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Kinetic Motor Company Directors Report, Kinetic Motor Reports by Directors
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Kinetic Motor Company
BSE: 505190|NSE: KINETICMOT|ISIN: INE267B01015|SECTOR: Auto - 2 & 3 Wheelers
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Kinetic Motor Company is not traded in the last 30 days
Kinetic Motor Company is not traded in the last 30 days
Download Annual Report PDF Format 2011
Directors Report Year End : Dec '11    Sep 10
The Directors present their Report on the business and operations of
 your Company for the year ended 31st, December, 2011.
 
 FINANCIAL RESULTS
 
                                       Accounting       Accounting
                                       Year ended       Year ended
                                          on 31st          on 30th
                                   December, 2011  September, 2010
                                      ( in Lakhs)      ( in Lakhs)
 
 Gross Sales and
 
 Other Income                               569             762
 Net Profit / (Loss)
 
 for the period                            (148)           (605)
 
 Profit / (Loss)
 carried forward
 
 Last Year                               (15906)         (15300)
 
 This Year                               (15758)         (15906)
 
 After transfering its 2-wheeler business related assets to a Mahindra
 group company (Mahindra Two Wheelers Limited) as part of its business
 restructuring, in November, 2008, Kinetic Motor Company Limited (KMCL)
 has been in discussions with Kinetic Engineering Limited (KEL)
 management for a proposal to amalgamate KMCL into KEL. Your Board of
 Directors also, in their meeting held on 9th December, 2011 have passed
 the resolution and approved the Scheme of Amalgamation for merging KMCL
 with the KEL.
 
 Both, KEL and KMCL are engaged in the Automotives Business. The
 amalgamation will enable achievement of the potential of Automotive
 Business including participation of investors, strategic partners,
 lenders and other stakeholders in such Business.
 
 The Merger will also help streamlining of the activities of the
 respective companies and reduce managerial overlaps; and augmenting
 shareholders'' value besides aligning interests of shareholders in a
 single entity.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO
 
 There are no foreign exchange earnings and outgo during the period.
 
 CONSERVATION OF ENERGY
 
 The present level of energy consumption of the Company is very
 insignificant.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT
 
 Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors
 confirm that :
 
 1.  In preparation of the accounts for the period under review, your
 company has followed the applicable accounting standards.
 
 2.  Appropriate accounting policies have been selected and applied
 consistently and have 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 as at 31st December, 2011 and of the loss of the Company
 for the period ended on that date.
 
 3.  Proper and sufficient care has been taken 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.
 
 4.  The Annual Accounts for the period under review have been prepared
 on a ''Going Concern'' basis.
 
 CORPORATE GOVERNANCE
 
 The Company is implementing Corporate Governance code as per the
 Listing Agreement with Stock Exchanges. A separate Report on Corporate
 Governance is given as Annexure to the Directors'' Report.
 
 PARTICULARS OF EMPLOYEES
 
 Particulars of Employees as required under Section 217 (2A) of the
 Companies Act, 1956 read with Companies (Particulars of Employees)
 Rules, 1975 are contained in a Statement forming part of this Report.
 However, as per the provisions of Section 219(1)(b)(vi) of the
 Companies Act, 1956, the Report and Annual Accounts are being sent to
 the shareholders of the Company, excluding the particulars of
 employees. Any shareholder interested in obtaining a copy of the said
 Statement may write to the Company.
 
 DIRECTORS
 
 Mr. R. J. Kabra & Mr. S. R. Kotecha are liable for retirement by
 rotation at the ensuing AGM of the Company, and they are eligible for
 reappointment.  Information as required under Clause 49 of the Listing
 Agreement, is provided in the annexure to this report.
 
 AUDITORS
 
 The Auditors M/s Lakhani & Co, Chartered Accountants, hold their office
 until the conclusion of the ensuing AGM, and have furnished a
 certificate in terms of Sec. 224(1) of the Companies Act, 1956, about
 their eligibility.
 
 FIXED DEPOSITS
 
 The company has not accepted any fixed deposit from public during the
 period under review.
 
                                      By Order of the Board of Directors 
                                       For KINETIC MOTOR COMPANY LIMITED
 
                                                           A. H. FIRODIA
 
 Pune : February 29, 2012                                       Chairman
Source : Dion Global Solutions Limited
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