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Company Information

Home » Market » Company Information

Maruti Suzuki India Ltd.

Sep 23, 02:31
6848.35 +19.80 (+ 0.29 %)
 
VOLUME : 140407
Prev. Close 6828.55
Open Price 6855.20
TODAY'S LOW / HIGH
6821.10
 
 
 
6875.35
Bid PRICE (QTY.) 6845.15 (12)
Offer PRICE (Qty.) 6849.95 (8)
52 WK LOW / HIGH
6273.70
 
 
 
8400.00
Sep 23, 02:19
6849.90 +18.90 (+ 0.28 %)
 
VOLUME : 313973
Prev. Close 6831.00
Open Price 6868.00
TODAY'S LOW / HIGH
6821.00
 
 
 
6879.90
Bid PRICE (QTY.) 6848.20 (1)
Offer PRICE (Qty.) 6849.90 (93)
52 WK LOW / HIGH
6270.15
 
 
 
8329.00
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Market Cap. ( ₹ ) 206921.82 Cr. P/BV 3.94 Book Value ( ₹ ) 1,737.97
52 Week High/Low ( ₹ ) 8329/6270 FV/ML 5/1 P/E(X) 47.14
Bookclosure 24/08/2021 TTM EPS ( ₹ ) 169.90 Div Yield (%) 0.66
AUDITOR'S REPORT
You can view full text of the latest Director's Report for the company.
Year End :2021-03 

Sr. No. Key Audit Matter

Auditor’s Response

1 Evaluation of uncertain tax positions relating to Income taxes and Excise duty

The Company has material uncertain tax positions including matters under disputes relating to Income taxes. Further, the Company has matters under litigation relating to Excise duty. These matters involve significant management judgement to determine the possible outcome of disputes.

Refer note 2.4 and 37 (i) and (iii) of the financial statements.

Principal audit procedures performed:

a) We evaluated the design and implementation of internal controls and tested the operating effectiveness of controls for estimation of the amount of financial impact and outcome of Income Tax and Excise duty litigations and claims and consequent recording /disclosure in the financial statements.

b) We obtained details of Income tax and Excise duty assessment orders and management’s evaluation of those assessment orders and performed the following procedures :

- We verified the arithmetical accuracy of the computation prepared by management based on Income Tax and Excise Orders received to determine the financial impact of the matters under dispute and consequent recording/disclosure in the financial statements.

- We involved our tax specialists to challenge the management’s underlying assumptions in estimating the financial impact and the possible outcome of the litigations and disputes after considering the legal precedence and other rulings.

c) We assessed the accounting principles applied by the Company to measure and disclose the financial impact of these litigations in accordance with the Indian Accounting Standards, applicable regulatory financial reporting framework and other accounting principles generally accepted in India

To The Members of Maruti Suzuki India Limited

Report on the Audit of the Standalone Financial Statements

Opinion

We have audited the accompanying standalone financial statements of Maruti Suzuki India Limited (“the Company”), which comprise the Balance Sheet as at 31 March, 2021, and the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 (“the Act”) in the manner so required and give a true and fair view in conformity with the [Indian Accounting Standards prescribed under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended, (“Ind AS”) and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March, 2021, and its profit total comprehensive income, its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit of the standalone financial statements in accordance with the Standards on Auditing specified under section 143(10) of the Act (SAs). Our responsibilities under those Standards are further described in the Auditor’s Responsibility for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (ICAI) together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of the Act and the Rules made thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matters described below to be the key audit matters to be communicated in our report.

Information Other than the Financial Statements and Auditor’s Report Thereon

The Company’s Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Board’s Report including Annexures to Board’s Report and Corporate Governance Report, but does not include standalone financial statements and our auditor’s report thereon.

• Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon

• In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained during the course of our audit or otherwise appears to be materially misstated.

• If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in section 134(5) of the Act with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the Ind AS and other accounting principles generally accepted in India. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor’s Responsibility for the Audit of the Standalone Financial Statements

Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial statements.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal financial control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls system in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the standalone financial statements that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the standalone financial statements may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the standalone financial statements.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act, based on our audit,

we report that:

a. We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.

b. I n our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books.

c. The Balance Sheet, the Statement of Profit and Loss including Other Comprehensive Income, the Cash Flow Statement and Statement of Changes in Equity dealt with by this Report are in agreement with the relevant books of account.

d. I n our opinion, the aforesaid standalone financial statements comply with the Ind AS specified under Section 133 of the Act.

e. On the basis of the written representations received from the directors as on 31 March, 2021 taken on record by the Board of Directors, none of the directors

is disqualified as on 31 March, 2021 from being appointed as a director in terms of Section 164(2) of the Act.

f. With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s internal financial controls over financial reporting.

g. With respect to the other matters to be included in the Auditor’s Report in accordance with the requirements of section 197(16) of the Act, as amended,

I n our opinion and to the best of our information and according to the explanations given to us, the remuneration paid by the Company to its directors during the year is in accordance with the provisions of section 197 of the Act.

h. With respect to the other matters to be included in the Auditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended in our opinion and to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financial position in its standalone financial statements - Refer to note 37 to standalone financial statements;

ii. The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, on longterm contracts including derivative contracts;

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company. Refer to Note 16 to the standalone financial statements.

!. As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we give in “Annexure B” a statement on the matters specified in paragraphs 3 and 4 of the Order.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

Jitendra Agarwal

(Partner)

>lace: New Delhi (Membership No. 87104)

late: 27 April 2021 (UDIN: 21087104AAAACO8007)

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, to the best of our information and according to the explanations given to us, the Company has, in all material respects, an adequate internal financial controls system over

financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2021, based on “the criteria for internal financial control over financial reporting established by the respective Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India”.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

Jitendra Agarwal

(Partner)

Place: New Delhi (Membership No. 87104)

Date: 27 April 2021 (UDIN: 21087104AAAACO8007)

Annexure B to the Independent Auditor’s Report

(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

(i) (a) The Company has maintained proper records showing

full particulars, including quantitative details and situation of property, plant and equipment.

(b) The property, plant and equipment except furniture and fixtures, office appliances and certain other property, plant and equipment having a carrying value of ' 4,136 million, were physically verified during the year by the Management in accordance with a regular programme of verification which, in our opinion, provides for physical verification of the property, plant and equipment at reasonable intervals. According to the information and explanation given to us, no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and the records examined by us and based on the examination of the registered sale deeds / transfer deeds / conveyance deeds provided to us, we report that, the title deeds, comprising all the immovable properties of land and buildings shown as Property, plant and equipment are held in the name of the Company as at the balance sheet date, except the following:

Particulars of buildings

Amount as on

31-03-2021 (' in million)

Remarks

4 residential flats located in Mundra Port

9.80

Title deeds are yet to be executed pending finalisation of disputes regarding title of property.

3 residential flats in Ranchi

10.53

Title deeds are yet to be executed pending finalisation of disputes regarding title of property.

109.77 acres Land at Gujarat

281.00

Land parcels under possession by the Company under litigation / title disputes

(ii) As explained to us, the inventories were physically verified during the year by the management at reasonable intervals other than for stock lying with third parties, loose tools and machinery spares and goods in transit. Confirmations were obtained by management for stock lying with third parties. The discrepancies noted on physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

ii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured, to Companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act, 2013.

v) In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of Sections 185 and 186 of the Companies Act, 2013 in respect of grant of loans, making investments and providing guarantees and securities, as applicable.

/) According to the information and explanations given to us, the Company has not accepted any deposit during the year in terms of the provisions of Sections 73 to 76 or any other relevant provisions of the Companies Act, 2013.

/i) Other than for “Manufacturing of Engines” and “Generation of Power”, the maintenance of cost records has not been specified by the Central Government under section 148(1) of the Companies Act, 2013. We have broadly reviewed the cost records maintained by the Company pursuant to the Companies (Cost Records and Audit) Rules, 2014, as amended prescribed by the Central Government under subsection (1) of Section 148 of the Companies Act, 2013, and are of the opinion that, prima facie, the prescribed cost records have been made and maintained. We have, however, not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.

/ii) According to the information and explanations given to us, in respect of statutory dues:

(a) The Company has generally been regular in depositing undisputed statutory dues, including Provident Fund, Employees’ State Insurance, Income-tax, Customs Duty, Goods and Services Tax, cess and other material statutory dues applicable to it to the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund, , Employees’ State Insurance, Income-tax, Customs Duty, Goods and Services Tax, cess and other material statutory dues in arrears as at 31 March, 2021 for a period of more than six months from the date they became payable.

Details of dues of Income-tax, Wealth Tax, Sales Tax, Service Tax, Customs Duty and Excise Duty which have not been deposited as on 31 March, 2021 on account of disputes are given below:

Name of the Statute

Nature of the Dues

Forum where Dispute is pending

Period to which the amount relates (Financial year)

Amount (' in million)*

Amount unpaid (' in million)

Income Tax Act, 1961

Income Tax

High Court

1991-92, 1994-95 to 1995-96, 1997-98, 2003-04 to 2004-05, 2007-08

903

-

Income Tax Appellate Tribunal (ITAT) 2002-03, 2008-09 to 2014-15

70,955

64,876

Up to Commissioner (Appeals)

2006-07

32

32

Wealth tax Act, 1957

Wealth tax

High Court

1996-97-1997-98

1

-

The Central Excise Act, 1944

Excise Duty

Customs, Excise & Service Tax Appellate Tribunal (CESTAT)

2002-03 to 2017-18

15,834

13,659

Commissioner (Appeals)

1987-90, 2006-07, 2010-11, 2013-14 to 2017-18

62

61

The Finance Act, 1994

Service Tax

Customs, Excise & Service Tax Appellate Tribunal (CESTAT)

2006-07 to 2016-17

4,321

4,230

Commissioner (Appeals)

2017-18

32

32

Customs Act, 1962

Customs Duty

Commissioner (Appeals)

2012-13 to 2020-21

162

162

Sales Tax Laws

Haryana General Sales Tax Act

Assessing Authority, Gurugram by Sales Tax Tribunal.

1983-84 to 1984-85, 1987-88, 2016-17

24

23

Central sales tax(Gujarat)

Appeal pending with Dy Commissioner (appeal)

2012-13 to 2013-14

6

6

Goods and service tax

Goods and service tax

Appellate Authority

2019-20

10

10

*amount as per demand orders including interest and penalty wherever quantified in the Order.

The following matters have been decided in favour of the Company, but department has preferred appeals before higher authorities.

Name of the Statute

Nature of the Dues

Forum where Dispute is pending

Period to which the amount relates (Financial year)

Amount (' in million)#

Amount unpaid (' in million)

Income Tax Act, 1961

Income Tax

Supreme Court

1992-93 to 2000-01,2003-04 to 2005-06

5,904

5,904

High Court

1996-97 to 1999-00,

2003-04 to 2004-05, 2006-07 to 2008-09

7,725

7,725

Income Tax Appellate Tribunal (ITAT) 2002-03, 2010-11

5,641

5,641

The Central Excise

Excise Duty

Supreme Court

2006-07 to 2008-09

395

395

Act, 1944

High court

1990-91,1993-94

517

517

Customs, Excise & Service Tax Appellate Tribunal (CESTAT)

2006-07 to 2015-16

222

222

The Finance Act,

Service Tax

Supreme Court

2003-04 to 2012-13

256

256

1994

CESTAT

2004-05 to 2010-11

17

17

# amount as per demand orders including interest and penalty wherever quantified in the Order.

(viii) In our opinion and according to the information and

explanations given to us, the Company has not defaulted in the repayment of loans or borrowings to banks. The Company has neither taken any loans or borrowings from financial institutions or Government nor issued any debentures during the year. (

(ix) The Company has not raised moneys by way of initial public

offer or further public offer (including debt instruments) or term loans and hence reporting under clause (ix) of the Order is not applicable. (

(x) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company by its officers or employees has been noticed or reported during the year.

(

(xi) In our opinion and according to the information and explanations given to us, the Company has paid / provided managerial remuneration in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act, 2013.

(xii) The Company is not a Nidhi Company and hence reporting under clause (xii) of the Order is not applicable.

(xiii) In our opinion and according to the information and explanations given to us, the Company is in compliance with Section 177 and 188 of the Companies Act, 2013, for D

all transactions with the related parties and the details of related party transactions have been disclosed in the standalone financial statements as required by the applicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures and hence reporting under clause

(xiv) of the Order is not applicable to the Company.

xv) In our opinion and according to the information and explanations given to us, during the year the Company has not entered into any non-cash transactions with its directors or directors of its holding, subsidiary or associate company or persons connected with them and hence provisions of section 192 of the Companies Act, 2013 are not applicable.

xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm’s Registration No. 117366W/W-100018)

Jitendra Agarwal

(Partner)

’lace: New Delhi (Membership No. 87104)

)ate: 27 April 2021 (UDIN: 21087104AAAACO8007)