Your Directors have pleasure in presenting the 33rd annual report together
with the audited accounts for the year ended 31st March 2014.
The Companys financial performance during the year 2013-14 as compared to the
previous year 2012-13 is summarised below:
|Profit before tax
|Profit after tax
|Balance brought forward
|Addition on amalgamation
|Profit available for appropriation
|Corporate dividend tax
|Balance carried forward to balance sheet
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
12th Annual Greentech Safety Award - 2013 for best safety practices and Prsashnsa
Patras Award 2013 honoured to the Company.
Platinum Award by Greentech Foundation honoured to the Company for best HR strategy.
SUBSIDIARY COMPANIES AND THEIR ACCOUNTS
The Companys 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
The Companys 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
In terms of the general circular dated 8th February 2011 issued by the
Government of India, Ministry of Corporate Affairs, the balance sheets, profit & loss
accounts, reports of the Board of Directors and Auditors of the subsidiary companies have
not been attached with the balance sheet of the Company. Annual accounts of the subsidiary
companies and the related detailed information shall be made available to shareholders of
the Company and subsidiary companies seeking such information at any point of time. The
annual accounts of the subsidiary companies shall also be available for inspection by any
shareholder at the head office of the Company and of the subsidiary companies. Hard copy
of details of accounts of subsidiaries shall be furnished to any shareholder on demand.
Further, pursuant to Accounting Standard 21 issued by the Institute of Chartered
Accountants of India, consolidated financial statements presented by the Company include
the financial information of its subsidiaries.
HUMAN RESOURCES DEVELOPMENT
People are the assets and have been instrumental in driving the Companys
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
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
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
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.
CORPORATE SOCIAL RESPONSIBILITY (CSR) COMMITTEE
The Company constituted a CSR committee with Mr. R.C. Bhargava as its Chairman and Mr.
Kenichi Ayukawa and Mr. R.P. Singh as its members. Mr. R.C. Bhargava is
Non-Executive Chairman and Mr. R.P. Singh is an Independent Director.
INTERNAL COMPLAINTS COMMITTEE (ANTI-SEXUAL HARASSMENT POLICY)
During the period under review, no complaints were received by the Internal Complaints
Committee established under the Anti-Sexual Harassment Policy of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956, your Directors confirm:
that there were no material departures in the applicable accounting standards followed
while preparing the annual accounts; having selected such accounting policies and applied
them consistently and made judgments and estimates that are reasonable and prudent so as
to give a true and fair view of the state of affairs of the Company at the end of the
financial year and of the profit of the Company for that period; having taken proper and
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.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
A statement giving details of conservation of energy, technology absorption, foreign
exchange earnings and outgo in accordance with the Companies (Disclosure of Particulars in
the Report of Board of Directors) Rules, 1988 is annexed as Annexure A.
As required by the provisions of section 217(2A) of the Companies Act,
1956, read with the Companies (Particulars of Employees) Rules, 1975, as amended, the
names and other particulars of the employees are set out in Annexure B to the
Directors Report. However, as per the provisions of section 219(1)(b)(iv) of the
Companies Act, 1956, the annual report is being sent to all the shareholders of the
Company excluding the aforesaid information. Any shareholder interested in obtaining such
particulars may write to the Company Secretary at the registered office of the Company.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with the Accounting Standard 21 on Consolidated Financial
Statements read with Accounting Standard 23 on Accounting for Investments in
Associates in and Accounting Standard - 27 on Financial Reporting of Interest in Joint
Ventures, the audited consolidated financial statements are provided in the annual report.
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
|Managing Director & CEO
|21st May 2014
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.
A. ENERGY CONSERVATION
The Company continued its energy conservation drive with main focus on reducing energy
cost and improving efficiency through adoption of new technology and optimisation of
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
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
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
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
B. RESEARCH & DEVELOPMENT (R & D)
The Companys 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
Companys R & D has reached to 1300. The focus in 2013-14 was:
To improve the Companys 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 Companys 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
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, features 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
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 Companys 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 Companys 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 Companys 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
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 Companys R & D in 2013-14.
12 industrial designs were granted to the Companys R & D in 2013-14.
3. Future plan of action
The Companys 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.
C. TECHNOLOGY ABSORPTION, ADAPTATION AND INNOVATION
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
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
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
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 Indias first passenger car with two-pedal auto
gear shift technology in Celerio. The Companys 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
|B Net Revenue Expenditure
|Total R&D expenditure as a percentage of total income
D. FOREIGN EXCHANGE EARNINGS & OUTGO (ACCRUAL BASIS)
|Foreign Exchange Used: Equivalent
|Raw materials and components
|Dies & Moulds, Maintenance Spares & Other items
|Royalty, Interest, dividend and Others
|Foreign Exchange Earned: Equivalent
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 Companys 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
|For and on behalf of the Board of Directors
|Managing Director & CEO
|21st May 2014