Mar 31, 2023
Your Directors have pleasure in presenting the 42nd annual report together with the audited financial statements for the year ended 31st March, 2023.
The Companyâs financial performance during 2022-23 as compared to the previous year 2021-22 is summarized below:
( '' in million) |
||
Particulars |
2022-23 |
2021-22 |
Total revenue |
1,196,842 |
900,891 |
Profit before tax |
101,591 |
45,823 |
Tax expense |
21,099 |
8,160 |
Profit after tax |
80,492 |
37,663 |
Retained Earnings |
- |
- |
Balance at the beginning of the year |
479,986 |
455,741 |
Profit for the year |
80,492 |
37,663 |
Other comprehensive income arising from remeasurement of defined benefit obligation* |
(286) |
208 |
Amount transferred to employee welfare fund |
- |
- |
Income on employee welfare fund |
(119) |
(106) |
Expenses on employee welfare fund |
32 |
74 |
Amount transferred to scientific research fund |
- |
- |
Payment of dividend on equity shares |
(18,125) |
(13,594) |
Corporate dividend tax paid |
- |
- |
Balance at the end of the year |
541,980 |
479,986 |
*net of deferred tax assets of '' 58 million (previous year deferred tax liabilities '' 12 million)
The total revenue was '' 1,196,842 million as against '' 900,891 million in the previous year showing an increase of 32.85%. Sale of vehicles in the domestic market was 1,706,831 units as compared to 1,414,277 units in the previous year showing an increase of 20.69%. Total number of vehicles exported was 259,333 units as compared to 238,376 units in the previous year showing an increase of 8.79%.
Profit before tax (PBT) was '' 101,591 million against '' 45,823 million showing an increase of 121.70% and profit after tax (PAT) stood at '' 80,492 million against '' 37,663 million in the previous year showing an increase of 113.72%.
The Board recommends a dividend of '' 90/- per equity share of '' 5/- each for the year ended 31st March, 2023 amounting to '' 27,187 million. No amount was carried to General Reserve. The Company has formulated a dividend distribution policy and the same is available on the website of the Company at the web-link https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ MSIL Dividend Distribution Policy.pdf
The operations are exhaustively discussed in the âManagement Discussion and Analysisâ forming part of the annual report.
Consolidated Financial Statements
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
Performance of Subsidiaries, Associates and Joint Venture Companies
A report containing the performance, financial position and the contribution of subsidiaries, associates and joint venture companies to the overall performance of the Company as required by the Companies Act, 2013 (hereinafter referred to the âActâ) is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity (Form AOC-1).
Further, no Company has become or ceased to be the subsidiary, joint venture or associate company during the year under review.
The audited Financial Statements of each of the subsidiary companies are also available on the website of the Company at the web-link https://www.marutisuzuki.com/corporate/investors/ company- reports
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ), the Company has a policy for determining material subsidiaries. The policy is available on the website of the company at the web-link https://marutistoragenew.blob.core.windows.net/ msilintiwebpdf/Policy on Subsidiary Companies New.pdf
During the year under review, the Company has not invited or accepted any deposits from the public in terms of Chapter V of the Act.
The annual return of the Company for the year 2022-23 is available on the website of the Company at the web-link https:// www.marutisuzuki.com/corporate/investors/company-reports
Particulars of Loans, Guarantees and Investments
Details of loans, guarantees and investments, if any, covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
Board of Directors and Key Managerial Personnel (KMP)
In accordance with the provisions of Section 152 of the Act and the Articles of Association of the Company, Mr. Kinji Saito (DIN: 00049067), Non-Executive Director and Mr. Kenichi Ayukawa (DIN: 02262755), Non-Executive Director of the Company, will retire by rotation at the ensuing Annual General Meeting and being eligible have offered themselves for re-appointment.
Mr. Kenichiro Toyofuku (DIN: 08619076) was re-appointed as a Whole-time Director designated as Director (Corporate Planning) of the Company for a period of 3 years with effect from 5th December, 2022 at the 41st Annual General Meeting of the Company held on 31st August, 2022.
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 along with Regulation 16 and Regulation 25 of the Listing Regulations from all the Independent Directors. Under the relevant provisions of the Act and the Listing Regulations, one separate meeting of the Independent Directors was held during 2022-23. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise and hold highest standards of integrity.
The details of the familiarization programmes for the Independent Directors are available on the website of the Company at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Familiarization Programmes for Independent Directors.pdf
Directorsâ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
A calendar of meetings is prepared and circulated in advance to the Directors. During the year under review, five board meetings were held, the details of which are given in the Corporate Governance Report.
For composition of the Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, CSR Committee and Risk Management Committee, please refer to the Corporate Governance Report.
The annual report on CSR activities containing details of CSR Policy and other prescribed details are given in Annexure - A.
Pursuant to Regulation 21 of Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a Risk Management Policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).
Internal financial controls have been discussed under the head âCEO/CFO Certificationâ in the Corporate Governance Report.
and responsibilities, effectiveness to govern the organisation, diversity, expertise, experience, independence of Directors, integrity, their composition, attendance, participation levels, bringing specialised knowledge for decision making, smooth functioning, effective decision making, terms of reference, conduct of committees and frequency of meetings, etc. The Directors expressed their satisfaction with the evaluation process.
The Board also noted that the Independent Directors had fulfilled the independence criteria as specified in the Listing Regulations and were independent from the management.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure - C and is available on the website of the Company at the web-link https://marutistoragenew.blob.core.windows.net/ msilintiwebpdf/MSIL Nomination and Remuneration Policy.pdf
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has also complied with its provisions relating to the constitution of Internal Complaints Committee to redress complaints received regarding sexual harassment.
The status of the complaints received by the Company during the year under review is as under:
a) |
Number of complaints filed |
2 |
b) |
Number of complaints disposed of |
1 |
c) |
Number of complaints pending as on the end of financial year |
1 |
The Company has in place an established and effective mechanism called the Whistle Blower Policy (âPolicyâ). The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this Policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise concerns about serious irregularities, unethical behavior, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
The Company has a policy on related party transactions which is available on the website of the company at the web-link https:// marutistoragenew.blob.core.windows.net/msilintiwebpdf/Policv on Related Party Transactions New.pdf
In terms of Section 134(3)(h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, the material transactions with related parties were on armsâ length basis and in ordinary course of business, and are reported in Form AOC - 2 which is attached as Annexure - B.
The disclosure with respect to the transactions with promoter and promoter group which is holding 10% or more of the shareholding in the Company are given in the notes forming part of the financial statements.
Pursuant to the provisions of the Act and the Listing Regulations, the annual performance evaluation of the Board, its committees and the Directors was carried out as per the Nomination and Remuneration Policy of the Company. The evaluation of the performance of the Board, its Chairman and the NonIndependent Directors was carried out by the Independent Directors. The evaluation of the performance of the Directors individually was done by the Nomination and Remuneration Committee and the evaluation of the performance of the Board, its committees and the individual Directors was done by the Board. The criteria for the evaluation of individual Directors included a) the extent of engagement and contribution to the affairs of the Company including by way of attendance in Board and committee meetings; b) ability to discharge their duties and obligations diligently in the best interest of the Company; c) ability to provide effective leadership and checks and balances towards sustaining the highest levels of corporate governance; d) exercise duty of care and skill in the discharge of their functions; e) exercise independence of judgment and bring about objectivity to the Board process; and f) safeguarding the interest of all the stakeholders specially the minority shareholders. The evaluation criteria of the performance of the Board and its committees included, inter-alia, their culture and management with various factors like environment of discussion, their roles
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3)(m) of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is attached as Annexure - D.
A detailed report on corporate governance is annexed to the Annual Report. The Company has complied with the corporate governance requirements, as stipulated under the Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Management Discussion and Analysis Report
The detailed report on Management Discussion and Analysis is annexed to the Annual Report.
The Company has complied with all the mandatorily applicable Secretarial Standards issued by the Institute of Company Secretaries of India.
As required by the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure - E. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
In accordance with the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, M/s R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2023-24. The maintenance of cost records as specified by the Central Government under Section 148 (1) of the Act is required by the Company and such accounts and records are made and maintained.
The statutory auditors, M/s Deloitte Haskins & Sells LLP were appointed at the 40th Annual General Meeting of the Company to hold the office till the conclusion of the 45th Annual General Meeting of the Company. In compliance with the conditions of the Foreign Direct Investment, a certificate has been obtained from Deloitte Haskins & Sells LLP for the downstream investments made by the Company.
In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, during the year under review, the Board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for the financial year 2022-23. The report on secretarial audit is attached as Annexure - F.
There is no qualification, reservation, or adverse remark by the Statutory Auditors and the Secretarial Auditors in their respective reports.
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 has established and is maintaining an environmental management system (EMS) since 1999. During the year, surveillance audit for ISO 14001 was carried out by M/s VINQOTTE nv, Belgium for the manufacturing plants located at Gurugram, Manesar and Rohtak R&D Centre.
The Quality Management System of the Company is certified as per ISO 9001:2015 standard. Regular assessments of the Quality Systems are done through surveillance audits and re- certification assessments are done every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined Quality Systems across the Company.
Awards/Recognition/Rankings
The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:
a. Mr. R.C. Bhargava, Chairman of the Company was conferred the âBusiness Icon - Corporate Visionary Awardâ at the 10th edition BT MindRush by Business Today.
b. âManufacturer of the Yearâ title at Jagran HiTech Awards 2022 and also at 1st edition of Acko Drive Awards 2023.
c. âOutstanding Commitment in road safety by corporatesâ by FICCI for the road safety efforts of the Company.
d. âBest Innovative CSR Project of the Yearâ award at 5th Edition of Corporate Social Responsibility Summit 2022.
e. âCompany with Best CSR Impactâ at the 8th CSR Impact Awards 2022.
f. Excellent Position Under Auto & Ancillary Products Category at the âCII SCALEâ Supply Chain and Logistics and Excellence Awards.
g. Platinum-Par Excellence award along with First, Second and Third prizes at CII âSupervisory Skill Competition 2022.
h. âBest Innovation AI/ML Servicesâ at Amazon AI Concave
2022.
i. âCSR Leadership Award for Employment Creationâ and
âCSR Leadership Award for deploying Technology in
CSRâ for Automated Driving Test Center at India CSR
Leadership Award, 2022.
j. The Grand Vitara was conferred:
⢠âCar of the yearâ & Mid- size SUV of the Year at Autocar Awards 2023.
⢠âAutomobile of the Yearâ at Car - India Bike Awards 2022.
⢠âNew Product of the Yearâ at Zee Awards 2022.
⢠âBest of 2022â title at AutoX Awards.
⢠âViewerâs Choice Car of the Yearâ at Jagran HiTech Awards 2022 and at Indian Vehicle Awards, 2023.
⢠âBest 4x4 of the Yearâ at the Autoportal Best Car Awards 2022.
⢠âSUV of the Year 2022â at ABP Auto Awards, 2022.
⢠âCompact SUV of the Yearâ at Acko Drive Awards, 2023.
k. The Baleno bagged:
⢠âHatchback of the Yearâ award at Autocar Awards 2023 and Zee Auto Awards 2022.
⢠âBest Pre-Owned Large Hatchback Awardâ at OLX Autos Autocar Pre-Owned Car Awards 2023.
⢠âBest Hatchback Awardâ at Autoportal Best Car Awards 2023.
⢠âPremium Hatchback of the Yearâ at Motor Vikatan Awards, 2023.
⢠âSub-compact car of the Yearâ at Acko Drive Awards, 2023.
l. The New Brezza was awarded:
⢠âFacelist SUV of the Yearâ at Jagran HiTech Awards 2022.
⢠âUpdate of the Year 2023â at Indian Vehicle Awards.
⢠âSub Compact SUV of the Yearâ at Acko Drive Awards, 2023 and at ABP Auto Awards, 2022.
⢠âBest Pre-Owned Compact SUVâ at OLX Autos Autocar Pre-Owned Car Awards, 2023.
m. The Ertiga was titled as the âBest Pre-Owned MPVâ and âBest Pre-Owned car of the Yearâ at OLX Autos Autocar Pre-Owned Car Awards 2023.
n. Ciaz won the âBest Pre-owned Midsize Sedanâ award at OLX Autos Autocar Pre- owned Car Awards, 2023.
o. Alto K10 won the âEntry Level Hatchback of the Yearâ award at Vikatan Awards 2023 and âEntry Level Car of the Yearâ at ABP Auto Awards, 2022.
p. Alto won the âPeopleâs Car of the Yearâ award at Jagran HiTech Awards 2023 and âEntry-level car of the Yearâ at the Acko Drive Awards, 2023.
q. Celerio won the âHatchback of the Yearâ award at Motoring World Awards 2022.
r. The CV Awards 2023 awarded EECO Cargo the âCommercial Van of the Yearâ.
The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, the State Governments of Haryana and Gujarat. 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 members for their continued patronage.
For and on behalf of the Board of Directors
Hisashi Takeuchi Kenichiro Toyofuku
Managing Director & CEO Director (Corporate Planning)
DIN:07806180 DIN:08619076
New Delhi 26th April, 2023
Mar 31, 2022
Your Directors have pleasure in presenting the 41st annual report together with the audited financial statements for the year ended 31st March, 2022.
The Companyâs financial performance during 2021-22 as compared to the previous year 2020-21 is summarized below:
( '' in million) |
||
Particulars |
2021-22 |
2020-2021 |
Total revenue |
900,891 |
732,789 |
Profit before tax |
45,823 |
51,594 |
Tax expense |
8,160 |
9,297 |
Profit after tax |
37,663 |
42,297 |
Retained Earnings |
||
Balance at the beginning of the year |
455,741 |
432,385 |
Profit for the year |
37,663 |
42,297 |
Other comprehensive income arising from remeasurement of defined benefit obligation* |
208 |
408 |
Amount transferred to employee welfare fund |
- |
(565) |
Income on employee welfare fund |
(106) |
(108) |
Expenses on employee welfare fund |
74 |
14 |
Amount transferred to scientific research fund |
- |
(565) |
Payment of dividend on equity shares |
(13,594) |
(18,125) |
Corporate dividend tax paid |
- |
- |
Balance at the end of the year |
479,986 |
455,741 |
* net of deferred tax liabilities of '' 12 million (previous year deferred tax liabilities '' 137 million )
The total revenue was '' 900,891 million as against '' 732,789 million in the previous year showing an increase of 22.94%. Sale of vehicles in the domestic market was 1,414,277 units as compared to 1,361,722 units in the previous year showing an increase of 3.86%. Total number of vehicles exported was 238,376 units as compared to 96,139 units in the previous year showing an increase of 147.95%.
Profit before tax (PBT) was '' 45,823 million against '' 51,594 million showing a decrease of 11.19% and profit after tax (PAT)
stood at '' 37,663 million against '' 42,297 million in the previous year showing a decrease of 10.96%.
The Board recommends a dividend of '' 60/- per equity share of '' 5/- each for the year ended 31st March, 2022 amounting to '' 18,125 million. The Company has formulated a dividend distribution policy that forms part of the annual report. No amount was carried to General Reserve.
The operations are exhaustively discussed in the âManagement Discussion and Analysisâ forming part of the annual report.
Consolidated Financial Statements
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 (âActâ) is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC-1)
The annual return of the Company for the year 2021 -22 is available on its website at https://www.marutisuzuki.com/corporate/ investors/company-reports.
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ), the Company has a policy for determining material subsidiaries. The policy is available on its website at
https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Policy on Subsidiary Companies.pdf
Particulars of Loans, Guarantees and Investments
Details of loans, guarantees and investments, if any, covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.
For composition of the audit committee, please refer to the Corporate Governance Report.
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act and Listing Regulations from all the Independent Directors. Under the relevant provisions of the Act and the Listing Regulations, one separate meeting of the Independent Directors was held during 2021-22. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise and hold highest standards of integrity. The details of the familiarization programmes for the Independent Directors are available on the website of the Company at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Familiarization Programme.pdf.
Directorsâ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Directors and Key Managerial Personnel (KMP)
Mr. Hisashi Takeuchi and Mr. Kenichiro Toyofuku shall retire by rotation in the ensuing Annual General Meeting of the Company and, being eligible, have offered themselves for re-appointment. Mr. Kenichi Ayukawa was appointed as Executive Vice Chairman with effect from 1st April, 2022 for a period of six months till 30th September, 2022. Mr. Hisashi Takeuchi was appointed as Managing Director and Chief Executive Officer with effect from 1st April, 2022 for a period of three years till 31st March, 2025.
Pursuant to Regulation 21 of the Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a Risk Management Policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).
Internal financial controls have been discussed under âCEO/CFO Certificationâ in the Corporate Governance Report.
The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy). The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this Policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise concerns about serious irregularities, unethical behavior, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
The Company has a policy on related party transactions which is available on the Companyâs website at https://marutistoragenew. blob.core.windows.net/msilintiwebpdf/Policy On Related Party Transactions.pdf. In terms of Section 134(3) (h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there was no transaction to be reported in Form AOC 2. The disclosure with respect to the transactions with promoter and promoter group which is holding 10% or more of the shareholding in the Company are given in the notes forming part of the financial statements.
Pursuant to the provisions of the Act and the Listing Regulations, the annual performance evaluation of the Board, its committees and the Directors was carried out as per the Nomination and Remuneration Policy of the Company. The evaluation of the performance of the Board, its Chairman and the Non-
a) |
Number of complaints filed |
Nil |
b) |
Number of complaints disposed of |
Nil |
c) |
Number of complaints pending as on the end of financial year |
Nil |
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure C.
Corporate Governance
The Company has complied with the corporate governance requirements, as stipulated under the Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Secretarial Audit Report
In accordance with the provisions of Section 204 of the Act read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2021-22. The report on secretarial audit is attached as Annexure D. The report does not contain any qualification.
Secretarial Standards
The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.
Management Discussion and Analysis Report
The annual report has a detailed report on Management Discussion and Analysis.
Personnel
As required by the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure E. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
Independent Directors was carried out by the Independent Directors. The evaluation of the performance of the Directors individually was done by the Nomination and Remuneration Committee and the evaluation of the performance of the Board, its committees and the individual Directors was done by the Board. The criteria for the evaluation of individual Directors included a) the extent of engagement and contribution to the affairs of the Company including by way of attendance in Board and committee meetings; b) ability to discharge their duties and obligations diligently in the best interest of the Company; c) ability to provide effective leadership and checks and balances towards sustaining the highest levels of corporate governance; d) exercise duty of care and skill in the discharge of their functions; e) exercise independence of judgment and bring about objectivity to the Board process; and f) safeguarding the interest of all the stakeholders specially the minority shareholders. The evaluation criteria of the performance of the Board and its committees included, inter-alia, their culture and management with various factors like environment of discussion, their roles and responsibilities, effectiveness to govern the organisation, diversity, expertise, experience, independence of Directors, integrity, their composition, attendance, participation levels, bringing specialised knowledge for decision making, smooth functioning, effective decision making, terms of reference, conduct of committees and frequency of meetings, etc. The Directors expressed their satisfaction with the evaluation process. The Board also noted that the Independent Directors had fulfilled the independence criteria as specified in the Listing Regulations and were independent from the management.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure A.
Corporate Social Responsibility (CSR)
The annual report on CSR activities containing details of CSR Policy, composition of the CSR Committee and other prescribed details are given in Annexure B.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti- Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has also complied with its provisions relating to the constitution of Internal Complaints Committee to redress complaints received regarding sexual harassment.
The status of the complaints received by the Company during the year is as under:
In accordance with the provisions of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, M/s R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2022-23. The maintenance of cost records as specified by the Central Government under Section 148 (1) of the Act is required by the Company and such accounts and records are made and maintained.
The auditors, M/s Deloitte Haskins & Sells LLP (âDeloitteâ) were re-appointed in the 40th Annual General Meeting and hold their office till the conclusion of the 45th Annual General Meeting. In compliance with the conditions of the Foreign Direct Investment, a certificate has been obtained from Deloitte Haskins & Sells for the downstream investment made by the Company.
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.
The Company has established and is maintaining an environmental management system (EMS) since 1999. During the year, surveillance audit for ISO 14001 was carried out by M/s VINQOTTE nv, Belgium for the manufacturing plants located at Gurugram and Manesar in November, 2021. The auditors appreciated various efforts taken by MSIL in regard to EMS initiatives.
The Quality Management System of the Company is certified as per ISO 9001:2015 standard. Regular assessments of the Quality Systems are done through surveillance audits and re-certification assessments are done every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined Quality Systems across the Company.
The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:
a. The Companyâs advertising campaign âCalculateKiyaKya.â was selected as the winner in the âAuto Four Wheelersâ
category in the IndIAA Awards 2021 (IAA INDIA Awards 2021).
b. Mr. Kenichi Ayukawa, Executive Vice Chairman was conferred the âLifetime Automotive Industry Leader of the Yearâ award at the prestigious Jagran HiTech Awards 2021.
c. The All-New Celerio bagged âHatchback of the Yearâ award.
d. The Company received many awards during India CSR Leadership Summit 2021 in the area of its CSR activities.
e. The ET Edge, a special initiative by The Economic Times selected the Company amongst the Best Brands 2021.
f. âCelerioâ won entry level hatchback of the Year 2022 award at Indian Vehicles Award 2022.
g. The Company was felicitated with five awards at the inaugural OLX Autos Autocar Pre-Owned Car Awards 2022.
h. The Company was awarded âGoldâ at the 2020/21 Vision Awards for its Annual Integrated Report.
i. The Company was honoured with the prestigious National Safety Award (NSA) in the automobile category.
Acknowledgment
The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, the State Governments of Haryana and Gujarat. 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 members for their continued patronage.
For and on behalf of the Board of Directors
Kenichi Ayukawa Hisashi Takeuchi
Executive Vice Chairman Managing Director & CEO
New Delhi 29th April, 2022
Mar 31, 2021
Your Directors have pleasure in presenting the 40th annual report together with the audited financial statements for the year ended 31st March, 2021.
Financial Results
The Companyâs financial performance during 2020-21 as compared to the previous year 2019-20 is summarised below:
Particulars |
2020-21 |
2019-20 |
Total revenue |
732,789 |
790,314 |
Profit before tax |
51,594 |
70,648 |
Tax expense |
9,297 |
14,142 |
Profit after tax |
42,297 |
56,506 |
Retained Earnings |
||
Balance at the beginning of the year |
432,385 |
407,016 |
Profit for the year |
42,297 |
56,506 |
Other comprehensive income arising from remeasurement of defined benefit obligation* |
408 |
(518) |
Amount transferred to employee welfare fund |
(565) |
(750) |
Income on employee welfare fund |
(108) |
(117) |
Expenses on employee welfare fund |
14 |
132 |
Amount transferred to scientific research fund |
(565) |
(750) |
Payment of dividend on equity shares |
(18,125) |
(24,166) |
Corporate dividend tax paid |
- |
- |
Balance at the end of the year |
455,741 |
432,385 |
deferred tax assets of '' 200 million)
A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.
Audit Committee
For composition of the audit committee, please refer to the Corporate Governance Report.
Independent Directors
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act and Listing Regulations from all the Independent Directors. Under the relevant provisions of the Act and the Listing Regulations, one separate meeting of the Independent Directors was held during 2020-21. The Board is of the opinion that the Independent Directors of the Company possess requisite qualifications, experience and expertise and hold highest standards of integrity. The details of the familiarization programmes for the Independent Directors are available on the website of the Company at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Familiarization Programme.pdf
Directorsâ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) i n the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) t he annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
The total revenue was '' 732,789 million as against '' 790,314 million in the previous year showing a decrease of 7.28%. Sale of vehicles in the domestic market was 1,361,722 units as compared to 1,461,126 units in the previous year showing a decrease of 6.80%. Total number of vehicles exported was 96,139 units as compared to 102,171 units in the previous year showing a decrease of 5.90%
Profit before tax (PBT) was '' 51,594 million against '' 70,648 million showing a decrease of 26.97% and profit after tax (PAT)
stood at '' 42,297 million against '' 56,506 million in the previous year showing a decrease of 25.15%.
The Board recommends a dividend of '' 45/- per equity share of '' 5/- each for the year ended 31st March, 2021 amounting to '' 13,594 million. The Company has formulated a dividend distribution policy that forms part of the annual report. No amount was carried to General Reserve.
The operations are exhaustively discussed in the âManagement Discussion and Analysisâ forming part of the annual report.
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 (âActâ) is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC-1)
The annual return of the Company is available on its website at https://www.marutisuzuki.com/corporate/investors/company-reports.
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ), the Company has a policy for determining material subsidiaries. The policy is available on its website at https://marutistoragenew.blob.core.windows.net/msilintiwebpdf/ Policy on Subsidiary Companies.pdf
Details of loans, guarantees and investments, if any, covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
Mr. T. Suzuki and Mr. Kinji Saito shall retire by rotation in the ensuing Annual General Meeting of the Company and, being eligible, have offered themselves for re-appointment. Pursuant to the withdrawal of nomination by Suzuki Motor Corporation, Mr. Takahiko Hashimoto resigned with effect from close of business hours of 27th April, 2021. Mr. Shigetoshi Torii was appointed as a Director to fill the casual vacancy caused by the resignation of Mr. Takahiko Hashimoto and also Whole-time Director designated as Joint Managing Director (Production and Supply Chain) with effect from 28th April, 2021 for a period of three years till 27th April, 2024. Mr. Hisashi Takeuchi was appointed as a Whole-time Director designated as Joint Managing Director (Commercial) with effect from 28th April, 2021 for a period of three years till 27th April, 2024.
Pursuant to Regulation 21 of the Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a Risk Management Policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).
Internal financial controls have been discussed under âCEO/CFO Certificationâ in the Corporate Governance Report.
The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy). The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this Policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise concerns about serious irregularities, unethical behavior, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
The Company has a policy on related party transactions which is available on the Companyâs website at https://marutistoragenew. blob.core.windows.net/msilintiwebpdf/Policy on Related Party Transactions.pdf. In terms of Section 134(3)(h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there was no transaction to be reported in Form AOC 2. The disclosure with respect to the transactions with promoter and promoter group which is holding 10% or more of the shareholding in the Company are given in the notes forming part of the financial statements.
The status of the complaints received by the Company during the year is as under: , |
|
s a) Number of complaints filed |
2 |
n b) Number of complaints disposed of |
2 |
n c) Number of complaints pending as on the end of - financial year |
0 |
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3)(m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure C.
Corporate Governance
The Company has complied with the corporate governance requirements, as stipulated under the Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Secretarial Audit Report
In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2020-21. The report on secretarial audit is attached as Annexure D. The report does not contain any qualification.
Secretarial Standards
The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.
Management Discussion and Analysis Report
The annual report has a detailed report on Management Discussion and Analysis.
Personnel
As required under the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure E. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
Cost Auditors and Records
In accordance with the provisions of Section 148 of the Act read with the Companies (Cost Records and Audit) Rules, 2014, M/s
a) Mr. Kenichi Ayukawa, MD & CEO was awarded the âBest CEO Large Companiesâ for the fifth time in a row at Business Today Best CEO Award.
b) WagonR won the Hatchback of the Year Award at Motoring World Awards 2020.
c) âCar Manufacturer of the year 2020â award by Jagran hiTech Awards 2020.
d) Exemplary Business Adaptation during COVID-19 award by Grant Thornton Bharat SABERA.
e) Green Initiative of the Year was awarded to The Mission Green Million initiative.
f) Three India Digital Awards by IAMAI:
i) Gold: Best Mobile Search Campaign (Category)
ii) Silver: Best use of Mobile for content Marketing (Category)
iii) Bronze: Best use of AR/VR in a Marketing campaign (Category)
g) Manufacturer of the Year award by Car India and Bike India. Acknowledgment
The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, the State Governments of Haryana and Gujarat. 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 members for their continued patronage.
For and on behalf of the Board of Directors
R.C. Bhargava Kenichi Ayukawa
Chairman Managing Director & CEO
Gurugram 27th April, 2021
Pursuant to the provisions of the Act and the Listing Regulations, the annual performance evaluation of the Board, its committees and the Directors was carried out as per the Nomination and Remuneration Policy of the Company. The evaluation of the performance of the Board, its Chairman and the Nonindependent Directors was carried out by the Independent Directors. The evaluation of the performance of the Directors individually was done by the Nomination and Remuneration Committee and the evaluation of the performance of the Board, its committees and the individual Directors was done by the Board. The criteria for the evaluation of individual Directors included a) the extent of engagement and contribution to the affairs of the Company including by way of attendance in Board and committee meetings; b) ability to discharge their duties and obligations diligently in the best interest of the Company; c) ability to provide effective leadership and checks and balances towards sustaining the highest levels of corporate governance; d) exercise duty of care and skill in the discharge of their functions; e) exercise independence of judgment and bring about objectivity to the Board process; and f) safeguarding the interest of all the stakeholders specially the minority shareholders. The evaluation criteria of the performance of the Board and its committees included, inter-alia, their culture and management with various factors like environment of discussion, their roles and responsibilities, effectiveness to govern the organisation, diversity, expertise, experience, independence of Directors, integrity, their composition, attendance, participation levels, bringing specialised knowledge for decision making, smooth functioning, effective decision making, terms of reference, conduct of committees and frequency of meetings, etc. The Directors expressed their satisfaction with the evaluation process. The Board also noted that the Independent Directors had fulfilled the independence criteria as specified in the Listing Regulations and were independent from the management.
The Nomination and Remuneration Policy is attached as Annexure A.
The annual report on CSR activities containing details of CSR Policy, composition of the CSR Committee and other prescribed details are given in Annexure B.
The Company has in place an Anti- Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has also complied with its provisions relating to the constitution of Internal Complaints Committee to redress complaints received regarding sexual harassment.
R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2021 -22. The maintenance of cost records as specified by the Central Government under Section 148(1) of the Act is required by the Company and such accounts and records are made and maintained.
The auditors, M/s Deloitte Haskins & Sells LLP (âDeloitteâ) were appointed in the 35th Annual General Meeting and hold their office till the conclusion of the 40th Annual General Meeting. A certificate has been obtained from Deloitte to the effect that the Company is in compliance with the conditions of Foreign Direct Investment for the downstream investment made by the Company. As per the provisions of Section 139 of the Act, the Board has recommended re-appointment of Deloitte as auditors of the Company from the conclusion of the 40th Annual General Meeting (AGM) till the conclusion of 45th AGM for approval of the members.
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.
The Company has established and is maintaining an environment management system. During the year, re-certification audit for ISO-14001 was carried out by M/s VINQOTTE nv, Belgium for the manufacturing plants located at Gurugram, Manesar and R&D Centre in Rohtak. The auditors recommended continuance of ISO-14001 for all manufacturing facilities.
The quality management system of the Company is certified as per ISO 9001:2015 standard. Regular assessments of the quality systems are done through surveillance audits and re-certification assessments are done at every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined quality systems across the Company.
The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:
Corporate Overview
Value Creation Approach
Sustainability
Performance
Statutory Reports
Financial Statements
Boardâs Report Corporate Governance Report Management Discussion & Analysis Business Responsibility Report
1. Scope
1.1. This Nomination and Remuneration Policy (the âPolicyâ) has been framed in compliance with Section 178 of the Companies Act, 2013 (Act) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing ^ Regulationsâ).
1.2. This Policy aims to ensure that the persons appointed as 1.1. Directors and Key Managerial Personnel (KMPs) as defined under the Act and Senior Management (designated Executive Officer and above) possess requisite qualifications, experience, expertise and attributes commensurate with their positions and level of management responsibilities and
that the composition of remuneration to such persons is fair and reasonable and sufficient to attract, retain and motivate these persons to run the Company successfully.
1.3. This Policy is applicable to Directors, KMPs, Senior Management and other employees of the Company.
2. Objective
1.1. The objective of this Policy is to provide a framework for appointment, removal and remuneration of Directors, KMPs and Senior Management. |
|
1.2. The Policy aims to provide: |
|
(i) |
Criteria of appointment and removal of Directors, KMPs and Senior Management; |
(ii) |
Criteria for determining qualifications, positive attributes and independence of a Director; |
(iii) |
Remuneration of Directors, KMPs and Senior Management; |
(iv) |
Principles for retaining, motivating and promoting talent and ensuring long term retention of talent and creating competitive advantage. |
3. Board Diversity
While considering the composition of the Board, the Nomination and Remuneration Committee (âNRCâ) will take into account the diversity of the members of the Board based on a number of factors, inter-alia, gender, age, qualifications, nationality, professional experience, recognition, skills and ability to add value to the business.
Subject to the provisions of the Act including rules and regulations made thereunder and Listing Regulations, the Board shall have atleast one woman Director, persons who have strong technical/managerial/administrative
backgrounds relevant to the business of the Company and those who have excelled in one or more areas of finance/ accounting/ law/public policy with top level administrative/ managerial experience.
The prospective Director:
(i) should be of the highest integrity and level of ethical standards;
(ii) should possess the requisite qualifications, skills, knowledge, experience and expertise relevant or useful to the business of the Company.
(iii) should, while acting as a Director be capable of balancing the interests of the Company, its employees, the shareholders, the community and of the need to ensure the protection of the environment; and
(iv) should inter-alia,
(a) uphold the highest ethical standards of integrity and probity;
(b) act objectively and constructively while exercising his/her duties;
(c) exercise his / her responsibilities in a bona fide manner in the interest of the Company;
(d) devote sufficient time and attention to his / her professional obligations for informed and balanced decision making;
(e) not allow any extraneous considerations that will vitiate his / her exercise of objective independent judgment in the paramount interest of the Company as a whole, while concurring in or dissenting from the collective judgment of the Board in its decision making;
(f) not abuse his / her position to the detriment of the Company or its shareholders or other stakeholders or attempt to gain direct or indirect personal advantage or advantage for any associated person;
(g) avoid conflict of interest, and in case of any apparent situation of conflict of interest, make appropriate disclosures to the Board;
130
Mar 31, 2019
Board's Report
Your Directors have pleasure in presenting the 38th annual report together with the audited financial statements for the year ended 31ST March, 2019.
Financial Results
The Company's financial performance during 2018-19 as compared to the previous year 2017-18 is summarised below:
 |
 |
(Rs in million) |
||
Particulars |
2018-19 |
 2017-2018 |
||
Total revenue |
885,813 |
818,082 |
||
Profit before tax |
104,656 |
110,034 |
||
Tax expense |
29,650 |
32,816 |
||
Profit after tax |
75,006 |
77,218 |
||
Retained Earnings |
 |
 |
||
Balance at the beginning of the year |
363,008 |
313,189 |
||
Profit for the year |
75,006 |
77,218 |
||
Other comprehensive income arising from remeasurement of defined benefit obligation* |
(284) |
(131) |
||
Amount transferred to employee welfare fund |
(772) |
" |
||
Income on funds earmarked for employee welfare fund |
(36) |
~ |
||
Amount transferred to scientific research fund |
(772) |
~ |
||
Payment of dividend on equity shares |
(24,166) |
(22,656) |
||
Corporate dividend tax paid |
(4,968) |
(4,612) |
||
Balance at the end of the year |
407,016 |
363,008 |
||
 |  |  |  |  |
*net of income tax of Rs 151 million (previous year Rs. 65 million)
Financial Highlights
The total revenue (net of excise) was Rs 885,813 million as against Rs 818,082 million in the previous year showing an increase of 8.28%. Sale of vehicles in the domestic market was 1,753,700 units as compared to 1,653,500 units in the previous year showing an increase of 6.1 %. Total number of vehicles exported was 108,749 units as compared to 126,074 units in the previous year showing a decrease of 13.7%.
Profit before tax (PBT) was Rs 104,656 million against Rs 110,034 million showing a decrease of 4.89% and profit after tax (PAT) stood at Rs 75,006 million against Rs 77,218 million in the previous year showing a decrease of 2.86%.
Dividend
The Board recommends a dividend of Rs 80 per equity share of Rs 5/- each for the year ended 31st March, 2019 amounting to Rs 29,134 million including dividend distribution tax of Rs 4,968 million. The Company has formulated a dividend distribution policy which forms part of the annual report.
Operational Highlights
The operations are exhaustively discussed in the 'Management Discussion and Analysis' forming part of the annual report.
Consolidated Financial Statements
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 ('Act') is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC-1)
Annual Return
The details forming part of the extract of the annual return in Form MGT-9 is attached as Annexure - A. The annual return of the Company for the year 2017-18 is available on its website at https://www.marutisuzuki. com/corporate/investors/company-reports.
Material Subsidiaries
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations'), the Company has a policy for determining material subsidiaries. The policy is available on its website at https://marutistoragenew. blob.core.windows.net/msilintiwebpdf/Policy on Subsidiary Companies.pdf
Particulars of Loans, Guarantees and Investments
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
Board Meetings
A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.
Audit Committee
For composition of the audit committee, please refer to the Corporate Governance Report.
Independent Directors
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act and Listing Regulations from all the Independent Directors. The details of the familiarisation programmes for the Independent Directors are available on the website of the Company at https:// marutistoragenew.blob.core.windows.net/msilintiweb pdf/Familiarization Programme.pdf
Directors' Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Directors and Key Managerial Personnel (KMP)
Mr. Toshihiro Suzuki and Mr. Kazuhiko Ayabe shall retire by rotation in the ensuing Annual General Meeting of the Company. The Board in its meeting held on 27th March, 2019 re-appointed Mr. Kenichi Ayukawa as the Managing Director & CEO of the Company for a period of three years with effect from 1st April, 2019.
Risk Management
Pursuant to Regulation 21 of Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a risk management policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).
Internal Financial Controls
Internal financial controls have been discussed under 'CEO/CFO Certification' in the Corporate Governance Report.
Vigil Mechanism
The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy). The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise concern about serious irregularities, unethical behaviour, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
Related Party Transactions
The Company has a policy on related party transactions which is available on the Company's website at https://marutistoragenew. blob.core.windows.net/ msilintiwebpdf/Policv on Related Party Transactions, pdf In terms of Section 134(3) (h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there was no transaction to be reported in Form AOC 2. The disclosure with respect to the transactions with promoter and promoter group which is holding 10% or more of the shareholding in the Company are given in the notes forming part of the financial statements.
Performance Evaluation
Pursuant to the provisions of the Companies Act, 2013 and the Listing Regulations, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of its committees. The evaluation criteria, inter-alia, covered various aspects of the functioning of the Board and its committees including composition, attendance of Directors, participation levels, bringing specialised knowledge for decision making, smooth functioning and effective decision making. The Board and the committees had been effective in achieving their respective charters of monitoring the overall performance of the Company, overseeing the performance of the management and thus upholding high standards of corporate governance. The Board and the committee meetings were run efficiently and the members acted with sufficient diligence and care. The Board and its committees had the needed diversity in terms of talent, competence, knowledge, gender and experience and had maintained high standards of corporate governance through their working, functioning and decision making. The performance of individual directors including the Independent Directors was evaluated on parameters such as level of engagement and contribution to the affairs of the Company including by way of attendance in Board and committee meetings, ability to discharge their duties and obligations diligently in the best interest of the Company, ability to provide effective leadership and checks and balances towards sustaining the highest levels of corporate governance in particular towards risk assessment and management, exercising duty of care and skill in the discharge of their functions, level of independence of judgment and safeguarding the interest of the Company and its minority shareholders. Considering the good performance of the Company in most spheres and the value delivered to all stakeholders, including customers, shareholders, the community and others, it was apparent that Directors had been diligent, meticulous and faithful in the performance of their duties. The Directors expressed their satisfaction with the evaluation process. The Board also noted that the Independent Directors had fulfilled the independence criteria as specified in the Listing Regulations and were independent from the management.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure B.
Corporate Social Responsibility (CSR)
The annual report on CSR activities containing details of CSR Policy, composition of the CSR committee and other prescribed details are given in Annexure C.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti- Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and has also complied with its provisions relating to the constitution of Internal Complaints Committee to redress complaints received regarding sexual harassment.
The status of the complaints received by the Company during the year is as under:
a) Number of complaints filed |
3 |
b) Number of complaints disposed of |
2 |
c) Number of complaints pending as on the end of financial year |
1 |
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure D.
Corporate Governance
The Company has complied with the corporate governance requirements, as stipulated under the Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Secretarial Audit Report
In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2018-19. The report on secretarial audit is attached as Annexure E. The report does not contain any qualification.
Secretarial Standards
The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.
Management Discussion and Analysis Report
The annual report has a detailed report on management discussion and analysis.
Personnel
As required by the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the particulars of the employees are set out in Annexure F. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
Cost Auditors and Records
In accordance with the provisions of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, M/s R.J. Goel& Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2019-20. The maintenance of cost records as specified by the Central Government under Section 148 (1) of the Act is required by the Company and such accounts and records are made and maintained.
Auditors
The auditors, M/s Deloitte Haskins & Sells LLP were appointed in the 35th Annual General Meeting and hold their office till the conclusion of the 40th Annual General Meeting.
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 has established and is maintaining an environment management system. During the year, surveillance audit for ISO-14001 was carried out by M/s AVI, Belgium for the manufacturing plants located at Gurugram, Manesar and R&D Centre in Rohtak. The auditors recommended continuance of ISO-14001 for all manufacturing facilities.
The quality management system of the Company is certified after the ISO 9001:2015 standard. Re-assessment of the quality systems is done at regular intervals and re-certification assessments are done every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined quality systems across the Company.
Awards/Recognition/Rankings
Mr. Kenichi Ayukawa was awarded "Best CEO (Large Companies)" by Business Today third time in a row. Mr. R. C. Bhargava was bestowed with "Lifetime Achievement Award" by CNBC Awaaz Annual CEO Awards 2018.
The Company received many awards/recognitions/ rankings during the year. Some of these are mentioned hereunder:
⢠'Company of the year, 2018' by Business Standard.
⢠'Marketer of the year' at Marquees 2018 and 'Gold Award' for employee communication for its seat belt campaign #PehniKyaRs. by South Asia Sabre.
⢠'Best of 2018' by AutoX Awards.
⢠Swift won the following awards by AutoX:
⢠Car of the year.
⢠'Indian Car of the year'(ICOTY)'third time in a row.
⢠Ertiga won the following awards:
⢠Best 'MPV of the year by AutoX and Autocar Awards 2019.
⢠'Car of the year' and 'Value for money car of the year' by Autocar Awards 2019.
⢠Super Carry won the 'Prime Time' Award.
⢠'4 Good' rating by The Economic Times for all-round excellence in the field of Corporate Social Responsibility.
Acknowledgment
The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, Haryana Government and the Gujarat 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 members for their continued patronage.
For and on behalf of the Board of Directors |
|
R.C. Bhargava |
Kenichi Ayukawa |
Chairman |
Managing Director & CEO |
New Delhi |
 |
25th April, 2019 |
 |
Annexure - A
Form No. MGT-9
Extract of Annual Return
As on the financial year ended on 31st March
[Pursuant to Section 92 (3) of the Companies Act, 2013 and Rule 12 (1) of the Companies (Management and Administration) Rules, 2014]
I. Registration and Other Details:
i. |
CIN |
L34103DL1981PLC011375 |
ii. |
Registration Date |
24/02/1981 |
iii. |
Name of the Company |
Maruti Suzuki India Limited |
iv. |
Category/sub-category of the Company |
Company limited by shares |
V. |
Address of the registered office and contact details |
Plot No. 1 , Nelson Mandela Road Vasant Kunj, New Delhi- 110 070 Ph. no.: 011-46781134 |
vi. |
Whether listed company |
Yes |
vii. |
Name, address and contact details of registrar and transfer agent, if any |
Karvy Fintech Private Limited Karvy Selenium Tower- B, 8th Floor, Plot 31 -32, Gachibowli, Financial District Nanakramguda, Serilingampally. Hyderabad- 500 032, Telangana Ph. no.: 040-67162222 Fax no.: 040-23001153 Toll free No.: 1800-345-4001 |
II. Principal Business Activities of the Company:
All the business activities contributing 10% or more of the total turnover of the Company:
S.No |
Name and description of the main products/ services |
NIC code of the product/ service |
% to total turnover of the Company |
1. |
Manufacture of passenger cars |
29101 |
36.92% |
III. Particulars of Holding, Subsidiary and Associate Companies:
S |
Name and address of the Company |
CIN/GLN |
Holding/ Subsidiary/ Associate |
% of shares held |
Applicable section |
1. |
Suzuki Motor Corporation |
N.A. |
Holding |
56.21% |
2(46) |
2. |
True Value Solutions Limited |
U74999DL2002PLC113814 |
Subsidiary |
100.00% |
2(87) |
3. |
J.J. Impex (Delhi) Private Limited |
U74140DL1976PTC008245 |
Subsidiary |
50.87% |
2(87) |
4. |
Bharat Seats Limited |
L34300DL1986PLC023540 |
Associate |
14.81% |
2(6) |
5. |
Caparo Maruti Limited |
U74899DL1994PLC058269 |
Associate |
25.00% |
2(6) |
6. |
Hanon Climate Systems India Private Limited |
U34300DL1991PTC046656 |
Associate |
39.00% |
2(6) |
7. |
Jay Bharat Maruti Limited |
L29130DL1987PLC027342 |
Associate |
29.28% |
2(6) |
8. |
Krishna Maruti Limited |
U34300HR1991PLC032012 |
Associate |
15.80% |
2(6) |
9. |
Machine Plastics Limited |
L25209HR2003PLC035034 |
Associate |
15.35% |
2(6) |
10. |
SKH Metals Limited |
U74130HR1986PLC023655 |
Associate |
37.03% |
2(6) |
11. |
Nippon Thermostat (India) Limited |
U29309TN1994PLC027555 |
Associate |
10.00% |
2(6) |
12. |
Bellsonica Auto Component India Private Limited |
U35923H R2006FTC036301 |
Associate |
30.00% |
2(6) |
13. |
Mark Exhaust Systems Limited |
U32204DL1993PLC055905 |
Associate |
44.37% |
2(6) |
14. |
FMI Automotive Components Private Limited |
U34201DL2007PTC170043 |
Associate |
49.00% |
2(6) |
15. |
Maruti Insurance Broking Private Limited |
U74999DL2010PTC210739 |
Associate |
46.26% |
2(6) |
16. |
Manesar Steel Processing India Private Limited |
U27205HR2010PTC041264 |
Associate |
11.83% |
2(6) |
17. |
Magneti Marelli Power-train India Private Limited |
U40300HR2007PTC046166 |
Joint Venture |
19.00% |
2(6) |
18. |
Plastic Omnium Auto Inergy Manufacturing India Private Limited |
U35914HR2010PTC040501 |
Joint Venture |
26.00% |
2(6) |
19. |
Bahucharaji Rail Corporation Limited |
U45101GJ2018SGC105602 |
Associate |
33% |
2(6) |
IV. Shareholding Pattern (equity share capital breakup as percentage of total equity) i) Category-wise shareholding
 |
No. of shares held at the beginning of the year |
No. of shares held at the end of the year |
% change during the year |
||||||
Category of shareholders |
Demat |
Physical |
Total |
% of total share |
Demat |
Physical |
Total |
% of total share |
|
A. Promoters |
 |
 |
 |
 |
 |
 |
 |
 |
 |
1. Indian |
 |
 |
 |
 |
 |
 |
 |
 |
 |
a) Individual/HUF |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
b) Central Govt. |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
c) State Govt(s) |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
d) Bodies Corp. |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
e) Banks/FI |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
f) Any Other... |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
Sub-Total (A) (1):- |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
2 Foreign |
 |
 |
 |
 |
 |
 |
 |
 |
 |
a) NRIs- Individuals |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
b) Other-Individuals |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
c) Bodies Corp. |
169,788,440 |
0 |
169,788,440 |
56.21 |
169,788,440 |
0 |
169,788,440 |
56.21 |
0.00 |
d) Banks/FI |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
e) Any Other.... (Qualified Foreign Investor) |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
Sub Total (A) (2):- |
169,788,440 |
0 |
169,788,440 |
56.21 |
169,788,440 |
0 |
169,788,440 |
56.21 |
0.00 |
Total Shareholding of Promoter (A)= (A)(1)+(A)(2) |
169,788,440 |
0 |
169,788,440 |
56.21 |
169,788,440 |
0 |
169,788,440 |
56.21 |
0.00 |
B. Public Shareholding |
 |
 |
 |
 |
 |
 |
 |
 |
 |
1. Institutions |
 |
 |
 |
 |
 |
 |
 |
 |
 |
a) Mutual Funds/UTI |
17,338,791 |
0 |
17,338,791 |
5.74 |
18,002,281 |
0 |
18,002,281 |
5.96 |
0.22 |
b) Banks/ Fl |
17,267,709 |
0 |
17,267,709 |
5.72 |
22,481,441 |
0 |
22,481,441 |
7.44 |
1.73 |
c) Central Govt. |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
d) State Govt(s) |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
e) Venture Capital Funds |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
f) Insurance Companies |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
g) Flls |
76,093,800 |
0 |
76,093,800 |
25.19 |
67,377,517 |
0 |
67,377,517 |
22.30 |
-2.89 |
h) Foreign Venture Capital Funds |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
i) Any other (Qualified Foreign Investor) |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0.00 |
0.00 |
Sub-total (B)(1):- |
110,700,300 |
0 |
110,700,300 |
36.65 |
107,861,239 |
0 |
107,861,239 |
35.71 |
0.94 |
2 Non Institutions |
 |
 |
 |
 |
 |
 |
 |
 |
 |
a) Bodies Corp. |
8,804,292 |
0 |
8,804,292 |
2.91 |
7,899,094 |
0 |
7,899,094 |
2.61 |
-0.30 |
b) Individual |
 |
 |
 |
 |
 |
 |
 |
 |
 |
i) Individual shareholders holding nominal share capital upto Rs. 1 lakh |
10,025,205 |
4,527 |
10,029,732 |
3.32 |
12,994,175 |
3,450 |
12,997,625 |
4.30 |
0.98 |
ii) Individual shareholders holding nominal share capital in excess of Rs. 1 lakh |
447,923 |
0 |
447,923 |
0.15 |
296,742 |
0 |
296,742 |
0.10 |
-0.05 |
c) Others |
 |
 |
 |
 |
 |
 |
 |
 |
 |
i) Foreign Nationals |
177 |
0 |
177 |
0.00 |
146 |
0 |
146 |
0 |
0.00 |
ii) Non Resident Indian |
393,082 |
0 |
393,082 |
0.13 |
482,927 |
0 |
482,927 |
0.16 |
0.03 |
iii) Clearing Member |
194,230 |
0 |
194,230 |
0.06 |
492,290 |
0 |
492,290 |
0.16 |
0.10 |
iv) Trusts |
1,533,442 |
0 |
1,533,442 |
0.51 |
2,015,825 |
0 |
2,015,825 |
0.67 |
0.16 |
v) Qualified Foreign Investor |
0 |
0 |
0 |
0.00 |
0 |
0 |
0 |
0 |
0 |
vi) Rl Non-Repartriation |
188,442 |
0 |
188,442 |
0.06 |
245,732 |
0.08 |
245,732 |
0.08 |
0.02 |
Sub-total (B)(2):- |
21,586,793 |
4,527 |
21,591,320 |
7.15 |
24,426,931 |
3,450 |
24,430,381 |
8.09 |
0.94 |
Total Public Shareholding (B)=(B)(1)+ (B)(2) |
132,287,093 |
4,527 |
132,291,620 |
43.79 |
132,288,170 |
3,450 |
132,291,620 |
43.79 |
0.00 |
C. Shares held by Custodian for GDRs & ADRs |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
0 |
Grand Total (A+B+C) |
302,075,533 |
4,527 |
302,080,060 |
100.0 |
302,076,610 |
3,450 |
302,080,060 |
100.00 |
0.00 |
ii) Shareholding of Promoters
 |
 |
Shareholding at the beginning of the year |
Shareholding at the end of the year |
% change in shareholding during the year |
||||
S N |
Shareholder's Name |
No. of shares |
% of total shares of the Company |
% of shares pledged/ encumbered to total stares |
No. of shares |
% of total shares of the Company |
% of shares pledged/ encumbered to total stares |
|
1. |
Suzuki Motor Corporation |
169,788,440 |
56.21 |
- |
169,788,440 |
56.21 |
- |
- |
 |
Total |
169,788,440 |
56.21 |
- |
169,788,440 |
56.21 |
- |
- |
iii) Change in promoter's shareholding : There is no change
 |
Shareholding at the beginning of the year |
Cumulative shareholding during the year |
||
 |
No. of shares |
% of total shares of the Company |
No. of shares |
% of total shares of the Company |
At the beginning of the year |
N.A. |
N.A. |
N.A. |
N.A. |
Date wise increase/ decrease in promoter's shareholding during the year specifying the reason for increase/ decrease (e.g. allotment/ transfer/ bonus/ sweat equity, etc): |
N.A. |
N.A. |
N.A. |
N.A. |
At the end of the year |
N.A. |
N.A. |
N.A. |
N.A. |
iv) Shareholding pattern of top ten shareholders - Other than directors, promoters and holders of GDRs and ADRs:
 |
 |
Shareholding |
Cumulative shareholding during the year |
||||||
s. No |
Name of the Shareholder |
No. of shares held as on 31/03/2018 |
% of total shares of the Company |
Date |
Increase/ decrease in share holding |
Reason for change |
No. of stares |
% of total shares of the Company |
|
1. |
LIC OF INDIA HEALTH |
15,589,504 |
5.16 |
31/03/2018 |
 |
 |
 |
 |
|
 |
PROTECTION PLUS FUND |
 |
 |
11/05/2018 |
241,241 |
Transfer |
15,830,745 |
5.24 |
|
 |
 |
 |
 |
18/05/2018 |
252,900 |
Transfer |
16,083,645 |
5.32 |
|
 |
 |
 |
 |
25/05/2018 |
400,970 |
Transfer |
16,484,615 |
5.46 |
|
 |
 |
 |
 |
01/06/2018 |
160,032 |
Transfer |
16,644,647 |
5.51 |
|
 |
 |
 |
 |
08/06/2018 |
178,900 |
Transfer |
16,823,547 |
5.57 |
|
 |
 |
 |
 |
15/06/2018 |
75,964 |
Transfer |
16,899,511 |
5.59 |
|
 |
 |
 |
 |
22/06/2018 |
219,078 |
Transfer |
17,118,589 |
5.67 |
|
 |
 |
 |
 |
29/06/2018 |
282,398 |
Transfer |
17,400,987 |
5.76 |
|
 |
 |
 |
 |
06/07/2018 |
153,459 |
Transfer |
17,554,446 |
5.81 |
|
 |
 |
 |
 |
03/08/2018 |
100,940 |
Transfer |
17,655,386 |
5.84 |
|
 |
 |
 |
 |
10/08/2018 |
187,185 |
Transfer |
17,842,571 |
5.91 |
|
 |
 |
 |
 |
17/08/2018 |
126,289 |
Transfer |
17,968,860 |
5.95 |
|
 |
 |
 |
 |
24/08/2018 |
178,613 |
Transfer |
18,147,473 |
6.01 |
|
 |
 |
 |
 |
31/08/2018 |
218,848 |
Transfer |
18,366,321 |
6.08 |
|
 |
 |
 |
 |
07/09/2018 |
403,241 |
Transfer |
18,769,562 |
6.21 |
|
 |
 |
 |
 |
14/09/2018 |
350,700 |
Transfer |
19,120,262 |
6.33 |
|
 |
 |
 |
 |
21/09/2018 |
143,574 |
Transfer |
19,263,836 |
6.38 |
|
 |
 |
 |
 |
28/09/2018 |
532,417 |
Transfer |
19,796,253 |
6.55 |
|
 |
 |
 |
 |
29/09/2018 |
532,417 |
Transfer |
20,328,670 |
6.73 |
|
 |
 |
 |
 |
05/10/2018 |
329,994 |
Transfer |
20,658,664 |
6.84 |
|
 |
 |
 |
 |
12/10/2018 |
61,107 |
Transfer |
20,719,771 |
6.86 |
|
 |
 |
 |
 |
19/10/2018 |
132 |
Transfer |
20,719,903 |
6.86 |
|
 |
 |
 |
 |
15/02/2019 |
5,173 |
Transfer |
20,725,076 |
6.86 |
|
 |
 |
 |
 |
30/03/2019 |
(532,417) |
Transfer |
20,192,659 |
6.68 |
|
2. |
AXIS EQUITY ADVANTAGE |
1,722,279 |
0.57 |
31/03/2018 |
 |
 |
 |
 |
|
 |
FUND- SERIES 1 |
 |
 |
06/04/2018 |
25,900 |
Transfer |
1,748,179 |
0.58 |
|
 |
 |
 |
 |
06/04/2018 |
(5) |
Transfer |
1,748,174 |
0.58 |
|
 |
 |
 |
 |
13/04/2018 |
9,400 |
Transfer |
1,757,574 |
0.58 |
|
 |
 |
 |
 |
13/04/2018 |
(2,250) |
Transfer |
1,755,324 |
0.58 |
|
 |
 |
 |
 |
04/05/2018 |
20,700 |
Transfer |
1,776,024 |
0.59 |
|
 |
 |
 |
 |
11/05/2018 |
(17) |
Transfer |
1,776,007 |
0.59 |
|
 |
 |
 |
 |
18/05/2018 |
14,050 |
Transfer |
1,790,057 |
0.59 |
|
 |
 |
 |
 |
25/05/2018 |
2,000 |
Transfer |
1,792,057 |
0.59 |
|
 |
 |
 |
 |
25/05/2018 |
(2,274) |
Transfer |
1,789,783 |
0.59 |
|
 |
 |
 |
 |
01/06/2018 |
36,825 |
Transfer |
1,826,608 |
0.60 |
|
 |
 |
 |
 |
01/06/2018 |
(26,225) |
Transfer |
1,800,383 |
0.60 |
|
 |
 |
 |
 |
08/06/2018 |
3,500 |
Transfer |
1,803,883 |
0.60 |
|
 |
 |
 |
 |
08/06/2018 |
(54,800) |
Transfer |
1,749,083 |
0.58 |
|
 |
 |
 |
 |
15/06/2018 |
48,962 |
Transfer |
1,798,045 |
0.60 |
|
 |
 |
 |
 |
06/07/2018 |
13,625 |
Transfer |
1,811,670 |
0.60 |
|
 |
 |
 |
 |
13/07/2018 |
33,300 |
Transfer |
1,844,970 |
0.61 |
|
 |
 |
 |
 |
13/07/2018 |
(2,401) |
Transfer |
1,842,569 |
0.61 |
|
 |
 |
 |
 |
20/07/2018 |
65,000 |
Transfer |
1,907,569 |
0.63 |
|
 |
 |
 |
 |
27/07/2018 |
4,000 |
Transfer |
1,911,569 |
0.63 |
|
 |
 |
 |
 |
03/08/2018 |
54,525 |
Transfer |
1,966,094 |
0.65 |
|
 |
 |
 |
 |
10/08/2018 |
62,000 |
Transfer |
2,028,094 |
0.67 |
|
 |
 |
 |
 |
10/08/2018 |
(14,000) |
Transfer |
2,014,094 |
0.67 |
|
 |
 |
 |
 |
17/08/2018 |
15,000 |
Transfer |
2,029,094 |
0.67 |
|
 |
 |
 |
 |
24/08/2018 |
21,500 |
Transfer |
2,050,594 |
0.68 |
|
 |
 |
 |
 |
31/08/2018 |
36,541 |
Transfer |
2,087,135 |
0.69 |
|
 |
 |
 |
 |
31/08/2018 |
(7,050) |
Transfer |
2,080,085 |
0.69 |
|
 |
 |
 |
 |
07/09/2018 |
(15,480) |
Transfer |
2,064,605 |
0.68 |
|
 |
 |
 |
 |
21/09/2018 |
(1,842) |
Transfer |
2,062,763 |
0.68 |
|
 |
 |
 |
 |
28/09/2018 |
128,240 |
Transfer |
2,191,003 |
0.73 |
|
 |
 |
 |
 |
29/09/2018 |
128,240 |
Transfer |
2,319,243 |
0.77 |
|
 |
 |
 |
 |
05/10/2018 |
64,025 |
Transfer |
2,383,268 |
0.79 |
|
 |
 |
 |
 |
05/10/2018 |
(3) |
Transfer |
2,383,265 |
0.79 |
|
 |
 |
 |
 |
12/10/2018 |
46,340 |
Transfer |
2,429,605 |
0.80 |
|
 |
 |
 |
 |
19/10/2018 |
143,713 |
Transfer |
2,573,318 |
0.85 |
|
 |
 |
 |
 |
26/10/2018 |
165,390 |
Transfer |
2,738,708 |
0.91 |
|
 |
 |
 |
 |
02/11/2018 |
22,100 |
Transfer |
2,760,808 |
0.91 |
|
 |
 |
 |
 |
09/11/2018 |
157,650 |
Transfer |
2,918,458 |
0.97 |
|
 |
 |
 |
 |
09/11/2018 |
(9,975) |
Transfer |
2,908,483 |
0.96 |
|
 |
 |
 |
 |
16/11/2018 |
89,800 |
Transfer |
2,998,283 |
0.99 |
|
 |
 |
 |
 |
16/11/2018 |
(15,000) |
Transfer |
2,983,283 |
0.99 |
|
 |
 |
 |
 |
23/11/2018 |
(76,000) |
Transfer |
2,907,283 |
0.96 |
|
 |
 |
 |
 |
30/11/2018 |
42,301 |
Transfer |
2,949,584 |
0.98 |
|
 |
 |
 |
 |
30/11/2018 |
(43,875) |
Transfer |
2,905,709 |
0.96 |
|
 |
 |
 |
 |
07/12/2018 |
(124,947) |
Transfer |
2,780,762 |
0.92 |
|
 |
 |
 |
 |
14/12/2018 |
9,031 |
Transfer |
2,789,793 |
0.92 |
|
 |
 |
 |
 |
14/12/2018 |
(31,336) |
Transfer |
2,758,457 |
0.91 |
|
 |
 |
 |
 |
21/12/2018 |
29,518 |
Transfer |
2,787,975 |
0.92 |
|
 |
 |
 |
 |
21/12/2018 |
(1,270) |
Transfer |
2,786,705 |
0.92 |
|
 |
 |
 |
 |
28/12/2018 |
13,000 |
Transfer |
2,799,705 |
0.93 |
|
 |
 |
 |
 |
04/01/2019 |
14,850 |
Transfer |
2,814,555 |
0.93 |
|
 |
 |
 |
 |
11/01/2019 |
(15,975) |
Transfer |
2,798,580 |
0.93 |
|
 |
 |
 |
 |
18/01/2019 |
15,490 |
Transfer |
2,814,070 |
0.93 |
|
 |
 |
 |
 |
18/01/2019 |
0) |
Transfer |
2,814,069 |
0.93 |
|
 |
 |
 |
 |
25/01/2019 |
15,000 |
Transfer |
2,829,069 |
0.94 |
|
 |
 |
 |
 |
25/01/2019 |
(77,000) |
Transfer |
2,752,069 |
0.91 |
|
 |
 |
 |
 |
01/02/2019 |
63,000 |
Transfer |
2,815,069 |
0.93 |
|
 |
 |
 |
 |
01/02/2019 |
(20,000) |
Transfer |
2,795,069 |
0.93 |
|
 |
 |
 |
 |
08/02/2019 |
28,500 |
Transfer |
2,823,569 |
0.93 |
|
 |
 |
 |
 |
08/02/2019 |
(23,288) |
Transfer |
2,800,281 |
0.93 |
|
 |
 |
 |
 |
15/02/2019 |
12,000 |
Transfer |
2,812,281 |
0.93 |
|
 |
 |
 |
 |
22/02/2019 |
30,000 |
Transfer |
2,842,281 |
0.94 |
|
 |
 |
 |
 |
01/03/2019 |
41,275 |
Transfer |
2,883,556 |
0.95 |
|
 |
 |
 |
 |
08/03/2019 |
66,375 |
Transfer |
2,949,931 |
0.98 |
|
 |
 |
 |
 |
08/03/2019 |
(7,665) |
Transfer |
2,942,266 |
0.97 |
|
 |
 |
 |
 |
15/03/2019 |
58,800 |
Transfer |
3,001,066 |
0.99 |
|
 |
 |
 |
 |
22/03/2019 |
20,000 |
Transfer |
3,021,066 |
1.00 |
|
 |
 |
 |
 |
22/03/2019 |
(49,295) |
Transfer |
2,971,771 |
0.98 |
|
 |
 |
 |
 |
29/03/2019 |
(258,717) |
Transfer |
2,713,054 |
0.90 |
|
 |
 |
 |
 |
30/03/2019 |
(128,240) |
Transfer |
2,584,814 |
0.86 |
|
3. |
ADITYA BIRLA SUN |
2,563,880 |
0.85 |
31/03/2018 |
 |
 |
 |
 |
|
 |
LIFE TRUSTEE PRIVATE |
 |
 |
06/04/2018 |
35,000 |
Transfer |
2,598,880 |
0.86 |
|
 |
LIMITED A/C |
 |
 |
06/04/2018 |
(2,175) |
Transfer |
2,596,705 |
0.86 |
|
 |
 |
 |
 |
20/04/2018 |
142,800 |
Transfer |
2,739,505 |
0.91 |
|
 |
 |
 |
 |
20/04/2018 |
(179) |
Transfer |
2,739,326 |
0.91 |
|
 |
 |
 |
 |
11/05/2018 |
1,139 |
Transfer |
2,740,465 |
0.91 |
|
 |
 |
 |
 |
11/05/2018 |
(1,139) |
Transfer |
2,739,326 |
0.91 |
|
 |
 |
 |
 |
25/05/2018 |
7,099 |
Transfer |
2,746,425 |
0.91 |
|
 |
 |
 |
 |
25/05/2018 |
(17,878) |
Transfer |
2,728,547 |
0.90 |
|
 |
 |
 |
 |
01/06/2018 |
700 |
Transfer |
2,729,247 |
0.90 |
|
 |
 |
 |
 |
08/06/2018 |
(17,473) |
Transfer |
2,711,774 |
0.90 |
|
 |
 |
 |
 |
15/06/2018 |
(35,000) |
Transfer |
2,676,774 |
0.89 |
|
 |
 |
 |
 |
22/06/2018 |
(15,000) |
Transfer |
2,661,774 |
0.88 |
|
 |
 |
 |
 |
06/07/2018 |
(13,500) |
Transfer |
2,648,274 |
0.88 |
|
 |
 |
 |
 |
20/07/2018 |
26 |
Transfer |
2,648,300 |
0.88 |
|
 |
 |
 |
 |
20/07/2018 |
(3,000) |
Transfer |
2,645,300 |
0.88 |
|
 |
 |
 |
 |
27/07/2018 |
1,288 |
Transfer |
2,646,588 |
0.88 |
|
 |
 |
 |
 |
27/07/2018 |
(1,288) |
Transfer |
2,645,300 |
0.88 |
|
 |
 |
 |
 |
03/08/2018 |
(3,848) |
Transfer |
2,641,452 |
0.87 |
|
 |
 |
 |
 |
10/08/2018 |
(17,161) |
Transfer |
2,624,291 |
0.87 |
|
 |
 |
 |
 |
17/08/2018 |
12,054 |
Transfer |
2,636,345 |
0.87 |
|
 |
 |
 |
 |
17/08/2018 |
(33,075) |
Transfer |
2,603,270 |
0.86 |
|
 |
 |
 |
 |
24/08/2018 |
18 |
Transfer |
2,603,288 |
0.86 |
|
 |
 |
 |
 |
24/08/2018 |
(38,600) |
Transfer |
2,564,688 |
0.85 |
|
 |
 |
 |
 |
31/08/2018 |
(39,125) |
Transfer |
2,525,563 |
0.84 |
|
 |
 |
 |
 |
07/09/2018 |
(187,652) |
Transfer |
2,337,911 |
0.77 |
|
 |
 |
 |
 |
21/09/2018 |
(30,300) |
Transfer |
2,307,611 |
0.76 |
|
 |
 |
 |
 |
28/09/2018 |
12,416 |
Transfer |
2,320,027 |
0.77 |
|
 |
 |
 |
 |
28/09/2018 |
(71,720) |
Transfer |
2,248,307 |
0.74 |
|
 |
 |
 |
 |
29/09/2018 |
12,416 |
Transfer |
2,260,723 |
0.75 |
|
 |
 |
 |
 |
29/09/2018 |
(71,720) |
Transfer |
2,189,003 |
0.72 |
|
 |
 |
 |
 |
05/10/2018 |
125,625 |
Transfer |
2,314,628 |
0.77 |
|
 |
 |
 |
 |
05/10/2018 |
(36,400) |
Transfer |
2,278,228 |
0.75 |
|
 |
 |
 |
 |
12/10/2018 |
99,800 |
Transfer |
2,378,028 |
0.79 |
|
 |
 |
 |
 |
26/10/2018 |
4,836 |
Transfer |
2,382,864 |
0.79 |
|
 |
 |
 |
 |
26/10/2018 |
(148,137) |
Transfer |
2,234,727 |
0.74 |
|
 |
 |
 |
 |
02/11/2018 |
(5,500) |
Transfer |
2,229,227 |
0.74 |
|
 |
 |
 |
 |
09/11/2018 |
(51,198) |
Transfer |
2,178,029 |
0.72 |
|
 |
 |
 |
 |
16/11/2018 |
(21,250) |
Transfer |
2,156,779 |
0.71 |
|
 |
 |
 |
 |
23/11/2018 |
33,500 |
Transfer |
2,190,279 |
0.73 |
|
 |
 |
 |
 |
23/11/2018 |
(25,925) |
Transfer |
2,164,354 |
0.72 |
|
 |
 |
 |
 |
30/11/2018 |
1,576 |
Transfer |
2,165,930 |
0.72 |
|
 |
 |
 |
 |
30/11/2018 |
(94,626) |
Transfer |
2,071,304 |
0.69 |
|
 |
 |
 |
 |
07/12/2018 |
(33,833) |
Transfer |
2,037,471 |
0.67 |
|
 |
 |
 |
 |
14/12/2018 |
13,550 |
Transfer |
2,051,021 |
0.68 |
|
 |
 |
 |
 |
21/12/2018 |
203 |
Transfer |
2,051,224 |
0.68 |
|
 |
 |
 |
 |
21/12/2018 |
(39,153) |
Transfer |
2,012,071 |
0.67 |
|
 |
 |
 |
 |
28/12/2018 |
(2,600) |
Transfer |
2,009,471 |
0.67 |
|
 |
 |
 |
 |
31/12/2018 |
(4,500) |
Transfer |
2,004,971 |
0.66 |
|
 |
 |
 |
 |
04/01/2019 |
(10,000) |
Transfer |
1,994,971 |
0.66 |
|
 |
 |
 |
 |
11/01/2019 |
(17,335) |
Transfer |
1,977,636 |
0.65 |
|
 |
 |
 |
 |
18/01/2019 |
(29,000) |
Transfer |
1,948,636 |
0.65 |
|
 |
 |
 |
 |
25/01/2019 |
(9,000) |
Transfer |
1,939,636 |
0.64 |
|
 |
 |
 |
 |
01/02/2019 |
(385,380) |
Transfer |
1,554,256 |
0.51 |
|
 |
 |
 |
 |
08/02/2019 |
(42,200) |
Transfer |
1,512,056 |
0.50 |
|
 |
 |
 |
 |
15/02/2019 |
1,530 |
Transfer |
1,513,586 |
0.50 |
|
 |
 |
 |
 |
15/02/2019 |
(3,900) |
Transfer |
1,509,686 |
0.50 |
|
 |
 |
 |
 |
22/02/2019 |
29,100 |
Transfer |
1,538,786 |
0.51 |
|
 |
 |
 |
 |
22/02/2019 |
(24,100) |
Transfer |
1,514,686 |
0.50 |
|
 |
 |
 |
 |
08/03/2019 |
(1,407) |
Transfer |
1,513,279 |
0.50 |
|
 |
 |
 |
 |
15/03/2019 |
1,407 |
Transfer |
1,514,686 |
0.50 |
|
 |
 |
 |
 |
22/03/2019 |
(377) |
Transfer |
1,514,309 |
0.50 |
|
 |
 |
 |
 |
29/03/2019 |
1,453 |
Transfer |
1,515,762 |
0.50 |
|
 |
 |
 |
 |
29/03/2019 |
(45,810) |
Transfer |
1,469,952 |
0.49 |
|
 |
 |
 |
 |
30/03/2019 |
59,304 |
Transfer |
1,529,256 |
0.51 |
|
4. |
NOMURA INDIA |
2,260,558 |
0.75 |
31/03/2018 |
 |
 |
 |
 |
|
 |
INVESTMENT FUND |
 |
 |
06/04/2018 |
(106,036) |
Transfer |
2,154,522 |
0.71 |
|
 |
MOTHER FUND |
 |
 |
28/09/2018 |
74,859 |
Transfer |
2,229,381 |
0.74 |
|
 |
 |
 |
 |
29/09/2018 |
74,859 |
Transfer |
2,304,240 |
0.76 |
|
 |
 |
 |
 |
12/10/2018 |
110,275 |
Transfer |
2,414,515 |
0.80 |
|
 |
 |
 |
 |
01/02/2019 |
80,710 |
Transfer |
2,495,225 |
0.83 |
|
 |
 |
 |
 |
08/02/2019 |
(30,000) |
Transfer |
2,465,225 |
0.82 |
|
 |
 |
 |
 |
30/03/2019 |
 |
 |
2,390,366 |
0.79 |
|
5. |
ICICI PRUDENTIAL |
1,702,470 |
0.56 |
31/03/2018 |
 |
 |
 |
 |
|
 |
SENSEX IWIN ETF |
 |
 |
06/04/2018 |
1,904 |
Transfer |
1,704,374 |
0.56 |
|
 |
 |
 |
 |
06/04/2018 |
(8) |
Transfer |
1,704,366 |
0.56 |
|
 |
 |
 |
 |
13/04/2018 |
29,760 |
Transfer |
1,734,126 |
0.57 |
|
 |
 |
 |
 |
13/04/2018 |
(1,654) |
Transfer |
1,732,472 |
0.57 |
|
 |
 |
 |
 |
20/04/2018 |
(527) |
Transfer |
1,731 ,945 |
0.57 |
|
 |
 |
 |
 |
27/04/2018 |
94,086 |
Transfer |
1,826,031 |
0.60 |
|
 |
 |
 |
 |
27/04/2018 |
(7,316) |
Transfer |
1,818,715 |
0.60 |
|
 |
 |
 |
 |
04/05/2018 |
97,239 |
Transfer |
1,915,954 |
0.63 |
|
 |
 |
 |
 |
04/05/2018 |
(34) |
Transfer |
1,915,920 |
0.63 |
|
 |
 |
 |
 |
11/05/2018 |
59,612 |
Transfer |
1,975,532 |
0.65 |
|
 |
 |
 |
 |
18/05/2018 |
190,865 |
Transfer |
2,166,397 |
0.72 |
|
 |
 |
 |
 |
18/05/2018 |
(3,334) |
Transfer |
2,163,063 |
0.72 |
|
 |
 |
 |
 |
25/05/2018 |
79,031 |
Transfer |
2,242,094 |
0.74 |
|
 |
 |
 |
 |
25/05/2018 |
(69) |
Transfer |
2,242,025 |
0.74 |
|
 |
 |
 |
 |
01/06/2018 |
95 |
Transfer |
2,242,120 |
0.74 |
|
 |
 |
 |
 |
01/06/2018 |
(8,823) |
Transfer |
2,233,297 |
0.74 |
|
 |
 |
 |
 |
08/06/2018 |
455 |
Transfer |
2,233,752 |
0.74 |
|
 |
 |
 |
 |
15/06/2018 |
256 |
Transfer |
2,234,008 |
0.74 |
|
 |
 |
 |
 |
15/06/2018 |
(2,686)' |
Transfer |
2,231,322 |
0.74 |
|
 |
 |
 |
 |
22/06/2018 |
740 |
Transfer |
2,232,062 |
0.74 |
|
 |
 |
 |
 |
22/06/2018 |
(18) |
Transfer |
2,232,044 |
0.74 |
|
 |
 |
 |
 |
29/06/2018 |
111 |
Transfer |
2,232,155 |
0.74 |
|
 |
 |
 |
 |
06/07/2018 |
57 |
Transfer |
2,232,212 |
0.74 |
|
 |
 |
 |
 |
06/07/2018 |
(227,676) |
Transfer |
2,004,536 |
0.66 |
|
 |
 |
 |
 |
13/07/2018 |
128 |
Transfer |
2,004,664 |
0.66 |
|
 |
 |
 |
 |
13/07/2018 |
(155,244) |
Transfer |
1,849,420 |
0.61 |
|
 |
 |
 |
 |
20/07/2018 |
20,075 |
Transfer |
1,869,495 |
0.62 |
|
 |
 |
 |
 |
20/07/2018 |
(177,531) |
Transfer |
1,691,964 |
0.56 |
|
 |
 |
 |
 |
27/07/2018 |
83 |
Transfer |
1,692,047 |
0.56 |
|
 |
 |
 |
 |
27/07/2018 |
(165,071) |
Transfer |
1,526,976 |
0.51 |
|
 |
 |
 |
 |
03/08/2018 |
1,486 ' |
Transfer |
1,528,462 |
0.51 |
|
 |
 |
 |
 |
03/08/2018 |
(6,415)' |
Transfer |
1,522,047 |
0.50 |
|
 |
 |
 |
 |
10/08/2018 |
1,468 ' |
Transfer |
1,523,515 |
0.50 |
|
 |
 |
 |
 |
10/08/2018 |
(671) |
Transfer |
1,522,844 |
0.50 |
|
 |
 |
 |
 |
17/08/2018 |
62 |
Transfer |
1,522,906 |
0.50 |
|
 |
 |
 |
 |
17/08/2018 |
(2,227)' |
Transfer |
1,520,679 |
0.50 |
|
 |
 |
 |
 |
24/08/2018 |
25,368 |
Transfer |
1,546,047 |
0.51 |
|
 |
 |
 |
 |
24/08/2018 |
(7,553) |
Transfer |
1,538,494 |
0.51 |
|
 |
 |
 |
 |
31/08/2018 |
15,507 |
Transfer |
1,554,001 |
0.51 |
|
 |
 |
 |
 |
31/08/2018 |
(53,300) |
Transfer |
1,500,701 |
0.50 |
|
 |
 |
 |
 |
07/09/2018 |
6,743 |
Transfer |
1,507,444 |
0.50 |
|
 |
 |
 |
 |
14/09/2018 |
70,554 |
Transfer |
1,577,998 |
0.52 |
|
 |
 |
 |
 |
14/09/2018 |
(397) |
Transfer |
1,577,601 |
0.52 |
|
 |
 |
 |
 |
21/09/2018 |
61,406 |
Transfer |
1,639,007 |
0.54 |
|
 |
 |
 |
 |
21/09/2018 |
(11) |
Transfer |
1,638,996 |
0.54 |
|
 |
 |
 |
 |
28/09/2018 |
234,878 ' |
Transfer |
1,873,874 |
0.62 |
|
 |
 |
 |
 |
28/09/2018 |
(963) |
Transfer |
1,872,911 |
0.62 |
|
 |
 |
 |
 |
29/09/2018 |
234,878 ' |
Transfer |
2,107,789 |
0.70 |
|
 |
 |
 |
 |
29/09/2018 |
(963) |
Transfer |
2,106,826 |
0.70 |
|
 |
 |
 |
 |
05/10/2018 |
5,707 ' |
Transfer |
2,112,533 |
0.70 |
|
 |
 |
 |
 |
12/10/2018 |
91,208 |
Transfer |
2,203,741 |
0.73 |
|
 |
 |
 |
 |
19/10/2018 |
662 |
Transfer |
2,204,403 |
0.73 |
|
 |
 |
 |
 |
19/10/2018 |
(57,350) |
Transfer |
2,147,053 |
0.71 |
|
 |
 |
 |
 |
26/10/2018 |
183,584 |
Transfer |
2,330,637 |
0.77 |
|
 |
 |
 |
 |
26/10/2018 |
(51) |
Transfer |
2,330,586 |
0.77 |
|
 |
 |
 |
 |
02/11/2018 |
147,274 |
Transfer |
2,477,860 |
0.82 |
|
 |
 |
 |
 |
09/11/2018 |
25,444 |
Transfer |
2,503,304 |
0.83 |
|
 |
 |
 |
 |
09/11/2018 |
(42,078) |
Transfer |
2,461,226 |
0.81 |
|
 |
 |
 |
 |
16/11/2018 |
188 |
Transfer |
2,461,414 |
0.81 |
|
 |
 |
 |
 |
16/11/2018 |
(168,622) |
Transfer |
2,292,792 |
0.76 |
|
 |
 |
 |
 |
23/11/2018 |
231 |
Transfer |
2,293,023 |
0.76 |
|
 |
 |
 |
 |
23/11/2018 |
(104,054) |
Transfer |
2,188,969 |
0.72 |
|
 |
 |
 |
 |
30/11/2018 |
7,457 ' |
Transfer |
2,196,426 |
0.73 |
|
 |
 |
 |
 |
30/11/2018 |
(87,796) |
Transfer |
2,108,630 |
0.70 |
|
 |
 |
 |
 |
07/12/2018 |
199 |
Transfer |
2,108,829 |
0.70 |
|
 |
 |
 |
 |
07/12/2018 |
(3,559) |
Transfer |
2,105,270 |
0.70 |
|
 |
 |
 |
 |
14/12/2018 |
52,472 |
Transfer |
2,157,742 |
0.71 |
|
 |
 |
 |
 |
14/12/2018 |
(1,931) |
Transfer |
2,155,811 |
0.71 |
|
 |
 |
 |
 |
21/12/2018 |
270 |
Transfer |
2,156,081 |
0.71 |
|
 |
 |
 |
 |
21/12/2018 |
(11,775) |
Transfer |
2,144,306 |
0.71 |
|
 |
 |
 |
 |
28/12/2018 |
51 |
Transfer |
2,144,357 |
0.71 |
|
 |
 |
 |
 |
28/12/2018 |
(13) |
Transfer |
2,144,344 |
0.71 |
|
 |
 |
 |
 |
31/12/2018 |
316 |
Transfer |
2,144,660 |
0.71 |
|
 |
 |
 |
 |
31/12/2018 |
(32) |
Transfer |
2,144,628 |
0.71 |
|
 |
 |
 |
 |
04/01/2019 |
257 |
Transfer |
2,144,885 |
0.71 |
|
 |
 |
 |
 |
11/01/2019 |
130 |
Transfer |
2,145,015 |
0.71 |
|
 |
 |
 |
 |
11/01/2019 |
(150) |
Transfer |
2,144,865 |
0.71 |
|
 |
 |
 |
 |
18/01/2019 |
599 |
Transfer |
2,145,464 |
0.71 |
|
 |
 |
 |
 |
18/01/2019 |
(5,615) |
Transfer |
2,139,849 |
0.71 |
|
 |
 |
 |
 |
25/01/2019 |
98 |
Transfer |
2,139,947 |
0.71 |
|
 |
 |
 |
 |
25/01/2019 |
(19,129) |
Transfer |
2,120,818 |
0.70 |
|
 |
 |
 |
 |
01/02/2019 |
110,455 |
Transfer |
2,231,273 |
0.74 |
|
 |
 |
 |
 |
01/02/2019 |
(1,500) |
Transfer |
2,229,773 |
0.74 |
|
 |
 |
 |
 |
08/02/2019 |
4,271 |
Transfer |
2,234,044 |
0.74 |
|
 |
 |
 |
 |
08/02/2019 |
(39,038) |
Transfer |
2,195,006 |
0.73 |
|
 |
 |
 |
 |
15/02/2019 |
181 |
Transfer |
2,195,187 |
0.73 |
|
 |
 |
 |
 |
15/02/2019 |
(357) |
Transfer |
2,194,830 |
0.73 |
|
 |
 |
 |
 |
22/02/2019 |
352 |
Transfer |
2,195,182 |
0.73 |
|
 |
 |
 |
 |
22/02/2019 |
(1,376) |
Transfer |
2,193,806 |
0.73 |
|
 |
 |
 |
 |
01/03/2019 |
184 |
Transfer |
2,193,990 |
0.73 |
|
 |
 |
 |
 |
01/03/2019 |
(26) |
Transfer |
2,193,964 |
0.73 |
|
 |
 |
 |
 |
08/03/2019 |
63,970 |
Transfer |
2,257,934 |
0.75 |
|
 |
 |
 |
 |
08/03/2019 |
(465) |
Transfer |
2,257,469 |
0.75 |
|
 |
 |
 |
 |
15/03/2019 |
226 |
Transfer |
2,257,695 |
0.75 |
|
 |
 |
 |
 |
15/03/2019 |
(12,399) |
Transfer |
2,245,296 |
0.74 |
|
 |
 |
 |
 |
22/03/2019 |
154,644 |
Transfer |
2,399,940 |
0.79 |
|
 |
 |
 |
 |
22/03/2019 |
(1,114) |
Transfer |
2,398,826 |
0.79 |
|
 |
 |
 |
 |
29/03/2019 |
94,545 |
Transfer |
2,493,371 |
0.83 |
|
 |
 |
 |
 |
30/03/2019 |
(233,915) |
Transfer |
2,259,456 |
0.75 |
|
6 |
SBI MAGNUM GLOBAL |
2,147,409 |
0.71 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
FUND |
 |
 |
06/04/2018 |
7,657 |
Transfer |
2,155,066 |
0.71 |
 |
 |
 |
 |
 |
06/04/2018 |
(3,177) |
Transfer |
2,151,889 |
0.71 |
 |
 |
 |
 |
 |
13/04/2018 |
118,129 |
Transfer |
2,270,018 |
0.75 |
 |
 |
 |
 |
 |
20/04/2018 |
176,412 |
Transfer |
2,446,430 |
0.81 |
 |
 |
 |
 |
 |
27/04/2018 |
14,737 |
Transfer |
2,461,167 |
0.81 |
 |
 |
 |
 |
 |
04/05/2018 |
10,710 |
Transfer |
2,471,877 |
0.82 |
 |
 |
 |
 |
 |
11/05/2018 |
41,544 |
Transfer |
2,513,421 |
0.83 |
 |
 |
 |
 |
 |
18/05/2018 |
14,615 |
Transfer |
2,528,036 |
0.84 |
 |
 |
 |
 |
 |
25/05/2018 |
8,589 |
Transfer |
2,536,625 |
0.84 |
 |
 |
 |
 |
 |
25/05/2018 |
(5,900) |
Transfer |
2,530,725 |
0.84 |
 |
 |
 |
 |
 |
01/06/2018 |
31,684 |
Transfer |
2,562,409 |
0.85 |
 |
 |
 |
 |
 |
08/06/2018 |
13,831 |
Transfer |
2,576,240 |
0.85 |
 |
 |
 |
 |
 |
15/06/2018 |
23,049 |
Transfer |
2,599,289 |
0.86 |
 |
 |
 |
 |
 |
22/06/2018 |
6,573 |
Transfer |
2,605,862 |
0.86 |
 |
 |
 |
 |
 |
22/06/2018 |
(633) |
Transfer |
2,605,229 |
0.86 |
 |
 |
 |
 |
 |
29/06/2018 |
7,505 |
Transfer |
2,612,734 |
0.86 |
 |
 |
 |
 |
 |
29/06/2018 |
(1,155) |
Transfer |
2,611,579 |
0.86 |
 |
 |
 |
 |
 |
06/07/2018 |
70,100 |
Transfer |
2,681,679 |
0.89 |
 |
 |
 |
 |
 |
13/07/2018 |
11,274 |
Transfer |
2,692,953 |
0.89 |
 |
 |
 |
 |
 |
13/07/2018 |
(159) |
Transfer |
2,692,794 |
0.89 |
 |
 |
 |
 |
 |
20/07/2018 |
7,615 |
Transfer |
2,700,409 |
0.89 |
 |
 |
 |
 |
 |
27/07/2018 |
9,313 |
Transfer |
2,709,722 |
0.90 |
 |
 |
 |
 |
 |
27/07/2018 |
(17) |
Transfer |
2,709,705 |
0.90 |
 |
 |
 |
 |
 |
03/08/2018 |
14,060 |
Transfer |
2,723,765 |
0.90 |
 |
 |
 |
 |
 |
03/08/2018 |
(220) |
Transfer |
2,723,545 |
0.90 |
 |
 |
 |
 |
 |
10/08/2018 |
10,076 |
Transfer |
2,733,621 |
0.90 |
 |
 |
 |
 |
 |
10/08/2018 |
(9,313) |
Transfer |
2,724,308 |
0.90 |
 |
 |
 |
 |
 |
17/08/2018 |
4,514 |
Transfer |
2,728,822 |
0.90 |
 |
 |
 |
 |
 |
24/08/2018 |
12,123 |
Transfer |
2,740,945 |
0.91 |
 |
 |
 |
 |
 |
31/08/2018 |
21,081 |
Transfer |
2,762,026 |
0.91 |
 |
 |
 |
 |
 |
31/08/2018 |
(121) |
Transfer |
2,761,905 |
0.91 |
 |
 |
 |
 |
 |
07/09/2018 |
18,094 |
Transfer |
2,779,999 |
0.92 |
 |
 |
 |
 |
 |
07/09/2018 |
(12) |
Transfer |
2,779,987 |
0.92 |
 |
 |
 |
 |
 |
14/09/2018 |
16,347 |
Transfer |
2,796,334 |
0.93 |
 |
 |
 |
 |
 |
14/09/2018 |
(373) |
Transfer |
2,795,961 |
0.93 |
 |
 |
 |
 |
 |
21/09/2018 |
13,483 |
Transfer |
2,809,444 |
0.93 |
 |
 |
 |
 |
 |
28/09/2018 |
244,707 |
Transfer |
3,054,151 |
1.01 |
 |
 |
 |
 |
 |
28/09/2018 |
(154,784) |
Transfer |
2,899,367 |
0.96 |
 |
 |
 |
 |
 |
29/09/2018 |
244,707 |
Transfer |
3,144,074 |
1.04 |
 |
 |
 |
 |
 |
29/09/2018 |
(154,784) |
Transfer |
2,989,290 |
0.99 |
 |
 |
 |
 |
 |
05/10/2018 |
102,859 |
Transfer |
3,092,149 |
1.02 |
 |
 |
 |
 |
 |
12/10/2018 |
56,596 |
Transfer |
3,148,745 |
1.04 |
 |
 |
 |
 |
 |
19/10/2018 |
6,160 |
Transfer |
3,154,905 |
1.04 |
 |
 |
 |
 |
 |
26/10/2018 |
17,281 |
Transfer |
3,172,186 |
1.05 |
 |
 |
 |
 |
 |
02/11/2018 |
47,915 |
Transfer |
3,220,101 |
1.07 |
 |
 |
 |
 |
 |
09/11/2018 |
8,848 |
Transfer |
3,228,949 |
1.07 |
 |
 |
 |
 |
 |
16/11/2018 |
21,472 |
Transfer |
3,250,421 |
1.08 |
 |
 |
 |
 |
 |
16/11/2018 |
(116) |
Transfer |
3,250,305 |
1.08 |
 |
 |
 |
 |
 |
23/11/2018 |
8,424 |
Transfer |
3,258,729 |
1.08 |
 |
 |
 |
 |
 |
30/11/2018 |
6,590 |
Transfer |
3,265,319 |
1.08 |
 |
 |
 |
 |
 |
07/12/2018 |
807 |
Transfer |
3,266,126 |
1.08 |
 |
 |
 |
 |
 |
07/12/2018 |
(1,940) |
Transfer |
3,264,186 |
1.08 |
 |
 |
 |
 |
 |
14/12/2018 |
3,188 |
Transfer |
3,267,374 |
1.08 |
 |
 |
 |
 |
 |
14/12/2018 |
(12,201) |
Transfer |
3,255,173 |
1.08 |
 |
 |
 |
 |
 |
21/12/2018 |
9,775 |
Transfer |
3,264,948 |
1.08 |
 |
 |
 |
 |
 |
21/12/2018 |
(505) |
Transfer |
3,264,443 |
1.08 |
 |
 |
 |
 |
 |
28/12/2018 |
3,652 |
Transfer |
3,268,095 |
1.08 |
 |
 |
 |
 |
 |
28/12/2018 |
(4,188) |
Transfer |
3,263,907 |
1.08 |
 |
 |
 |
 |
 |
31/12/2018 |
3,611 |
Transfer |
3,267,518 |
1.08 |
 |
 |
 |
 |
 |
04/01/2019 |
34,230 |
Transfer |
3,301,748 |
1.09 |
 |
 |
 |
 |
 |
04/01/2019 |
(19) |
Transfer |
3,301,729 |
1.09 |
 |
 |
 |
 |
 |
11/01/2019 |
24,513 |
Transfer |
3,326,242 |
1.10 |
 |
 |
 |
 |
 |
11/01/2019 |
(11,725) |
Transfer |
3,314,517 |
1.10 |
 |
 |
 |
 |
 |
18/01/2019 |
18,104 |
Transfer |
3,332,621 |
1.10 |
 |
 |
 |
 |
 |
18/01/2019 |
(52) |
Transfer |
3,332,569 |
1.10 |
 |
 |
 |
 |
 |
25/01/2019 |
17,342 |
Transfer |
3,349,911 |
1.11 |
 |
 |
 |
 |
 |
25/01/2019 |
(17) |
Transfer |
3,349,894 |
1.11 |
 |
 |
 |
 |
 |
01/02/2019 |
21,011 |
Transfer |
3,370,905 |
1.12 |
 |
 |
 |
 |
 |
08/02/2019 |
18,332 |
Transfer |
3,389,237 |
1.12 |
 |
 |
 |
 |
 |
08/02/2019 |
(5,352) |
Transfer |
3,383,885 |
1.12 |
 |
 |
 |
 |
 |
15/02/2019 |
9,194 |
Transfer |
3,393,079 |
1.12 |
 |
 |
 |
 |
 |
15/02/2019 |
(34) |
Transfer |
3,393,045 |
1.12 |
 |
 |
 |
 |
 |
22/02/2019 |
12,640 |
Transfer |
3,405,685 |
1.13 |
 |
 |
 |
 |
 |
01/03/2019 |
25,661 |
Transfer |
3,431,346 |
1.14 |
 |
 |
 |
 |
 |
01/03/2019 |
(3,792) |
Transfer |
3,427,554 |
1.13 |
 |
 |
 |
 |
 |
08/03/2019 |
20,560 |
Transfer |
3,448,114 |
1.14 |
 |
 |
 |
 |
 |
08/03/2019 |
(5,705) |
Transfer |
3,442,409 |
1.14 |
 |
 |
 |
 |
 |
15/03/2019 |
25,069 |
Transfer |
3,467,478 |
1.15 |
 |
 |
 |
 |
 |
15/03/2019 |
(66,100) |
Transfer |
3,401,378 |
1.13 |
 |
 |
 |
 |
 |
22/03/2019 |
24,176 |
Transfer |
3,425,554 |
1.13 |
 |
 |
 |
 |
 |
22/03/2019 |
(75,030) |
Transfer |
3,350,524 |
1.11 |
 |
 |
 |
 |
 |
29/03/2019 |
9,194 |
Transfer |
3,359,718 |
1.11 |
 |
 |
 |
 |
 |
29/03/2019 |
(20,909) |
Transfer |
3,338,809 |
1.11 |
 |
 |
 |
 |
 |
30/03/2019 |
(89,923) |
Transfer |
3,248,886 |
1.08 |
 |
7 |
UTI - CCF -INVESTMENT |
2,082,858 |
0.69 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
PLAN |
 |
 |
06/04/2018 |
5,066 |
Transfer |
2,087,924 |
0.69 |
 |
 |
 |
 |
 |
06/04/2018 |
(64,784) |
Transfer |
2,023,140 |
0.67 |
 |
 |
 |
 |
 |
13/04/2018 |
5,367 |
Transfer |
2,028,507 |
0.67 |
 |
 |
 |
 |
 |
13/04/2018 |
(1,074) |
Transfer |
2,027,433 |
0.67 |
 |
 |
 |
 |
 |
20/04/2018 |
4,129 |
Transfer |
2,031,562 |
0.67 |
 |
 |
 |
 |
 |
27/04/2018 |
27,890 |
Transfer |
2,059,452 |
0.68 |
 |
 |
 |
 |
 |
27/04/2018 |
(6,500) |
Transfer |
2,052,952 |
0.68 |
 |
 |
 |
 |
 |
04/05/2018 |
160,165 |
Transfer |
2,213,117 |
0.73 |
 |
 |
 |
 |
 |
04/05/2018 |
(92,357) |
Transfer |
2,120,760 |
0.70 |
 |
 |
 |
 |
 |
11/05/2018 |
5,951 |
Transfer |
2,126,711 |
0.70 |
 |
 |
 |
 |
 |
11/05/2018 |
(5,282) |
Transfer |
2,121,429 |
0.70 |
 |
 |
 |
 |
 |
18/05/2018 |
1,638 |
Transfer |
2,123,067 |
0.70 |
 |
 |
 |
 |
 |
18/05/2018 |
(638) |
Transfer |
2,122,429 |
0.70 |
 |
 |
 |
 |
 |
25/05/2018 |
4,647 |
Transfer |
2,127,076 |
0.70 |
 |
 |
 |
 |
 |
01/06/2018 |
15,471 |
Transfer |
2,142,547 |
0.71 |
 |
 |
 |
 |
 |
01/06/2018 |
(8,332) |
Transfer |
2,134,215 |
0.71 |
 |
 |
 |
 |
 |
08/06/2018 |
5,234 |
Transfer |
2,139,449 |
0.71 |
 |
 |
 |
 |
 |
08/06/2018 |
(28,725) |
Transfer |
2,110,724 |
0.70 |
 |
 |
 |
 |
 |
15/06/2018 |
2,991 |
Transfer |
2,113,715 |
0.70 |
 |
 |
 |
 |
 |
15/06/2018 |
(4,500) |
Transfer |
2,109,215 |
0.70 |
 |
 |
 |
 |
 |
22/06/2018 |
11,586 |
Transfer |
2,120,801 |
0.70 |
 |
 |
 |
 |
 |
22/06/2018 |
(72) |
Transfer |
2,120,729 |
0.70 |
 |
 |
 |
 |
 |
29/06/2018 |
1,855 |
Transfer |
2,122,584 |
0.70 |
 |
 |
 |
 |
 |
29/06/2018 |
(24,643) |
Transfer |
2,097,941 |
0.69 |
 |
 |
 |
 |
 |
06/07/2018 |
2,879 |
Transfer |
2,100,820 |
0.70 |
 |
 |
 |
 |
 |
06/07/2018 |
(56,202) |
Transfer |
2,044,618 |
0.68 |
 |
 |
 |
 |
 |
13/07/2018 |
5,436 |
Transfer |
2,050,054 |
0.68 |
 |
 |
 |
 |
 |
13/07/2018 |
(682) |
Transfer |
2,049,372 |
0.68 |
 |
 |
 |
 |
 |
20/07/2018 |
5,943 |
Transfer |
2,055,315 |
0.68 |
 |
 |
 |
 |
 |
20/07/2018 |
(5,355) |
Transfer |
2,049,960 |
0.68 |
 |
 |
 |
 |
 |
27/07/2018 |
2,332 |
Transfer |
2,052,292 |
0.68 |
 |
 |
 |
 |
 |
27/07/2018 |
(669) |
Transfer |
2,051,623 |
0.68 |
 |
 |
 |
 |
 |
03/08/2018 |
3,828 |
Transfer |
2,055,451 |
0.68 |
 |
 |
 |
 |
 |
03/08/2018 |
(8,653) |
Transfer |
2,046,798 |
0.68 |
 |
 |
 |
 |
 |
10/08/2018 |
24,420 |
Transfer |
2,071,218 |
0.69 |
 |
 |
 |
 |
 |
10/08/2018 |
(31,683) |
Transfer |
2,039,535 |
0.68 |
 |
 |
 |
 |
 |
17/08/2018 |
6,865 |
Transfer |
2,046,400 |
0.68 |
 |
 |
 |
 |
 |
17/08/2018 |
(26,482) |
Transfer |
2,019,918 |
0.67 |
 |
 |
 |
 |
 |
24/08/2018 |
8,295 |
Transfer |
2,028,213 |
0.67 |
 |
 |
 |
 |
 |
24/08/2018 |
(75,871) |
Transfer |
1,952,342 |
0.65 |
 |
 |
 |
 |
 |
31/08/2018 |
12,303 |
Transfer |
1,964,645 |
0.65 |
 |
 |
 |
 |
 |
31/08/2018 |
(16,771) |
Transfer |
1,947,874 |
0.64 |
 |
 |
 |
 |
 |
07/09/2018 |
11,061 |
Transfer |
1,958,935 |
0.65 |
 |
 |
 |
 |
 |
07/09/2018 |
(9,021) |
Transfer |
1,949,914 |
0.65 |
 |
 |
 |
 |
 |
14/09/2018 |
5,213 |
Transfer |
1,955,127 |
0.65 |
 |
 |
 |
 |
 |
14/09/2018 |
(10,000) |
Transfer |
1,945,127 |
0.64 |
 |
 |
 |
 |
 |
21/09/2018 |
3,782 |
Transfer |
1,948,909 |
0.65 |
 |
 |
 |
 |
 |
21/09/2018 |
(9,398) |
Transfer |
1,939,511 |
0.64 |
 |
 |
 |
 |
 |
28/09/2018 |
3,255 |
Transfer |
1,942,766 |
0.64 |
 |
 |
 |
 |
 |
28/09/2018 |
(889) |
Transfer |
1,941,877 |
0.64 |
 |
 |
 |
 |
 |
29/09/2018 |
3,255 |
Transfer |
1,945,132 |
0.64 |
 |
 |
 |
 |
 |
29/09/2018 |
(889) |
Transfer |
1,944,243 |
0.64 |
 |
 |
 |
 |
 |
05/10/2018 |
40,376 |
Transfer |
1,984,619 |
0.66 |
 |
 |
 |
 |
 |
12/10/2018 |
4,539 |
Transfer |
1,989,158 |
0.66 |
 |
 |
 |
 |
 |
19/10/2018 |
20,081 |
Transfer |
2,009,239 |
0.67 |
 |
 |
 |
 |
 |
26/10/2018 |
6,743 |
Transfer |
2,015,982 |
0.67 |
 |
 |
 |
 |
 |
02/11/2018 |
11,232 |
Transfer |
2,027,214 |
0.67 |
 |
 |
 |
 |
 |
02/11/2018 |
(361) |
Transfer |
2,026,853 |
0.67 |
 |
 |
 |
 |
 |
09/11/2018 |
3,012 |
Transfer |
2,029,865 |
0.67 |
 |
 |
 |
 |
 |
09/11/2018 |
(35,024) |
Transfer |
1,994,841 |
0.66 |
 |
 |
 |
 |
 |
16/11/2018 |
15,850 |
Transfer |
2,010,691 |
0.67 |
 |
 |
 |
 |
 |
16/11/2018 |
(1,725) |
Transfer |
2,008,966 |
0.67 |
 |
 |
 |
 |
 |
23/11/2018 |
2,612 |
Transfer |
2,011,578 |
0.67 |
 |
 |
 |
 |
 |
23/11/2018 |
(4,500) |
Transfer |
2,007,078 |
0.66 |
 |
 |
 |
 |
 |
30/11/2018 |
3,567 |
Transfer |
2,010,645 |
0.67 |
 |
 |
 |
 |
 |
30/11/2018 |
(6,525) |
Transfer |
2,004,120 |
0.66 |
 |
 |
 |
 |
 |
07/12/2018 |
395 |
Transfer |
2,004,515 |
0.66 |
 |
 |
 |
 |
 |
07/12/2018 |
(375) |
Transfer |
2,004,140 |
0.66 |
 |
 |
 |
 |
 |
14/12/2018 |
622 |
Transfer |
2,004,762 |
0.66 |
 |
 |
 |
 |
 |
21/12/2018 |
3,364 |
Transfer |
2,008,126 |
0.66 |
 |
 |
 |
 |
 |
21/12/2018 |
(6,500) |
Transfer |
2,001,626 |
0.66 |
 |
 |
 |
 |
 |
28/12/2018 |
1,785 |
Transfer |
2,003,411 |
0.66 |
 |
 |
 |
 |
 |
28/12/2018 |
(569) |
Transfer |
2,002,842 |
0.66 |
 |
 |
 |
 |
 |
31/12/2018 |
1,288 |
Transfer |
2,004,130 |
0.66 |
 |
 |
 |
 |
 |
04/01/2019 |
5,583 |
Transfer |
2,009,713 |
0.67 |
 |
 |
 |
 |
 |
04/01/2019 |
(17,569) |
Transfer |
1,992,144 |
0.66 |
 |
 |
 |
 |
 |
11/01/2019 |
7,121 |
Transfer |
1,999,265 |
0.66 |
 |
 |
 |
 |
 |
11/01/2019 |
(58,339) |
Transfer |
1,940,926 |
0.64 |
 |
 |
 |
 |
 |
18/01/2019 |
4,880 |
Transfer |
1,945,806 |
0.64 |
 |
 |
 |
 |
 |
18/01/2019 |
(1,475) |
Transfer |
1,944,331 |
0.64 |
 |
 |
 |
 |
 |
25/01/2019 |
5,703 |
Transfer |
1,950,034 |
0.65 |
 |
 |
 |
 |
 |
25/01/2019 |
(34,500) |
Transfer |
1,915,534 |
0.63 |
 |
 |
 |
 |
 |
01/02/2019 |
11,913 |
Transfer |
1,927,447 |
0.64 |
 |
 |
 |
 |
 |
01/02/2019 |
(36,741) |
Transfer |
1,890,706 |
0.63 |
 |
 |
 |
 |
 |
08/02/2019 |
9,613 |
Transfer |
1,900,319 |
0.63 |
 |
 |
 |
 |
 |
08/02/2019 |
(21,617) |
Transfer |
1,878,702 |
0.62 |
 |
 |
 |
 |
 |
15/02/2019 |
3,745 |
Transfer |
1,882,447 |
0.62 |
 |
 |
 |
 |
 |
22/02/2019 |
13,487 |
Transfer |
1,895,934 |
0.63 |
 |
 |
 |
 |
 |
01/03/2019 |
21,041 |
Transfer |
1,916,975 |
0.63 |
 |
 |
 |
 |
 |
08/03/2019 |
6,446 |
Transfer |
1,923,421 |
0.64 |
 |
 |
 |
 |
 |
15/03/2019 |
67,400 |
Transfer |
1,990,821 |
0.66 |
 |
 |
 |
 |
 |
15/03/2019 |
(207) |
Transfer |
1,990,614 |
0.66 |
 |
 |
 |
 |
 |
22/03/2019 |
8,846 |
Transfer |
1,999,460 |
0.66 |
 |
 |
 |
 |
 |
22/03/2019 |
(84) |
Transfer |
1,999,376 |
0.66 |
 |
 |
 |
 |
 |
29/03/2019 |
14,692 |
Transfer |
2,014,068 |
0.67 |
 |
 |
 |
 |
 |
30/03/2019 |
(2,366) |
Transfer |
2,011,702 |
0.67 |
 |
8 |
VANGUARD EMERGING |
2,023,005 |
0.67 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
MARKETS STOCK INDEX |
 |
 |
06/04/2018 |
(7,330) |
Transfer |
2,015,675 |
0.67 |
 |
 |
FUND, A SERI |
 |
 |
04/05/2018 |
(3,740) |
Transfer |
2,011,935 |
0.67 |
 |
 |
 |
 |
 |
11/05/2018 |
(3,553) |
Transfer |
2,008,382 |
0.66 |
 |
 |
 |
 |
 |
01/06/2018 |
(2,805) |
Transfer |
2,005,577 |
0.66 |
 |
 |
 |
 |
 |
15/06/2018 |
(2,805) |
Transfer |
2,002,772 |
0.66 |
 |
 |
 |
 |
 |
22/06/2018 |
(69,565) |
Transfer |
1,933,207 |
0.64 |
 |
 |
 |
 |
 |
29/06/2018 |
(39,321) |
Transfer |
1,893,886 |
0.63 |
 |
 |
 |
 |
 |
06/07/2018 |
(4,860) |
Transfer |
1,889,026 |
0.63 |
 |
 |
 |
 |
 |
13/07/2018 |
(11,515) |
Transfer |
1,877,511 |
0.62 |
 |
 |
 |
 |
 |
16/11/2018 |
2,865 |
Transfer |
1,880,376 |
0.62 |
 |
 |
 |
 |
 |
23/11/2018 |
7,449 |
Transfer |
1,887,825 |
0.62 |
 |
 |
 |
 |
 |
07/12/2018 |
3,629 |
Transfer |
1,891 ,454 |
0.63 |
 |
 |
 |
 |
 |
21/12/2018 |
10,314 |
Transfer |
1,901,768 |
0.63 |
 |
 |
 |
 |
 |
28/12/2018 |
(15,170) |
Transfer |
1,886,598 |
0.62 |
 |
 |
 |
 |
 |
01/02/2019 |
10,846 |
Transfer |
1,897,444 |
0.63 |
 |
 |
 |
 |
 |
08/02/2019 |
34,595 |
Transfer |
1,932,039 |
0.64 |
 |
 |
 |
 |
 |
22/03/2019 |
(32,879) |
Transfer |
1,899,160 |
0.63 |
 |
 |
 |
 |
 |
29/03/2019 |
4,301 |
Transfer |
1,903,461 |
0.63 |
 |
 |
 |
 |
 |
30/03/2019 |
 |
 |
1,903,461 |
0.63 |
 |
9 |
GOVERNMENT OF |
2,021,273 |
0.67 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
SINGAPORE - E |
 |
 |
06/04/2018 |
50,386 |
Transfer |
2,071,659 |
0.69 |
 |
 |
 |
 |
 |
06/04/2018 |
(9,244) |
Transfer |
2,062,415 |
0.68 |
 |
 |
 |
 |
 |
13/04/2018 |
19,440 |
Transfer |
2,081,855 |
0.69 |
 |
 |
 |
 |
 |
20/04/2018 |
(74,071) |
Transfer |
2,007,784 |
0.66 |
 |
 |
 |
 |
 |
27/04/2018 |
(55,187) |
Transfer |
1,952,597 |
0.65 |
 |
 |
 |
 |
 |
04/05/2018 |
(20,650) |
Transfer |
1,931,947 |
0.64 |
 |
 |
 |
 |
 |
11/05/2018 |
(6,909) |
Transfer |
1,925,038 |
0.64 |
 |
 |
 |
 |
 |
18/05/2018 |
(2,600) |
Transfer |
1,922,438 |
0.64 |
 |
 |
 |
 |
 |
25/05/2018 |
(139,639) |
Transfer |
1,782,799 |
0.59 |
 |
 |
 |
 |
 |
01/06/2018 |
30,052 |
Transfer |
1,812,851 |
0.60 |
 |
 |
 |
 |
 |
01/06/2018 |
(887) |
Transfer |
1,811,964 |
0.60 |
 |
 |
 |
 |
 |
08/06/2018 |
58,602 |
Transfer |
1,870,566 |
0.62 |
 |
 |
 |
 |
 |
15/06/2018 |
38,642 |
Transfer |
1,909,208 |
0.63 |
 |
 |
 |
 |
 |
22/06/2018 |
(5,552) |
Transfer |
1,903,656 |
0.63 |
 |
 |
 |
 |
 |
13/07/2018 |
21,334 |
Transfer |
1,924,990 |
0.64 |
 |
 |
 |
 |
 |
20/07/2018 |
27,463 |
Transfer |
1,952,453 |
0.65 |
 |
 |
 |
 |
 |
27/07/2018 |
4,271 |
Transfer |
1,956,724 |
0.65 |
 |
 |
 |
 |
 |
27/07/2018 |
(845) |
Transfer |
1,955,879 |
0.65 |
 |
 |
 |
 |
 |
03/08/2018 |
6,443 |
Transfer |
1,962,322 |
0.65 |
 |
 |
 |
 |
 |
03/08/2018 |
(1,068) |
Transfer |
1,961,254 |
0.65 |
 |
 |
 |
 |
 |
10/08/2018 |
(14,002) |
Transfer |
1,947,252 |
0.64 |
 |
 |
 |
 |
 |
24/08/2018 |
26,919 |
Transfer |
1,974,171 |
0.65 |
 |
 |
 |
 |
 |
31/08/2018 |
61,938 |
Transfer |
2,036,109 |
0.67 |
 |
 |
 |
 |
 |
07/09/2018 |
8,856 |
Transfer |
2,044,965 |
0.68 |
 |
 |
 |
 |
 |
14/09/2018 |
23,052 |
Transfer |
2,068,017 |
0.68 |
 |
 |
 |
 |
 |
14/09/2018 |
(12,801) |
Transfer |
2,055,216 |
0.68 |
 |
 |
 |
 |
 |
21/09/2018 |
21,848 |
Transfer |
2,077,064 |
0.69 |
 |
 |
 |
 |
 |
28/09/2018 |
(82,461) |
Transfer |
1,994,603 |
0.66 |
 |
 |
 |
 |
 |
29/09/2018 |
(82,461) |
Transfer |
1,912,142 |
0.63 |
 |
 |
 |
 |
 |
05/10/2018 |
(9,396) |
Transfer |
1,902,746 |
0.63 |
 |
 |
 |
 |
 |
12/10/2018 |
13,335 |
Transfer |
1,916,081 |
0.63 |
 |
 |
 |
 |
 |
12/10/2018 |
(1,879) |
Transfer |
1,914,202 |
0.63 |
 |
 |
 |
 |
 |
19/10/2018 |
5,536 |
Transfer |
1,919,738 |
0.64 |
 |
 |
 |
 |
 |
02/11/2018 |
3,563 |
Transfer |
1,923,301 |
0.64 |
 |
 |
 |
 |
 |
09/11/2018 |
144,539 |
Transfer |
2,067,840 |
0.68 |
 |
 |
 |
 |
 |
16/11/2018 |
(27,897) |
Transfer |
2,039,943 |
0.68 |
 |
 |
 |
 |
 |
23/11/2018 |
12,420 |
Transfer |
2,052,363 |
0.68 |
 |
 |
 |
 |
 |
30/11/2018 |
61 ,253 |
Transfer |
2,113,616 |
0.70 |
 |
 |
 |
 |
 |
07/12/2018 |
(3,353) |
Transfer |
2,110,263 |
0.70 |
 |
 |
 |
 |
 |
14/12/2018 |
(28) |
Transfer |
2,110,235 |
0.70 |
 |
 |
 |
 |
 |
21/12/2018 |
12,649 |
Transfer |
2,122,884 |
0.70 |
 |
 |
 |
 |
 |
28/12/2018 |
593 |
Transfer |
2,123,477 |
0.70 |
 |
 |
 |
 |
 |
28/12/2018 |
(13,296) |
Transfer |
2,110,181 |
0.70 |
 |
 |
 |
 |
 |
04/01/2019 |
10,612 |
Transfer |
2,120,793 |
0.70 |
 |
 |
 |
 |
 |
11/01/2019 |
(53) |
Transfer |
2,120,740 |
0.70 |
 |
 |
 |
 |
 |
01/02/2019 |
(69,844) |
Transfer |
2,050,896 |
0.68 |
 |
 |
 |
 |
 |
08/02/2019 |
32,538 |
Transfer |
2,083,434 |
0.69 |
 |
 |
 |
 |
 |
15/02/2019 |
(3,435) |
Transfer |
2,079,999 |
0.69 |
 |
 |
 |
 |
 |
01/03/2019 |
(43,071) |
Transfer |
2,036,928 |
0.67 |
 |
 |
 |
 |
 |
08/03/2019 |
(23,452) |
Transfer |
2,013,476 |
0.67 |
 |
 |
 |
 |
 |
15/03/2019 |
14,365 |
Transfer |
2,027,841 |
0.67 |
 |
 |
 |
 |
 |
22/03/2019 |
47,088 |
Transfer |
2,074,929 |
0.69 |
 |
 |
 |
 |
 |
29/03/2019 |
62,845 |
Transfer |
2,137,774 |
0.71 |
 |
 |
 |
 |
 |
30/03/2019 |
82,461 |
Transfer |
2,220,235 |
0.73 |
 |
10 |
NPS TRUST - A/C SBI |
1,463,523 |
0.48 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
PENSION FUND SCHEME - |
 |
 |
06/04/2018 |
7,432 |
Transfer |
1,470,955 |
0.49 |
 |
 |
ATAL PEN |
 |
 |
13/04/2018 |
833 |
Transfer |
1,471,788 |
0.49 |
 |
 |
 |
 |
 |
20/04/2018 |
103 |
Transfer |
1,471,891 |
0.49 |
 |
 |
 |
 |
 |
27/04/2018 |
57 |
Transfer |
1,471,948 |
0.49 |
 |
 |
 |
 |
 |
04/05/2018 |
14,527 |
Transfer |
1,486,475 |
0.49 |
 |
 |
 |
 |
 |
11/05/2018 |
14,589 |
Transfer |
1,501,064 |
0.50 |
 |
 |
 |
 |
 |
18/05/2018 |
12,914 |
Transfer |
1,513,978 |
0.50 |
 |
 |
 |
 |
 |
25/05/2018 |
29,205 |
Transfer |
1,543,183 |
0.51 |
 |
 |
 |
 |
 |
01/06/2018 |
6,414 |
Transfer |
1,549,597 |
0.51 |
 |
 |
 |
 |
 |
08/06/2018 |
62 |
Transfer |
1,549,659 |
0.51 |
 |
 |
 |
 |
 |
22/06/2018 |
45 |
Transfer |
1,549,704 |
0.51 |
 |
 |
 |
 |
 |
29/06/2018 |
293 |
Transfer |
1,549,997 |
0.51 |
 |
 |
 |
 |
 |
06/07/2018 |
137 |
Transfer |
1,550,134 |
0.51 |
 |
 |
 |
 |
 |
06/07/2018 |
(2,285) |
Transfer |
1,547,849 |
0.51 |
 |
 |
 |
 |
 |
13/07/2018 |
(2,073) |
Transfer |
1,545,776 |
0.51 |
 |
 |
 |
 |
 |
20/07/2018 |
178 |
Transfer |
1,545,954 |
0.51 |
 |
 |
 |
 |
 |
27/07/2018 |
236 |
Transfer |
1,546,190 |
0.51 |
 |
 |
 |
 |
 |
03/08/2018 |
126 |
Transfer |
1,546,316 |
0.51 |
 |
 |
 |
 |
 |
10/08/2018 |
142 |
Transfer |
1,546,458 |
0.51 |
 |
 |
 |
 |
 |
17/08/2018 |
13 |
Transfer |
1,546,471 |
0.51 |
 |
 |
 |
 |
 |
24/08/2018 |
6,680 |
Transfer |
1,553,151 |
0.51 |
 |
 |
 |
 |
 |
24/08/2018 |
(76) |
Transfer |
1,553,075 |
0.51 |
 |
 |
 |
 |
 |
31/08/2018 |
819 |
Transfer |
1,553,894 |
0.51 |
 |
 |
 |
 |
 |
07/09/2018 |
12,590 |
Transfer |
1,566,484 |
0.52 |
 |
 |
 |
 |
 |
07/09/2018 |
(273) |
Transfer |
1,566,211 |
0.52 |
 |
 |
 |
 |
 |
14/09/2018 |
13,888 |
Transfer |
1,580,099 |
0.52 |
 |
 |
 |
 |
 |
21/09/2018 |
11,757 |
Transfer |
1,591,856 |
0.53 |
 |
 |
 |
 |
 |
28/09/2018 |
47,479 |
Transfer |
1,639,335 |
0.54 |
 |
 |
 |
 |
 |
29/09/2018 |
47,479 |
Transfer |
1,686,814 |
0.56 |
 |
 |
 |
 |
 |
05/10/2018 |
24,313 |
Transfer |
1,711,127 |
0.57 |
 |
 |
 |
 |
 |
12/10/2018 |
55,385 |
Transfer |
1,766,512 |
0.58 |
 |
 |
 |
 |
 |
19/10/2018 |
7,955 |
Transfer |
1,774,467 |
0.59 |
 |
 |
 |
 |
 |
26/10/2018 |
31,363 |
Transfer |
1,805,830 |
0.60 |
 |
 |
 |
 |
 |
02/11/2018 |
44,372 |
Transfer |
1,850,202 |
0.61 |
 |
 |
 |
 |
 |
09/11/2018 |
3,155 |
Transfer |
1,853,357 |
0.61 |
 |
 |
 |
 |
 |
16/11/2018 |
118 |
Transfer |
1,853,475 |
0.61 |
 |
 |
 |
 |
 |
23/11/2018 |
549 |
Transfer |
1,854,024 |
0.61 |
 |
 |
 |
 |
 |
30/11/2018 |
12,344 |
Transfer |
1,866,368 |
0.62 |
 |
 |
 |
 |
 |
07/12/2018 |
12,602 |
Transfer |
1,878,970 |
0.62 |
 |
 |
 |
 |
 |
14/12/2018 |
12,000 |
Transfer |
1,890,970 |
0.63 |
 |
 |
 |
 |
 |
21/12/2018 |
255 |
Transfer |
1,891,225 |
0.63 |
 |
 |
 |
 |
 |
28/12/2018 |
12,150 |
Transfer |
1,903,375 |
0.63 |
 |
 |
 |
 |
 |
28/12/2018 |
(7,500) |
Transfer |
1,895,875 |
0.63 |
 |
 |
 |
 |
 |
31/12/2018 |
(48) |
Transfer |
1,895,827 |
0.63 |
 |
 |
 |
 |
 |
04/01/2019 |
19,418 |
Transfer |
1,915,245 |
0.63 |
 |
 |
 |
 |
 |
11/01/2019 |
8,576 |
Transfer |
1,923,821 |
0.64 |
 |
 |
 |
 |
 |
11/01/2019 |
(1,816) |
Transfer |
1,922,005 |
0.64 |
 |
 |
 |
 |
 |
18/01/2019 |
17,785 |
Transfer |
1,939,790 |
0.64 |
 |
 |
 |
 |
 |
25/01/2019 |
24,947 |
Transfer |
1,964,737 |
0.65 |
 |
 |
 |
 |
 |
01/02/2019 |
5,438 |
Transfer |
1,970,175 |
0.65 |
 |
 |
 |
 |
 |
08/02/2019 |
2,434 |
Transfer |
1,972,609 |
0.65 |
 |
 |
 |
 |
 |
15/02/2019 |
13,178 |
Transfer |
1,985,787 |
0.66 |
 |
 |
 |
 |
 |
22/02/2019 |
18,712 |
Transfer |
2,004,499 |
0.66 |
 |
 |
 |
 |
 |
01/03/2019 |
14,529 |
Transfer |
2,019,028 |
0.67 |
 |
 |
 |
 |
 |
08/03/2019 |
4,786 |
Transfer |
2,023,814 |
0.67 |
 |
 |
 |
 |
 |
15/03/2019 |
7,210 |
Transfer |
2,031,024 |
0.67 |
 |
 |
 |
 |
 |
15/03/2019 |
(3,532) |
Transfer |
2,027,492 |
0.67 |
 |
 |
 |
 |
 |
22/03/2019 |
9,435 |
Transfer |
2,036,927 |
0.67 |
 |
 |
 |
 |
 |
29/03/2019 |
6,856 |
Transfer |
2,043,783 |
0.68 |
 |
 |
 |
 |
 |
29/03/2019 |
(13,000) |
Transfer |
2,030,783 |
0.67 |
 |
 |
 |
 |
 |
30/03/2019 |
(47,479) |
Transfer |
1,983,304 |
0.66 |
 |
11 |
ABU DHABI INVESTMENT |
1,968,365 |
0.65 |
31.03.2018 |
 |
 |
 |
 |
 |
 |
AUTHORITY - BEACON |
 |
 |
06/04/2018 |
(4,228) |
Transfer |
1,964,137 |
0.65 |
 |
 |
 |
 |
 |
27/04/2018 |
(9,958) |
Transfer |
1,954,179 |
0.65 |
 |
 |
 |
 |
 |
04/05/2018 |
885 |
Transfer |
1,955,064 |
0.65 |
 |
 |
 |
 |
 |
04/05/2018 |
(885) |
Transfer |
1,954,179 |
0.65 |
 |
 |
 |
 |
 |
11/05/2018 |
(885) |
Transfer |
1,953,294 |
0.65 |
 |
 |
 |
 |
 |
25/05/2018 |
3,155 |
Transfer |
1,956,449 |
0.65 |
 |
 |
 |
 |
 |
25/05/2018 |
(12,600) |
Transfer |
1,943,849 |
0.64 |
 |
 |
 |
 |
 |
01/06/2018 |
(25,750) |
Transfer |
1,918,099 |
0.63 |
 |
 |
 |
 |
 |
22/06/2018 |
(54,567) |
Transfer |
1,863,532 |
0.62 |
 |
 |
 |
 |
 |
29/06/2018 |
89,467 |
Transfer |
1,952,999 |
0.65 |
 |
 |
 |
 |
 |
29/06/2018 |
(28,000) |
Transfer |
1,924,999 |
0.64 |
 |
 |
 |
 |
 |
06/07/2018 |
113,944 |
Transfer |
2,038,943 |
0.67 |
 |
 |
 |
 |
 |
06/07/2018 |
(89,467) |
Transfer |
1,949,476 |
0.65 |
 |
 |
 |
 |
 |
13/07/2018 |
(17,000) |
Transfer |
1,932,476 |
0.64 |
 |
 |
 |
 |
 |
27/07/2018 |
(5,000) |
Transfer |
1,927,476 |
0.64 |
 |
 |
 |
 |
 |
03/08/2018 |
(18,032) |
Transfer |
1,909,444 |
0.63 |
 |
 |
 |
 |
 |
10/08/2018 |
7,328 |
Transfer |
1,916,772 |
0.63 |
 |
 |
 |
 |
 |
10/08/2018 |
(9,727) |
Transfer |
1,907,045 |
0.63 |
 |
 |
 |
 |
 |
17/08/2018 |
(3,664) |
Transfer |
1,903,381 |
0.63 |
 |
 |
 |
 |
 |
24/08/2018 |
4,166 |
Transfer |
1,907,547 |
0.63 |
 |
 |
 |
 |
 |
24/08/2018 |
(3,664) |
Transfer |
1,903,883 |
0.63 |
 |
 |
 |
 |
 |
07/09/2018 |
(2,686) |
Transfer |
1,901,197 |
0.63 |
 |
 |
 |
 |
 |
14/09/2018 |
(6,000) |
Transfer |
1,895,197 |
0.63 |
 |
 |
 |
 |
 |
21/09/2018 |
(13,227) |
Transfer |
1,881,970 |
0.62 |
 |
 |
 |
 |
 |
28/09/2018 |
(8,697) |
Transfer |
1,873,273 |
0.62 |
 |
 |
 |
 |
 |
29/09/2018 |
(8,697) |
Transfer |
1,864,576 |
0.62 |
 |
 |
 |
 |
 |
05/10/2018 |
1,660 |
Transfer |
1,866,236 |
0.62 |
 |
 |
 |
 |
 |
05/10/2018 |
(63,372) |
Transfer |
1,802,864 |
0.60 |
 |
 |
 |
 |
 |
12/10/2018 |
(75,691) |
Transfer |
1,727,173 |
0.57 |
 |
 |
 |
 |
 |
19/10/2018 |
(72,700) |
Transfer |
1,654,473 |
0.55 |
 |
 |
 |
 |
 |
26/10/2018 |
22,463 |
Transfer |
1,676,936 |
0.56 |
 |
 |
 |
 |
 |
26/10/2018 |
(49,750) |
Transfer |
1,627,186 |
0.54 |
 |
 |
 |
 |
 |
09/11/2018 |
(22,550) |
Transfer |
1,604,636 |
0.53 |
 |
 |
 |
 |
 |
16/11/2018 |
2,272 |
Transfer |
1,606,908 |
0.53 |
 |
 |
 |
 |
 |
30/11/2018 |
17,071 |
Transfer |
1,623,979 |
0.54 |
 |
 |
 |
 |
 |
07/12/2018 |
7,128 |
Transfer |
1,631,107 |
0.54 |
 |
 |
 |
 |
 |
14/12/2018 |
9,622 |
Transfer |
1,640,729 |
0.54 |
 |
 |
 |
 |
 |
14/12/2018 |
(10,913) |
Transfer |
1,629,816 |
0.54 |
 |
 |
 |
 |
 |
04/01/2019 |
646 |
Transfer |
1,630,462 |
0.54 |
 |
 |
 |
 |
 |
08/02/2019 |
65,505 |
Transfer |
1,695,967 |
0.56 |
 |
 |
 |
 |
 |
15/02/2019 |
46,986 |
Transfer |
1,742,953 |
0.58 |
 |
 |
 |
 |
 |
22/02/2019 |
7,283 |
Transfer |
1,750,236 |
0.58 |
 |
 |
 |
 |
 |
01/03/2019 |
(4,538) |
Transfer |
1,745,698 |
0.58 |
 |
 |
 |
 |
 |
22/03/2019 |
168,100 |
Transfer |
1,913,798 |
0.63 |
 |
 |
 |
 |
 |
22/03/2019 |
(168,100) |
Transfer |
1,745,698 |
0.58 |
 |
 |
 |
 |
 |
29/03/2019 |
105,590 |
Transfer |
1,851,288 |
0.61 |
 |
 |
 |
 |
 |
29/03/2019 |
(403,949) |
Transfer |
1,447,339 |
0.48 |
 |
 |
 |
 |
 |
30/03/2019 |
8,697 |
Transfer |
1,456,036 |
0.48 |
 |
12 |
KUWAIT INVESTMENT |
1,769,325 |
0.59 |
31/03/2018 |
 |
 |
 |
 |
 |
 |
AUTHORITY FUND 141 |
 |
 |
13/04/2018 |
(10,111) |
Transfer |
1,759,214 |
0.58 |
 |
 |
 |
 |
 |
04/05/2018 |
9,203 |
Transfer |
1,768,417 |
0.59 |
 |
 |
 |
 |
 |
04/05/2018 |
(852) |
Transfer |
1,767,565 |
0.59 |
 |
 |
 |
 |
 |
11/05/2018 |
(21,000) |
Transfer |
1,746,565 |
0.58 |
 |
 |
 |
 |
 |
01/06/2018 |
24,224 |
Transfer |
1,770,789 |
0.59 |
 |
 |
 |
 |
 |
01/06/2018 |
(2,183) |
Transfer |
1,768,606 |
0.59 |
 |
 |
 |
 |
 |
08/06/2018 |
1,436 |
Transfer |
1,770,042 |
0.59 |
 |
 |
 |
 |
 |
15/06/2018 |
16,499 |
Transfer |
1,786,541 |
0.59 |
 |
 |
 |
 |
 |
29/06/2018 |
18,153 |
Transfer |
1,804,694 |
0.60 |
 |
 |
 |
 |
 |
06/07/2018 |
25,400 |
Transfer |
1,830,094 |
0.61 |
 |
 |
 |
 |
 |
13/07/2018 |
29,674 |
Transfer |
1,859,768 |
0.62 |
 |
 |
 |
 |
 |
27/07/2018 |
(1,926) |
Transfer |
1,857,842 |
0.62 |
 |
 |
 |
 |
 |
24/08/2018 |
23,477 |
Transfer |
1,881,319 |
0.62 |
 |
 |
 |
 |
 |
24/08/2018 |
(31,957) |
Transfer |
1,849,362 |
0.61 |
 |
 |
 |
 |
 |
31/08/2018 |
23,497 |
Transfer |
1,872,859 |
0.62 |
 |
 |
 |
 |
 |
07/09/2018 |
3,421 |
Transfer |
1,876,280 |
0.62 |
 |
 |
 |
 |
 |
07/09/2018 |
(57,753) |
Transfer |
1,818,527 |
0.60 |
 |
 |
 |
 |
 |
05/10/2018 |
6,413 |
Transfer |
1,824,940 |
0.60 |
 |
 |
 |
 |
 |
12/10/2018 |
15,185 |
Transfer |
1,840,125 |
0.61 |
 |
 |
 |
 |
 |
26/10/2018 |
(67,145) |
Transfer |
1,772,980 |
0.59 |
 |
 |
 |
 |
 |
02/11/2018 |
41,784 |
Transfer |
1,814,764 |
0.60 |
 |
 |
 |
 |
 |
09/11/2018 |
7,101 |
Transfer |
1,821,865 |
0.60 |
 |
 |
 |
 |
 |
09/11/2018 |
(7,488) |
Transfer |
1,814,377 |
0.60 |
 |
 |
 |
 |
 |
16/11/2018 |
49,277 |
Transfer |
1,863,654 |
0.62 |
 |
 |
 |
 |
 |
23/11/2018 |
18,055 |
Transfer |
1,881,709 |
0.62 |
 |
 |
 |
 |
 |
30/11/2018 |
25,097 |
Transfer |
1,906,806 |
0.63 |
 |
 |
 |
 |
 |
07/12/2018 |
9,049 |
Transfer |
1,915,855 |
0.63 |
 |
 |
 |
 |
 |
04/01/2019 |
(29,090) |
Transfer |
1,886,765 |
0.62 |
 |
 |
 |
 |
 |
18/01/2019 |
(8,892) |
Transfer |
1,877,873 |
0.62 |
 |
 |
 |
 |
 |
01/02/2019 |
16,005 |
Transfer |
1,893,878 |
0.63 |
 |
 |
 |
 |
 |
01/02/2019 |
(17,890) |
Transfer |
1,875,988 |
0.62 |
 |
 |
 |
 |
 |
08/02/2019 |
55,358 |
Transfer |
1,931,346 |
0.64 |
 |
 |
 |
 |
 |
08/02/2019 |
(9,660) |
Transfer |
1,921,686 |
0.64 |
 |
 |
 |
 |
 |
22/02/2019 |
(21,031) |
Transfer |
1,900,655 |
0.63 |
 |
 |
 |
 |
 |
01/03/2019 |
63,758 |
Transfer |
1,964,413 |
0.65 |
 |
 |
 |
 |
 |
01/03/2019 |
(63,758) |
Transfer |
1,900,655 |
0.63 |
 |
 |
 |
 |
 |
15/03/2019 |
11,521 |
Transfer |
1,912,176 |
0.63 |
 |
 |
 |
 |
 |
22/03/2019 |
11,945 |
Transfer |
1,924,121 |
0.64 |
 |
 |
 |
 |
 |
30/03/2019 |
 |
 |
1,924,121 |
0.64 |
 |
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
Â
v) Shareholding of Directors and Key Managerial Personnel:
S No |
 |
Shareholding at the beginning of the year |
Cumulative shareholding during the year |
||
1 |
For each of the Directors and KMP |
No. of shares |
% of total shares of the Company |
No. of shares |
% of total shares of the Company |
 |
At the beginning of the year |
 |
 |
 |
 |
 |
1 Mr. Sanjeev Graver, Company Secretary |
10(ten) |
- |
10(ten) |
- |
 |
2. Mr. Ajay Seth, Chief Financial Officer |
- |
- |
- |
- |
 |
3. Directors |
 |
 |
 |
 |
 |
Date wise Increase/ Decrease in shareholding during the year specifying the reason for increase/ decrease (e.g. allotment/ transfer/ bonus/sweat equity etc): |
 |
 |
 |
 |
 |
At the end of the year |
 |
 |
 |
 |
 |
1 . Mr. Ajay Seth, Chief Financial Officer |
- |
- |
- |
- |
 |
2. Mr. Sanjeev Graver, Company Secretary |
10(ten) |
- |
10(ten) |
- |
 |
3. Directors |
 |
- |
 |
- |
V. Indebtedness
Indebtedness of the Company including interest outstanding/ accrued but not due for payment
 |
Secured Loans excluding deposits |
Unsecured Loans (In Rs.) |
Deposit |
Total Indebtedness (In Rs) |
Indebtedness at the beginning of the financial year (31st March 2018) |
 |
 |
 |
 |
(i) Principal Amount |
- |
1,108,051,141 |
- |
1,108,051,141 |
(ii) Interest due but not paid |
- |
- |
- |
- |
(iii) Interest accrued but not due |
- |
198,044 |
 |
198,044 |
Total (i+ii+iii) |
- |
1,108,249,184 |
- |
1,108,249,184 |
Change in Indebtedness during the financial year |
 |
 |
 |
 |
⢠Addition |
- |
1,496,482,123 |
- |
1,496,482,123 |
⢠Reduction |
- |
(1,108,249,184) |
- |
(1,108,249,184) |
Net Change |
- |
388,232,939 |
- |
388,232,939 |
Indebtedness at the end of the financial year (31st March 2019) |
 |
 |
 |
 |
(i) Principal Amount |
- |
1,496,250,927 |
- |
1,496,250,927 |
(ii) Interest due but not paid |
- |
- |
- |
- |
(iii) Interest accrued but not due |
- |
231,196 |
- |
231,196 |
Total (i+ii+iii) |
- |
1,496,482,123 |
- |
1,496,482,123 |
VI. Remuneration of Directors and Key Managerial Personnel A. Remuneration to Managing Director and Whole-Time Directors
 |
 |
Name of MD/WTD |
Total Amount (In Rs) |
|
S No |
Particulars of Remuneration |
Mr. Kenichi Ayukawa (In Rs) |
Mr. Kazunari Yamaguchi (In Rs) |
|
1. |
Gross salary |
 |
 |
 |
 |
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 |
22,644,000 |
15,192,000 |
37,836,000 |
 |
(b) Value of perquisites under section 17(2) Income-tax Act, 1961 |
9,804,000 |
6,324,000 |
16,128,000 |
 |
(c) Profits in lieu of salary under section 17(3) Income-tax Act, 1961 |
~ |
~ |
~ |
 |
(d) Fee for attending board/ committee meetings |
- |
- |
- |
2. |
Stock Option |
- |
- |
- |
3. |
Sweat Equity |
- |
- |
- |
4. |
Commission |
- |
- |
- |
 |
as % of profit |
 |
 |
 |
 |
others, specify... |
 |
 |
 |
5. |
Other- Performance Linked Bonus |
17,770,000 |
11,660,000 |
29,430,000 |
 |
Total (A) |
50,218,000 |
33,176,000 |
83,394,000 |
 |
Ceiling as per the Act (Rs in million) |
 |
9,006 |
 |
B. Remuneration to other Directors
SN |
Particulars of Remuneration |
Name of Directors |
 |
|||
1. |
Independent Directors |
Mr. Davinder Singh Brar (InRs.) |
Ms. Pallavi Shroff (In Rs) |
Mr. Rajinder Pal Singh (InRs.) |
Ms. Renu Sud Karnad (In Rs) |
Total Amount (InRs.) |
 |
⢠Fee for attending board/ committee meetings |
1,400,000 |
500,000 |
1,350,000 |
1,100,000 |
4,350,000 |
 |
⢠Commission |
5,200,000 |
2,200,000 |
4,200,000 |
3,600,000 |
15,200,000 |
 |
⢠Others, please specify |
- |
- |
- |
- |
- |
 |
Total (1) |
6,600,000 |
2,700,000 |
5,550,000 |
4,700,000 |
19,550,000 |
 |
 |
 |
 |
 |
 |
 |
Â
2. |
Other Non-Executive Directors |
Mr. R.C. Bhargava (In Rs) |
Mr. Kinji Saito (In Rs) |
Mr. Toshihiro Suzuki (In Rs) |
Mr. Osamu Suzuki (In Rs) |
Mr. Kazuhiko Ayabe (In Rs) |
Mr. T. Hasuike (in Rs) |
Total Amount (In Rs) |
 |
⢠Fee for attending board/ committee meetings |
900,000 |
500,000 |
550,000 |
500,000 |
500,000 |
500,000 |
3,450,000 |
 |
⢠Commission |
12,200,000 |
- |
- |
- |
- |
- |
12,200,000 |
 |
⢠Others, please specify |
- |
- |
- |
- |
- |
- |
- |
 |
Total (2) |
13,100,000 |
500,000 |
550,000 |
500,000 |
500,000 |
500,000 |
15,650,000 |
 |
Total (B)=(1 +2) Total Managerial Remuneration |
 |
 |
 |
35,200,000 |
 |
 |
 |
 |
Overall ceiling as per the Act (Rs. In million) |
 |
 |
 |
901 |
 |
 |
 |
C. Remuneration to Key Managerial Personnel other than MD/Manager/WTD
 |
 |
Key Managerial Personnel |
Total Amount (In Rs) |
|
S No |
Particulars of Remuneration |
Mr. Ajay Seth (In rs) |
Mr. Sanjeev Grover (In Rs.) |
|
1. |
Gross salary |
 |
 |
 |
 |
(a) Salary as per provisions contained in section 17(1) of the Income-tax Act, 1961 |
30,634,665 |
7,614,869 |
38,249,534 |
 |
(b) Value of perquisites under section 17(2) of the Income-tax Act, 1961 |
492,950 |
57,000 |
549,950 |
 |
(c) Profits in lieu of salary under section 17(3) of the Income-tax Act, 1961 |
~ |
~ |
~ |
2. |
Stock Option |
- |
- |
- |
3. |
Sweat Equity |
- |
- |
- |
4. |
Commission |
 |
 |
 |
 |
- as % of profit |
- |
- |
- |
 |
- others, specify... |
- |
- |
- |
5. |
Others, please specify |
- |
- |
- |
 |
Total |
31,127,615 |
7,671,869 |
38,799,484 |
VII. Penalties/ Punishment/ Compounding of Offences:
Type |
Section of to Companies Act |
Brief description |
Details of penalty/ punishment/ compounding fees imposed |
Authority [RD/ NCLT/ COST |
Appeal made, if any (give details) |
|
A. |
COMPANY |
 |
 |
 |
 |
 |
 |
Penalty |
 |
 |
Nil |
 |
 |
 |
Punishment |
 |
 |
 |
 |
 |
 |
Compounding |
 |
 |
 |
 |
 |
B. |
DIRECTORS |
 |
 |
 |
 |
 |
 |
Penalty |
 |
 |
Nil |
 |
 |
 |
Punishment |
 |
 |
 |
 |
 |
 |
Compounding |
 |
 |
 |
 |
 |
C. |
OTHER OFFICERS IN DEFAULT |
 |
 |
 |
 |
 |
 |
Penalty |
 |
 |
Nil |
 |
 |
 |
Punishment |
 |
 |
 |
 |
 |
 |
Compounding |
 |
 |
 |
 |
 |
Â
For and on behalf of the Board of Directors |
 |
R.C. Bhargava |
Kenichi Ayukawa |
Chairman |
Managing Director & CEO |
New Delhi |
 |
25th April, 2019 |
 |
Annexure -B
Nomination and Remuneration Policy
1. Scope
1.1. This Nomination and Remuneration Policy (the "Policy") has been framed in compliance with Section 178 of the Companies Act, 2013 (Act) and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').
1.2. This Policy aims to ensure that the persons appointed as Directors and Key Managerial Personnel (KMPs) as defined under the Act and Senior Management (designated Executive Officer and above) possess requisite qualifications, experience, expertise and attributes commensurate with their positions and level of management responsibilities and that the composition of remuneration to such persons is fair and reasonable and sufficient to attract, retain and motivate these persons to run the Company successfully.
1.3. This Policy is applicable to Directors, KMPs, Senior Management and other employees of the Company.
2. Objective
1.1. The objective of this Policy is to provide a framework for appointment, removal and remuneration of Directors, KMPs and Senior Management.
1.2. The Policy aims to provide:
(i) Criteria of appointment and removal of Directors, KMPs and Senior Management;
(ii) Criteria for determining qualifications, positive attributes and independence of a Director;
(iii) Remuneration of Directors, KMPs and Senior Management;
(iv) Principles for retaining, motivating and promoting talent and ensuring long term retention of talent and creating competitive advantage.
3. Board Diversity
While considering the composition of the Board, the NRC will take into account the diversity of the members of the Board based on a number of factors, inter-alia, gender, age, qualifications, nationality, professional experience, recognition, skills and ability to add value to the business.
Subject to the provisions of the Act including rules and regulations made thereunder and Listing
Regulations, the Board shall have atleast one woman director, persons who have strong technical/ managerial/administrative backgrounds relevant to the business of the Company and those who have excelled in one or more areas of finance/accounting/ law/public policy with top level administrative/ managerial experience.
4. Qualifications and Attributes for Directors, KMPs and Senior Management
1.1. The prospective Director:
(i) should be of the highest integrity and level of ethical standards;
(ii) should possess the requisite qualifications, skills, knowledge, experience and expertise relevant or useful to the business of the Company.
(iii) should, while acting as a Director be capable of balancing the interests of the Company, its employees, the shareholders, the community and of the need to ensure the protection of the environment; and
(iv) should inter-alia,
⢠uphold the highest ethical standards of integrity and probity;
⢠act objectively and constructively while exercising his / her duties;
⢠exercise his / her responsibilities in a bona fide manner in the interest of the Company;
⢠devote sufficient time and attention to his / her professional obligations for informed and balanced decision making;
⢠not allow any extraneous considerations that will vitiate his / her exercise of objective independent judgment in the paramount interest of the Company as a whole, while concurring in or dissenting from the collective judgment of the Board in its decision making;
⢠not abuse his / her position to the detriment of the Company or its shareholders or other stakeholders or attempt to gain direct or indirect personal advantage or advantage for any associated person;
⢠avoid conflict of interest, and in case of any apparent situation of conflict of interest, make appropriate disclosures to the Board;
⢠assist the Company in implementing the best corporate governance practices;
⢠strictly adhere to and monitor legal compliances at all levels; and
⢠protect confidentiality of the confidential and proprietary information of the Company.
(v) In addition, in the case of an Independent Directors), he/she must also satisfy the criteria specifically set out under applicable laws including the Act and the Listing Regulations.
1.2. The KMPs and the Senior Management should possess the highest integrity and ethical standards and have the requisite qualification and experience in any field relevant to and necessary for the business of the Company, including but not limited to technology, finance, law, public administration, management, accounting, marketing, production and human resource. They should also meet the requirements of the Act, Rules, Listing Regulations and / or any other applicable laws.
5. Evaluation of the Board, its Chairman, Individual Directors and Committees of the Board
The evaluation of the Board, its Chairman, individual directors and committees of the Board shall be undertaken in compliance with the provisions of Section 134(3)(p), Section 178 and Listing Regulations.
6. Appointment and Removal of Non-Executive/Independent Directors
1.1 Appointment
(i) Depending upon the requirements of the Company, the NRC shall identify from sources the Committee considers appropriate and reliable the persons who meet the requisite criteria and recommend their appointment to the Board at appropriate times.
(ii) The Board will consider the recommendations of the NRC and accordingly, approve the appointment and remuneration of Non-Executive and / or Independent Directors, subject to the needs of the Company and the approval of the shareholders.
(iii) The appointment process shall be independent of the Company management. While selecting persons for appointment as Independent Directors, the Board shall ensure that there is an appropriate balance of skills, experience and knowledge in the Board so as to enable the Board to discharge its functions and duties effectively.
(iv) The appointment of Independent Directors shall be formalised by way of letters of appointment in accordance with the applicable laws and the requisite related disclosures in relation to such appointments made.
(v) The process for appointment of Independent Directors prescribed under the Act, the Listing Regulations and specifically the procedure set out under Schedule IV of the Act (Code for Independent Directors) will be followed. The Board shall also comply with other applicable laws.
1.2. Removal
The appointment of an Independent Director may be terminated at the recommendation of the NRC or by the Board on its own in the event he/she:
⢠commits a breach of any of the duties, functions and responsibilities or obligations towards the Company or for reasons prescribed under the Act; or
⢠compromises independence vis-a-vis the Company in any manner whatsoever which will have an impact on the criteria of independence.
⢠If he/she becomes prohibited by law or under the Articles of Association from being an Independent Director of the Company.
7. Appointment and Removal of Managing Director, Joint Managing Director, Whole-Time Directors, KMPs and Senior Management Personnel
1.1. Appointment
(i) Depending upon the requirements of the Company for the above positions, the NRC shall identify persons and recommend their appointment to the Board including the terms of appointment and remuneration.
(ii) The Board will consider the recommendations of NRC and accordingly approve the appointments) and remuneration. The appointment of the Managing Director/Joint Managing Director/ Whole-time Directors shall be subject to the approval of the shareholders.
(iii) Appointments of other employees will be made in accordance with the Company's Human Resource (HR) policy.
1.2. Removal
(i) The appointment of the Managing Director/ Joint Managing Director/Whole Time Directors may be terminated at the recommendation of the NRC or by the Board on its own, if such Director commits a breach of any of the duties, functions and responsibilities or obligations or he/she becomes prohibited by law or under the Articles of Association from being such director of the Company.
(ii) The appointment of KMPs/Senior Management Personnel may be terminated at the recommendation of the NRC or by the Board on its own, if the person commits a breach of any duties, functions and responsibilities or obligations or for reasons prescribed under the Act or the Listing Regulations or for reasons of poor performance as measured as the result of the performance appraisal process over one or more years or suffers from any disqualification(s) mentioned in the Act, the Rules or under any other applicable laws, rules and regulations, or breaches the code of conduct and / or policies of the Company.
(iii) In respect of employees in other positions, where an employee suffers from any disqualification(s) mentioned in the Act, if any, under any other applicable laws, rules and regulations, the code of conduct and / or policies of the Company, the Management of the Company may terminate the services of such employee as laid down in the HR Policy of the Company.
8. Remuneration
1.1. The remuneration of the Non-Executive / Independent Directors will include the following:
(i) Variable remuneration in the form of commission calculated as a percentage of the net profits of the Company as recommended by the NRC and to the extent permitted in the Act and approved by the Board and / or the shareholders of the Company. The payment of commission is based on criteria such as attendance at meetings of the Board/ Committees of the Board, time devoted to the Company's work, the responsibilities undertaken as Chairmen of various committees/ the Board, their contribution to the conduct of the Company's business, etc.;
(ii) Sitting fee for attending meetings of the Board and committees constituted by the Board;
(iii) Reimbursement of expenses for participation in the meetings of the Board and other meetings.
1.2. The remuneration of the Managing Director, Joint Managing Director, Whole-time Directors, KMPs and Senior Management Personnel should be commensurate with qualifications, experience and capabilities. The remuneration should take into account past performance and achievements and be in line with market standards. In determining the total remuneration, consideration should be given to the performance of the individual and also to the performance of the Company. In both cases, performance is measured against goals/plans determined beforehand at the commencement of a year and well communicated to the individual/ the individual holding the management position, as the case may be.
1.3. The remuneration of the Managing Director/ Joint Managing Director/Whole Time Director/ KMPs/Senior Management Personnel will include the following:
(i) Salary and allowances - fixed and variable besides other Benefits as per Rules contained in the HR Policy applicable to Senior Management Personnel;
(ii) Retirement benefits including provident fund / gratuity / superannuation / leave encashment;
(iii) Performance linked bonus.
1.4. No Sitting Fee shall be payable to the Managing Director/a Whole Time Director for attending meetings of Board or the committees constituted by the Board.
1.5. The remuneration of the employees other than Senior Management Personnel shall be as per Company's HR Policy.
9. Increments
1.1. Increments of Managing Director/Joint Managing Director/Whole-time Directors will be granted by the Board based on the recommendation of the NRC taking into account the performance of the individual, the performance of the business and the Company as a whole. Performance will be measured against pre-determined and agreed goals/plans which are made known at the commencement of the year. The Board and the shareholders of the Company may approve changes in remuneration from time to time.
1.2. Appraisal will be carried out and award of increments of the KMPs/Senior Management Personnel/other employees will be determined according to the prevalent HR Policy and practice of the Company. The NRC will oversee compliance with the process.
10. Review/Amendment
Based on the recommendation of the NRC, the Board may review and amend any or all clauses of this Policy depending upon exigencies of business.
Annexure -1
Evaluation Criteria
1. The evaluation of performance of the Directors of the Company shall be undertaken as under:
SN |
Provisions of the Act |
Evaluation of Performance of |
Performance to be evaluated by |
A. |
Section 178(2) |
Independent Directors Non-independent Directors |
Nomination and Remuneration Committee |
B. |
Section 134(3)(p) read with Schedule IV of the Act |
The Board |
Board |
Committees of the Board |
 |
||
Independent Directors |
 |
||
Non-independent Directors |
 |
||
C. |
Listing Regulations and Schedule IV of the Act |
Non-independent Directors |
Independent Directors |
The Board |
 |
||
Chairman of the Company |
 |
Annexure -C
Annual Report on CSR Activities
1. Brief outline of Company's CSR Policy including overview of projects or programs proposed to be undertaken and a reference to the web-link to the CSR Policy and projects or programs.
The Company's CSR policy aims to create a meaningful and lasting impact in the lives of beneficiaries. To achieve the desired impact, the Company focuses its resources on a limited number of projects in specific areas rather than spread them thin over several projects. CSR activities are primarily undertaken in the areas of community development, road safety and skill development. All projects are implemented directly by the Company in a project mode, with regular and systematic assessments and reviews built in to monitor plan progress.
As part of community development programme, the Company is making efforts to transform 26 adopted villages, near its facilities, as per an approved village development plan. Work is being undertaken on five thematic areas of intervention identified within the village, in consultation with the community, including water, sanitation, health, education and creation of common community assets. The Company will soon start work to set up a multi-specialty hospital and an English medium school in Gujarat, for the public at large.
This year, the Company has embarked on two transformational road safety technology projects in the national capital: Traffic Safety Management System (TSMS) and Automated Driving Test Track
(ADTT). As part of TSMS project, traffic surveillance systems including 3D radars, high-resolution cameras are deployed at select high-volume traffic junctions, to deter traffic violations. Under the ADTT project, the Company is building driving test tracks and installing advanced cameras at 12 centers to ensure driving licenses can be issued using video analytics, in a transparent and efficient manner. Both projects are designed and implemented with the intent to create replicable models, and with the vision to encourage a culture of compliance among road users.
As part of its skill development mandate, the Company is expanding its efforts to enhance employability of underprivileged youth by improving the quality of skill training in over 110 Industrial Training Institutes (ITIs). The adopted ITIs are being transformed as per the ITI development plan and would be completed within the defined time line. The development plan includes undertaking relevant initiatives such as upgrade workshops, enhancing industry exposure for trainers and students and imparting soft skills to make students industry-ready. The Company has contributed to the setting up of i-ACE, a state-of-the-art institute for automobile training and research. The Company's flagship skill development institute, Japan India Institute for Manufacturing (JIM), achieved 100% placement for its first batch of students and the initiative is currently being expanded.
Web link: http://www.marutisuzuki.com/our-policies. aspx
2. The composition of the CSR Committee.
The composition of the CSR Committee of the Board is as under.
SN |
Name |
Designation/Category |
CSR Committee |
1. |
Mr. R. C. Bhargava |
Chairman/ Non-Executive |
Chairman |
2. |
Mr. K. Ayukawa |
Managing Director & CEO/Executive |
Member |
3. |
Mr. R. P. Singh |
Independent Director |
Member |
3. Average Net Profit of the Company for last three financial years.
Average net profit of the Company for last three financial years (2015-16, 2016-17 and 2017-18) calculated in accordance with the provisions of the Section 198 of Companies Act, 2013 is Rs 76,767 million.
4. Prescribed CSR Expenditure (two percent of the amount as in item No. 3 above)
Two percent of the average net profit for last three financial years is Rs 1,535 million.
5. Details of CSR spent during the financial year:
A. Total amount to be spent for the financial year:
The Company had spent Rs 1,250.8 million in 2017-18. In 2018-19, the Company was able to scale up the CSR spend to Rs 1,540.7 million i.e. over two percent of the average net profit for last three financial years.
B. Amount unspent: Nil
C. Manner in which the amount spent during the financial year is detailed below:
S N. |
CSR project / activity identified |
Sector in which the project is covered |
Projects /Programmes 1. Local area/others-2. Specify the state and district where projects or programs were undertaken |
Amount outlay (budget) project/ programs wise |
Amount spent on the project /programs Subheads: 1. Direct expenditure on project, 2. Overheads |
Cumulative spend up to the reporting period |
Amount spent: Direct /through implementing agency |
|
 |
Direct |
Overhead |
 |
|||||
 |
(in Rs million) |
(in Rs million) |
(in Rs million) |
(in Rs million) |
 |
|||
 |
Community Development |
 |
 |
 |
 |
 |
 |
 |
1. |
Water & Sanitation, Rural Development projects: Sewer lines, water tanks, potable drinking water ATMs, village waste collection and disposal, construction of household toilets. |
Water and Sanitation, Rural Development Projects |
1. Local 2. Manesar, Gurugram and Rohtak (Haryana), Hansalpur (Gujarat), Bengaluru Rural (Karnataka) |
380 |
372.6 |
4.1 |
376.7 |
Through implementing agency |
2. |
Education projects: Upgradation of government school infrastructure and improving learning level of students |
Education |
Local: Manesar, Gurugram, Rohtak (Haryana), Hansalpur (Gujarat) |
40 |
34.8 |
0.5 |
35.3 |
Through implementing agency |
 |
Education projects: Setting up of English medium CBSE school. |
Education |
Sitapur (Gujarat) |
10 |
7 |
 |
7 |
Through implementing agency |
3. |
Health projects: Running dispensary, Setting up of a multi-specialty hospital. |
Health |
Local: Hansalpur (Gujarat) |
30 |
26.8 |
 |
26.8 |
Through implementing agency |
 |
Skill Development |
 |
 |
 |
 |
 |
 |
 |
1. |
Japan India Institute for Manufacturing (JIM) and ITI Mirzapur: Upgradation and management of the Institutes |
Japan India Institute of Manufacturing (JIM) and ITI Mirzapur |
Mehsana (Gujarat), Mirzapur (Uttar Pradesh) |
70 |
65.9 |
3.2 |
69.1 |
Through implementing agency |
2. |
Upgradation of Govt vocational and technical training institutes: Upgradation, repair and maintenance of workshops and infrastructure Set up placement centre. Overall development of teachers, students and facilitate industry exposure. Offer industry-oriented add-on courses. |
Upgradation of Govt vocational and technical training institutes |
Pan India |
190 |
184.6 |
0.2 |
184.8 |
Through implementing agency |
3. |
Skill enhancement in automobile trade at Industrial Training Institutes (ITI): Support Upgradation of automobile trade. Upgradation of training facilities and workshops. Train the trainer. Provision of study material and practical training. |
Skill enhancement in automobile trade at Industrial Training Institutes (ITI) |
Pan India |
70 |
53.8 |
0.2 |
54 |
Through implementing agency |
4. |
Setting up of the International Automobile Centre of Excellence (iACE): Settinq up of the institute |
Setting up of the International Automobile Centre of Excellence (iACE) |
Gandhinagar (Gujarat) |
500 |
500 |
 |
500 |
Directly |
 |
Road Safety |
 |
 |
 |
 |
 |
 |
 |
1. |
Use of technology to bring behavioural change among commuters and for reduction in road accidents and compliance to traffic rules: Traffic Safety Management System (TSMS) |
Use of technology to bring behavioural change among commuters and for reduction in road accidents and compliance to traffic rules |
Delhi |
130 |
121 |
 |
121 |
Through implementing agency |
2. |
Improvement in licensing system: Setting of Automated Driving Test Tracks (ADTT) |
Improvement in licensing system |
Delhi |
40 |
36.8 |
0.2 |
37 |
Through implementing agency |
3. |
Promotion of driving training: Training professional drivers |
Promotion of driving training |
Pan India |
10 |
3.4 |
 |
3.4 |
Through implementing agency |
4. |
Train the trainer, road safety awareness and decongestion initiatives: Road safety awareness |
Train the trainer, road safety awareness and decongestion initiatives |
Pan India |
100 |
94.9 |
1.9 |
96.8 |
Through implementing agency |
 |
Contribution to the Prime Minister's National Relief Fund |
 |
 |
 |
20 |
 |
20 |
Directly |
 |
Total (A) |
 |
 |
1,570 |
1,521.6 |
10.3 |
1,531.9 |
 |
 |
CSR Administrative Overheads |
 |
 |
 |
 |
 |
 |
 |
 |
Common Administrative Overheads (Salary of staff and expenditure on training and capacity building) (B) |
 |
 |
30 |
8.8 |
 |
 |
 |
 |
Grand Total (A+B) |
 |
 |
1,600 |
1,540.7 |
 |
 |
 |
Â
* Overheads primarily include transport costs, stationery, refreshments, telecommunication charges etc.
** Administrative overheads include salary, training and capacity building of CSR staff. These expenditures are undertaken independent of the projects.
6. In case the Company fails to spend the 2% of the Average Net Profit (Rs) of the last 3 financial years, the reasons for not spending the amount shall be stated in the Board report.
Not applicable (The Company has spent over 2% of the Average Net Profits of the last 3 financial years in 2018-19).
7. Responsibility statement, of the CSR Committee, that the implementation and monitoring of CSR Policy, is in compliance with CSR objectives and Policy of the Company duly signed by Director and Chairperson of the CSR Committee.
The Company has implemented and monitored CSR projects in compliance with CSR objectives and policy of the Company.
For and on behalf of the Board of Directors |
 |
R.C. Bhargava |
Kenichi Ayukawa |
Chairman |
Managing Director & CEO |
New Delhi |
 |
25th April 2019 |
 |
Annexure -D
Information in accordance with Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 and forming part of the Boards' Report for the year ended 31st March, 2019.
A. Energy Conservation
The Company continued its energy conservation drive with main focus on reducing energy cost and improving efficiency through adoption of new technology and optimisation of processes thereby reducing operational costs. The Company spent Rs 44.76 million as capital investment towards energy conservation equipment which is 2.5 times of the investment done in 2017-18. Capital investment towards energy conservation equipment and energy saving initiatives at its plants helped the Company in reducing energy cost. Some of the activities carried out during the year towards environment, energy and water conservation are mentioned as under:
1. Energy cost reduction:
⢠Commissioning of grid connected 316kWp photovoltaic PV solar plant at Manesar.
⢠Increase in usage of low cost grid power through diesel rotary UPS system at Rohtak.
⢠Modification of power generation scheme for gas turbine no. 3 from (11kV-66kV-11kV) to (11kV-11kV)at Gurugram.
2. Energy conservation:
⢠Installing energy saving variable frequency drive (VFD) on chiller water circulation pumps, ultrafiltration and reverse osmosis spray pumps and air compressor at Manesar.
⢠Reduction in electricity and compressed air by optimisation of air shower time at Paint shops and spray points in hemming machines of Weld shops respectively.
⢠Efficiency improvement of gas turbine by modification of software to modulate inlet guide vane (IGV) during low loads (0 to 8 MW) at Gurugram.
⢠Cycle drive installation in dough kneader machine at Gurugram.
⢠Addition of 300kVAr low tension capacitor bank in MPT for improving power factor of grid supply.
⢠Replacement of raw water tank pumps with energy efficient pumps at Manesar.
⢠Adoption of non-invasive technology instruments for:
⢠Capturing operating parameters of motors while running by motor analyzer.
⢠flow measurement of pumps by ultrasonic flowmeters.
⢠Infrared mapping for thermal losses by infrared camera.
⢠Identification of air leakages by ultrasonic leak detectors.
⢠Awareness and training sessions organised on 'Energy Audits', 'ISO 50001' and 'Energy Conservation Building Code (ECBC)' for sensitising and upgrading the knowledge base of personnel across Gurugram, Manesar and Rohtak.
3. Reliability / process improvement:
⢠Renewal of precision air conditioners for IT servers at Manesar.
⢠Upgradation of multiple thermo-mechanical relay of all generators control panels with advanced electronic relay at MPT Casting.
⢠Elimination of material rejection in heat treatment batch furnaces by providing redundancy in electrical power system.
4. Safety improvement:
⢠Installation of Earth rite system in high speed diesel (HSD) storage area at Rohtak.
⢠Upgrading flux compensating magnetic amplifier (FCMA) starters with 40 kA type tested electronic soft starter for centrifugal air compressors (Centac-6) at Manesar.
⢠Renewal of old pipe rings of hydrant system covering all areas.
⢠Health assessment of chimney structures of generators at MPT Casting.
⢠Installation of alarm and pressure monitoring system in natural gas line.
5. Water and environment conservation:
⢠74 recharge wells made for rain water harvesting at Gurugram.
⢠Rain water storage capacity increased by 4699 cubic meter at Gurugram.
⢠Recycling of used sand from Casting plants at Gurugram and Manesar.
⢠Reuse of industrial water for cleaning of magnetic rods in Paint shops.
⢠Automatic water sprinkler system for horticulture area at Gurugram.
B. Research & Development (R&D)
The Company has always made efforts to modernise the Indian auto industry with Suzuki's well known product and technology offerings which not only meet customer requirement but are setting the direction for the Indian automotive industry. The Company's engineering is making efforts to identify the appropriate Suzuki technologies for India, absorb them for Indian conditions and localise with Indian vendors to provide most cost effective solutions for the Indian customers. This year marks a quantum leap with introduction of new products and technologies that are safe, affordable, environment friendly to delight the Indian customer. With the growing customer expectations, the Company has localised and launched products that are fresh in design, high in performance, reliability and are equipped with new technologies and features.
In order to strengthen the leadership position in Indian passenger car market, the Company launched Suzuki's completely new 3rd generation WagonR and 2nd generation Ertiga. Continuing with the success of previous generation models, these products offer next level experience to our customers. Also, the Company has refreshed Ciaz in a new avatar with new and advanced K15 petrol and DDiS 225 diesel engines, Vitara Brezza with auto gear shift (AGS) technology and Baleno with new bolder look. These changes echo the aspirations of today's young customer with a perfect blend of style and class.
Continuing with its commitment to launch environment friendly technologies, this year the Company has showcased Electric Vehicles (EV) prototype for the Indian market and has commenced a nation-wide fleet testing of fifty EV's. These vehicles use the electric vehicle technology developed by Suzuki and has been produced at the Company's Gurugram plant.
Technology:
In an effort to enhance customer experience, the Company introduced many Suzuki technologies in the area of safety, connectivity, comfort, convenience and environment.
Safety:
⢠Platform: 2nd Gen Ertiga and 3rd Gen WagonR are built on Suzuki's 5th generation HEARTECT platform. The platform increases safety of occupants through effective absorption of impact, dispersion of crash energy and assures stability. The 2nd Gen Ertiga and 3rd Gen WagonR are compliant for frontal offset impact, side impact and pedestrian protection regulations.
Connected technologies:
⢠Telematics: Advanced telematics solution 'Suzuki Connect' was launched as a genuine accessory. 'Suzuki Connect' aims to enhance user convenience and experience through various advanced technologies for emergency alerts, vehicle tracking, live vehicle status and preventive maintenance calls.
Environment friendly technologies:
⢠Smart hybrid technology: Suzuki's next generation smart hybrid technology with new lithium ion battery was introduced in refreshed Ciaz. This technology developed by Suzuki, offers longer service life and contributes to improved fuel efficiency. This technology was extended to 2nd Gen Ertiga as well.
⢠Alternate fuel CNG: To further strengthen green technology footprint in India, the Company launched WagonR S (Smart) CNG which comes with factory fitted CNG. The S-CNG technology ensures high performance with dual electronic control unit (ECU) and intelligent-gas port injection technology. Direct mounted CNG injectors introduced in WagonR contributes in making it the most fuel efficient CNG car.
⢠New powertrains: The new and revolutionary 1.5 litre K15 petrol engine, designed by Suzuki and developed by the Company was introduced in refreshed Ciaz and 2nd Gen Ertiga. Engine portfolio is further enhanced with the introduction of a new 1.5 litre DDiS 225 diesel engine, designed by Suzuki and developed by the Company, in refreshed Ciaz which provides the best in class fuel efficiency. This engine can be further upgraded to meet the upcoming emission challenges.
Comfort and convenience:
⢠Infotainment: The next generation SmartPlay Studio Infotainment system has been introduced in the 3rd Gen WagonR and refreshed Baleno, the SmartPlay Studio is a 17.78cm (7") touch screen infotainment system that combines smartphone, vehicle and cloud-based services to offer a delightful driving experience.
⢠Advanced AGS: Suzuki's revolutionary two-pedal technology, Auto Gear Shift, is now being extended to Vitara Brezza. It's a convenience feature for ease of driving and reducing fatigue. This technology is one such innovation which has been progressively introduced in models line-up and is widely accepted among customers. With introduction in Vitara Brezza, this technology is available in other current models.
Focus on safety and emission regulations:
⢠Safety: To reduce road fatalities for driver, passengers and pedestrians, the Government of India has introduced safety norms such as Frontal, Side Crash and Pedestrian for Indian market. Majority of the Company's models comply with the upcoming safety regulations, well in advance to the official regulation requirement. The Company proactively introduced safety technologies like anti-lock braking (ABS), seat belt reminder, driver airbag, reverse parking sensor system and vehicle tracking system, etc. to meet AIS 145(safety regulation) and AIS 140(vehicle tracking system) regulation.
⢠Emissions: Currently the Company's engineering is making all efforts to ensure all the models and powertrain options are upgraded using Suzuki's proven technology to meet BS6 regulation well in time.
With growing mobility in India, there is a need for practical and feasible solutions that have the potential to reduce fuel consumption and India's oil import. Moving in this direction, the Company apart from strengthening its CNG presence with factory fitted CNG models is also looking at technology agnostic approach which includes focus on launching Suzuki's hybrid and electric vehicles in India.
Specific areas in which R&D has been carried out:
The Company's efforts to launch latest Suzuki's developed technologies and features by technology absorption and localisation has helped in enhancing value proposition to our customers in the following areas:
Comfort and convenience:
⢠2nd Gen Ertiga and 3rd Gen Wagon R developed on Suzuki's wider HEARTECT platform offered roomier cabin space and improved boot space.
⢠2nd Gen Ertiga, 3rd Gen Wagon R and refreshed Ciaz came with improved handling performance. Further, WagonR comes with high mounted gear shift to improve the ergonomics.
⢠2nd Gen Ertiga comes with one-touch fold and slide system for easy access to 3rd row, air-cooled cup holders, bottle holders and accessory socket in each row.
⢠Vitara Brezza now has the option of AGS for enhanced convenience.
Improved aesthetics:
⢠3rd Gen WagonR comes with bold exterior design having robust body language with wide stance, muscular side body with flared wheel arches and projector headlamps.
⢠Refreshed Baleno launched with a sporty and elegant front fascia having wider stance, new grille with dynamic 3D detailing and new precision cut smoked two tone 16" alloy wheels which complements the elegant character of the model.
⢠To enhance the design of Ignis and give it a strong road presence, new roof rails offered in its Zeta and Alpha variants.
⢠New styled diamond cut alloy wheel in refreshed Ciaz adds to the premium image of the vehicle.
Safety and noise vibration & harshness (NVH):
⢠All new models are equipped with safety features such as dual airbags, high speed warning alert, front seat belt with pre-tensioners and force limiters, ABS with electronic brake force distribution (EBD) and brake assist and reverse parking sensors.
⢠For the first time, the Company introduced electronic stability program (ESP) variant in domestic market. This was introduced in 2nd Gen Ertiga and refreshed Ciaz.
⢠ISOFIX child seat anchorage was a standard fitment in new Ciaz, Ertiga, Baleno and Vitara Brezza. ISOFIX is an International Organisation for Standardisation standard ISO 13216, which specifies the anchoring system for Group 1 child safety seats.
⢠All the new models complied with offset, side crash and pedestrian safety norms.
Weight reduction and fuel efficiency improvement:
⢠The Company has adopted a number of initiatives for weight reduction in various system designs.
⢠The CNG powered WagonR offering best-in-class mileage of 33.54km/kg and is available in Lxi variant of the 1.0 litre engine.
⢠Various initiatives taken for improving fuel efficiency were:
⢠Mechanical loss reduction by using low viscosity transmission fluid.
⢠Adopting low-friction bearings in new design 5 speed manual transmission to reduce mechanical losses thereby improving fuel efficiency.
⢠Gear ratio optimisation of 6-speed manual transmission for better fuel efficiency and performance in DDiS 225.
Benefits derived as a result of above R&D initiative:
⢠Launched the stylish 2nd Gen Ertiga in a completely new avatar. It comes with aspirational exterior design and plush dual tone interiors to enrich the lifestyle of the ever evolving young Indian customers.
⢠Launched the new 3rd Gen WagonR, new WagonR has a robust body language with a wide stance, which makes it strikingly attractive to the customers.
⢠Launched refreshed Ciaz which is engineered to offer class-leading comfort, impactful exteriors, elite interiors, unmatched performance along with an array of safety and convenience features. The refreshed Ciaz now comes with new K15 1.5 litre petrol engine and 1.5 litre diesel DDiS 225 engine which offers an optimum balance of enhanced performance with best in class fuel efficiency.
⢠Introduction of refreshed Baleno with a new bolder look and Vitara Brezza with AGS which will further enhance the brand's appeal.
⢠Launched Ignis with new safety features and roof rails for a distinct look. This updated version is even more attractive for the premium urban car user.
⢠Launched WagonR S (Smart) CNG in Lxi variant of 1.0 litre engine.
⢠The Company saved Rs 275 million by localisation and Rs 2,365 million from implementation of Value Analysis /Value Engineering (VA/VE) concepts.
⢠Rigorous efforts were also made to localise imported parts including many high technology parts. This has helped in reducing material cost as well as de-risking from foreign exchange fluctuations.
⢠The Company has also worked closely with its vendor partners to increase the value of the parts i.e. higher function at lower cost.
Technology Absorption, Adaptation and Innovation
1. Efforts in brief made towards technology absorption, adaptation and innovation:
⢠Product development efforts are further strengthened by analysis of various competitor products across the globe through focused performance and functional benchmarking of vehicle as well as sub-systems.
⢠Establishing simulation methods to replicate market quality feedbacks and suggest countermeasures for design improvement.
⢠Special value enhancement idea generation activities jointly carried with vendor partners for reducing cost to provide better value to customers.
⢠Value engineering ideas to achieve quality, performance and cost targets.
⢠Focus on capturing passenger comfort for Indian conditions and incorporating the feedback in future models.
⢠Vehicle body design using high tensile material and new light weight energy efficient structure.
2. Benefits derived as a result of above efforts:
⢠Attractive, high quality and value for money products.
⢠New technologies at right cost, time and quality.
⢠Significant weight reduction in new models relative to existing models without compromising on safety, performance and durability.
⢠Improved safety for drivers, passengers and pedestrians.
⢠High local content in new models leading to lower cost.
⢠Improved fuel efficiency.
3. Technology inducted over last 3 years: Technology Inducted in 2016-17:
⢠New Suzuki's 5th generation stronger, safer and lighter A-platform introduced in Ignis.
⢠"Android auto" extending smartphone connectivity to android users introduced in Ignis.
⢠1.0 litre booster direct injection turbo charged engine launched in Baleno RS.
⢠Light emitting diodes (LED) projector headlamps with LED daytime running lamps introduced in Ignis first in the segment in Indian automotive market.
⢠AGS extended to WagonR.
Technology Inducted in 2017-18:
⢠New Dzire and Swift are based on Suzuki's latest 5th generation HEARTECT platform which is lighter, stronger and safer.
⢠Android auto extended to other models sold through Arena channel.
⢠Increased penetration of smart hybrid technology with introduction in S-Cross.
⢠Advance AGS extended to Swift and Dzire for optimum fuel efficiency and ease of driving.
⢠Twin cylinder CNG system introduced in Super Carry.
Technology Inducted in 2018-19:
⢠2nd Gen Ertiga and 3rd Gen WagonR are engineered and built on Suzuki's 5th generation HEARTECT platform. The platform increases safety of occupants through effective absorption of impact and dispersion of crash energy and assures stability.
⢠Launched an advanced telematics solution called 'Suzuki Connect'.
⢠Suzuki designed new generation dual battery smart hybrid technology introduced in Ciaz and later extended to Ertiga as well.
⢠AGS technology extended to Vitara Brezza for optimum fuel efficiency and ease of driving.
⢠ESP technology introduction in Ciaz and Ertiga.
⢠New 1.5 litre K15 petrol engine introduced in Ciaz and 2nd Gen Ertiga. Engine portfolio further strengthened with the introduction of a new 1.5 litre DDiS 225 diesel engine in Ciaz.
⢠New design 6-speed manual transmission with optimised gear ratios introduced for better fuel efficiency and performance in DDiS 225 diesel engine.
⢠Next generation smartplay studio and smartplay dock infotainment systems have been introduced.
Expenditure incurred on R&D
 |
 |
(Rs in million) |
Particulars |
2018-19 |
 |
A Capital Expenditure |
4,372 |
3,570 |
B Net Revenue Expenditure |
2,756 |
4,746 |
Total |
7,128 |
8,316 |
D. Foreign Exchange Earnings and Outgo (Cash Basis)
During the year, total inflows (on cash basis) in foreign exchange were Rs 52,186 million and total outflows (on cash basis) in foreign exchange were Rs 128,027 million.
For and on behalf of the Board of Directors |
 |
R.C. Bhargava |
Kenichi Ayukawa |
Chairman |
Managing Director & CEO |
New Delhi |
 |
25th April, 2019 |
 |
Annexure -E
Form No. MR - 3
Secretarial Audit Report
For the financial year ended on 31st March
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]
To,
The Members
Maruti Suzuki India Limited
(CIN: L34103DL1981PLC011375) Plot No.1, Nelson Mandela Road, Vasant Kunj, New Delhi -110070
We have conducted the secretarial audit of the compliance of the applicable statutory provisions and the adherence to good corporate practices by Maruti Suzuki India Limited (hereinafter referred as 'the Company'), having its Registered Office at Plot No.1, Nelson Mandela Road, Vasant Kunj, New Delhi - 110070. Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.
Based on our verification of the Company's books, papers, minutes books, forms and returns filed and other records maintained by the Company and also the information provided by the Company, its officers, agents and authorised representatives during the conduct of Secretarial Audit, we hereby report that in our opinion, the Company has, during the audit period covering the financial year ended on March 31, 2019, complied with the statutory provisions listed hereunder and also that the Company has proper Board processes and compliance mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:
We have examined the books, papers, minute books, forms and returns filed, and other records maintained by the Company for the financial year ended on March 31, 2019 according to the provisions of:
I. The Companies Act, 2013 ('the Act') and the rules made thereunder;
II. The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder;
III. The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder by the Depositories with regard to dematerialisation / rematerialisation of securities and reconciliation of records of dematerialised securities with all securities issued by the Company;
IV. Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder. Further, there was no transaction of Overseas Direct Investment which was required to be reviewed during the period under audit;
V. The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 including the provisions with regard to disclosures and maintenance of records required under the said Regulations;
(b) Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 [Not Applicable as the Company has not issued any further share capital during the period under review];
(d) The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 [Not Applicable as the Company has not offered any shares or granted any options pursuant to any employee benefit scheme during the period under review];
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 [Not Applicable as the Company has not issued and listed any debt securities during the financial year under review];
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client [Not Applicable as the Company is not registered as Registrar to an Issue and Share Transfer Agent];
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 [Not Applicable as the Company has not delisted/propose to delist its equity shares from any Stock Exchange during the financial year under review];
h) The Securities and Exchange Board of India (Buy Back of Securities) Regulations, 2018 [Not
Applicable as the Company has not bought back/propose to buy-back any of its securities during the financial year under review].
VI. Laws specifically applicable to the industry to which the Company belongs, as identified by the management, that is to say:
1. Motor Vehicles Act, 1988
2. The Central Motor Vehicles Rules, 1989
For the compliances of Environmental Laws, Labour Laws & other General Laws vis-a-vis The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, our examination and reporting is based on the documents, records and files as produced and shown to us and the information and explanations as provided to us, by the officers and management of the Company and to the best of our judgment and understanding of the applicability of the different enactments upon the Company, in our opinion there are adequate systems and processes exist in the Company to monitor and ensure compliance with applicable Environmental Laws, Labour Laws & other General Laws.
The compliance by the Company of applicable financial laws, like direct and indirect tax laws, has not been reviewed in this audit since the same have been subject to review by the statutory financial auditor and other designated professionals.
We have also examined compliance with the applicable clauses of the following:
1. Secretarial Standards with respect to Meetings of Board of Directors (SS-1) and General Meetings (SS-2) issued by the Institute of Company Secretaries of India.
2. Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
During the period under review, the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards etc. mentioned above.
We further report that
The Board of Directors of the Company is constituted with proper balance of Executive Directors, Non-Executive Directors, Independent Directors and Woman Director. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.
Adequate notice(s) were given to all Directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent at least seven days in advance to all Directors and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.
As per the minutes of the meetings of the Board and Committees of the Board signed by the Chairman, all the decisions of the Board were adequately passed and the dissenting members' views, if any, was captured and recorded as part of the minutes.
As per the records, the Company filed all the forms, returns, documents and resolutions as were required to be filed with the Registrar of Companies and other authorities and all the formalities relating to the same are in compliance with the Act.
We further report that on review of the compliance mechanism established by the Company, we are of the opinion that the management has adequate systems and processes in the Company commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines as the Company has developed comprehensive legal compliance scheduling and management software by which specific compliance tasks were assigned to specified individuals. The software enables in planning and monitoring all compliance activities across the Company.
We further report that during the audit period the Company has following specific events/ actions having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards etc. referred to above:-
1. The Board of Directors in its Board Meeting held on 27th July, 2018 accorded consent for incorporation of a joint venture company named "Bahucharaji Rail Corporation Limited" by subscribing upto 33% of equity share capital.
2. The Board of Directors in its Board Meeting held on 27th March, 2019 accorded consent for incorporation of a Joint Venture Company named "Maruti Suzuki Toyotsu India Private Limited" by subscribing upto 50% equity share capital.
 |
For RMG & Associates |
 |
Company Secretaries |
 |
CS Manish Gupta |
Place : New Delhi |
Partner |
Date: 25th April, 2019 |
FCS : 5123; C.P. No.: 4095 |
Note: This report is to be read with 'Annexure I' attached herewith and forms an integral part of this report.
Annexure -I
To,
The Members
Maruti Suzuki India Limited
Our Secretarial Audit Report for the financial year ended 31st March, 2019 of even date is to be read along with this letter:
Management's Responsibility
1. It is the responsibility of management of the Company to maintain secretarial records, devise proper systems to ensure compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operating effectively.
Auditor's Responsibility
2. Our responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with respect to secretarial compliances.
3. We believe that audit evidence and information obtained from the Company's management is adequate and appropriate for us to provide a basis for our opinion.
4. Wherever required, we have obtained the management's representation about the compliance of laws, rules and regulations and happening of events etc.
Disclaimer
5. The Secretarial Audit Report is neither an assurance as to future viability of the Company nor of the efficacy or effectiveness with which the management has conducted affairs of the Company.
6. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
 |
For RMG & Associates |
 |
Company Secretaries |
 |
CS Manish Gupta |
Place : New Delhi |
Partner |
Date : 25th April, 2019 |
FCS : 5123; C.P. No.: 4095 |
Addendum to the Board's Report Directors
Pursuant to the withdrawal of nomination by Suzuki Motor Corporation, Mr. Kazunari Yamaguchi, Mr. Toshiaki Hasuike and Mr. Kazuhiko Ayabe tendered their resignations from the Board with effect from the close of business hours of 26th July, 2019. Therefore, Mr. Toshihiro Suzuki and Mr. Kinji Saito (instead of Mr. Kazuhiko Ayabe) shall retire by rotation in the ensuing Annual General Meeting of the Company. Mr. Takahiko Hashimoto was appointed as a Whole-time Director designated as Director (Marketing & Sales) with effect from 27th July, 2019. Mr. Hisashi Takeuchi and Mr. Hiroshi Sakamoto were appointed as Non-Executive Directors with effect from 27th July, 2019. The Board has also recommended the re-appointment of Mr. D.S. Brar and Mr. R.P Singh as Independent Directors and the appointment of Ms. Lira Goswami as an Independent Director for a period of five years from 28th August, 2019 till 27th August, 2024 for the approval of the shareholders in the Annual General Meeting.
For and on behalf of the Board of Directors
R.C. Bhargava Kenichi Ayukawa
Chairman Managing Director & CEO
New Delhi 26th July, 2019
Dividend Distribution Policy
The Company has already laid down the Dividend Distribution Guidelines ('Dividend Guidelines') which were approved by the Board of Directors of the Company ('Board') on 30th October, 2014. The Securities and Exchange Board of India has amended the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') under which the Company is required to formulate a dividend distribution policy.
Pursuant to the aforesaid change in the Listing
Regulations, the Board has approved this Dividend
Distribution Policy ('Policy') of the Company on 23rd March, 2017.
The Company shall declare and pay dividend in accordance with the provisions of the Companies Act, 2013, rules made thereunder and Listing Regulations as amended from time to time.
Following points shall be considered while declaring dividend:
⢠Consistency with the Dividend Guidelines as laid out by the Board
⢠Sustainability of dividend payout ratio in future
⢠Dividend payout ratio of previous years
⢠Macroeconomic factors and business conditions
Retained earnings are intended to be utilised for:
⢠Investments for future growth of the business
⢠Dealing with any possible downturns in the business
⢠Strategic investment in new business opportunities
The Company currently has only one class of shares i.e. equity shares. As and when it proposes to issue any other class of shares, the policy shall be modified accordingly.
Dividend guidelines
Background: Many shareholders have opined that the Company should provide a dividend policy in the interest of providing greater transparency to the shareholders.
The Board, at the time of approving the annual accounts in each year, also decides the dividend to be paid to the shareholders depending on the context of business in that year. A policy stated by the current Board cannot be binding on future Board. However, the current Board can form a guideline on dividend payout in future in the interest of providing transparency to shareholders.
Board approval
The Board accordingly approved the following guidelines for dividend payment:
The Company would endeavour to keep the Dividend payout ratio, except for reasons to be recorded, within the range of 18% to 40%. The actual dividend for each year would be decided by the Board taking into account the availability of cash, the profit level that year and the requirements of capital investments.Â
Mar 31, 2018
Boardâs Report
The Directors have pleasure in presenting the 37th annual report together with the audited financial statements for the year ended 31st March, 2018.
Financial Results
The Companyâs financial performance during the year 2017-18 as compared to the previous year 2016-17 is summarized below:
(Rs, in million)
Particulars |
2017-18 |
2016-17 |
Total revenue |
840,399 |
795,663 |
Profit before tax |
110,034 |
99,603 |
Tax expense |
32,816 |
26,101 |
Profit after tax |
77,218 |
73,502 |
Retained Earnings |
||
Balance at the beginning of the year |
313,189 |
250,037 |
Addition due to amalgamation |
- |
2,475 |
Profit for the year |
77,218 |
73,502 |
Other comprehensive income arising from remeasurement of defined benefit obligation* |
(131) |
(100) |
Payment of dividend on equity shares |
(22,656) |
(10,573) |
Corporate dividend tax paid |
(4,612) |
(2,152) |
Balance at the end of the year |
363,008 |
313,189 |
*net of income tax of Rs, 65 million (previous year Rs, 58 million)
Financial Highlights
The total revenue (net of excise) was Rs, 818,082 million as against Rs, 703,349 million in the previous year showing an increase of 16.31%. Sale of vehicles in the domestic market was 1,653,500 units as compared to 1,444,541 units in the previous year showing an increase of 14.46%. Total number of vehicles exported was 126,074 units as compared to 124,062 units in the previous year showing an increase of 1.62%.
Profit before tax (PBT) was Rs, 110,034 million against Rs, 99,603 million showing an increase of 10.47% and profit after tax (PAT) stood at 77,218 million against Rs, 73,502 million in the previous year showing an increase of 5.06%.
Dividend
The Board recommends a dividend of Rs, 80 per equity share of Rs, 5/- each for the year ended 31st March, 2018 amounting to Rs, 29,134 million including dividend distribution tax of Rs, 4,968 million. The Company has formulated a dividend distribution policy which forms part of the annual report.
Operational Highlights
The operations are exhaustively discussed in the âManagement Discussion and Analysisâ forming part of the annual report.
Consolidated Financial Statements
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 (âActâ) is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC - 1)
Extract of Annual Return
The details forming part of the extract of the Annual Return in Form MGT-9 is attached as Annexure - A.
Material Subsidiaries
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ), the Company has a policy for determining material subsidiaries. The policy is available on the website of the Company at https://marutistoragenew.blob.core.windows.net/ msilintiwebpdf/Policy_on_subsidiary_companies.pdf
Particulars of Loans, Guarantees and Investments
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
Board Meetings
A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.
Audit Committee
For composition of the audit committee, please refer to the Corporate Governance Report.
Independent Directors
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act from all the Independent Directors. The details of the familiarization programmes for the Independent Directors are available on the website of the Company at https://marutistoragenew.blob.core. windows.net/msilintiwebpdf/Familiarization_Programme.pdf
Directorsâ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Directors and Key Managerial Personnel (KMP)
Ms. Renu Sud Karnad was appointed as an Independent Director on the Board of the Company with effect from 27th July, 2017. Mr. Kazunari Yamaguchi was appointed as a Whole-time Director designated as Director (Production) with effect from 26th January, 2018 in place of Mr. Shigetoshi Torii who resigned with effect from 25th January, 2018.
Risk Management
Pursuant to Regulation 21 of Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a risk management policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to the Management Discussion and Analysis (MD&A).
Internal Financial Controls
Internal financial controls have been discussed under âCEO/CFO Certificationâ in the Corporate Governance Report.
Vigil Mechanism
The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy). The mechanism under the Policy has been appropriately communicated within the organization. The purpose of this policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise a concern about serious irregularities, unethical behavior, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
Related Party Transactions
The Company has a policy on related party transactions which is available on the Companyâs website at https://marutistoragenew. blob.core.windows.net/msilintiwebpdf/Policy_on_Related_Party_ Transactions.pdf. In terms of Section 134(3) (h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there was no transaction to be reported in Form AOC - 2.
Performance Evaluation
Pursuant to the provisions of the Act and the Listing Regulations, the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of its committees. The evaluation criteria, inter-alia, covered various aspects of the Boardâs functioning including its composition, attendance of Directors, participation levels, bringing specialized knowledge for decision making, smooth functioning of the Board and effective decision making. The Board and its committees had been highly effective in achieving their respective charters of monitoring the overall performance of the Company, overseeing the performance of the management and thus overall upholding high standards of corporate governance. The board meetings were well run and the members of the Board acted with sufficient diligence and care.
The performance of individual directors was evaluated on parameters such as level of engagement and contribution to the affairs of the Company including by way of attendance in board/ committee meetings, level of independence of judgment, care undertaken in safeguarding the interest of the Company and its minority shareholders. Considering the high performance of the Company in most spheres and the value delivered to all stakeholders, including customers, shareholders, the community and others, it was apparent that Directors had been diligent, meticulous and faithful in the performance of their duties. The Directors expressed their satisfaction with the evaluation process.
The criteria laid down by the Nomination and Remuneration Committee for evaluation of performance of Independent Directors included, inter-alia, the extent of engagement including attendance at the board/ committee meetings, ability to discharge their duties and provide effective leadership, exercise independence of judgment and safeguarding the interest of all the stakeholders including the minority shareholders.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure - B.
Corporate Social Responsibility (CSR)
The annual report on CSR activities containing details of CSR Policy, composition of the CSR committee and other prescribed details are given in Annexure - C.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. During the period under review, two complaints were received by the ICC.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure - D.
Corporate Governance
The Company has complied with the corporate governance requirements, as stipulated under the various regulations of Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Secretarial Audit Report
In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2017-18. The report on secretarial audit is attached as Annexure - E. The report does not contain any qualification.
Secreterial Standards
The Company has complied with the Secretarial Standards issued by the Institute of Company Secretaries of India.
Management Discussion and Analysis Report
The annual report has a detailed report on management discussion and analysis.
Personnel
As required by the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the particulars of the employees are set out in Annexure - F. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.
Cost Auditors
In accordance with the provisions of Section 148 of the Act, read with Companies (Cost Records and Audit) Rules, 2014, M/s R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2018-19.
Auditors
The auditors, M/s Deloitte Haskins & Sells LLP were appointed in the 35th Annual General Meeting and hold their office till the conclusion of the 40th Annual General Meeting.
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 awarded ISO/IEC 27001:2005 certification by STQC Directorate (Standardization, Testing and Quality Certificate), Ministry of Communications and Information Technology, Government of India after re-assessment. In 2015, the certification has been upgraded to 27001:2013.
The Company has established and is maintaining an environment management system. During the year, re-certification for ISO-14001 was carried out by M/s AVI, Belgium for the manufacturing plants located at Gurgaon, Manesar and R&D Centre in Rohtak. The auditors recommended continuance of ISO-14001 for all manufacturing facilities.
The quality management system of the Company is certified after the ISO 9001:2015 standard. Re-assessment of the quality systems is done at regular intervals and re-certification assessments are done every three years by an accredited third-party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined quality systems across the Company.
Awards/Recognition/Rankings
Mr. Kenichi Ayukawa was awarded âChampion of Championsâ, Best CEO (Large Companies) and Best CEO (Auto & Ancillaries) by Business Today. He was also awarded âAutocar Professional Man of the yearâ by Autocar.
The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:
- âCompany of the year, 2017â by The Economic Times and Business Standard.
- âMNC of the yearâ by AIMA at Managing India Awards, 2017.
- âCar manufacturer of the yearâ by NDTV at NDTV Car and Bike Awa rds.
- âManufacturer of the yearâ by Autocar, Times of India, Overdrive and Top Gear.
- Golden Peacock Training Award and Occupational Health and Safety Award.
- âCorporate Social Responsibility Champion of the Yearâ by Motoring World.
- â2 GOODâ rating by The Economic Times for all-round excellence in the field of Corporate Social Responsibility.
- âCertificate of Appreciationâ for best Corporate Social Responsibility practices by Haryana Government.
- Amar Ujala Corporate Social Responsibility award for outstanding work in the field.
- âPR team of the yearâ and âHDFC ERGO Safety Awardâ by NDTV at NDTV Car and Bike Awards for â#PehniKya?â campaign.
- Gold at ASSOCHAMâs Skilling India Awards, 2017.
- Rajasthan Government Award for employing highest number of youth.
- âBest Solution in Indiaâ to the Treasury team at Adam Smith Asia Award 2017.
- Dzire won the following awards:
- âBest of 2017â by Auto X.
- âCompact car of the yearâ by News 18 TV and CNBC Overdrive.
- âSub-compact sedan of the yearâ by NDTV Car & Bike Awards, Smart Photography and T3.
- âCompact Sedan of the yearâ by Auto Car, Motoring World and Times Auto EVO.
- âSub 4 meter carâ and âAutomobile of the yearâ by The Auto Show.
- Ignis won the following awards:
- âHatchback of the yearâ by NDTV Car & Bike Show, Times Auto EVO & BBC Top Gear.
- âCompact Car of the Yearâ & âDesign of the yearâ by Motoring World.
- Baleno RS won the award for âHatchback of the yearâ by News 18 TV.
- S-Cross won âCrossover of the Yearâ by Motoring World.
- Concept Future - S won Best Concept car at Auto Expo 2018 by NDTV Car & Bike and SIAM awards for excellence.
- Super Carry was awarded âCommercial Vehicle of the Yearâ and âSmall Commercial Vehicle (SCV) of the yearâ by Apollo Tyres Commercial Vehicle Magazine.
Acknowledgment
The Board of Directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, Haryana Government and the Gujarat 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 members for their continued patronage.
For and on behalf of the Board of Directors
R.C. Bhargava Kenichi Ayukawa
Chairman Managing Director & CEO
New Delhi 27th April, 2018
Mar 31, 2017
The Directors have pleasure in presenting the 36th annual report together with the audited financial statements for the year ended 31st March, 2017.
Financial Results
The Companyâs financial performance during the year 2016-17 as compared to the previous year 2015-16 is summarized below:
(Rs. in million)
2016-17 |
2015-16 |
|
Total revenue |
795,460 |
665,156 |
Profit before tax |
99,413 |
74,437 |
Tax expense |
26,036 |
20,794 |
Profit after tax |
73,377 |
53,643 |
Retained Earnings |
||
Balance at the beginning of the year |
250,037 |
210,116 |
Profit for the year |
73,377 |
53,643 |
Other comprehensive income arising from remeasurement of defined benefit obligation* |
(100) |
(61) |
Amount transferred to general reserves |
- |
(4,571) |
Payment of dividend on equity shares |
(10,573) |
(7,552) |
Corporate dividend tax paid |
(2,152) |
(1,538) |
Balance at the end of the year |
310,589 |
250,037 |
*net of income tax of Rs.58 million (previous year Rs.38 million)
Financial Highlights
The total revenue (net of excise) was Rs.703,146 million as against Rs.589,991 million in the previous year showing an increase of 19 percent. Sale of vehicles in the domestic market was 1,444,541 units as compared to 1,305,351 units in the previous year showing an increase of 11 percent. Total number of vehicles exported was 124,062 units as compared to 123,897 units in the previous year showing an increase of 0.1 percent.
Profit before tax (PBT) was Rs.99,413 million against Rs.74,437 million showing an increase of 34 percent and profit after tax (PAT) stood at Rs.73,377 million against Rs.53,643 million in the previous year showing an increase of 37 percent.
Dividend
The board recommends a dividend of Rs.75 per equity share of Rs.5 each for the year ended 31st March, 2017 amounting to Rs.27,268 million including dividend distribution tax of Rs.4,612 million. The Company has formulated a dividend distribution policy which forms part of the annual report.
Operational Highlights
The operations are exhaustively discussed in the âManagement Discussion and Analysisâ forming part of the annual report.
Consolidated Financial Statements
In accordance with Indian Accounting Standard (IND AS) - 110 on Consolidated Financial Statements read with Indian Accounting Standard (IND AS) - 28 on Investments in Associates and Joint Ventures, the audited consolidated financial statements are provided in the annual report.
A report containing the names of the companies which have become or ceased to become subsidiaries, joint ventures and associates, their performance, financial position and their contribution to the overall performance of the Company as required by the Companies Act, 2013 (âActâ) is provided as an annexure to the consolidated financial statements and hence are not repeated here for the purpose of brevity. (Form AOC-1)
Extract of Annual Return
The details forming part of the extract of the Annual Return in Form MGT-9 is attached as Annexure - A.
Material Subsidiaries
In accordance with Regulation 16(1)(c) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (âListing Regulationsâ), the Company has a policy for determining material subsidiaries. The policy is available on the website of the Company at http://www.marutisuzuki.com/policy-on-subsidiary-companies.aspx.
Particulars of Loans, Guarantees and Investments
Details of loans, guarantees and investments covered under the provisions of Section 186 of the Act are given in the notes forming part of the financial statements.
Board Meetings
A calendar of meetings is prepared and circulated in advance to the Directors. During the year, five board meetings were held, the details of which are given in the Corporate Governance Report.
Audit Committee
For composition of the audit committee, please refer to the Corporate Governance Report.
Independent Directors
The Company has received declarations of independence in accordance with the provisions of Section 149 of the Act from all the independent directors. The details of the familiarisation programmes for the independent directors are available on the website of the Company at http://www.marutisuzuki.com/ familiarization-programmes.aspx.
Directorsâ Responsibility Statement
To the best of their knowledge and belief and according to the information and explanations obtained, in terms of Section 134 of the Act, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting standards have been followed and proper explanations provided relating to material departures, if any;
b) such accounting policies have been selected and applied consistently and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.
Directors and Key Managerial Personnel (KMP)
Mr. Toshiaki Hasuike ceased to be a Whole-time director with effect from close of business hours of 19th November, 2016. He continues as a non-executive director of the Company.
Risk Management
Pursuant to Regulation 21 of Listing Regulations, the Company has a Risk Management Committee, the details of which are given in the Corporate Governance Report. The Company has a risk management policy and identified risks and taken appropriate steps for their mitigation. For more details, please refer to Management Discussion and Analysis (MD&A).
Internal Financial Controls
Internal financial controls have been discussed under âCEO/CFO Certificationâ in the Corporate Governance Report.
Vigil Mechanism
The Company has in place an established and effective mechanism called the Whistle Blower Policy (Policy).
The mechanism under the Policy has been appropriately communicated within the organisation. The purpose of this Policy is to provide a framework to promote responsible whistle blowing by employees. It protects employees wishing to raise a concern about serious irregularities, unethical behaviour, actual or suspected fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct access has been provided to the employees to contact him through e-mail, post and telephone for reporting any matter.
Related Party Transactions
The Company has a policy on related party transactions which is available on the Companyâs website at http://www.marutisuzuki. com/policy-on-related-party-transactions.aspx. In terms of Section 134(3) (h) of the Act read with Rule 15 of the Companies (Meetings of Board and its Powers) Rules, 2014, there are no transactions to be reported in Form AOC - 2.
Performance Evaluation
Pursuant to the provisions of the Act and the Listing Regulations, the board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of its committees. The evaluation criteria, inter-alia, covered various aspects of the boardâs functioning including its composition, attendance of Directors, participation levels, bringing specialized knowledge for decision making, smooth functioning of the board and effective decision making. The board and its committees had been highly effective in achieving their respective charters and their meetings were well run and the members acted with sufficient diligence and care.
The performance of individual directors was evaluated on parameters such as level of engagement and contribution to the affairs of the Company including by way of attendance in board/committee meetings, level of independence of judgement, care undertaken in safeguarding the interest of the Company and its minority shareholders. All the directors were diligent, meticulous and faithful in the performance of their duties and the Directors expressed their satisfaction with the evaluation process.
The criteria laid down by the Nomination and Remuneration Committee for evaluation of performance of independent directors included, inter-alia, the extent of engagement including attendance at the board/ committee meetings, ability to discharge their duties and provide effective leadership, exercise independence of judgement and safeguarding the interest of all the stakeholders including the minority shareholders.
Nomination and Remuneration Policy
The Nomination and Remuneration Policy is attached as Annexure - B.
Corporate Social Responsibility (CSR)
The annual report on CSR activities containing details of CSR Policy, composition of the CSR committee and other prescribed details are given in Annexure - C.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013
The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. The Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. During the period under review, two complaints were received by the ICC out of which one complaint was investigated and closed. The second complaint was received in March, 2017 and is under investigation.
Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo
Information in accordance with Section 134(3) (m) of the Act read with Rule 8 of the Companies (Accounts) Rules, 2014 is attached as Annexure - D.
Corporate Governance
The Company has complied with the corporate governance requirements, as stipulated under the various regulations of Listing Regulations. A certificate of compliance by auditors shall form part of the annual report.
Secretarial Audit Report
In accordance with the provisions of Section 204 of the Act read with The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the board appointed M/s RMG & Associates, a firm of Company Secretaries in practice to undertake the Secretarial Audit for 2016-17. The report on secretarial audit is attached as Annexure - E. The report does not contain any qualification.
Personnel
As required by the provisions of Section 197 of the Act read with Rule 5 of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the particulars of the employees are set out in Annexure - F. However, as per the provisions of Section 136 of the Act, the annual report is being sent to all the members of the Company excluding the aforesaid information. The said information is available for inspection by the members at the registered office of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining such particulars may write to the company secretary at the registered office of the Company.
Cost Auditors
In accordance with the provisions of Section 148 of the Act read with Companies (Cost Records and Audit) Rules, 2014, M/s R.J. Goel & Co., Cost Accountants, New Delhi (Registration No. 000026) were appointed as the Cost Auditors of the Company to carry out the cost audit for 2017-18.
Auditors
The auditors, M/s Deloitte Haskins & Sells LLP were appointed in the 35th Annual General Meeting and hold their office till the conclusion of the 40th Annual General Meeting. As per the provisions of Section 139 of the Act, their appointment shall be placed in the forthcoming Annual General Meeting for ratification.
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 awarded ISO/IEC 27001:2005 certification by STQC Directorate (Standardization, Testing and Quality Certificate), Ministry of Communications and Information Technology, Government of India after re-assessment. In 2015, the certification has been upgraded to 27001: 2013.
The Company has established and is maintaining an environment management system. During the year, surveillance audit under IS0-14001 was carried out by M/s AVI, Belgium for the manufacturing plants located at Gurugram and Manesar.
The auditors recommended continuance of IS0-14001 of all manufacturing facilities.
The quality management system of the Company is certified after the ISO 9001:2015 standard. Re-assessment of the quality systems is done at regular intervals and re-certification assessments are done at every three years by an accredited third party agency. The Company has an internal assessment mechanism to verify and ensure adherence to defined quality systems across the Company.
Awards/Recognition/Rankings
Mr. R. C. Bhargava was conferred with prestigious Hall of Fame Award at CNBC TV18âs India Business Leadership Awards. Outlook India Magazine honoured Mr. R. C. Bhargava as one of the 50 greatest CEOs ever. He was featured in the âBrilliantâ Category.
Mr. Kenichi Ayukawa was awarded with the best CEO-Multinational Company at the prestigious Forbes India Leadership Awards 2016. He was conferred with Automotive Man of the Year by NDW Car and Bike Awards and also shortlisted best CEO (Large Companies) by Business Today.
The Company received many awards/recognitions/rankings during the year. Some of these are mentioned hereunder:
- Golden Peacock Training Award 2016.
- Dun & Bradstreet Corporate awards in the automobiles category.
- Golden Peacock Award for Occupational Health and Safety 2016 in the automobile category.
- J.D. Power Customer Satisfaction Index for the 17th time.
- âHanda Golden Key Trophyâ as first prize by Indian Value Engineering Society (INVEST) for excellence in demonstrating value engineering as an organized corporate activity for the financial year 2015-16.
- âCorporate Excellence-Commendation of Significant Achievementâ Certificate at the prestigious CII-ITC Sustainability Award 2016 for its CSR initiatives.
- âVitara Brezzaâ got following three awards at the 17th CNBC TV18 overdrive awards:
- Overdrive Car of the year
- Compact SUV of the year
- Viewersâ Choice Car of the year
- Balenoâs next-generation lightweight platform received award for Safety Technology of the year by Indian Automotive Technology and Innovative Awards (IATIA).
- Vitara Brezza bagged ICOTY (Indian Car of the Year) 2017 award.
- Vitara Brezza won three awards - Viewersâ Choice Car of the year 2017, Car of the year 2017 and Compact SUV/ Crossover of the year by Autocar India Awards.
- Vitara Brezza won three prestigious awards at the BTViâs âThe Auto Show - Car India & Bike India Awards 2017â.
- Vitara Brezza also received the Domestic Car of the Year award by T3 & Smart Photography - Innovation Technology & Imaging Awards 2017.
- The Company was chosen âStar MNCâ at Business Standard Annual Awards 2016.
- Gold Exceed Award 2017 recognizes excellence in Occupational Health and Safety in the automobile sector.
The Company was honoured for achieving high standards of safety, health and environment at workplace.
- Vitara Brezza was declared the âCar of the yearâ & âCompact SUV of the yearâ at the 9th Times Auto Awards.
- BML Munjal Award 2016 in the category of private sector (manufacturing).
Acknowledgment
The board of directors would like to express its sincere thanks for the co-operation and advice received from the Government of India, Haryana Government and the Gujarat 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 members for their continued patronage.
For and on behalf of the board of directors
R.C. Bhargava Kenichi Ayukawa
Chairman Managing Director & CEO
New Delhi
27th April, 2017
Mar 31, 2015
Dear Members,
The directors have pleasure in presenting the 34th annual report
together with the audited financial statements for the year ended 31st
March 2015.
FINANCIAL RESULTS
The Company's financial performance during the year 2014-15 as compared
to the previous year 2013-14 is summarised below:
( Rs. in million)
Total revenue 508,022 445,235
Profit before tax 48,682 36,585
Tax expense 11,570 8,755
Profit after tax 37,112 27,830
Balance brought forward 173,849 153,043
Impact of revision of
useful lives of certain
fixed assets (792) -
Profit available for
appropriation 210,169 180,873
Appropriations:
General reserve 3,711 2,783
Proposed dividend 7,552 3,625
Corporate dividend tax 1,538 616
Balance carried forward to
balance sheet 197,368 173,849
FINANCIAL HIGHLIGHTS
The total revenue (net of excise) was Rs. 508,022 million as against
Rs. 445,235 million in the previous year showing an increase of 14 per
cent. Sale of vehicles in the domestic market was 1,170,702 units as
compared to 1,053,689 units in the previous year showing an increase of
11 per cent. Total number of vehicles exported was 121,713 units as
compared to 101,352 units in the previous year showing an increase of
20 percent.
Profit before tax (PBT) was Rs. 48,682 million against Rs. 36,585
million showing an increase of 33 per cent and profit after tax (PAT)
stood at Rs. 37,112 million against Rs. 27,830 million in the previous
year showing an increase of 33 per cent. Price earning ratio (based on
last quoted price on NSE) as on 31st March 2014 and 31st March 2015 was
21.40 and 30.10 respectively.
The Government of India came out with an 'offer for sale' at a price of
Rs. 125/- per share in 2003. The market capitalisation as on 31st March
2014 and 31st March 2015 was Rs. 595,400 million and Rs. 1,117,394
million respectively. This is based on market price of the Company's
shares (BSE closing) of Rs. 1,971 and Rs. 3,699 as at 31st March 2014
and 31st March 2015 respectively. The share price of the Company
increased by 2859 percent as on 31st March 2015 vis-a-vis the price of
allotted shares at the time of said offer for sale.
DIVIDEND
The board recommends a dividend of Rs. 25 per equity share of Rs. 5
each for the year ended 31st March 2015 amounting to Rs. 7,552 million.
OPERATIONAL HIGHLIGHTS
The operations are exhaustively discussed in 'Management Discussion and
Analysis' forming part of the annual report.
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 of Interest in Joint Ventures, the audited consolidated
financial statements are provided in the annual report.
A report on the performance and financial position of each of the
subsidiaries, associates and joint venture companies as per the
Companies Act, 2013 is provided as annexure to the consolidated
financial statement and hence not repeated here for the purpose of
brevity. No company has become or ceased to become a subsidiary, joint
venture or associate company during 2014-15.
EXTRACT OF ANNUAL RETURN
The details forming part of the extract of the Annual Return in Form
MGT-9 is attached as Annexure A.
MATERIAL SUBSIDIARIES
In accordance with Clause 49(V) (D) of the Listing Agreement, the
Company has formulated a policy for determining material subsidiaries.
The policy has been uploaded on the website of the Company at
http://www.marutisuzuki.com/ policy -on -subsidiary -companies.aspx.
PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
Details of loans, guarantees and investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes forming part of the financial statements.
BOARD MEETINGS
A calendar of meetings is prepared and circulated in advance to the
directors. During the year, six board meetings were held, the details
of which are given in the Corporate Governance Report.
AUDIT COMMITTEE
For composition of the audit committee, please refer to the Corporate
Governance Report.
INDEPENDENT DIRECTORS
The Company has received declarations of independence in terms of
Section 149 of the Companies Act, 2013 read with Clause 49 of the
Listing Agreement from all the independent directors.
The details of the familiarisation programmes for the independent
directors have been uploaded on the website of the Company at
http://www.marutisuzuki.com/familiarisation- programmes.aspx.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of their knowledge and belief and according to the
information and explanations obtained, in terms of Section 134 of the
Companies Act, 2013, your Directors state that:
a) in the preparation of the annual accounts, the applicable accounting
standards have been followed and proper explanations provided relating
to material departures, if any;
b) such accounting policies have been selected and applied consistently
and judgments and estimates made 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) proper and sufficient care has been taken for the maintenance of
adequate accounting records in accordance with the provisions of the
Companies Act, 2013 for safeguarding the assets of the Company and for
preventing and detecting fraud and other irregularities;
d) the annual accounts have been prepared on a going concern basis;
e) internal financial controls were followed by the Company and they
are adequate and are operating effectively; and
f) proper systems have been devised to ensure compliance with the
provisions of all applicable laws and such systems are adequate and
operating effectively.
DIRECTORS AND KEY MANAGERIAL PERSONNEL (KMP)
Mr. Shigetoshi Torii was appointed as a Whole-time Director designated
as Director (Production) with effect from 31st July 2014 to fill the
casual vacancy caused by the resignation of Mr. Masayuki Kamiya who
resigned as Director (Production) from the close of the business hours
of 30th July 2014. Mr. Kamiya resigned as his nomination was withdrawn
by Suzuki Motor Corporation. The appointment of Key Managerial
Personnel i.e. Managing Director & CEO, Company Secretary and Chief
Financial Officer were taken on record with effect from 1st April 2014.
RISK MANAGEMENT
Pursuant to the provisions of Clause 49 of the Listing Agreement, the
Company has constituted a Risk Management Committee, the details of
which are given in the Corporate Governance Report. The Company has
developed a risk management policy and identified risks and taken
appropriate steps for their mitigation. For more details, please refer
to the Management Discussion and Analysis (MD&A).
INTERNAL FINANCIAL CONTROLS
Internal financial controls have been discussed under 'CEO/CFO
Certification' in the Corporate Governance Report.
VIGIL MECHANISM
The Company already had an established and effective mechanism called
the Whistle Blower Policy (Policy). The mechanism under the Policy has
been appropriately communicated within the organisation. The purpose of
this Policy is to provide a framework to promote responsible whistle
blowing by employees. It protects employees wishing to raise a concern
about serious irregularities, unethical behaviour, actual or suspected
fraud within the Company.
The Chairman of the audit committee is the ombudsperson and direct
access has been provided to the employees to contact him through
e-mail, post and telephone for reporting any matter.
RELATED PARTY TRANSACTIONS
The Company has formulated a policy on related party transactions which
has been uploaded on the Company's website at http://www.
marutisuzuki.com/policy-on-related-party- transactions.aspx. In terms
of Section 134(3) (h) of the Companies Act, 2013 read with Rule 15 of
the Companies (Meetings of Board and its Powers) Rules, 2014, there are
no transactions to be reported in Form AOC 2.
PERFORMANCE EVALUATION
Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of
the Listing Agreement, the Board has carried out the annual performance
evaluation of its own performance, the Directors individually as well
as the evaluation of its committees. The evaluation criteria,
inter-alia, covered various aspects of the board's functioning
including its composition, attendance of Directors, participation
levels, bringing specialised knowledge for decision making, smooth
functioning of the Board and effective decision making.
The performance of individual directors was evaluated on parameters
such as level of engagement and contribution, independence of
judgement, safeguarding the interest of the Company and its minority
shareholders, time devoted, etc. The Directors expressed their
satisfaction with the evaluation process. The criteria laid down by
the Nomination and Remuneration Committee for evaluation of performance
of independent directors included, inter-alia, the extent of engagement
including attendance at the board/ committee meetings, ability to
discharge their duties and provide effective leadership, exercise
independence of judgement and safeguarding the interest of all the
stakeholders including the minority shareholders.
NOMINATION AND REMUNERATION POLICY
Based on the recommendations of the Nomination and Remuneration
Committee, the Board approved a Nomination and Remuneration Policy
which is attached as Annexure B.
CORPORATE SOCIAL RESPONSIBILITY (CSR)
The composition of the CSR committee, CSR Policy, etc. are given in
Annexure C.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti Sexual Harassment Policy in line with
the requirements of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. The Internal
Complaints Committee (ICC) has been set up to redress complaints
received regarding sexual harassment. During the period under review,
one complaint was received by the ICC and the same was disposed of.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO
Information in accordance with Section 134(3) (m) of the Companies Act,
2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is
attached as Annexure D.
CORPORATE GOVERNANCE
The Company has complied with the corporate governance requirements, as
stipulated under Clause 49 of the Listing Agreement and the certificate
of compliance is contained in this annual report.
SECRETARIAL AUDIT REPORT
In accordance with the provisions of Section 204 of the Companies Act,
2013 read with The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Board appointed M/s RMG &
Associates, a firm of Company Secretaries in practice to undertake the
Secretarial Audit for 2014-15. The report on secretarial audit is
attached as Annexure E. The report does not contain any qualification.
PERSONNEL
As required by the provisions of Section 197 of the Companies Act, 2013
read with Rule 5 of The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 the particulars of the employees are
set out in Annexure F. However, as per the provisions of Section 136 of
the Companies Act, 2013, the annual report is being sent to all the
members of the Company excluding the aforesaid information. The said
information is available for inspection by the members at the
registered office of the Company up to the date of the ensuing Annual
General Meeting. Any member interested in obtaining such particulars
may write to the company secretary at the registered office of the
Company.
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 being eligible 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 139(1) of the Companies Act, 2013. A
certificate has also been obtained from the Auditors to the effect that
the Company is in compliance with the conditions of Foreign Direct
Investment for the downstream investment made by the Company in
subsidiary companies. The auditors' report to the shareholders for the
year under review does not contain any qualification.
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 awarded ISO/IEC 27001:2005 certification by STQC
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, re-certification audit under
ISO-14001 was carried out by M/s AVI, Belgium for the manufacturing
plants located at Gurgaon and Manesar. The auditors recommended
re-certification under ISO-14001 of all manufacturing facilities.
The quality management system of the Company is certified against the
ISO 9001:2008 standard. Re-assessment of the quality systems is done at
regular intervals and re-certification assessments are done at every
three years by an accredited third party agency. Recently, the Manesar
powertrain plant including the two wheeler engine plant was added in
the ISO-9001 certification scope in time with other plants of the
Company. Also, the Company has an internal assessment mechanism to
verify and ensure adherence to defined quality systems across the
Company.
AWARDS/RECOGNITION/RANKINGS
The Company got the following awards/ recognitions/rankings during the
year:
* JD Power CSI Study ranked the Company highest.
* Alto emerged as the 'World's Bestselling Small Car' for 2014 and Alto
K10 AGS awarded 'Idea of The Year' by BBC Top Gear Magazine.
* Celerio named 'Hatchback of The Year' by NDTV Car & Bike
Awards;'Midsize Hatchback of The Year' by Zeeginition Auto Awards 2015;
'Transmission of The Year' and 'Technology of The Year' by Auto Tech
Review magazine for the auto gear shift.
* Ciaz named 'Compact Sedan of The Year' by NDTV Car & Bike Awards and
'Sedan of The Year' by Auto Bild Golden Steering Wheel Awards 2015 and
'Best of 2014' by Auto X Magazine Awards.
* 'Manufacturer of the year - 2015' (four wheelers) honored to the
Company by CNBC TV18 Overdrive.
* 'Golden Peacock Award' honored to the Company for CSR in the
automobile sector and the occupational health and safety for 2014.
* Greentech CSR Award under Platinum category in automobile sector.
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
R.C. BHARGAVA KENICHI AYUKAWA
Chairman Managing Director & CEO
New Delhi
27th April 2015
Mar 31, 2014
Dear Members,
The Directors have pleasure in presenting the 33rd annual report
together with the audited accounts for the year ended 31st March 2014.
FINANCIAL RESULTS
The Company''s financial performance during the year 2013-14 as compared
to the previous year 2012-13 is summarised below:
(Rs. in million)
2013-14 2012-13
Total revenue 445,235 444,003
Profit before tax 36,585 29,910
Tax expense 8,755 5,989
Profit after tax 27,830 23,921
Balance brought forward 153,043 130,777
Addition on amalgamation - 3,565
Profit available for appropriation 180,873 158,263
Appropriations:
General reserve 2,783 2,392
Proposed dividend 3,625 2,417
Corporate dividend tax 616 411
Balance carried forward to balance sheet 173,849 153,043
FINANCIAL HIGHLIGHTS
The total revenue (net of excise) was Rs. 445,235 million as against Rs.
444,003 million in the previous year showing an increase of 0.28 per
cent. Sale of vehicles in the domestic market was 1,053,689 units as
compared to 1,051,046 units in the previous year showing an increase of
0.25 per cent. Total number of vehicles exported was 101,352 units as
compared to 120,388 units in the previous year.
Profit before tax (PBT) was Rs. 36,585 million against Rs. 29,910 million
showing an increase of 22 per cent and Profit after tax (PAT) stood at Rs.
27,830 million against Rs. 23,921 million in the previous year showing an
increase of 16 per cent.
DIVIDEND
The Board recommends a dividend of Rs. 12 (twelve) per equity share of Rs.
5 (five) each for the year ended 31st March 2014 amounting to Rs.
3,624,960,720.
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 fulfllment of its
financial obligations.
QUALITY
The Company was again awarded ISO:27001 certification by STQC
Directorate (Standardisation, Testing and Quality Certifcate), 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 of the ISO 14001
The quality management system of the Company is certified against ISO
9001:2008 Standard. Re-assessment of the 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 2013 Customer Satisfaction Index (CSI) Study ranked the
Company highest for the 14th time in a row. J.D. Power Special
Recognition Excellence Award also honoured to the Company for
continuously being number one in customer satisfaction for more than
ten years.
J.D. Power SSI Study ranked the Company highest.
Entry Compact Car of the year by J.D. Power IQS - 2013 awarded to Alto
800 and Premium Compact Car of the year by J.D. Power IQS - 2013
awarded to Swift.
Best launch car awarded to Celerio by CNB awards at auto expo 2014.
India Design Mark - Good Design Award 2013 given to Ertiga and Swift
Dzire
Best Entry-Level Midsize Car by the India Vehicle Dependability Study
for the 3rd time in a row given to Swift Dzire.
Maruti 800 bagged "Hall of Fame" award
Limca Book of World Records - 2014 for highest genuine spare part
outlet at Leh
INSSAN honoured the Company with frst position in excellence in
suggestion scheme 2013
12th Annual Greentech Safety Award - 2013 for best safety practices and
Prsashnsa Patras Award 2013 honoured to the Company.
Platinum Award by Greentech Foundation honoured to the Company for best
HR strategy.
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.
53.01 million including a dividend income of Rs. 0.32 million and long
term capital gain of Rs. 52.69 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.
HUMAN RESOURCES DEVELOPMENT
People are the assets and have been instrumental in driving the
Company''s performance year on year. Their passion, commitment, sense of
ownership and team work has enabled the Company to sustain its
leadership position in the challenging market scenario of 2013-14. The
Company has always striven to offer a positive, supportive, open and
high performance work culture where innovation and risk taking is
encouraged, performance is recognised and employees are motivated to
realise their true potential.
The Company hired and integrated 904 people into its workforce in the
2013- 14. The Company has 12,547 regular employees out of which 366 are
women. The Company is an equal opportunity employer and believes in
recognising merit and potential in the selection process. There has
been a continuous effort to increase the number of women employees in
the organisation to bring diversity in terms of population mix,
versatility and value addition.
As in the past, the Company has been investing to strengthen positive
employee relations through continuous communication, education,
engagement and welfare initiatives. Several new initiatives have been
introduced to reinforce people connect and engagement. Focus has also
been to provide opportunities to employees to learn and grow within the
organisation. These initiatives over the last one and a half year have
given very encouraging results. One of the key initiatives in this
direction has been umbrella mentoring to hand hold, guide and develop
the young workforce. Associates are mentored and guided by supervisors
who are trained on coaching, mentoring, relationship building and
listening skills. With this initiative a total of 2906 associates have
been covered so far by 823 trained mentors across all three plants.
Another initiative is the Inbound Training called Nayi Kiran of mixed
group of employees (associates, supervisors and managers) is done in
series of group activities to build trust and confdence across levels
and work together to solve problems creatively. A total of 1628
employees across levels have been covered till date. Also people
connect and engagement initiatives like Parivar Milan (family visits to
factory), community development initiatives and sports and games have
helped in strengthening good relationship and positive team
environment. Continuous internal communication, policy sessions,
helpdesk and grievance handling forums helped us to strengthen connect
with the employees and reach out to the young team members at the shop
foor. Employees are also given the latest business and performance
information on a regular basis through structured communication
meetings.
People development and capability building across functions and levels
remained a key focus area to build a strong talent pipeline. The
Company continued to invest in enhancing its human capital through
building skills and competencies for its employees. The learning
eco-system is being transformed by endowing e-learning modules and web
based trainings to employees across location through the interactive
web studio in the MSIL Training Academy. Special development
interventions have been taken to develop women employees in the
organisation through leadership workshops and training programs on
multitasking and women empowerment.
Apart from capability building interventions employees were educated on
health consciousness by organising various health awareness sessions,
health talks by senior doctors, periodic medical check-ups. A number of
events were organised throughout the year to enhance the awareness
level of our employees towards road safety.
With the commencement of the frst phase of Rohtak R & D Centre, the
Company posted its frst set of employees at the new, state of the art R
& D centre in November 2013. The Company took the necessary measures to
ensure a smooth transition of employees to the new location with the
right policy enablers in place.
The Company conducted an annual employee engagement / dipstick survey
which provides meaningful and actionable feedback to the leaders in the
organisation. The feedback of employees is read across several
dimensions in the areas such as job satisfaction, leadership, immediate
manager effectiveness, work culture and engagement. Feedback from this
survey forms the basis of holistic engagement plans, which are reviewed
regularly. The engagement scores saw an increase over last year which
has been possible due to various engagement initiatives and HR
interventions across the organisation. These initiatives helped us
control attrition. MSIL maintained an attrition loss of only 2.7 per
cent in the year 2013-14 which is much below the industry trends. This
has been possible due to a holistic focus on employees in terms of a
robust online performance management system, 360 degree feedback
process, feedback through assessment and development centres, job
rotation policy, training and development opportunities, higher
education, multiple career growth tracks offering right impetus for
greater motivation and retention.
As part of Corporate Social Responsibility, the Company adopts ITIs
(Industrial Training Institute) in order to improve quality of
trainings and upgrade the graduates'' skills therein to meet industry
requirement and thus contribute to the society with increased
employability. 29 ITIs have so far been adopted across 9 states of
India. Several aspects of development viz. faculty development,
student development as well as industry connect and infrastructural
developmental activities are undertaken in these adopted
ITIs. Out of the 29 ITIs adopted, the Company has adopted two women
ITIs in Haryana state namely ITI (W) Gurgaon and ITI (W) Jhajjar under
its skill development initiative
DIRECTORS
Mr. Toshiaki Hasuike was appointed as Whole time Director designated as
Joint Managing Director with effect from 27th April 2013 to fll the
casual vacancy caused by resignation of Mr. Tsuneo Ohashi who resigned
from the post of Director & Managing Executive officer (Production) from
the close of the business hours of 26th April 2013. Mr. Toshihiro
Suzuki was appointed as Director with effect from 28th October 2013 to
fll the casual vacancy caused by resignation of Mr. Shinzo Nakanishi
who resigned from the post of Director from the close of business hours
of 27th October 2013. Mr. Masayuki Kamiya was appointed as Director
(Production) to fll the casual vacancy caused by resignation of Mr.
Keiichi Asai with effect from 28th October 2013 who resigned from the
post of Director & Managing Executive officer (Engineering) from the
close of business hours of 27th October 2013
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
The Company constituted a CSR committee with Mr. R.C. Bhargava as its
Chairman and Mr. Kenichi Ayukawa and Mr. R.P Singh as its members Mr.
R.C. Bhargava is Non-Executive Chairman and Mr. R.P. Singh is an
Independent Director
INTERNAL COMPLAINTS COMMITTEE (ANTI-SEXUAL HARASSMENT POLICY)
During the period under review, no complaints were received by the
Internal Complaints Committee established under the Anti-Sexual
Harassment Policy of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956, your
Directors confirm
That there were no material departures in the applicable accounting
standards followed while preparing the annual accounts
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;
Having taken proper and suffcient 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
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(1)(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 in and Accounting Standard - 27 on
Financial Reporting of 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
certifcate 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 certifcate from the Auditors has been received to the
effect that their re-appointment, if made, would be in accordance with
section 139(1) of the Companies Act, 2013. A certifcate has also been
obtained from the Auditors to the effect that the Company is in
compliance with the conditions of Foreign Direct Investment for the
downstream investment made by the Company in subsidiary companies.
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 148 of the Companies Act, 2013 read with
the rule 14 of the Companies (Audit and Auditors) Rules, 2014 for the
audit of the cost accounts for the motor vehicles business for the year
ending on 31st March 2015. The cost audit report for the financial year
2012-13 was fled with the Ministry of Corporate Affairs on 30th
September 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 & CEO Chairman
New Delhi
21st May 2014
Mar 31, 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
Mar 31, 2012
The directors have pleasure in presenting the 31st annual report
together with the audited accounts for the year ended 31st March 2012.
FINANCIAL RESULTS
The Company's financial performance during the year 2011-12, as
compared to the previous year 2010-11 is summarised below:
(Rs. in million)
Particulars 2011-2012 2010-2011
Total revenue 364,139 371,272
Profit before tax 21,462 31,088
Tax expense 5,110 8,202
Profit after tax 16,352 22,886
Balance brought forward 118,578 100,499
Profit available for appropriation 134,930 123,385
Appropriations:
General reserve 1,635 2,289
Proposed dividend 2,167 2,167
Corporate dividend tax 351 351
Balance carried forward to balance sheet 130,777 118,578
FINANCIAL HIGHLIGHTS
The total revenue (net of excise) was Rs. 364,139 million as against Rs.
371,272 million in the previous year showing a marginal decline of 1.92
per cent. Sale of vehicles in the domestic market was 1,006,316 units
as compared to 1,132,739 units in the previous year. Total number of
vehicles exported was 127,379 as compared to 138,266 in the previous
year.
Profit before tax (PBT) was Rs. 21,462 million against Rs. 31,088 million
and profit after tax (PAT) stood at Rs. 16,352 million against Rs. 22,886
million in the previous year.
DIVIDEND
The board recommends a dividend of Rs. 7.50 per equity share of Rs. 5 each
for the year ended 31st March 2012 amounting to Rs. 2167 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 has been 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 has again been awarded ISO :27001 certification by STQC
Directorate (Standardisation, Testing and Quality Certificate),
Ministry of Communications and Information Technology, Government of
India after re-assessment. The Company is thus certified to meet
international standards for maintaining information security.
During the year, ISO 14001 re-certification audit was carried out by
M/s AVI, Belgium and the auditors renewed the ISO 14001 certificate
till 2014.
The quality management system of the Company is certified against ISO
9001:2008 standard. Re-assessment of the quality systems are done at
regular intervals by an accredited third party agency.
AWARDS/RECOGNITION/RANKINGS
- J D Power Customer Satisfaction Index (CSI) Study ranked the
Company highest for the 12th time in a row.
- J D Power Asia Pacific 2011 India Vehicle Dependability Study
ranked Zen Estilo and Swift DZire as the 'most dependable cars'.
- JD Power IQS ranked Zen Estilo and Swift DZire highest in the
'compact' and 'entry midsize' segment respectively.
- J D Power APEAL Study 2011 ranked Alto and Zen Estilo highest in the
'compact' segment. Swift DZire received an award in the 'entry midsize
car' segment for a fourth consecutive year.
- CNBC TV 18 Overdrive awarded 'Compact Car of the year 2012' to new
Swift.
- NDTV CNB's 'Premium hatchback of the year' awarded to new Swift.
- BBC India Top Gear's 'Small car of the year 2011' awarded to new
Swift.
- ICOTY 2012 'Indian Car of the Year 2012' awarded to new Swift.
- Bloomberg UTVi's 'Compact Car of the Year' awarded to new Swift.
Mr. R. C. Bhargava, Chairman was bestowed with 'The Order of the Rising
Sun, Gold and Silver Star' by His Majesty Emperor Akihito of Japan.
SUBSIDIARY COMPANIES AND THEIR ACCOUNTS
The Company's subsidiaries which were engaged in the business of
insurance distribution in the past generated an investment income of Rs.
163.80 million including a dividend income of Rs. 28.65 million and long
term capital gain of Rs. 129.13 million through mutual funds.
The Company's subsidiary 'True Value Solutions Limited' has contributed
towards smooth operations of business processes and supported the
dealerships in enhancing the sale of certified pre-owned cars under the
brand 'Maruti True Value'. It has contributed significantly to the
efforts of customer retention by facilitating sale and re-purchase of
new cars through exchange and has made significant contribution towards
enhancing dealers' profitability.
In terms of the general circular dated 8th February 2011 issued by the
Government of India, Ministry of Corporate Affairs, the balance sheets,
profit & 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.
HUMAN RESOURCE DEVELOPMENT
The Company provides tremendous learning and development opportunities
to its employees starting from induction and orientation when a new
employee joins the Company. The Company believes that to have a
sustainable competitive advantage in the new knowledge economy,
learning would be the key catalyst for an organisation's survival and
success. The Company's extensive training calendar encompasses training
programs for all categories of employees i.e. associates, supervisors
and those at junior, middle, senior and top management level. To have a
well rounded development of employees, the training calendar comprises
of behavioral, functional and safety trainings. The training programmes
vary according to the need of the employees at various levels and
business requirements and are designed after doing a thorough process
of three stage need identification.
In 2011 - 12, a total of 47,000 man-days of training were conducted for
employees across all the levels. This translates to an average of 5.15
days of training per employee.
Functional and technical trainings form an important part of the
Company's annual training calendar as they are directly linked with
employees' on the job performance. These trainings are imparted by
in-house subject matter experts as well as by external trainers. Some
of the functional trainings imparted internally are 3G, 3K, 5S, DFMEA
and QC tools. Few functional trainings which are being done by external
trainers are finance for non-finance, six sigma, project management,
inventory & warehouse management, world class manufacturing practices,
auto cad, MS excel, etc.
Behavioral trainings also form a considerable portion of the training
calendar and include trainings like negotiation skills, problem solving
& decision making skills, presentation & communication skills, conflict
management & resolution, assertiveness & self confidence, time
management & multi tasking skills, leading effectively, inter personal
relationships, etc.
The Company also has higher education schemes for its employees. It
helps not only to groom and retain high potential young managers but
also enables employees to fulfill their career enhancement aspirations.
The scheme includes programs like - executive MBA (full time and part
time) at select campuses. The scheme is available for employees at
levels of assistant managers to managers and is guided by eligibility
and selection criteria.
DIRECTORS
Mr. R. C. Bhargava, Mr. Kazuhiko Ayabe and Ms. Pallavi Shroff,
directors of the Company, retire by rotation at the ensuing annual
general meeting and being eligible, offer themselves for
re-appointment. Mr. Shuji Oishi resigned from the post of Director and
Managing Executive Officer (Marketing & Sales) with effect from the
close of the business hours of 27th April 2012. Mr. Kazuhiko Ayabe was
appointed as Director and Whole-time Director designated as Director &
Managing Executive Officer (Supply Chain) with effect from 28th April
2012 subject to the approval of the shareholders in general meeting to
fill the casual vacancy caused by the resignation of Mr. Shuji Oishi.
Mr. Kinji Saito was appointed as an Additional Director and he holds
office upto the date of the 31st annual general meeting of the Company.
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(1 )(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 (1B) 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 2013. The due date of filing the cost audit report
for the financial year 2010-11 was 30th September 2011. This report
was filed on 13th September 2011 with the Ministry of Corporate
Affairs.
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
Shinzo Nakanishi R. C. Bhargava
Managing Director & CEO Chairman
New Delhi
29th May 2012
Mar 31, 2011
Dear Members,
The directors have pleasure in presenting the 30th annual report
together with the audited accounts for the year ended 31st March 2011.
FINANCIAL RESULTS
The CompanyÃs performance during the year is summarised below:
(Rs. in Million)
2010-11 2009-10
Gross total income 375,224 301,232
Profit before tax 31,088 35,925
Tax expense 8,202 10,949
Profit after tax 22,886 24,976
Balance brought forward 100,499 80,042
Profit available for appropriation 123,385 105,018
Appropriations:
General reserve 2,289 2,498
Proposed dividend 2,167 1,733
Corporate dividend tax 351 288
Balance carried forward to balance
sheet 118,578 100,499
FINANCIAL HIGHLIGHTS
The gross revenue (net of excise) of the Company was Rs. 375,224 million
as against Rs. 301,232 million in the previous year showing a growth of
24.6 per cent. Sale of vehicles in the domestic market increased to
1,132,739 units as compared to 870,790 units in the previous year
showing a growth of 30.1 per cent. Total number of vehicles exported
was 138,266 as compared to 147,575 last year.
Earnings before interest, depreciation, tax and amortisation (EBIDTA)
was Rs. 41,467 million against Rs. 44,510 million in the previous year.
Profit before tax (PBT) was Rs. 31,088 million against Rs. 35,925 million
in the previous year and profit after tax (PAT) stood at Rs. 22,886
million against Rs. 24,976 million in the previous year.
DIVIDEND
The board recommends a dividend of Rs. 7.50 per equity share of Rs. 5 each
for the year ended 31st March 2011 amounting to Rs. 2,167 million.
CRISIL RATINGS
The Company has been awarded the highest financial credit rating of
AAA/stable (long term) and P1 (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 has again been awarded ISO:27001 certification by STQC
Directorate (Standardisation, Testing and Quality Certificate),
Ministry of Communications and Information Technology, Government of
India after re-assessment. The Company is thus certified to meet
international standards for maintaining information security.
The CompanyÃs plants at Gurgaon and Manesar are ISO:14001:2004
certified. During the year, AIB-Vincotte International Ltd, Brussels,
Belgium conducted surveillance audit and recommended continuation of
the certification.
The quality management system of the Company is certified against ISO
9001:2008 standard. Re-assessment of the quality systems are done at
regular intervals by an accredited third party agency.
HIGHLIGHTS OF OPERATIONS
The operations during the year are exhaustively discussed in the report
on ÃManagement Discussion and Analysisà which forms part of this annual
report.
AWARDS/RECOGNITION HONOURED
Business Standard IndiaÃs Company of the year 2011 award
Ranked amongst the top 10 most admired companies by
Wall Street Journal 11th time in a row, the Company ranked highest in
JD
Power Asia Pacific 2010 India Customer Service Index
(CSI) study
Ranked highest in JD Power Sales Satisfaction Index (SSI)
NASSCOM and CNBC TV 18 IT user award
CII/ITC Significant Achievement in Sustainability Award
Mobile Marketing Association (MMA) Asia Pacific and the Global Awards
for its digital campaign à ÃSports Sponsorship goes mobileÃ. The
Company is the first advertiser from India to win this award
Ranked one in JD Power Initial Quality Study 2010 for its model -
Dzire
CNBC-TV18 award 2011 for Manufacturer of the year
Autocar awards 2011
z Compact car of the year 2011 ÃWagonR
z Best variant of the year à Alto K10
Corporate campaign ÃKitna Deti Haià rated amongst the best campaigns
of the year 2010 by CNBC-TV18Ãs program on advertising and marketing
JD Power Automotive Performance Execution and Layout (APEAL) study -
ÃDzireà was winner three times in a row
Car of the year (COTY) award for ÃWagonRÃ at entry level mini car
category.
NHRDN (National HRD Network) Trailblazer Award 2010 for HRD
Excellence
Car India
z Best automobile manufacturer of the year 2010
z ÃHall of Fameà award for single handedly changing the face of Indian
automobile industry
Alto ranked no. 1 in TNS four-wheeler Total Customer Satisfaction
(TCS) Study
Mr. R. C. Bhargava, Chairman was also conferred with the Economic Times
Lifetime Achievement Award for Corporate Excellence.
SUBSIDIARY COMPANIES AND THEIR ACCOUNTS
The CompanyÃs subsidiaries - Maruti Insurance Business Agency Limited,
Maruti Insurance Distribution Services Limited, Maruti Insurance Agency
Solutions Limited, Maruti Insurance Agency Network Limited, Maruti
Insurance Agency Services Limited and Maruti Insurance Agency Logistics
Limited generated a total income of Rs. 457.7 million which includes
dividend income of Rs. 22.2 million earned from investments in mutual
funds. Profit before tax (PBT) was Rs. 199.9 million. During 2010-11,
total 6.57 lac policies were issued.
The CompanyÃs subsidiary ÃTrue Value Solutions Limitedà has contributed
towards smooth operations of business processes and supported the
dealerships in enhancing the sale of certified pre-owned cars under the
brand ÃMaruti True ValueÃ. It has contributed significantly to the
efforts of customer retention by facilitating re-purchase of new cars
and has made significant contribution towards enhancing dealersÃ
profitability.
In terms of the general circular dated 8th February 2011 issued by
Government of India, Ministry of Corporate Affairs, copy of 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
concerned. Hard copy of details of accounts of subsidiaries shall be
furnished to any shareholder on demand. Further, pursuant to Accounting
Standard AS Ã 21 issued by the Institute of Chartered Accountants of
India, consolidated financial statements presented by the Company
include the financial information of its subsidiaries.
HUMAN RESOURCE DEVELOPMENT
The Company provides tremendous learning and development opportunities
to its employees starting from induction. The Company truly believes
that to have a sustainable competitive advantage in the new knowledge
economy, learning would be the key catalyst for an organisationÃs
survival and success. The CompanyÃs extensive training calendar covers
all categories of employees i.e. associates, supervisors, junior,
middle, senior and top management. To have a well rounded development
of employees, the calendar comprises of behavioral training, functional
training and safety training.
In FY2010-11, total of 52,908 man-days of training was conducted for
employees across all the levels. This translates to 6.14 days of
training per employee. The training programmes vary according to the
need of the employees at various levels and are designed after doing a
detailed training need identification process.
Functional and technical trainings form a major part of the CompanyÃs
annual training calendar as they are directly linked with employees on
the job performance. These trainings are imparted both by in-house
subject matter experts as well as by external trainers. Some of the
functional trainings imparted internally are 3G, 3K, 5S, PFMEA, QC
tools. Functional trainings done by external trainers à finance for
non-finance, six sigma, project management, inventory and warehouse
management, Autocad and MS Excel.
Behavioral trainings also form a chunk of the training calendar and
include trainings like à 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.
A series of leadership training interventions have been carried out to
further enhance and develop middle, senior and top management levels.
Some of these are department heads training, department heads
roundtable, divisional heads training, top management retreat, guest
lecture series, training for divisional heads based on the gaps
identified in the 360 degree process. The Company also has higher
education schemes for its employees. It would help not only to groom
and retain high potential young managers but also enable employees to
fulfill their career enhancement aspirations. The scheme includes
programs like à executive MBA full time and MBA part time. The scheme
is applicable for assistant managers to managers and has eligibility
and selection criteria.
DIRECTORS
Mr. Tsuneo Ohashi, Mr. Keiichi Asai and Mr. Amal Ganguli, directors of
the Company, retire by rotation at the ensuing annual general meeting
and being eligible, offer themselves for re-appointment. Mr. Shinzo
Nakanishi was re-appointed as Managing Director & CEO for a further
period of three years. Mr. Tsuneo Ohashi and Mr. Keiichi Asai were
re-appointed as whole-time directors designated as Director & Managing
Executive Officer (Production) and Director & Managing Executive
officer (Engineering) respectively for a further period of three years.
DIRECTORSÃ 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 Directorsà Report. However, as per the
provisions of section 219(1)(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 à 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 (1B) 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 31st March 2012. The due date of filing the cost audit report
for the financial year 2009-10 was 30th September 2010. This report
was filed on 14th September 2010 with the Ministry of Corporate
Affairs.
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
Shinzo Nakanishi R.C. Bhargava
Managing Director & CEO Chairman
New Delhi
31st May 2011
Mar 31, 2010
The directors have pleasure in presenting the 29th annual report
together with the audited accounts for the year ended 31st March 2010.
FINANCIAL RESULTS
The Companys performance during the year is summarized below:
(Rs. in million)
2009-10 2008-09
Cross total income 301.198 214,538
Profit before tax 35,925 16,758
Taû expense 10,949 4.571
Profit after tax 24,976 12,187
Balance brought forward 80.042 70,257
Profit available for appropriation 105.018 82,444
Appropriations:
General reserve 2.498 1,219
Proposed dividend 1,733 1,011
Corporate dividend tax 288 172
Balance carried forward to balance sheet 100,499 80,042
FINANCIAL HIGHLIGHTS
The gross revenue (net of excise) of the Company for the year was Rs.
301,198 million as against Rs. 214,538 million in the previous year
showing growth of 40%. Sales of vehicles in the domestic market
increased to 870,790 as compared to 722,144 in the previous year
showing a growth of 21%. Exports of vehicles grew at an impressive rate
of 111% from 70,023 to 147,575 in the current year. The overall growth
was 29%.
Earnings before depreciation, interest, tax and amortization (EBDITA)
stood at Rs. 44,510 million against Rs. 24,333 million in the previous
year.
Profit before tax (PBT) stood at Rs. 35,925 million against Rs. 16,758
million in the previous year and profit after tax (PAT) stood at Rs.
24,976 million against Rs. 12,187 million in the previous year.
DIVIDEND
The board recommends a dividend of Rs. 6.00 per equity share of Rs.
5.00 each for the year ended 31st March 2010 amountingtoRs.1733
million.
CRISIL RATINGS
The Company has been awarded the highest financial credit rating of
AAA/stable (long term) and P1+ (short term) on its bank facilities by
CRISILThe 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 has again been awarded ISO:27001 certification by STQC
Directorate (Standardization,Testing & Quality Certificate), Ministry
of Communications and Information Technology, Government of India after
re- assessment. The Company is thus certified to meet international
standards for maintaining information security.
The Companys plants at Curgaon and Manesar are ISO: 14001:2004
certified. During the year, AIB-Vincotte International Ltd., Brussels,
Belgium conducted surveillance audit and recommended continuation of
the certification.
The quality management system of the Company is certified against ISO
9001:2000 standard. Re-assessment of the quality systems are done at
regular intervals by an accredited third party agency.
HIGHLIGHTS OF OPERATIONS
The operations during the year are exhaustively discussed in the report
on Management Discussion and Analysis which forms part of this annual
report.
AWARDS/RECOGNITION
The Company won the following awards/recognition during the year under
review:
- A- Star has been rated as No.1 environment friendly small car by
Germanys prestigious VCD environmental car rating;
- Manufacturer of the year award by CNBC overdrive;
- Ritz has been awarded as the hatchback car of the year by autocar
UTVi and car of the year by Business Standard Motoring;
- National award for excellence in corporate governance by Institute
of Company Secretaries of India;
- CII-ITC sustainability award 2009 for strong commitment to
sustainability;
- Golden peacock awardfor environmental initiatives;
- Gurgaon plant has been awarded the gold award by EconomicTimes
India Manufacturing Excellence Awards (IMEA).
SUBSIDIARY COMPANIES AND THEIR
ACCOUNTS
The Companys six subsidiaries i.e. Maruti Insurance Business Agency
Limited, Maruti Insurance Distribution Services Limited, Maruti
Insurance Agency Solutions Limited, Maruti Insurance Agency Network
Limited, Maruti Insurance Agency Services Limited and Maruti Insurance
Agency Logistics Limited are engaged in the business to sell motor
insurance policies to owners of Maruti Suzuki vehicles.
In 2009-10, the Maruti Insurance business generated a total income of
Rs. 1349.88 million which includes dividend income of Rs. 46.10 million
earned from investments in mutual funds. Profit before tax (PBT) for
2009-10 was Rs. 635.49 million. In March 2010, Maruti Insurance
business achieved the landmark figure of 10 million policies on a
cumulative basis since the inception of business in year 2002. 0.81
million new policies and 1.76 million renewals were issued
duringtheyear 2009-10.
The Companys subsidiary True Value Solutions Limited has contributed
towards smooth operations of business processes and supported the
dealerships in enhancing the sale of certified pre-owned cars under the
brand Maruti True Value. It has contributed significantly to the
efforts of customer retention by facilitating re-purchase of new cars
and has made significant contribution towards enhancing dealers
profitability.
In terms of approval granted by the Central Government under Section
212(8) of the Companies Act, 1956, copy of 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. These documents will be made available upon request by any
investor of the Company or subsidiary companies and shall be kept for
inspection by any investor at the registered office of the Company.
However, as directed by the Central Government, the financial data of
the subsidiaries have been furnished under "Financial Statement of
Subsidiary Companies" forming part of the annual report. Further,
pursuant to Accounting Standard AS - 21 issued by the institute of
Chartered Accountants of India, consolidated financial statements
presented by the Company include the financial information of its
subsidiaries.
HUMAN RESOURCE DEVELOPMENT
The Company has always focused on employees development. A total of
46200 man-days of training were conducted for employees across all
levels during the year.
The training programmes vary according to the need of the employees at
various levels. Based on the behavioral traits, some of the trainings
introduced in 2009-10 were changing mindset-changing lives; being
the best; emotional intelligence; planning organizing problem
solving; assertiveness & self confidence and conflict management.
Some of the trainings based on technical needs include market
research; capital budgeting; risk management & hedging;
unigraphics; business simulation games; inhouse quiz; cost
management; taxation; motion & time study; design failure mode
effect analysis and geometric designing & tolerancing. Training for
leader ship traits include departmental heads convention; divisional
head training and director re-treat.
The Company also has higher education schemes for its employees.
DIRECTORS
Mr. Kenichi Ayukawa, Mr. D.S.Brarand Mr. M.S.Banga, directors of the
Company, retire by rotation at the ensuing annual general meeting and
being eligible, offer themselves for re- appointment.
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 AnnexureA.
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(1 )(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 agreements and the stipulated
certificate of compliance is contained in this annual report.
AUDITORS
The auditors, M/s Price Waterhouse, 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 (1B) of the Companies Act, 1956.
COST AUDITORS
In conformity with the directives of the Central Government, the
Company has appointed M/s R. J. Coel & 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
ending31st March 2011.
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 at! 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
Shinzo Nakanishi R.C. Bhargava
Managing Director & CEO Chairman
New Delhi
14,th July 2010