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Maharashtra Scooters Directors Report, Mah Scooters Reports by Directors
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Maharashtra Scooters
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Directors Report Year End : Mar '14    « Mar 13
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
 Corporate Affairs.
 
 OPERATIONS:
 
 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
 year.
 
 FINANCIAL RESULTS:
 
                                                        (Rs. in lacs) 
 
                                                    2013-14     2012-13 
 
 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
 
 DIVIDEND:
 
 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.
 
 INDUSTRIAL RELATIONS:
 
 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.
 
 DIRECTORS:
 
 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
 concern basis.
 
 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. 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
 
 
 
 
                                                           Madhur Bajaj 
 
                                                               Chairman 
 
 Pune, 13 May, 2014
Source : Dion Global Solutions Limited
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