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Maharashtra Scooters Ltd.

BSE: 500266 | NSE: MAHSCOOTER |

Represents Equity.Intra - day transactions are permissible and normal trading is done in this category
Series: EQ | ISIN: INE288A01013 | SECTOR: Auto - 2 & 3 Wheelers

BSE Live

Oct 20, 15:40
4690.00 -71.70 (-1.51%)
Volume
AVERAGE VOLUME
5-Day
1,075
10-Day
834
30-Day
831
1,176
  • Prev. Close

    4761.70

  • Open Price

    4763.85

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Oct 20, 15:44
4677.70 -82.45 (-1.73%)
Volume
AVERAGE VOLUME
5-Day
8,421
10-Day
6,323
30-Day
10,388
7,078
  • Prev. Close

    4760.15

  • Open Price

    4799.95

  • Bid Price (Qty.)

    4677.70 (7)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

For Year :
2019 2018 2017 2016 2015 2014 2013 2012 2011

Auditor's Report

1. We have audited the attached Balance Sheet of MAHARASHTRA SCOOTERS LIMITED as at 31st March, 2011, and also the Profit and Loss Account and the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our Audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those standards required that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An Audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An Audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our Audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditors Report) Order, 2003 issued by the Central Government of India in terms of section 227(4A) of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said order, to the extent applicable to the Company. 4. Further to our comments in the Annexure referred to in paragraph 3 above: a) We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit. b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of such books. c) The Balance Sheet and Profit and Loss Account and Cash Flow Statement dealt with by this report, are in agreement with the books of account. d) In our opinion, the Balance Sheet and the Profit and Loss Account and Cash Flow Statement dealt with by the report are in compliance with the Accounting Standards referred to in section 211 (3C) of the Companies Act, 1956. e) In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with notes thereon give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India. 1. In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2011 and; 2. In the case of the Profit and Loss Account, of the profit of the Company for the year ended on that date. 3. In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 5. On the basis of written representations received from the Directors, as on 31st March, 2011 and taken on record by the Board of Directors, we report that none of the Directors is disqualified as on 31st March, 2011 from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956. ANNEXURE TO AUDITORS REPORT STATEMENT REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE TO THE MEMBERS OF MAHARASHTRA SCOOTERS LIMITED ON THE ACCOUNTS FOR THE YEAR ENDED 31ST MARCH, 2011. (i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets. (b) The management has carried out physical verification of fixed assets during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of physical verification of fixed assets is reasonable. (c) The fixed assets disposed off during the year are not substantial and hence it has not affected the going concern assumption. (ii) (a) Inventories have been physically verified by the management, during the year. In our opinion, the frequency of verification is reasonable. (b) In our opinion, the procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company has maintained proper records of inventory. The discrepancies noticed on verification between physical stocks and book stocks were not material and the same have been properly dealt with in the books of Account. (iii) (a) The Company has not granted or taken any loans, secured or unsecured to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956. Sub-clauses (b),(c) and (d) are not applicable. (iv) In our opinion and according to information and explanations given to us there are adequate internal control procedures commensurate with the size of the Company and the nature of its business, with regard to purchase of inventory and fixed assets and for the sale of goods. During the course of our audit, no major weaknesses have been noticed in the internal controls. (v) (a) In our opinion and according to the information and explanations given to us, transactions that need to be entered into the register maintained in pursuance of section 301 of the Companies Act, 1956 have been so entered. (b) In our opinion and according to information and explanations given to us the transaction made in pursuance of contract and arrangement entered in register maintained under section 301 of the Act and exceeding the value of five lakh rupees with any party during the year, have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) The Company has not accepted deposits from public. (vii) In our opinion, the Company has an internal audit system which is commensurate with its size and nature of its business. (viii) Cost Records have been prescribed by the Central Government under clause (d) of sub-section (1) of section 209 of the Companies Act. The Company has made and maintained such accounts and records. (ix) (a) According to the records of the Company, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees State Insurance, Income-Tax, Sales-Tax, Wealth-Tax, Custom Duty, Excise Duty, cess and any other statutory dues with the appropriate authorities. According to information and explanations given to us, there are no arrears of statutory dues which have remained outstanding as at 31st March, 2011 for a period of more than six months from the date they became payable. (b) According to information and explanations given to us and the records of the Company, the following dues of Sales Tax and Service Tax have not been deposited on account of dispute: Nature of disputed Statutory dues Amount (Rs.) Forum where dispute is pending Sales Tax for the year 2001-02 8,786,623 Maharashtra Sales Tax Tribunal, Mumbai Sales Tax for the year 2001-02 5,295,295 Joint Commissioner of Sales Tax (Appeals)- I, Pune division, Pune Sales Tax for the year 2002-03 17,987,580 Maharashtra Sales Tax Tribunal, Mumbai Service Tax for the year 2004-05, 2005-06 and 2006-07 262,034 Assistant Commissioner of Central Excise, Satara (x) The Company does not have any accumulated losses as at 31st March, 2011. The Company has not incurred cash losses during the financial year covered by our audit and in the financial year immediately preceding such financial year also. (xi) According to information and explanation given to us, the Company has not defaulted in repayment of dues to a financial institution or bank or debenture holders. (xii) The Company has not granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) The Company is not a chit fund, nidhi/ mutual benefit fund and therefore a requirement pertaining to such class of companies is not applicable. (xiv) The Company is not dealing or trading in shares, securities, debentures and other investments. (xv) The Company has not given any guarantee for loans taken by others from bank or financial institutions. (xvi) The Company has not obtained any term loans. (xvii) In our opinion the funds raised on short-term basis have not been used for long term investment and vice versa. (xviii) The Company has not made any preferential allotment of shares during the year to parties and companies covered in the Register maintained under section 301 of the Companies Act, 1956. (xix) The Company has not issued any debentures during the year. (xx) The Company has not made any public issue during the year. (xxi) Based upon the audit procedures performed by us and according to information and explanations given to us and representations made by management, no fraud on or by the Company has been noticed or reported during the year. For P. C. PARMAR & Co. Chartered Accountants J. P. PARMAR Proprietor Membership No. 46293 Firm Regn. No. 107604W Pune, 16th May, 2011