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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

Dec 02, 15:40
4294.40 59.25 (1.40%)
Volume
AVERAGE VOLUME
5-Day
732
10-Day
644
30-Day
737
342
  • Prev. Close

    4235.15

  • Open Price

    4281.15

  • Bid Price (Qty.)

    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

NSE Live

Dec 02, 15:40
4278.00 39.95 (0.94%)
Volume
AVERAGE VOLUME
5-Day
4,017
10-Day
4,160
30-Day
5,114
13,607
  • Prev. Close

    4238.05

  • Open Price

    4280.00

  • Bid Price (Qty.)

    4278.00 (200)

  • Offer Price (Qty.)

    0.00 (0)

Annual Report

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Director’s Report

INTRODUCTION: The Directors present their Thirty Second Annual Report and Audited Statement of Accounts for the year ended 31st March, 2007. OPERATIONS: With the cessation of production of geared scooters, the manufacturing activity of the Company, during the year under review, was limited to the manufacture of pressure die casting dies primarily for two and three-wheeler industry. The Company sold 2,402 finished units of scooters which were in stock as on 1st April, 2006. During the year under review, Income from treasury operations was Rs.231 million against Rs.221 million during the previous year. Overall turnover was Rs.305.7 million as against Rs.422.8 million during the previous year. FINANCIAL RESULTS: (Rs. in million) 2006-07 2005-06 Net Sales and Other Income 305.7 422.8 Gross Profit before Interest and Depreciation 110.7 142.1 Interest Depreciation 11.0 11.1 Profit before Tax 99.7 131.0 provision for Taxation including Fringe Benefit Tax 0.9 0.4 Deferred Tax (Liabilities)/Assets - 10.1 Net Profit 98.8 140.7 Debit/(Credit) relating to earlier years-Taxation (20.5) (13.0) Less: Adjustment on account of write down of net deferred tax assets 44.7 Disposable surplus after Adjustments for earlier years 74.6 153.7 Provision for Proposed Dividend (inclusive of Dividend Distribution Tax) 40.1 58.7 Balance carried to General Reserve 34.4 95.0 DIVIDEND: The Directors recommend for consideration of the shareholders at the ensuing Annual General Meeting, payment of dividend of Rs.3.00 per Equity Share (30%) on 11,428,568 Equity Shares of Rs.10 each for the year ended 31st March, 2007. The amount of dividend and the tax thereon aggregates to Rs. 40.1 million. Dividend paid for the year ended 31st March, 2006 was Rs.4.50 per share (45%). The amount of dividend and tax thereon aggregated to Rs.58.7 million. RESEARCH, DEVELOPMENT AND TECHNOLOGY ABSORPTION: No expenditure has been incurred by the Company on Research and Development activities during the year under review. CONSERVATION OF ENERGY: The Company continued to take several steps during the year under review to effect savings in the consumption of power, fuel, oil, water such as: After taking review of operations, the Company has reduced Maximum Contract Demand for electricity from 1500 KVA to 400 KVA. The Company has reduced MIDC inlet water connection size from 80 NB to 40 NB to ensure minimum billing for fresh water. Control on maximum demand of electricity, maintaining power factor to almost unity, introduction of energy efficient devices on shop floor, effective operation and use of biogas plant, vermi composting, solar heaters, recycling of treated effluent and water harvesting. SAFETY, HEALTH AND ENVIRONMENT: Various training programmes and activities for awareness towards safety were arranged. The Company has displayed its Safety & Health Policy at the Factory Main Gate and made efforts to achieve Zero Accident target during the year. Environment Audit is being carried out as stipulated. Small groups like Environmental Group, Energy Cell and Safety Committee are working effectively, which helped in awareness towards legal and regulatory requirements down the line. FOREIGN EXCHANGE EARNINGS AND OUTGO: During the year under review, the total foreign exchange earning was nil and outgo on account of import of machine spares was Rs.17,979. CASH FLOW STATEMENT: A Cash Flow Statement for the year 2006-07 is included in the annexed Statement of Accounts. DEPOSITORY: Shares of the Company can be held and traded in electronic form both through National Securities Depository Ltd. (NSDL) and through Central Depository Services (I) Ltd. (CDSL). The companys shares are tradable compulsorily in dematerialised form only. As on 31st March, 2007,4,485,978 number of equity shares comprising 39.25% of total shareholding have been dematerialised. INDUSTRIAL RELATIONS: Industrial relations continued to be cordial during the year under review. An amicable settlement for a productivity-linked wage settlement valid from 1st April, 2007 to 30th September, 2010 was reached with the Workmen Union on 24th March, 2007 and a Memorandum of Understanding was signed on 7th April, 2007. The Memorandum of Settlement was signed on 14th April, 2007. This settlement is expected to further promote harmonious relations between the management and the workmen. DIRECTORS: Shri Rahul Bajaj ceased to be Chairman of the Company with effect from 18th October, 2006. In his place, the Board has appointed Shri Madhur Bajaj, Director, as the Chairman and non-retiring Director with effect from 18th October, 2006. In the casual vacancy caused due to resignation of Shri Rahul Bajaj, the Board has appointed Shri Sanjiv Bajaj as the Director retiring by rotation, with effect from 18th October, 2006. The Board hereby places on record its sincere appreciation of the valuable services rendered by Shri Rahul Bajaj in the incorporation and growth of the Company during his tenure as the Chairman of the Company since 1975. The Board also places on record its appreciation of the services rendered by Shri S.S. Patil, Director whose nomination was withdrawn by WMDC Ltd., with effect from 14th July, 2006. Shri D.S. Mehta and Shri V.H. Deshmukh, Directors retire by rotation, and being eligible, offer themselves for re- appointment. DIRECTORS RESPONSIBILITY STATEMENT: As required by sub-section (2AA) of Section 217 of the CompaniesAct, 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 judgements 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: Subject to the approval of the shareholders, the Board of Directors have reappointed Shri Ranjit Gupta, Chief Executive of the Company as Manager under the Companies Act, 1956 for a further period of three years effective from 1st April, 2007, on the terms and conditions set out in the Resolution in the Notice for the ensuing Annual General Meeting. The Resolution is commended for the approval of the shareholders at the Annual General Meeting. PARTlCULARS OF EMPLOYEES: Information as per sub-section (2A) of section 217 of the CompaniesAct, 1956, read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors Report for the year ended 31st March,2007: NIL CORPORATE GOVERNANCE: Pursuant to clause 49 of the Listing Agreement with Stock Exchanges, a separate section titled Corporate Governance has been included in this Annual Report along with the section on Management Discussion and Analysis. A certificate from the auditors of the Company concerning the Companys compliance of Corporate Governance is annexed to this Report as Annexure-l. AUDITORS REPORT: The observations made in the Auditors Report, read with the relevant notes thereon are self-explanatory and hence do not call for any further comments under section 217 of the CompaniesAct, 1956. AUDITORS: The Auditors, M/s. P.C. Parmar & Company, Chartered Accountants, Pune, 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. Shri A.P. Raman, Cost Accountant, Pune has been appointed as cost auditor to conduct the audit of cost accounts maintained by the Company for the year ending 31st March, 2008. Government approval for the said appointment is awaited. On behalf of the Board of Directors Madhur Bajaj Pune,16th May, 2007. Chairman

Director’s Report