The Directors present their Thirty Ninth Annual Report and Audited
Statement of Accounts for the year ended 31 March, 2014. Since this
report pertains to financial year that commenced prior to 1 April, 2014
the contents therein are governed by the relevant provisions /
schedules / rules of the Companies Act, 1956, in compliant with General
Circular No.08/2014 dated 4 April, 2014 issued by the Ministry of
The Company ceased manufacture of geared scooters effective April, 2006
and since then, its manufacturing activities, including for the year
under review, were limited 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.
However, on account of reduced demand, the turnover of manufacture of
die casting dies, jigs and fixtures stood at Rs. 409.74 lacs, as
compared to Rs. 655.18 lacs achieved during the previous year.
The gross revenue of the Company during the year under review was Rs.
5753.12 lacs, against Rs. 5992.32 lacs during the previous financial
(Rs. in lacs)
Net sales and other income 5753.12 5992.32
Gross profit before exceptional
items, interest and depreciation 4849.52 4983.87
Interest 0.05 0.01
Depreciation 89.71 99.73
Gross profit before exceptional items 4759.76 4884.13
Exceptional item - -
Profit before tax 4759.76 4884.13
Tax expense 105.00 149.00
Less: MAT credit entitlement 105.00 149.00
Profit after tax 4759.76 4884.13
Proposed dividend (inclusive of
dividend distribution tax) 3342.72 2674.18
Balance carried to General Reserve 1417.04 2209.95
Earnings per share (Rs.) 41.65 42.74
The Directors are pleased to recommend for consideration of the
Shareholders at the ensuing Annual General Meeting, payment of dividend
of Rs. 25 per share (250%) on 1,14,28,568 Equity Shares of Rs. 10 each
for the financial year ended 31 March, 2014. The amount of dividend
inclusive of tax thereon amounts to Rs. 3342.72 lacs. Dividend paid for
the year ended 31 March, 2013 was Rs. 20 per share (200%) amounting to
Rs. 2674.18 lacs inclusive of tax thereon.
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.
All the employees underwent medical check up as stipulated by
Maharashtra Factories Rules, 1963.
FOREIGN EXCHANGE EARNINGS AND OUTGO:
During the year under review, foreign exchange earnings were NIL and
outgo was Rs. 84.52 lacs.
CASH FLOW STATEMENT:
A Cash Flow Statement for the year 2013-14 is included in the annexed
Statement of Accounts.
During the year under review, the industrial relations remained
cordial. The current manpower strength of the Company stood at 117
Nos., represented by 69 permanent workmen and 48 permanent staff.
a) During the year under review, Western Maharashtra Development
Corporation Limited (WMDC) nominated Shri Ashok S. Sawant and Shri
Ramesh D. Devkar as their nominee Directors in place of Shri Kishor B.
Kadam and Shri M.V. Bhagat respectively.
b) Shri Sanjiv Bajaj and Shri Yogesh J. Shah retire by rotation and
being eligible, offer their candidature for re- appointment.
c) Shri Ashok S. Sawant and Shri Ramesh D. Devkar, who were appointed
in the causal vacancies, hold office unti 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
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.
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
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.
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. The
Shareholders are requested to appoint the Auditors for the period from
the conclusion of this Annual General Meeting until the conclusion of
42nd Annual General Meeting and fix their remuneration for the period
from the conclusion of this Annual General Meeting until the conclusion
of 40thAnnual General Meeting.
On behalf of the Board of Directors
Pune, 13 May, 2014