Maruti Suzuki India Limited

INTRODUCTION

Maruti Suzuki India Limited (Maruti Suzuki), commonly referred to as Maruti and formerly known as Maruti Udyog Limited, is an automobile manufacturer in India. It is a subsidiary of Japanese automobile and motorcycle manufacturer Suzuki. As of November 2012, it had a market share of 37% of the Indian passenger car market. Maruti Suzuki manufactures and sells a complete range of cars from the entry level 800, Esteem and Alto, to hatchback Ritz, A-Star, Swift, Wagon R, Zen and sedans DZire, Kizashi and SX4, in the 'C' segment Eeco, Omni, Multi Purpose vehicle Suzuki Ertiga and Sports Utility vehicle Grand Vitara The company's headquarters are on Nelson Mandela Road, New Delhi. In February 2012, the company sold its ten millionth vehicle in India. Originally, 18.28% of the company was owned by the Indian government, and 54.2% by Suzuki of Japan. The BJP-led government held an initial public offering of 25% of the company in June 2003. As of May 2007, the government of India sold its complete share to Indian financial institutions and no longer ha s any stake in Maruti Udyog. Maruti Udyog Limited (MUL) was established in February 1981, though the actual production commenced in 1983 with the Maruti 800, based on the Suzuki Alto kei car which at the time was the only modern car available in India, its only competitors- the Hindustan Ambassador and Premier Padmini were both around 25 years out of date at that point. Through 2004, Maruti Suzuki has produced over 5 Million vehicles. Maruti Suzukis are sold in India and various several other countries, depending upon export orders. Models similar to those made by Maruti in India, albeit not assembled or fully manufactured in India or Japan are sold by Pak Suzuki Motors in Pakistan. The company exports more than 50,000 cars annually and has domestic sales of 730,000 cars annually.[citation needed] Its manufacturing facilities are located at two facilities Gurgaon and Manesar in Haryana, south of Delhi. Maruti Suzukis Gurgaon facility has an installed capacity of 900,000 units per annum. The Manesar facilities, launched in February 2007 comprise a vehicle assembly plant with a capacity of 550,000 units per year and a Diesel Engine plant with an annual capacity of 100,000 engines and transmissions. Manesar and Gurgaon facilities have a combined capability to produce over 14,50,000 units annually. About 35% of all cars sold in India are made by Maruti. The company is 54.2% owned by the Japanese multinational Suzuki Motor Corporation per cent of Maruti Suzuki. The rest is owned by public and financial institutions. It is listed on the Bombay Stock Exchange and National Stock Exchange of India.[citation needed]

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During 2007 and 2008, Maruti Suzuki sold 764,842 cars, of which 53,024 were exported. In all, over six million Maruti Suzuki cars are on Indian roads since the first car was rolled out on 14 December 1983. Maruti Suzuki offers 15 models, Maruti 800, Alto, Maruti Alto 800, WagonR, Estilo, A-star, Ritz, Swift, Swift DZire, SX4, Omni, Eeco, Gypsy, Grand Vitara, Kizashi and the newly launched Ertiga. Swift, Swift DZire, A-star and SX4 are manufactured in Manesar, Grand Vitara and Kizashi are imported from Japan as completely built units(CBU), remaining all models are manufactured in Maruti Suzuki's Gurgaon Plant.[citation needed] The company is believed to be moving towards introduction of a new version of Maruti 800 by November 2012, which will be more fuel efficient, though slightly costlier than Alto and existing Maruti 800. The Suzuki Motor Corporation, Maruti's main stakeholder, is a global leader in mini and compact cars for three decades. Suzukis strategy is to utillise light-weight, compact engines with stronger power, fuel-efficiency and performance capabilities. Nearly 75,000 people are employed directly by Maruti Suzuki and its partners. It has been rated first in customer satisfaction among all car makers in India from 1999 to 2009 by J D Power Asia Pacific. Maruti Suzuki will be introducing new 800 cc model by Diwali in 2012.The model is supposed to be fuel effi cient, hence more expensive.

MANUFACTURING FACILITIES

Maruti Suzuki have two manufacturing facilities in India, one in

Gurgaon and the other in Manesar, North India .

Gurgaon plant

- Maruti Suzuki`s Gurgaon plant houses three fully integrated plants. While the three

plants have a total installed capacity of 350,000 cars per year, several productivity improvements or shop floor Kaizens over the years have enabled the company to manufacture nearly 650,000 cars per year at the Gurgaon facilities. The entire facility is equipped with more than 150 robots, out of which 71 have been developed inhouse. More than 50 per cent of shop floor employees have been trained in Japan.

Manesar plant - Maruti Suzuki`s Manesar plant has been made to suit Suzuki Motor Corporation (SMC)
and Maruti Suzuki India Limited's (MSIL) global ambitions. It is rated high among Suzuki's best plants worldwide the plant was inaugurated in February 2007. .

The plant has several in-built systems and mechanisms to ensure that cars being manufactured here are of good quality. There is a high degree of automation and robotic control in the press shop, weld shop and paint shop to carry on manufacturing work with acute precision and high quality. In particular, areas where manual operations are hazardous or unsafe have been equipped with robots.

The plant is designed to be flexible: diverse car models can be made here conveniently owing to automatic tool changers, centralized weld control system and numerical control machines that ensure high
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quality.

The plant at Manesar is the company's fourth car assembly plant and has started with an initial capacity of 100,000 cars per year. This will be scaled up to 300,000 cars per year. A total investment of Rs 2,500 crore will be made in this car plant by 2012

Diesel engine plant - Suzuki Powertrain India Limited the diesel engine plant at
cars.

Manesar is Suzuki &

Maruti's first and perhaps the only plant designed to produce world class diesel engine and transmissions for . This plant is under a joint venture company, called Suzuki Powertrain India Limited (SPIL) in which SMC holds 70 per cent equity with the rest held by Maruti Suzuki. This facility has an initial capacity to manufacture 100,000 diesel engines a year. This will be scaled up to 300,000 engines per year by 2010. .

The diesel engines manufactured at this plant will also be exported to SMC companies across the world. .

This facility, too, has a high level of automation. Final inspection of components is done through automatic measuring and marking machines, which leads to a uniform and error free production.

Maruti Suzukis contribution as the engine of growth of the Indian auto industry, indeed its Impact on the lifestyle and psyche of an entire generation of Indian middle class, is widely acknowledged.

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REVIEW OF LITERATURE
BUDGET:
A budget is a detailed plan expressed in quantitative terms that specifies how an

organization will acquire and use resources during a particular period of time.

In other words a budget is a systematic plan for the efficient utilization of resources. Budget serves as a benchmark against which actual results can be compared.

What are the Key Purposes of Budget? Planning: Preparing budgets forces organization to plan ahead. Facilitate Co-ordination: To be effective, each department throughout the organization must be aware of plans made by other departments. Allocating Resources: As resources are limited, budget provides one means of allocating resources among competing uses. So, that resources can be used in a best possible manner. Exercising control: Budgets helps in managing financial and operational performance, by comparing actual performance against the planned performance.

In a business organization, a budget represents an estimate of future costs and revenues. Budgets may be divided into two basic categories:

1) Capital Budgets 2) Revenue Budgets.

Capital budgets are directed towards proposed expenditures for new projects and often require special financing. For example installing a new plant or expanding the production capacity.

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Revenue budgets are directed towards achieving short-term operational goals of the organization, for instance, production or profit goals in a business firm. Operating budgets may be sub-divided into various departmental of functional budgets.

Budgetary control: No system of planning can be successful without having an effective and efficient system of control. Budgeting is closely connected with control. The exercise of control in the organization with the help of budgets is known as budgetary control. The process of budgetary control includes:

1. Preparation of various budgets. 2. Continuous comparison of actual performance with budgetary performance.

. .

3. Revision of budgets in the light of changed circumstances.

Budget preparation process followed in MARUTI SUZUKI INDIA LIMITED

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Production / sales target finalized by top management

Detailed production plan

Sales budget From M&S Domestic sales Export sales Spare parts sales

Manpower budget Revenue expenditure budget from departments

Capital investment plan

Indigenization plan

Consolidation of divisional budget

Material cost budget Imported components Indigenous components Raw materials Paints and direct consumables

Discussion between finance & other departments

Preparation of model wise and month wise unit standard statement and consolidation

Consolidation of divisional budget to company budget

Preparation of draft cash budget and profit & loss a/c

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Budget presentation by divisional heads to MD & directors. Budgetary targets for each division set by directors.

Whether budget target acceptable?

REVIEW

NO

YES
Preparation of cash budget, projected profit & loss a/c and balance sheet

This chart shows the unique process of budget preparation followed in Maruti Suzuki, which is based upon a similar process followed in its parent company Suzuki Motor Corporation Japan. Annual Budgeting exercise in Maruti Suzuki starts from December and gets finalized during February. Every year top management decides the total number of cars to be sold or produced on the basis of past trends, industry growth rate, feedback from marketing and selling department and various other factors which effect the demand of cars. On the basis of the number of cars to be produced, a detailed production plan is prepared. This production plan indicates the resources required to produce the desired number of cars. On the basis this production plan every department plans their expected requirements of funds for the next financial year. These departments enter their respective requirements of funds in an online form s ent by finance department, on a monthly basis along with the purpose for which funds are req uired. When the save button on this form is clicked this data gets stored in a central database. Similar expenses of all the departments are stored in one place for example training expenses of all the departments are stored in one
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and stationary expenses of all the departments are saved in one database. Budgeting department prepares a master budget on the basis of these databases, which represents an overall plan of the organization. Annual Budget is divided into quarterly budgets i.e. Q1, Q2, Q3 and Q4. Budget for Q3 and Q4 is revised based on actual expenditure up to July and expected trends for the remaining year. This exercise starts on July and revised budget is finalized by August. Budgeting department also prepares projected profit & loss account and balance sheet of the company. This projected profit & loss account and balance sheet is presented before board of directors for their approval. If the Board of directors are satisfied with the expected profit and sales, then the bu dget is approved if not then the respective departments are told to reduce their budget and the whole process is repeated.

Zero-based budgeting In Maruti Suzuki, a zero based budgeting (ZBB) system is followed.

ZBB is a

top-down budgeting system where resource allocation decisions are made through a function-by-function assessment. No function is assumed to be necessary. The criteria for evaluation are passed down from higher levels, enhanced and made more appropriate for each area as the criteria are pa ssed down to office and department heads. Department and office heads develop justifications within these evaluation guidelines for each function and justifications for increased resources. These pass back up through the organization with each level setting priorities for resource allocations to individual functions from the levels below.

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Budgetary control process followed in MARUTI SUZUKI INDIA LIMITED

Maruti Suzuki follows a unique process of budgetary control, which ensures proper utilizations of funds by different departments of the company. There are over 350 + departments in the company. So without effective budgetary control system in place, it would be impossible for the company to ensure proper utilization of the funds in the company. Monitoring of the budget is done on the monthly basis by budgeting department, in which it compares the actual expenses of the respective departments with the projected expenses and finds out reasons for any deviations if any and presents the report to the board of the directors at the beginning of each month. Budget controlling is done on a quarterly basis at Maruti Suzuki India limited. For effective control of the funds all the expenses are divided into 3 categories, according to their relative importance. A category expenses are very tightly controlled and monitored because of their relative high degree of controllability. For example- Consultancy fees, Gifts, Seminar / Conference Exp, etc. B category expenses are less closely monitored and controlled, because of their low degree of controllability B category expenses can be controlled to a extent only. For example Travel, Journals, Stationary, Phone, Conveyance, etc. and no control is exercised over C i.e. Their payment is not stopped even they shoot over their budget but for A and B category expenses payment is allowed to the level of budget approved. A Category Items of similar nature are grouped together (have same first 5 digit a/c code), and control is exercised over the group budget. Budget control exists at a parent level or 5 digit account code level.

For exampleA-P2110701-COMPUTER CONSUMABLES A-P2110702- SOFTWARE PURCHASE EXPENSES A-P2110703- SOFTWARE DEVELOPMENT EXPENSES

DEPARTMENT OF BUSINESS ADMINISTARTION

A-P21107- SOFTWARE RELATED EXPENSES

Account A-P21229 01 A-P2122902 A-P2122903 Total

Budget 500,000 100,000

Actual

Balance 500,000

400,000 200,000

(300,000) (200,000) Nil

600,000

600,000

These A category expenses are monitored or controlled at 5 digit code (A-P21229) and not at individual 7 digit item code level i.e. 2122901, which basically means that respective department cannot spend more on SOFTWARE RELATED EXPENSES then the budgeted amount but it can spend the whole amount on any of its components. B category expenses are general expenses and are monitored at cost center level i.e. expenses related to a particular department.

For example B-P2111501- SNACKS EXPENSES B-P2111501-LUNCH EXPENSES B-P21115- SNACKS EXPENSES

B-P2113201-POSTAL STAMPS

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B-P2113202-POSTAL EXPENSES B-P2113203-COURIER CHARGES B-P21132-POSTAL EXPENSES Account B-P2123401 B-P2123402 B-P2145665 B-P2645872 Total 90,000 Budget 50,000 40,000 40,000 45,000 90,000 Actual 5,000 Balance 45,000 40,000 (40,000) (45,000) Nil

These B category expenses are monitored and controlled at a cost center or departmental level which means that expenses are not monitored on B-P21234-POSTAL EXPENSES or B-P21115- SNACKS EXPENSES level but on total of all these expenses of that particular department. For example in the above table expenses will not be monitored at individual account code level but at a departmental level.

Maruti Suzuki India limited is using a financial module of Oracle for its financial function. Special codes are assigned to all the entries that come in profit & loss account and balance sheet (7 digit code), cost centers (every department is a cost center) 4 digit code and companies (2 digit code). Booking of expenses can only be done by entering specific codes.

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Balance Sheet of Maruti Suzuki India Mar '12

------------------- in Rs. Cr. ------------------Mar '11 Mar '10 Mar '09 Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Source s Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 144.50 144.50 0.00 0.00 15,042.90 0.00 15,187.40 0.00 1,078. 30 1,078. 30 16,265.70 Mar '12 144.50 144.50 0.00 0.00 13,723.00 0.00 13,867.50 31.20 278.10 309.30 14,176.80 Mar '11 144.50 144.50 0.00 0.00 11,690.60 0.00 11,835.10 26.50 794.90 821.40 12,656.50 Mar '10 144.50 144.50 0.00 0.00 9,200. 40 0.00 9,344. 90 0.10 698.80 698.90 10,043.80 Mar '09 144.50 144.50 0.00 0.00 8,270. 90 0.00 8,415. 40 0.10 900.10 900.20 9,315. 60 Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capit al Work in Progress Investments Inventories Sundry Debt ors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets 14,734.70 7,214. 00 7,520. 70 1,406. 30 6,147. 40 1,796. 50 937.60 1,776. 10 4,510. 20 2,140. 10 660.00 7,310. 30 0.00 5,420. 50 698.50 6,119. 00 1,191. 30 0.00 16,265.70 11,737.70 6,208. 30 5,529. 40 1,428. 60 5,106. 70 1,415. 00 893.30 95.50 2,403. 80 1,626. 30 2,413. 00 6,443. 10 0.00 3,805. 20 525.80 4,331. 00 2,112. 10 0.00 14,176.80 10,406.70 5,382. 00 5,024. 70 387.60 7,176. 60 1,208. 80 809.90 98.20 2,116. 90 1,739. 10 0.00 3,856. 00 0.00 3,160. 00 628.40 3,788. 40 67.60 0.00 12,656.50 8,720. 60 4,649. 80 4,070. 80 861.30 3,173. 30 902.30 918.90 239.00 2,060. 20 1,809. 80 1,700. 00 5,570. 00 0.00 3,250. 90 380.70 3,631. 60 1,938. 40 0.00 10,043.80 7,285. 30 3,988. 80 3,296. 50 736.30 5,180. 70 1,038. 00 655.50 324.00 2,017. 50 1,173. 00 0.00 3,190. 50 0.00 2,718. 90 369.50 3,088. 40 102.10 0.00 9,315. 60

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Contingent Liabilities Book Value (Rs) Profit & Loss account of Maruti Suzuki India

5,925. 90 525.68

5,450. 60 479.99

3,657. 20 409.65

1,901. 70 323.45

2,734. 20 291.28

------------------- in Rs. Cr. ------------------Mar '12 Mar '11 Mar '10 Mar '09 Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Income Sales Turnover Excise Duty Net Sales Other Income Stock Adjustments Total Income Expenditure Raw Materials Power & Fuel Cost Employee Cost Other Manufacturing Expenses Selling and Admin Expenses Miscellaneous Expenses Preoperative Exp Capitalised Total Expenses

39,495.30 3,937.10 35,558.20 366.20 160.10 36,084.50 28,330.60 229.50 843.80 1,856.20 1,209.29 272.32 -42.70 32,699.01 Mar '12

40,865.50 4,304.00 36,561.50 784.60 73.20 37,419.30 28,880.00 210.20 703.60 1,949.40 1,153.87 289.73 -25.70 33,161.10 Mar '11

32,174.10 2,856.40 29,317.70 662.00 200.90 30,180.60 22,636.30 216.60 545.60 1,061.60 1,032.17 201.73 0.00 25,694.00 Mar '10

23,381.50 2,652.10 20,729.40 491.70 -356.60 20,864.50 15,983.20 193.60 471.10 716.10 817.66 236.84 -22.30 18,396.20 Mar '09

21,200.40 3,133.60 18,066.80 494.00 336.30 18,897.10 13,958.30 147.30 356.20 523.30 521.48 287.62 -19.80 15,774.40 Mar '08

12 mths

12 mths

12 mths

12 mths

12 mths

Operating Profit PBDIT Interest PBDT Depreciation Other Written Off Profit Before Tax Extra-ordinary items PBT (Post Extra-ord Items) Tax Reported Net Profit Total Value Addition Preference Dividend Equity Dividend Corporate Dividend Tax Per share data (annualised) Shares in issue (lakhs) Earning Per Share (Rs)

3,019.29 3,385.49 55.20 3,330.29 1,138.40 0.00 2,191.89 109.10 2,300.99 511.00 1,635.20 4,368.40 0.00 216.70 35.10 2,889.10 56.60

3,473.60 4,258.20 24.40 4,233.80 1,013.50 0.00 3,220.30 18.90 3,239.20 820.20 2,288.60 4,281.10 0.00 216.70 35.10 2,889.10 79.21

3,824.60 4,486.60 33.50 4,453.10 825.00 0.00 3,628.10 51.10 3,679.20 1,094.90 2,497.60 3,057.70 0.00 173.30 28.80 2,889.10 86.45

1,976.60 2,468.30 51.00 2,417.30 706.50 0.00 1,710.80 37.90 1,748.70 457.10 1,218.70 2,413.00 0.00 101.10 17.20 2,889.10 42.18

2,628.70 3,122.70 59.60 3,063.10 568.20 0.00 2,494.90 76.60 2,571.50 763.30 1,730.80 1,816.10 0.00 144.50 24.80 2,889.10 59.91

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Equity Dividend (%) Book Value (Rs)

150.00 525.68

150.00 479.99

120.00 409.65

70.00 323.45

100.00 291.28

Key Financial Ratios of Maruti Suzuki India

Mar '12

Mar '11

Mar '10

Mar '09

Mar '08

Investment Valuation Ratios Face Value Dividend Per Share Operating Profit Per Share (Rs) Net Operating Profit Per Share (Rs ) Free Reserves Per Share (Rs) Bonus in Equity Capital Profitability Ratios Operating Profit Margin(% ) Profit Before Interest And Tax Margin(%) Gross Profit Margin(% ) Cash Profit Margin(%) Adjusted Cash Margin(%) Net Profit Margin(%) Adjusted Net Profit Margin(%) Return On Capital Employed(% ) Return On Net Worth(%) Adjusted Return on Net Worth(% ) Return on Assets Excluding Revaluations Return on Assets Including Revaluations Return on Long Term Funds(%) Liquidity And Solvency Ratios Current Ratio Quick Ratio Debt Equity Ratio Long Term Debt Equity Ratio Debt Coverage Ratios Interest Cover Total Debt to Owners Fund Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax Management Efficiency Ratios Inventory Turnover Ratio Debt ors Turnover Ratio Investments Turnover Ratio Fixed Assets Turnover Ratio Total Assets Turnover Ratio

5.00 7.50 99.15 1,230. 77 520.68 -8.05 4.79 4.85 7.69 7.69 4.53 4.53 13.52 10.76 10.75 525.68 525.68 14.48 1.02 0.89 0.07 -39.85 0.07 60.47 51.25 22.80 38.84 22.80 2.46 2.22

5.00 7.50 115.72 1,265. 50 474.32 -9.14 6.24 6.37 8.69 8.69 6.13 6.13 21.69 16.50 16.08 479.99 479.99 21.74 1.47 1.14 0.02 0.02 126.04 0.02 167.58 136.33 33.33 42.93 33.33 3.13 2.59

5.00 6.00 129.38 1,014. 77 403.82 -12.74 9.73 9.93 10.78 10.78 8.34 8.34 27.89 21.10 20.29 409.65 409.65 28.80 0.91 0.68 0.07 0.04 105.39 0.07 130.02 100.18 30.47 33.92 30.47 2.82 2.32

5.00 3.50 65.89 717.50 318.45 -9.18 5.62 5.77 9.13 9.13 5.72 5.72 17.37 13.04 13.23 323.45 323.45 17.48 1.51 1.26 0.07 0.07 34.21 0.07 48.06 38.75 30.46 26.33 30.46 2.38 2.06

5.00 5.00 88.31 625.34 286.28 -14.12 10.70 10.97 11.79 11.79 9.34 9.34 26.18 20.56 19.20 291.28 291.28 27.35 0.91 0.66 0.11 0.06 40.93 0.11 50.46 39.57 22.93 25.76 22.93 2.48 1.94

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Asset Turnover Ratio A verage Raw Material Holding A verage Finished Goods Held Number of Days In Working Capital Profit & Loss Account Ratios Material Cost Composition Imported Composition of Raw Materials Cons umed Selling Distribution Cost Composition Expenses as Composition of Total Sales Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit Dividend Payout Ratio Cash Profit Earning Retention Ratio Cash Earning Retention Ratio Adjusted Cash Flow Times

2.34 13.36 7.46 12.06 79.67 10.60 2.80 10.38 15.39 9.07 84.59 90.92 0.39

2.73 10.01 4.56 20.80 78.99 11.99 2.62 9.56 11.00 7.62 88.72 92.24 0.10

2.58 10.66 5.35 0.83 77.21 12.89 3.12 15.49 8.09 6.08 91.59 93.74 0.25

2.14 13.21 3.17 33.66 77.10 11.70 3.56 7.24 9.70 6.14 90.44 93.92 0.36

2.48 9.33 12.49 2.03 77.25 10.84 3.10 4.10 9.78 7.36 89.53 92.25 0.41

Mar '12

Mar '11

Mar '10

Mar '09

Mar '08

Earnings Per Share Book Value

56.60 525.68

79.21 479.99

86.45 409.65

42.18 323.45

59.91 291.28

Conclusion
When summarizing the financial results of MARUTI UDYOG LIMITED. I have observed that their working is quite reasonable financial. It is very good company. There are no any debts of long term liabilities of the company. To conclude, from of the overall analysis of financial management of the company, I can say that it is financial sound and well managed five consecutive years shows and applauding position. I was also able to well understand my financial concepts. The formal budgeting system has the following major benefits. 1. Budgeting due to its formal time table or schedule compels managers to think ahead apart from taking care of their current activities.

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2. Budgeting, due to its approval and authorization by the superiors, provides definite expectations that are the best framework for judging subsequent performance. 3. Budgeting helps in coordinating the various departments of the organization. The budget harmonizes the goals (objectives) of the individual departments into the organization wide goals (objectives).

Recommendation
We need to know that many financial reporting frauds have their genesis in overly optimistic budgets that subsequently lead to an environment of "cooking the books" to reach unrealistic goals. These events usually start small, with the expectation that time will make up for a temporary problem. To maintain organizational integrity, senior-level managers need to be careful to provide realistic budget directives. Lower-level managers need to be truthful in reporting "bad news" relative to performance against a budget, even if they find fault with the budget guidelines.

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References
http://en.wikipedia.org/wiki/Maruti_Suzuki http://www.marutisuzuki.com/ http://www.marutisuzuki.com/annual-reports.aspx http://www.investopedia.com/terms/b/budget.asp http://www.businessdictionary.com/definition/budget.html http://www.tutor2u.net/business/accounts/zero-based-budgeting.htm

Articles published by Society of Indian Automobile Manufacturers Industry analysis reports

http://www.ibef.org/industry/india-automobiles.aspx

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