with expected sales of

7/31/2019 With Expected Sales Of

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INDIAN PASSENGER CAR

SEGMENT

PROVESS ASSIGNMENT

KIRAN SL7/5/2012


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PASSENGER CAR INDUSTRY IN INDIA

With expected sales of ~2.5 million passenger vehicles in FY11e,Indias

passenger vehicle market ranks as worlds seventh largest; larger than marketslike United Kingdom, France and Spain by volume. India has been one of thefew markets globally to buck the recessionary trend and record a strong 25.6%volume growth inFY10. The growth momentum continues to be on track with

first eleven months of FY11 registering a growth of 29.8% over thecorresponding period in the previous year

Strong economic growth, rising disposable income levels, favorabledemographics, easy financing environment and relatively low car penetrationhave been the prominent growth drivers for the industry While at the one end,the growing domestic market is attracting foreign OEMs, on the other,established players are positioning themselves as strong contenders to offer low-cost car manufacturing capabilities to the world so far, most foreign car makers,

barring Hyundai have focused on the sedan and premium segment cars, shyingaway from the highly competitive small-car segment; with these players nowlaunching small-cars that too designed keeping in mind specifically the Indianconsumer, the small-car segment, which has so far been dominated by threeplayers commanding over 80% of the volumes is likely to see increase incompetitive intensity. Some of the newly launched models have had good initialresponse and have been aggressively priced, indicating new entrants strategy tograb market share while sacrificing profitability

Large established incumbents in the Indian passenger vehicle market derive

strength from their low-cost manufacturing capabilities (especially in the small-


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car segment), strong brand recognition and wide distribution & servicing reach,something which can be difficult to replicate- We believe, while the incumbentswill have these competitive advantage over newer entrants, these are likely todiminish in the long-run as new players with global experience gain brand

recognition and expand their network and product offerings - Superior small-carportfolio, a wide distribution and service network and competitive pricing onthe back of locally sourced auto components are going to be the key factors indetermining the success of a foreign OEM in the Indian market.

While competitive pressures are likely to intensify, we believe that strong GDPgrowth, rising disposable income levels, easy availability of finance and more

particularly Indian consumers aspiration to own cars, especially given the stateof public transport, would ensure that the industry will experience strong growthin the foreseeable future.The Indian passenger vehicle industry will reach ~4.85 million in annual salesbyFY16, notwithstanding the strong long-term outlook, the industry faces certainnear term challenges in form of rising commodity prices, interest rates,tightening liquidity scenario and increased competitive intensity.

Strong growth drivers augur favourable prospects for the Indian

passenger vehicle market

The domestic passenger vehicles industry has been on a relatively steadygrowth phase over most of the last decade and has registered a 10 years CAGR


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of 10.3% during the period. It has been one of the few markets worldwidewhich saw growing passenger car sales during the liquidity crisis andrecessionary phase witnessed during FY09. Buoyant economic growth, risingdisposable income levels, favorable demographics, strong growth from tier II/III

cities and rural India, together with improving availability of vehicle financingat competitive interest rates have been the key factors fuelling growth in theIndian passenger vehicle market. Among the emerging markets, India continuesto have one the lowest car density, estimated at 13 cars per 1,000 peoplecompared to other markets such as China (45), Brazil(160), and Indonesia (42).The growth has also been supported by OEM led initiatives like whole host ofnew model offerings from both from existing companies as well as new entrantsin the market. Furthermore, in India, the car prices have remained relatively flatover the years (adjusted for the decline in duties) compared to steadily rising percapita income levels.

In addition to the strong domestic demand, the OEMs have also beenpositioning themselves as competitive small-car makers, benefitting fromIndias technological capabilities in the manufacturing small-cars, scaleeconomies and a well-established component supplier base. Over the past 10years, export of vehicles have grown achieve volumes of 0.45 million units inFY10. Overall growth momentum to be sustained driven by strong domesticdemand and increasedthrust on exports.

Steady economic growth and favorable demographic profile


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Barring marginal blips during the last couple of years, the Indian economy hasmoved into higher growth (8.5 %+) trajectory which is likely to be sustainedover the medium term. In addition to steady economic growth, the passengervehicle industry is alsobenefitting from Indias favorable demographic profile,which is reflected by itsvery young population (50% of population under the age of 25), steadilyimproving dependency ratio, growing urbanization and trend towards smaller,nuclear families. These trends in turn results in higher savings and increasedability to purchase vehicles, as well as explaining the preference for smaller-cars. In addition to favorable demographic profile, rising per capita GDP levelsis also resulting inimprovement in vehicle affordability in India, which is estimated to amongst thelowest when compared to other major automotive market. In India, the per

capita GDP has almost doubled to US$ 3,270between 2000 and 2009, while carprices (adjusting for the decline in duties) have remained almost at the samelevel as they were five years back, thereby increasing flexibility to own cars.

Relatively low-penetration levels

In terms of current market size (estimated at ~2.5 million units inFY11e), theIndian passenger vehicle market is relatively small compared to other emergingauto markets like China, South Korea and Brazil. Despite strong growth

witnessed for a nearly a decade, penetration of cars in India continues to remainthe lowest (refer to table above) among emerging markets. As growth inpassenger vehicle has been more secular in nature, supported by both majoritiesand tier II/III cities, we expect that car penetration levels would continue toimprove mirroring theCurrent EstimatePassenger vehicle density

Availability of finance at competitive rates

With over 65-70% of cars being financed in India, availability of financingoptions at competitive rates has also been one of factors driving growth. InIndia, the vehicle financing penetration has been steadily rising over the years,facilitated by competition amongst banking and NBFC participants. Incomparison to China, where vehicle penetration rates are much lower (~10-15%), India scores in terms of higher vehicle financing availability, whichcombined with increasing disposable income levels provides an ideal platformfor strong growth going forward. Barring few instance of rise in interest rates,vehicle financing cost has declined over a longer period of time supported byfavorable interest rate regime and relatively healthy performance of the asset

class amongst various consumer finance categories. This has also encouraged


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lengthening of tenure of financing and LTVs, further facilitating consumerflexibility.

Favourable demand scenario from smaller towns and rural areas

In addition to demand from urban areas, smaller towns and rural India havebeen incrementally driving demand for passenger vehicles in India. Forinstance, the share of sales from top-10 cities has fallen to 40-45% from 60%-65%over the last five-to-six years. Maruti Suzuki, also for instance nowgenerates nearly 19% of its sales from non-urban areas compared to just 4-5about five years back. This has largely been prompted by rising disposableincome levels in smaller towns and rural areas, improving road connectivity andhigher no. of earning members in the family. Industry estimates suggest that

approximately 60% of the rural economy now depends on non-agriculturalincome such as trading, remittances from cities, employment in themanufacturing sector etc. That apart, substantial increase in crop prices, whichhas-been moving up over the past three years, has also resulted in higherdisposable income. Additionally, the increase in land prices across the country,and the implementation of the sixth pay commission has collectively helped insupporting the growth in the rural and semi-urban cities/tier III cities. TheOEMs have also helped expand demand by targeting these markets with greaterfinancing availability and better service & distribution reach.

India is likely to emerge as a small-car production hub

In addition to strong domestic demand, India is well on its path of becoming aglobal production hub for small-cars. In 2009, it surpassed Japan to become thelargest small-car market in the world, accounting for the sale of around 900,000small-cars, as compared to 700,000 sold in Japan. India is also now the second-largest exporter of small cars, behind only Japan. In FY10, India shipped out

nearly 450,000 vehicles, registering a CAGR (%) of 26% between FY06-10.Exports now form a considerable part of the Indian industry, accounting for18.6% of the total PVs sold in FY10, compared to 7.3% in FY02, with smallcars comprising over 90% of total passenger car exports in FY10.

The growth in export volumes was particularly strong in FY09 and FY10,benefitting from the demand arising largely from scrappage schemes offered bymost European nations. While the export growth in the current year has theaffected by higher base effect and repeal of scrappage scheme, the long-term

prospects continue to remain strong. While Hyundai Motors and Maruti Suzukiare leading exporter accounting for over 90% of export volumes, other global


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players who have recently marked presence in India are pursuing opportunitiesset-up India as their manufacturing hub. Nissan is expected to start exportingMicra to Europe. India has become the largest export hub for Hyundai (outsideKorea) with over 40% of its small car production catering to export demand

from India.

General Motors India Private Limited

General Motors India Private Limited is a 50:50 partnership between GeneralMotors and SAIC that is engaged in the automobile business in India. It is the5th largest automobile manufacturing company in India after Maruti Suzuki,Hyundai, Tata Motors and Mahindra.

HistoryGeneral Motors began doing business in India in 1928, assembling Chevroletcars, trucks and buses, but ceased its assembly operations in 1954. GMcontinued with tie-ups with Hindustan Motors to build Bedford trucks, Vauxhallcars, Allison Transmissions and off-road equipment. In 1994 GMIPL wasformed as a joint venture, owned 50 percent by Hindustan Motors and 50percent by General Motors, to produce and sell Opel branded vehicles. GMbought out the Hindustan Motors interest in 1999. GMIPL continued to produceOpel cars at the Halol facility until 2003, when it started production of

Chevrolet vehicles at that location.

In 2000, GMIPL moved its headquarters to Gurgaon. In 2003, the companyopened its technical center operations in Bangalore, which included researchand development and vehicle engineering activities. The technical centeroperations were expanded to include purchasing and financial support servicesfor General Motors operations located outside of India (2006), vehicle engineand transmission design and engineering (2007) and a vehicle design studio(2007).GMIPL began construction of a second vehicle assembly plant in

Talagaon in 2006, which began production of Chevrolet vehicles in September2008.
http://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/SAIChttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Hyundai_Motor_India_Limitedhttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Bedford_Vehicleshttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Allison_Transmissionhttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Opelhttp://en.wikipedia.org/wiki/Chevrolethttp://en.wikipedia.org/wiki/Chevrolethttp://en.wikipedia.org/wiki/Opelhttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Allison_Transmissionhttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Bedford_Vehicleshttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Hyundai_Motor_India_Limitedhttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/SAIChttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motors


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In late 2009, General Motors announced that it would put its India operationinto a 50-50 venture with Shanghai Automotive Industry Corporation of China,which is the partner of GM's main venture in China.

Manufacturing Facilities

GMIPL operates vehicle manufacturing plants in Halol,Gujarat and TalegaonDabhade,Maharashtra, It maintains headquarters in Halol and Gurgaon and alarge technical center in Bangalore. Its Halol and Talegaon DabhadeManufacturing Plants have a combined Production Capacity of 385,000 vehiclesannually

Vehicle sales, service and marketing business

Like most other automotive companies in India, GMIPL appoints independentlyowned dealers to sell service and market vehicles that it produces. As of August2008, managed the Chevrolet dealership network (including export dealerslocated in Nepal, Bangladesh,Sri Lanka and Bhutan) from its headquarters inGurgaon, and regional zone offices in Mumbai,Kolkata and Chennai. GMIPLcurrently has 203 dealerships in 178 cities across India which will be increasedto 250 by 2009.

GMIPL also sells parts and services to independent vehicle maintenanceproviders under the AC Delco brand.

Executive Summary

General Motors India Pvt. Ltd. Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10

Currency: Rs. Million (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

-

Total income 18,427.30 20,069.10 24,482.70 37,318.20 33,017.20 37,501.10

Sales 18,127.80 19,693.00 24,203.50 36,130.70 31,563.90 35,532.30

Income from financial services 86 105.9 81.8 223.9 42.3 580.8

Total expenses 19,474.30 19,828.90 24,112.70 37,336.90 37,364.00 37,350.10

Raw materials, stores & spares 11,116.50 11,355.40 13,015.00 19,768.10 16,417.20 23,344.40

Power, fuel & water charges 173 194.2 221 305.4 398.7 429.2

Compensation to employees 476.6 739.7 993.3 1,446.20 2,129.50 1,421.70

Indirect taxes 3,386.20 3,633.30 4,374.40 5,819.20 4,185.80 5,014.20

Selling & distribution expenses 1,028.80 1,056.60 1,615.00 2,592.50 2,068.10 1,393.10

Other operational exp. of industrial ent. 34.9 21.2 21.5

Other operational exp. of non-fin. services ent.

Interest paid 17.2 7.1 15.1 31.9
http://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Talegaon_Dabhadehttp://en.wikipedia.org/wiki/Talegaon_Dabhadehttp://en.wikipedia.org/wiki/Maharastrahttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Nepalhttp://en.wikipedia.org/wiki/Bangladeshhttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Bhutanhttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Chennaihttp://en.wikipedia.org/wiki/AC_Delcohttp://en.wikipedia.org/wiki/AC_Delcohttp://en.wikipedia.org/wiki/Chennaihttp://en.wikipedia.org/wiki/Kolkatahttp://en.wikipedia.org/wiki/Mumbaihttp://en.wikipedia.org/wiki/Bhutanhttp://en.wikipedia.org/wiki/Sri_Lankahttp://en.wikipedia.org/wiki/Bangladeshhttp://en.wikipedia.org/wiki/Nepalhttp://en.wikipedia.org/wiki/Bangalorehttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Halolhttp://en.wikipedia.org/wiki/Maharastrahttp://en.wikipedia.org/wiki/Talegaon_Dabhadehttp://en.wikipedia.org/wiki/Talegaon_Dabhadehttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Halol


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Depreciation 713.6 703 858.8 1,117.50 1,351.90 1,638.90

Profits

PBDITA (Operating profit) 194.3 1,253.00 902.9 1,689.10 -2,091.60 -424.7

PBDITA net of P&E 765.1 1,091.00 894.3 1,519.30 -1,884.20 -1,352.60

Profit after tax (PAT) -519.7 525.1 3.7 530.5 -3,502.10 -2,095.50

PAT net of P&E 51.1 363.1 -4.9 360.7 -3,294.70 -3,023.40

Total liabilities 10,751.00 12,044.40 14,967.50 24,063.20 30,543.50 36,460.40

Net worth 4,773.90 5,299.00 5,670.60 11,168.50 17,936.50 20,260.00

Paid up equity capital (net of forfeited equity cap.) 6,932.90 6,932.90 7,300.80 11,660.00 21,115.00 23,980.00

Reserves and funds -2,159.00 -1,633.90 -1,630.20 -1,088.50 -4,590.60 -6,686.10

Borrowings

Fixed deposits

Current liabilities & provisions 5,088.70 5,857.00 8,408.50 12,162.90 11,643.80 14,779.00

Total assets 10,751.00 12,044.40 14,967.50 24,063.20 30,543.50 36,460.40

Net fixed assets 4,787.20 5,125.60 5,542.40 5,550.00 11,805.40 14,516.50

Investments

Current assets 4,973.10 5,400.20 6,244.40 8,778.40 11,853.40 12,231.60

Loans & advances 455.1 657.3 966.2 2,088.00 2,215.70 2,298.20

Gross fixed assets 7,697.80 8,734.50 10,006.00 12,054.80 20,875.10 24,365.20

Growth (%)

Total income 87.2 8.9 22 52.4 -11.5 13.6

Total expenses 102.7 1.8 21.6 54.8 0.1 0

PBDITA 2,800.00 544.9 -27.9 87.1

PAT -99.3 14,237.80

Net worth -8.4 9.3 6 81.4 56.9 12.4

Total assets 16.7 12 24.3 60.8 26.9 19.4

Profitability ratios

PBDITA net of P&E as % of Total inc net of P&E 4.2 5.5 3.7 4.1 -5.9 -3.7

PAT net of P&E as % of Total income net of P&E 0.3 1.8 0 1 -10.3 -8.3

PAT net of P&E as % of Avg. net worth 1 7.2 -0.1 4.3 -22.6 -15.8

PAT as % of Avg. net worth -10.3 10.4 0.1 6.3 -24.1 -11

PAT net of P&E as % of Avg. total assets 0.5 3.2 0 1.8 -12.1 -9

PAT as % of Avg. total assets -5.2 4.6 0 2.7 -12.8 -6.3

Liquidity ratios (times)

Quick ratio 0.3 0.3 0.3 0.3 0.4 0.4Current ratio 1 0.9 0.7 0.7 1 0.8

Debt to equity ratio 0.2 0.2 0.2 0.1 0 0

Interest cover 2.1 56.6 -214.3 -93.8

Debtors (days) 8.3 10.2 12.5 16.9 24.9 15

Creditors (days) 85.9 87.9 103.2 116.9 114.5 139.3

Average cost of Funds 0 0

Efficiency ratios (times)

Total income / Avg. total assets 1.8 1.8 1.8 1.9 1.2 1.1

Total income / Compensation to employees 38.7 27.1 24.6 25.8 15.5 26.4


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Sources of Growth in Profits



-

Levels in each year

Sales 18,127.80 19,693.00 24,203.50 36,130.70 31,563.90 35,532.30

PBDIT 521.4 879.7 626.1 821 -2,257.60 -2,368.20

Profitability (times) 0 0 0 0 -0.1 -0.1

Change in each year

Change in PBDIT 664 358.3 -253.6 194.9 -3,078.60 -110.6

Change in sales 8,439.90 1,565.20 4,510.50 11,927.20 -4,566.80 3,968.40

Incremental profitability (Change in PBDIT /

change in income) (times) 0.1 0.2 -0.1 0 0.7 0

Causes of change in PBDIT

Change in sales -124.2 45 201.5 308.5 -103.8 -283.8

Change in profitability 421.2 288.4 -370.3 -76.1 -3,405.20 153.9

Change in profitability on change in income 367 24.9 -84.8 -37.5 430.4 19.3

Causes of change in PBDIT (% share)

Change in sales -18.7 12.6 -79.5 158.3 3.4 256.6

Change in profitability 63.4 80.5 146 -39.1 110.6 -139.1

Change in profitability on change in income 70 21.7 18.2 51.2 -11.4 -4

Levels in each year

Total income 18,371.50 19,904.30 24,471.70 36,829.00 31,937.30 36,547.90

PAT net of P&E 51.1 363.1 -4.9 360.7 -3,294.70 -3,023.40

Profitability (times) 0 0 0 0 -0.1 -0.1

Change in each year

Change in PAT net of P&E 329 312 -368 365.6 -3,655.40 271.3

Change in total income 8,543.50 1,532.80 4,567.40 12,357.30 -4,891.70 4,610.60


change in income) (times) 0 0.2 -0.1 0 0.7 0.1

Causes of change in PAT net of P&E

Change in total income with no chg. in profitability -241.6 4.3 83.3 -2.5 -47.9 -475.6

Change in profitability with no chg. in income 305.2 284 -367.1 244.6 -4,160.00 652.7

Change in profitability on change in income 265.3 23.7 -84.2 123.5 552.5 94.2

Causes of change in PAT net of P&E (% share)

Change in total income with no chg. in profitability -73.4 1.4 -22.6 -0.7 1.3 -175.3

Change in profitability with no chg. in income 92.8 91 99.8 66.9 113.8 240.6

Change in profitability on change in income 80.7 7.6 22.9 33.8 -15.1 34.7

Distribution of Costs (%)



-

Distribution of total expenses 100 100 100 100 100 100

Operating expenses 92.7 96 96 96.7 92.6 94.2

Financial charges 0 0 0.1 0 0.8 0.1

Provisions 0.2 0 0 0 0 1.9

Non-cash charges 3.9 3.8 3.9 2.4 3 3.8


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Prior period and extra-ordinary expenses 3.2 0 0 0.9 3.4 0.1

Provision for direct tax 0 0.1 0.1 0.1 0.1 0

Distribution of operating expenses 100 100 100 100 100 100

Raw materials, stores & spares 61.6 59.6 56.3 54.8 47.4 66.3

Raw material expenses 61.6 59.6 56.3 54.8 46.9 65.7

Stores, spares, tools consumed 0 0 0 0 0.5 0.6

Purchase of finished goods 3.6 3.9 3.2 6 13.9 0.5

Packaging and packing expenses 0 0 0 0 0 0

Power, fuel & water charges 1 1 1 0.8 1.2 1.2

Compensation to employees 2.6 3.9 4.3 4 6.2 4

Indirect taxes 18.8 19.1 18.9 16.1 12.1 14.2

Excise duty 18.8 19.1 18.9 15.9 11.5 13.7

Royalties, technical know-how fees, etc. 1.5 1.4 1.4 1.3 1.2 1.5

Rent & lease rent 0.8 0.4 0.9 0.4 0.6 0.4

Repairs & maintenance 0.3 0.3 0.3 0.3 0.4 0.4

Insurance premium paid 0.2 0.1 0.2 0.2 0.2 0

Outsourced manufacturing jobs 0 0 0 0 0 0

Outsourced professional jobs 1.6 2.6 3.9 4.6 6.2 4.1

Non-executive directors' fees 0 0 0 0 0 0

Advertising expenses 0 0 0 0 0 0

Marketing expenses 5.6 5.5 6.8 7.1 5.8 4

Distribution expenses 0 0.1 0.1 0.1 0.1 0

Travel expenses 0.4 0.6 0.7 1 0.9 0.4

Communications expenses 0.2 0.2 0.2 0.3 0.6 0.4

Printing & stationery expenses 0.1 0 0 0.1 0.1 0

Miscellaneous expenditure 1.6 1.2 1.8 3 3 2.4

Other operational exp. of industrial ent. 0.2 0.1 0.1 0 0 0

Other operational exp. of non-fin. services ent. 0 0 0 0 0 0

Compensation to Employees


Currency: Rs. Million (Non-Annualised)12mths

12mths

12mths 12 mths 12 mths 12 mths

-

Compensation to employees 476.6 739.7 993.3 1,446.20 2,129.50 1,421.70

Salaries & wages 401.3 579.8 865.2 1,249.80 1,804.70 1,201.50

Bonus & ex gratia

Contribution to provident fund 32.4 50.9 76 131.1 135.3 98

Gratuities and superannuation 7.8 61.6 8.6

Staff welfare 42.9 109 58.5 136.1 126.7 130

Staff training

Esop

Voluntary retirement scheme (amortised)

Payment under VRS (one time charge)

Arrears paid during the year

Payments and reimbursement of expenses

Other expenses on employees 21.7 77.5 28.6

Less: Compensation to employees capitalised 6.4 100.3 76.3 45

Less: Compensation to employees transferred to DRE

Executive directors' remuneration 18.2 23.8 47.4 79.5 56.5

Directors' salary

Directors' bonus and commission

Perquisites


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Retirement benefits

Contribution to PF

No. of employees ('000s) 0 0 0 0 0 0

Per employee indicators in '000s

Compensation per employee

Income per employee

PBDITA per employee

PBT per employee

PAT per employee

ESOP expenses / Compensation to empl 0 0 0 0 0 0

Staff welfare & Training / Compensation to empl 0.1 0.1 0.1 0.1 0.1 0.1

Directors' remuneration / Compensation to empl 0 0 0 0 0 0

VRS / Compensation to empl 0 0 0 0 0 0

Computation of Profits as per Companies Act

for Managerial Remuneration

Profit before taxation

Add: depreciation as per books

Loss on sale of fixed assets as per section 349

Other additions (incl. directors' remuneration)

Less: depreciation as per section 350

Profit on sale of fixed assets as per books

Other deductions (incl. directors' remuneration)

Net profit or (loss)

Managerial remuneration under section 198 17.2 18.2 23.8 47.4 79.5 56.5

Salary & allowance 39.8 44.4 43.9

Commission

Contribution to prov. fund 0.5 2.8 2.6Contribution to pension

Perquisites or benefits 7.1 32.3 10

Hindustan Motors

Hindustan Motors is an Indian automaker based in Kolkata, West Bengal,

India. It is part of the Birla Technical Services industrial group. The companywas the largest car manufacturer in India before the rise ofMaruti Udyog.

It is the producer of the Ambassador car, widely used as a taxicab and as agovernment limousine. This car is based on the Morris Oxford, a British car thatdates back to 1954.

One of the original three car manufacturers in India, founded in 1942 by Mr.B.M. Birla, it was a leader in car sales until the 1980s, when the industry was

opened up from protection. Manoj Jha was the Managing Director andR.Yeshwanth. Mr.Manoj Jha stepped down from the post on 21 February
http://en.wikipedia.org/wiki/Birla_Technical_Serviceshttp://en.wikipedia.org/wiki/Maruti_Udyoghttp://en.wikipedia.org/wiki/Hindustan_Ambassadorhttp://en.wikipedia.org/wiki/Taxicabhttp://en.wikipedia.org/wiki/Limousinehttp://en.wikipedia.org/wiki/Morris_Oxfordhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Protectionismhttp://en.wikipedia.org/wiki/Protectionismhttp://en.wikipedia.org/wiki/United_Kingdomhttp://en.wikipedia.org/wiki/Morris_Oxfordhttp://en.wikipedia.org/wiki/Limousinehttp://en.wikipedia.org/wiki/Taxicabhttp://en.wikipedia.org/wiki/Hindustan_Ambassadorhttp://en.wikipedia.org/wiki/Maruti_Udyoghttp://en.wikipedia.org/wiki/Birla_Technical_Services


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'2012.[2] It began in Port Okha near Gujarat, and in 1948, moved to WestBengal. The Place is now Called Hindmotor.

History

Hindustan Motors Limited (HML), India's pioneering automobilemanufacturing company and Flagship Company of the C.K. Birla Group wasestablished just before Indian independence, in 1942 by Mr. B.M. Birla of theindustrious Birla family. Commencing operations in a small assembly plant inPort Okha near Gujarat, the manufacturing facilities later moved to Uttarpara,West Bengal in 1948, where it began the production of - the Ambassador.

General Motors Joint Venture

Hindustan and General Motors have had several tie-ups in the postindependence era to produce Bedford Trucks, Vauxhall Motors(1980 to 1990),Allison Transmissions and off-road equipment. In 1994, GM and Hindustan (CK Birla) formed a 50-50 joint venture, General Motors India to make Opel Astracars. GM bought out the Halol, Gujarat plant from Hindustan in 1999. On 21February' 2012, Mr. Manoj Jha, the Managing Director stepped down from hispost. The decision was unanimously accepted by the board of directors.

Isuzu Joint Venture

Hindustan formed a collaboration with Isuzu to manufacture engines andtransmission for the Contessa in late 1980s at Pithampur near Indore, Madhya

Pradesh. Initially the joint venture made a 4-cylinder G180Z 1.8L petrol enginesand 5-speed transmissions. Later, a 2.0L Isuzu diesel engine was added to theprocuction line to power the Contessa and the Ambassador. The technicalcollaboration lasted from 1983 to 1993. The Indore plant has since expanded tomanufacture engines for a number of other manufacturers like Opel andMahindra.

HML also assembled and sold a small number of Isuzu F series - JCS trucks inIndia in the early-mid 1980s. These trucks came from the factory with a fully

built metal cabin which was not common with Tata and Ashok Leyland trucks
http://en.wikipedia.org/wiki/Hindustan_Motors#cite_note-1http://en.wikipedia.org/wiki/Hindustan_Motors#cite_note-1http://en.wikipedia.org/wiki/Hindustan_Motors#cite_note-1http://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Hindmotorhttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Bedford_Vehicleshttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Allison_Transmissionhttp://en.wikipedia.org/wiki/General_Motors_Indiahttp://en.wikipedia.org/wiki/Opelhttp://en.wikipedia.org/wiki/Isuzuhttp://en.wikipedia.org/wiki/Hindustan_Contessahttp://en.wikipedia.org/wiki/List_of_Isuzu_engines#Isuzu_G_enginehttp://en.wikipedia.org/wiki/List_of_Isuzu_engines#Isuzu_Dieselhttp://en.wikipedia.org/wiki/Isuzu_Forwardhttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Ashok_Leylandhttp://en.wikipedia.org/wiki/Ashok_Leylandhttp://en.wikipedia.org/wiki/Tata_Motorshttp://en.wikipedia.org/wiki/Isuzu_Forwardhttp://en.wikipedia.org/wiki/List_of_Isuzu_engines#Isuzu_Dieselhttp://en.wikipedia.org/wiki/List_of_Isuzu_engines#Isuzu_G_enginehttp://en.wikipedia.org/wiki/Hindustan_Contessahttp://en.wikipedia.org/wiki/Isuzuhttp://en.wikipedia.org/wiki/Opelhttp://en.wikipedia.org/wiki/General_Motors_Indiahttp://en.wikipedia.org/wiki/Allison_Transmissionhttp://en.wikipedia.org/wiki/Vauxhall_Motorshttp://en.wikipedia.org/wiki/Bedford_Vehicleshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Hindmotorhttp://en.wikipedia.org/wiki/Gujarathttp://en.wikipedia.org/wiki/Hindustan_Motors#cite_note-1


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at the time. They were well known for their reliability and fuel consumption,but were discontinued since HML could not sell them for an affordable price.

Models produced include:

Mitsubishi Lancer Evolution X (Lancer Evo X) Mitsubishi Lancer (Seventh generation Lancer) Mistubishi Cedia (Eighth generation Lancer) Mitsubishi Pajero (Second generation Pajero) Mistubishi Montero (Fourth generation Pajero) Mitsubishi Outlander (Second generation Outlander)

Executive Summary

Hindustan Motors Ltd. Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11


-

Total income 5,682.70 8,943.30 9,752.90 8,404.60 8,013.10 9,591.50

Sales 5,534.40 8,069.60 8,531.00 7,713.20 7,353.30 8,524.00

Income from financial services 23.9 18.7 40 19.6 80.9 551.7

Total expenses 6,109.30 8,904.80 9,429.70 8,715.70 8,517.10 9,619.70


Power, fuel & water charges 126.1 161.5 136.5 129.2 148.6 170.1

Compensation to employees 513.2 711.9 909.1 839.2 852.8 831.8

Indirect taxes 1,278.00 1,871.60 1,916.50 1,739.40 1,662.70 1,896.90

Selling & distribution expenses 200.7 310.3 333.1 427.7 311.8 361.6

Other operational exp. of industrial ent.


Interest paid 88.4 167.3 200.3 123.5 110.4 271.7

Depreciation 180 232.3 211.5 206.6 176.4 167.4

Profits

PBDITA (Operating profit) -51.8 586 904.7 -51.5 -45.9 391.4

PBDITA net of P&E -170 -260.7 -262.7 -708.9 -604.2 -85

Profit after tax (PAT) -436.9 133 308.4 -388.6 -511 7.5

PAT net of P&E -555.1 -713.7 -859 -1,046.00 -1,069.30 -468.9


Net worth 758.1 912.6 1,130.80 704 323.3 331

Paid up equity capital (net of forfeited equity cap.) 1,611.70 1,611.70 1,611.70 1,611.70 1,611.70 805.9

Reserves and funds -700.2 -578.7 -290.8 -689.7 -1,210.90 -398.6

Borrowings 1,595.10 1,940.80 1,260.90 1,240.80 1,046.80 1,403.20

Fixed deposits


Total assets 4,708.20 5,155.90 4,462.10 3,895.80 4,004.00 4,427.50
http://en.wikipedia.org/wiki/Mitsubishi_Lancer_Evolution#Evolution_Xhttp://en.wikipedia.org/wiki/Mitsubishi_Lancer_Evolution#Evolution_Xhttp://en.wikipedia.org/wiki/Mitsubishi_Lancer_Evolution#Evolution_Xhttp://en.wikipedia.org/wiki/Mitsubishi_Lancer#Seventh_generation_.281995-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Seventh_generation_.281995-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Eighth_generation_.282000-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Eighth_generation_.282000-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Eighth_generation_.282000-present.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Second_generation_.281992.E2.80.931999.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Second_generation_.281992.E2.80.931999.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Second_generation_.281992.E2.80.931999.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Fourth_generation_.282006.E2.80.93present.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Fourth_generation_.282006.E2.80.93present.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Fourth_generation_.282006.E2.80.93present.29http://en.wikipedia.org/wiki/Mitsubishi_Evolanderhttp://en.wikipedia.org/wiki/Mitsubishi_Evolanderhttp://en.wikipedia.org/wiki/Mitsubishi_Evolanderhttp://en.wikipedia.org/wiki/Mitsubishi_Evolanderhttp://en.wikipedia.org/wiki/Mitsubishi_Pajero#Fourth_generation_.282006.E2.80.93present.29http://en.wikipedia.org/wiki/Mitsubishi_Pajero#Second_generation_.281992.E2.80.931999.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Eighth_generation_.282000-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer#Seventh_generation_.281995-present.29http://en.wikipedia.org/wiki/Mitsubishi_Lancer_Evolution#Evolution_X


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Net fixed assets 1,992.50 1,856.70 1,642.40 1,540.00 1,388.80 1,278.50

Investments 702.4 706.1 717.9 701.6 694.3 1,026.10

Current assets 1,839.20 2,395.60 1,844.60 1,354.10 1,625.20 1,809.50

Loans & advances 142.8 163.7 106.1 114.2 66.4 74.2


Growth (%)

Total income -50.6 18 9.1 -13.8 -4.7 19.7

Total expenses -41.8 9.3 5.9 -7.6 -2.3 12.9

PBDITA 54.4

PAT 131.9

Net worth -42.3 20.4 23.9 -37.7 -54.1 2.4

Total assets -12.4 9.5 -13.5 -12.7 2.8 10.6


PBDITA net of P&E as % of Total inc net of P&E -3.1 -3.2 -3.1 -9.2 -8.1 -0.9

PAT net of P&E as % of Total income net of P&E -10 -8.8 -10 -13.5 -14.4 -5.2PAT net of P&E as % of Avg. net worth -58.3 -85.4 -84.1 -114 -208.2 -143.3

PAT as % of Avg. net worth -45.9 15.9 30.2 -42.4 -99.5 2.3

PAT net of P&E as % of Avg. total assets -11.2 -14.5 -17.9 -25 -27.1 -11.1

PAT as % of Avg. total assets -8.8 2.7 6.4 -9.3 -12.9 0.2


Quick ratio 0.3 0.5 0.5 0.3 0.4 0.3

Current ratio 0.8 1 0.9 0.8 0.7 0.8

Debt to equity ratio 2.1 2.1 1.1 1.8 3.2 4.2

Interest cover -4.5 -3 -2.4 -7.4 -7.1 -0.9

Debtors (days) 35.2 23.2 19.6 15.2 7.9 8.2

Creditors (days) 134.3 89.2 74.3 72.1 96.9 86.4

Average cost of Funds 5.5 9.5 12.5 9.9 9.7 22.2



Total income / Compensation to employees 11.1 12.6 10.7 10 9.4 11.5




-

Levels in each year

Sales 5,534.40 8,069.60 8,531.00 7,713.20 7,353.30 8,524.00

PBDIT -200.1 -287.7 -315.4 -742.9 -697.9 -658.3

Profitability (times) 0 0 0 -0.1 -0.1 -0.1

Change in each year

Change in PBDIT -31.8 -87.6 -27.7 -427.5 45 39.6

Change in sales -8,442.00 2,535.20 461.4 -817.8 -359.9 1,170.70


change in income) (times) 0 0 -0.1 0.5 -0.1 0



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16

Change in sales 101.7 -91.7 -16.4 30.2 34.7 -111.1

Change in profitability -337 2.8 -10.6 -506.3 10.8 130

Change in profitability on change in income 203.6 1.3 -0.6 48.5 -0.5 20.7


Change in sales -319.7 104.6 59.4 -7.1 77 -280.6

Change in profitability 1,059.80 -3.2 38.4 118.4 24.1 328.3

Change in profitability on change in income -38.1 -1.1 1.1 -10.1 -4.6 -38.3

Levels in each year

Total income 5,564.50 8,096.60 8,583.70 7,747.20 7,447.00 9,097.30

PAT net of P&E -555.1 -713.7 -859 -1,046.00 -1,069.30 -468.9

Profitability (times) -0.1 -0.1 -0.1 -0.1 -0.1 -0.1

Change in each year

Change in PAT net of P&E 125.3 -158.6 -145.3 -187 -23.3 600.4

Change in total income -8,914.20 2,532.10 487.1 -836.5 -300.2 1,650.30


change in income) (times) 0 -0.1 -0.3 0.2 0.1 0.4


Change in total income with no chg. in profitability 418.9 -252.6 -42.9 83.7 40.5 -237

Change in profitability with no chg. in income -764 64.6 -96.6 -299.9 -66.4 685.5

Change in profitability on change in income 470.4 29.4 -5.8 29.2 2.6 151.9


Change in total income with no chg. in profitability 334.3 159.3 29.6 -44.8 -174 -39.5

Change in profitability with no chg. in income -609.7 -40.7 66.5 160.4 285 114.2

Change in profitability on change in income 375.4 -18.5 4 -15.6 -11 25.3




-


Operating expenses 93.4 94.7 92.3 94.2 94.9 95.9

Financial charges 1.4 2.1 2.5 2.4 1.4 3.3

Provisions 0.1 0 0.2 0.9 0.1 0.1

Non-cash charges 3.9 2.6 3 2.4 1.3 1.1

Prior period and extra-ordinary expenses 0 0 0 0 0.1 0.2

Provision for direct tax 1.1 0.6 2 0.1 2.1 -0.6


Raw materials, stores & spares 54.2 51.3 48 49.8 52.3 53.1

Raw material expenses 52.1 49.4 46.4 48.5 50.7 51.8Stores, spares, tools consumed 2.1 1.9 1.6 1.3 1.6 1.4

Purchase of finished goods 4.8 8.9 9.8 7.5 5.9 6.5



Compensation to employees 9 8.4 10.4 10.2 10.5 9

Indirect taxes 22.4 22.2 22 21.2 20.6 20.6

Excise duty 17 16.6 17 16.7 15.1 16

Royalties, technical know-how fees, etc. 0.2 0 0.6 0.2 0.1 0.1

Rent & lease rent 0.2 0.2 0.2 0.3 0.3 0.3

Repairs & maintenance 0.4 0.4 0.5 0.5 0.5 0.4

Insurance premium paid 0.2 0.2 0.1 0.1 0.1 0.1

Outsourced manufacturing jobs 0 0 0 0 0 0Outsourced professional jobs 0.1 0.1 0.1 0.1 0.1 0.1


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Advertising expenses 0 0 0 0 3 3

Marketing expenses 2.6 3 3.6 4.3 0 0

Distribution expenses 0.9 0.6 0.3 0.9 0.8 0.9

Travel expenses 0 0 0.1 0 0 0

Communications expenses 0 0 0 0 0 0

Printing & stationery expenses 0 0 0 0 0 0

Miscellaneous expenditure 2.8 2.7 2.8 3.3 3.8 4

Other operational exp. of industrial ent. 0 0 0 0 0 0



Hindustan Motors Ltd.Mar-

06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11

Currency: Rs. Million (Non-Annualised)

9

mths

12

mths

12

mths

12

mths

12

mths 12 mths

-


Salaries & wages 435.2 575 629.8 621 613.5 704.7

Bonus & ex gratia

Contribution to provident fund 53.1 59.9 54.6 54.3 46.6 52.3

Gratuities and superannuation 13 132.3 44.3 21.2 31.6

Staff welfare 24.9 42.1 43.1 40.1 40.6 42.8

Staff training

Esop

Voluntary retirement scheme (amortised) 20.5 48 79.5 130.3




Other expenses on employees 1.4 1.3 0.6 0.4

Less: Compensation to employees capitalised


Executive directors' remuneration 4.9 6.4 7 8.2 8.5 14.4

Directors' salary 2.9 4.4 4.9 5.5 7 12.8

Directors' bonus and commission 1 1 1 0.6 0.1

Perquisites 0.3

Retirement benefits 0.2 0.4 0.4 0.5 0.4 1.2

Contribution to PF 0.5 0.7 0.3 0.9 1 0.4

No. of employees ('000s) 0 0 0 0 0 0



Income per employee

PBDITA per employee

PBT per employee

PAT per employee


Staff welfare & Training / Compensation to empl 0 0.1 0 0 0 0.1


VRS / Compensation to empl 0 0 0.1 0.1 0.2 0



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Managerial remuneration under section 198 4.3 6.4 7 7.5 8.5 14.4

Salary & allowance 3.6 4.4 4.9 5.5 6.9 13.6

Commission

Contribution to prov. fund 0.5 0.7 0.8 0.9 1 0.4

Contribution to pension

Perquisites or benefits 0.2 1.3 1.3 1.1 0.6 0.4

HONDA INDIA

Honda has been the world's largest motorcycle manufacturer since 1959, as wellas the world's largest manufacturer ofinternal combustion engines measured byvolume, producing more than 14 million internal combustion engines each yearHonda surpassed Nissan in 2001 to become the second-largest Japaneseautomobile manufacturer. As of August 2008, Honda surpassed Chrysler as the

fourth largest automobile manufacturer in the United States. Honda was theseventh largest automobile manufacturer in the world behind Toyota, GeneralMotors, Volkswagen AG, Hyundai Motor Group, Ford, and Nissan in 2010.

Honda was the first Japanese automobile manufacturer to release a dedicatedluxury brand, Acura, in 1986. Aside from their core automobile and motorcyclebusinesses, Honda also manufactures garden equipment, marine engines,personal watercraft and power generators, amongst others. Since 1986, Hondahas been involved with artificial intelligence/robotics research and released their

ASIMO robot in 2000. They have also ventured into aerospace with theestablishment of GE Honda Aero Engines in 2004 and the Honda HA-420HondaJet, scheduled to be released in 2012. Honda spends about 5% of itsrevenues into R&D.

Honda is headquartered in Minato, Tokyo, Japan. Their shares trade on theTokyo Stock Exchange and the New York Stock Exchange, as well asexchanges in Osaka, Nagoya, Sapporo, Kyoto, Fukuoka, London, Paris andSwitzerland.
http://en.wikipedia.org/wiki/Internal_combustion_enginehttp://en.wikipedia.org/wiki/Nissan_Motorshttp://en.wikipedia.org/wiki/Chryslerhttp://en.wikipedia.org/wiki/Toyotahttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Volkswagen_AGhttp://en.wikipedia.org/wiki/Hyundai_Motor_Grouphttp://en.wikipedia.org/wiki/Ford_Motor_Companyhttp://en.wikipedia.org/wiki/Nissan_Motorshttp://en.wikipedia.org/wiki/Acurahttp://en.wikipedia.org/wiki/ASIMOhttp://en.wikipedia.org/wiki/GE_Honda_Aero_Engineshttp://en.wikipedia.org/wiki/Honda_HA-420_HondaJethttp://en.wikipedia.org/wiki/Honda_HA-420_HondaJethttp://en.wikipedia.org/wiki/Minato,_Tokyohttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Fukuoka,_Fukuokahttp://en.wikipedia.org/wiki/Fukuoka,_Fukuokahttp://en.wikipedia.org/wiki/New_York_Stock_Exchangehttp://en.wikipedia.org/wiki/Tokyo_Stock_Exchangehttp://en.wikipedia.org/wiki/Minato,_Tokyohttp://en.wikipedia.org/wiki/Honda_HA-420_HondaJethttp://en.wikipedia.org/wiki/Honda_HA-420_HondaJethttp://en.wikipedia.org/wiki/GE_Honda_Aero_Engineshttp://en.wikipedia.org/wiki/ASIMOhttp://en.wikipedia.org/wiki/Acurahttp://en.wikipedia.org/wiki/Nissan_Motorshttp://en.wikipedia.org/wiki/Ford_Motor_Companyhttp://en.wikipedia.org/wiki/Hyundai_Motor_Grouphttp://en.wikipedia.org/wiki/Volkswagen_AGhttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/General_Motorshttp://en.wikipedia.org/wiki/Toyotahttp://en.wikipedia.org/wiki/Chryslerhttp://en.wikipedia.org/wiki/Nissan_Motorshttp://en.wikipedia.org/wiki/Internal_combustion_engine


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The company has assembly plants around the globe. These plants are located inChina, the United States, Pakistan, Canada, England, Japan, Belgium, Brazil,New Zealand, Indonesia, India, Thailand, Turkey, Taiwan and Per. As of July2010, 89 percent of Honda and Acura vehicles sold in the United States were

built in North American plants, up from 82.2 percent a year earlier. This shieldsprofits from the yens advance to a 15-year high against the dollar.

American Honda Motor Company is based in Torrance, California. HondaCanada Inc. is headquartered in Markham, Ontario, their manufacturingdivision, Honda of Canada Manufacturing, is based in Alliston, Ontario. Hondahas also created joint ventures around the world, such as Honda Siel Cars andHero Honda Motorcycles in India, Guangzhou Honda and Dongfeng Honda in

China, Boon Siew Honda in Malaysia and Honda Atlas in Pakistan.


Honda Siel Cars India Ltd. Mar-05 Mar-06 Mar-07 Mar-08 Mar-09 Mar-10


-

Levels in each year

Sales 26,208.50 30,601.40 47,949.30 48,809.20 42,589.50 49,874.00PBDIT 2,992.10 2,598.50 4,467.90 4,533.30 -1,080.90 2,186.30

Profitability (times) 0.1 0.1 0.1 0.1 0 0

Change in each year

Change in PBDIT 1,480.80 -393.6 1,869.40 65.4 -5,614.20 3,267.20

Change in sales 10,394.60 4,392.90 17,347.90 859.9 -6,219.70 7,284.50


change in income) (times) 0.1 -0.1 0.1 0.1 0.9 0.4


Change in sales 993.4 501.5 1,473.10 80.1 -577.7 -184.9

Change in profitability 294.1 -766.6 252.9 -14.5 -5,772.10 2,947.90

Change in profitability on change in income 193.3 -128.5 143.4 -0.3 735.5 504.2


Change in sales 67.1 -127.4 78.8 122.5 10.3 -5.7

Change in profitability 19.9 194.8 13.5 -22.1 102.8 90.2

Change in profitability on change in income 13.7 24.1 9 0.1 -12.1 16.7

Levels in each year

Total income 26,347.60 30,873.40 48,276.90 49,297.80 42,844.80 50,145.50

PAT net of P&E 1,328.50 1,476.80 2,443.30 2,541.20 -1,957.00 -558.8

Profitability (times) 0.1 0 0.1 0.1 0 0

Change in each year

Change in PAT net of P&E 560.8 148.3 966.5 97.9 -4,498.20 1,398.20

Change in total income 10,467.70 4,525.80 17,403.50 1,020.90 -6,453.00 7,300.70


change in income) (times) 0.1 0 0.1 0.1 0.7 0.2
http://en.wikipedia.org/wiki/American_Honda_Motor_Companyhttp://en.wikipedia.org/wiki/Honda_Canada_Inc.http://en.wikipedia.org/wiki/Honda_Canada_Inc.http://en.wikipedia.org/wiki/Markham,_Ontariohttp://en.wikipedia.org/wiki/Honda_of_Canada_Manufacturinghttp://en.wikipedia.org/wiki/Alliston,_Ontariohttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Hero_Hondahttp://en.wikipedia.org/wiki/Guangzhou_Automobile_Industry_Grouphttp://en.wikipedia.org/wiki/Dongfeng_Hondahttp://en.wikipedia.org/wiki/Honda_Atlashttp://en.wikipedia.org/wiki/Honda_Atlashttp://en.wikipedia.org/wiki/Dongfeng_Hondahttp://en.wikipedia.org/wiki/Guangzhou_Automobile_Industry_Grouphttp://en.wikipedia.org/wiki/Hero_Hondahttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Alliston,_Ontariohttp://en.wikipedia.org/wiki/Honda_of_Canada_Manufacturinghttp://en.wikipedia.org/wiki/Markham,_Ontariohttp://en.wikipedia.org/wiki/Honda_Canada_Inc.http://en.wikipedia.org/wiki/Honda_Canada_Inc.http://en.wikipedia.org/wiki/American_Honda_Motor_Company


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Change in total income with no chg. in profitability 506.1 228.2 832.5 51.7 -332.6 -333.5

Change in profitability with no chg. in income 33 -68.2 85.7 45.3 -4,793.00 1,479.60

Change in profitability on change in income 21.8 -11.7 48.3 1 627.4 252.1


Change in total income with no chg. in profitability 90.2 153.9 86.1 52.8 7.4 -23.8

Change in profitability with no chg. in income 5.9 -46 8.9 46.2 106.6 105.8

Change in profitability on change in income 3.9 -7.9 5 1 -13.9 18

Executive Summary



-

Total income 26,362.40 30,947.80 48,289.50 49,320.80 42,867.30 50,355.30Sales 26,208.50 30,601.40 47,949.30 48,809.20 42,589.50 49,874.00

Income from financial services 101.5 213.5 256.6 260.5 8.9 9.1

Total expenses 25,234.80 29,928.10 45,231.30 49,717.50 41,976.20 53,451.00



Compensation to employees 332.1 468.4 816.6 989.3 1,278.10 1,390.00

Indirect taxes 4,759.90 5,596.20 9,179.60 9,494.20 7,184.30 8,829.80

Selling & distribution expenses 283.1 291.1 512.6 843.7 980.7 1,053.10



Interest paid 5.8 0.3 2.7 0.4 164.7 181.1Depreciation 1,034.70 566.3 1,034.70 1,223.00 1,934.40 2,904.70

Profits

PBDITA (Operating profit) 3,129.50 2,927.50 4,794.20 4,840.50 -834.2 2,663.40

PBDITA net of P&E 3,131.20 2,870.50 4,795.50 5,021.90 -825.6 2,457.80

Profit after tax (PAT) 1,326.80 1,533.80 2,442.00 2,359.80 -1,965.60 -353.2

PAT net of P&E 1,328.50 1,476.80 2,443.30 2,541.20 -1,957.00 -558.8


Net worth 5,177.20 6,711.00 9,153.00 11,499.90 9,534.30 9,181.10


Reserves and funds 1,577.20 3,111.00 5,553.00 7,899.90 5,934.30 5,581.10

Borrowings 9,414.20 6,088.20

Fixed deposits


Total assets 6,883.30 9,528.80 12,554.00 17,083.60 24,507.50 24,448.60

Net fixed assets 1,882.30 2,682.80 3,138.10 7,235.90 11,581.40 12,199.00

Investments 256.4 256.4

Current assets 4,486.90 5,231.10 7,849.80 6,353.90 4,796.70 6,883.00

Loans & advances 121.1 469.3 802.6 1,528.10 2,445.90 2,135.70


Growth (%)

Total income 66 17.4 56 2.1 -13.1 17.5


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21

Total expenses 69.4 18.6 51.1 9.9 -15.6 27.3

PBDITA 98.3 -6.5 63.8 1

PAT 72.6 15.6 59.2 -3.4

Net worth 34.5 29.6 36.4 25.6 -17.1 -3.7

Total assets 28.7 38.4 31.7 36.1 43.5 -0.2


PBDITA net of P&E as % of Total inc net of P&E 11.9 9.3 9.9 10.2 -1.9 4.9

PAT net of P&E as % of Total income net of P&E 5 4.8 5.1 5.2 -4.6 -1.1

PAT net of P&E as % of Avg. net worth 29.4 24.8 30.8 24.6 -18.6 -6

PAT as % of Avg. net worth 29.4 25.8 30.8 22.9 -18.7 -3.8

PAT net of P&E as % of Avg. total assets 21.7 18 22.1 17.1 -9.4 -2.3

PAT as % of Avg. total assets 21.7 18.7 22.1 15.9 -9.5 -1.4


Quick ratio 1.8 0.9 1.5 0 0 0

Current ratio 2.6 1.9 2.3 1.1 0.3 0.5

Debt to equity ratio 0 0 0 0 1 0.7

Interest cover 361.5 7,680.70 1,392.90 9,497.20 -16.8 -2.5

Debtors (days) 2.9 0.3 0.3 1 3.6 4.4

Creditors (days) 25.5 35 27.8 42 48.1 65.5

Average cost of Funds 3.5 3.5 2.3



Total income / Compensation to employees 79.4 66.1 59.1 49.9 33.5 36.2




-


Operating expenses 92.7 95.3 94.8 94.6 96 93.8

Financial charges 0.1 0 0 0 1.4 0.9

Provisions 0 0 0 0 0.3 0

Non-cash charges 4.1 1.9 2.3 2.5 4.6 5.4

Prior period and extra-ordinary expenses 0.1 0.1 0 0.4 0.1 0

Provision for direct tax 3 2.8 2.9 2.5 -2.3 -0.1

Distribution of operating expenses 100 100 100 100 100 100Raw materials, stores & spares 61.2 59.4 63.6 57.9 60.2 68.6

Raw material expenses 61 59.1 63.3 57.7 60 68.5

Stores, spares, tools consumed 0.3 0.3 0.3 0.2 0.2 0.2





Indirect taxes 20.3 19.6 21.4 20.2 17.8 17.6

Excise duty 20.3 19.6 21.2 20 17.6 17.4

Royalties, technical know-how fees, etc. 3 5.3 3 3.9 3.9 3.2

Rent & lease rent 0.1 0.1 0.1 0.2 0.3 0.2

Repairs & maintenance 0.3 0.4 0.4 0.3 0.8 0.5Insurance premium paid 0.2 0.2 0.2 0.3 0.8 0.7


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Outsourced professional jobs 0 0 0 0 0 0


Advertising expenses 0 0.4 0.8 0.9 1.8 1.6

Marketing expenses 1.2 0.6 0.4 0.9 0.6 0.5

Distribution expenses 0 0 0 0 0 0

Travel expenses 0.4 0.4 0.4 0.5 0.5 0.4

Communications expenses 0 0 0 0 0 0

Printing & stationery expenses 0 0 0 0 0 0

Miscellaneous expenditure 0.6 0.8 0.8 0.7 1.6 0.7





Currency: Rs. Million (Non-Annualised)12mths

12mths

12mths

12mths 12 mths 12 mths

-Compensation to employees 332.1 468.4 816.6 989.3 1,278.10 1,390.00

Salaries & wages 274.4 378.9 687.4 812.3 1,089.00 1,209.90

Bonus & ex gratia



Staff welfare 27 41 54.5 75 85.4 70.3

Staff training 8 15 27.9 31.7 25.3 23.9

Esop




Payments and reimbursement of expensesOther expenses on employees 15.5 22.2 14.6



Executive directors' remuneration 63.2 64.8 57.7

Directors' salary


Perquisites

Retirement benefits

Contribution to PF

No. of employees ('000s) 0 0 0 0 0 0

Per employee indicators in '000sCompensation per employee

Income per employee

PBDITA per employee

PBT per employee

PAT per employee



Directors' remuneration / Compensation to empl 0 0 0 0.1 0.1 0





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Managerial remuneration under section 198 14.9 19.7 54.9 63.2 64.8 57.6


Commission

Contribution to prov. fund

Contribution to pension

Perquisites or benefits 6.8 8.9 10.5 11.3 14.7 12.4

Hyundai Motor India Limited

Hyundai Motor India Limited is a wholly owned subsidiary of the Hyundai MotorCompany in India. It is the 2nd largest automobile manufacturer in India after Maruti Suzuki.

History

Hyundai Motor India Limited was formed in 6 May 1996 by the HyundaiMotor Company ofSouth Korea. When Hyundai Motor Company entered theIndian Automobile Market in 1996 the Hyundai brand was almost unknownthroughout India. During the entry of Hyundai in 1996, there were only fivemajor automobile manufacturers in India, i.e. MUL, HM, PAL, TELCO andM&M. Daewoo had entered the Indian automobile market with Cielojust threeyears back while Ford, Opel and Honda had entered less than a year back.

For more than a decade till Hyundai arrived, Maruti Suzuki had a complete

dominance and monopoly over the Passenger Cars segment because TELCOand M&M were solely Utility and Commercial Vehicle Manufacturers.

HMIL's first car, the Hyundai Santro was launched in 23 September 1998 andwas a runaway success. Within a few months of its inception HMIL became thesecond largest automobile manufacturer and the largest automobile exporter inIndia. Hyundai Motor India Limited (HMIL) is a wholly owned subsidiary ofHyundai Motor Company (HMC), South Korea and is the largest passenger carexporter and the second largest car manufacturer in India. HMIL presently

markets 6 models of passenger cars across segments. The A2 segment includesthe Santro, i10 and the i20, the A3 segment includes the Accent and the Verna,
http://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Automobile_Industry_in_Indiahttp://en.wikipedia.org/wiki/Maruti_Udyog_Limitedhttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Premier_Automobiles_Limitedhttp://en.wikipedia.org/wiki/TATA_Engineering_and_Locomotive_Companyhttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/Daewoo_Motorshttp://en.wikipedia.org/wiki/Daewoo_Cielo#1994.E2.80.931997:_Daewoo_Cielohttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Opel_India_Private_Limitedhttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/TATA_Engineering_and_Locomotive_Companyhttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/Hyundai_Santrohttp://en.wikipedia.org/wiki/Hyundai_Santrohttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/TATA_Engineering_and_Locomotive_Companyhttp://en.wikipedia.org/wiki/Monopolyhttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Honda_Siel_Cars_Indiahttp://en.wikipedia.org/wiki/Opel_India_Private_Limitedhttp://en.wikipedia.org/wiki/Ford_India_Private_Limitedhttp://en.wikipedia.org/wiki/Daewoo_Cielo#1994.E2.80.931997:_Daewoo_Cielohttp://en.wikipedia.org/wiki/Daewoo_Motorshttp://en.wikipedia.org/wiki/Mahindra_%26_Mahindra_Limitedhttp://en.wikipedia.org/wiki/TATA_Engineering_and_Locomotive_Companyhttp://en.wikipedia.org/wiki/Premier_Automobiles_Limitedhttp://en.wikipedia.org/wiki/Hindustan_Motorshttp://en.wikipedia.org/wiki/Maruti_Udyog_Limitedhttp://en.wikipedia.org/wiki/Automobile_Industry_in_Indiahttp://en.wikipedia.org/wiki/South_Koreahttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Maruti_Suzukihttp://en.wikipedia.org/wiki/Indiahttp://en.wikipedia.org/wiki/Hyundai_Motor_Companyhttp://en.wikipedia.org/wiki/Hyundai_Motor_Company


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the A5 segment includes the Sonata Transform and the SUV segment includesthe Santa Fe.

HMILs manufacturing plant near Chennai claims to have the most advanced

production, quality and testing capabilities in the country. To cater to risingdemand, HMIL commissioned its second plant in February 2008, whichproduces an additional 300,000 units per annum, raising HMILs total

production capacity to 600,000 units per annum.

HMIL has set up a research and development facility in the cyber city ofHyderabad.

As HMCs global export hub for compact cars, HMIL is the first automotivecompany in India to achieve the export of 10 lakh cars in just over a decade.

HMIL currently exports cars to more than 110 countries across EU, Africa,Middle East, Latin America, Asia and Australia. It has been the number oneexporter of passenger car of the country for the sixth year in a row.

To support its growth and expansion plans, HMIL currently has a 307 strongdealer network and 627 strong service points across India, which will seefurther expansion in 2010.

Models

Manufactured locally

1. Hyundai Accent Executive (Launched 2011)2. Hyundai Santro Xing (Launched 2003)3. Hyundai Uber Cool i20 (Launched 2008)

4. Hyundai Next Gen i10 (Launched 2010)5. Hyundai Fluidic Verna (Launched 2011)6. Hyundai EON (Launched 2011)

Imported

7. Hyundai Terracan (20032007)8. Hyundai Elantra (20042007)9. Hyundai Tucson (20052010)10.Hyundai Sonata Transform (20102011)11.Hyundai Santa Fe (Launched 2010)
http://en.wikipedia.org/wiki/Hyundai_Accenthttp://en.wikipedia.org/wiki/Hyundai_Santro_Xinghttp://en.wikipedia.org/wiki/Hyundai_i20http://en.wikipedia.org/wiki/Hyundai_i10http://en.wikipedia.org/wiki/Hyundai_Verna#Fourth_generation_.28RB.3B_2010.E2.80.93present.29http://en.wikipedia.org/wiki/Hyundai_Eonhttp://en.wikipedia.org/wiki/Hyundai_Terracanhttp://en.wikipedia.org/wiki/Hyundai_Elantra#Third_generation_.282000.E2.80.932006.29http://en.wikipedia.org/wiki/Hyundai_Tucsonhttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Santa_Fehttp://en.wikipedia.org/wiki/Hyundai_Santa_Fehttp://en.wikipedia.org/wiki/Hyundai_Santa_Fehttp://en.wikipedia.org/wiki/Hyundai_Santa_Fehttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Tucsonhttp://en.wikipedia.org/wiki/Hyundai_Elantra#Third_generation_.282000.E2.80.932006.29http://en.wikipedia.org/wiki/Hyundai_Terracanhttp://en.wikipedia.org/wiki/Hyundai_Eonhttp://en.wikipedia.org/wiki/Hyundai_Verna#Fourth_generation_.28RB.3B_2010.E2.80.93present.29http://en.wikipedia.org/wiki/Hyundai_i10http://en.wikipedia.org/wiki/Hyundai_i20http://en.wikipedia.org/wiki/Hyundai_Santro_Xinghttp://en.wikipedia.org/wiki/Hyundai_Accent


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12.Hyundai Sonata (Launched 2012)

Executive Summary
http://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Sonatahttp://en.wikipedia.org/wiki/Hyundai_Sonata


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Hyundai Motor India Ltd. Mar-06 Mar-07 Mar-08 Mar-09 Mar-10 Mar-11


-

Total income 89,562.80 104,595.70 126,668.40 179,639.50 216,181.50 219,021.00

Sales 88,987.50 103,539.10 122,150.10 178,691.80 214,722.00 215,791.70

Income from financial services 402.4 633.6 288.6 432.9 1,315.50 3,016.20

Total expenses 84,941.70 102,450.40 122,201.90 180,810.90 207,222.30 211,619.20


Power, fuel & water charges 638.6 680.8 878.9 1,130.90 1,210.20 1,326.70

Compensation to employees 1,637.10 1,902.80 2,494.80 3,232.60 3,441.70 4,010.20

Indirect taxes 11,224.50 11,636.60 12,445.90 10,936.20 11,087.60 16,210.60

Selling & distribution expenses 2,558.40 3,604.00 4,191.60 7,248.10 10,729.70 9,010.30



Interest paid 21.8 128.2 745.5 2,235.30 938.8 427.6

Depreciation 2,950.10 3,590.00 4,611.00 6,745.40 7,529.00 7,077.30

Profits

PBDITA (Operating profit) 11,020.70 10,866.80 11,688.40 12,153.40 14,098.50 19,635.10

PBDITA net of P&E 11,019.60 10,693.40 8,546.90 11,983.10 14,054.80 19,598.40

Profit after tax (PAT) 5,251.00 4,667.50 5,141.20 1,956.40 3,755.30 7,942.80

PAT net of P&E 5,249.90 4,494.10 1,999.70 1,786.10 3,711.60 7,906.10


Net worth 20,550.20 25,217.60 30,323.90 30,516.70 32,850.80 39,377.10


Reserves and funds 12,424.80 17,092.20 22,198.50 22,391.30 24,725.40 31,251.70

Borrowings 5,219.50 18,896.70 31,047.20 42,229.20 22,201.80 25,570.20Fixed deposits


Total assets 43,684.10 68,309.70 95,205.50 117,180.70 100,544.20 109,348.50

Net fixed assets 17,361.60 17,486.20 34,404.90 47,163.60 40,632.30 36,242.90

Investments 195 631.6 1,349.60 1,380.00 1,380.00

Current assets 18,068.00 20,594.50 32,575.60 48,507.60 41,973.50 47,220.20

Loans & advances 6,400.50 11,808.50 15,028.60 18,221.10 15,576.10 19,470.80


Growth (%)

Total income 16.1 16.8 21.1 41.8 20.3 1.3Total expenses 14.7 20.6 19.3 48 14.6 2.1

PBDITA 26.6 -1.4 7.6 4 16 39.3

PAT 29 -11.1 10.1 -61.9 91.9 111.5

Net worth 34.3 22.7 20.2 0.6 7.6 19.9

Total assets 21.8 56.4 39.4 23.1 -14.2 8.8


PBDITA net of P&E as % of Total inc net of P&E 12.3 10.2 7 6.7 6.5 9

PAT net of P&E as % of Total income net of P&E 5.9 4.3 1.6 1 1.7 3.6

PAT net of P&E as % of Avg. net worth 29.3 19.6 7.2 5.9 11.7 21.9

PAT as % of Avg. net worth 29.3 20.4 18.5 6.4 11.9 22

PAT net of P&E as % of Avg. total assets 13.2 8 2.4 1.7 3.4 7.5PAT as % of Avg. total assets 13.2 8.3 6.3 1.8 3.4 7.6


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Quick ratio 0.6 0.2 0.4 0.4 0.5 0.7

Current ratio 1.1 0.9 1 1 1 1.1

Debt to equity ratio 0.3 0.7 1 1.4 0.7 0.6

Interest cover 370.2 55.4 5.3 2.3 7 29.3

Debtors (days) 10.9 11.6 19 28.2 33.8 24.9

Creditors (days) 44.3 51.3 65.5 59.9 56.8 46.2

Average cost of Funds 0.5 1.1 3 6.1 2.9 1.8


Total income / Avg. total assets 2.3 1.9 1.5 1.7 2 2.1

Total income / Compensation to employees 54.7 55 50.8 55.6 62.8 54.6Sources of Growth in Profits



-

Levels in each year

Sales 88,987.50 103,539.10 122,150.10 178,691.80 214,722.00 215,791.70

PBDIT 10,445.40 9,825.20 8,031.80 11,424.60 12,639.00 16,431.60

Profitability (times) 0.1 0.1 0.1 0.1 0.1 0.1

Change in each year

Change in PBDIT 2,434.10 -620.2 -1,793.40 3,392.80 1,214.40 3,792.60

Change in sales 12,587.00 14,551.60 18,611.00 56,541.70 36,030.20 1,069.70


change in income) (times) 0.2 0 -0.1 0.1 0 3.5


Change in sales 1,319.90 1,708.10 1,766.10 3,717.80 2,303.60 63

Change in profitability 956.6 -2,001.10 -3,017.10 -222.2 -906.4 3,711.10

Change in profitability on change in income 157.6 -327.2 -542.3 -102.8 -182.8 18.5


Change in sales 54.2 -275.4 -98.5 109.6 189.7 1.7

Change in profitability 39.3 322.6 168.2 -6.5 -74.6 97.9

Change in profitability on change in income 8.6 27.4 20.4 -3.6 -27.9 0.8

Levels in each year

Total income 89,561.70 104,407.30 122,665.20 179,250.30 216,137.80 218,958.50

PAT net of P&E 5,249.90 4,494.10 1,999.70 1,786.10 3,711.60 7,906.10

Profitability (times) 0.1 0 0 0 0 0Change in each year

Change in PAT net of P&E 1,264.00 -755.8 -2,494.40 -213.6 1,925.50 4,194.50

Change in total income 12,551.90 14,845.60 18,257.90 56,585.10 36,887.50 2,820.70


change in income) (times) 0.1 -0.1 -0.1 0 0.1 1.5


Change in total income with no chg. in profitability 649.7 870.2 785.9 922.5 367.6 48.4

Change in profitability with no chg. in income 528.2 -1,394.80 -2,792.00 -777.4 1,292.10 4,092.70

Change in profitability on change in income 86.1 -231.2 -488.2 -358.6 265.9 53.4


Change in total income with no chg. in profitability 51.4 -115.1 -31.5 -431.9 19.1 1.2

Change in profitability with no chg. in income 41.8 184.5 111.9 364 67.1 97.6Change in profitability on change in income 6.8 30.6 19.6 167.9 13.8 1.3


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-

Compensation to employees 1,637.10 1,902.80 2,494.80 3,232.60 3,441.70 4,010.20

Salaries & wages 1,261.00 1,484.90 1,836.80 2,428.70 2,606.70 3,050.60

Bonus & ex gratia



Staff welfare 317 345.8 571 681.1 694.1 758.3

Staff training




-


Operating expenses 93.1 94 93.8 93.9 95 94.5

Financial charges 0 0.1 0.8 1.6 0.5 0.2

Provisions 0.1 0 0 0 0 0

Non-cash charges 3.4 3.5 3.7 3.7 3.6 3.3

Prior period and extra-ordinary expenses 0 0 0.7 0.1 0 0

Provision for direct tax 3.3 2.4 1 0.7 0.9 2


Raw materials, stores & spares 69.4 71.4 76.9 82.7 82.9 80.5

Raw material expenses 67.7 69.8 75.6 81.4 81.6 79.1

Stores, spares, tools consumed 1.7 1.6 1.3 1.2 1.3 1.4




Compensation to employees 2.1 2 2.2 1.9 1.7 2

Indirect taxes 14.2 12.1 10.9 6.4 5.6 8.1

Excise duty 14.1 12.1 10.8 6.4 5.6 8

Royalties, technical know-how fees, etc. 3.9 3.8 3.4 2.5 2.4 2.4

Rent & lease rent 0.2 0.2 0.2 0.2 0.2 0.2

Repairs & maintenance 1 0.9 0.7 0.6 0.7 0.9

Insurance premium paid 0 0 0 0 0 0


Outsourced professional jobs 0 0.1 0 0 0 0


Advertising expenses 2.5 3.2 2.9 3.6 1.7 1.7

Marketing expenses 0.6 0.6 0.6 0.7 3.7 2.7

Distribution expenses 0.1 0 0.1 0.1 0.1 0.2

Travel expenses 0.1 0.1 0.1 0.1 0 0.1

Communications expenses 0.1 0 0 0 0 0

Printing & stationery expenses 0 0 0.1 0.1 0 0

Miscellaneous expenditure 0.2 0.6 0.2 0.1 0.1 0.2




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29

Esop





Other expenses on employees



Executive directors' remuneration 44.3 47.6 45 63.5

Directors' salary


Perquisites

Retirement benefits

Contribution to PF

No. of employees ('000s) 0 0 0 0 0 0



Income per employee

PBDITA per employee

PBT per employee

PAT per employee






for Managerial RemunerationProfit before taxation








Managerial remuneration under section 198 23.4 16.4 44.3 47.6 45 63.5


Commission

Contribution to prov. fund 0.9 2.6Contribution to pension

Perquisites or benefits 2.3 0.7 4 5.8 9.2


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Maruti Suzuki

Maruti Suzuki India Limited (NSE: MARUTI, BSE: 532500), commonlyreferred to as Maruti, is a subsidiary company of Japanese automaker SuzukiMotor Corporation. It has a market share of 44.9% of the Indian passenger carmarket as of March 2011.[4]Maruti Suzuki offers a complete range of cars fromentry level Maruti 800 and Alto, to hatchback Ritz, A-Star, Swift, Wagon-R,Estillo and sedans DZire, SX4, in the 'C' segment Maruti Eeco and SportsUtility vehicle Grand Vitara.[5]

It was the first company in India to mass-produce and sell more than a millioncars. It is largely credited for having brought in an automobile revolution toIndia. It is the market leader in India, and on 17 September 2007, MarutiUdyog Limited was renamed as Maruti Suzuki India Limited. The company'sheadquarters are located in New Delhi.[1] In February 2012, the company soldits 10th million vehicle in India.

Maruti Suzuki is India and Nepal's number one leading automobilemanufacturer and the market leader in the car segment, both in terms of volume

of vehicles sold and revenue earned. Until recently, 18.28% of the company wasowned by theIndian government, and 54.2% bySuzukiofJapan. The BJP-ledgovernment held aninitial public offeringof 25% of the company in June 2003.As of 10 May 2007, the government of India sold its complete share to Indianfinancial institutions and no longer has any stake in Maruti Udyog.[citation needed]

Maruti Udyog Limited (MUL) was established in February 1981, though theactual production commenced in 1983 with the Maruti 800, based on the SuzukiAlto kei car which at the time was the only modern car available in India, its

only competitors- the Hindustan Ambassador and Premier Padmini were botharound 25 years out of date at that point. Through 2004, Maruti Suzuki hasproduced over 5 Million vehicles. Maruti Suzukis are sold in India and variousseveral other countries, depending upon export orders. Models similar to MarutiSuzukis (but not manufactured by Maruti Udyog) are sold by Suzuki MotorCorporation and manufactured in Pakistan and other South Asiancountries.[citation needed]

The company exports more than 50,000 cars annually and has an extremelylarge domestic market in India selling over 730,000 cars annually. Maruti 800,

till 2004, was the India's largest selling compact car ever since it was launched
http://en.wikipedia.org/wiki/National_Stock_Exchange_of_Indiahttp://www.nseindia.com/marketinfo/companyinfo/companysearch.jsp?cons=MARUTI&section=7http://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532500http://en.wikipedia.org/wiki/Automakerhttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-3http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-3http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-3http://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Maruti_Ritzhttp://en.wikipedia.org/w/index.php?title=Maruti_A-Star&action=edit&redlink=1http://en.wikipedia.org/wiki/Maruti_Swifthttp://en.wikipedia.org/wiki/Maruti_Wagon-Rhttp://en.wikipedia.org/w/index.php?title=Maruti_Estillo&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Maruti_DZire&action=edit&redlink=1http://en.wikipedia.org/wiki/Maruti_SX4http://en.wikipedia.org/wiki/Maruti_Eecohttp://en.wikipedia.org/wiki/Maruti_Grand_Vitarahttp://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-4http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-4http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-4http://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-marutisuzuki1-0http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-marutisuzuki1-0http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-marutisuzuki1-0http://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Kei_carhttp://en.wikipedia.org/wiki/Hindustan_Ambassadorhttp://en.wikipedia.org/wiki/Premier_Padminihttp://en.wikipedia.org/wiki/Suzuki_Motor_Corporationhttp://en.wikipedia.org/wiki/Suzuki_Motor_Corporationhttp://en.wikipedia.org/wiki/Pakistanhttp://en.wikipedia.org/wiki/South_Asiahttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/South_Asiahttp://en.wikipedia.org/wiki/Pakistanhttp://en.wikipedia.org/wiki/Suzuki_Motor_Corporationhttp://en.wikipedia.org/wiki/Suzuki_Motor_Corporationhttp://en.wikipedia.org/wiki/Premier_Padminihttp://en.wikipedia.org/wiki/Hindustan_Ambassadorhttp://en.wikipedia.org/wiki/Kei_carhttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Suzuki_Altohttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Japanhttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Government_of_Indiahttp://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-marutisuzuki1-0http://en.wikipedia.org/wiki/New_Delhihttp://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-4http://en.wikipedia.org/wiki/Maruti_Grand_Vitarahttp://en.wikipedia.org/wiki/Maruti_Eecohttp://en.wikipedia.org/wiki/Maruti_SX4http://en.wikipedia.org/w/index.php?title=Maruti_DZire&action=edit&redlink=1http://en.wikipedia.org/w/index.php?title=Maruti_Estillo&action=edit&redlink=1http://en.wikipedia.org/wiki/Maruti_Wagon-Rhttp://en.wikipedia.org/wiki/Maruti_Swifthttp://en.wikipedia.org/w/index.php?title=Maruti_A-Star&action=edit&redlink=1http://en.wikipedia.org/wiki/Maruti_Ritzhttp://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Maruti_Suzuki#cite_note-3http://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Suzukihttp://en.wikipedia.org/wiki/Automakerhttp://www.bseindia.com/bseplus/StockReach/AdvanceStockReach.aspx?scripcode=532500http://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://www.nseindia.com/marketinfo/companyinfo/companysearch.jsp?cons=MARUTI&section=7http://en.wikipedia.org/wiki/National_Stock_Exchange_of_India


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in 1983. More than a million units of this car have been sold worldwide so far.Currently,Maruti Suzuki Altotops the sales charts.[citation needed]

Due to the large number of Maruti 800s sold in the Indian market, the term

"Maruti" is commonly used to refer to this compact car model. Itsmanufacturing facilities are located at two facilitiesGurgaonandManesarsouth ofDelhi. Maruti Suzukis Gurgaon facility has an installed capacity of 350,000

units per annum. The Manesar facilities, launched in February 2007 comprise avehicle assembly plant with a capacity of 100,000 units per year and a DieselEngine plant with an annual capacity of 100,000 engines and transmissions.Manesar and Gurgaon facilities have a combined capability to produce over700,000 units annually. More than half the cars sold in India are Maruti Suzukicars. The company is a subsidiary of Suzuki Motor Corporation, Japan, whichowns 54.2 per cent of Maruti Suzuki. The rest is owned by public and financialinstitutions. It is listed on the Bombay Stock Exchange and National StockExchange in India.[citation needed]

During 2007-08, Maruti Suzuki sold 764,842 cars, of which 53,024 wereexported. In all, over six million Maruti Suzuki cars are on Indian roads sincethe first car was rolled out on 14 December 1983. Maruti Suzuki offers 15models, Maruti 800, Alto, WagonR, Estilo, A-star, Ritz, Swift, Swift DZire,SX4, Omni, Eeco, Gypsy, Grand Vitara, Kizashiand the newly launched Ertiga.Swift, Swift DZire, A-star and SX4 are manufactured in Manesar, Grand Vitara

and Kizashi are imported from Japan as completely built units(CBU), remainingall models are manufactured in Maruti Suzuki's Gurgaon Plant.[citation needed]

Suzuki Motor Corporation, the parent company, is a global leader in mini andcompact cars for three decades. Suzukis technical superiority lies in its ability

to pack power and performance into a compact, lightweight engine that is cleanand fuel efficient. Nearly 75,000 people are employed directly by Maruti Suzukiand its partners. It has been rated first in customer satisfaction among all carmakers in India from 1999 to 2009 by J D Power Asia Pacific.
http://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Gurgaonhttp://en.wikipedia.org/wiki/Manesarhttp://en.wikipedia.org/wiki/Manesarhttp://en.wikipedia.org/wiki/Manesarhttp://en.wikipedia.org/wiki/Delhihttp://en.wikipedia.org/wiki/Delhihttp://en.wikipedia.org/wiki/Bombay_Stock_Exchangehttp://en.wikipedia.org/wiki/National_Stock_Exchangehttp://en.wikipedia.org/wiki/National_Stock_Exchangehttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Suzuki_Wagon_Rhttp://en.wikipedia.org/wiki/Suzuki_MR_Wagonhttp://en.wikipedia.org/wiki/Maruti_Suzuki_A-STARhttp://en.wikipedia.org/wiki/Suzuki_Splashhttp://en.wikipedia.org/wiki/Suzuki_Swifthttp://en.wikipedia.org/wiki/Maruti_Suzuki_Swift_DZirehttp://en.wikipedia.org/wiki/Suzuki_SX4http://en.wikipedia.org/wiki/Maruti_Omnihttp://en.wikipedia.org/wiki/Maruti_Eecohttp://en.wikipedia.org/wiki/Maruti_Gypsyhttp://en.wikipedia.org/wiki/Suzuki_Grand_Vitarahttp://en.wikipedia.org/wiki/Suzuki_Kizashihttp://en.wikipedia.org/wiki/Maruti_Ertigahttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Maruti_Ertigahttp://en.wikipedia.org/wiki/Suzuki_Kizashihttp://en.wikipedia.org/wiki/Suzuki_Grand_Vitarahttp://en.wikipedia.org/wiki/Maruti_Gypsyhttp://en.wikipedia.org/wiki/Maruti_Eecohttp://en.wikipedia.org/wiki/Maruti_Omnihttp://en.wikipedia.org/wiki/Suzuki_SX4http://en.wikipedia.org/wiki/Maruti_Suzuki_Swift_DZirehttp://en.wikipedia.org/wiki/Suzuki_Swifthttp://en.wikipedia.org/wiki/Suzuki_Splashhttp://en.wikipedia.org/wiki/Maruti_Suzuki_A-STARhttp://en.wikipedia.org/wiki/Suzuki_MR_Wagonhttp://en.wikipedia.org/wiki/Suzuki_Wagon_Rhttp://en.wikipedia.org/wiki/Maruti_Altohttp://en.wikipedia.org/wiki/Maruti_800http://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/National_Stock_Excha

with expected sales of

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