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Maharashtra Scooters Directors Report, Mah Scooters Reports by Directors
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Maharashtra Scooters
BSE: 500266|NSE: MAHSCOOTER|ISIN: INE288A01013|SECTOR: Auto - 2 & 3 Wheelers
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Download Annual Report PDF Format 2013 | 2012 | 2011 | 2010
Directors Report Year End : Mar '13    Mar 12
INTRODUCTION:
 
 The Directors present their Thirty Eighth Annual Report and Audited
 Statement of Accounts for the year ended 31 March, 2013.
 
 OPERATIONS:
 
 With the Company having ceased manufacture of geared scooters effective
 April, 2006, the current activity of the Company during the year under
 review was restricted to the manufacture of die casting dies, jigs and
 fixtures, primarily meant for the automobile industry.
 
 There was no significant development during the year under review
 affecting the operational / financial performance of the Company. It is
 worthwhile to note that on account of implementation of Voluntary
 Retirement Scheme during the previous year, the employee benefit
 expenses of the Company stand reduced from Rs. 1317.92 lacs to Rs.
 560.81 lacs.
 
 During the financial year under review, the gross revenue of the
 Company was Rs. 5992.32 lacs as against Rs. 7048.38 lacs during the
 previous financial year.
 
 FINANCIAL RESULTS:
 
                                                        (Rs. in lacs)
 
                                                 2012-13     2011-12
 
 Net sales and other income                      5992.32     7048.38
 
 Gross profit before exceptional items, 
 interest and depreciation                       4983.87     5286.35
 
 Interest                                           0.01        0.07
 
 Depreciation                                      99.73       95.95
 
 Gross profit before exceptional items           4884.13     5190.33 
 
 Exceptional item -
 
 VRS compensation                                      -     5839.45
 
 Profit before tax                               4884.13     (649.12)
 
 Tax expense                                           -           -
 
 Profit after tax                                4884.13     (649.12) 
 
 Add: Tax credits pertaining to earlier years          -       (0.03)
 
 Profit for the year                             4884.13     (649.09)
 
 Withdrawal from General Reserve                       -      781.92
 
 Proposed dividend
 (inclusive of dividend distribution tax)        2674.18      132.83
 
 Balance carried to General Reserve              2209.95           -
 
 Earnings per share (Rs. )                         42.74       (5.68)
 
 DIVIDEND:
 
 The Directors are pleased to recommend for consideration of the
 Shareholders at the ensuing Annual General Meeting, payment of dividend
 of Rs. 20 per share (200%) on 1,14,28,568 Equity Shares of Rs. 10 each
 for the financial year ended 31 March, 2013. The amount of dividend
 inclusive of tax thereon amounts to Rs. 2674.18 lacs. During the
 previous year, the Company having incurred a loss, had declared a
 dividend of Rs. 1 per share (10%), amounting to Rs. 132.83 lacs, in due
 compliance of the stipulations contained in the Companies (Declaration
 of Dividend Out of Reserves) Rules, 1975.
 
 RESEARCH, DEVELOPMENT AND TECHNOLOGY ABSORPTION:
 
 No expenditure is incurred by the Company attributable to Research,
 Development and Technology Absorption during the year under review.
 
 CONSERVATION OF ENERGY:
 
 During the year under review, the Company maintained power factor to
 unity throughout the year resulting in getting maximum rebate in
 electricity bills. Also, biogas plant, wormy composting, solar water
 heaters and effluent treatment plant operated effectively.
 
 SAFETY, HEALTH AND ENVIRONMENT:
 
 There were zero reportable accidents during the year. The Company has
 taken adequate measures to reduce noise pollution inside the factory by
 use of screw compressor, reduction in the volume / timing of siren etc.
 
 Environment Audit was carried out as stipulated.
 
 The Company has formulated Policy on AIDS, Safety and Health and has
 displayed the same at prominent locations at the factory premises.
 
 FOREIGN EXCHANGE EARNINGS AND OUTGO:
 
 During the year under review, foreign exchange earnings were NIL and
 outgo was Rs. 94.90 lacs.
 
 CASH FLOW STATEMENT:
 
 A Cash Flow Statement for the year 2012-13 is included in the annexed
 Statement of Accounts.
 
 INDUSTRIAL RELATIONS:
 
 During the year under review, the industrial relations remained
 cordial. The current manpower strength of the Company stood at 120 Nos.
 represented by 70 permanent workmen and 50 permanent staff.
 
 DIRECTORS:
 
 a) During the year under review, Western Maharashtra Development
 Corporation Limited (WMDC) nominated Shri Sadashiv S. Survase as a
 Director in place of Shri G.R. Jangda.
 
 b) Shri M.V. Bhagat and Shri R.K. Nikharge retire by rotation and being
 eligible, offer their candidature for re-appointment.
 
 c) Shri Naresh Patni and Shri Sadashiv S. Survase, who were appointed
 in the causal vacancies, hold office until the ensuing Annual General
 Meeting and being eligible, are to be appointed by the Shareholders.
 
 DIRECTORS'' RESPONSIBILITY STATEMENT:
 
 As required by sub-section (2AA) of Section 217 of the Companies Act,
 1956, the Directors confirm:
 
 a) that in the preparation of annual accounts the applicable accounting
 standards have been followed.
 
 b) that the Directors have selected such accounting policies and have
 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.
 
 c) that the Directors have taken proper and sufficient care for the
 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 fraud and other irregularities.
 
 d) that the Directors have prepared the annual accounts on a going
 concern basis.
 
 REAPPOINTMENT OF MANAGER UNDER THE COMPANIES ACT, 1956:
 
 The Board of Directors, subject to the approval of Shareholders, have
 reappointed Shri Ranjit Gupta, Chief Executive of the Company, as
 Manager under the Companies Act, 1956, for a further period of
 three yeas effective 1 April, 2013, on the terms and conditions as set
 out in the Resolution contained in the Notice convening the ensuing
 Annual General Meeting. Since Shri Ranjit Gupta has completed his age
 of 70 years, in terms of the provisions of Section 269 of the Companies
 Act, 1956 and Schedule XIII annexed thereto, his appointment is subject
 to the approval of Shareholders by way of a Special Resolution. The
 Directors commend the said Special Resolution for the approval of
 Shareholders.
 
 PARTICULARS OF EMPLOYEES:
 
 The company had no employee who was in receipt of remuneration
 exceeding the limits prescribed under Section 217(2A) of the Companies
 Act, 1956, read with the Companies (Particulars of Employees) Rules,
 1975, as amended.  
 
 CORPORATE GOVERNANCE:
 
 Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a
 report on Corporate Governance together with the Auditors Certificate
 regarding compliance of the conditions of Corporate Governance,
 Management Discussion and Analysis statement forms part of the Annual
 Report.
 
 AUDITORS'' REPORT:
 
 The observations made in the Auditors'' Report, read with the relevant
 notes thereon are self-explanatory and therefore do not call for any
 further comments under Section 217 of the Companies Act, 1956.
 
 STATUTORY AUDITORS:
 
 The Statutory Auditors, M/s. P.C. Parmar & Co., Chartered Accountants,
 Pune, (ICAI Firm Regn.No.107604W) who retire at the conclusion of the
 ensuing Annual General Meeting, are eligible for re-appointment. Since
 Western Maharashtra Development Corporation Limited, a Government
 Company, holds more than 25% of the subscribed capital of the Company,
 the appointment of Auditors and the payment of remuneration to them is
 required to be made by a Special Resolution, pursuant to Section 224-A
 of the Companies Act, 1956. The Shareholders are requested to appoint
 the Auditors and fix their remuneration.
 
 COST AUDITORS:
 
 In conformity with the directives of the Central Government contained
 in the Ministry of Corporate Affairs circular No.  15/2011 dated 11
 April, 2011 as amended, the company has approved the appointment of
 Shri A. P. Raman, Cost Accountant, as the Cost Auditor under Section
 233B of the Companies Act, 1956, to conduct the cost audit of the cost
 accounts for the financial year 2013-14, subject to the approval of the
 Government. The full particulars of the cost auditor are furnished
 below:-
 
 ICWA Membership No. 837 
 
 Registration No. of Firm 110141
 
 Address Golok, Plot No.13, Sector No.28 Pradhikaran, Nigdi, Pune - 411
 044
 
 Details of Cost Audit Report for the financial year 2011-12:
 
 (a) Due date of Filing 28 February, 2013
 
 (b) Actual Date of Filing 26 February, 2013
 
                                  On behalf of the Board of Directors
  
                                                         Madhur Bajaj
 
                                                             Chairman
 
 Pune, 14 May, 2013
Source : Dion Global Solutions Limited
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