NATIONAL BICYCLE CORPORATION OF INDIA LTD.
BOARD OF DIRECTORS
DIRECTORS:
Shri M. K. SINGH
-
CHAIRMAN AND MANAGING DIRECTOR.
Shri A.K.DEORI
(w.e.f. 3.7.2014)
- DIRECTOR
Shri NIRAJ KUMAR
-
DIRECTOR.
STATUTORY AUDITORS:
S.V.SHETTY & ASSOCIATES,
Chartered Accountants,
G-16, Bhaveshwar Complex,
Opp. Vidyavihar Bus Depot,
Vidyavihar(W),
Mumbai- 400 086.
BANKERS:
Union Bank of India.
REGISTERED OFFICE:
250, Worli,
Prabhadevi Post,
Mumbai - 400 030.
FACTORIES:
Worli, Mumbai - 400 030.
Hind Nagar, Ghaziabad. (U.P.)
1
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
CONTENTS
Notice.
……
3
Directors Report.
……
5
Replies to the comments made
by Statutory Auditors.
……
9
Auditors Report.
…….
10
Comments of the Comptroller &
Auditor General of India.
……
15
Balance Sheet.
……
20
Profit & Loss Account .
……
21
Schedule forming part of the
Balance Sheet and Profit &
Loss Account.
……
22
2
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
NOTICE
Notice is hereby given that the 33rd Annual General Meeting of the members of
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED will be held on
Monday 29th September 2014 at 11.30 a.m at the registered office 250, Worli,
P.O. Prabhadevi, Mumbai-400 030 to transact the following business:
ORDINARY BUSINESS:
1. To receive, consider and adopt the Audited Balance Sheet as at 31st March 2014,
the Statement of Profit & Loss for the year ended as on that date, together with
the Reports of the Board of Directors and the Auditors thereon.
2. To authorize the Board of Director to fix the remuneration of Auditors for the
year 2014-2015
By order of the Board of Directors,
Sd/M.K.SINGH
(Chairman)
Date: 12th September, 2014
Place: Mumbai
3
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
Notes:
1.
A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS
ENTITLED TO APPOINT A PROXY OR PROXIES TO ATTEND AND VOTE
AT THE MEETING INSTEAD OF HIM/HER SELF AND THE PROXY NEED
NOT BE A MEMBER OF THE COMPANY.
2.
Proxies in order to be effective must be lodged with the Company at its Registered
Office, not later than 48 hours before the commencement of the meeting.
3.
Members who wish to obtain any information on the Company as regards the
accounts for the financial year 31st March 2014 are requested to write to the
Company at least 10 days before the Annual General Meeting.
By order of the Board of Directors,
Sd/M.K.SINGH
(Chairman)
Date: 12th September, 2014
Place: Mumbai
4
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
DIRECTORS’ REPORT
The Shareholders
National Bicycle Corporation of India Limited
Gentlemen,
Your Directors have pleasure in presenting the 33rd Annual Report of the Company together
with the audited Statement of Accounts for the year ended 31st March 2014.
1. PRODUCTION AND OPERATING RESULTS:
The details of Company’s financial performance are as hereunder:
Particulars
Sales and other income
Revenue expenditure
Operating Profit before interest and depreciation
Depreciation
Interest
Net profit/ loss carried to B/s
Current
Year
2013-2014
(Rs in Lakhs)
226.63
65.82
160.81
0.39
1466.40
(1231.88)
Previous
Year
2012-2013
(Rs in Lakhs)
339.03
73.16
265.87
1.36
1491.95
(1311.64)
2. DIVIDEND PAYMENT:
In view of the closure of the Company and the losses incurred by the Company, your Board
does not recommend any dividend on the Equity Shares during the Current Year.
3. REFERRANCE TO BIFR/AAIFR:
Hon’ble BIFR vide order dated 01.12.2010 had permitted the company to dispose off the
assets by constituting the Asset Sale Committee complying with ASC guidelines.
Asset Sale Committee consisting of members from company, DHI, IDBI(OA) and the
representatives of Govt. of Maharashtra and Govt. of UP was constituted in line with the
Directors of Hon’ble BIFR vide their order dated 01.12.2010.
The Committee held eleven meetings on 05.01.2011, 25.01.2011, 02.09.2011, 17.01.2012,
28.05.2012, 26.12.2012, 26.04.2013, 17.09.2013, 21.11.2013, 27.03.2014 and 22.05.2014
5
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
4. CLOSURE OF THE COMPANY:
The Company is closed w.e.f. 21.07.2001 as per the permission granted by Ministry of Labour,
Shram Mantralaya, Shramshakti Bhavan, New Delhi vide their letter No. L2024/6/2001/IR(Misc) dated 06.06.2001.
As regarding pending Writ petition/ Court cases in different courts, appropriate necessary
action is being taken to defend and settle the case as early as possible.
5. HUMAN SOURCES:
There are no employees on the roll of the Company.
6. STATUTORY REQUIREMENTS:
Additional information on conservation of energy, technology, absorption and foreign
exchange earned and outgo as required under Section 217(1)(c) of The Companies Act 1956
read with Companies( Disclosure of particulars in the Report of the Board of Directors) Rule
1988 is given in Annexure which forms part of the report.
7. USE OF HINDI:
The Official Language Implementation Committee of the Company continued its efforts for
promoting use of Hindi Language in accordance with Annual Programme for implementation of
official language issued for the year 2013-14 by the Deptt. of Official Language, Ministry of
Home Affairs, to encourage employees for progressive use of Hindi in day-to-day official work.
8. BOARD OF DIRECTORS – APPOINTMENT AND CESSATION.
During the year under review:
Shri A.K. Deori, Director, Deptt. of Heavy Industry, Govt. of India assumed the charge as
Director w.e.f. 03.07.2014. vide letter No. 4-6/2007-PE.V dated 3rd July, 2014
Shri S. Jainendra Kumar, cease to be Director w.e.f. 03.07.2014 vide letter No. 4-6/2007-PE.V
dated 3rd July, 2014
9. NUMBER OF BOARD MEETINGS HELD AND DATES ON WHICH HELD
The Meetings of the Board are normally held at the Company’s registered office at Mumbai or
at New Delhi and are scheduled well in advance. Written notice of each Board meeting is sent
to all the Directors. The Board Agenda is circulated well in advance. The members of the
Board have access to all the information of the Company and are free to recommend inclusion
of any matter in the Agenda for discussion. In case of need, the senior Management is also
invited to attend the Board Meetings to provide additional inputs relating to items being
discussed and/or to give presentation to the Board. The Board met four times to review the
performance of the Company on 25.04.2013, 26.09.2013, 21.03.2014 and 20.08.2014.
6
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
Attendance of the Directors at the Board Meetings and at the last Annual General Meeting:
Sr No Name of the
Director
1
Shri M. K. Singh
2
Shri Niraj Kumar
3
Shri Jainendra Kumar
4
Shri A. K. Deori
No. of Board Meetings Attendance at the
attended
AGM
3
Present
3
Absent
3
Absent
1
Absent
10. DIRECTORS’ RESPONSIBILITY STATEMENT:
Pursuant to the requirement under Section 217(2AA) of the Companies Act, 1956/2013 as
amended by the Companies (Amendment Act 2000) with respect to director’s Responsibility
Statement, it is hereby confirmed:
i.
That the preparation of annual accounts for the financial year ended 31 st March
2014, the applicable accounting standards have been followed with proper
explanation relating to material departures.
ii.
That the Directors had selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and prudent so
as to give a true and fair view of the state of the Company at the end of the financial
year ended 31st March 2014 and of the profit and loss of the company for that period.
iii.
That the Directors had taken proper and sufficient care of the maintenance of
adequate accounting records in accordance with the provisions of the Companies Act,
1956/2013 for safeguarding the asses of the Company and for preventing and
detecting fraud and other irregularities.
iv. That the Directors had prepared the annual accounts on a going concern basis.
v. That the directors had devised a proper system to ensure compliance with provisions
of all applicable laws and that such systems were adequate and operating effectively.
11. AUDITORS:
M/s S.V. Shetty & Associates, Chartered Accountants, Mumbai has been appointed as
Statutory Auditors of the Company for the financial year 2013-2014.
12.EXPLANATIONS OR COMMENTS BY
THE BOARD ON EVERY QUALIFICATION,
RESERVATION OR ADVERSE REMARKS OR DISCLAIMER MADE BY THE AUDITORS IN HIS
REPORT AND BY THE COMPANY SECRETARY IN PRACTICE IN HIS SECRETARIAL AUDIT
REPORT
The Board is generally aware about the attention draw by the Auditors in Note no. 2.1 while
preparing the Financial Statements on a going concern basis. The Directors believe that in
view of status of BIFR case at present, it is prudent to prepare Financial Statements on going
concern basis only.
7
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
13. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WIH RELATED PARTIES REFERRED TO
IN SECTION 188(1) IN THE PRESCRIBED FORM
There are no contracts or arrangements with related parties under section 188(1) of the
Companies Act, 2013 and hence the clause is not applicable.
14. MATERIAL CHANGES AND COMMITMENTS, IF ANY, AFFECTING THE FINANCIAL POSITION
OF THE COMPANY WHICH HAVE OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR OF
THE COMPANY TO WHICH THE FINANCIAL STATEMENTS RELATE AND THE DATE OF THE
REPORT
There are no material changes that have occurred affecting the Financial Position of the
company between two dates which are worth reporting.
15. ACKNOWLEDGEMENT:
The Directors wish to express their thanks to various departments of the Central and State
Governments, particularly the Department of Heavy Industry, Ministry of Heavy Industries and
Public Enterprises for the co-operation extended by them. The Directors also expressed their
gratitude to C&AG, Principal Director of Commercial Audit & Ex-officio Member, Audit Board1, Statutory Auditors, Branch Auditors, the Bankers. The Directors are grateful to the valued
customers for their continued patronage and support.
The Directors also wish to place on record their appreciation of the dedicated efforts put in
by the employees at all levels.
For and on behalf of the Board of Directors
Sd/(M.K. SINGH)
CHAIRMAN
Date : 12th September, 2014
Place: Mumbai
8
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
REPLIES TO THE COMMENTS MADE BY THE STATUTORY AUDITORS
IN THEIR REPORT ON THE ACCOUNTS OF THE COMPANY FOR THE
YEAR 2013-2014
1) Non provision of Interest amounting
to
Rs.1,08,46,26,473/up
to
31.03.2014
With
respect
to
Government Loans due to different
mechanism adopted for calculating
interest
by
Government
and
Company.
9
We have calculated interest payable to Govt.
of India on the basis of method as followed
earlier. The short fall provision of interest of
` 108.46 crores will be placed in the board
meeting and accordingly we will take care
of providing short fall interest of ` 108.46
crores during the next financial year i.e. 2014
-2015.
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
INDEPENDENT AUDITOR’S REPORT
To the Members of
National Bicycle Corporation of India Limited
Report on the Financial Statements
We have audited the accompanying financial statements of National Bicycle Corporation of
India Limited (“the Company”), which comprise the Balance Sheet as at March 31, 2014, and
the Statement of Profit and Loss for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management’s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial statements that give a true and
fair view of the financial position and financial performance of the Company in accordance with
the accounting principles generally accepted in India including Accounting Standards referred to
in sub-section (3C) of Section 211 of the Companies Act, 1956 (“the Act”). This responsibility
includes the design, implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a true and fair view and are free
from material misstatement, whether due to fraud or error.
Auditor’s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit. We
conducted our audit in accordance with the Standards on Auditing issued by the Institute of
Chartered Accountants of India. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable assurance about whether the
financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the financial statements. The procedures selected depend on the auditor’s
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor considers
internal control relevant to the Company’s preparation and fair presentation of the financial
statements in order to design audit procedures that are appropriate in the circumstances. An audit
also includes evaluating the appropriateness of accounting policies used and the reasonableness
of the accounting estimates made by management, as well as evaluating the overall presentation
of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid financial statements give the information required by the Act in the manner so
required and give a true and fair view in conformity with the accounting principles generally
accepted in India, subject to
10
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
1) Non provision of Interest amounting to Rs.1,08,46,26,473/- up to 31.03.2014 With
respect to Government Loans due to different mechanism adopted for calculating interest
by Government and Company.
(a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014;
and
(b) in the case of the Statement of Profit and Loss, of the loss for the year ended on that date;
Emphasis of Matter
Without Qualifying our report we draw attention to Note No.2.1 for Preparation of financial
statement on the principal of going concern, in spite of winding up petition filed by the company
considering the fact that realizable value of assets is more than the aggregate of liabilities
provided in the books and liabilities not provided in the books and disclosed in Note no. 25 (a)
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor’s Report) Order, 2003 (“the Order”), as amended,
issued by the Central Government of India in terms of sub-section (4A) of section 227 of the
Act, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of
the Order.
2. As required by section 227(3) of the Act, we report that:
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 those books;
c. the Balance Sheet and Statement of Profit and Loss, dealt with by this Report are in
agreement with the books of account;
d. In our opinion, the Balance Sheet and Statement of Profit and Loss comply with the
Accounting Standards referred to in subsection (3C) of section 211 of the Act, except
AS-3 Cash flow statement.
e. As the Company is a Government Company, the reporting requirement under Section 227 (3) (f)
of the Act is not applicable in view of Circular No. GSR 829 (E) dated 21st October 2003 issued
by the Central Government.
For S.V. SHETTY & ASSOCIATES
Chartered Accountants,
FRN: 110110W
Sd/-
P. RADHAKRISHNAN
Partner.
M. No. 30523
Place: Mumbai.
Date: 20th August, 2014.
11
ANNEXURE TO THE AUDITORS REPORT ON THE ACCOUNTS FOR THE YEAR
ENDED 31ST MARCH, 2014
ANNEXURE TO THE AUDITORS' REPORT REFERRED TO IN PARAGRAPH 1 OF OUR
REPORT OF EVEN DATE
i.
a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets. However, fixed assets register is not up
dated since 1992.
b) The fixed assets of the Company have been physically verified by the management
during the year. In our opinion the frequency of verification is reasonable. However, due
to pending updating the fixed assets register since 1992 and as per information and
explanation given to us, material discrepancies in this respect are not ascertainable.
c) Certain Fixed Assets of the Company have been sold during the year under audit, since the
company is in the process of winding up as per directions from BIFR.
ii.
a) The Inventories at all the locations of the Company namely, Mumbai, Ghaziabad is
obsolete and company has classified the same as scrap and the same have been sold during
the year. Accordingly we are not reporting on clause 4 (ii) (a), (b) and (c) of Companies
(Auditor’s Report) Order, 2003.
iii. a)
The Company has not maintained any Register under section 301 of the Companies Act
1956, hence we are unable to comment the requirement under this clause 4 (iii)( a),(b),
(c) and (d) regarding granting of loans.
(b) According to the information and explanations given to us, and records produced to us
for verification the Company has not taken any loans, secured or unsecured other than
Government. The Company has not maintained any Register under section 301 of the
Companies Act 1956 hence we are unable to comment the requirement under this clause
4 (iii)( e),(f), and (g) regarding acceptance of loans.
iv.
Since company is not carrying on any operating activity we are unable to comment on
adequacy of Internal Controls with regard to the purchases of inventory & with regard to
the sale of goods.
v.
The Company has not maintained the Register prescribed under section 301 of the
Companies Act 1956. Therefore we are unable to comment on the transactions if any
entered into with parties in which Directors are interested.
vi.
The company has not accepted any deposits from the public hence Clause 4 (vi) of
Companies (Auditor’s Report) Order, 2003 is not applicable.
vii.
According to information and explanations given to us the internal audit functions
carried out during the year by a firm of Chartered Accountant s appointed by the
management have been commensurate with the size of the Company and the nature of
its business.
viii.
Since company is not carrying on any operating activity we cannot comment on
maintenance of Cost records under Section 209 (1) (d) of the Act.
12
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
ix.
a)
The Company has generally been regular in depositing with appropriate authorities
undisputed statutory dues applicable to it.
b) There are no undisputed amounts payable in respect of Sales Tax, Custom Duty and
Excise Duty outstanding at the year end and for a period of more than six months from
the date they became payable.
x.
The accumulated losses of the Company are more than fifty percent of its net worth. The
Company has incurred cash losses during the financial year covered by our audit and also
in the immediately preceding financial year.
xi.
In our opinion and according to the information and explanations given to us, the
Company has not defaulted in repayment of dues to a financial institution bank or
debenture holders.
xii.
We are of the opinion that the Company has not gr anted any loans and advances on the
basis of security by way of pledge of shares, debentures and other securities.
xiii.
In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society.
Accordingly clause 4(xiii) of Companies (Auditor’s Report) Order, 2003 is not
applicable.
xiv.
In our opinion, the Company is not dealing or trading in shares, securities, Debentures and
any other investments. Therefore, the provisions of Clause 4(xiv) of the Order are not
applicable.
xv.
In our opinion and according to the information and explanations given by the
management, the Company has not given any guarantee for loans taken by other from
banks or financial institutions. Accordingly Clause 4(xv) of Companies (Auditor’s
Report) Order, 2003 is not applicable.
xvi.
No term loans have been raised by the Company during the year under audit.
Accordingly clause 4(xvi) of Companies (Auditor’s Report) Order, 2003 is not
applicable.
xvii.
According to the information and explanations given to us and on an overall examination
of Balance Sheet of the Company, we are of the opinion that there are no funds raised on
short-term basis that have been used for long term investment.
xviii.
The Company has not made any preferential allotment of shares during the year, However
the Company has not maintained the register under section 301 of the Companies Act
1956.
xiv.
According to the information and explanations given to us, the company has not issued any
debentures during the year. Accordingly Clause 4(xix) of Companies (Auditor’s Report)
Order, 2003 is not applicable.
xx.
The Company has not made any public issues during the year. Accordingly Clause 4(xx)
Companies (Auditor’s Report) Order, 2003 is not applicable.
13
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
xxi.
During the course of our examination of the books and records of the company, carried
out in accordance with generally accepted auditing practices in India, and according to
the information and explanation given to us, we have neither come across any instance
of fraud on or by the company noticed or reported during the period nor we have been
informed of such instances by the management.
For S.V. SHETTY & ASSOCIATES
Chartered Accountants,
FRN 110110W
Sd/(P. RADHAKRISHNAN)
Partner
M.No. 30523
Place: Mumbai
Date: 20th August, 2014.
14
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
COMMENTS OF THE COMPTROLLER AND AUDITOR GENERAL OF
INDIA UNDER SECTION 619(4) OF THE COMPANIES ACT, 1956 ON
THE ACCOUNTS OF NATIONAL BICYCLE CORPORATION OF INDIA
LIMITED FOR THE YEAR ENDED 31 MARCH 2014.
The preparation of financial statements of National Bicycle Corporation of India
Limited for the year ended 31 March 2014 in accordance with the financial
reporting framework prescribed under the Companies Act, 1956 is the
responsibility of the management of the company. The Statutory Auditors
appointed by the Comptroller and Auditors General of India under section 619(2)
of the Companies Act, 1956 are responsible for expressing opinion on these
financial statements under Section 227 of the Companies Act, 1956 based on
independent audit in accordance with the Standards on Auditing prescribed by their
professional body, the Institute of Chartered Accountants of India. This is stated to
have been done by them vide their Audit Report dated 20 August 2014.
I, on behalf of the Comptroller and Auditor General of India, have conducted a
supplementary audit under section 619 (3) (b) of the Companies Act, 1956 of the
financial statements of National Bicycle Corporation of India Limited for the year
ended 31 March 2014. This supplementary audit has been carried out
independently without access to the working papers of the Statutory Auditors and
is limited primarily to the inquiries of the Statutory Auditors and company
personnel and a selective examination of some of the accounting records. On the
basis of my audit nothing significant has come to my knowledge which would give
rise to any comment upon or supplement to Statutory Auditors’ Report under
section 619(4) of the Companies Act, 1956.
For and on the behalf of the
Comptroller and Auditor General of India
Sd/-
(Roop Rashi)
Principal Director of Commercial Audit and
Ex-officio Member, Audit Board -I, Mumbai
Place : Mumbai
Date : 12 September, 2014
15
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
ANNEXURE - I
STATEMENT OF PARTICULARS OF EMPLOYEES PURSUANT TO THE PROVISION OF
SECTION 217 (2A) OF THE COMPANIES ACT,1956 READ WITH COMPANIES
(AMENDMENT) ACT,1988 AND FORMING PART OF THE DIRECTORS REPORT FOR
THE YEAR ENDED 31st MARCH,2014.
No. Name
Designation Age Remuneration Qualification Experience Date of Last
No.of
Commenc
employment
Years
ement
held Name of
of
organisation
employment
& designation
______________________________________________________________________________
NOT APPLICABLE
______________________________________________________________________________
16
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
ANNEXURE - II
ADDITIONAL
INFORMATION
AS
REQUIRED
UNDER
THE
COMPANIES
(DISCLOUSERS OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS
RULES,1988 FORMING PARTS OF DIRECTOR'S REPORT.
A.
CONSERVATION OF ENERGY
a)
Energy conservation measures taken:
The Company has always been conscious of the need to conserve energy.
Necessary measures to save energy have been taken.
B.
b)
Additional investment and proposals, if any, being implemented for reduction of
consumption of energy.
Nil
c)
Impact of measures at (a) and (b) for reduction of energy consumption and
consequent impact on the cost of production of goods.
Not Applicable
d)
Total energy consumption and energy consumption per unit of production in
prescribed Form 'A' attached.
TECHNOLOGY ABSORPTION
a)
Specific areas in which R & D carried out by the Company.
Not Applicable
b)
Benefits derived as a result of the above R & D
Not Applicable
c)
Future plan of action
Not Applicable
d)
Expenditure incurred R & D
Not Applicable
17
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
C.
FOREIGN EXCHANGE EARNING AND OUTGO
Total Foreign Exchange used and earned
I.
Current year
Previous year
(Rs. Lacs)
(Rs. Lacs)
Import (CIF Value)
Raw Materials,
Stores, Spare parts,
Coal etc.
Nil
Nil
II.
Expenditure
Nil
Nil
III.
Earnings
Nil
Nil
FOB Value of exports
Interest on delayed
payment of export
18
FORM 'A' FOR DISCLOSURE OF PARTICULARS WITH RESPECT OF CONSERVATION
OF ENERGY POWER AND FUEL CONSUMPTION.
Current
year
1. Electricity
a) Purchased Unit
(KWH in lacs)
Total amount
(Rs. in lacs)
Rate Unit (Rs.)
b) Own Generation
i)
Through Diesel
Generator Unit
(KWH in lacs)
Previous
year
Current Previous
year
year
2. STEAM COAL
QTY.
(TONNES)
Total Cost (Rs. in lacs) NOT APPLICABLE
0.29
0.25
3.79
2.70
12.87
10.79
-
Avg. Rate
(In Rs. per Ton)
3. Furnace Oil Qty. (Kls.)
Nil
Nil
Total Amount:
Nil
Nil
Avg. Rate
Nil
Nil
4. Other/Internal Generation
Unit per Ltr. of
Diesel Oil
-
-
Cost/Unit (Rs.)
-
-
ii) Through Steam
Turbine/Generators Units
(KWH in lacs)
(Please give details)
Qty.
Total Cost
NOT APPLICABLE
Rate/Unit
NOT APPLICABLE
B. CONSUMPTION
PER UNIT OF
PRODUCTION
Unit per Ltr. of
Fuel Oil/Gas
Cost/Unit
(Rs. in lacs)
Standard Production
(if any)
(No. of cycles)
NIL
NIL
Electricity
Unit/Cycle
N.A.
NIL
Furnace Oil
Lt./Cycle
NIL
NIL
Steam Coal
19
NOT APPLICABLE
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Balance Sheet as at 31st March 2014
Particulars
Note No.
As at 31 March, 2014
As at 31 March, 2013
`
`
A EQUITY AND LIABILITIES
1 Shareholders’ funds
(a) Share capital
(b) Reserves and surplus
3
4
56,545,821
(4,000,199,004)
56,545,821
(3,877,011,076)
2 Non-current liabilities
(a) Long-term borrowings
5
3,982,724,265
3,836,090,267
3 Current liabilities
(a) Trade payables
(b) Other current liabilities
(c) Short-term provisions
6
7
8
5,759,803
10,789,340
6,079,161
5,801,702
22,038,420
29,325,283
61,699,386
72,790,417
9A&B
10
11
975,167
3,660
6,881,647
-
969,891
3,660
1,519,697
-
12
13
14
15
16
48,163,504
33,173
5,642,235
402,214
1,615,000
53,174,152
33,378
15,072,425
61,699,386
72,790,417
TOTAL
B ASSETS
1 Non-current assets
(a) Fixed assets
(i) Tangible assets
(b) Non-current investments
(c) Long-term loans and advances
(d) Other non-current assets
2 Current assets
(a) Fixed assets held for sale
(b) Inventories
(c) Cash and Bank Balances
(d) Short-term loans and advances
(e) Other current assets
TOTAL
Significant Accounting Policies
The accompanying notes form an integral part of
Financial Statements
As per our report of even date
For S.V.SHETTY & ASSOCIATES
Chartered Accountants
Firm Registration No.:110110W
Sd/(P.RADHAKRISHNAN)
Partner
M.No: 030523
Place : Mumbai
Date : 20.08.2014
1&2
1 to 25
For and on behalf of the Board of Directors
Sd/(M.K.Singh)
Chairman & Managing Director
Place : Mumbai
Date : 20.08.2014
20
Sd/(A.K.Deori)
Director
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Statement of Profit and Loss for the year ended 31st March 2014
`
Particulars
Note
No.
For the year ended
31 March, 2014
For the year ended
31 March, 2013
`
`
A
CONTINUING OPERATIONS
1
Sales
17
1,615,000
2
Other income
18
21,048,653
33,902,866
3
Total revenue
22,663,653
33,902,866
4
Expenses
(a) Changes in inventories
(b) Employee benefits expense
(c) Finance costs
(d) Depreciation and amortisation expense
(e) Other expenses
1,615,000
146,639,798
39,455
6,582,406
8,419,441
149,195,425
136,139
7,291,214
154,876,659
165,042,219
(132,213,006)
(131,139,353)
42,008
19,435,166
24,545
33,920,208
(112,819,848)
(165,084,106)
10,100,000
268,080
10,368,080
8,159,651
539,970
8,699,621
10 Profit / (Loss) from continuing operations
(123,187,928)
(173,783,727)
11
Profit / (Loss) for the year
(123,187,928)
(173,783,727)
12
Earnings per share (of ` 1000/- each):
Basic
(i) Continuing operations
(ii) Total operations
-2,179
-2,179
-3,073
-3,073
19
20
9.B
21
Total expenses
5
6
7
8
9
Profit / (Loss) before Prior Period,exceptional and extraordinary items
and Tax
Prior Period Expenses/(Income)
Exceptional items
22
23
Profit / (Loss) before tax
Tax expense:
(a) Current tax expense for current year
(b) Current tax expense relating to prior years
(c) Net current tax expense
24
24
Significant Accounting Policies
The accompanying notes form an integral part of Financial Statements
As per our report of even date
For S.V.SHETTY & ASSOCIATES
Chartered Accountants
Firm Registration No.:110110W
Sd/(P.RADHAKRISHNAN)
Partner
M.No: 030523
1&2
1 to 25
For and on behalf of the Board of Directors
Sd/(M.K.Singh)
Chairman & Managing Director
Place : Mumbai
Date : 20.08.2014
Sd/(A.K.Deori)
Director
Place :
Date :
21
-
Mumbai
20.08.2014
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note
Particulars
1 Corporate information
The National Bicycle Corporation of India Limited (A Government of India Undertaking) is a Limited
company domiciled in India and incorporated under provisions of Companies Act 1956.
2 Significant accounting policies:2.1 Basis of accounting and preparation of financial statements
a) 'The financial statements of the Company have been prepared in accordance with the Generally
Accepted Accounting Principles in India (Indian GAAP) to comply with the Accounting Standards notified
under the Companies (Accounting Standards) Rules, 2006 (as amended) and the relevant provisions of the
Companies Act, 1956. The accounting policies adopted in the preparation of the financial statements are
consistent with those followed in the previous year.
b) The Company had been declared as a Sick Industrial Company within the meaning of provisions of
section 3 (i) (o) of the Sick Industrial Companies (Special Provision) Act, 1985. The Board for Industrial &
Financial Reconstruction (the BIFR) had concluded that it is just and equitable that the Company be wound
up. The BIFR has already forwarded all the papers of its proceeding to the Honorable High court at
Mumbai for winding up proceedings. Workers union appealed against BIFR order for winding up of
Company which was dismissed by AAIFR in December 1997. Worker Union filed Writ Petition in
Bombay High Court against AAIFR order and stay was granted in April 1998. NBCIL filed Writ Petition
in Bombay High Court for vacating stay and the same was vacated in November 2009.
The Company had made an application for early listing of the petition for winding up so that Company can
make its submissions. Asset Sale Committee (ASC) appointed as per direction of BIFR on 1.12.2010.
Learned counsel has directed the Asset sale committee to deposit an amount of Rs.57,59,803/- with High
Court of Jurisdiction at Mumbai towards dues of Sundry Creditors within six weeks from order dated 21st
June, 2013.
The Company has prepared the accounts on the basis of the fundamental accounting assumption of "goingconcern" though the winding up proceedings is under process, considering that realizable value of assets is
Rs. 612.10 Crore on the basis of Valuation Reports obtained from Arkitekts a dessein, Yardy Prabhu
Consultant and Valuers Pvt Ltd and Kanti Karamsey & Co. which is also taken as reserve price by Asset
Sale Committee meeting held on 26/4/13 which is more than the aggregate of liabilities provided in the
books and liability shown as contingent in Note 25 (a).
2.2 Use of estimates
The preparation of the financial statements in conformity with Indian GAAP requires the Management to
make estimates and assumptions considered in the reported amounts of assets and liabilities (including
contingent liabilities) and the reported income and expenses during the year. The Management believes
that the estimates used in preparation of the financial statements are prudent and reasonable. Future results
could differ due to these estimates and the differences between the actual results and the estimates are
recognised in the periods in which the results are known / materialise.
22
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 2 Significant accounting policies (contd.)
Note
Particulars
2.3 Inventories
Scrap has been valued at lower of Cost and Net Realisable Value
2.4 Depreciation and amortisation
Depreciation has been provided on the straight-line method as per the revised guidelines GSR No 756 (E)
dated 16.12.1993 of the Companies Act, 1956. Assets not in Use have not been Depreciated.
2.5 Other income
Interest income is accounted on accrual basis. Dividend income is accounted on receipt basis.
2.6 Investments
Investments are stated at cost.
2.7 Earnings per share
Basic earnings per share is computed by dividing the profit / (loss) after tax (including the post tax effect of
extraordinary items, if any) by the weighted average number of equity shares outstanding during the year.
2.8 Taxes on income
Current tax is the amount of tax payable on the taxable income for the year as determined in accordance
with the provisions of the Income Tax Act, 1961.
Deferred tax assets in respect of unabsorbed depreciation and carry forward of losses are recognised only if
there is virtual certainty that there will be sufficient future taxable income available to realise such assets.
The Company has unabsorbed depreciation and carried forward losses available for setoff under Income
Tax Act, 1961.However in view of uncertainty regarding sufficient future taxable income, net deferred tax
assets has not been recognized on prudent basis in the context of AS-22.
2.9 Provisions and contingencies
A provision is recognised when the Company has a present obligation as a result of past events and it is
probable that an outflow of resources will be required to settle the obligation in respect of which a reliable
estimate can be made.Contingent liabilities not provided are disclosed in the Notes.
23
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 3:- Share capital
Particulars
As at 31 March, 2014
Number of
`
shares
As at 31 March, 2013
Number
`
of shares
(a) Authorised
Equity shares of ` 80,000 each with voting rights
80,000
80,000,000
80,000
80,000,000
(b) Subscribed and fully paid up
Equity shares of ` 1000 each with voting rights
56,545
56,545,000
56,545
56,545,000
1
821
1
821
56,546
56,545,821
56,546
56,545,821
(c) Subscribed but not fully paid up
Equity shares of `1000 each with voting rights, ` 179 not paid up
Total
24
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 3:- Share capital (contd.)
Particulars
Notes:(i) Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period:
Particulars
Opening
Fresh issue Bonus
Conversion Buy back
Other
Closing
Balance
ESOP
changes
Balance
(give details)
Equity shares with voting rights
Year ended 31 March, 2014
- Number of shares
- Amount (`)
Equity shares with voting rights
56,546
56,545,821
-
-
-
-
-
-
56,546
56,545,821
56,546
56,545,821
-
-
-
-
-
-
56,546
56,545,821
Year ended 31 March, 2013
- Number of shares
- Amount (`)
b) Terms/Rights attached to Equity Shares:The Company has only one class of equity shares having a par value of (`) 1000 per shares.Each holder of equity shares is entitled to
one vote per share.
In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company, after
distribution of all preferential amounts.The distribution will be in proportion to the number of equity shares held by the shareholders.
25
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 3:- Share capital (contd.)
Particulars
Notes:(i) Details of shares held by each shareholder holding more than 5% shares:
Class of shares / Name of
As at 31 March, 2014
shareholder
Number of shares
% holding in that
held
class of shares
Equity shares with voting rights
Government of India
56,546
100%
As at 31 March, 2013
Number of shares
% holding in that
held
class of shares
56,546
100%
(ii) Details of calls unpaid
Particulars
Equity shares with voting rights
Aggregate of calls unpaid
- by others
As at 31 March, 2014
Number of shares
1
`
179
26
As at 31 March, 2013
Number of shares
1
`
179
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 4:- Reserves and surplus
Particulars
As at 31 March,
2014
`
(a) Surplus / (Deficit) in Statement of Profit and Loss
Opening balance
Add: Profit / (Loss) for the year
Total
27
(3,877,011,076)
(123,187,928)
(4,000,199,004)
As at 31 March,
2013
`
(3,703,227,349)
(173,783,727)
(3,877,011,076)
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 5:- Long-term borrowings
Particulars
As at 31 March,
2014
`
(a) Other loans and advances (Unsecured)
From Government of India
Total
3,982,724,265
3,982,724,265
As at 31 March,
2013
`
3,836,090,267
3,836,090,267
Note:- As per Repayment Terms Unsecured Loan Amounting Rs 15,69,59,000 is payable on the Sale of Assets
28
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 6 :-Trade payables
Particulars
As at 31 March,
2014
`
Trade payables:
Other than Acceptances
Total
29
As at 31 March,
2013
`
5,759,803
5,801,702
5,759,803
5,801,702
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 7:-Other current liabilities
Particulars
As at 31 March,
2014
`
(a) Other payables
(i) Statutory remittances (Contributions to PF and ESIC, Withholding
Taxes,
(ii) Advances from Dealers and Others
(iii) Assets Sale Expenses
(iv) Employees Due payable
(v) Government Gurantees Fess Payable
(vi) Distributor Commision Payable
(vii)General Insurance
(viii)Creditors Suspense A/c
(ix)Claims Payable
(x)Coin Adjustment
(xi)Cycle Corporation of India
Total
30
As at 31 March,
2013
`
1,205,740
12,051,120
1,020,553
76,261
7,419,455
1,044,005
1,130
3,977
13,495
1,502
3,223
1,420,553
79,961
7,419,455
1,044,005
1,130
3,977
13,495
1,502
3,223
10,789,340
22,038,420
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 8:- Short-term provisions
Particulars
As at 31 March, 2014
`
(a) Provision for employee benefits:
(i) Provision for Provident Fund Dues
(ii) Provision for Goods Supplied
(iii) Provisions for Expenses
(iv) Provisions for Expenses
(v) Provisions for Provident fund dues payable
(b) Provision - Others:
(i) Provision For Income Tax AY 2013-14
(ii) Provision for tax AY 2014-15
158,952
-
Total
31
As at 31 March,
2013
`
10,215
1,375
237,392
107,182
28,857,799
5,920,209
111,320
6,079,161
29,325,283
-
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 9A:- Fixed assets (Gross Block)
Tangible assets
Fixed Assets
(a) Land
Freehold
Leasehold
(b) Buildings
Own use
Taken under finance lease
(c) Plant & Machinery
Own use
(d) Furniture and Fixtures
Owned
(e) Surface Well
Owned
Total
Previous year
Balance
as at
1 April, 2013
`
Gross block
Disposals
Additions
`
Other
Adjustments
`
-
Balance
as at
31 March, 2014
`
-
-
-
398,448
-
-
-
424,315
5,140,532
-
-
-
398,448
424,315
5,140,532
23,038
24,500
5,269
-
42,269
1,320,921
29,850
214,143
-
1,136,628
-
10,196
-
7,152,388
7,317,450
10,196
7,317,450
7,304,950
54,350
12,500
32
219,412
-
-
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 9B:- Fixed assets (Depreciation and Net Block)
Accumulated depreciation and impairment
Tangible assets
Balance
as at
1 April, 2013
`
Fixed Assets
(a) Land
Freehold
Leasehold
(b) Buildings
Own use
Given under operating lease
(c) Plant & Machinery
Own use
(d) Furniture and Fixtures
Owned
(e) Surface Well
Owned
Previous year
Depreciation / Eliminated on
amortisation
disposal of
expense for the
assets
year
`
-
Net block
Balance as
at 31 March,
2014
`
Balance
as at
31 March, 2014
Balance
as at
31 March, 2013
`
`
-
-
192,917
4,427
-
197,344
201,104
205,531
204,253
4,739,790
6,916
5,048
-
211,169
4,744,838
213,146
395,694
220,062
400,742
5,485
1,184
5,005
1,664
40,605
12,284
1,195,331
21,879
204,787
1,012,423
124,205
130,859
9,782
413
413
6,177,221
975,167
969,891
6,347,559
969,891
9,782
-
6,347,558
39,455
6,211,420
136,139
33
209,792
-
-
-
-
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 10:- Non-current investments
Particulars
As at 31 March, 2014
A. Other investments
(a)
Investment in equity instruments
(i) 65 Equity Shares of XPRO India Limited Rs 10 eash Fully Paid up
(b)
Investment in preference shares
(ii) 25 11% Redeemable Cumulative Preference Shares of Jiyajeerao Cotton Mills
Limited Rs 100 each fully paid up
Total - Other investments
As at 31 March, 2013
Quoted
Unquoted
Total
Quoted
Unquoted
Total
`
`
`
`
`
`
1,060
1,060
Less: Provision for diminution in value of investments
Total
Aggregate market value of listed and quoted investments
34
2,600
2,600
1,060
1,060
2,600
3,660
1,060
1,060
2,600
2,600
2,600
3,660
-
-
3,660
3,660
1,888
1,872
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 11:- Long-term loans and advances
Particulars
As at 31 March, 2014
`
(a) Security deposits
Unsecured, considered good
Doubtful
Less: Provision for doubtful deposits
(b) Loans and advances to employees
Unsecured, considered good
Doubtful
Less: Provision for doubtful loans and advances
(c) Balances with government authorities
Unsecured, considered good
(i) CENVAT credit receivable
(ii) VAT credit receivable
(iii) Deposit with Prothonotory & Senior Master High Court
(d) Incom Tax Refundable:- Ass. Year 2012-13
(e) Other loans and advances (Advances to Creditors and Others)
Secured, considered good
Unsecured, considered good
Doubtful
Less: Provision for other doubtful loans and advances
Total
35
As at 31 March, 2013
`
530,095
20,000
(20,000)
526,095
20,000
(20,000)
43,975
6,049
60,975
6,049
(6,049)
(6,049)
171
6,287
5,759,803
-
171
6,287
384,853
541,316
-
541,316
-
6,881,647
1,519,697
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 12 A :- Fixed assets held for sale (Gross Block)
A.
Tangible assets
Balance
as at
1 April, 2013
Additions
`
`
Fixed asset held for sale:
(a) Plant and Equipment
Owned
b) Vehicles (Owned)
Previous Year
Gross block
Disposals
Other
adjustments
Balance
as at
31 March, 2014
`
`
11,443,358
-
11,443,358
-
-
517,346
-
517,346
-
-
11,960,704
11,960,704
-
11,960,704
-
-
11,960,704
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 12 B :- Fixed assets held for sale (Depreciation and Net Block)
A
Accumulated depreciation and impairment
Tangible assets
Fixed asset held for sale:
(a) Plant and Equipment
Owned
b) Vehicles (Owned)
Previous Year
Net block
Balance
as at
1 April, 2013
Depreciation /
amortisation
expense for the
year
Eliminated on
disposal of
assets
Balance
as at
31 March, 2014
Balance
as at
31 March, 2013
`
`
`
`
`
11,066,247
-
492,243
11,558,490
11,558,490
-
36
11,066,247
-
377,111
492,243
-
25,103
11,558,490
-
402,214
402,214
-
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 13:- Inventories
(At lower of cost and net realisable value)
Particulars
As at 31 March, 2014
`
Scrap
-
Total
37
As at 31 March, 2013
`
1,615,000
1,615,000
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 14:- Cash and Bank Balances
Particulars
1)Cash and Bank Balances
(a) Cash on hand
(b) Balances with Scheduled banks
(i) In current accounts
(ii) In deposit accounts
Total
38
As at 31 March, 2014
As at 31 March, 2013
`
`
38,037
25,404
1,690,944
46,434,523
48,163,504
24,946,970
28,201,778
53,174,152
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 15:- Short-term loans and advances
Particulars
As at 31 March, 2014 As at 31 March, 2013
`
`
Prepaid expenses :
(i) Insurance Expenses
(ii) Web Site Development Expenses
(iii) BMC Charges
(iv) Genaral Expenses
Total
39
4,561
21,548
6,668
396
4,689
22,021
6,668
-
33,173
33,378
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 16:- Other current assets
Particulars
As at 31 March, 2014
As at 31 March, 2013
`
`
(a) Accruals
(i) Interest accrued on Bank deposits
(b) Others
(i) Property Tax Reimbursement Recoverable
(ii) Rent Receivable
(iii) Water Charges Recoverable
(iv) Service Charges Receivable
(v) Service Tax Receivable
(vi) Parking Charges Receivable
Total
40
2,645,550
2,197,493
1,436,080
208,260
1,041,158
306,187
5,000
5,642,235
11,360,358
1,433,230
81,344
15,072,425
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 17:- Sales
Particulars
For the year ended 31
March, 2014
1,615,000
1,615,000
For the year ended
31 March, 2013
-
Particulars
For the year ended
31 March, 2014
For the year ended
31 March, 2013
Sale of Scrap
TOTAL
Note 18:- Other income
(a)
(b)
(c)
(d)
(e)
(d)
Interest on Bank Deposits
Interest on Other Deposits
Dividend income
Rent & Service Charges etc..
Unclaimed Current Liabilities Written Back
Miscellaneous Income (Forfeiture of earnest Money)
Total
41
3,318,609
12,556
65
17,298,651
118,772
300,000
4,934,143
12,656
163
28,955,904
-
21,048,653
33,902,866
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 19:- Changes in inventories
Particulars
Inventories at the end of the year:
Scrap
For the year ended
31 March, 2014
For the year ended
31 March, 2013
`
`
-
Inventories at the beginning of the year:
Scrap
Net (increase) / decrease
42
1,615,000
1,615,000
1,615,000
1,615,000
1,615,000
10,034,441
10,034,441
8,419,441
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 20:- Finance costs
Particulars
For the year ended 31
March, 2014
(a) Interest expense on:
(i) Borrowings
(iii) Others
- Interest on delayed payment of income tax
Total
43
For the year ended 31
March, 2013
146,633,998
146,442,933
5,800
146,639,798
2,752,492
149,195,425
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 21:- Other expenses
Particulars
Electricity Expenses
Water
Rent including lease rentals
Repairs and maintenance - Buildings
Repairs and maintenance - Others
Insurance
Rates and taxes
Communication
Retainership charges
Travelling and conveyance
Printing and stationery
Legal and professional
Payments to auditors :
Statutory Audit Fees
Bad debts written off
Less:- Old provision for doubtfull debts written back
Expenses on Sale of Fixed Assets
Miscellaneous expenses
Total
44
For the year ended 31
March, 2014
For the year ended
31 March, 2013
`
`
379,025
130,827
27,824
122,074
84,511
25,908
1,011,189
54,297
1,897,143
571,191
68,891
295,448
269,593
37,816
27,824
501,598
56,128
26,202
330,863
50,903
1,762,129
509,523
60,902
218,623
39,326
388,015
1,486,737
6,582,406
39,326
9,725,661
(7,958,201)
500,815
1,131,510
7,291,214
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 22:- Prior Period Expenses/(Income)
Particulars
Legal & Professional Fees
General Expenses
Rates & Taxes
Total
45
For the year ended
31 March, 2014
For the year ended 31
March, 2013
4,340
37,668
42,008
17,501
7,044
24,545
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 23:- Exceptional Items
Particulars
For the year ended For the year ended 31
31 March, 2014
March, 2013
(i)_Surplus on Sale of Fixed Assets
(ii) ESIC Due
(iii) Provident fund dues
Total
`
19,435,166
-
`
19,435,166
33,920,208
5,062,409
28,857,799
Note : 1. During the year the "fixed assets held for sale" has been disposed off thru the process of
Tender, monitored by the Asset Sale Committee and the surplus realised on such sale of fixed
assets over the written down value of the assets as per books of account is Rs.19435166 .
2. According to prohibitory order dated 17/09/2012 on account of non payment of ESIC the
company has become liable for dues in arrears inclusive of interest and damages has been
charged to profit and loss account. Also application for waiver of dues of provident fund has
been rejected due to which the same due are payable as per letter dated 20/03/2012 and
provision has been made due to certainity of liability, during the year 2012-13 and the same
has been paid during the financial year 2013-14.
46
NATIONAL BICYCLE CORPORATION OF INDIA LIMITED
Notes forming part of the financial statements
Note 24:- Disclosures under Accounting Standards (contd.)
Particulars
Earnings per share
Basic
Continuing operations
Net profit / (loss) for the year from continuing operations
Less: Preference dividend and tax thereon
Net profit / (loss) for the year from continuing operations attributable
to the equity shareholders
Weighted average number of equity shares
Par value per share
Earnings per share from continuing operations - Basic
Total operations
Net profit / (loss) for the year
Less: Preference dividend and tax thereon
Net profit / (loss) for the year attributable to the equity shareholders
Weighted average number of equity shares
Par value per share
Earnings per share - Basic
47
For the year ended
31 March, 2014
For the year ended
31 March, 2013
`
`
-123,187,928
-123,187,928
-173,783,727
-173,783,727
56,546
56,546
(2,179)
(3,073)
(123,187,928)
(123,187,928)
56,546
1,000
(2,179)
(173,783,727)
(173,783,727)
56,546
1,000
(3,073)
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
NOTE 25:OTHER NOTES ON ACCOUNTS
a) Claims against the Company not acknowledged as debts:
i)
Difference in interest as calculated by company and the amount provided by the
Government on Government loans amounting to Rs.1,08,46,26,473.
ii)
Suits filed for Rs. 4.82 lakhs
by certain creditors and an ex-employee which is
contested by the Company
iii)
Interest payable to EEPC Rs.3.21 lakhs
iv)
Commission payable to Vardhaman Agencies, Karnal in respect of sales to Haryana &
Chandigarh Rs. 1.21 lakhs.
v)
Water cess assessment dues by the U.P. Pollution Control Board for the period Oct.78
to Mar .94 Rs. 0.84 lakhs.
vi)
Demand for penalty raised by Bombay Municipal Corporation for non-payment of
property taxes in time amount to Rs. 7.22 lakhs as the Company has requested for
waiver.
vii)
Demand raised by IDBI for professional charges towards services rendered as an
operating Agency of Rs. 10.35 lakhs
viii)
Demand raised by Ghaziabad Nagar Nigam of Rs. 0.83 lakhs, out of which provision
made is Rs. 0.13 lakhs.
b) The balances under the heads Long term Borrowings, Non Current Assets, Trade Payables,
Long term Loans and Advances, and certain Bank Balances are subject to confirmation,
reconciliation and adjustments, if any.
c) Owing to the incomplete financial transactions reported in the case of General Industries (U)
Ltd. Uganda to whom certain services were rendered by the Company, an amount equivalent to
US $ 15,000 outstanding dues from the said party will be accounted for as income as and when
realised.
d) The company has paid in terms of the Bombay High Court order dated 21.06.2013 to the
Account of Prothonotary & Senior Master High Court Mumbai, an amount of Rs.5759803/-,
being the liability towards sundry creditors. This has been shown as deposits under “Long
Term Loans & Advances ”, and the same shall be adjusted as and when the Sundry Creditors
Liability is discharged by the court and intimated to the Company.
e) In the opinion of the Management, the current assets, long term loans and advances are valued
in the ordinary course of business at least equal to the amount at which they are stated and
provision for all known liabilities is adequate and is not in excess of the requirements.
48
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
f) No information about amounts payable to micro, small & medium enterprises is available as
required by MSMED Act, 2006.
g) Previous year’s figures have been regrouped/reclassified wherever necessary to correspond
with the current year’s classification /disclosure.
Signature to Notes 1 to 25
As per our Report of even date
For S.V.Shetty & Associates
Chartered Accountants,
FRN: 110110W
Sd/(P.RADHAKRISHNAN)
Partner
M.No. 030523
Place: - Mumbai
Date: - 20th August, 2014
For and on behalf of the Board of Directors
Sd/(M.K.Singh)
Chairman & MD
49
Sd/(A.K.Deori)
Director
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
Balance Sheet Abstract and Company's General Business Profile Pursuant to Part IV of Schedule
VI to the Company Act, 1956.
I.
Registration Details:
Registration No.
Balance Sheet
II.
___________________
23354
State Code
_______________
_____
Date 31 03
2014
Date Month Year
Capital raised during the year (Amount in Rs. Thousands)
Public Issue
--------Bonus Issue
---------
III.
Right Issue
---------Private Placement
-----------
Position of Mobilisation and Development of Funds
(Amount in Rs. Thousands)
Total Liabilities
61699
Total Assets
61699
Sources of Funds
Paid-up Capital
56546
Secured Loans
NIL
Reserves & Surplus
(-) 4 0 0 0 1 9 9
Unsecured Loans
3982724
Current Liabilities
_________________
22628
Application of Funds
Net Fixed Assets
Investment
975
4
Non Current Assets
6881
Current Assets
53839
50
_________
____11
______
NATIONAL BICYCLE CORPORATION OF INDIA LTD.
IV. Performance of the Company (Amount in Rs. Thousand)
Turnover
22663
Total Expenditure
135483
Profit/(Loss) Before Tax
(-) 112820
Profit/(Loss) After Tax
(-) 123188
Earning per Share in Rs.
-----______________
V.
Dividend %
-----_____________
General Names of three Principal Products/Services of the Company
Item Code No. (ITC Code)----Product Description
_____________________
BICYCLE
ITEM Code No. (ITC Code)------Product Description
BICYCLE PARTS
Item Code No. (ITC Code)------Product Description
BICYCLE ACCESSORIES
Note One to Twenty Five and Balance Sheet abstract are annexed.
For & on behalf of Board of Directors.
Sd/(A.K.DEORI)
Director.
Sd/(M. K. SINGH)
Chairman & Managing Director.
51