Annual Report: 2024
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.
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