Balance Sheet of Maruti Suzuki India -Standalone

31/03/2011 31/03/2012

Sources Of Funds

Equity Share Capital 144.5 144.5

Reserves 13,723.00 15,042.90

Networth 13,867.50 15,187.40

Secured Loans 0 0

Unsecured Loans 170.2 1,078.30

Total Debt 170.2 1078.3

Total Liabilities 14,037.70 16,265.70

Application Of Funds

Gross Block 11,718.60 14,678.30

Less: Accum. Depreciation 6,189.20 7,157.60

Net Block 5,529.40 7,520.70

Capital Work in Progress 862.5 611.4

Investments 5,106.80 6,147.40

Inventories 1,415.00 1,796.50

Sundry Debtors 824.5 937.6

Cash and Bank Balance 2,508.50 2,436.10

Total Current Assets 4,748.00 5,170.20

Loans and Advances 2,178.40 2,852.50

Total CA, Loans & Advances 6,926.40 8,022.70

Current Liabilities 3,861.60 5,338.00

Provisions 525.8 698.5

Total CL & Provisions 4,387.40 6,036.50

Net Current Assets 2,539.00 1,986.20

Miscellaneous Expenses 0 0

Total Assets 14,037.70 16,265.70

0.00 0.00

31/03/2011 31/03/2012

Income

Net Sales 36,618 35,587

>>Historical <<

Growth -3%

Stock Adjustments 56 131.2

Total Income 36,674 35,718

Expenditure

Raw Materials 28,490 28,331

Power & Fuel Cost 210 230

Employee Cost 704 844

Miscellaneous Expenses 3,632 3,801

Total Expenses 33,036 33,205

PBDITA 3,639 2,513

Interest 25 55

PBDT 3,614 2,458

Depreciation 1,014 1,138

Profit Before Tax 2,600 1,319

Tax 820 511

Reported Net Profit 1,780 808

Equity Dividend 217 217

Corporate Dividend Tax 35 35

Net Profit transferred to Reserve 1,528 557

Per share data (annualised)

Shares in issue (lakhs) 2,889 2,889

Earning Per Share (Rs) 62 28

Equity Dividend (%) 150 150

Cash Flow Statement

EBIDTA

Less: Interest

Less: Tax

Less: Dividend(including tax)

Adjustment for working capital changes

Operational Cash flows

Maintenance Capex

Opening Cash

Cash flows during the year

Closing Balance of Cash

ANALYSIS OF ABOVE PROJECTIONS

The Company is generating healthy operational cash flow, which can be used for the expansion plans of the Company.

Assumption

1. Sales Turnover will grow at 4% on conservative approach.

2. Raw Material ,Power Fuel and Other Misc cost will proportionately increase according to sales.

3. Employee cost is assumed to grow at 10%.

4. Maintenance Capex is assumed to be 500 Crs per year

5. Depreciation rate has been assumed at 9% on SLM method on the basis of historical trend.

6. Tax rate has been assumed at 33% current rate prevailing.

7. Dividend DistributionTax rate has been assumed at 16.995% current rate prevailing.

8. Current Assets and Current Liabilities are assumed on the basis of Net sales.(Calculation is below)

9. Dividend is assumed to be distrubuted at 160% on the basis of last FY 13.

Interest rate on Unsecured Loans

Depreciation rate 9% 8%

Tax rate 32% 39%

Distribution rate 16% 16%

Working Capital

Inventories(% of sales) 4% 5%

Debtors(days) 8.22 9.62

Loans & Advances(% of sales) 6% 8%

Current Liabilities(% of sales) 10.5% 15.0%

Provisions(% of sales) 1.4% 2.0%

(INR Crs)

31/03/2013 31/03/2014 31/03/2015 31/03/2016 31/03/2017 31/03/2018 31/03/2019

151 151 151 151 151 151 151

18,427.90 19,658.70 20,930.46 22,241.21 23,588.43 24,968.97 26,378.98

18,578.90 19,809.70 21,081.46 22,392.21 23,739.43 25,119.97 26,529.98

0

1,389.20 1,389.20 1,389.20 1,389.20 1,389.20 1,389.20 1,389.20

1389.2 1389.2 1389.2 1389.2 1389.2 1389.2 1389.2

19,968.10 21,198.90 22,470.66 23,781.41 25,128.63 26,509.17 27,919.18

19,633.90 22,076.10 22,576.10 23,076.10 23,576.10 24,076.10 24,576.10

9,834.70 11,739.41 13,687.27 15,678.26 17,712.39 19,789.67 21,910.08

9,799.20 10,336.69 8,888.83 7,397.84 5,863.71 4,286.43 2,666.02

1,942.20 0

7,078.30 7,078.30 7,078.30 7,078.30 7,078.30 7,078.30 7,078.30

1,840.70 1,984.81 2,064.20 2,146.77 2,232.64 2,321.94 2,414.82

1,423.70 1,480.65 1,539.87 1,601.47 1,665.53 1,732.15 1,801.43

775 3,039.55 5,729.38 8,500.16 11,349.31 14,273.63 17,269.22

4,039.40 6,505.00 9,333.46 12,248.40 15,247.47 18,327.72 21,485.48

3,828.90 3,982.06 4,141.34 4,306.99 4,479.27 4,658.44 4,844.78

7,868.30 10,487.06 13,474.80 16,555.39 19,726.74 22,986.16 26,330.26

5,845.80 5,886.56 6,122.03 6,366.91 6,621.58 6,886.45 7,161.91

874.1 816.58 849.24 883.21 918.54 955.28 993.49

6,719.90 6,703.14 6,971.27 7,250.12 7,540.12 7,841.73 8,155.40

1,148.40 3,783.92 6,503.53 9,305.27 12,186.62 15,144.43 18,174.86

0

19,968.10 21,198.90 22,470.66 23,781.41 25,128.63 26,509.17 27,919.18

0.00 0.00 0.00 0.00 0.00 0.00 0.00

31/03/2013 31/03/2014 31/03/2015 31/03/2016 31/03/2017 31/03/2018 31/03/2019

43,588 45,331 47,145 49,030 50,992 53,031 55,153

>>Historical << >>Projection<<

22% 4% 4% 4% 4% 4% 4%

-23.4 0 0 0 0 0 0

43,565 45,331 47,145 49,030 50,992 53,031 55,153

32,722 34,031 35,392 36,808 38,280 39,811 41,404

494 513 534 555 578 601 625

1,070 1,177 1,294 1,424 1,566 1,723 1,895

5,050 5,252 5,462 5,680 5,908 6,144 6,390

39,335 40,972 42,682 44,467 46,331 48,278 50,313

4,230 4,359 4,463 4,564 4,661 4,753 4,840

190 214 214 214 214 214 214

4,040 4,145 4,249 4,350 4,447 4,539 4,626

1,861 1,905 1,948 1,991 2,034 2,077 2,120

2,179 2,241 2,301 2,359 2,413 2,462 2,506

599 727 747 765 783 799 813

1,580 1,514 1,555 1,594 1,630 1,663 1,693

242 242 242 242 242 242 242

41 41 41 41 41 41 41

1,297 1,231 1,272 1,311 1,347 1,381 1,410

3,021 3,021 3,021 3,021 3,021 3,021 3,021

52 50 51 53 54 55 56

160 160 160 160 160 160 160

4,358.9 4,462.7 4,563.6 4,660.7 4,753.2 4,839.9

-213.7 -213.7 -213.7 -213.7 -213.7 -213.7

-726.9 -746.6 -765.3 -782.8 -798.9 -813.0

-282.8 -282.8 -282.8 -282.8 -282.8 -282.8

-371.0 -29.8 -31.0 -32.2 -33.5 -34.8

2,764.5 3,189.8 3,270.8 3,349.1 3,424.3 3,495.6

-500.0 -500.0 -500.0 -500.0 -500.0 -500.0

775.0 3,039.5 5,729.4 8,500.2 11,349.3 14,273.6

2,264.5 2,689.8 2,770.8 2,849.1 2,924.3 2,995.6

3,039.5 5,729.4 8,500.2 11,349.3 14,273.6 17,269.2

The Company is generating healthy operational cash flow, which can be used for the expansion plans of the Company.

2. Raw Material ,Power Fuel and Other Misc cost will proportionately increase according to sales.

500 500 500 500 500 500

5. Depreciation rate has been assumed at 9% on SLM method on the basis of historical trend.

8. Current Assets and Current Liabilities are assumed on the basis of Net sales.(Calculation is below)

15% 15% 15% 15% 15% 15% 15%

9% 9% 9% 9% 9% 9% 9%

27% 32% 32% 32% 32% 32% 32%

17% 17.0% 17.0% 17.0% 17.0% 17.0% 17.0%

4% 4% 4% 4% 4% 4% 4%

11.92 11.92 11.92 11.92 11.92 11.92 11.92

9% 9% 9% 9% 9% 9% 9%

13.4% 13% 13% 13% 13% 13% 13%

2.0% 2% 2% 2% 2% 2% 2%

31/03/2020

151

27,814.51

27,965.51

1,389.20

1389.2

29,354.71

25,076.10

24,073.63

1,002.47

7,078.30

2,511.42

1,873.49

20,332.08

24,716.98

5,038.57

29,755.56

7,448.38

1,033.23

8,481.61

21,273.94

29,354.71

0.00

31/03/2020

57,359

4%

1

57,360

43,060

650

2,084

6,645

52,439

4,921

214

4,707

2,164

2,544

825

1,718

242

41

1,436

3,021

56.88

160

4,920.8

-213.7

-825.3

-282.8

-36.2

3,562.9

-500.0

17,269.2

3,062.9

20,332.1

500

15%

9%

32%

17.0%

4%

11.92

9%

13%

2%