Jamna Auto Industries Limited
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SANSCO SERVICES - Annual Reports Library Services - www.sansco.net JAMNA AUTO 76Th ANNUAL Rcpoirr 2OO1 2OO2 JAMNA AUTO INDUSTRIES LIMITED www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Corporate Information BOARD OF DIRECTORS Bhupinder Singh Jauhar, Chairman and Managing Director Randeep Singh Jauhar. Whole - Time Director H.S.Gujral D.K.Sharma AUDITORS Goel Garg & Co. G.SJohar*Co. Chartered Accountants Chartered Accountants BANKERS State Bank Of India Canara Bank ICICI Bank Ltd. REGISTERED OFFICE CORPORATE OFFICE Jai Springs Road 2, Park Lane, Yamuna Nagar - 135001 Kishangarh, Vasant Kunj, (Haryana) India New Delhi-IIO 070. India WORKS Jai Springs Road U-27,29, Industrial Area. Annual General Meeting Yamuna Nagar - 135001 Malanpur-477116 30th September 2002 (Monday) (Haryana) India Distt. Bhind, M.P., India at 2.00 RM. at Registered Office: SHARE TRANSFER AGENTS Jai Springs Road Skyline Financial Services Pvt. Ltd. Yamuna Nagar- 135001 123. Vinoba Puri.Lajpat Nagar - II (Haryana) India New Delhi 110024. INDIA Phone: 6847136, 6833777. CONTENTS LISTING Particulars I Pages Stock Exchanges at Financial Highlights I Delhi, Mumbai, Kolkatta, Ludhiana, Jaipur Notice to AGM 2 Ahmedabad &Bangalore Management Discussion & Analysis 3 Directors' Report 5 Auditors' Report 12 Balance Sheet 14 IMPORTANT Protit & Loss Account 15 Shareholders may please note that Schedule Ib No Gift or Coupons will be - Balance Sheet 16 distributed at the meeting. - Profit & Loss Account 21 Accounting Policies & Notes on Accounts 23 Balance Sheet Abstract & Company's General Business Profile 27 Cash Flow Statement 28 www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Financial Highlights (Rs. In Lacs) Year ending 31 st March 2002 2001 2000 1999 1998 Sales & Earnings Sales 7877.23 8385.62 9772.25 8797.89 9120.97 Other Income 190.92 295.76 354.94 883.88' 34.02 8068.15 8681.38 10127.19 9681.77 9154.99 Total Expenditure 7621.27 8262.14 8673.84 7576.17 7483.12 Gross Profit (PBDIT) 446.88 419.24 1453.35 2105.60' 1671.87 Interest 1392.82 1 379.50 1260.50 1264.16 1001.21 Profit/(Loss) before Depreciation (945.94) (960.26) 192.85 841.44' 670.66 Depreciation 368.70 376.37 369.98 397.42 352.17 Profit/(Loss) before Tax (1314.64) (1336.63) (177.13) 444.02 318.49 Tax 0.77 1.61 1.67 48.00 32.60 Deferred Tax Credit (432.73) NIL NIL NIL NIL Profit/ (Loss) After Tax (882.68) (1338.24) (178.8) 396.02' 285.89 Cash Profit (Loss) (946.71) (961.87) 191.18 793.44' 638.06 What the Company Owned Fixed Assets- Gross Block 8278.40 8554.41 8538.64 8391.98 9484.29 Less: Depreciation(Cummulative) 2465.58 2402.25 2035.48 1684.86 1610.16 Net Block 5812.82 6152.16 6503.16 6707.12 7874.13 Investments 1208.48 1236.58 1236.58 1236.58 711.59 Current Assets 4936.56 5511.65 6570.81 6165.59 6166.21 Deferred Tax Assets (Net) 371.74 NIL NIL NIL NIL 12356.60 12900.39 14310.55 14109.29 14751.93 What the Company Owed Long Term Funds 5167.48 4130.33 3716.28 4236.70 4197.35 Medium/ Short Term Funds 591.03 747.53 599.98 185.73 679.92 Working Capital From Banks 2071.39 3143.87 3237.10 2022.57 2722.63 Current Liabilities & Provisions 2799.30 1878.07 2089.50 2249.45 1991.68 10629.20 9899.80 9642.86 8694.45 9591.58 Net Worth of the Company Equity Share Capital 876. 1 1 876.11 876. 1 1 876. 1 1 876.11 Reserves & Surplus 1832.63 3105.82 4670.33 5150.70 4778.54 Less: Intangibles (-) 981.34 981.34 878.75 611.97 494.30 1727.40 3000.59 4667.69 5414.84 5160.35 Share Indices Cash Earnings/ (Loss) per share Rs.(5.87) Rs.( 10.98) Rs. 2.18 Rs. 9.06 Rs. 7.28 Earning Per Share Rs( 10.08) Rs.(l5.27) Rs.(2.04) Rs.4.52 Rs3.26 Dividend per share NIL NIL NIL NIL NIL Net Worth Per Share Rs. 19.67 Rs. 34.25 Rs. 53.28 Rs. 61.81 Rs. 58.90 I. Including Rs. 610.38 Lacs profit on sale of Stabilizer Bar Business 1998-99. www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Notice NOTICE is here by given that the 36th Annual General Meeting of the members of Jamna Auto Industries Limited will be held on Monday the 30th Day of September, 2002 at 2.00 RM at the Registered office of the Company at Jai Springs Road, Yamuna Nagar - 135001, Haryana t;o transact the following business. AS ORDINARY BUSINESS 1. To receive, consider and adopt the Audited Balance Sheet of the Company asat'31 st March 2002 and Profit & Loss Account of the Company for the year ended on that date and the Report of the Board of Directors and Auditors thereon. 2. To appoint a director in place of Mr. D. K. Sharma, who retires by rotation and being eligible, offers himself for re-appointment. 3. To consider and if thought fit, to pass with or without modification, the following resolution as an Ordinary Resolution: "RESOLVED THAT M/s. Goel Garg & Co. Chartered Accountants, be and are hereby re-appointed as Joint Statutory Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting on remuneration as may be decided by the Board of Directors or Committee thereof exclusive of travelling and other out-of- pocket expenses." 4. To consider and, if thought fit, to pass with or without modification, the following resolution as an Ordinary Resolution: "RESOLVED THAT M/s. G. SJohar & Co. Chartered Accountants, be and are hereby re-appointed as Joint Statutory Auditors of the Company to hold office from the conclusion of this meeting until the conclusion of the next Annual General Meeting on remuneration as may be decided by the Board of Directors or Committee thereof exclusive of travelling and other out-of- pocket expenses." NOTES 1. A MEMBER ENTITLED TO ATTEND AND VOTE IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE IN- STEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE PROXY IN ORDER TO BE EFFECTIVE MUST BE DELIVERED AT THE REGISTERED OFFICE OF THE COMPANY NOT LATER THAN 48 HOURS BEFORE THE MEETING. A BLANK PROXY FORM IS ENCLOSED. 2. The register of Members of the Company and Share Transfer Books shall remain closed from I Oth September 2002 to 16th September 2002 (both days inclusive). 3. Shareholders seeking information with regard to accounts are requested to write to the Company at least ten days in advance as to enable the Company to keep the information ready. 4. Members/Proxies are requested to bring their copy of the Annual Report to the meeting, as copies of the Report will not be distributed at the meeting. 5. Members are requested to advise the Company immediately of any change in their address. 6. The unclaimed dividend which is due for transfer to the Investor Education and Protection Fund: Financial Year Ended Due for transfer on 31.03.1995 02.11.2002 31.03.1996 08.11.2003 31.03.1997 06.11.2004 Members who have not en-cashed their dividend warrants for the aforesaid financial years are requested to approach the Company for revalidation of their dividend warrants. 7. As per the provision of the amended Companies Act 1956, facility for nomination is available to individuals holding shares in the Company. The nomination form prescribed by the Government of India can be obtained from the share department of the Company. 8. The Companies scrips are now being traded in Dematerialised form. The Shareholders may approach their respective Depository Participants forgetting their shares dematerialised. By order of the Board of Director for jamna Auto Industries Limited Place : New Delhi R.S. Jauhar Date : 04.09.2002 Whole Time Director www.reportjunction.com SANSCO SERVICES - Annual Reports Library Services - www.sansco.net Management Discussion and Analysis OVERVIEW Jamna Auto Industries Limited is the flagship Company of Jai Spring Group. The Group is India's largest manufacturer and exporter of automobile suspension system. The Company is the Original Equipment Supplier to the major automobile manufacturers in country i.e. Telco, Eicher Motors, Mahindra & Mahindra, Maruti, on the export front the major export by the Company is General Motors of U.S.A. The Company also made supplies in replacement market through its Distributors and commands a market share of more than 31%. The Company has two manufacturing stations situated at Yamuna Nagar (Haryana) and Malanpur (Madhya Pradesh). The recession in the automobile industry particularly the HCV sector to which the Company is a major supplier has affected the Company. Until recently the HCV sector was reeling at lowest demand in last 10 years ; the total demand of HCVs and LCVs in the year 2001-2002 was 141000 vehicles which is less than the total production of 145000 vehicles in the year 1990-1991. In anticipation of an assured and substantial take off from OE manufacturers to whom the Company is a major supplier and due to liberalisation of automobile sector, the Company had undertaken expansion program for increasing its capacity in the earlier years. Unfortunately though .recession set in soon thereafter and the working of the Company suffered a downturn. The total production of Car however have increased from 408000 vehicles in year 1996-1997 to 585000 vehicles in the year 2001-2002.