BAJAJ AUTO LIMITED
ANNUAL REPORT 2010-2011
DIRECTOR'S REPORT
Introduction:
The directors present their fourth annual report and the audited statements
of accounts for the year ended 31 March, 2011.
The highlights are as under:
Units in Numbers 2011 2010
Two-wheelers 3,387,070 2,511,643
Three wheelers 436,884 340,937
Total 3,823,954 2,852,580
Of which Exports 1,203,718 891,002
Financials
Rs. In Crore
2011 2010
Net sales & other income 16,974.74 12,043.48
Gross profit before exceptional items,
interest & depreciation 3,750.73 2,715.06
Interest 1.69 5.98
Depreciation 122.84 136.45
Gross Profit before Exceptional Items 3,626.20 2,572.63
Exceptional items:
Surplus on pre-payment of sales tax
deferral liability/loan 826.82 -
Provision for diminution in value of
investment in PT. Bajaj Auto Indonesia (102.27) -
VRS compensation - (183.30)
Valuation losses of derivative
hedging instruments - 21.80
Profit before tax 4,350.75 2,411.13
Provision for tax 1,011.02 707.50
Profit for the year 3,339.73 1,703.63
Add: Balance brought forward from previous year 854.99 -
Profit available for Appropriation 4,194.72 1,700.11
Transfer to General Reserve 334.00 170.27
Proposed dividend (inclusive of dividend tax) 1,345.24 674.85
Balance carried to Balance Sheet 2,515.48 854.99
Earnings per share (Rs.) 115.4 58.8
Bonus Shares:
Pursuant to the approval of the members of the company through postal
ballot on 31 August 2010, the company issued and allotted Bonus share(s) of
Rs. 10 each in the ratio of one bonus share for every one existing equity
share held as on 10 September 2010 i.e. the record date fixed for the
purpose. Consequently, the paid-up capital of the company went up from
Rs.144.68 crore to Rs. 289.37 crore during the year under review.
Dividend:
The directors recommend for consideration of the shareholders at the
ensuing annual general meeting, payment of a dividend of Rs. 40 per share,
(400 per cent) for the year ended 31 March 2011 on the enhanced capital
after the bonus issue made in the ratio of 1:1 during the year under
review. The amount of dividend and the tax thereon aggregate to Rs.1,345.24
crore.
Dividend paid for the year ended 31 March 2010 was Rs. 40 per share (400
per cent). The amount of dividend and the tax thereon aggregated to
Rs.674.85 crore.
Operations:
The operations of the company are elaborated in the annexed Management
Discussion and Analysis Report.
Capacity expansion & New Projects:
The company plans to maintain the capacity of two and three-wheelers at the
current level of 5,040,000 numbers per annum during the year ending 31
March 2012.
The 4 wheel vehicle development work is under progress and commercial
launch of the first product from this platform is scheduled for 2012.
Research & development and technology absorption:
During the year under review, your company continued to invest
substantially in R & D facilities, resulting in the enhancement of its
infrastructure for design, prototyping & testing. R&D continued to work on
improving its operations in a number of areas during the year as stated
below:
* Manpower
* Facilities
* Technology
* Total Productivity Management (TPM)
Important products, which demonstrated the technical prowess of the company
launched during the year under review, were as under:
Avenger 220 DTS-i
KTM Duke 125
Discover 150
Discover 125
Your company continues to focus on expanding its design and testing teams,
which has enabled it to make the new generation products.
The developments in this area are set out in greater detail in the annexed
Management Discussion and Analysis Report.
The expenditure on research and development during 2010-11 and in the
previous year was:
Rs. In Crore
2011 2010
i. Capital
(Including technical know-how) 11.65 31.23
ii. Recurring 112.95 103.53
Total 124.60 134.76
iii. Total research and development expenditure
as a percentage of sales, net of excise duty 0.78% 1.17%
Conservation of energy:
As a part of continuing efforts to conserve various resources, following
steps were taken to conserve energy in plants situated at various
locations:
* Electrical energy saving was achieved by replacing conventional lamps
with Light Emitting Diode (LED) street lights and LED mid-bay lamps;
installation of portable as well as auto load/unload compressors in various
shops, installation of transparent roof sheets for optimum utilisation of
natural lights; Installation of fan-less cooling towers for compressor
house;
* Water saving was achieved by usage of recycled water, drip
irrigation/sprinkler system for gardening, revising water change frequency
of paint booth water circulation system; regulating pump on-off timing
through timers and replacement of old underground water pipes by above-
ground pipes to avoid wastage of water due to leakage; installation of time
controlled auto system for water pumping in shops; Use of treated water for
construction at Pantnagar plant;
* Liquified petroleum gas (LPG)/propane saving was achieved by reduction in
number of initial heat up occurrences from two to one for continuous gas
carburising (CGC) furnace; installation of waste heat recovery system for
pre-heating of combustion air in paint shop; reduction in hot water
temperature for pre-treatment process; use of reflective coating inside
furnaces for better heat retention;
* Major initiatives in utilization of renewable energy were taken by use of
solar water heating system for shops, canteens etc; installation of natural
air exhaust (turbo Ventilators) in shops.
Impact of measures taken:
As a result of the initiatives taken for conservation of energy and natural
resources, the company has effected an overall reduction in consumption as
under:-
Reduction achieved in
2011 (%) 2010 (%)
Electrical energy 14.31 17.45
Water 13.33 26.96
LPG 14.40 12.37
Investment/savings:
Investment for energy conservation activities Rs. 0.84 crore
Saving achieved through above activities Rs. 1.12 crore
International Business:
Bajaj Auto maintained its stellar growth in exports and continued to be
India's largest exporter of two and three-wheelers. During 2011, the
company exported 1,203,718 vehicles, achieving a growth of 35% over the
previous year. In 2011, total exports amounted to Rs. 4,552 crore (US$
974.6 Million).
More details of International Business are set out in the annexed
Management Discussion & Analysis report.
Foreign exchange earning & outgo:
The company continued to be a net foreign exchange earner during the year.
Total foreign exchange earned by the company during the year under review
was Rs. 4,564.78 crore, compared to Rs. 3,268.95 crore during the previous
year.
Total foreign exchange outflow during the year under review was Rs. 844.50
crore as against Rs. 461.61 crore during the previous year.
The above outflow includes an investment of Rs. 210.08 crore (Previous
Year; Rs. 1.60 crore) made in its 100% subsidiary, Bajaj Auto International
Holdings BV. Netherlands for increasing its stake in KTM Power Sports AG
from 31.92% to 39.26%.
Industrial relations:
Industrial Relations with staff and workmen across the plants at Akurdi,
Waluj, Chakan and Pantnagar continued to be cordial.
The wage settlements dated 21 May 2010 and 20 August 2010 were signed in
conciliation between the management and Vishwa Kalyan Kamgar Sanghtana for
BAL Chakan and BAL Akurdi respectively. Also the wage settlement dated 1
March 2011 was signed in conciliation between the management and Bajaj Auto
Ltd. Employees Union for BAL Waluj.
Three workmen of BAL Waluj, Aurangabad received the Prime Minister Shram
Award at the hands of Prime Minister of India, on 15 September 2010.
Subsidiaries:
PT. Bajaj Auto Indonesia (PT BAI) is a majority shareholding (98.94%)
subsidiary of Bajaj Auto Limited. The subsidiary assembles and markets
Pulsars in Indonesia.
The past year had recorded a significant growth in volumes compared to last
year. The growth was led by the Light Sports Pulsar 135. Indonesia, being a
light weight high acceleration step-through market (bebek), Pulsar 135 LS
is positioned competitively to upgrade from bebek for the thrill seeking
youngsters. The product is well received by the customers and continued to
do well. So far, there are more than 50,000 satisfied customers, owning
Bajaj motorcycles in Indonesia.
Product portfolio will be expanded under Pulsar brand with Pulsar 220 in
the first quarter of 2011-12.
During the year under review, sales and service showrooms were expanded to
cover 3 additional provinces. The company plans to increase the number of
sales & service show rooms from 84 Nos. to 130 Nos. in the current year.
In an effort to bring down the customs duty liability, the subsidiary has
localised some of the assembly operations. It would continue to pursue the
localisation of sub-assemblies further in 2011-12. Custom duty rates for
SKD and CKD operations have been reduced by 5% from December 2010 by Govt.
of Indonesia.
With the addition of Pulsar 135 & Pulsar 220 to the model lineup and with
increased local sub-assembly operations, the subsidiary would be in a
position to reduce its losses in 2011-12.
Notwithstanding what is stated above, considering the continuing losses and
longer gestation period, the company has assessed the carrying value of
investments made in PT. Bajaj Auto Indonesia and determined an amount of
Rs. 102.27 crore at present as a diminution in the value of investment and
has accordingly made a provision of the said amount.
Bajaj Auto International Holdings BV, Netherlands (BAIHBV):
During the year under review, BAIHBV invested further Rs. 32 million to
increase its stake in KTM Power Sports AG (KTM PS) to 39.26%.
The first product KTM Duke 125cc went into production on 7 March 2011. This
product stands testimony to Bajaj Auto's design, development and production
engineering skills.
KTM Duke 125cc has been extensively tested by European Auto Magazine and
has had rave reviews. The product has been launched in Europe in April
2011.
KTM 200 from this platform is under development.
Signing for Anti-corruption Initiative of World Economic Forum (WEF):
In support of the initiative taken by WEF with a view to strengthening the
efforts to counter bribery and corruption, your company has now become a
signatory to the 'Commitment to anti-corruption' and has also decided to
support the 'Partnering Against Corruption-Principles for Countering
Bribery' derived from Transparency International's Business Principles.
This calls for a commitment to two fundamental actions viz. a zero-
tolerance policy towards bribery and development of practical and effective
implementation program.
Approval of Shareholders for Payment of commission:
Directors seek your approval by way of a special resolution for payment of
commission to non-executive directors of a sum not exceeding 1% of the net
profits of the Company for a further five years term from 1 April 2011 to
31 March 2016, subject to applicable provisions of the Companies Act, 1956.
Earlier such approval has expired on 31 March 2011.
Corporate social responsibility:
During the year 2010-11, Bajaj Auto continued its Affirmative Action Plan &
Corporate Social Responsibility initiatives in various fields. Activities
in this area are set out in greater detail in the annexed CSR Report.
Directors:
Nanoo Pamnani, Manish Kejriwal, P Murari and Niraj Bajaj retire from the
board by rotation this year and being eligible, offer themselves for re-
appointment.
Directors' responsibility statement:
As required by sub-section (2AA) of section 217 of the Companies Act, 1956,
directors state:
* That in the preparation of annual accounts, the applicable accounting
standards have been followed along with proper explanation relating to
material departures.
* That the directors have 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.
* That the directors have 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
* That the annual accounts have been prepared on a going concern basis.
Consolidated financial statements:
The directors also present the audited consolidated financial statements
incorporating the duly audited financial statements of the subsidiaries,
viz. PT. Bajaj Auto Indonesia and Bajaj Auto International Holdings BV.
Netherlands and as prepared in compliance with the accounting standards and
listing agreement as prescribed by SEBI.
Information in aggregate for each subsidiary company is disclosed
separately in the consolidated balance sheet.
Statutory disclosures:
Ministry of Corporate Affairs (MCA) vide Circular No. 51/12/2007-CL-III
dated 8 February 2011 has given general exemption with regard to attaching
of the balance sheet, profit and loss account and other documents of its
subsidiary companies subject to fulfillment of conditions mentioned
therein. Prior to the issue of this Circular, the company had applied for
exemption under Section 212(8) of the Companies Act, 1956. In response, the
company received a communication from MCA mentioning about the
applicability of this general exemption and that further no exemption would
be necessary. The company has fulfilled all the necessary conditions in
this regard. The summary of the key financials of the company's
subsidiaries is included in this annual report.
The annual accounts of the subsidiary companies and the related detailed
information will be made available to the members of the company and its
subsidiary companies, seeking such information at any point of time. The
annual accounts of the subsidiary companies will be kept for inspection by
any member of the company at its registered office and also at the
registered office of the concerned subsidiary company.
As required under the provisions of sub-section (2A) of section 217 of the
Companies Act, 1956 read with the Companies (Particulars of Employees)
Rules 1975 as amended, particulars of the employees are set out in an
Annexure to the directors report. As per provisions of section 219(1)(b)
(iv) of the said Act, these particulars will be made available to any
shareholder on request.
Particulars regarding technology absorption, conservation of energy and
foreign exchange earning and outgo required under section 217(1)(e) of the
Companies Act, 1956 and Companies (Disclosure of Particulars in the report
of board of directors) Rules, 1988 have been given in preceding paragraphs.
Directors' Responsibility Statement as required by section 217(2AA) of the
Companies Act, 1956 appears in a preceding paragraph.
Certificate from auditors of the company regarding compliance of conditions
of corporate governance is annexed to this report as Annexure 1.
A cash flow statement for the year 2010-11 is attached to the balance
sheet.
Corporate governance:
Pursuant to clause 49 of the listing agreement with stock exchanges, a
separate section titled 'Corporate Governance' has been included in this
annual report, along with the reports on Management Discussion and Analysis
and General Shareholder Information.
All board members and senior management personnel have affirmed compliance
with the code of conduct for the year 2010-11. A declaration to this effect
signed by the Chief Executive Officer (CEO) of the company is contained in
this annual report.
The CEO and Chief Financial Officer (CFO) have certified to the board with
regard to the financial statements and other matters as specified in clause
49 of the listing agreement and the said certificate is contained in this
annual report.
Secretarial standards of ICSI:
Secretarial standards issued by the Institute of Company Secretaries of
India (ICSI) from time to time are currently recommendatory in nature. Your
company is, however, complying with the same.
Group:
Pursuant to an intimation from the Promoters, the names of the Promoters
and entities comprising 'Group' as defined under the Monopolies and
Restrictive Trade Practices ('MRTP') Act, 1969 are disclosed in the Annual
Report for the purpose of Regulation 3(1)(e) of the SEBI (Substantial
Acquisition of Shares and Takeovers) Regulations, 1997.
Auditors' report:
The observations made in the Auditors' Report, read together with the
relevant notes thereon are self-explanatory and hence, do not call for any
comments under section 217 of the Companies Act, 1956.
Auditors:
The members are requested to appoint Messers Dalal & Shah, Chartered
Accountants, as auditors for the period from the conclusion of the ensuing
annual general meeting till the conclusion of the next annual general
meeting and to fix their remuneration.
Mr A P Raman, cost accountant, Pune has been appointed as cost auditor to
conduct the said audit for the year 2011-12, and the government approval in
this regard has been received.
On behalf of the board of directors
Rahul Bajaj
Chairman
Date: 18 May, 2011.
MANAGEMENT DISCUSSION AND ANALYSIS
As in the previous year, Bajaj Auto Limited ('Bajaj Auto', 'BAL' or 'the
Company') did much better than the industry as a whole. In FY2011, it sold
over 3.38 million motorcycles; grew volumes by more than 35%; increased
market shares; and earned the highest EBITDA margin in the industry.
As stated in the previous year's Management Discussion and Analysis, the
Company's excellent operational and financial performance is not just due
to the robust growth in motorcycle demand in India. There is more to the
Company's performance than the rising tide. It has to do with Bajaj Auto's
execution of a brand-centred strategy, which was outlined in last year's
annual report. It bears repetition.
The strategy consists of a proper alignment of the 'front end' and the
'back end'. The 'front end' is driven by a proposition that while products
may generate market share, it is brands that provide pricing power and
create higher profits. Over the last two years, Bajaj Auto has focused on
positioning its motorcycle brands in what it calls the Commuter Standard,
the Commuter Deluxe and the Sports categories-and has driven marketing as
well as sales through this positioning.
This is supported by a strong 'back end'. Consisting of R&D, quality,
production efficiency, logistics and throughput, these efforts are guided
by The Prime Mover of Excellence, or TPM in Bajaj Auto's vocabulary.
FY2010 saw the coming together of the front end and the back end, which
delivered even better results in FY2011. This alignment has led to Bajaj
Auto growing faster than the market, gaining market share and, more
importantly, earning the highest operating profit rate in the industry.
Markets:
Motorcycles:
There has been a steady growth of motorcycle sales, as Chart D clearly
shows.
As Chart D shows, from 6.54 million units in FY2008, motorcycle sales rose
marginally by 4% in FY2009, and then grew at a much faster rate of 24%,
becoming a 10.5 million market size in FY2011. Motorcycles now account for
nearly 79% of two-wheeler sales. Given this milieu of growth, how has Bajaj
Auto performedRs. Table 1 gives the data for the last six years.
Table 1: Bajaj Auto's Sales of Motorcycles (Domestic+Exports)
Year ended Market Market BAL BAL's BAL's
31 March (nos.) growth (nos.) growth market
share
2006 6,200,749 18.8% 1,912,306 31.9% 30.8%
2007 7,099,551 14.5% 2,379,499 24.4% 33.5%
2008 6,544,482 -7.8% 2,139,783 -10.1% 32.7%
2009 6,806,114 4.0% 1,907,853 -10.8% 28.0%
2010 8,444,243 24.1% 2,506,791 31.4% 29.7%
2011 10,500,073 24.3% 3,387,043 35.1% 32.3%
Note:
'Market' refers to domestic plus export sale of motorcycles of all
manufacturers in India. Source: SIAM & Company data.
The Company sold almost 3.39 million motorcycles in India and elsewhere. In
the process, Bajaj Auto grew its sales by 35.1%-or 10.8 percentage points
above the market as a whole.
The reason why Bajaj Auto has grown faster than the market has much to do
with its brands and products getting in close synch with the preference of
consumers, both in India and the global markets where it operates.
The last few years have seen distinctive changes in what the domestic
consumers want out of motorcycles. This can be understood by examining the
data according to the three product segments:
Commuter STD:
Chart E shows that for the industry as a whole, the share of Commuter STD
motorcycles has fallen from 43% of the market in FY2006 to 17% in FY2011.
The category comprises low pricing power, low margins and low profit
products. While Bajaj Auto will continue to play in this market with
appropriate products, it is also true that there is more brand premium to
be harvested through higher profits by being a significant player or leader
in the other two categories.
Commuter DLX:
This category constitutes the major chunk of India's motorcycle market and
is steadily growing every year. Chart F plots the data. From a relatively
high base of 48% in FY2006, the segment has grown to 65% in FY2011.
In FY2006, the Consumer DLX segment accounted for 25% of the total number
of motorcycles sold by the Company. By FY2011, it had risen to 51% on a
sharply increasing base. This has been due to the success of Discover DTS-
Si.
During FY2011, Bajaj Auto domestically sold over 1.2 million motorcycles
belonging to the Discover range-Discover 100 and the Discover 150-which
represented a growth of 73% over 713,000 units sold in FY2010. Discover is
now India's fastest growing motorbike. With the launch of the new Discover
125 in March 2011, the Company expects to further strengthen its growing
presence in this profitable segment.
Sports:
This segment is growing rapidly. In FY2006, it's share of total domestic
motorcycle sales was 9%. Within five years, this category's market share
has risen to 18% in FY2011.
With its immensely popular Pulsars, Bajaj Auto has not only grown faster
than the market, but also is the clear market leader in this category.
Chart G plots the data. It shows that while the share of Sports bikes for
the industry as a whole has increased from 9% in FY2006 to 18% in FY2011,
that of Bajaj Auto's has risen from 21% of total domestic sales to 33% over
the same period.
In FY2010, the Company domestically sold over 559,000 motorcycles in the
Sports category. This has grown by 42% to almost 796,000 units in FY2011 of
which Pulsars alone accounted for over 771,000 units.
As Chart H shows, through Discover and Pulsar, Bajaj Auto has successfully
transited from the low profit Commuter STD segment in favour of the two
better brand positioned and higher profit segments-the Commuter DLX and
Sports.
In addition to products, branding and the 'back-end', the Company has
significantly strengthened its dealer network. In FY2011, Bajaj Auto
increased its dealerships by 159 to raise the total number of dealers to
589.
Three-Wheelers:
In FY2010, Bajaj Auto witnessed a revival in domestic sales. This has
continued in FY2011.
The year saw 28% growth in the number of Bajaj Auto three-wheelers sold-
from 340,937 in FY2010 to 436,884 units in FY2011. Domestic sales grew by
almost 17%, from 176,050 units in FY2010 to 205,603 units in FY2011.
The Company remains the leading three-wheeler player from India, accounting
for 55% of total sales among all Indian manufacturers of three-wheelers.
For the first time in its history, Bajaj Auto sold over 200,000 vehicles in
the domestic market. It continues to dominate the petrol and alternate fuel
passenger vehicles segment in India with a market share of 85%. Chart I
gives the data.
Exports:
Bajaj Auto maintained its excellent growth in exports, and continued to be
India's largest exporter of two and three-wheelers. During FY2011, the
Company exported 1,203,718 vehicles-representing a growth of 35% over the
previous year. Exports accounted for Rs. 4,552 crore (US$ 974.6 million),
which accounted for 28.5% of the Company's total net sales, as shown in
Chart J. Table 2 gives the data.
Table 2: Product-Wise Exports of Bajaj Auto:
Product 2010 2011 Growth
Motorcycles 725,023 972,437 34%
Other two-wheelers 1,092 - -
Three-Wheelers 164,887 231,281 40%
Total Vehicles 891,002 1,203,718 35%
Chart J reflects Bajaj Auto's success in the export market also. Sales from
exports have increased from Rs. 933 crore, contributing 12.5% of total net
sales in FY2006 to currently Rs. 4,552 crore, now contributing 28.5% of
total net sales.
* Africa remains a key focus area, with increased presence in Nigeria,
Uganda, Kenya and Angola.
* Sales in South Asia touched a new high. Peace-time Sri Lanka clocked
growth of 76% while Bangladesh grew at 34%.
* South East Asia was another bright spot. The Company's subsidiary in
Indonesia, PT BAI, grew volumes by 81% with sales of 21,586 units, largely
the Pulsar range.
* Latin America bounced back, with Colombia and Central America showing
major recovery. Overall growth in the region was 47%.
Operations:
Plants:
Bajaj Auto's operations at Waluj, Chakan and Pantnagar have optimised
resources and increased efficiency under TPM to raise productivity,
throughput and, hence, operating margins. Thanks to these initiatives, the
plants could produce significantly higher numbers of motorcycles and three-
wheelers without any major investments in capacity. Table 3 gives details
about what each plant produces, and its capacities.
Table 3: Plants-What These Produce and Their Capacities:
(in numbers)
Plant Produces 2010 2011
(as on 31 (as on 31
March 2010) March 2011
Waluj Boxer, Platina, Discover Motorcycles: Motorcycles:
and three-wheelers 1,500,000 1,500,000
Three-wheelers: Three-wheelers:
360,000 540,000
Waluj 1,860,000 2,040,000
Sub total
Chakan Pulsar, Avenger,
Ninja and KTM 1,200,000 1,200,000
Pantnagar Platina, Discover 1,200,000 1,800,000
Grand Total 4,260,000 5,040,000
The Pantnagar plant produced over 914,000 vehicles in FY2011, versus
578,000 during FY2010. It further augmented its capacity to meet future
demand as well as to optimise the tax benefits.
Waluj achieved a landmark production of 1.94 million motorcycles and three-
wheelers. The plant, which is also an export hub for Bajaj, has achieved a
target of exporting over a million vehicles in FY2011, out of a total
export of 1.2 million.
Chakan continues to leverage its top of the line core competencies in
developing and manufacturing high-end sports bikes. To establish BAL's
presence in European market, Chakan has begun regular production of the
first series of KTM bikes.
Research and Development (R & D):
R&D activities of Bajaj Auto can be categorised in terms of products and
processes.
Products:
* KTM Duke 125: Aimed primarily for European markets, this completely new
platform of engine and vehicle was co-designed by Bajaj and KTM. It is
powered by a high performance liquid cooled, electronic fuel injection
engine with a six-speed gear box. The vehicle is equipped with state-of-
the-art features like radial calipers for front disc brakes, inverted front
forks and cast aluminium swing arm.
* Avenger 220 DTS-i: The performance of the cruiser was improved with
application of a 220 cc DTS-i engine.
Simultaneously, the vehicle performance was enhanced with improved seat
comfort and through a new braking system.
* Discover 150: This is the flagship of the Discover family - a full size,
powerful motorcycle for commuters at an affordable price. The engine uses
DTS-i technology. The vehicle is equipped with disc brakes in the front,
and uses wider rear tyres.
* Discover 125: This is designed to provide the ideal optimum between the
power of the Discover 150 and the fuel economy of the Discover 100. It is
aimed at breaking down the resistance of the 100 cc customers to move up in
performance. The engine uses DTS-i technology, and the vehicle is equipped
with a front disc brake.
Subsidiaries:
Bajaj Auto International Holdings BV (BAIH BV):
A 100% Netherlands based subsidiary of Bajaj Auto (Bajaj Auto International
Holdings BV) was formed to focus on international ventures, including
possible acquisitions. In FY2008, BAIH BV invested Rs. 98.36 million to
acquire 24.45% equity stake in KTM Power Sports AG of Austria, Europe's
second largest sport motorcycle manufacture. As on date, total investment
in KTM was Rs. 153.71 million for a 39.71% ownership of BAIH BV.
The alliance with KTM needs elaborating. KTM is an outstanding brand whose
products use top class technology and have been the world's off-road racing
champions for the last eight years. The brands also have tremendous pricing
power. In other words, KTM has an excellent 'front-end'.
What they lack is the 'back-end'-the economies of scale to ramp up their
production. Bajaj Auto has that advantage. Therefore, it made sense to
combine the two and work together to produce common platforms for both KTM
and Pulsar bikes for key emerging markets.
The first platform-KTM Duke 125-was developed jointly with KTM and the
Company by Bajaj Auto's R&D team, and the product was manufactured at
Chakan. The first consignment was shipped in March 2011. It has been well
received, and will be supplied by Bajaj Auto for KTM world-wide in FY2012.
The same platform will be leveraged to manufacture higher powered
motorbikes for the upper end of the Indian market. This is expected towards
the end of FY2012.
KTM sold 85,543 motorcycles between September 2009 to December 2010
achieving a turnover of Rs. 591.38 million and recording a net profit of
Rs.13.96 million as against 64,080 motorcycles during September 2008 to
August 2009 recording a turnover of Rs. 454.62 million and a net loss of
Rs.81.43 million.
PT Bajaj Indonesia (PT BAI):
PT BAI was incorporated in FY2007 as a subsidiary in Indonesia with a share
capital of US$ 12.5 million. During FY2010, Bajaj Auto added further
capital by US$ 17 million, and so increasing its total stake to 98.9% in PT
BAI. Thus, total investment in PT BAI stands at US$ 29.5 million (Rs.137.82
crore).
The subsidiary assembles and markets Pulsars in Indonesia. It sold 21,586
motorcycles in FY2011 versus 11,954 in FY2010 - notching a growth of 81%.
Loss for FY2011 was down to Rs. 11.2 crore at the PBT level, compared to a
loss of Rs. 15.9 crore in FY2010.
Considering continuing losses and longer than anticipated gestation period,
Company has assessed the carrying value of investments made in PT BAI, and
has determined an impairment amount of Rs. 102.27 crore as a diminution in
the value of investment. Bajaj Auto has accordingly made a provision of
this amount, as an exceptional item.
Financials:
Table 4 gives the summarised profit and loss statement:
Rs. In Crore
2011 2010
Operations
Sales 12,118 16,932
Less: excise duty 609 934
Net sales 11,509 15,998
Other operating income 412 611
Total operating income 11,921 16,609
Cost of materials consumed,
net of expenditures capitalised 8,055 11,782
Share of material cost 67.6% 70.9%
Stores and tools 67 85
Share of stores and tools 0.6% 0.5%
Labour cost 399 477
Share of labour cost 3.4% 2.9%
Factory and administrative expenses 342 388
Share of factory and administrative expenses 2.9% 2.3%
Sales and after sales expenses 465 492
Share of sales and after sales expenses 3.9% 3.0%
Total expenditure 9,328 13,224
Operating profit 2,593 3,385
Operating profit as a share of total
operating income 21.7% 20.4%
Interest 6 2
Depreciation 136 123
Net operating profit 2,451 3,260
Non-operating income, net 122 366
Profit before exceptional items 2,573 3,626
Exceptional Items
Voluntary Retirement Scheme -183 -
Mark to market (-) loss/reversal 22 -
Surplus on pre-payment of sales tax
deferral liability/loan - 827
Provision for diminution in value
of investment in PT. Bajaj Auto Indonesia - -102
Profit before tax 2,412 4,351
Provision for tax 708 1,011
Profit after tax 1,704 3,340
Operating Working Capital and ROCE:
Despite a 39% increase in net sales to Rs. 15,998 crore in FY2011, Bajaj
Auto has succeeded in maintaining negative working capital at (-) Rs. 374
crore. Operating profit after interest and depreciation increased by 33%-
from Rs. 2,451 crore in FY2010 to Rs. 3,260 crore in FY2011. Company's pre-
tax return on operating capital stood at 259%. Table 5 gives the data.
Table 5: Return on Operating Capital:
Rs. In Crore
As at As at
31 March 2010 31 March 2011
Fixed assets 1,521 1,548
Capital Advances 79 80
Technical know-how - 4
Working capital (695) (374)
Total 905 1,258
Operating profit after interest
and depreciation 2,451 3,260
Pre-tax return on operating 271% 259%
capital employed
Sales tax deferral incentive/loan, to the extent eligible under Rule 84 of
the Maharashtra Value Added Tax Rules, 2005, has been prepaid during the
year at a discounted value of Rs. 368 crore thereby resulting in a surplus
of Rs. 827 crore. The said sum has been reflected as an exceptional item in
the Profit and Loss account and considered as a capital receipt.
Consolidation of Accounts and Segment Reporting:
Bajaj Auto has consolidated the financial statements of subsidiaries in
accordance with the relevant accounting standards issued by Institute of
Chartered Accountants of India. The summary of the consolidated profit and
loss account for FY2010 and FY2011 is given in Table 6 below.
Table 6: Segment Revenue and Segment Results:
Rs. In Crore
Segment Revenue 2010 2011
Automotive 11,974 16,642
Investment and others 123 366
Total 12,097 17,008
Segment Results:
Profit/(Loss) from each segment before tax 2010 2011
Automotive 2,185 4,100
Investment and others 123 366
Total 2,308 4,466
Less: Interest 7 2
Profit before tax 2,301 4,464
Cautionary Statement:
Statements in Management Discussion and Analysis describing the Company's
objectives, projections, estimates and expectations may be 'forward
looking' within the meaning of applicable laws and regulations. Actual
results might differ materially from those expressed or implied.
REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR):
The CSR activities of Bajaj Group are guided by the vision and philosophy
of its Founding Father, Shri Jamnalal Bajaj, who embodied the concept of
Trusteeship in business and laid the foundation for ethical, value-based
and transparent functioning.
The core elements of CSR activities include ethical functioning, respect
for all stake-holders, protection of human rights and care for the
environment.
The company and Bajaj Group generally implement the above initiatives
through its employees Welfare Funds and Group NGOs/Trusts/Charitable Bodies
operating at various locations in the country. It also enlists the help of
non-Group NGOs, Local Authorities, Business Associations, Social &
Philanthropic Organizations of repute and Civil Society, wherever deemed
necessary.
Some of the major initiatives continued during the year under review are
summarised below:-
A. By the Company:
Code of conduct and affirmative action:
Your company believes that its success is interlinked with the well-being
of all sections of the society and equal opportunity for all sections. The
company continues to ensure no discrimination of any type to socially
disadvantaged sections in the work place. During the year under review, the
company recruited 1410 new employees, of which 179 numbers (12.70%) belong
to weaker sections, in line with the affirmative action. At the end of the
previous year, this percentage was 7.14%.
Support to weaker sections for IIT JEE entrance:
Economically weaker, underprivileged children belonging to SC/ST category
are encouraged to avail financial assistance to undertake coaching for
Joint Entrance Examination to enable them to qualify for admission to
India's premier engineering education centre i.e. Indian Institute of
Technology.
Education:
Under Public Private Partnership, the company has undertaken to upgrade 3
Industrial Training Institutes (ITI)-two in Pune and one in Pantnagar.
During the year, one more ITI-at Aurangabad was added.
The company took actions to ensure better quality of output from the
Institutes and also followed up with concerned agencies for approval of
Institute Development Plan. For ITI Mulshi, the company transferred used
machinery (current selling price) of Rs. 34.05 lakh for better training and
job orientation. This ITI has relocated to a new premise. The company also
took actions to ensure better quality of output from the Institutes and
also followed up with the concerned agencies for approval of Institute
Development Plan for ITI Haveli. At Ramgarh in Pantnagar, the new structure
is ready and will be available for use in the current year.
Health:
Government of India-Ministry of Health and Family Welfare-National AIDS
Control Organization (NACO) and CII have initiated Public Private
Partnership (PPP) in order to provide better healthcare to AIDS patients.
From Aug 2008, the Bajaj YCMH ART Centre at YCM hospital has registered
5096 patients with 2707 cases for Anti Retroviral Therapy. This centre is a
benchmark for new centers and is the largest one run by industries. In view
of the increased patient flow, with the YCM hospital giving additional
space, your company expanded the facility further during the year by
providing the required infrastructure to handle increased ART patients.
Others:
Our Chakan plant employees organized a blood donation camp, in which 425
employees donated blood through Pimpri Serological Institute blood bank.
The company has been participating actively in the Ministry of Corporate
Affairs' Green Initiative in Corporate Governance for paper less
compliances.
B. Through Group Trusts and Group Companies:
1. Jamnalal Bajaj Foundation (JBF-Foundation):
Awards:
The Foundation gives 4 Awards annually-each of the value of Rs. 5 lakh. Of
these, three are given to individuals in India for outstanding contribution
in the fields of constructive work on Gandhian lines, application of
science and technology for rural development and uplift and welfare of
women and children. The fourth one is an International Award-given to
individuals other than Indian citizens from foreign countries for their
contribution to the promotion of Gandhian values outside India.
Financial Assistance:
During the year, financial assistance was provided to wives and families of
farmers, who committed suicide in Wardha District for their subsistence and
also for educational assistance to their children.
Rural Development:
The Foundation has been undertaking rural development work in select
villages of Wardha District, Maharashtra (since 1987) and in Shikohabad,
Dist. Firozabad, U.P. (since 1992). The activities are undertaken on the
basis of the need of the local people. Special emphasis is given on health,
family welfare, immunisation, supply of potable drinking water, sanitation
and alternative source of renewable energy.
Employment Generation Programmes:
Programmes of employment generation in the rural area have helped the
women-folk and scheduled castes and the poorer sections to develop self-
confidence in themselves.
Schools under National Child Labour Project:
Schools running with the financial support of National Child Labour Project
(GOI), are monitored and controlled by JBF. 200 students and 20 staff
members are part of these 4 schools.
Balwadi (Child Training Centre):
Balwadi is a pre-school, where under-privileged children are taught by
trained teachers. The Foundation continued running 24 Balwadis i.e. Bal
Sanskar Kendra in rural areas for poor children below six years of age.
Community Awareness Campaign & Health Camp:
The Foundation carried out people-to-people base awareness programmes about
population control, usage of toilet, health hygiene etc. and organised
health camps for women and handicapped persons.
2. Jankidevi Bajaj Gram Vikas Sanstha (JBGVS):
Rural and Community Development Activities and Empowerment of Women:
The company continued with its rural development activities in Pune,
Aurangabad & Wardha districts of Maharashtra & Sikar District of Rajasthan
through JBGVS. JBGVS aims at helping integrated development of 61 selected
villages, to be carried out by the villagers under their own leadership and
catalysing the unified efforts of Government, local organisations and other
NGOs.
During the year, JBGVS undertook a number of development initiatives for
improving education, specially primary education, primary healthcare,
economic condition by promoting self-employment, environment and social
development with special emphasis on women empowerment.
Education:
This year, the focus was on improving infrastructure of the primary schools
like building school rooms, providing furniture, providing clean drinking
water, sanitary units and learning equipments. In addition to this,
informal education was imparted to primary school students as also young
girls and boys identified with leadership potential. Computer education was
started for youth. The activities of Rural Education and Information
Network (REIN) project supported by the World Bank are being continued to
generate interest in education in a non-formal way amongst tribal children
and youth.
Primary Health Care (PHC):
Reproductive Child Health (RCH) programmes, tackling malnourishment amongst
children, specialised check-up camps (gynaec, eye, pediatric, etc.),
providing health services through mobile clinics, promoting low cost
latrines, educating adults and children in hygiene and sanitation practices
were taken up in the project villages to improve the health condition of
the villagers in general and women and children in particular. The
programmes were implemented through socially trained village health workers
and local PHCs.
Economic development:
The focus of this programme was to generate self-employment through a set
of activities like vocational training, i.e, tailoring, dairy, goatery,
backyard poultry, agro and food processing and two wheeler repairing and
maintenance. Small enterprises were promoted by providing seed capital.
Assistance was provided to farmers in preparing bank proposals and getting
bank loans in association with Govt. and other local agencies. Three
training programmes were organised on dairy, poultry and two wheeler
maintenance for the SC/ST youth. Assistance was provided to women self-help
groups to get loans for income generation activities from the banks and
marketing their produce in various places including exhibitions.
Environmental development:
In all JBGVS programmes, environmental upgradation is given special
importance. The farmers as well as school children were encouraged to plant
fruit trees. The Aamrai Project, which was started at the hands of
Chairman, Bajaj Auto in August, 2009 has covered 340 acres of fruits and
forestry tree plantation (more than 50,000 plants). 340 tribal families
have got livelihood from this programme. This programme will cover more
than 1000 tribal families.
Social development:
Under social development, women self-help groups, traditional social and
cultural activities, sports amongst school children and youth are promoted.
Village level leadership trainings are organised for youth to create the
future leaders in the villages.
Samaj Seva Kendra (SSK) (as part of JBGVS) provides facilities for social
development of the residents of Akurdi, Nigdi and adjoining townships, with
the aim of improving their quality of life, through skill development
training, hobby centre, nursery education, health care, sports, music,
dance and cultural programmes. Programmes are also organised for senior
citizens. Events like making of Christmas craft, earthen pots, summer camps
and trekking were conducted during the year.
JBGVS started activities in Sikar, Rajasthan, during the year by providing
assistance for fodder to 5 gaushalas to see through the drought period.
Science Branch has been started in Jamnalal Bajaj Government School in
village Kashi ka bas. Self Help Groups (SHGs) have been formed in all
select villages. Goats were distributed to 48 Below Poverty Line (BPL)
families. Other activities like tailoring classes, beautician training,
drawing competitions, adolescent girls training, medical camps, eye check
up camps were organised regularly.
JBGVS has started the planning process to initiate activities in a big way
in Wardha district. Administrative machinery has been put in place at
Wardha to start work in 10 villages starting with formation of SHGs,
veterinary services, agricultural programmes, dairy development and
sustainable agricultural practices to generate livelihood. Two projects
through Magan Sangrahalay as NGO have been shortlisted for funding.
3. Group Trusts for Colleges:
Shiksha Mandal, Wardha founded in 1914 by Late Shri Jamnalal Bajaj runs
seven colleges with around 10,000 students on its rolls. These include
colleges for commerce, science, agriculture, engineering polytechnic and
rural services. Its mission is to provide high quality education at an
affordable cost & to inculcate socially desirable values in its students.
All its Colleges are undergoing major upgradation in terms of
infrastructure and work culture. During the year, a new girl's hostel and
30,000 sq. ft. of classrooms were built. Over 300 computers have been
installed in it in the last 2 years and students have unlimited internet
access.
Jankidevi Bajaj College of Science received a Rs. 1.4 crore grant from UGC
for upgrading its laboratories. 3 of Shiksha Mandal teachers received UGC
funding for Major Research projects. Over 20 proposals for research have
been submitted by its teachers during 2010-11. M.Sc.(Biotech) was started
in its Science College and an MBA program in its Commerce College at
Wardha. Guidance for CA exam was started in its Commerce College at Nagpur
which achieved 50% passing rate compared to the 20% rate nationally.
Its students continue to do well. Besides 15 students in University/Board
exam merit lists, 3 of the top 20 positions in Maharashtra Engineering
Entrance exams were taken by its students. One of its students was adjudged
as the best National Social Service (NSS) volunteer in Maharashtra. Another
student captained the University Ball Badminton team and 4 of its students
represented Maharashtra at the national games.
A booklet 'Vichardhan' containing inspiring ideas in Hindi, Marathi and
English was produced for distribution to all students. The students built
water harvesting structures in 2 villages near Wardha, under its NSS
program.
Bajaj Trusts have donated Rs. 8 crore in the last 3 years to Shiksha
Mandal.
Bajaj Science Centre has been functioning in Wardha for the last four
years. The culture of learning science by doing experiments is developing
roots in Schools of Wardha and towns around it. Its students are
consistently getting recognition in national competitions. It is also
reflected in the increasing number of students appearing for its entrance
examination. This year,
830 students appeared for 250 vacancies. Students are coming to it from as
far as Hinganghat, which is 50 kms away. Bajaj Science Centre is adding a
scholar batch of 5th standard students from this academic year. This year,
it functioned from its new campus, which has become a landmark in Wardha.
Gandhi Vichar Parishad, Wardha, organised a number of programmes during the
year 2010-11. Important among them were its 8 month Post Graduate Diploma
Course in Gandhian Thought, which had 7 students from different parts of
India, 2 from Sudan and 1 from Brazil; orientation Camp Classes on Gandhian
Thought for Medical Students, University Students' Camps at the regional
and national level, Seminar on Gandhi's Concept of Swadeshi, Inter
Religious Study Course on Ecological insights in Religions and a workshop
on Peace and Conflict Resolution.
4. Marathwada Medical & Research Institute (MMRI):
Bajaj group is giving substantial financial support to this Trust, which
runs Kamalnayan Bajaj Hospital and Kamalnayan Bajaj Nursing College for
B.Sc. Nursing degree course.
Kamalnayan Bajaj Hospital:
MMRI has established Kamalnayan Bajaj Hospital, located at Aurangabad in
Marathwada region of Maharashtra and is providing super speciality and
tertiary care medical facilities not available elsewhere in this region.
The hospital has expanded its capacity to 250 beds and major part of the
expansion has been for general category patients. It has cancer treatment
facilities, including Linac Accelerator & Brachy therapy, facility for CT
Scan and MRI of 1.5 Tesla, new generation Siemens Cath Lab for heart
patients, latest ophthalmology equipment and other advanced facilities
including for open heart surgeries and organ transplantation (Kidney). The
hospital has been providing relief annually for close to 55,000 patients on
OPD basis and close to 7,000 patients, who are admitted to hospital for
various treatments. It also provides intensive care unit and cardiac care
unit, with a capacity of 22 beds and generally with an occupancy rate of
more than 95%.
The hospital also runs a programme of providing relief to Below Poverty
Line (BPL) and Economically Weaker Section (EWS) of the society with
free/subsidized treatment. Hospital with the help of NGO (JBGVS) has
conducted 50 camps in the villages of the district of Aurangabad, where
more than 2282 patients have been checked and given treatment and medicines
free and out of these, 851 patients needing hospital treatment at the
hospital were treated totally free, as in-patients at the hospital, at a
cost of Rs. 59.45 lakh.
Kamalnayan Bajaj Nursing College:
First batch of students joined in 2010 and second batch will join in July-
August 2011. College has intake capacity of 50 students. A best in class
college with all laboratories, library and class rooms and hostel for girls
and boys with all facilities with investment of over Rs. 10 crore is coming
up and would be ready for occupation by the end of 2011.
5. Fuji Guruji Memorial Trust:
Fuji Guruji Memorial Trust has established Bauddha Mandir, Vishwa Shanti
Stupa at Wardha for promotion of thoughts and teachings of Lord Buddha,
Mahatma Gandhi and other preachers preaching same or similar ideology and
to propagate the message of world peace, love, non-violence and equality of
all religions. It has also established Bal Sanskar Kendras for the benefit
and upliftment of poor children below the age of six years from small
villages of Wardha District.
6. Kamalnayan Bajaj Charitable Trust:
Kamalnayan Bajaj Charitable Trust runs Gitai Mandir, Pujya Jamnalal Bajaj
Exhibition and Vinoba Darshan Complex, Audio-video Hall at Wardha. It also
runs a library where students from all over India with literature and books
on Mahatma Gandhi, Vinoba Bhave, Pujya Jamnalal Bajaj, Smt Jankidevi Bajaj
and other freedom fighters.
7. Jamnalal Bajaj Seva Trust:
It conducted free computer training classes, tailoring classes and
stitching classes for poor and needy people. It also carried out activities
for promoting Indian art and culture.
8. Bajaj Allianz Insurance Companies:
Bajaj Allianz Life Insurance Co. Ltd. (BALIC) launched a unique initiative
through its Child Plan campaign to support education requirements for Class
8 students through a known child welfare NGO, namely ASEEMA Foundation.
With a combined effort, BALIC and Bajaj Allianz General Insurance Co
Limited (BAGIC) introduced 'Ability Insurance Plan', a customised solution
kit comprising of a Life, Health and Motor plan; along with the regular
product literature, the kit adds ease of understanding with an audio-visual
presentation (created for those with hearing/speech disability) & a Braille
document (for the visually challenged) that explain the product
offering/benefits.
BAGIC has recently brought forth a unique idea for a greener environment,
wherein any Bajaj Allianz motor insurance claimant would be rewarded for
getting his damaged vehicular plastic part repaired rather than replaced
thus reducing the carbon footprint. Further for every claimant who
practices this philosophy, the tie-up partner World Vision will have a
tree-planted in return.
General:
The Group has some other Trusts, which are also engaged in topical and
socially relevant activities. Thus what is listed above is not exhaustive,
but only illustrative to give a glimpse of the importance being given by
the Company and the Group towards CSR.
A publication of the Group 'Beyond Profits-Philanthropic Activities of the
Bajaj Group', setting out in greater detail the CSR activities of the Group
can be made available to any shareholder on request.
Constituents of 'Group' as defined in MRTP Act, 1969 for the purposes of
SEBI (SAST) Regulations, 1997:
Persons constituting group within the definition of 'group' as defined in
the Monopolies and Restrictive Trade Practices Act, 1969, for the purpose
of Regulation 3(1)(e) of the Securities and Exchange Board of India
(Substantial Acquisition of Shares and Takeovers) Regulations, 1997,
include the following:
Name of the Person/Entity:
1. Anant Bajaj
2. Deepa Bajaj
3. Geetika Bajaj
4. Kiran Bajaj
5. Kriti Bajaj
6. Kumud Bajaj
7. Madhur Bajaj
8. Minal Bajaj
9. Nimisha Bajaj
10. Niraj Bajaj
11. Niravnayan Bajaj
12. Pooja Bajaj
13. Rahul Kumar Bajaj
14. Rajivnayan Bajaj
15. Rishab Bajaj
16. Ruparani Bajaj
17. Sanjali Bajaj
18. Sanjivnayan Bajaj
19. Shefali Bajaj
20. Shekhar Bajaj
21. Siddhant Bajaj
22. Suman Jain
23. Sunaina Kejriwal
24. Manish Kejriwal
25. Aryaman Kejriwal
26. Nirvaan Kejriwal
27. Neelima Bajaj Swamy
28. Aditya Swamy
29. Bachhraj and Company Pvt. Ltd.
30. Bachhraj Factories Pvt. Ltd.
31. Bajaj Allianz Financial Distributors Ltd.
32. Bajaj Allianz General Insurance Company Ltd.
33. Bajaj Allianz Life Insurance Company Ltd.
34. Bajaj Auto Employees' Welfare Funds
35. Bajaj Auto Holdings Ltd.
36. Bajaj Auto Ltd.
37. Bajaj Electricals Ltd. Employees Welfare Funds
38. Bajaj Electricals Ltd.
39. Bajaj Finance Ltd.
40. Bajaj Financial Securities Ltd.
41. Bajaj Financial Solutions Ltd.
42. Bajaj Finserv Ltd.
43. Bajaj Holdings & Investment Ltd.
44. Bajaj International Pvt. Ltd.
45. Bajaj Sevashram Pvt. Ltd.
46. Baroda Industries Pvt. Ltd.
47. Hercules Hoists Ltd.
48. Hind Musafir Agency Ltd.
49. Jamnalal Sons Pvt. Ltd.
50. Kamalnayan Investment & Trading Pvt. Ltd.
51. Madhur Securities Pvt. Ltd.
52. Mukand Engineers Ltd.
53. Mukand Ltd.
54. Niraj Holdings Pvt. Ltd.
55. Rahul Securities Pvt. Ltd.
56. Sanraj Nayan Investments Pvt. Ltd.
57. Shekhar Holdings Pvt. Ltd.
58. Shishir Holdings Pvt. Ltd.
59. The Hindustan Housing Co. Ltd.
60. Anant Trading Company
61. Bachhraj Trading Company
62. Bajaj Trading Company
63. Rishabh Trading Company
64. Anant Trust
65. Aryaman Trust
66. Deepa Trust
67. Geetika Trust
68. Kriti Trust
69. Minal Trust
70. Neelima Trust
71. Nimisha Trust
72. Niravnayan Trust
73. Nirvaan Trust
74. Rishabnayan Trust
75. Sanjali Trust
76. Siddhant Trust
Note:
Shareholdings of HUFs, are held in the names of the respective individuals
in the capacity of Karta. Hence HUFs, are not separately listed
hereinabove.
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