouse, Firm Registration Number FRN301112E, Chartered Accountants, hold office until the conclusion of the ensuing annual general meeting and are recommended for re-appointment. A certificate from the auditors has been received to the effect that their re-appointment, if made, would be in accordance with section 224 (IB) of the Companies Act, 1956.

COST AUDITORS

In conformity with the directives of the Central Government, the Company has appointed M/s R. J. Goel & Co., cost accountants, as the cost auditors under section 233B of the Companies Act, 1956 for the audit of the cost accounts for the motor vehicles business for the year ending on 31st March 2014. The extended due date of filing the cost audit report for the financial year 2011-12 in 'Extended Business Reporting Language' (XBRL) format with the Ministry of Corporate Affairs was 28th February 2013. This report was filed within the stipulated time on 18th January 2013.

ACKNOWLEDGMENT

The board of directors would like to express its sincere thanks for the co-operation and advice received from the Government of India and the Haryana Government. Your directors also take this opportunity to place on record their gratitude for timely and valuable assistance and support received from Suzuki Motor Corporation, Japan. The board also places on record its appreciation for the enthusiastic co-operation, hard work and dedication of all the employees of the Company including the Japanese staff, dealers, vendors, customers, business associates, auto finance companies, state government authorities and all concerned without which it would not have been possible to achieve all round progress and growth of the Company. The directors are thankful to the shareholders for their continued patronage.

For and on behalf of the board of directors

KENICHI AYUKAWA R.C. BHARGAVA

Managing Director Chairman & CEO

New Delhi

26th April 2013

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Company Identification Number (CIN): Sharekhan Ltd: U99999MH1995PLC087498; Sharekhan Commodities Pvt Ltd: U67120MH2000PTC127261; Sharekhan Financial Services Pvt Ltd: U65920MH2004PTC149518; Sharekhan.Com India Pvt Ltd: U80904MH2000PTC126954; Sharekhan Insurance Broking Ltd: U67120MH2000PLC127257

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