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Notes to Accounts of Maharashtra Scooters Ltd.

Mar 31, 2015

1 Contingent liabilities

a Claims against the Company not acknowledged as debts 4.07 3.97

b Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year 20.29 20.29

c Sales Tax matters under dispute 1,038.95 320.69

d Income-Tax matters under dispute

i) Appeal by Company - -

ii) Appeal by Department 39.84 42.08

39.84 42.08

No provision has been made, since the Company expects favourable decision.

2 Amount of borrowing costs capitalised as per Accounting Standard 16 during the year was Nil.

3 The Company is operating in a single segment. Hence, no separate segmentwise information is given.

4 Disclosure of transactions with related parties as required by the Accounting Standard 18.

Name of the related party and nature of the related party relationship where control exists have been disclosed irrespective of whether or not there have been transactions between the related parties. In other cases, disclosure has been made only when there have been transactions with those parties.

Related parties as defined under clause 3 of the Accounting Standard - 18 "Related Party Disclosures" have been identified based on representations made by key managerial personnel and information available with the company.

5 In view of the uncertainty in utilising the carried forward business loss as per Income Tax Act 1961, as a prudent measure, the Company has not recognised cumulative net deferred tax asset amounting to Rs.1766 lacs arising on this account (previous year Rs. 1958 lacs).

6 Liability for gratuity has been determined by an actuary, appointed for the purpose, in conformity with the principles set out in the Accounting Standard 15 (revised) the details of which are as hereunder:

Note: The Company has fully funded the Group Gratuity policy of Life insurance Corporation of India, to pay the expenditure required to settle a defined benefit obligation. As such the fair value of insurance policy is deemed to be present value of the related defined benefit obligation.

7 Previous year figures

Previous year figures have been regrouped wherever necessary.


Mar 31, 2014

1 Contingent liabilities

a Claims against the Company not acknowledged as debts 3.97 3.88

b Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year 20.29 20.29

c Sales Tax matters under dispute * 320.69 320.69

d Income-Tax matters under dispute

i) Appeal by Company * - -

ii) Appeal by Department 42.08 42.08

42.08 42.08

* No provision has been made, since the Company expects favourable decision.

2 Capital and other commitments

Capital commitments, net of capital advances 1.74 -

3 Value of Imports calculated on CIF basis

Capital goods 84.52 94.90

4 Imported and indigenous raw materials, boughtout items consumed Entire raw material and bought out items consumed are indigenous.

5 Amount of borrowing costs capitalised as per Accounting Standard 16 during the year was Nil.

6 The Company is operating in a single segment. Hence, no separate Segment wise information is given.

7 In view of the uncertainty in utilising the carried forward business loss as per Income Tax Act 1961, as a prudent measure, the Company has not recognised cumulative net deferred tax asset amounting to Rs.19.58 crores arising on this account.

8 These financial statements have been prepared in accordance with the generally accepted accounting principles in India under the historical cost convention on accrual basis. Consequent to the clarification from the Ministry of Corporate Affairs, vide General Circular 08/2014 dated 4 April 2014, these financial statements have been prepared in accordance with the relevant provisions/Schedules/Rules of the Companies Act, 1956. Accordingly, these financial statements have been prepared to comply in all material aspects with the accounting standards notified under Section 211(3C) [Companies (Accounting Standards) Rules, 2006, as amended] and the other relevant provisions of the Companies Act, 1956.

All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realisation in cash and cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

9 Previous year figures

Previous year figures have been regrouped wherever necessary.


Mar 31, 2013

A Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

* Current year expenses includes Rs. 45.11 Lacs paid to Maharashtra Scooters Consumers'' Co-operative Society Ltd on account of reimbursement of early retirement of employees working in Canteen.

No Managerial remuneration under section 198 of the Companies Act, 1956, is paid or payable to Shri Ranjit Gupta, ''Manager'' of the Company. Shri Ranjit Gupta is on deputation from Bajaj Holidings & Investment Limited.

1 Earning per share (EPS)

Earnings per share is calculated by dividing the profit attributable to the Equity Shareholders by the weighted average number of Equity Shares outstanding during the year. The numbers used in calculating basic and diluted earnings are stated below :

2 Contingent liabilities

a Claims against the Company not acknowledged as debts 3.88 3.79

b Excise and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received in the earlier year 20.29 20.29

c Sales Tax matters under dispute * 320.69 320.69

d Income-Tax matters under dispute

i) Appeal by Company * - 25.25

ii) Appeal by Department 42.08 315.62

42.08 340.87

* No provision has been made, since the Company expects favourable decision.

3 Imported and indigenous raw materials, boughtout items consumed Entire raw material and boughtout items consumed are indigenous.

4 Amount of borrowing costs capitalised as per Accounting Standard 16 during the year was Nil.

5 The Company is operating in a single segment. Hence, no separate segmentwise information is given.

6 In view of the uncertainty in utilising the carried forward business loss as per Income Tax Act 1961, as a prudent measure, the Company has not recognised net deferred tax asset arising on this account.

Note: The Company has fully funded the Group Gratuity policy of Life insurance Corporation of India, to pay the expenditure required to settle a defined benefit obligation. As such the fair value of insurance policy is deemed to be present value of the related defined benefit obligation.

7 Previous year figures

Previous year figures have been regrouped wherever necessary.


Mar 31, 2012

A Terms/rights attached to equity shares

The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the Annual General Meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amount. The distribution will be in proportion to the number of equity shares held by the shareholders.

1 Exceptional items

Expenditure on Voluntary Retirement Scheme

The Company had announced Voluntary Retirement Schemes (VRS) for its workmen on 6th June, 2011 and on 7th November, 2011 and for staff on 1st December, 2011. In response to the Schemes, a total of437 employees opted for the same. The company has incurred a total expenditure of Rs. 5839.45 lacs on the said schemes. In compliance with the provisions of the Accounting Standard-15 'Employees Benefits' the entire amount of Rs. 5839.45 lacs is charged to the Statement of Profit & Loss in the current financial year.

2 Contingent liabilities

a Claims against the Company not acknowledged as debts 3.79 3.69

b Excise duty matters under dispute 20.29 20.29

c Sales Tax matters under dispute * 320.69 320.69

d Income-Tax matters under dispute

i) Appeal by Company * 25.25 25.25

ii) Appeal by Department 315.62 577.08 340.87 602.33

* No provision has been made, since the Company expects favorable decision.

3 Capital and other commitments Capital Commitments, net of capital advances 67.63 -

4 Imported and indigenous raw materials, bought out items consumed Entire raw material and bought out items consumed are indigenous.

5 Amount of borrowing costs capitalized as per Accounting Standard 16 during the year was Nil.

6 The Company is operating in a single segment. Hence, no separate Segment wise information is given.

C. Amount written-off or written-back in respect of debts due from or to related parties is Nil.

7 In view of the uncertainty in utilizing the carried forward business loss as per Income Tax Act 1961, as a prudent measure, the Company has not recognized net deferred tax asset arising on this account.

8 Liability for gratuity has been determined by an actuary, appointed for the purpose, in conformity with the principles set out in the Accounting Standard 15 (revised) the details of which are as hereunder:

9 Previous year figures

The financial statements for the year ended 31 March 2011 had been prepared as per the then applicable, pre-revised Schedule VI to the Companies Act, 1956. Consequent to the notification of Revised Schedule VI under the Companies Act, 1956, the financial statements for the year ended 31 March 2012 are prepared as per Revised Schedule VI. Accordingly, the previous year figures have also been reclassified to conform to this year's classification. The adoption of Revised Schedule VI for previous year figures does not impact recognition and measurement principles followed for preparation of financial statements.


Mar 31, 2010

2009-10 2008-09 Rupees Rupees

1. Contingent Liabilities not provided for

(a) Claims against the Company not acknowledged as debts 360,725 351,230

(b) Excise duty matters under dispute 2,028,547 2,028,547

(c) Income-Tax matters under dispute

i) Appeal by Company - 7,221,506

ii) Appeal by Department 59,325,072 38,599,963

Total of (c) 59,325,072 45,821,469

(d) Sales Tax matters under dispute - Appeal by Company* 29,639,858 29,835,519

* No provision has been made, since the Company expects favourable decision.

2. No Managerial remuneration under section 198 of the Companies Act, 1956, is paid or payable to Shri Ranjit Gupta, Manager of the Company. Shri Ranjit Gupta is on deputation from Bajaj Finserv Limited.

3. C.I.F. Value of Imports and Expenditure in Foreign Currency

4. Depreciation on fixed assets has been calculated on a single shift basis in the current year.

5. Amount of borrowing costs capitalised as per Accounting Standard 16 during the year was Nil.

6. The Company is operating in a single segment. Hence, no separate segmentwise information is given.

7. Related Party disclosures in accordance with Accounting Standard 18.

(A) Related Parties and nature of relationship

Sr. No. Name of Related Party Nature of relationship

1. Bajaj Holdings & Investment Ltd. Promoter Company holding 24% of equity capital

2. Western Maharashtra Development Corporation Ltd. Promoter Company holding 27% of equity capital

3. Shri Ranjit Gupta Key Management Personnel

8. In view of the uncertainty in utilising the carried forward business loss as per Income Tax Act 1961, as a prudent measure, the Company has not recognised net deferred tax asset arising on this account.

9. In absence of any intimation from the vendors with regard to their registration (filing of Memorandum) under "The Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006)" and in view of the terms of payments not exceeding 45 days, no liability exists at the close of the year and hence no disclosures have been made in this regard.

10. Previous years figures have been regrouped wherever necessary.

 
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