Cash Flow Statement

For the year Ended 31st March, 2008

(Rs in Million) For the year ended 31.03.08 For the year ended 31.03.07 22,798 2,714 376 (1,109) (1,528) 4 (389) 22 (459) (84) (5) 22,340

A. Cash flow from Operating Activities: Net Profit before Tax Adjustments for: Depreciation Interest Expense Interest Income Dividend Income Net Loss on Sale / discarding of Fixed Assets Profit on sale of Investments Debts / Advances Written off Provision for diminution in value of investment Provisions no longer required written back Opening Loss of MSAIL adjusted from opening surplus on amalgamation Impact of transition provision of Accounting Standard 15 Employee Benefit Mark to Market loss on Derivatives Operating Profit before Working Capital changes Adjustments for changes in Working Capital : - (Increase)/Decrease in Sundry Debtors - (Increase)/Decrease in Other Current Assets, Loans & Advances - (Increase)/Decrease in Inventories - Increase/(Decrease) in Current Liabilities and Provisions Cash generated from Operating Activities - Taxes (Paid) (Net of TDS) Net Cash from Operating Activities B. Cash flow from Investing Activities: Purchase of Fixed Assets Sale of Fixed Assets Sale of investments Purchase of investments Interest received Dividend received Net Cash from Investing Activities (16,999) 69 170,123 (186,966) 1,490 1,668 (30,615) (14,073) 123 109,253 (122,444) 1,127 1,528 (24,486) 919 (1,191) (3,366) 3,555 26,951 (8,647) 18,304 (1,035) (1,523) 1,798 5,170 26,750 (6,352) 20,398 505 27,034 5,682 596 (1,408) (1,668) 24 (898) 26 (855) 25,030

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Maruti Suzuki India Limited ANNUAL REPORT 2007-08

MARUTI SUZUKI INDIA LTD.

(Rs in Million) For the year ended 31.03.08 C. Cash flow from Financing Activities: Proceeds from Short term borrowings Proceeds from Long term borrowings Repayment of Short term borrowings Interest paid Dividend paid Net Cash from Financing Activities Net Increase/(Decrease) in Cash & Cash Equivalents Cash and Cash Equivalents as at 1st April (Opening Balance) Cash and Cash Equivalents as at 31st March (Closing Balance) Cash and Cash Equivalents comprise Cash, Cheques in hand Balance with Scheduled Banks in Current Accounts Balance with Scheduled Banks in Deposit Accounts Balance with Other Banks in Current Accounts 3,999 (634) (743) (1,299) 1,323 (10,988) 14,228 3,240 3,240 1,339 1,633 268 233 5,675 (317) (280) (1,011) 4,300 212 14,016 14,228 14,228 946 202 13,080 For the year ended 31.03.07

Notes : 1 The above Cash Flow Statement has been prepared under the indirect method as set out in Accounting Standard -3 on "Cash Flow Statement" issued by the Institute of Chartered Accountants of India. 2 Cash and Cash Equivalent includes Rs 3 Million (Previous Year Rs. 2 Million) in respect of unclaimed dividend, the balance of which is not available to the company. 3 Figures in bracket represents cash outflow.

This is the Cash Flow Statement referred to in our report of even date. ANUPAM DHAWAN SHINZO NAKANISHI HIROFUMI NAGAO ANIL RUSTGI Membership Number - F 084451 Managing Director & CEO Director & Managing Company Secretary Partner Executive officer - Admin & Chief Legal Officer For and on behalf of PRICE WATERHOUSE Chartered Accountants New Delhi April 24, 2008

111 CASH FLOW STATEMENT