Milton Cycle Industries Limited Unlisted Shares Annual Reports

Milton Cycle Industries Limited Unlisted Shares

Annual Report and Accounts for the year ended 31st March 2024 for Milton Cycle Industries Limited, located in Sonipat, Haryana, India. The Company’s CIN is U35923HR1960PLC002317 and contact details are contact@miltoncycles.com, Mob. 9899012021, Mob.9812735346. **Board of Directors:** The directors of the company are Vinod Buber (DIN: 09487600), Ashok Kumar Sharma (DIN: 09345579), and Om Parkash Sharma (DIN: 08777647). **Notice for Annual General Meeting:** The 64th Annual General Meeting (AGM) of Milton Cycles Industries Limited will be held on Tuesday, September 10th, 2024, at 11:00 A.M. at the company's premises in the industrial area of Sonepat-131001. The ordinary business to be transacted includes receiving, considering, and adopting the audited Balance Sheet, Profit & Loss Account, and Cash Flow Statement for the financial year ended March 31, 2024, along with the reports of the Board of Directors and Auditors. A member entitled to attend and vote may appoint a proxy, who need not be a member. Corporate members intending to send authorized representatives should provide a certified copy of the Board Resolution authorizing their representative. Members/Proxies/Authorized Representatives are requested to bring the enclosed attendance slip duly filled in and signed. A Proxy form shall be in Form No.MGT 11. Joint holders will have voting rights to only one of the members. Members may nominate a person to whom shares will be passed in the event of their death. Members are requested to bring a copy of the Annual Report to the meeting, and applications for transfer of shares received before September 2, 2024, will be registered. Members may register address changes before September 2, 2024. No gifts or coupons will be distributed at the meeting. All documents referred to in the notice are available for inspection during normal business hours (9:30 am to 5:00 pm) on working days excluding Saturdays, up to the date of the AGM. **Director's Report:** The Directors present their Sixty-Fourth Annual Report, along with the audited accounts for the year ended March 31st, 2024. The net profit for the year under review is Rs. 107,512 as against Rs. 1,62,59,663 in the previous year. Depreciation amounting to Rs 14,38,049 has been charged during the year as compared to Rs. 32,66,627 made during previous year. The paid-up Equity Share Capital as at 31st March 2024 stood at Rs 42,00,000/- i.e. 4,20,000 Equity Shares of Rs 10 Each. No shares with differential voting rights, stock options, or sweat equity were issued during the year, and no director holds instruments convertible into equity shares. The company has not transferred any amount to General Reserve of the company. The company does not recommend any dividend on Equity Shares for the year ended 31st March 2024 to conserve resources. There were no changes in the nature of business during the financial year. Four Board Meetings were convened, and ten resolutions were passed by circulation. The Company has stopped the production of cycles and other items from 30-04-2021. The company has sold partly Plant & Machinery, Furniture & Fixtures & Building owned by the company situated at the registered office of the company during the year 2023-24. Besides this, sale of land of the company is under progress. M/S MEHRA KHANNA & CO. Chartered Accountants were appointed as Statutory Auditors of the Company at the Annual General Meeting held in the year 2020 for a term of consecutive five years and continue to hold the office for 5 years as originally appointed. No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year to which this financial statements relate on the date of this report Company has not made any loans, guarantees or investments under section 186 of Companies Act, 2013 during the year 2023-24. All contracts or arrangements and transaction entered by the Company with related parties during financial year 2023-24 were in ordinary course of business. The company has adopted a policy on the prevention of sexual harassment at workplace. The company did not receive any complaint during the period 2023-24. Electronic tubes have been installed resulted in energy saving. The company has not adopted any new technology as the company has stopped the production of cycles and other items from 30-04-2021. The Directors confirm that applicable accounting standards have been followed, accounting policies have been consistently applied, proper care has been taken for the maintenance of adequate accounting records and they had devised proper systems to ensure compliance with the provisions of all applicable laws. All the cases filed for bankruptcy order under INSOLVENCY AND BANKRUPTCY CODE 2016 has been filed against MILTON CYCLE INDUSTRIES LIMITED at Chandigarh Bench Of National Company Law Tribunal (NCLT) by AVON ISPAT AND POWER LIMITED, RALSON INDIA LIMITED, TATA STEEL BSL and NEW MODERN STEEL INDUSTRIES were settled and amounts were paid to the parties during the year 2023-24 and the all above cases has been withdrawn by the parties. **Auditor's Report:** Mehra Khanna & Co., Chartered Accountants, have issued an independent auditor's report expressing an opinion that the financial statements of Milton Cycle Industries Limited give a true and fair view in conformity with accounting principles generally accepted in India. The report also covers compliance with Section 143(3) of the Companies Act, 2013, and includes a separate report on the internal financial controls over financial reporting, expressing an unmodified opinion on their adequacy and operating effectiveness. The report notes pending litigations related to MSME claims, states that the company did not have long-term contracts with material foreseeable losses, and confirms that there were no amounts required to be transferred to the Investor Education and Protection Fund. **Balance Sheet and Profit/Loss Statement** The balance sheet shows equity and liabilities, including shareholder's funds of Rs. 1,085,872 (reserves and surplus of Rs. 1,043,720), and total assets of Rs. 3,630,680. The statement of profit and loss accounts for a total income of Rs 48,509,000 and a profit before tax of Rs 458,000. **Contingent Liabilities:** There are contingent liabilities related to surety bonds for payments of central and local sale tax (Rs. 1,000,000) and interest on recovery cases before MSME Council by supplier (Rs. 6,701,000). Additionally, 37 MSME units have filed cases before the MSME Council for outstanding claims of Rs. 55,845,560 plus interest.

Milton Cycle Industries Limited Unlisted Shares

ANNUAL REPORT and Accounts for the year ended 31st March 2023 for Milton Cycle Industries Ltd, Sonipat. **Board of Directors:** The board consists of Vinod Buber (Whole Time Director, DIN: 09487600), Ashok Kumar Sharma (Director, DIN: 09345579), and Om Parkash Sharma (Director, DIN: 08777647). **Registered Office:** The registered office is located at Milton premises, industrial area, Sonepat-131001 (Haryana). **Bankers:** The company's banker is Punjab National Bank. **Auditors:** Mehra Khanna & Co., Chartered Accountants, serves as the company's auditor, located in Delhi-110009. **Notice for Annual General Meeting:** The 63rd Annual General Meeting of Milton Cycles Industries Limited will be held on Wednesday, 20th September, 2023 at 10:00 A.M. at Milton Premises, Industrial area, Sonepat-131001. The ordinary business of the meeting includes receiving, considering, and adopting the Audited Balance Sheet, Profit & Loss Account, and Cash Flow Statement for the financial year ended March 31, 2023, along with the reports of the Board of Directors and Auditors. A member entitled to attend and vote may appoint a proxy, who need not be a member of the company. The proxy instrument must be deposited at the registered office at least 48 hours before the meeting. Corporate members intending to send authorized representatives are requested to send a certified copy of the Board Resolution authorizing their representative to attend and vote. Members/Proxies/Authorized Representatives are requested to bring the enclosed attendance slip duly filled in and signed. The Proxy form shall be in Form No. MGT 11 pursuant to section 105(6) of the Companies Act 2013. Members are requested to bring their copies of the Report to the meeting. Valid applications for transfer of shares received on or before 10th September, 2023, will be registered in time for transferees. Members may register changes to their addresses/mandates with the Company on or before 10th September, 2023. No gifts, gift coupons, or cash will be distributed at the Meeting. All documents and the explanatory statement shall be open for inspection at the registered office during normal business hours (9.30am to 5.00pm) on all working days except Saturdays, up to and including the date of the 63rd AGM. **Director's Report:** The Directors present their Sixty-Third Annual Report along with the audited accounts for the year ended 31st March, 2023. **Financial Performance:** * Gross Income: Increased from Rs 1,55,27,123 in 2021-22 to Rs 75,601,537 in 2022-23. * Profit Before Interest and Depreciation: Increased from (Rs 3,95,07,929) in 2021-22 to Rs 2,05,62,746 in 2022-23. * Net Profit After Tax: Increased from (Rs 3,71,39,913) in 2021-22 to Rs 1,62,59,663 in 2022-23. The net profit for the year under review is Rs. 1,62,59,663 as against Rs. (3,71,39,913) in the previous year. Depreciation amounting to Rs 32,66,627 has been charged during the year as compared to Rs. 59,59,199 made during previous year. **Share Capital:** The paid-up Equity Share Capital as at 31st March 2023 stood at Rs 42,00,000. The company has not issued any shares with differential voting rights nor has granted any stock options or sweat equity during the year. No Directors of the Company held instruments convertible into equity shares as of 31st March 2023. **Dividend:** The Directors regret their inability to recommend any dividend on Equity Shares for the year ended 31st March 2023, in order to conserve resources. **Reserves:** The company does not transfer any amount to the General Reserve. **Directors and Key Managerial Personnel:** The Directors are Om Parkash Sharma, Ashok Kumar Sharma, and Vinod Buber (Whole Time Director). There was no change in the composition of directors during the year. **Independent Directors:** All Independent Directors have given declarations of meeting independence criteria under the Companies Act, 2013 and SEBI Regulations, 2015. The Board believes the Independent Directors fulfill the specified conditions. **Employees:** No employee received remuneration of Rs 1,02,00,000 per annum or Rs 8,50,000 per month or more, as per Companies Rules, 2014. **Meetings:** Five Board Meetings were convened during the year. A meeting of Independent Directors was held on 03.03.2023. **Closure of Production:** The company has stopped production of cycles and other items from 30-04-2021. **Audit:** M/S MEHRA KHANNA & CO. continue to hold the office for 5 years as originally appointed. **Material Changes and Commitments:** No material changes or commitments affecting the financial position of the Company occurred between the end of the financial year and the date of the report. **Orders by Regulators:** No orders have been passed by regulators or courts or tribunals impacting the going concern status and company's operations in future. **Deposits:** No deposits were accepted during the year, and no deposits remained unpaid or unclaimed at the end of the year. **Loans, Guarantees or Investments:** The Company has not made any loans, guarantees or investments under section 186 of the Companies Act, 2013 during the year. **Related Party Transactions:** All contracts and arrangements entered by the Company with related parties were in the ordinary course of business, and Section 188 of the Companies Act, 2013 is not applicable. **Sexual Harassment:** The Company has adopted a policy on the prevention of sexual harassment at the workplace and did not receive any complaint during the period. **Technology Absorption:** The company has not adopted any new technology. **Foreign Exchange:** Both total foreign exchange earned and used during the year were NIL. **Human Resources:** The Company treats human resources as important assets and invests in attraction, retention, and development of talent. **Directors' Responsibility Statement:** The directors confirm that applicable accounting standards have been followed, accounting policies have been consistently applied, proper and sufficient care has been taken for the maintenance of adequate accounting records, the annual accounts have been prepared on a going concern basis, and proper systems have been devised to ensure compliance with all applicable laws. **Business Risk Management:** Risk management is embedded in the Company's operating framework. The risk management framework is reviewed periodically by the Board. **Corporate Social Responsibility:** Requirements relating to Corporate Social Responsibilities are not applicable. **Investor Education and Protection Fund:** The provisions of Section 125(2) of the Companies Act, 2013 do not apply. **Subsidiary/Joint Venture/Associate Companies:** The company does not have any associate company and joint ventures. **Internal Financial Controls:** The Internal Financial Controls with reference to Financial Statement are found to be adequate by the Statutory Auditors of the Company. **Insolvency and Bankruptcy Code:** Applications for bankruptcy order under INSOLVENCY AND BANKRUPTCY CODE 2016 has been filed against MILTON CYCLE INDUSTRIES LIMITED at Chandigarh Bench Of National Company Law Tribunal (NCLT). **Auditor's Report:** The independent auditor's report states that the financial statements give a true and fair view in conformity with accounting principles generally accepted in India. The auditors have sought and obtained all necessary information and explanations. The Balance Sheet, Statement of Profit and Loss, and Statement of Cash Flows are in agreement with the books of account. The financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The Company has following pending litigations which would impact its financial position: 41 Nos of MSME has filed case before MSME Council for outstanding Claim ofRs 65364218/- Plus Interest. 4 Nos of suppliers has filed case in NCLT for outstanding Claim ofRs. 79070480/- Plus Interest. The Company has an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2023. **Financial Statements (selected details):** * **Share Capital:** 4,200 (in thousands) for both current and previous reporting periods. * **Reserves and Surplus:** 1,07,490 (current) vs. 93,384 (previous). * **Long-term Provisions:** 249 vs 547 * **Property, Plant and Equipment:** 38,025 vs. 43,646 * **Non-current investments:** 20,532 for both periods * **Inventories:** 17,165 vs 32,738 * **Cash and cash equivalents** 1,238 vs 15,518 The Statement of Profit and Loss Account shows a profit of 16,260 (in thousands) for the current period, compared to a loss of (37,140) for the previous period. The Cash Flow Statement indicates negative cash flow from operating activities (83,031) and investing activities (69.065). Cash and cash equivalents at the end of the period is 1,238 vs. 15,518 from the beginning of the period. **Contingent Liabilities:** * Surety bonds for payment of central and local sale tax by, Atlas Cycle Haryana Ltd, Atlas Auto Cycle Ltd, Jankidas & Sons Pvt Ltd. 1,000 each * Interest on Recovery Cases before MSME Council by supplier: 7,844 * Interest on Recovery Case before NCLT by supplier: 10,279 * 41 Nos of MSME has filed case before MSME Council for outstanding Claim of Rs 65364218/- Plus Interest. Interest on these claims has not been provided in the Books of Accounts. However interest on these claims has been shown as contingent Liabilities.

Milton Cycle Industries Limited Unlisted Shares

Annual Report and Accounts Summary for Milton Cycle Industries Ltd. for the year ended March 31st, 2022: The Sixty-Second Annual General Meeting of Milton Cycle Industries Limited will be held on Friday, September 30th, 2022, at 11:00 A.M. at the company premises in Sonepat to consider the adoption of the audited balance sheet, profit & loss account, and cash flow statement for the financial year ended March 31, 2022, along with the reports of the Board of Directors and Auditors. A special resolution will also be considered for the appointment of Mr. Vinod Buber (DIN-09487600) as a Whole-Time Director for a period of 3 years, effective September 30th, 2022, with a basic salary of Rs. 35,100 p.m. and other allowances of Rs. 10,000 p.m., subject to shareholder approval. The Board considers him well-qualified due to his 45 years of experience. **Financial Performance:** The financial year 2021-22 saw a Net Profit after Tax of Rs. (3,71,39,913) compared to Rs. (1,02,54,870) in the previous year. Gross Income was Rs. 1,55,27,123 versus Rs 21,25,07,997 in the prior year. Depreciation for the year amounted to Rs. 59,59,199. The company’s paid-up Equity Share Capital stood at Rs 42,00,000, consisting of 4,20,000 Equity Shares of Rs 10 each. **Directors' Report Highlights:** The directors reported their inability to recommend any dividend on Equity Shares. Mr. Vinod Buber was appointed as a Director and subsequently approved as whole-time director. All Independent Directors have declared that they meet the criteria of independence as per the Companies Act, 2013 and SEBI regulations. No employee received remuneration exceeding specified limits. **Operational Changes:** The company stopped the production of cycles and other items from 30-04-2021 due to suspension of production in the factory. **Statutory Compliance and Audit:** M/S MEHRA KHANNA & CO. were appointed as Statutory Auditors. The report of the Statutory Auditors and management's response to the observations are included in the report. Internal financial controls are deemed adequate. **Other Key Points:** No material changes affected the financial position between the end of the financial year and the date of the report. The company made no loans, guarantees, or investments under section 186 of the Companies Act, 2013. The company has adopted a policy on the prevention of sexual harassment at the workplace and received no complaints during the period 2021-22. No new technology was adopted due to the production halt. There were no foreign exchange earnings or outgo. **Legal Matters:** Several litigations are pending against the company, including cases filed by MSME and other suppliers for recovery of outstanding dues. Bankruptcy proceedings have been initiated against the company by AVAN ISPAT AND POWER LIMITED, RALSON INDIA LIMITED, and TATA STEEL BSL LIMITED, with replies filed or to be filed by the company. **Financial Statement Details (Balance Sheet and Profit & Loss):** As of March 31, 2022, the total equity and liabilities were Rs. 40,99,00,400 and Total Assets were also Rs. 40,99,00,400. Revenue from operations was Rs. 52,07,639. The Loss for the Period was (3,71,39,913). Earning per equity share (Basic and Diluted) was (3.714). **Auditor's Report:** The auditors issued an unmodified opinion, stating that the financial statements give a true and fair view of the company's financial position, loss, and cash flows. The report also includes annexures on internal financial controls and matters specified in the Companies (Auditor's Report) Order, 2016. **Shareholding:** Key shareholders with more than 5% shareholding include Sh. Gautam Kapur, Sh. Girish Kapur, Sh. Sanjay Kapur, Sh. Vikram Kapur and Sh. Rajiv Kapur. **Contingent Liabilities:** Contingent liabilities include surety bonds for payment of central and local sales tax and interest on recovery cases before MSME Council and NCLT. The names of MSME units with outstanding amounts exceeding Rs 1 lakh for more than 30 days are listed.

Milton Cycle Industries Limited Unlisted Shares

Annual Report and Accounts for the Year Ended 31st March 2021 for Milton Cycle Industries Ltd. includes the following key information: **Company Information:** * The Board of Directors includes Vinod Buber (DIN: 09487600), Ashok Kumar Sharma (DIN: 09345579), and Om Parkash Sharma (DIN: 08777647). * The registered office is located at Milton premises, industrial area, Sonepat-131001 (Haryana). * Punjab National Bank is the company's banker. * Mehra Khanna & Co., Chartered Accountants, Delhi, serve as auditors. **Notice for Annual General Meeting:** * The 61st Annual General Meeting (AGM) was scheduled for Friday, August 12, 2022, at 11:00 A.M. at Milton Premises, Industrial area, Sonepat-131001. * The ordinary business included adopting the audited Balance Sheet, Profit & Loss Account, and Cash Flow Statement for the financial year ended March 31, 2021. * Special business included the regularization of Vinod Buber and Ashok Kumar Sharma as Additional Directors. The board recommends ordinary resolution for appointment of Mr. Vinod Buber as a Director, to retire by rotation, for the approval by the shareholders of the Company, and a special resolution for Ashok Kumar Sharma as an Independent Director. **Director's Report:** * The report presents the company's financial and operational performance for the year ended March 31, 2021. * Financial performance highlights show a decrease in net profit to Rs. (1,02,54,870) from Rs. 2,47,18,724 in the previous year. * The company did not declare any dividend on Equity Shares for the year ended 31st March 2021 to conserve resources. * There were changes in Directors and Key Managerial Personnel during the year. Mr. Sanjiv Khera resigned from his post. The board is seeking shareholder approval for appointing Mr. Ashok Kumar Sharma as independent director for a period of 5 years, and Mr. Vinod Buber as a director with retire by rotation basis. * The report confirms compliance with obligations regarding sexual harassment prevention at the workplace and mentions no complaints were received during the period. * The Directors confirm that the applicable accounting standards had been followed, and had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent to give a true and fair view of the state of affairs of the company. * Internal Financial Controls with reference to Financial Statement are found to be adequate by the Statutory Auditors of the Company. **Auditor's Report:** * M/s Mehra Khanna & Co. were approved as Statutory Auditors of the Company for a term of five years. * The auditor's report states that the financial statements give a true and fair view of the company's affairs as of March 31, 2021, and its loss and cash flows for the year ended on that date, in accordance with accounting principles generally accepted in India. * Litigations are pending against the company which would impact its financial position. The company has delayed payment to suppliers including MSME resulting 27 MSME and 1 No of suppliers has filed cases against company in various MSME Council and NCLT for recovery of their outstanding dues. Total amount for recovery suits filed against company is Rs 9,56,91,263. * The company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses. **Financial Statements:** * The Balance Sheet as at 31st March 2021, shows total equity and liabilities of Rs. 39,91,68,763 and total assets of Rs. 39,91,68,763. * The Statement of Profit and Loss for the Year Ended 31st March 2021 reports a loss for the period of (1,02,54,870). * The Cash Flow Statement for the Year Ended 31st March 2021 shows net cash generated by operating activities as 2,46,77,756. **Significant Accounting Policies:** * The accounts are prepared using historical cost convention and on a going concern basis. * Fixed Assets are stated at cost less accumulated depreciation and amortisation. Depreciation is charged on written down value basis. * Inventories are valued at the lower of cost or net realisable value. * Provision for current tax is made on the basis of estimated taxable income, and deferred tax is accounted for based on timing differences. **Share Capital:** * The Authorized Capital includes redeemable cumulative preference shares and equity shares. * The Issued, Subscribed and paid-up capital consists of equity shares issued for cash and bonus shares by capitalization of reserves. **Contingent Liabilities:** * Surety bonds for payment of central and local sale tax by the Company and related entities are listed. * Interest on Recovery Cases before MSME Council/NCLT by supplier.