Director's  Report
Director's Report
Maruti Suzuki India Ltd Industry:  Automobiles - Passenger Cars
BSE Code ISIN Demat Book Value(R) NSE Symbol Div Yield % Market Cap
P/E(TTM) EPS(TTM) Face Value(R)
532500 INE585B01010 694.45 MARUTI 0.41 89137.77 30.59 96.45 5


Your Directors have pleasure in presenting the 33rd annual report together with the audited accounts for the year ended 31st March 2014.


The Company’s financial performance during the year 2013-14 as compared to the previous year 2012-13 is summarised below:

2013-14 2012-13
Total revenue 445,235 444,003
Profit before tax 36,585 29,910
Tax expense 8,755 5,989
Profit after tax 27,830 23,921
Balance brought forward 153,043 130,777
Addition on amalgamation - 3,565
Profit available for appropriation 180,873 158,263
General reserve 2,783 2,392
Proposed dividend 3,625 2,417
Corporate dividend tax 616 411
Balance carried forward to balance sheet 173,849 153,043


The total revenue (net of excise) was Rs 445,235 million as against Rs 444,003 million in the previous year showing an increase of 0.28 per cent. Sale of vehicles in the domestic market was 1,053,689 units as compared to 1,051,046 units in the previous year showing an increase of 0.25 per cent. Total number of vehicles exported was 101,352 units as compared to 120,388 units in the previous year.

Profit before tax (PBT) was Rs 36,585 million against Rs 29,910 million showing an increase of 22 per cent and profit after tax (PAT) stood at Rs 27,830 million against Rs 23,921 million in the previous year showing an increase of 16 per cent.


The Board recommends a dividend of Rs 12 (twelve) per equity share of Rs 5 (five) each for the year ended 31st March 2014 amounting to Rs 3,624,960,720.


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


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


The Company was again awarded ISO:27001 certification by STQC Directorate (Standardisation, Testing and Quality Certificate), Ministry of Communications and Information Technology, Government of India after reassessment. The Company has established and is maintaining an Information Security Management System.

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

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


J.D. Power 2013 Customer Satisfaction Index (CSI) Study ranked the Company highest for the 14th time in a row. J.D. Power Special

Recognition Excellence Award also honoured to the Company for continuously being number one in customer satisfaction for more than ten years.

J.D. Power SSI Study ranked the Company highest.

Entry Compact Car of the year by J.D. Power IQS – 2013 awarded to Alto 800 and Premium Compact Car of the year by J.D. Power IQS – 2013 awarded to Swift.

Best launch car awarded to Celerio by CNB awards at auto expo 2014.

India Design Mark - Good Design Award 2013 given to Ertiga and Swift Dzire.

Best Entry-Level Midsize Car by the India Vehicle Dependability Study for the 3rd time in a row given to Swift Dzire.

Maruti 800 bagged "Hall of Fame" award.

Limca Book of World Records – 2014 for highest genuine spare part outlet at Leh.

INSSAN honoured the Company with first position in excellence in suggestion scheme 2013.

12th Annual Greentech Safety Award - 2013 for best safety practices and Prsashnsa Patras Award 2013 honoured to the Company.

Platinum Award by Greentech Foundation honoured to the Company for best HR strategy.


The Company’s subsidiaries which were engaged in the business of insurance distribution in the past generated an investment income of Rs 53.01 million including a dividend income of Rs 0.32 million and long term capital gain of Rs 52.69 million through mutual funds.

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

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


People are the assets and have been instrumental in driving the Company’s performance year on year. Their passion, commitment, sense of ownership and team work has enabled the Company to sustain its leadership position in the challenging market scenario of 2013-14. The Company has always striven to offer a positive, supportive, open and high performance work culture where innovation and risk taking is encouraged, performance is recognised and employees are motivated to realise their true potential.

The Company hired and integrated 904 people into its workforce in the 2013-14. The Company has 12,547 regular employees out of which 366 are women. The Company is an equal opportunity employer and believes in recognising merit and potential in the selection process. There has been a continuous effort to increase the number of women employees in the organisation to bring diversity in terms of population mix, versatility and value addition.

As in the past, the Company has been investing to strengthen positive employee relations through continuous communication, education, engagement and welfare initiatives. Several new initiatives have been introduced to reinforce people connect and engagement. Focus has also been to provide opportunities to employees to learn and grow within the organisation. These initiatives over the last one and a half year have given very encouraging results. One of the key initiatives in this direction has been umbrella mentoring to hand hold, guide and develop the young workforce. Associates are mentored and guided by supervisors who are trained on coaching, mentoring, relationship building and listening skills. With this initiative a total of 2906 associates have been covered so far by 823 trained mentors across all three plants. Another initiative is the Inbound Training called Nayi Kiran of mixed group of employees (associates, supervisors and managers) is done in series of group activities to build trust and confidence across levels and work together to solve problems creatively. A total of 1628 employees across levels have been covered till date. Also people connect and engagement initiatives like Parivar Milan (family visits to factory), community development initiatives and sports and games have helped in strengthening good relationship and positive team environment. Continuous internal communication, policy sessions, helpdesk and grievance handling forums helped us to strengthen connect with the employees and reach out to the young team members at the shop floor. Employees are also given the latest business and performance information on a regular basis through structured communication meetings.

People development and capability building across functions and levels remained a key focus area to build a strong talent pipeline. The Company continued to invest in enhancing its human capital through building skills and competencies for its employees. The learning eco-system is being transformed by endowing e-learning modules and web based trainings to employees across location through the interactive web studio in the MSIL Training Academy. Special development interventions have been taken to develop women employees in the organisation through leadership workshops and training programs on multitasking and women empowerment.

Apart from capability building interventions employees were educated on health consciousness by organising various health awareness sessions, health talks by senior doctors, periodic medical check-ups. A number of events were organised throughout the year to enhance the awareness level of our employees towards road safety.

With the commencement of the first phase of Rohtak R & D Centre, the Company posted its first set of employees at the new, state of the art R & D centre in November 2013. The Company took the necessary measures to ensure a smooth transition of employees to the new location with the right policy enablers in place.

The Company conducted an annual employee engagement / dipstick survey which provides meaningful and actionable feedback to the leaders in the organisation. The feedback of employees is read across several dimensions in the areas such as job satisfaction, leadership, immediate manager effectiveness, work culture and engagement. Feedback from this survey forms the basis of holistic engagement plans, which are reviewed regularly. The engagement scores saw an increase over last year which has been possible due to various engagement initiatives and HR interventions across the organisation. These initiatives helped us control attrition. MSIL maintained an attrition loss of only 2.7 per cent in the year 2013-14 which is much below the industry trends. This has been possible due to a holistic focus on employees in terms of a robust online performance management system, 360 degree feedback process, feedback through assessment and development centres, job rotation policy, training and development opportunities, higher education, multiple career growth tracks offering right impetus for greater motivation and retention.

As part of Corporate Social Responsibility, the Company adopts ITIs (Industrial Training Institute) in order to improve quality of trainings and upgrade the graduates’ skills therein to meet industry requirement and thus contribute to the society with increased employability. 29 ITIs have so far been adopted across 9 states of India. Several aspects of development viz. faculty development, student development as well as industry connect and infrastructural developmental activities are undertaken in these adopted ITIs. Out of the 29 ITIs adopted, the Company has adopted two women ITIs in Haryana state namely ITI (W) Gurgaon and ITI (W) Jhajjar under its skill development initiative.


Mr. Toshiaki Hasuike was appointed as Whole time Director designated as Joint Managing Director with effect from 27th April 2013 to fill the casual vacancy caused by resignation of Mr. Tsuneo Ohashi who resigned from the post of Director & Managing Executive Officer (Production) from the close of the business hours of 26th April 2013. Mr. Toshihiro Suzuki was appointed as Director with effect from 28th October 2013 to fill the casual vacancy caused by resignation of Mr. Shinzo Nakanishi who resigned from the post of Director from the close of business hours of 27th October 2013. Mr. Masayuki Kamiya was appointed as Director (Production) to fill the casual vacancy caused by resignation of Mr. Keiichi Asai with effect from 28th October 2013 who resigned from the post of Director & Managing Executive Officer (Engineering) from the close of business hours of 27th October 2013.


The Company constituted a CSR committee with Mr. R.C. Bhargava as its Chairman and Mr. Kenichi Ayukawa and Mr. R.P. Singh as its members. Mr. R.C. Bhargava is Non-Executive Chairman and Mr. R.P. Singh is an Independent Director.


During the period under review, no complaints were received by the Internal Complaints Committee established under the Anti-Sexual Harassment Policy of the Company.


As required under section 217(2AA) of the Companies Act, 1956, your Directors confirm: that there were no material departures in the applicable accounting standards followed while preparing the annual accounts; having selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period; having taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; and having prepared the annual accounts on a going concern basis.


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


As required by the provisions of section 217(2A) of the Companies Act,

1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, the names and other particulars of the employees are set out in Annexure B to the Directors’ Report. However, as per the provisions of section 219(1)(b)(iv) of the Companies Act, 1956, the annual report is being sent to all the shareholders of the Company excluding the aforesaid information. Any shareholder interested in obtaining such particulars may write to the Company Secretary at the registered office of the Company.


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


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


The Auditors, M/s Price Waterhouse, Firm Registration Number FRN301112E, Chartered Accountants, hold office until the conclusion of the ensuing annual general meeting and are recommended for re-appointment. A certificate from the Auditors has been received to the effect that their re-appointment, if made, would be in accordance with section 139(1) of the Companies Act, 2013. A certificate has also been obtained from the Auditors to the effect that the Company is in compliance with the conditions of Foreign Direct Investment for the downstream investment made by the Company in subsidiary companies.


In conformity with the directives of the Central Government, the Company has appointed M/s R. J. Goel & Co., Cost Accountants, as the Cost Auditors under Section 148 of the Companies Act, 2013 read with the rule 14 of the Companies (Audit and Auditors) Rules, 2014 for the audit of the cost accounts for the motor vehicles business for the year ending on 31st March 2015. The cost audit report for the financial year 2012-13 was filed with the Ministry of Corporate Affairs on 30th September 2013.


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

For and on behalf of the Board of Directors
Kenichi Ayukawa
Managing Director & CEO
New Delhi R.C. Bhargava
21st May 2014 Chairman


Information in accordance with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, and forming part of the Directors’ Report for the year ended 31st March 2014.


The Company continued its energy conservation drive with main focus on reducing energy cost and improving efficiency through adoption of new technology and optimisation of operation. Energy saving initiatives throughout the plant helped the Company in reducing energy cost by more than 5 per cent. Some of the activities carried out during the year towards environment, energy and water conservation are mentioned as under:

1. Energy cost reduction:

• Commissioning of waste heat recovery boilers and increased utilisation of steam turbines in Gurgaon plant.

• Increased utilisation of state grid power in non-production areas in Gurgaon and Manesar plant.

• Optimisation of power plant operation in Gurgaon and Manesar.

• Commissioning of 1MW solar power plant in Manesar plant.

2. Energy Conservation:

• Use of energy efficient pumps and motors in water treatment plant and power plant in Gurgaon.

• Use of energy efficient transformers in new installations and usage of LED lighting in Gurgaon, Manesar and R & D Centre at Rohtak.

• Up-gradation of cooling tower fans with aerodynamic energy efficient Fiber Reinforced Plastic (FRP) blades in Gurgaon and Manesar power plant.

• Installation of air shut-off valves in welding jigs to stop air supply during non-working hours.

3. Optimisation / improvement of process:

• Re-sizing of motors and pumps rating as per process requirement in power plant and water treatment plant.

• Up-gradation of air compressors by use of high efficiency air end to reduce specific energy consumption.

• Use of no loss drain trap in compressed air handling system for reduction in power consumption.

• Use of variable frequency drives in motors of sewage treatment plant of Manesar.

• Vibration analysis of motors to replace bearings before failure.

4. Conservation of water:

• Improvement in effluent treatment plant by addition of ultra- filtration system to enhance water recycling.

• Conversion of open cycle cooling towers to closed cycle cooling tower.

• Water evaporation loss control by commissioning solar plant on lagoon in Manesar plant.


The Company’s R & D vision is to design and develop automobiles for India, Middle East and African markets by the Company on its own. During 2013-14, the manpower of Company’s R & D has reached to 1300. The focus in 2013-14 was:

To improve the Company’s skill and capability by on job training and working with our own hands in new model development.

To train a large number of young engineers for challenging R & D roles in future.

The Company’s R & D team has developed the capability for full body change with design and development of Alto 800 at the Company with the validation support of Suzuki Motor Corporation (SMC). In line with the R & D vision, the team has been working on various new projects for new model design and development. With focused approach, efforts are going on to enhance the R & D capabilities in the near future through following initiatives:

World class test track and proving ground at Rohtak to validate the various vehicle systems and models. A few of new facilities has already been commissioned and being used for testing of new models and work is in progress for setting up more test facilities and test track.

• Full in-house design, development and evaluation capability.

• Training of engineers (overseas/in-house).

• Enhanced CAE (Computer Aided Design) correlation with physical test.

• Prototype build capability; and

• Advanced Engineering projects.

1. Specific areas in which R & D has been carried out:

Design capabilities in vehicle exterior and interior have resulted in developments in area of BIW (Body in White) optimisation, alternate material like low density foam pads, use of high tensile steel grade, dual hardness seats, utility enhancement in instrument panel and luggage area etc., consequently achieving overall weight reduction, improved interior fit and finish and NVH.

With increasing electronic content in the vehicle, significant efforts have been put in capability up gradation in automotive electrical and electronic area. Focusing on the customer comfort and convenience, feature’s like bluetooth and anti theft feature in audio has been implemented in Celerio. Validation of control software has been done through HIL (Hardware in Loop) System. The set-up has been prepared for various functions e.g. Auto AC, BCM (Body Control Module), EPS (Electronic Power Steering), ABS (Antilock Braking System) with MSR (Engine Torque Control), Idle Start Stop (ISS), etc.

Indigenous application of ABS System and System Layout capabilities in various sub-systems of Brake, Suspension and Steering has been enhanced. Capability and capacity added in the various CAE simulation methodologies and components analysis.

Number of improvements have been carried out in the areas of engine and transmission which resulted in overall improvement in FE and quality. Efforts were made in the areas of hardware modification, optimisation of hardware and software to reduce cost and improve performance.

• CAE as a concept has been undergoing transformation in last few years at the Company, resulting in better co-relation with various physical tests. In year 2013-14, with the increase in trained manpower, installation of crash and other test facilities at Rohtak coupled along with dedicated higher band width communication line with Gurgaon, computation and co-relation as techniques will improve significantly. This would help in reducing the product evaluation time and proto-types for physical tests, which will further reduce the overall product development cost.

• The design proto vehicle build capability has been further enhanced. In the area of body shell, new technologies and materials like coated and high tensile materials have been inducted. Capability has been enhanced for development of prototype parts and jigs / fixtures to control development time and cost.

• Cost management is one of the major activities under constant focus in R & D. For new models, detailed feasibility analysis is done and stringent cost targets are set for engineers. In order to manage costs right from concept stage, cost analysis and "design to cost" techniques have been deployed. VE (Value Engineering) ideas of the Company’s engineers and suppliers are incorporated at the design stage itself. Efforts to incorporate India specific cost reduction ideas right at the design stage for global models is helping the Company in achieving stricter target costs. Benchmarking is another tool, which is being used in a focused way to generate ideas for improvements in product quality, performance, weight and cost. For existing models, focused value enhancement projects were taken up in various models by cross functional teams across the Company to provide higher value products at lower costs.

• The Company’s R & D has taken up several advance engineering projects to increase design and development capability. Hybrid / Electric vehicle, advance technologies’ integration and new features addition projects were taken up to enhance capability in various fields and develop new technologies for future readiness. The Company demonstrated the Swift Range Extender concept during Auto Expo 2014 under the Govt. / SIAM program for promotion of hybrid and electric vehicles in India.

• Last year 44 papers were presented by the Company’s engineers at various national and international forums such as SAE (Society of Automotive Engineers) International, SIAT (Symposium on International Automotive Technology), AVL international user conference and other prestigious conferences.

2. Benefits derived as a result of above efforts

• Launched Celerio, a contemporary hatchback with futuristic technology solutions. Celerio has been designed at SMC, Japan and MSIL engineers have participated in the development to improve our engineering capability.

• The Company introduced the Auto Gear Shift technology in passenger car which is first for any manufacturer in India. The Auto Gear Shift technology is breakthrough technology solution at a much lower cost than a contemporary automatic transmission while maintaining the same fuel efficiency as manual transmission vehicle. The technology has been branded as Rs EZ Drive’.

• Launch of Stingray with advanced features like projector headlamp, reflector grill, etc.

• Launched several export variants of Ertiga, Alto, Swift, Ritz and Omni and expanding our export portfolio.

• The Company engineers and managers have played active role in laying the road map of safety regulations, emission and fuel efficiency regulations in India and globally.

• 19 patent applications were filed by the Company’s R & D in 2013-14.

• 12 industrial designs were granted to the Company’s R & D in 2013-14.

3. Future plan of action

The Company’s R & D team will be working proactively in the following areas to meet the future requirements:

• Increasing the fuel efficiency of all models

• Developing environment friendly vehicles

• Meeting emission and safety regulation

• More fuel options in existing models (Diesel / CNG / LPG)

• Latest technology options at an affordable price

• Focus on enhancing the capability in the field of EV / HEV

Also continuous efforts are being made to make the vehicles more affordable by maintaining the vehicle cost through VA/VE and weight reduction activities. The Company is continuously working on alternate materials and newer technologies to reduce the vehicle cost and weight.


1. Efforts in brief made towards technology absorption, adaptation and innovation

• Design of components and systems using a robust design review process.

• Component and sub-component level localisation, development and testing of parts for existing and new models.

• Capabilities enhanced in component and vehicle evaluation, benchmarking and design optimisation.

• Capability enhanced in software design and evaluation.

• Capability enhanced in component level CAE.

• Capabilities being further enhanced in area of alternative fuels and power train through various study projects.

• VE (Value Engineering) during new model designing phase to maximise cost benefit.

• Generation of newer ideas for future design, quality up-gradation and cost reduction via teardown and benchmarking.

2. Benefits derived as a result of above efforts

• High localisation content in various vehicles resulting in lower costs.

• Continuous reduction in product cost through VA/VE (value analysis/ value engineering).

• Significant cost reduction of parts of new models compared to existing models, ensuring that the new models are profitable.

• Significant weight reduction of parts of new models compared to existing models, ensuring that the new models are profitable.

• Improved fuel efficiency.

3. Technology inducted

• The Company has introduced India’s first passenger car with two-pedal auto gear shift technology in Celerio. The Company’s auto gear shift will be a technology first for India in passenger cars, where customers will have the flexibility of both manual mode and "drive mode" in the same car, with a simple shift of gear lever. Auto gear shift offers comfortable driving with no compromise on fuel efficiency and at a lower cost than traditional automatic transmission.

• With Gypsy complying with OBD-II (On Board Diagnosis) in November 2013, all MSIL models have been made OBD-II compliant.

• Projector headlamp has been introduced in Stingray. Projector headlamp provides focused beam output which helps in better visibility on the road.

• Introduction of Kimekomi (fabric & leather insertion technology) in door trims to provide superior fit and finish. New and unique plastic fuel rail, which is being used for the first time in entire SMC group, was designed and introduced in Alto 800. This resulted in significant weight reduction and fuel efficiency.

• ISS feature was introduced in the export market to meet the stringent emission regulation requirements like Euro 5. The Company is capable of meeting any emission regulation in future and this technology can be extended to vehicles in local market based on emission regulations and market trend. SVVT (Single Variable Valve Timing) technology was introduced in new Ritz leading to improve fuel economy and reduced emissions.

• The Company achieved 3 to 15 per cent increase in fuel efficiency during the year across all models among various fuel options by working on different technologies and areas like optimisation of crank and intake system, new low viscosity oil, use of new technologies for rolling resistance reduction on tyres, etc. Year of Import: 2013-14

• Status of absorption: The above technologies have been used in products introduced during the year.

Expenditure incurred on R&D

A Capital Expenditure 4,311 2,613
B Net Revenue Expenditure 2,265 2,562
Total 6,576 5,175
Total R&D expenditure as a percentage of total income 1.48% 1.17%


Particulars 2013-14 2012-13
Foreign Exchange Used: Equivalent
Raw materials and components 30,955 42,344
Capital goods 17,312 14,762
Dies & Moulds, Maintenance Spares & Other items 1,099 791
Royalty, Interest, dividend and Others 32,912 32,379
Foreign Exchange Earned: Equivalent 41,417 45,601

Activities relating to exports

i) Initiatives taken to increase exports: The Company exported 101,352 units during 2013-14 with the contribution of non-Europe markets of around 71per cent. Introduction of new models like Swift and Dzire helped the Company achieve additional numbers. The Company achieved good market penetration in some key African markets like South Africa and Angola because of focused efforts.

ii) Development of new export markets for products and services: The Company forayed into new markets in 2013-14. Mozambique is one of the markets with a shipment of around 16 units and where additional order was received for another 30 units. The Company is trying to strengthen its roots and increase its presence by adding on new markets to its basket as and when the opportunity seems favourable. iii) Export plans for future: There is a huge focus on Africa in terms of introduction of new models and implementation of best practices of the Company’s domestic market. One of the initiatives planned for important African markets is implementation of dealer management system. Three new models will be added to the export kitty. All these products will help the Company strengthen its roots in most of the segments in major markets. The Company expects good volume from these models.

For and on behalf of the Board of Directors
Kenichi Ayukawa
Managing Director & CEO
New Delhi R.C. Bhargava
21st May 2014 Chairman
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