MARUTI SUZUKI INDIA LIMITED
ANNUAL REPORT 2010-2011
NOTES ON ACCOUNTS
I. SIGNIFICANT ACCOUNTING POLICIES:
1) BASIS FOR PREPARATION OF ACCOUNTS
These financial statements have been prepared to comply in all material
respects with all the applicable accounting principles in India, the
applicable accounting standards notified under section 211(3C) of the
Companies Act, 1956, Accounting Standard 30, Financial Instruments:
Recognition and Measurement issued by the Institute of Chartered
Accountants of India to the extent it does not contradict any other
accounting standard referred to Section 211 (3C) of the Act, other
recognised accounting practices and policies and the relevant provisions of
the Companies Act, 1956.
2) REVENUE RECOGNITION
Domestic and export sales are recognised on transfer of significant risks
and rewards to the customer which takes place on dispatch of goods from the
factory / stockyard / storage area and port respectively.
3) FIXED ASSETS
a) Fixed assets (except freehold land which is carried at cost) are carried
at cost of acquisition or construction or at manufacturing cost (in case of
own manufactured assets) in the year of capitalisation less accumulated
depreciation.
b) Assets acquired under finance lease are capitalized at the lower of
their fair value and the present value of minimum lease payments.
4. BORROWING COSTS
Borrowing costs that are directly attributable to the acquisition,
construction or production of qualifying assets are capitalised till the
month in which each asset is put to use as part of the cost of that asset.
5) DEPRECIATION / AMORTISATION
a) Fixed assets except leasehold assets viz land is depreciated on the
straight line method on a pro-rata basis from the month in which each asset
is put to use.
Depreciation has been provided at the rates prescribed in Schedule XIV to
the Companies Act, 1956 except for certain fixed assets where, based on the
management's estimate of the useful life of the assets, higher depreciation
has been provided on the straight line method over the following useful
lives:
Plant and Machinery 8 - 11 Years
Dies and Jigs 4 Years
Electronic Data Processing Equipments 3 Years
In respect of assets whose useful life has been revised, the unamortised
depreciable amount is charged over the revised remaining useful life of the
assets.
b) Leasehold assets viz land is amortised over the period of lease.
c) All assets, the individual written down value of which at the beginning
of the year is Rs. 5,000 or less, are depreciated at the rate of 100%.
Assets purchased during the year costing Rs. 5,000 or less are depreciated
at the rate of 100%.
d) Lump sum royalty is amortized on a straight line basis over 4 years from
the start of production of the related model.
6) INVENTORIES
a) Inventories are valued at the lower of cost, determined on the weighted
average basis, and net realisable value.
b) Tools are written off over a period of three years except for tools
valued at Rs. 5,000 or less individually which are charged off to revenue
in the year of purchase.
c) Machinery spares (other than those supplied along with main plant and
machinery, which are capitalised and depreciated accordingly) are charged
to revenue on consumption except those valued at Rs. 5,000 or less
individually, which are charged off to revenue in the year of purchase.
7) INVESTMENTS
Current investments are valued at the lower of cost and fair value. Long-
term investments are valued at cost except in the case of a permanent
diminution in their value, in which case the necessary provision is made.
8) RESEARCH AND DEVELOPMENT
Revenue expenditure on research and development is charged off against the
profit of the year in which it is incurred. Capital expenditure on research
and development is shown as an addition to fixed assets and depreciated
accordingly.
9) FOREIGN CURRENCY TRANSLATIONS AND DERIVATIVE INSTRUMENTS
a) Foreign currency transactions are recorded at the exchange rates
prevailing at the date of the transaction. Exchange differences arising on
settlement of transactions are recognised as income or expense in the year
in which they arise.
b) At the balance sheet date, all monetary assets and liabilities
denominated in foreign currency are reported at the exchange rates
prevailing at the balance sheet date by recognising the exchange difference
in profit and loss account. However, the exchange difference arising on
foreign currency monetary items that qualify and are designated as hedge
instruments in a cash flow hedge is initially recognized in hedge reserve'
and subsequently transferred to profit & loss account on occurrence of the
underlying hedged transaction.
c) Effective April 1, 2008, the Company adopted Accounting Standard -30,
'Financial Instruments: Recognition and Measurement' issued by The
Institute of Chartered Accountants of India to the extent the adoption does
not contradict the accounting standards notified under Section 211(3C) of
the Companies Act, 1956 and other regulatory requirements.
d) Derivative contracts (except for forward foreign exchange contracts
where underlying assets or liabilities exist) are fair valued at each
reporting date. The Company records the gain or loss on effective hedges,
if any, in a hedge reserve, until the transaction is complete. On
completion, the gain or loss is transferred to the profit and loss account
of that period. Changes in fair value relating to the ineffective portion
of the hedges and derivatives not qualifying or not designated as hedge are
recognised in the profit and loss account in the accounting period in which
they arise.
e) In case of forward foreign exchange contracts where an underlying asset
or liability exists at the balance sheet date, the difference between the
forward rate and the exchange rate at the inception of the contract is
recognised as income or expense over the life of the contract. Profit or
loss arising on cancellation or renewal of a forward contract is recognised
as income or expense in the year in which such cancellation or renewal is
made.
10) EMPLOYEE BENEFIT COSTS
Short - Term Employee Benefits:
Recognised as an expense at the undiscounted amount in the profit and loss
account of the year in which the related service is rendered.
Post Employment and Other Long Term Employee Benefits :
(i) The Company has Defined Contribution Plans for post employment benefits
namely Provident Fund and Superannuation Fund which are recognised by the
income tax authorities. These Funds are administered through Trusts and the
Company's contributions thereto are charged to revenue every year. The
Company also maintains an insurance policy to fund a post-employment
medical assistance scheme, which is a Defined Contribution Plan
administered by The New India Insurance Company Limited. The Company's
contribution to State Plans namely Employees' State Insurance Fund and
Employees' Pension Scheme are charged to revenue every year.
(ii) The Company has Defined Benefit Plans namely Gratuity, Interest on
Provident Fund and Retirement Allowance for employees and Other Long Term
Employee Benefits i.e. Leave Encashment / Compensated Absences, the
liability for which is determined on the basis of an actuarial valuation at
the end of the year based on Projected Unit Credit Method. The Gratuity
Fund is recognised by the income tax authorities and is administered
through a Trust.
Termination benefits are recognised as an expense immediately. Gains and
losses arising out of actuarial valuations are recognised immediately in
the Profit and Loss Account as income or expense.
11) CUSTOMS DUTY
Custom duty available as drawback is initially recognised as purchase cost
and is credited to consumption on export of vehicles.
12) GOVERNMENT GRANTS
Government grants are recognised in the profit and loss account in
accordance with the related scheme and in the period in which these are
accrued.
13) TAXES
Tax expense for the year, comprising current tax and deferred tax, is
included in determining the net profit/ (loss) for the year. Current tax is
recognised based on assessable profit computed in accordance with the
Income Tax Act and at the prevailing tax rate. Deferred tax is recognised
for all timing differences. Deferred tax assets are carried forward to the
extent it is reasonably / virtually certain that future taxable profit will
be available against which such deferred tax assets can be realised.
Deferred tax assets are reviewed at each balance sheet date and written
down/ written up to reflect the amount that is reasonably/ virtually
certain (as the case may be) to be realized.
Deferred tax assets and liabilities are measured at the tax rates that have
been enacted or substantively enacted at the balance sheet date.
14) DIVIDEND INCOME
Dividend from investments is recognized when the right to receive the
payment is established and when no significant uncertainty as to
measurability or collectability exits.
15) INTEREST INCOME
Interest income is recognised on the time basis determined by the amount
outstanding and the rate applicable and where no significant uncertainty as
to measurability or collectability exists.
16) IMPAIRMENT OF ASSETS
At each balance sheet date, the Company assesses whether there is any
indication that an asset may be impaired. If any such indication exists,
the Company estimates the recoverable amount. If the carrying amount of the
asset exceeds its recoverable amount, an impairment loss is recognised in
the profit and loss account to the extent the carrying amount exceeds the
recoverable amount.
17) ROYALTY
a) The company pays / accrues for royalty expense in accordance with the
relevant agreements with Suzuki Motor Corporation.
b) The lump sum royalty incurred towards obtaining technical assistance /
technical know how to manufacture a new model/ car, ownership of which
rests with the technical know how provider, is recognised as an intangible
asset in accordance with the requirements of Accounting Standard-26
'Intangible Assets'. Royalty payable on sale of products i.e. running
royalty is charged to profit and loss account as and when incurred.
18) PROVISIONS AND CONTINGENCIES
The Company creates a provision when there is a present obligation as a
result of a past event that probably requires an outflow of resources and a
reliable estimate can be made of the amount of the obligation. A disclosure
of contingent liability is made when there is a possible obligation or a
present obligation that will probably not require outflow of resources or
where a reliable estimate of the obligation cannot be made.
1) Contingent Liabilities:
a) Claims against the Company disputed and not acknowledged as debts:
(Rs. in Million)
Particulars As at March 31,
2011 2010
(i) Excise Duty
(a) Cases decided in the Company's favour by Appellate
authorities and for which the department is in further
appeal 1,066 1,141
(b) Show cause notices / orders on the subjects covered
in (i) (a) above for other periods 1,932 1,351
(c) Cases pending before Appellate authorities in respect
of which the Company is in appeal and other show cause
notices 10,631 8,700
Total 13,629 11,192
Amount deposited under protest 3 3
(ii) Service Tax
(a) Cases decided in the Company's favour by
Appellate authorities and for which the department
is in further appeal 357 357
(b) Show cause notices / orders on the subjects
covered in (ii) (a) above for other periods 2,775 -
(c) Cases pending before Appellate authorities in
respect of which the Company is in appeal and other
show cause notices 3,348 1,855
Total 6,480 2,212
Amount deposited under protest 2 -
(iii) Income Tax
(a) Cases decided in the Company's favour by Appellate
authorities and for which the department is in further
appeal 6,491 5,520
(b) Cases pending before Appellate authorities /
Dispute Resolution Panel in respect of which the
Company is in appeal 6,002 3,416
Total 12,493 8,936
Amount deposited under protest 4,178 3,797
(iv) Custom Duty
Pending before Appellate authorities in respect of
which the Company is in appeal 118 118
Amount deposited under protest 22 22
(v) Sales Tax
Pending before Appellate authorities in respect of which
the Company is in appeal 50 50
Amount deposited under protest 2 2
(vi) Claims against the Company for recovery of Rs. 597 million (Previous
year Rs. 480 million) lodged by various parties
b) The amounts shown in the item (a) represent the best possible estimates
arrived at on the basis of available information. The uncertainties and
possible reimbursements are dependent on the outcome of the different legal
processes which have been invoked by the Company or the claimants as the
case may be and therefore cannot be predicted accurately. The Company
engages reputed professional advisors to protect its interests and has been
advised that it has strong legal positions against such disputes.
2) Outstanding commitments under Letters of Credit established by the
Company aggregate Rs. 9,294 million (Previous year Rs. 3,977 million).
3) Estimated value of contracts on capital account, excluding capital
advances, remaining to be executed and not provided for, amount to Rs.
25,943 million (Previous year Rs. 17,408 million).
4) Consumption of raw materials and components has been computed by adding
purchases to the opening stock and deducting closing stock physically
verified by the management.
5) The Company was granted sales tax benefit in accordance with the
provisions of Rule 28C of Haryana General Sales Tax Rules, 1975 for the
period from 1st August, 2001 to 31st July, 2015. The ceiling amount of
concession to be availed of during entitlement period is Rs. 5,644 million.
Till 31st March 2011, the Company has availed of / claimed sales tax
benefit amounting to Rs. 2,118 million (Previous year Rs. 1,893 million).
6) The Company has considered 'business segment' as the primary segment.
The Company is primarily in the business of manufacture, purchase and sale
of motor vehicles and spare parts ('automobiles'). The other activities of
the Company comprise facilitation of Pre-Owned Car sales, Fleet Management
and Car Financing. The income from these activities, which are incidental
to the Company's business, is not material in financial terms but
contribute significantly in generating the demand for the products of the
Company. Accordingly, the Company has considered 'Business Segment' as the
primary segment and thus no business segment information is required to be
disclosed. The 'Geographical Segments' has been considered for disclosure
as secondary segment, under which domestic segment includes sales to
customer located in India and overseas segment includes sales to customers
located outside India.
Financial information of geographical segments is as follows:
(Rs. in Million)
2010-11
Particulars Domestic Overseas Unallocated Total
Revenue from external customers 374,835 38,473 4,824 418,132
Segment assets 125,107 6,152 52,951 184,210
Capital expenditure during the year 25,756 - - 25,756
(Rs. in Million)
2009-10
Particulars Domestic Overseas Unallocated Total
Revenue from external customers 275,934 48,785 5,001 329,720
Segment assets 84,555 5,200 73,858 163,613
Capital expenditure during the year 13,597 - - 13,597
Notes:
a) Domestic segment includes sales to customers located in India and
services income accrued in India.
b) Overseas segment includes sales and services rendered to customers
located outside India.
c) Unallocated revenue includes interest income, dividend income and profit
on sale of investment.
d) Unallocated assets include other deposits, dividend bank account and
investments.
e) Segment assets includes fixed assets, inventories, sundry debtors, cash
and bank balances (except dividend bank account), other current assets,
loans and advances (except other deposits).
f) Capital expenditure during the year includes fixed assets and net
additions to capital work in progress.
(Rs. in Million)
2010-11 2009-10
7) The following expenses incurred on Research and
Development are included under respective account
heads:
Revenue Expenditure:
Employees Remuneration and Benefits 862 624
Other Expenses of Manufacturing and Administration 985 486
Capital Expenditure 2,316 623
4,163 1,733
8) a) MANAGERIAL REMUNERATION
Salaries and Allowances 32 28
Commission / Performance linked Bonus* 30 25
Contribution to Provident Fund 8 8
Estimated value of perquisites 17 15
Directors Sitting Fees 1 -
88 76
* Includes profit linked bonus amounting to Rs. 22 million which is subject
to approval of the board of directors.
b) Computation of net profit in accordance with Section 349/ 198 of the
Companies Act, 1956:
(Rs. in Million)
2010-11 2009-10
Profit before Taxation 31,088 35,925
Add: Depreciation as per accounts 10,135 8,250
Managerial Remuneration
Whole Time Directors 80 70
Commission to Non-Whole Time Directors 8 6
Director's Sitting Fees 1 0
[Rs. 0.7 million (Previous year
Rs. 0.4 million)]
Provision for Diminution in Value
of Investment - 8
Net Loss on Sale/discarding of
Fixed Assets 79 10,303 97 8,431
41,391 44,356
Less: Depreciation as per Section
350 of Companies Act, 1956 10,135 8,250
Provision no longer required
written back 189 511
Profit on sale of Investments 630 10,954 1,291 10,052
Net Profit as per
Sections 349/350 30,437 34,304
Maximum Commission payable to
Non-Whole-time Directors @ 1% on
Rs. 30437 million (Previous Year
1% on Rs. 34,338 million) 304 343
Restricted to 8 6
9) AUDITORS' REMUNERATION*
Statutory Audit 9.00 8.00
Other Audit Services / Certification 0.20 2.20
Reimbursement of Expenses 0.50 0.50
*Excluding Service Tax
10) CIF VALUE OF IMPORTS
Raw Materials and Components 29,691 25,616
Capital Goods 8,250 3,968
Maintenance Spares 246 133
Dies and Moulds 31 76
Other Items 826 308
11) EXPENDITURE IN FOREIGN CURRENCY (CASH BASIS)
Fees for Technical Services (Net of Tax
Deducted at Source) 2,256 1,474
Traveling Expenses 67 161
Royalty 13,794 7,617
Interest 193 218
Others 877 448
12) EARNINGS IN FOREIGN CURRENCY
Export of Goods (FOB basis) 34,988 45,437
13) DIVIDEND REMITTED IN FOREIGN CURRENCY
(CASH BASIS)
Dividend for the year 2009-10
(Previous year 2008-09) 940 548
No. of non-resident shareholders 5 5
No. of shares for which
dividend remitted 156,618,440 156,618,440
14) VALUE OF IMPORTED AND INDIGENOUS
MATERIALS CONSUMED
i) RAW MATERIALS AND COMPONENTS
Imported 32,707 27,708
Indigenous 240,013 187,173
272,720 214,881
PERCENTAGE OF TOTAL CONSUMPTION
Imported 12% 13%
Indigenous 88% 87%
ii) MACHINERY SPARES
Imported 234 179
Indigenous 717 415
951 594
PERCENTAGE OF TOTAL CONSUMPTION
Imported 25% 30%
Indigenous 75% 70%
15) LICENSED CAPACITY, INSTALLED CAPACITY AND ACTUAL PRODUCTION:
PRODUCT UNIT LICENSED INSTALLED ACTUAL
CAPACITY CAPACITY** PRODUCTION
Passenger Cars and
Light Duty Utility Vehicles Nos. - * 1,000,000 1,273,361
(-)* (943,000) (1,027,879)
Notes:
* Licensed Capacity is not applicable from 1993-94.
**Installed Capacity is as certified by the management and relied upon by
the auditors, being a technical matter.
Previous Year figures are in brackets.
16) SALES, OPENING STOCK AND CLOSING STOCK
PRODUCT SALES OPENING STOCK CLOSING STOCK
QTY. VALUE QTY. VALUE QTY. VALUE
(Nos.) (Nos.) (Nos.)
Passenger 1,271,005 380,057 14,600 3,794 16,222 4,220
Vehicles (1,018,365) (298,534) (5,838) (1,661) (14,600) (3,794)
Spare Parts/ * 24,072 * 1,019 * 1,296
Components * (19,307) * (1,044) * (1,019)
Dies and Moulds * 61 * - * -
* (232) * - * -
Notes:
1. Purchase of traded goods comprise Vehicles, Spares, Components and Dies
and Moulds. During the year 331 Vehicles (Previous year 121 Vehicles) were
purchased
2. Closing Stock of vehicles is after adjustment of 22 vehicles (Previous
Year - 15) totally damaged.
3. Sales quantity excludes own use vehicles 962 Nos. (Previous Year - 710
Nos.)
4. Sales quantity excludes sample vehicles 81 Nos. (Previous Year - 148
Nos.)
5. Previous Year figures are in brackets.
* In view of the innumerable sizes/numbers (individually less than 10%) of
the components, Spare parts and Dies and moulds it is not possible to give
quantitative details.
17) STATEMENT OF RAW MATERIALS AND COMPONENTS CONSUMED
(Rs. in Million)
2010-11 2009-10
GROUP OF MATERIAL UNIT QTY. AMOUNT QTY. AMOUNT
Steel Coils MT 279,077 13,146 242,713 11,025
Ferrous Castings MT 22,692 2,107 25,125 1,783
Non-ferrous Castings MT 19,015 2,791 14,525 1,916
Other Components * 252,776 * 198,680
Paints K.LTR 6,573 5,087
MT 7,029 1,900 5,408 1,477
272,720 214,881
* In view of the innumerable sizes/numbers (including less than 10%) of the
components it is not possible to give quantitative details.
18) STATEMENT OF EARNING PER SHARE
2010-11 2009-10
Net Profit after tax attributable to
shareholders (in Million Rs.) 22,886 24,976
Weighted Average Number of Equity Shares
Outstanding during the year (Nos) 288,910,060 288,910,060
Nominal value per share (In Rs.) 5.00 5.00
Basic/Diluted Earning Per Share (In Rs.) 79.22 86.45
19) DEFERRED TAX
Major Components of Deferred Tax arising on account of timing differences
along with their movement as at March 31, 2011 are :
Assets 31.03.10 Movement 31.03.11
During the
year
Provision for Doubtful Debts / Advances 183 1 184
Contingent Provisions 220 (17) 203
Others 433 48 481
Total (A) 836 32 868
Liabilities
Depreciation on Fixed Assets 2,081 199 2,280
Exchange gain on Capital Accounts (134) 61 (73)
Allowances under Income Tax Act, 1961 259 46 305
Total (B) 2,206 306 2,512
Net Deferred Tax Liability* (B) - (A) 1,370 274 1,644
Previous Year 1,551 (181) 1,370
* Includes adjustment of Rs. 173 million (Previous year Rs. 100 million) on
account of reclassification of Deferred Tax Liabilities from Provision for
Taxation.
20) The Balance due for more than 30 days to Micro and Small Scale
Enterprises as at March 31, 2011 is Rs. Nil (Previous Year Rs. 0.1
million). The Company pays its vendors within 30 days and no interest
during the year has been paid or is payable under the terms of the Micro,
Small and Medium Enterprises Development Act, 2006.
21) Amount Due From Companies Under the Same Management:
(Rs. in Million)
2010-11 2009-10
Sundry Debtors
Balance at year end
Suzuki Motor Corporation Japan - 54
Magyar Suzuki Corporation Ltd 16 0
Suzuki Austria Automobil Handels GmBH 29 46
Suzuki Motor Iberica S.A. - 34
Suzuki Australia Pty. Ltd. 119 87
Suzuki New Zealand Ltd. 16 12
Suzuki Motor Poland Sp. Z.O.O.
(Formerly Suzuki Motor Poland Limited) 37 38
PT Suzuki Indomobil Motor
(Fomerly PT Indomobil Suzuki International) 524 245
Suzuki France SA 88 48
Suzuki GB PLC 2 194
Suzuki Italia SPA 23 156
Suzuki International Europe GMBH 24 42
Suzuki Philippines Inc, 20 11
Suzuki Auto South Africa 2 1
Taiwan Suzuki Automobile Corporation 8 1
Loans and Advances:
Suzuki Motor Corporation 82 20
Maximum Balance During the Year 82 25
Suzuki Powertrain India Limited 2,050 2,957
Maximum Balance During the Year 2,957 5,485
Suzuki Motorcycle India Limited 23 155
Maximum Balance During the Year 155 155
22) Loans and Advances in nature of Loans given to Subsidiaries and
Associates etc:
Name of Company A B C D
Suzuki Powertrain India Limited Associate 1,800 1,862 1,862 2,947
Suzuki Motorcycle India Limited Fellow
Subsidiary - 150 150 150
A = As at 31.3.11
B = Maximum Balance during the year
C = As at 31.3.10
D = Maximum Balance during the year
23) Minimum Lease payments outstanding as on 31st March 11 in respect of
assets taken on non-cancellable operating leases are as follows:
Due March 31, 2011 March 31, 2010
Total Minimum Total Minimum
Lease Payments Lease Payments
Outstanding as on Outstanding as on
31st March 11 31st March 10
Within One Year 49 45
Later than one Year but
less than five Years 207 202
Later than five Years 796 850
March 31, 2011 March 31, 2010
Minimum Lease Minimum Lease
Payment Payment
Charged to Rent Expense (Schedule 18) 60 60
24) The Company has calculated the various benefits provided to employees
as under:
A. Defined Contribution Plans:
a) Superannuation Fund
b) Post Employment Medical Assistance Scheme.
c) Provident Fund
During the year the Company has recognised the following amounts in the
Profit and Loss account:
(Rs. In Million)
March 31, 2011 March 31, 2010
Employers Contribution to
Superannuation Fund* 35 28
Employers Contribution to Post Employment
Medical Assistance Scheme.* 2 1
Provident Fund 188 164
B. State Plans:
a) Employers contribution to Employee State Insurance.*
b) Employers contribution to Employee's Pension Scheme 1995.*
During the year the Company has recognised the following amounts in the
Profit and Loss account:
March 31, 2011 March 31, 2010
Employers contribution to
Employee State Insurance.* 5 6
Employers contribution to Employee's
Pension Scheme 1995.* 48 43
* Included in Contribution to Provident and Other Funds under Employee
Remuneration and Benefits (Refer schedule 17)
C. Defined Benefit Plans and Other Long Term Benefits:
a) Contribution to Gratuity Funds - Employee's Gratuity Fund.
b) Leave Encashment/ Compensated Absence.
c) Retirement Allowance
In accordance with Accounting Standard 15 (revised 2005), an actuarial
valuation was carried out in respect of the aforesaid defined benefit plans
and other long term benefits based on the following assumptions.
A B C D E F
Discount Rate (per annum) 8.50% 8.50% 8.50% 8.00% 8.00% 8.00%
Rate of increase in
compensation levels 6.00% 6.00% 0.00% 6.00% 6.00% 0.00%
Rate of return on Not 8.00% Not Not 8.00% Not
plan assets. Appli- Appli- Appli- Appli-
cable cable cable cable
Expected Average remaining 22 22 22 21 21 21
working lives of employees
(years)
A = March 31, 2011 - Leave Encashment/ Compensated Absence
B = March 31, 2011 - Employees Gratuity Fund
C = March 31, 2011 - Retirement Allowance
D = March 31, 2010 - Leave Encashment/ Compensated Absence
E = March 31, 2010 - Employees Gratuity Fund
F = March 31, 2010 - Retirement Allowance
Estimates of future salary increases considered in actuarial valuation take
account of inflation, seniority, promotion and other relevant factors such
as supply and demand in the employment market.
Changes in Present Value Of Obligations:
(Rs. In Million)
A B C D E F
Present value of obligation as at
beginning of the year 659 734 29 550 621 27
Interest cost 45 61 2 35 49 2
Current service cost 32 45 - 42 42 -
Benefits Paid 172 21 - 84 7 -
Actuarial (gain)/ loss on
Obligations 188 7 7 116 29 -
Present value of obligation as
at the year end 752 827 38 659 734 29
A = March 31, 2011 - Leave Encashment/ Compensated Absence
B = March 31, 2011 - Employees Gratuity Fund
C = March 31, 2011 - Retirement Allowance
D = March 31, 2010 - Leave Encashment/ Compensated Absence
E = March 31, 2010 - Employees Gratuity Fund
F = March 31, 2010 - Retirement Allowance
Changes in the Fair value of Plan Assets:
March 31, 2011 March 31, 2010
Employees Employees
Gratuity Fund Gratuity Fund
Fair value of Plan Assets as at
beginning of the year 734 621
Expected return on Plan Assets 59 44
Contribution 25 57
Benefits Paid 21 79
Actuarial gain/ (loss) on Obligations 30 91
Fair value of Plan Assets as at the year end 827 734
Reconciliation of Present value of Defined Benefit Obligation and Fair
value of Assets:
A B C D E F
Present value of obligation
as at the year end 752 827 38 659 734 29
Fair value of Plan Assets
as at the year end - 827 - - 734 -
Surplus/ (Deficit) (752) - (38) (659) - (29)
Unfunded Net Asset/
(Liability) recognised
in Balance Sheet. (752) - (38) (659) - (29)
A = March 31, 2011 - Leave Encashment/ Compensated Absence
B = March 31, 2011 - Employees Gratuity Fund
C = March 31, 2011 - Retirement Allowance
D = March 31, 2010 - Leave Encashment/ Compensated Absence
E = March 31, 2010 - Employees Gratuity Fund
F = March 31, 2010 - Retirement Allowance
A B C D E F
Present value of obligation
as at the year end 550 621 27 429 524 25
Fair value of Plan Assets
as at the year end - 621 - - 491 -
Surplus/ (Deficit) (550) - (27) (429) (33) (25)
Unfunded Net Asset/
(Liability) recognised
in Balance Sheet. (550) - (27) (429) - (25)
A = March 31, 2009 - Leave Encashment/ Compensated Absence
B = March 31, 2009 - Employees Gratuity Fund
C = March 31, 2009 - Retirement Allowance
D = March 31, 2008 - Leave Encashment/ Compensated Absence
E = March 31, 2008 - Employees Gratuity Fund
F = March 31, 2008 - Retirement Allowance
(Rs. in Million)
March 31, 2007
Leave Employees Retirement
Encashment/ Gratuity Allowance
Compensated Fund
Absence
Present value of obligation
as at the year end 441 484 22
Fair value of Plan Assets
as at the year end - 456 -
Surplus/ (Deficit) (441) (28) (22)
Unfunded Net Asset/
(Liability) recognised in
Balance Sheet. (441) - (22)
Expenses Recognised in Profit & Loss Account:
A B C D E F
Current service cost 32 45 - 42 42 -
Interest cost 45 61 2 35 49 2
Expected return on Plan Assets - (59) - - (44) -
Settlement cost - - - - -
Net Actuarial (gain)/loss
recognised during the year 188 (23) 7 116 (62) -
Total Expense recognised in Profit
& Loss Account* 265 25 9 193 (15) 2
A = March 31, 2011 - Leave Encashment/ Compensated Absence
B = March 31, 2011 - Employees Gratuity Fund
C = March 31, 2011 - Retirement Allowance
D = March 31, 2010 - Leave Encashment/ Compensated Absence
E = March 31, 2010 - Employees Gratuity Fund
F = March 31, 2010 - Retirement Allowance
* Included in 'Salaries Wages, Allowances and Other Benefits' except for
Employee Gratuity Fund which is included in 'Contribution to Provident and
Other Funds' under 'Employee Remuneration and Benefits' (Schedule 17)
Constitution of Plan Assets Gratuity
March 31, 2011 March 31, 2010
(a) Debt Funds 379 585
(b) Others 448 149
Total 827 734
The return on the investment is the nominal yield available on the format
of investment as applicable to Approved Gratuity Fund under Rule 101 of
Income Tax Act 1961.
Expected contribution on account of Gratuity for the year ending March 31,
2011 can not be ascertained at this stage.
25) STATEMENT OF TRANSACTIONS WITH RELATED PARTIES
Holding Company:
Suzuki Motor Corporation
Joint Ventures:
J.J. Impex (Delhi) Private Limited
Mark Exhaust Systems Limited
Bellsonica Auto Component India Private Limited
FMI Automotive Components Limited
Krishna Auto Mirrors Limited
Inergy India Automotive Components Limited
Maruti Insurance Broking Private Limited
Manesar Steel Processing India Private Limited
Subsidiaries:
Maruti Insurance Agency Services Limited
Maruti Insurance Agency Logistics Limited
Maruti Insurance Distribution Services Limited
Maruti Insurance Agency Network Limited
Maruti Insurance Agency Solutions Limited
True Value Solutions Limited
Maruti Insurance Business Agency India Limited
Maruti Insurance Broker Limited
Key Management Personnel:
Mr Shinzo Nakanishi
Mr. Shuji Oishi
Mr Tsuneo Ohashi
Mr Keiichi Asai
Associates:
Asahi India Glass Limited
Bharat Seats Limited
Caparo Maruti Limited
Climate Systems India Limited
Denso India Limited
Jay Bharat Maruti Limited
Krishna Maruti Limited
Machino Plastics Limited
SKH Metals Limited
Nippon Thermostat (India) Limited
Sona Koyo Steering Systems Limited
Citicorp Maruti Finance Limited
Maruti Countrywide Auto Financial Services Limited
Magneti Marelli Powertrain India Private Limited
Suzuki Powertrain India Limited*
Fellow Subsidiaries (Only with whom the Company had transactions during the
year):
Suzuki International Europe G.m.b.H.
Suzuki Motor Iberica, S.A.U.
Suzuki Italia S.P.A.
Suzuki Austria Automobile Handels G.m.b.H.
Suzuki France S.A.S.
Magyar Suzuki Corporation Limited
Suzuki GB PLC
Suzuki Cars (Ireland) Limited
Suzuki Motor Poland Sp. Z.O.O. (Fomerly Suzuki Motor Poland Limited)
Suzuki Motorcycle India Private Limited
PT Suzuki Indomobil Motor (Fomerly PT Indomobil Suzuki International)
Suzuki Philippines Inc.
Suzuki Automobile (Thailand) Co., Limited
Suzuki Australia Pty. Limited
Suzuki New Zealand Limited
Suzuki Auto South Africa (Pty) Limited
Taiwan Suzuki Automobile Corporation
Suzuki Assemblers Malaysia Sdn. Bhd.
Suzuki Madrid S.L.U.
Vietnam Suzuki Corp.
(Rs. in Million)
2010-11
Joint Subsi- Associates Holding
Ventures diaries Company
Outstanding at year end
Loans and advances recoverable
Suzuki Power Train India Limited - - 2,050 -
Others 55 - 484 82
Total 55 - 2,534 82
Amounts Payable:
Suzuki Motor Corporation - - - 10,165
Others 240 71 2,597 -
Total 240 71 2,597 10,165
Guarantees given to third
parties for the Company
Suzuki Motor Corporation - - - 2,781
Others - - - -
Total - - - 2,781
Finances (Equity & Loans):
Inergy India Automotive Comp. Limited 67 - - -
Maruti Insurance Broking Private Ltd 2 - - -
Manesar Steel Processing:
India Private Limited 68 - - -
Maruti Insurance Broker Limited - 5 - -
Krishna Ishizaki Auto Limited - - - -
Suzuki Motorcycle India
Private Limited - - - -
Total 137 5 - -
Amount Recoverable:
SKH Metals Limited - - 268 -
PTSuzuki Indomobil Motor - - - -
Others 182 - 205 1
Total 182 - 473 1
Goods In Transit - Comp Etc.:
Suzuki Motor Corporation - - - 2,284
Others - - - -
Total - - - 2,284
Transaction during the year
Loan recovered during the year:
Suzuki PowerTrain India Limited - - 62 -
Total - - 62 -
Purchases of Capital items:
Suzuki Motor Corporation - - - 2,623
Others 16 - 553 -
Total 16 - 553 2,623
Sale of Goods:
Suzuki Australia Pty. Limited - - - -
PTIndomobil Suzuki International - - - -
Others 820 - 2,190 125
Total 820 - 2,190 125
Other Income:
Income/Finance - Commission/Dividend
Suzuki Power Train India Limited - - 479 -
Others 49 - 437 -
Total 49 - 916 -
Other Misc Income:
Suzuki Power Train India Limited - - 846 -
Jay Bharat Maruti Limited - - 150 -
SKH Metals Limited - - 212 -
Others 105 - 152 -
Total 105 - 1,360 -
Purchases of Goods:
Suzuki Motor Corporation - - - 21,518
Suzuki Power train India Limited - - 39,053 -
Others 7,970 - 50,678 -
Total 7,970 - 89,731 21,518
Proposed Dividend:
Suzuki Motor Corporation - - - 1,175
Total - - - 1,175
Royalty:
Suzuki Motor Corporation - - - 18,925
Total - - - 18,925
Services Received:
Suzuki Motor Corporation - - - 703
Others - - - -
Total - - - 703
Other-Expenditure:
Suzuki France S.A.S. - - - -
Suzuki International Europe Gmbh - - - -
Suzuki GB PLC - - - -
Suzuki MotorCorporation - - - 122
Others 3 4 - -
Total 3 4 - 122
Managerial Remuneration:
Mr Shinzo Nakanishi - - - -
Mr Tsuneo Ohashi - - - -
Mr Keiichi Asai - - - -
Mr. Syuji Oishi - - - -
Total - - - -
(Rs. in Million)
2010-11
Fellow Key Total
subsidiaries Management
Personnel
Outstanding at year end
Loans and advances recoverable
Suzuki PowerTrain India Limited - - 2,050
Others 23 - 644
Total 23 - 2,694
Amounts Payable:
Suzuki Motor Corporation - - 10,165
Others 9 - 2,917
Total 9 - 13,082
Guarantees given to third parties
for the Company:
Suzuki Motor Corporation - - 2,781
Others - - -
Total - - 2,781
Finances (Equity & Loans):
Inergy India Automotive Comp. Limited - - 67
Maruti Insurance Broking Private Limited - - 2
Manesar Steel Processing India
Private Limited - - 68
Maruti Insurance Broker Limited - - 5
Krishna Ishizaki Auto Limited - - -
Suzuki Motorcycle India Private Limited - - -
Total - - 142
Amount Recoverable:
SKH Metals Limited - - 268
PT Suzuki Indomobil Motor 524 - 524
Others 384 - 772
Total 908 - 1,564
Goods In Transit - Comp Etc.:
Suzuki Motor Corporation - - 2,284
Others - - -
Total - - 2,284
Transaction during the year Loan
recovered during the year
Suzuki PowerTrain India Limited - - 62
Total - - 62
Purchases of Capital items:
Suzuki Motor Corporation - - 2,623
Others 2 - 571
Total 2 - 3,194
Sale of Goods:
Suzuki Australia Pty. Limited 1,958 - 1,958
PTIndomobil Suzuki International 3,028 - 3,028
Others 6,062 - 9,197
Total 11,048 - 14,183
Other Income:
Income/ Finance - Commission/Dividend:
Suzuki PowerTrain India Limited - - 479
Others - - 486
Total - - 965
Other Income:
Suzuki PowerTrain India Limited - - 846
Jay Bharat Maruti Limited - - 150
SKH Metals Limited - - 212
Others - - 257
Total - - 1,465
Purchases of Goods:
Suzuki MotorCorporation - - 21,518
Suzuki Powertrain India Limited - - 39,053
Others - - 58,648
Total - - 119,219
Proposed Dividend:
Suzuki MotorCorporation - - 1,175
Total - - 1,175
Royalty:
Suzuki MotorCorporation - - 18,925
Total - - 18,925
Services Received:
Suzuki Motor Corporation - - 703
Others - - -
Total - - 703
Other-Expenditure:
Suzuki France S.A.S. 34 - 34
Suzuki International Europe Gmbh 46 - 46
Suzuki GB PLC 46 - 46
Suzuki Motor Corporation - - 122
Others 67 - 74
Total 193 - 322
Managerial Remuneration:
Mr Shinzo Nakanishi - 25 25
Mr Tsuneo Ohashi - 18 18
Mr Keiichi Asai - 18 18
Mr. Syuji Oishi - 18 18
Total - 79 79
(Rs. in Million)
2009-10
Joint Subsi - Associates Holding
Ventures diaries Company
Outstanding at year end
Loans and advances recoverable
Suzuki PowerTrain India Limited - - 3,020 -
Others 92 - 612 20
Total 92 - 3,632 20
Amounts Payable:
Suzuki Motor Corporation - - - 5,848
Others 323 - 3,234 -
Total 323 - 3,234 5,848
Guarantees given to third
parties for the Company
Suzuki Motor Corporation - - - 4,199
Others - - - -
Total - - - 4,199
Finances (Equity & Loans):
Inergy India Automotive Comp. Ltd - - - -
Maruti Insurance Broking
Private Limited - - - -
Manesar Steel Processing India
Private Limited - - - -
Maruti Insurance Broker Limited - - - -
Krishna Ishizaki Auto Limited 10 - - -
Suzuki Motorcycle India
Private Limited - - - -
Total 10 - - -
Amount Recoverable:
SKH Metals Limited - - 272 -
PTSuzuki Indomobil Motor - - - -
Others 177 - 417 54
Total 177 - 689 54
Goods In Transit - Comp Etc.
Suzuki Motor Corporation - - - 1,530
Others - - - -
Total - - - 1,530
Transaction during the year Loan
recovered during the year:
Suzuki PowerTrain India Limited - - 85 2
Total - - 85 -
Purchases of Capital items:
Suzuki MotorCorporation - - - 1,092
Others - - - -
Total - - - 1,092
Sale of Goods:
Suzuki Australia Pty. Limited - - - -
PT Indomobil Suzuki International - - - -
Others 1,059 - 1,931 147
Total 1,059 - 1,931 147
Other Income:
Income/ Finance - Commission/
Dividend:
Suzuki PowerTrain India Limited - - 495 -
Others 41 - 436 -
Total 41 - 931 -
Other Misc Income:
Suzuki PowerTrain India Limited - - 830 -
Jay Bharat Maruti Limited - - 116 -
SKH Metals Limited - - 162 -
Others 145 - 132 3
145 - 1,240 3
Purchases of Goods:
Suzuki MotorCorporation - - - -
Suzuki Powertrain India Limited - - 26,610 -
Others 5,119 - 36,866 18,064
Total 5,119 - 63,476 18,064
Proposed Dividend:
Suzuki Motor Corporation - - - 940
Total - - - 940
Royalty:
Suzuki Motor Corporation - - - 10,168
Total - - - 10,168
Services Received:
Suzuki Motor Corporation - - - 505
Others - - - -
Total - - - 505
Other-Expenditure
Suzuki France S.A.S. - - - -
Suzuki International Europe Gmbh - - - -
Suzuki GB PLC - - - -
Suzuki MotorCorporation - - - 119
Others 4 13 1 -
Total 4 13 1 119
Managerial Remuneration:
Mr Shinzo Nakanishi - - - -
Mr Tsuneo Ohashi - - - -
Mr Keiichi Asai - - - -
Mr. Syuji Oishi - - - -
(Rs. in Million)
2009-10
Fellow Key Total
subsidiaries Management
Personnel
Outstanding at year end
Loans and advances recoverable
Suzuki Power Train India Limited - - 3,020
Others 5 - 729
Total 5 - 3,749
Amounts Payable:
Suzuki Motor Corporation - - 5,848
Others 67 - 3,624
Total 67 - 9,472
Guarantees given to third
parties for the Company:
Suzuki Motor Corporation - - 4,199
Others - - -
Total - - 4,199
Finances (Equity & Loans):
Inergy India Automotive Comp. Limited - - -
Maruti Insurance Broking
Private Limited - - -
Manesar Steel Processing India
Private Limited - - -
Maruti Insurance Broker Limited - - -
Krishna Ishizaki Auto Limited - - 10
Suzuki Motorcycle India
Private Limited 150 - 150
Total 150 - 160
Amount Recoverable:
SKH Metals Limited - - 272
PT Suzuki Indomobil Motor 245 - 245
Others 672 - 1,320
Total 917 - 1,837
Goods In Transit - Comp Etc.:
Suzuki Motor Corporation - - 1,530
Others - - -
Total - - 1,530
Transaction during the year
Loan recovered during the year:
Suzuki PowerTrain India Limited - - 85
Total - - 85
Purchases of Capital items:
Suzuki Motor Corporation - - 1,092
Others 2 - 2
Total 2 - 1,094
Sale of Goods:
Suzuki Australia Pty. Limited 825 - 825
PT Indomobil Suzuki International 838 - 838
Others 14,749 - 17,886
Total 16,412 - 19,549
Other Income
Income/ Finance - Commission/
Dividend:
Suzuki PowerTrain India Limited - - 495
Others - - 477
Total - - 972
Other Misc Income:
Suzuki PowerTrain India Limited - - 830
Jay Bharat Maruti Limited - - 116
SKH Metals Limited - - 162
Others 16 - 296
Total 16 - 1,404
Purchases of Goods:
Suzuki Motor Corporation - - -
Suzuki Powertrain India Limited - - 26,610
Others 10 - 60,059
Total 10 - 86,669
Proposed Dividend:
Suzuki Motor Corporation - - 940
Total - - 940
Royalty:
Suzuki Motor Corporation - - 10,168
Total - - 10,168
Services Received:
Suzuki MotorCorporation - - 505
Others - - -
Total - - 505
Other-Expenditure:
Suzuki France S.A.S. 1 - 1
Suzuki International Europe Gmbh 12 - 12
Suzuki GB PLC 37 - 37
Suzuki MotorCorporation - - 119
Others 54 - 72
Total 104 - 241
Managerial Remuneration:
Mr Shinzo Nakanishi - 22 22
Mr Tsuneo Ohashi - 16 16
Mr Keiichi Asai - 16 16
Mr. Syuji Oishi - 16 16
Total - 70 70
* Suzuki Powertrain India Limited is also a Fellow Susidiary
26) The Company has the following provisions in the books of account as on
31.03.2011:
(Rs. in Million)
Description A B C D
a) Litigation Related Provisions 614 47 3 658
(611) (36) (33) (614)
b) Warranty / Product Recall 810 393 274 929
(432) (590) (212) (810)
c) Others 221 35 1 255
(195) (31) (5) (221)
A = Balance as on 31.03.10
B = Additions during the year
C = Utilized/ Reversed during the year
D = Balance as on 31.03.11
a) Litigation related provisions pertain to the estimated outflow in
respect of disputes with various government authorities.
b) Warranty and Product Recall provisions relate to the estimated outflow
in respect of warranty and recall cost for products sold during the year.
c) Other Provisions relate to excise duty, export obligation and guarantees
etc. given.
d) Due to the very nature of the above costs, it is not possible to
estimate the timing / uncertanties relating to their outflows as well as
the expected reimbursements from such estimates.
e) Amount in brackets represents previous year's figures.
27) Pursuant to clause ix(b) of Section 227 (4A) of the Companies Act,
1956, the details of disputed dues are as follows:
Name of the Statute & A B C D
Nature of the Dues
Income Tax
Act, 1961:
Income Tax 6 20 1992-93 A.Y High Court
Interest 15
Income Tax 16 18 1994-95 A.Y High Court
Interest 2
Income Tax 242 725 1995-96 A.Y. High Court
Interest 483
Income Tax 123 123 1996-97 A.Y. High Court
Interest -
Income Tax 174 210 1998-99 A.Y. High Court
Interest 20
Income Tax 412 174 2003-04 A.Y. Income Tax Appleant
Tribunal (ITAT)
Interest 171
Income Tax 348 488 2004-05 A.Y. Income Tax Appleant
Tribunal (ITAT) &
High Court
Interest 140
Income Tax 109 120 2005-06 A.Y. Income Tax Appleant
Tribunal (ITAT)
Interest 2
Income Tax 1,692 2,300 2006-07 A.Y. Income Tax Appleant
Tribunal (ITAT)
Interest 974
Income Tax 97 2008-09 A.Y. AO (Tax Deducted at
Source)
Interest 44
Income Tax 12 2009-10 A.Y. AO (Tax Deducted at
Source)
Interest 3
Total 5,085 4,178
Wealth Tax
Act, 1957:
Wealth Tax 1 1 1998-99 A.Y. Appeal is pending
before High Court
Total 1 1
Haryana General
Sales Tax Act:
Interest 1 - 1984-85 to Assessing Authority,
1985-86 A.Y. Gurgaon
Sales Tax 2 - 1988-89 A.Y. Assessing Authority,
Gurgaon
TOTAL 3 -
Delhi Sales
Tax Act:
Sales Tax 47 2 A.Y. 1988-89 Additional
to 1991-92 Commissioner, Delhi
TOTAL 47 2
The Central Excise
Act, 1944:
'Excise Duty' 78 - Jul 01 to Customs, Excise &
Mar.09 Service Tax Appellate
Tribunal
Interest 61 -
Penalty 57 -
Excise duty 17 3 Aug.96 to Supreme Court of
Mar.01 India.
Excise duty 7 - March 03 to Customs, Excise &
March.05 Service Tax Appellate
Tribunal
Penalty 7 -
Excise duty 5 Dec 99-Aug.04 Customs, Excise &
Service Tax Appellate
Tribunal.
Penalty 5
Interest 7
Excise duty 50 Oct.06 to Customs, Excise &
Mar.08 Service Tax Appellate
Tribunal
Penalty 22
Interest 24
Excise duty 820 - May.05 to Customs, Excise &
Sep.10 Service Tax Appellate
Tribunal
Penalty 497 -
Interest 299 -
Excise duty 4 1 Feb.03 Customs, Excise &
Service Tax
Appellate Tribunal
Penalty 1
Excise duty 1 1 May.89 to High Court of Delhi.
Mar.92
Penalty 1 1
Total 1,963 6
The Finance
Act, 1994:
Service Tax 5 2 Jul.03 to Customs, Excise &
Aug.04 Service Tax Appellate
Tribunal
Penalty 5
Interest 4
Service Tax 2 Apr.05 to Customs, Excise &
Mar.08 Service Tax Appellate
Tribunal
Penalty 2
Interest 1
Service Tax 57 18th Apr.06 Customs, Excise &
to Mar.10 Service Tax Appellate
Tribunal
Penalty 57
Interest 23
TOTAL 156 2
Customs
Act, 1962:
Customs duty 22 22 Feb-03 to Customs, Excise &
August.03 Service Tax Appellate
Tribunal.
Interest 5 -
TOTAL 27 22
GRAND TOTAL 7,282 4,211
A = Amount (Rs. in Million)
B = Amount deposited under protest (Rs. in Million)
C = Period to which the amount relates
D = Forum where dispute is pending
28) Statement on Assets ,Liabilities ,Income & Expenses of Joint Ventures:
Details of the Company's share in the Joint Venture Assets, Liabilities,
Income & Expenses as required by Accounting Standard: 27 'Financial
Reporting of Interest in Joint Venture' is as indicated below.
SI. Name of Company % Ownership Country of
No. Interest Incorporation
1 J.J Impex (Delhi) Private Limited 49.13 India
2 Mark Exhaust Systems Limited 44.37 India
3 Bellsonica Auto Components India Limited 30.00 India
4 FMI Automotive India Limited 49.00 India
5 Krishna Ishizaki Auto Limited (foremerly
known as Krishna Auto Mirrors Limited) 15.00 India
6 Manesar Steel Processing (India) Pvt Ltd. 15.00 India
7 Maruti Insurance Broking Pvt Ltd 47.92 India
(Ra. In Million)
2010-11 2009-10
Detail of Assets
Fixed Assets - Gross Block 2,108 1,957
Accumulated Depreciation 723 539
Net Block 1,385 1,418
Capital Work-in-Progress 701 46
Investments 1 4
Inventories 244 197
Sundry Debtors 553 287
Cash and Bank Balances 170 157
Other Current Assets 5 5
Loans and Advances 304 198
Deferred Tax Assets 2 2
Detail of Liabilities
Secured Loans 114 97
Unsecured Loans 1,334 744
Current Liabilities 868 596
Provisions 2 12
Deferred Tax Liabilities 87 93
Detail of Income Sales(Net) 4,829 3,433
Income from services 73 134
Other income 71 57
Detail of Expenses:
Consumption of Raw Material and Components 4,003 2,841
Purchase of Traded Goods 93 74
Consumption of Stores 40 22
Employees Remuneration and Benefits 219 148
Manufacturing Administrative and Other Expenses 351 199
Selling and Distribution Expenses 24 16
Financial Expenses 44 39
Depreciation 177 163
(Increase) / Decrease to Work in progress and
Finished Goods (39) (8)
Tax Expense Current 27 24
Tax Expense Deffered (6) 43
Details of Contingent Liabilities:
Income Tax demands 2 2
Claims against the Company lodged by various parties 3 3
Capital commitments 49 36
Outstanding commitments under letter of credit 49 44
Sale Tax and Service Tax demands 1 -
29) Previous Year's figures have been recasted / regrouped where considered
necessary to make them comparable with the current year's figures.
For Price Waterhouse SHINZO NAKANISHI
Firm Registration Number: FRN 301112E Managing Director & CEO
Chartered Accountants
ANUPAM DHAWAN AJAY SETH
Partner Chief Financial Officer
Membership Number - F 084451
New Delhi S. OISHI
April 25, 2011 Director
S. RAVI AIYAR
Chief General Manager (Legal)
& Company Secretary
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