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SCOOTERS INDIA LIMITED
BALANCE SHEET AS AT MARCH, 31,2005. - -
SCHE- AS AT AS AT
DULE 31.03.2005 31.03.2004
RS. RS.
1. SOURCES OF FUNDS
i) Shareholders' Funds
a) Capital 1 450,338,188 429,938,188
b) Reserves & Surplus 2 146,524,063 132,593,824
596,862,251 562,532,012
ii) Loan Funds
a) Secured Loans 3 182,023,456 224,758,312
b) Unsecured Loans 4 55,257,170 48,000,020
237,280,626 272,758,332
834,142,877 835,290,344
2. APPLICATION OF FUNDS
i) Fixed Assets
a) Gross Block 5 405,386,395 390,513,468
b) Less: Depreciation 303,445,502 289,231,472
c) Net Block 101,940,893 101,281,996
d) Capital work-in-progress 6 97,320,009 87,037,412
199,260,902 188,319,408
ii) Investments 7 57,000 336,054
iii) Current Assets,Loans & Advances 8
a) Inventories 288,491,005 270,791,701
b) Sundry Debtors 155,502,634 147,267,372
c) Cash and Bank Balances 560,057,254 519,500,421
d) Other current assets 21,414,430 86,945,710
e) Loans and Advances 29,907,213 28,888,968
1,055,372,536 1,053,394,172
Less :
Current Liabilities and Provisions 9
a) Liabilities 422,478,390 408,498,692
b) Provisions - 77,723
422,478,390 408,576,415
Net Current Assets 632,894,146 644,817,757
Miscellaneous expenditure to the extent not
written off or adjusted 10 1,930,829 1,817,125
834,142,877 835,290,344
Accounting Notes and Contingent Liabilities 19
Schedule 1 to 10 and 19, alongwith accounting policy are integral part of the Balance-sheet.
(Manoj Agrawal) (C.S.SundaraMurthy ) (S.Chakraborty) (P.K.Datta)
Company Secretary G.M.(Finance) Director Chairman -cum -Managing Director
As per our separate report of even date
For Mohan & Co.
Chartered Accountants
(S.K.Mohan)
Partner
Place: Lucknow
Date: , June,2005.
SCOOTERS INDIA LIMITED -
PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31,MARCH, 2005.
SCHE- YEAR ENDED YEAR ENDED
DULE 31.03.2005 31.03.2004
RS. RS.
INCOME
Sales 11 1,397,879,970 1,553,968,209
Other Income 12 97,923,800 105,187,522
Accretion / ( Decretion) to Work-in-progress
and Finished goods 13 14,627,081 (16,375,337)
1,510,430,851 1,642,780,394
EXPENDITURE
Materials Consumed 14 725,951,178 828,699,794
Cost of sales at Petrol Pump 14 68,550,826 58,623,224
Employees' Remuneration and Benefits 15 358,091,094 350,087,995
Other expenses of Manufacture,Administration,
Selling & Distribution 16 329,439,436 362,937,374
Depreciation 14,335,362 12,944,073
Interest 17 11,398,185 4,173,729
1,507,766,081 1,617,466,190
LESS :
Expenditure included in above capitalised 11,265,469 8,238,044
1,496,500,612 1,609,228,146
Profit for the year 13,930,239 33,552,248
Prior Year Adjustments (Net) 18 - 1,976,956
Profit after Prior Year Adjustments 13,930,239 31,575,292
Balance brought forward from last year 111,667,741 80,092,449
Balance carried to Balance Sheet 125,597,980 111,667,741
Additional Information 20
Schedule 11 to 20, alongwith accounting policy form an integral part of the Profit and Loss account.
(Manoj Agrawal) (C.S.SundaraMurthy ) (S.Chakraborty) (P.K.Datta)
Company Secretary G.M.(Finance) Director Chairman -cum -Managing Director
As per our separate report of even date
For Mohan & Co.
Chartered Accountants
(S.K.Mohan)
Partner
Place: Lucknow
Date: June,2005.
SCOOTERS INDIA LIMITED
Schedules annexed to and forming part of the Balance Sheet as at March, 31,2005.
-
SCHEDULE 1
Share Capital
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Authorised Capital @
7,50,00,000 Equity Shares (Previous Year 4,50,00,000 ) 750,000,000 450,000,000
of Rs. 10 each.
Issued Capital
4,29,95,500 Equity Shares 429,955,000 429,955,000
( Previous year 4,29,95,500 ) of Rs. 10 each
Subscribed and Paid up Capital
4,29,92,255 Equity Shares* 429,922,550 429,922,550
( Previous year 4,29,92,255 ) of Rs. 10 each
Forfeited Shares 15,638 15,638
Advance Received against Equity Share Capital
from Government of India pending allotment. 20,400,000 -
450,338,188 429,938,188
*Of the subscribed and paid up capital 9,05,000 shares(Previous year 9,05,000 shares) of Rs.10 each allotted to the
Government of India during 1972-73 &1975-76 as fully paid pursuant to a contract without payment being received in cash.
`@ Refer note no 23 of Schedule 19 .
SCHEDULE 2
Reserves and Surplus
-
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Reserves
Capital Reserve 926,083 926,083
Reserve for debts 20,000,000 20,000,000
Surplus
Profit & Loss Account 125,597,980 111,667,741
146,524,063 132,593,824
SCOOTERS INDIA LIMITED -
SCHEDULE 3
Secured Loans
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Long Term Loan from :
PICUP @ 116,815,862 144,249,301
State Bank of India (FITL) - 2,719,000
Loans and advances from Banks *
State Bank of India 4,520,092 9,216,517
Indian Overseas Bank 43,816,809 46,997,303
Allahabad Bank 16,870,693 21,576,191
182,023,456 224,758,312
@ The long term interest free loan from PICUP against deferment of U.P.Trade Tax & C.S.T as provided in Sanctioned
Rehabilitation Scheme of B.I.F.R is secured by hypothecation of fixed assets.
* Credit facility from S.B.I., I.O.B.& Allahabad Bank are secured by hypothecation of inventories / book debts/ T.D.Rs .
SCHEDULE 4
Unsecured Loans
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Loans from Government of India 55,257,170 48,000,020
55,257,170 48,000,020
SCOOTERS INDIA LIMITED -
SCHEDULE 6
Capital Work-in-progress
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Plant and Machinery 89,922,114 82,153,928
Building 7,397,895 4,883,484
97,320,009 87,037,412
-
SCHEDULE 7
Investments
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Investment at cost ( Unquoted fully paid )*
UP Instruments Limited
1,55,030 Equity Shares of Rs.10 each 1,550,300 1,550,300
UP Tyres & Tubes Limited
5,22,800 Equity Shares of Rs. 10 each 5,228,000 5,228,000
Co-operative Electric Supply Society Limited
5,700 Equity Shares of Rs.10 each 57,000 57,000
6,835,300 6,835,300
Less : Provision for estimated loss in value ** 6,778,300 6,499,246
57,000 336,054
* All investments are long term.
** Refer Note No 4 of Schedule 19 .
SCOOTERS INDIA LIMITED -
SCHEDULE 8
Current Assets, Loans and Advances
As at As at
31.03.2005 31.03.2004
Rs. Rs.
I) Inventories #
Raw Materials * 51,254,617 49,569,777
Stores and Spares 18,531,867 17,895,172
Loose Tools and Consumables * 26,280,914 28,776,982
Work-in-progress * * 31,612,368 24,818,551
Finished goods 173,829,405 165,996,141
Material-in-transit 1,644,171 1,331,243
Material Under Inspection 35,130 -
Disposal Stores 446,381 342,742
Other Stocks 1,309,691 712,583
304,944,544 289,443,191
Less : Provision for Inventory Obsolescence
a) General Provision @ 0.5% 404,196 395,171
b) Specific Provision @ 90% 14,265,651 16,955,924
: Provision for material lying with sub Contractor
doubtful of recovery 1,783,692 1,300,395
288,491,005 270,791,701
* Raw - materials, loose tools and consumables lying with sub - contractors / Licencees amount to Rs. 57,38,408
(Previous year Rs.38,84,632)
* * Includes Vehicles valuing Rs 25,29,507 awaiting testing (Previous Year Rs.50,73,404)
# Refer - Note No 7 (a) regarding obsolete inventory .
ii) Sundry Debtors ( Unsecured )
Debts outstanding for a period exceeding 6 months
Considered good 47,552,059 36,231,990
Considered doubtful 3,950,891 3,694,845
51,502,950 39,926,835
Other debts considered good 107,950,574 111,035,382
159,453,524 150,962,217
Less : Provision for doubtful debts 3,950,890 3,694,845
155,502,634 147,267,372
iii) Cash and Bank Balances
Cash and stamps in hand 275,899 182,157
Term Deposits with Scheduled Banks * 457,010,654 433,189,467
Balances with Scheduled Banks 46,266,824 86,128,797
Remittances-in-transit 56,503,878 -
560,057,254 519,500,421
* Term Deposits for Rs.8,29,50,157 ( Previous year Rs. 86,435,932 ) held against L.C.Margin .
SCOOTERS INDIA LIMITED
SCHEDULE 8 contd.
As at As at
31.03.2005 31.03.2004
Rs. Rs.
iv) Other Current Assets
Royalty receivable 2,315,205 2,789,443
Interest accrued on Term deposits 19,099,225 82,985,462
Plant & Machinery for disposal - 1,170,805
21,414,430 86,945,711
v) Loans and Advances
(Advances recoverable in cash or kind or for
value to be received )
Secured considered good 371,057 573,390
Unsecured considered good :
a) Amount recoverable from Workmen *
( Towards houses allotted in workmen's Housing Colony
and unapportioned cost of land & common facilities.) 1,628,176 1,616,996
b) Others ^ 16,168,116 14,590,184
c) Deposits 11,739,864 12,108,398
d) Considered doubtful 9,712,181 8,449,389
39,619,394 37,338,357
Less : Provision for doubtful advances 9,712,181 8,449,389
29,907,213 28,888,968
Total ( i ) to ( v ) 1,055,372,536 1,053,394,172
^ Include Due from Directors
Maximum balance due from Directors at any time during the year. 8,000 21,444
Balance at the end of the year Nil Nil
* The details are
Expenditure on Workmen's Housing 12,192,945 12,192,946
Less : Amount recovered so far from workmen 10,564,769 10,575,950
1,628,176 1,616,996
SCOOTERS INDIA LIMITED -
SCHEDULE 9
Current Liabilities and Provisions
As at As at
31.03.2005 31.03.2004
Rs. Rs.
I) Current Liabilities
Acceptances 54,707,298 50,157,341
Sundry Creditors 226,589,400 211,567,280
Sundry Creditors (S.S.I.) # 2,294,890 2,430,697
Advances and Deposits 39,052,802 31,691,943
Other Liabilities @ 99,099,822 112,532,253
Interest accrued but not due 734,178 119,178
422,478,390 408,498,692
ii) Provisions
Bonus - 77,723
- 77,723
422,478,390 408,576,415
# There is no case of S.S.I.to whom.the company owes a sum exceeding Rs.1 lakh and outstanding for more
than 30 days based on information available with the Company.
@ Include Rs. 33,850 ( Previous year Rs.33,850 ) on account of advance deposited by workmen for
allotment of House in Workmen's Colony.
SCHEDULE 10
Miscellaneous expenditure -
(To the extent not written off or adjusted) -
As at As at
31.03.2005 31.03.2004
Rs. Rs.
Deferred Revenue Expenditure 1,817,125 1,498,779
Additions during the year 987,877 994,944
2,805,002 2,493,723
Less; Written off & charged to Profit & Loss Account 874,173 676,598
1,930,829 1,817,125
SCOOTERS INDIA LIMITED -
Schedules annexed to & forming part of the Profit & Loss Account for the year
ended March 31, 2005.
SCHEDULE 11
Sales
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Three-Wheeler * 1,236,027,574 1,355,733,592
Spare-parts 91,678,994 138,603,827
Petrol,Diesel, Lubricants etc.* * 70,173,402 59,630,790
1,397,879,970 1,553,968,209
* Includes Excise Duty amounting Rs 174,959,402 (Previous year Rs.188,042,139)
** Includes 55,539 ltrs.of petrol,diesel,oil etc.value Rs.16,37,723 ( Previous year 64,369 ltrs. Petrol,diesel, oil etc value
Rs.15,95,381) consumed for internal use .
SCHEDULE 12 -
Other Income
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
( A ) Miscellaneous Receipts
Sale of :
a ) Tools - 409,052
b ) Empties 152,180 205,021
c ) Miscellaneous Items 8,730,728 9,649,444
Interest on :
a ) Vehicle advance to employees 66,847 580,271
b ) Advance to Suppliers / Dealers 191,426 660,608
c ) Term deposits 38,296,113 43,302,062
d ) Others 75,708 -
Royalty Received 34,750,895 32,690,604
Profit on sale of fixed assets 7,857,754 474,141
Gain in exchange rate 9,331 47,578
Excess Provision written back 2,907,279 6,388,208
Other receipts 4,885,539 6,280,533
TOTAL ( A ) 97,923,800 100,687,522
(B) Other Receipts-Grant-in-aid
Grant-in-aid (Electric Vehicle) received from Government
of India, Ministry of Non Conventional Energy Sources. - 4,500,000
TOTAL ( B) - 4,500,000
Total ( A + B ) 97,923,800 105,187,522
SCOOTERS INDIA LIMITED
SCHEDULE 13 -
Accretion / (Decretion) to Work-in-progress and Finished Goods
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Opening Stock
Work-in-progress 24,818,551 46,469,621
Finished Goods 165,996,141 160,720,408
A 190,814,692 207,190,029
Closing Stock
Work-in-progress 31,612,368 24,818,551
Finished Goods 173,829,405 165,996,141
B 205,441,773 190,814,692
Accretion / ( Decretion ) (B-A) 14,627,081 (16,375,337)
SCHEDULE 14
Consumption of Materials
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. RS.
( I ) Consumption of Materials :
a ) Raw Materials and Components
Opening Stock 49,912,519 66,694,225
Add : Purchases 727,929,908 812,005,251
777,842,427 878,699,477
b ) Less :
I ) Sale of Raw Materials - 53,444
ii ) Closing Stock 51,700,998 49,912,519
iii ) Shortages in inventory written off 10,417 33,719
51,711,415 49,999,683
c ) Consumption of Materials ( a - b ) 726,131,012 828,699,794
Prior period items (Net) -179,834 -
725,951,178 828,699,794
( II ) Petrol Pump
a ) Opening Stock 374,544 1,289,540
Add : Purchases 69,055,421 57,716,502
69,429,965 59,006,042
b ) Less : i) Closing Stock 868,890 374,544
ii ) Shortages written off 10,249 8,274
879,139 382,818
c ) Cost of sales at Petrol Pump ( a - b ) 68,550,826 58,623,224
SCOOTERS INDIA LIMITED
SCHEDULE 15 -
Employees' Remuneration and Benefits
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Salaries , Wages and Bonus * 261,697,589 256,764,268
Leave Encashment 15,449,723 12,618,213
Contribution to PF 15,046,970 14,265,263
Employer's share of Pension Contribution 11,488,324 11,538,547
Interest Subsidy on House Building Loan 669,506 733,087
Contribution to ESI scheme 74,851 36,551
Contribution to Employees' Group Insurance 1,187,017 1,110,410
Medical benefits 10,986,006 12,933,221
Canteen expenses 4,623,198 4,629,737
Transport expenses 7,857,148 7,514,106
Rent ( Leasehold accommodation ) 75,614 75,438
Gratuity 22,773,012 21,199,639
Leave travel assistance 4,500,000 4,429,500
Uniform 1,658,654 158,046
Benevolent expenses 801,200 723,446
Children education allowance 540,306 629,580
Other expenses 664,318 728,942
Sub-Total 360,093,436 350,087,995
Prior period items (Net) -2,002,342 -
Total 358,091,094 350,087,995
* Includes stipend paid to the trainees / apprentices Rs. 27,19,049 ( Previous year Rs. 11,81,169).
The above schedule includes payments to wholetime Directors ( Including Chairman-cum-Managing Director).
The details of salaries etc. are as under
2004-2005 2003-2004
No Of Directors 1 2
Rs Rs
( I ) Salaries 572,848 1,004,773
( ii ) Contribution to PF 53,824 96,165
( iii ) Gratuity 51,380 85,458
( iv ) Others ( L.T.A. , Leave Encashment, Group Insurance ) 27,686 43,058
SCOOTERS INDIA LIMITED
SCHEDULE 16 -
Other expenses of Manufacture, Administration, Selling and Distribution
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Manufacturing expenses :
Stores,Spares and Tools 24,030,756 20,897,383
Power & fuel 32,399,374 39,314,505
Repairs : a) Plant and Machinery 4,005,143 3,876,224
b) Factory Building 663,042 693,450
c) Non-Factory Building 184,954 69,980
d) Others 2,397,762 2,086,711
Research and Development 3,949,475 2,391,872
Fabrication Charges - 149,560
Excise Duty 183,463,467 199,472,702
Cess on Central Excise Duty 1,326,310 1,443,028
Education Cess 3,017,005 -
National Calamity Contingency Duty 1,866,329 -
257,303,617 270,395,415
Administrative expenses :
Rent 1,285,879 1,051,940
Postage, Telegram and Telephone 2,876,814 2,740,352
Directors' Sitting Fees 4,000 -
Directors' Travelling Expenses 564,355 683,432
Travelling Expenses 5,301,565 4,887,028
Printing and Stationery 1,735,371 1,578,650
Board Meeting Expenses 15,217 6,771
Legal Expenses 1,215,564 1,174,422
Consultancy Charges 682,298 903,919
Rates and Taxes 403,503 321,550
Vehicle Running and Maintenance 577,027 408,185
Bank Charges 1,778,625 2,880,188
Insurance 781,768 519,780
Miscellaneous Expenses 4,359,123 2,029,757
21,581,109 19,185,974
Selling and Distribution expenses :
Transit Insurance - 1,854
Demands and Interest on Taxes 2,196,639 5,090,713
Advertisement 9,508,356 7,849,782
Sales Promotion Expenses 717,431 1,179,413
Freight & Packing Expenses 16,983,218 15,962,518
Service Expenses ( Free Coupon/After Sales Service ) 10,180,897 11,956,464
Commission & Incentives 11,404,030 23,811,548
Turnover Tax 1,615,580 730,331
52,606,151 66,582,623
Bad and Doubtful Debts, Advances and others written off 163,959 623,660
Deferred Revenue Expenditure Written Off 874,173 676,598
Provision for doubtful debts /advances & inevntory obsolescence 2,539,947 5,473,105
3,578,079 6,773,363
Sub-Total 335,068,956 362,937,374
Prior period items (Net) -5,629,520 -
Total 329,439,436 362,937,374
SCOOTERS INDIA LIMITED
SCHEDULE 17 -
Interest
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Interest on Loans and advances from :
Government of India 635,274 845,912
Banks 10,762,911 3,327,817
11,398,185 4,173,729
-
SCHEDULE 18
Prior Year Adjustments ( Net ) -
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Raw Materials - 1,684,198
Stores, Spares and Tools - -935
Salaries, Wages and Bonus - 28,748
Workmen and staff welfare expenses - -2,458
Repairs - 1,146
Depreciation - -
Advertisement - -278,539
Travelling and Conveyance expenses - 60,255
Selling and Distribution expenses - -594,931
Freight, Packing and Octroi - 112,768
Research & Development expenses - 42,945
Interest - -137,023
Sales Return - 1,556,865
Miscellaneous Receipts - -348,537
Rent - -21,800
Postage, telegrams and telephone - 138,096
Legal expenses - 52,450
Power and fuel - 248,706
Rates & Taxes - 73,525
Other expenses - -638,523
- 1,976,956
Figures in minus indicate credit balances.
Refer note no 22 of Schedule 19 .
- 1,976,957
SCOOTERS INDIA LIMITED -
SCHEDULE 16
Other expenses of Manufacature,Administration,Selling and Distributiion
YEAR ENDED YEAR ENDED
31.03.2005 31.03.2004
RS. Rs.
Stores,Spares and Tools 24,030,756 20,897,383
Power and Fuel 32,399,374 39,314,505
Repairs :
a) Plant and Machinery 4,005,143 3,876,224
b) Factory Building 663,042 693,450
c) Non-Factory Building 184,954 69,980
d) Others 2,397,762 2,086,711
Research and Development 3,949,475 2,391,872
National Calamity Contingency Duty 1,866,329 -
Fabrication Charges - 149,560
Excise Duty 183,463,467 199,472,702
Cess on Central Excise Duty 1,326,310 1,443,028
Education Cess 3,017,005 -
Rent ( Office ) 1,285,879 1,051,940
Postage, Telegram, Telephone & Telex 2,876,814 2,740,352
Directors' Sitting Fees 4,000 -
Directors' Travelling Expenses 564,355 683,432
Travelling Expenses 5,301,564 4,887,028
Printing and Stationery 1,735,371 1,578,650
Board Meeting Expenses 15,217 6,771
Legal Expenses 1,215,564 1,174,422
Consultancy Charges 682,298 903,919
Hire Charges - -
Rates and Taxes 403,503 321,550
Vehicle Running and Maintenance 577,027 408,185
Provision for Loss in value of Investments - -
Bank Charges 1,778,625 2,880,188
Statutory Audit Fee - -
Tax Audit Fee - -
Cost Audit Fee - -
Internal Audit Fee - -
Insurance 781,768 519,780
Transit Insurance - 1,854
Penalties and Interest on Taxes 2,196,639 5,090,713
Advertisement 9,508,355 7,849,782
Sales Promotion Expenses 717,431 1,179,413
Freight & Packing Expenses 16,983,218 15,962,518
Service Expenses ( Free Coupon/After Sales Service ) 10,180,897 11,956,464
Commission & Incentives 11,404,030 23,811,548
Sales and Turnover Tax 1,615,580 730,331
Service Tax (Inward) - -
Loss in foreign exchange due to rate fluctuation - -
Bad and Doubtful Debts, Advances and other written off * 163,959 623,660
Deferred Revenue Expenditure Written Off 874,173 676,598
Provision for doubtful debts & advances 2,539,947 5,473,105
Provision for Inventory obsolescence - -
Miscellaneous Expenses 4,359,122 2,029,757
Provision for material doubtful of recovery - -
Prior period items (5,629,520)
329,439,436 362,937,375
Also includes unutilised amount of Rs ( Previous year Rs.Nil ) out of grant-in-aid as detailed
below :
Rs Rs
Opening Balance of Grant-in-aid received from
Government of India out of National Renewal Fund
for Voluntary Retirement S #REF! #######
Add : Received during the - -
#REF! #######
Less :
-Amount refunded during th - -
-Amount utilised during the #REF! #REF!
#REF! #REF!
Closing Balance #REF! #REF!
(1)
