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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

Nov 30, 14:47
4128.25 31.80 (0.78%)
Volume
AVERAGE VOLUME
5-Day
603
10-Day
528
30-Day
722
829
  • Prev. Close

    4096.45

  • Open Price

    4110.35

  • Bid Price (Qty.)

    4125.15 (1)

  • Offer Price (Qty.)

    4130.00 (1)

NSE Live

Nov 30, 14:47
4124.95 31.70 (0.77%)
Volume
AVERAGE VOLUME
5-Day
3,380
10-Day
3,828
30-Day
5,117
3,842
  • Prev. Close

    4093.25

  • Open Price

    4086.35

  • Bid Price (Qty.)

    4126.65 (2)

  • Offer Price (Qty.)

    4132.95 (1)

Annual Report

For Year :
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Director’s Report

The Directors present their Thirty Third Annual Report and Audited Statement of Accounts for the year ended 31st March, 2008. OPERATIONS: The manufacturing activity of the Company, during the year under review was limited to the manufacture of pressure die casting dies, jigs and fixtures primarily for two and three- wheeler industry. During the year under review, Income from treasury operations was Rs.236.1 million against Rs.224.4 million during the previous year. Overall turnover was Rs.291.9 million as against Rs.305.7 million during the previous year. FINANCIAL RESULTS: (Rs. in million) 2007-08 2006-07 Net Sales and Other Income 291.9 305.7 Gross Profit before Interest and Depreciation 130.4 110.7 Interest Depreciation 10.6 11.0 Profit before Tax 119.8 99.7 Provision for Taxation including Fringe Benefit Tax 0.1 0.9 Net Profit 119.7 98.8 Debit/(Credit) relating to earlier years - Taxation 2.1 (20.5) Less: Adjustment on account of write down of net deferred tax assets - 44.7 Disposable surplus after Adjustments for earlier years 117.6 74.6 Provision for Proposed Dividend (inclusive of Dividend Distribution Tax) 80.2 40.1 Balance carried to General Reserve 37.4 34.4 DIVIDEND: The Directors recommend for consideration of the shareholders at the ensuing Annual General Meeting, payment of dividend of Rs.6 per Equity Share (60%) on 11,428,568 Equity Shares of Rs.10 each for the year ended 31st March, 2008. The amount of dividend and the tax thereon aggregates to Rs.80.2 million. Dividend paid for the year ended 31st March, 2007 was Rs.3 per share (30%). The amount of dividend and tax thereon aggregated to Rs.40.1 million. TECHNICAL KNOW-HOW AGREEMENT: With very poor demand for geared scooters, Bajaj Auto Ltd. discontinued production of geared scooters and consequently supplies of CKD packs of geared scooters to the Company were stopped. Company had stopped production of geared scooters from 1st April, 2006. Hence, technical know-how agreement with Bajaj Auto Ltd., which expired on 31st December, 2007, has not been renewed. CHANGE IN NAME OF JOINT PROMOTER OF THE COMPANY: In terms of the Scheme of Arrangement entered into by Bajaj Auto Ltd. (joint promoter of the Company) with its Shareholders and approved by the Honble High Court, Mumbai, the name of Bajaj Auto Ltd. has been changed to Bajaj Holdings & Investment Ltd. A Special Resolution for alteration of Articles of Association of the Company to give effect to the change in name of Bajaj Auto Ltd. has been incorporated in the Notice of the Annual General Meeting and is commended for the approval of the Shareholders. 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: A 500 KVA transformer was installed to save on No Load losses, as the Company had reduced maximum contract demand for electricity from 1500 KVA to 400 KVA. The Company has upgraded heat treatment furnaces to reduce electricity consumption and initial heating time. Other measures taken to save energy were to: control maximum demand of electricity, maintain power factor to almost unity, introduce energy efficient devices on shop floor, effectively operate and use biogas plant, solar heaters, recycle treated effluent and water harvesting. SAFETY, HEALTH AND ENVIRONMENT: Various training programmes and activities for awareness towards safety were arranged. The Company has taken adequate measures to reduce noise pollution inside the factory. Environment Audit is being carried out as stipulated. The Company has displayed its Safety & Health Policy at the Factory Main Gate and made efforts to achieve Zero Accident target during the year. Small groups like Environmental Group, Energy Cell and Safety Committee are working effectively, which have helped in creating awareness towards legal and regulatory requirements. FOREIGN EXCHANGE EARNINGS AND OUTGO: During the year under review, the total foreign exchange earnings and outgo were nil. CASH FLOW STATEMENT: A Cash Flow Statement for the year 2007-08 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, 2008, 4,583,479 number of equity shares comprising 40.11% of total shareholding have been dematerialised. INDUSTRIAL RELATIONS: Industrial relations continued to be cordial during the year under review. DIRECTORS: Mrs. Mary Neelima Kerketta has been appointed as a non- retiring Director of the Company in place of Shri R.N. Joshi, whose nomination had been withdrawn by Western Maharashtra Development Corporation Ltd., the joint promoter of the Company, with effect from 10th January, 2008. Shri P.R. Suryavanshi and Shri D.W. Patil have been appointed as Directors of the Company with effect from 29th January, 2008 filling the casual vacancies caused by the withdrawal of the nomination of Shri V.H. Deshmukh and Shri S.S. Survase by WMDC Ltd. Shri R.K. Nikharge has been appointed as a Director of the Company with effect from 21st May, 2008 in the casual vacancy existing in the Board. The Board places on record its appreciation of the services rendered by Shri R.N. Joshi, Shri V.H. Deshmukh and Shri S.S. Survase during their tenure as Directors of the Company. Shri Jayant H. Shah, Director retires by rotation, and being eligible, offers himself for reappointment. Shri Sanjiv Bajaj and Shri D.W. Patil who were appointed by the Board as Directors in the casual vacancies hold office until the ensuing Annual General Meeting and are eligible for reappointment. 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 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. PARTICULARS OF EMPLOYEES: Information as per sub-section (2A) of section 217 of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975 and forming part of the Directors Report for the year ended 31st March, 2008: 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 Companies Act, 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, 2009. Government approval for the said appointment has been obtained. On behalf of the Board of Directors Madhur Bajaj Pune, 21st May, 2008. Chairman

Director’s Report