Mar 00

Compiled by : Asian CERC Information Technology Ltd.
S WA R A J E 8 G14* E S LI MlT E
SWARAJ ENGINES LIMITED
Swaraj Engines Limited
BOARD OF DIRECTORS YASH MAHAJAN - Chairman S.K. TUTEJA Dr. T.N. KAPOOR Executive Director - Finance P. SIVARAM Associate Vice President - Finance & Company Secretary GOPAL BANSAL Auditors M/S DAVINDER S. JAAJ & CO. Chartered Accountants Bankers CANARA BANK Registered Office PHASE-IV, SAS NAGAR, DISTT. ROPAR-160055. Works PLOT NO. 2, INDUSTRIAL PHASE IX, SAS NAGAR, DISTT. ROPAR-160 Q59 ATUL C. KIRLOSKAR D.L MIRCHANDANI GAUTAM KULKARNI D.R. SWAR RK. VERMA G.S. RIHAL - Managing Director
SWARAJ ENGINES
SHAREHOLDER 1.
LIMITED
INFORMATION On August 9,2000 at 10 A.M. at Swaraj R&D Complex, A-29 E, Industrial Area, Phase VII, S.A.S. Nagar, Distt. Ropar-160055 On or after August 9, 2000, but within statutory time limit. Ludhiana, Mumbai, Delhi, Ahmedabad & National Stock Exchange. Paid for all the above stock exchanges for 1999-2000 & 2000-2001 Phase IV, S.A.S. Nagar, Distt. Ropar-160 055
Date & Venue of AGM
2. 3. 4. 5. 6.
Dividend Payment Listing on Stock Exchanges Listing Fees Regd. Office Stock Market Data
Yearly (1990-2000) and Monthly (April 1999 - June 2000) High-Low Quotations at BSE are as under :(Figures in Rs.)
Year
1990
High
115 130 240 195 287 345
Low
32 50 80 70 147 220
1991
1992 1993 1994 1995 1996 1997 1998 1999
630*
625 659 930 645
260**
290 340 483 352
2000 (till June)

7.
Month Apr' 99 May'99 Jun' 99 Jul' 99 Aug' 99 Sept' 99 Oct' 99 Nov' 99 Dec' 99 Jan' 00 Feb' 00
High
865 860 841 930 918 899 800 770 810 645 600
Low
677 722 772 768 800 751 720 701 588 558 454
Month Mar1 00 Apr' 00 May' 00 Jun' 00
High
495 432 410 495
Low
377 356 360 352
* Cum Bonus Rate ** Ex Bonus Rate Dematerialisation of Shares: The Securities & Exchange Board of India (SEBI), with effect from 21st March, 2000 has included Company's shares in the compulsory demat list for all categories of investors. The Company has joined National Securities Depository Limited (NSDL) and Central Depository Services (India) Ltd. (CDSL) to facilitate dematerialisation. Over 30% of Company's shares are now held in electronic form. 8. Shares held in electronic form : i) all instructions regarding bank details which shareholders wish to incorporate in their dividend warrants will have to be submitted to their depository participants. As per the regulations of NSDL and CDSL the Company is obliged to print the bank details on dividend warrants as furnished by these Depositories to the Company. Instructions already given by shareholders in respect of shares held in physical from will not be automatically applicable to the dividend paid on their shares held in electronic form and the Company will not entertain any request for deletion/ change of bank details already printed on dividend warrants as per information received from the concerned depositories.
ii)
iii) all instructions regarding change of address, nomination, power of attorney etc. should be given directly to the Depository participants and the Company will not entertain any such requests directly from the shareholders. 9. Share Transfer & other Communication regarding

Share Certificates, Dividends & Change of Address etc. may be addressed to : A.V.R - Finance & Company Secretary, Swaraj Engines Limited, S.C.0.204-205, Sector 34-A, Chandigarh-160022 Phone:0172-647700-10 Fax:0172-615111 e-mail:sml.acc@swarajenterprise.com
10.
Share Transfer System : Share transfers would be registered & returned within a period of 30 days from the date of receipt, if the documents are clear in all respect. Total No. of shares transferred during 1999-2000 was 1,67,700 (Previous Year - 3,03,900)
11.
Investors queries etc. may be addressed to : With respect to the financial statements of the Company: Mr. P. Sivaram, Executive Director-Finance, Swaraj Engines Limited, S.C.0.204-205, Sector 34-A, Chandigarh-160022 With respect to Shares and Secretarial matter: Mr. Gopal Bansal, A.V.P. - Finance & Company Secretary, Swaraj Engines Limited, S.C.0.204-205, Sector 34-A, Chandigarh-160022
Phone:0172-647700-10 Fax:0172-615111 e-mail:sml.acc@swarajenterprise.com
12. Categories of shareholders as on June, 2000 Category
13. Distribution of Shareholdings as on June, 2000

No. of Shares
No. of Shareholders
2 1
Voting Strength
No. of Equity Shares held

1-100
held 101-200 201-500 501-1000 1001-5000 5001 -above
No. of Shareholders
1658 1691
394 164 101
No. of Shares
1,57,331 3,36,985 1,52,300 1,24,700 2,08,884 31,59,740 4139940
%age of Shareholdings
3.80 8.14 3.68 3.01 5.05
Promoters Financial Institutions FII's/NRI's/OCB's Mutual Funds Other Bodies Corporate Individuals
50.55 20,93,000
2.50 4.89 5.47 5.18 31.41
1 ,03,550 2,02,600 2,25,990 2,14,305 13,00,495
15
5
94
39
76.32 1 00.00
3930
4047
1 SWARAJ ENGINES LIMITED
THE DECADE OF NINETIES - IN RETROSPECT

(Rs. in lacs)
Fiscal Year -> Engines Sold (No's) Index Total Revenue (Net) Index PBIDT Index Finance charges (Net) Depreciation Income Tax Net Profit Index Dividend % Index Dividend payout Equity share capital Net worth Index Capital Employed Market Capitalisation PBIDT/Total Revenue % Return on Net worth % Earning Per Share (Rs.)
1990 4901
1.0
1991 8101
1992
1993
1994
1995
1996
1997
1998
1999
2000 27532
5.6
8224
1.7
8559
1.8
8875
1.8
10851
2.2
12498
2.6
15921
3.2
17382
3.5
24705
5.0
1.7
1859
1006
1.0 107 1.0
2184
2.2 277 2.6
2531
2.5 369 3.4
2926
2.9 421 3.9
3985
4.0 657 6.1
5133
5.1 965 9.0
7259
7.2
8374
8.3
12457
12.4
13975
13.9
1.8 224
2.1
1375 12.9
1675 15.7
123 138 335
2609
24.4
178 256 610
3275
30.6
135 312 935
31 19 9 48
1.0
32 26 5
161 3.4
42 30 75
130 2.7
55 30 73
211 4.4
38 30
112 241 5.0
4 35
201 417 8.7
2 42
320 601
6 56
386 927
1079 22.5 *100 10.0

414
1565 32.6
1893 39.4
12.5
100 5.0 207 207
19.3
*65 6.5 269
20
1.0
30
1.5
35
1.8
40
2.0
50
2.5 104 207 643 2.8 989
80
4.0 166 207 894 3.8
*200
20.0
828
*225
22.5
931
25
207 233 1.0 479 952
62
207 320 1.4 529
72
207 378 1.6 526
83
207 506 2.2 605
+414 1919
8.2
+414
+414 3188 13.7
+414 4021 17.3 5148
1289
5.5
2543
10.9
1269 5175 16.5
1378
2912
4564 20037
20.0
4345 34982
20.9
1501 12.0
2484
12.7
1656 14.6
3933
14.4
6935
18.8
16146
18.9
16932
23.4
10.6
21
2.3
50
7.8
34
6.3
42
10.2 24.4
37
11.6 31.1
47
20.1 43.2
47
29.0 62.3
48
*22.4 +46.4
42
*26.1 +61.4
49
*37.8 +77.0
47
*45.7 +97.1
Book Value per Share (Rs.)1 1 .3
15.5
18.3
*0n Expanded Capital +After 1 : 1 Bonus Issue
NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the fourteenth Annual General Meeting of the Company will be held at Swaraj R & D Complex, A-29-E, Industrial Area, PhaseVII, SAS Nagar, Distt. Ropar-160 055 on 9th August, 2000 at 10 A.M. to transact the following business:
ORDINARY BUSINESS
1. 2. 3. 4. 5.
to consider and adopt the Directors' Report and Audited Statement of Accounts for the year ended 31 st March, 2000 together with the report of the Directors thereon. To declare Dividend. To appoint a Director in place of Shri S.K.Tuteja who retires by rotation and, being eligible, offers himself for re-appointment. To appoint a Director in place of Shri P.K.Verma who retires by rotation and, being eligible, offers himself for re-appointment. To appoint Auditors and fix their remuneration.
SPECIAL BUSINESS 6. To consider and, if thought fit, to pass the following resolution, with or without modification, as an ordinary resolution: "RESOLVED THAT Shri D.R.Swar, who has been co-opted as Director of the Company and who in terms of Section 260 of the Companies Act, 1956 holds office as Additional Director until this Annual .General Meeting, be and is hereby appointed as a Director of the Company". 7. To consider and, if thought fit, to pass the following resolution, with or without modification, as an ordinary resolution: "RESOLVED THAT Shri Gautam Kulkarni, who has been co-opted as Director of the Company and who in terms of Section 260 of the Companies Act, 1956 holds office as Additional Director until this Annual General Meeting, be and is hereby appointed as a Director of the Company". Regd.Office: Phase-lV, Sahibzada Ajit Singh Nagar, Distt.Ropar-160 055 (Punjab) Near Chandigarh. Date: 23rd June, 2000 By Order of the Board
(GOPAL BANSAL) Company Secretary.
NOTES:
1. 2.
An explanatory statement pursuant to Section 173(2) of the Companies Act, 1956 is enclosed hereto and forms part of the Notice. A member entitled to attend and vote is entitled to appoint a proxy to attend instead of himself. Such proxy need not be a member of the Company. Proxies in the Form annexed hereto must be lodged at the Registered Office of the Company not later than 48 hours before the commencement of the meeting. The Register of Members and Transfer Books of the Company will remain closed from Wednesday, the 2nd day of August, 2000 to Wednesday, the 9th day of August, 2000 (both days inclusive).
3.
For Swaraj Engines Limit TAN3AL)

Associate-Vice W Lioi r t- Finsnce & Company Secretary

4. 5. If Dividend, as recommended by the Directors is approved at the meeting, payment will be made to those members whose name(s) appears on the Company's Register of Members on 9th August, 2000. Dividend amount remaining unclaimed for and up to the financial year ended 31.03.95 has been transferred to the General Revenue Account of the Central Government as required under sub-section (5) of Section 205(A) of the Companies Act, 1956. Members who have not encashed dividend warrants for the said period may claim the same by submitting an application in the prescribed Form No.11 to the registrar of Companies, 286 Defence Colony, Jalandhar City (Punjab). Members who have not encashed the dividend warrants so far for the financial year ended March 31, 1996, or any subsequent dividend payments are requested to make their claim to the Company. 6. 7. 8. Members/proxies should bring the attached admission slip duly completed and signed, for the admission to the meeting. Members desiring any information as regards accounts at the forthcoming Annual General Meeting, are requested to write to the Company atleast 7 days before the date of Meeting so as to enable the Company to keep the information ready. Members who are holding shares under more than one folio under name(s) in the same order are hereby requested to send the relative share certificates to the Company for consolidation.
EXPLANATORY STATEMENT PURSUANTTO SECTION 173 (2) OFTHE COMPANIES ACT, 1956 ITEM NO.6
Shri D.R.Swar, Executive Vice President (Engines), Kirloskar Oil Engines Limited, has over 30 years of experience in engineering, technology and manufacturing. The Company has received a notice in writing from a member u/s 257 of the Companies Act, 1956 proposing the appointment of Shri Swar as a Director of the Company.
ITEM NO.7
Shri Gautam Kulkarni, Joint Managing Director, Kirloskar Oil Engines Limited, has over 22 years of experience in Management and Industry. The Company has received a notice in writing from a member u/s 257 of the Companies Act, 1956 proposing the appointment of Shri Kulkarni as a Director of the Company.
REPORT OF THE DIRECTORS

The Directors have pleasure in presenting another year of good business performance. ANNUAL REVIEW Fiscal 1999-2000 was a year that presented a mixed picture. While the initial phase of first four months commenced on a sound note, the position changed adversely from August, 1999 because of downturn in demand for tractors in the large markets, with maximum drop coming in the quarter Jan-March, 2000. Thus, overall growth for the year for tractor industry as also Punjab Tractors (PTL) was modest. Actual engine production and supply to PTL for the year reflects these trends. Against above background, the company's total revenue for the year moved to around Rs.140 crores, a growth of 12% over previous year. Happily, the position was somewhat balanced by stepped up supplies of components to Swaraj Mazda and increased production of hi-tech components for in-house consumption. This improvement coupled with company's thrust on cost containment, led to strengthening of profit at the operating level. Earnings before interest, depreciation and tax (EBIDT) moved to Rs.32.8 crores a growth of 26% over 1998-99. With interest burden coming down, Profit Before Tax (PBT) has risen 30% reaching Rs.28.3 crores.
DIVIDEND AND APPROPRIATIONS
As members are aware, the Company has already distributed 165% through three Interim Dividends. In the context of the business performance and taking note of other relevant factors, the Directors are pleased to recommend a final dividend of 60% taking total for the year to 225% against 200% declared and paid for 1998-99. With dividend absorbing Rs. 9.31 crores, tax on proposed dividend absorbing Rs. 1.30 crores, an amount of Rs. 7.80 crores has been transferred to General Reserve, leaving Rs. 0.52 crore to be carried forward in the Profit & Loss Account, the balance in which now stands at Rs. 3.01 crores.
FINANCE
Company's internal generations were utilised to meet outlays of the expansion programme - Rs. 4.2 crores, and towards meeting additional working capital requirements to support enhanced operations.
HUMAN RESOURCES
Overall, relations remain cordial during the year. Directors are also happy to report the conclusion of 4 years wage agreement with the workers. Information in accordance with Section 217(2A) of the Companies (Particulars of employees) Rules, 1975 is given in the Annexure to this report.
YEAR 2000
As envisaged, company's transition for Year 2000 was smooth. Going forward, Directors see no additional financial impact arising from Year 2000 / related issues.
CURRENT OPERATIONS
Market conditions in the tractor industry continue to be sedate, with sentiments getting further affected by increase in tractor retail price due to higher rate under uniform sales tax policy and drought conditions in some states. As such, engine production at SEL is being dovetailed to the reduced schedules from PTL, with April-May, 2000 outturn cumulating to 3023 engines against 4802 produced in the corresponding period of previous year. On current reckoning, improvement in tractor demand is expected after the monsoons.
ENERGY CONSERVATIONJECHNOLOGY ABSORPTION ETC.
Particulars to be given in respect of the above activity underjj^-^^mp^(\jgsj(pise|eeure ofyp^arjiculars in the report of Directors) Rules,1988 is given in the annexure to this report.
ecretary

DIRECTORS
Upon taking up a new assignment at the Kirloskar group, Shri A.A. Tikekar relinquished office as a Director. The Directors place on record their deep appreciation to the contributions of Shri Tikekar during his association with the Company. Shri D.R. Swar, Executive Vice President - Kirloskar Oil Engines Ltd. was co-opted as an Additional Director on 29th January, 2000 and holds office upto the date of the forthcoming Annual General Meeting and is eligible for re-appointment. Shri Gautam Kulkarni, Joint Managing Director, Kirloskar Oil Engines Ltd. was co-opted as an Additional Director on 23rd June, 2000 and holds office upto the date of forthcoming Annual General Meeting and is eligible for re-appointment. Notices u/s 257 of the Companies Act, 1956 has been received from members of the Company proposing S/Shri Kulkarni and Swar's appointment as Directors of the Company. S/Shri S.K.Tuteja.and PK.Verma retire by rotation and being eligible, offer themselves for re-appointment. AUDITORS The Auditors, M/s Davinder S. Jaaj & Company, Chartered Accountants, retire and being eligible, offer themselves for reappointment. They have furnished the Company with a certificate to the effect that the proposed re-appointment, if made, will be in accordance with Section 224(IB) of the Companies Act, 1956.
FOR AND ON BEHALF OF THE BOARD
YASH MAHAJAN Chairman
ATULC. KIRLOSKAR
A
Place: New Delhi Dated : 23rd June, 2000
Director
G.S. RIHAL Managing Director
ANNEXURE TO DIRECTORS' REPORT

A) Information in accordance with the Companies (Disclosure of Particulars in the Report of Directors) Rules, 1988: CONSERVATION OF ENERGY: 1. 2. 3. Company's Production process is not energy-intensive. Discipline to switch off lights and machines tools, when not working has been introduced. Installed time switch on component washing machines for heater control, thereby saving electric energy. Machining time for in-house components reduced 12-15% by using new generation tools and programming optimisation, resulting in reduced power consumption.
RESEARCH & DEVELOPMENT: 1. SEL represents fruition of technological and commercial relationship of 2 decades of two Indian Companies, both pioneers in Indian R&D and Engieering : Kirloskar Oil Engines Ltd. and Punjab Tractors Ltd. in this background, Company has fully absorbed engine manufacturing technology producing five models.
2. Since Company has the full benefit and support of Research & Development at both KOEL and PTL, both with substantial strengths in Research & Development, no separate Research & Development is envisaged. FOREIGN EXCHANGE AND OUTGO There are no direct exports, but Company's engines are a part of Swaraj Tractors exported by Punjab Tractors Limited. Foreign Exchange outgo is contained in Note No. 16 of Notes on Accounts (Schedule-L). B) Particulars of Employees under Section 217(2A) of Companies Act, 1956 and the Rules made thereunder: Those employed for full year and are in receipt of remuneration of more than Rs. 6,00,0007- per annum.
Sr. Name/Age No. Qualification Experience (Years) Date of Designation/ commence- Nature of ment Duties 12.02.92 01.09.88 Gross Last Employment held Designation Remuneration (Rs.) Punjab Tractors Ltd. Manager Project Swaraj Mazda Ltd. Astt. Manager Finance
Dawar B.B. (55) 2. Bansal Gopal (44)
B.E. (Mech. Engg.) 30 B.COM., A.C.A., A.C.S. B.E. (Metallurgy) 20
3.
Mahajan S.K. (49)
27
01.03.88
Associate Vice 791423 President - Works Associate Vice802437 President - Finance & Company Secretary Chief Manager 680685 Material Services
Punjab Tractors Ltd.
Asstt. Manager Purchase
NOTES: 1. Remuneration includes Salary, Allowances, Bonus, Encashment of earned leave, Company's contribution to Provident fund, Gratuity & Superannuation fund, reimbursement of medical expenses and leave travel assistance, wherever applicable and where it is not possible to ascertain the actual expenditure on a perquisite, valuation has been done on the basis of Income Tax Act, 196.1 and Rules made there under. Nature of employment is non-contractual.
2.
3. All the employees have adequate experience to discharge the responsibility assigned to them. 4. None of the employees is a relative of the Directors of the Company.
I^SMfcR^ BALANCE SHEET AS AT SIST MARCH, 2000

Schedule SOURCES OF FUNDS Shareholders' Funds Capital Reserves and Surplus Loan Funds Secured Loans Unsecured Loans C D
1,27.82 10,00.00 11,27.82 51,48.40 APPLICATION OF FUNDS 1,56.89 10,00.00 2000
(Rs. in lacs)
1999
A B
4,13.99 36,06.59
4020.58
4,13.99 27,74.44
31,88.43
11,56.89 43,45.32
Fixed Assets Gross Block Less : Depreciation Net Block Capital Work-in-Progress Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Balances Loans & Advances
E
50,08.22 9,74.91 40,33.31 1,22.44 41,55.75 8,61.97 1560.63 1058.21 126,14 94.98 28,39.96 46,22.37 6,64.31 39,58.06 90.72
^0,48.78 8,61.97
p Q
14,49.70 1,12.02 47.18 3,33.72 19,42.62 25,08.05 130.68 51,48.40 (5,65.43) 43,45.32
Less : Current Liabilities and Provisions Net Current Assets

Notes on Accounts
27,09.28
The Schedules referred to above form an integral part of the Balance Sheet in our report of even date FOR AND ON BEHALF OF THE BOARD
for DAVINDER S. JAAJ & CO. Chartered Accountants DAVINDER SINGH JAAJ Partner P. SIVARAM Executive Director - Finance GOPAL BANSAL Associate Vice President - Finance & Company Secretary YASH MAHAJAN Chairman ATUL C. KIRLOSKAR Director G.S. RIHAL Managing Director New Delhi, 23rd June, 2000
Chandigarh, 23rd June, 2000
for fVaraj Engine;;
miie
AssocL
FJnance ->.., ttary
i^SE^B^
PROFIT & LOSS ACCOUNT
FOR THE YEAR ENDED 31 ST MARCH, 2000 Schedule INCOME Revenue from Operations Dividend Income 2000 (Rs. in lacs)
1999
L(9)
1,60,96.44 79.40
1,61,75.84
139,74.51 1,17.62
140,92.13
EXPENDITURE Manufacturing & Other Expenses Excise Duty Finance Charges Depreciation Profit before Tax Provision for Tax Prof it After Tax
I K
1,06,99.05 22,01.14 1,35.09 3,12.14
1,33,47.42 28,28.42 9,35.00 18,93.42
98,47.92 16,35.00 1,77.92 2,56.55
119,17.39 21,74.74 6,10.00 15,64.74
APPROPRIATION Interim Dividend Final Dividend Tax on Interim & Final Dividend Transfer to General Reserve Profit carried to Balance Sheet
6,83.09 2,48.40 1,29.78 7,80.00 52.15 18,93.42
8,27.98 91.08 6,00.00 45.68 15,64.74
The Schedules referred to above form an integral part of the Profit and Loss Account in our report of even date FOR AND ON BEHALF OF THE BOARD
for DAVINDER S. JAAJ & CO. Chartered Accountants DAVINDER SINGH JAAJ Partner P. SIVARAM Executive Director - Finance GOPAL BANSAL Associate Vice President - Finance & Company Secretary YASH MAHAJAN Chairman ATUL C. KIRLOSKAR Director

Chandigarh, 23rd June, 2000
For Swaraj Engines Limited ( G O P A L 1V.K3AL)

& Company Secretary
New Delhi, 23rd June, 2000
SWARAJ ENGINES LIMITED SCHEDULE A

2000 SHARE CAPITAL Authorised 1,00,00,000 Equity Shares of Rs. 107- each Issued, Subscribed & Paid-Up 41,39,940 Equity Shares of Rs. 10/- each fully paid up 10,00.00 10,00.00
(Rs. in lacs)
1999
4,13.99
4,13.99
Note : Paid up capital includes 20,69,970 Equity Shares allotted as fully paid bonus shares by capitalisation of General Reserve in 1997.
SCHEDULE B
2000 RESERVES AND SURPLUS Capital Reserve Brought Forward General Reserve Brought Forward Add : Transferred from Investment Allowance Reserve Add : Transferred from Profit & Loss Account Surplus Amount Brought Forward Add : Transferred from Profit & Loss Account 25,07.00 7,80.00 2,48.73 52.15 32,87.00
(Rs. in lacs)
1999
18.71
18,73.00 34.00 6,00.00 2,03.05 45.68
18.71
25,07.00
3,00.88 36,06.59
2,48.73 27,74.44
SCHEDULE C
2000 SECUREDLOANS Loans from Banks On Cash Credit Accounts
(Rs. in lacs)
1999
1,27.82 1,27.82
1,56.89 1,56.89
Note : Cash Credit from bank is secured by way of hypothecation of stocks, stores & books debts. It is further secured by way of mortgage of all the company's immovable properties.
SWARAJ ENGINES LIMITED 1

SCHEDULE D
2000 UNSECURED LOANS Other Loans 10,00.00 10,00.00 (Rs. in lacs)
1999
10,00.00 10,00.00
SCHEDULE E
FIXED ASSETS Particulars As at 31.03.1999 Land Building Plant & Machinery Furniture, Fixtures & Other Equipments Vehicles Grand Total Capital work in Progress* Previous Year 50.68 6,58.98 38,63.98 27.22 21.51 46,22.37 Cost Additions Ded/Adj. Depreciation (Rs. in lacs) Net Block
As at 31.03.1999
As at Upto As at 31.03.2000 31.03.2000 31.03.2000 50.68 6,69.42 42,19.44 37.05 31.63 87.47 8,46.67 22.88 17.89 9,74.91 50.68 5,81.95 33,72.77
14.17 13.74
10.44 3,57.38 9.83 10.12 3,87.77
1.92
50.68 5,93.54 32,88.34

15.72 9.78
1.92
50,08.22
40,33.31 1,22.44 41,55.75
39,58.06 90.72 40,48.78 1999 22.27 27.93 40.52 90.72 (Rs. in lacs)
37,65.08
8,61 .96
4.67
46,22.37
6,64.31 2000
* Capital work in progress includes : -Capital Stores - Work in progress - Capital Advances
4.36 91.95 26.13 122.44
SCHEDULE F
2000 INVESTMENTS (AT COST) Non Trade - Unquoted 58,81 ,200 (1 999-58,81 ,200) Units of Unit Trust of India - 1964 Scheme of Rs.10/- each fully paid
1999
8,61.97 8,61.97
8,61.97 8,61.97
Aggregate Value Cost of unquoted investments
8,61.97
8,61.97
SCHEDULE G
2000 CURRENT ASSETS, LOANS & ADVANCES A. CURRENTASSETS
(Rs. in lacs)
1999
I.
Inventories (Refer Note 1 (c) Schedule L) a) Stores & Spare Parts b) Loose Tools c) Raw Material & Components d) Goods-in-Transit e) Work in Progress f) Finished Goods Sundry Debtors (Unsecured-Considered Good) Debts Outstanding for a period exceeding six months Other Debts Cash & Bank Balances Cash in Hand Balance with Scheduled Banks - Current Accounts - Margin Money Accounts - Unpaid/Unclaimed Dividend Accounts
LOANS & ADVANCES
1,27.16
2,53.36
93.95 2,06.21 8,24.39 96.13 2,06.49 22.53
9,05.08 1,06.84 91.77

76.42
15,60.63
14,49.70
II.
10,58.21
10,58.21
1,12.02
1,12.02
III.
11.43 23.32 0.48
7.88
90.91
1,26.14
47.18
B.
(Unsecured-Considered Good) Advances recoverable in cash or in kind for value to be received Security Deposits Balance on Current Accounts with Excise Authorities
45.98 26.37
22.63
1,56.13 24 A 5 94.98 28,39.96

1,53.44 3,33.72 19,42.62
Note: Inventories are as certified by the Management.
SWARAJ ENGINES SCHEDULE H

2000 CURRENT LIABILITIES & PROVISIONS Current Liabilities Sundry Creditors - Due to Small Scale Industrial Undertakings* - Others Advance Payments Received Other Liabilities Dividends pending encashment Illrd Interim Dividend pending payment Provisions Final Dividend Provision for Taxation Others
(Rs. in lacs)
1999
5,23.55 13,76.41
5,09.59 9,84.34
0.10 1,08.86 8.33
0.19
1,50.49 90.91 2,27.70 2,48.40 67.01 24.62 27,09.28
8,27.98 50.53 18.32 25,08.05
*Note : The amount due to Small Scale Industrial Undertakings is compiled on the basis of information available with the company. List as prescribed is enclosed.
SCHEDULE I
2000 MANUFACTURING & OTHER EXPENSES Consumption of Raw Materials, Components and Spares Opening Stock Add: Purchases Less: Closing Stock Other Jobs Accretion/Decretion of Stock of Finished Products & Work-in-Progress Opening Stock Less: Closing Stock (Increase)/Decrease Operating & Administrative Expenses (As per Schedule J)
(Rs. in lacs)
1999
8,24.39 95,92.49 9,05.08 12.43
1,04,16.88 9,17.51 94,99.37
6,97.22 92,24.39 8,24.39 18.87
99,21.61
8,43.26 90,78.35
2,29.02 1,68.19 60.83 11,38.85 1,06,99.05
1,36.69 2,29.02 (92.33) 8,61.90
98,47/
SWARAJ ENGINES LIMITED SCHEDULE J

2000 OPERATING AND ADMINISTRATIVE EXPENSES Salary, Wages & Bonus Contribution to Provident & Other Funds Workmen & Staff Welfare Consumption of Stores & Spare Parts Repairs to Machinery Repairs to Building Other Repairs Electricity & Water Charges Rates & Taxes Insurance Printing, Stationery, Postage & Telephone Travelling & Conveyance Royalty Other Marketing Expenses Auditors Remuneration Miscellaneous Expenses 4,08.23 31.37 39.72 2,85.78 60.67 5.04 1.80 1,26.36 0.62 12.92 18.44 25.50 79.55 0.67 42.18 11,38.85 11,38.85
(Rs. in lacs)
1999
2,90.79 23.62 27.60 2,30.88 38.37 2.32 1.02 73.64 3.56 10.67 19.28 15.53 30.52 63.04 0.51 33.25 8,64.60 2.70 8,61.90
Less : Transferred for capitalisation
SCHEDULE K
2000 FINANCE CHARGES Interest on Fixed Loans Interest on Other Loans Bank & Other Financial Charges Less : Interest received on Loans [Tax deducted at source Rs. 1 .1 6 lacs (1 999 -Rs. 2.40 Lacs)] Less : Transferred for Capitalisation 1,30.36 5.11 4.90 1,95.89 3.26 4.72
(Rs. in lacs)
1999
1,40.37
5.28 1,35.09
2,03.87
15.00 1,88.87 10.95
1,35.09
1,77.92
SWARAJ ENGINES LIMITED SCHEDULE L

NOTES FORMING PART OF ACCOUNTS 1. Accounting Policies a) Accounting Convention These accounts are prepared under the historical cost convention and on the basis of going concern. All expenses and income to the extent considered payable and receivable respectively, unless stated otherwise, have been accounted for on mercantile basis. b) Fixed Assets and Depreciation i) All fixed assets are carried at cost of construction or acquisition less depreciation. All expenses including financing costs on borrowed funds upto the date the asset is ready for use and attributable to the construction or acquisition of fixed assets are capitalised. When an asset is scrapped, or otherwise disposed off, the cost and related depreciation are removed from the books of account and resultant profit (including capital profit) or loss, if any, is reflected in Profit and Loss Account. ii) Depreciation on all the fixed assets is provided on Straight Line Method, pro-rata with monthly rests, at the rates prescribed in Schedule XIV of the Companies Act, 1956 except for fixed assets mentioned in para (iii) below. In the following cases the rates are higher than the rates prescribed in Schedule XIV of the Companies Act, 1956. Nature of Assets a) b) c) d) e) iv) v) Electrical Installation Patterns, Blocks and Dies Vehicles Data Processing'Equipments Office Equipments Rates adopted in Accounts 7.42 25.00 25.00 30.00 15.00
iii)
Assets individually costing upto Rs. 5000/- are depreciated at 100% in the year of purchase. During the year, company has changed the rate of depreciation charged on below mentioned Assets. This has resulted in a higher depreciation of Rs. 21.49 Lacs and corresponding decrease in the profits for the year. Nature of Assets 1. 2. 3. Data Processing Equipments Assets below Rs. 5000 (acquired before 16.12.1993) Office Equipments Depreciation Rate (%) From 16.21 7.42 6.33 To 30 100 15
c)
Inventories: Raw Material, Stores & Spares, Loose Tools, Goods-in-Transit and Work in Progress are valued at material cost excluding modvat credit. Finished Goods are valued at cost or net realisable value, whichever is lower. Cost includes appropriate portion of allocable overheads, wherever applicable. Cost of Inventories is generally ascertained on the monthly Weighted Average basis. Excise Duty on Finished Goods at Factory is accounted for as and when the materials are cleared.
d)
Investments are stated at cost. Dividend is accounted for as and when received.

e) Retirement Benefits: The Company contributes to a trust which has taken Master Policy with the Life Insurance Corporation of India to cover its liability towards employees gratuity. The Company contributes to the appropriate authorities its share of the Members Provident Fund Account as per the Employee's Provident Fund Act, 1952. Leave encashment liability has been provided on estimated basis. f) g) 2. Sales are recognised at the time of despatches to customers and include Excise Duty. Accounting policies not specifically referred above are consistent with generally accepted accounting practices.
There are contingent liabilities in respect of: i) Estimated amount of contracts remaining to be executed on Capital Account and not provided for (net of advances) 2000 Rs. in lacs
1999 Rs. in lacs

88.27
94.21
ii)
The Company has contested in appeal demand aggregating to Rs. 43.27 lacs raised by Income Tax Assessing Authorities for Assessment Year 1997-98, where based upon past experience, it expects substantial relief. Accordingly, no provision has been made in the books against this demand. In respect of earlier Assessment Years 1990-91 to 1996-97, the Deptt. has filed second appeals before Appellate Authorities against reliefs aggregating to Rs. 2,51.50 lacs obtained by the Company in the first appeal.
3. 4. 5.
Revenue expenses incurred during the year attributable to Company's major Expansion Project amounting to Rs. Nil (1999 Rs. 13.65 lacs). While letters for confirmation of balance of sundry creditors, sundry debtors and material lying with vendors have been sent, only few have been received back, rest are subject to confirmation. Other liabilities in Schedule "H" includes Rs. 1.61 lacs (1999 Rs. 1.61 lacs) on account of Share Application Money pending refund. Dividend Income: Dividend of Units of Unit Trust of India [Tax deducted at source Rs. Nil (1999-Rs. 23.52 lacs)] 2000 Rs. in lacs. 79.40
6.
1999
Rs. in lacs 1,17.62
8.
Auditors' Remuneration & Expenses: Statutory Auditor's Audit Fee Tax Audit Fee Other Services Out of Pocket Expenses Reimbursed Cost Auditor's Audit Fee
2000 Rs. in lacs
1999 Rs. in lacs 0.22 0.08 0.03 0.03
0.32 0.10 0.02 0.08
0.15 0.67
0.15 0.51
Actual Production 2000. 27,676
1999
Particulars in respect of goods manufactured: Class of Goods Unit of Qty. Licensed Capacity 2000 Engines Nos. N.A. 1999 N.A. Installed Capacity
2000 36,000
1999 30,000
24,706
Note: Installed capacity as Certified by the Management and not verified by the Auditors being a technical matter.
l^i^SS^^SiSSISSS;
9. Particulars in respect of Revenue from Operations: Class of Goods Engines Spares & Others Unit of Qty.
SWARAJ
Qty.
27,532 2000 Rs. lacs 1,55,24.59 5,71.85 1,60,96.44
ENGINES LIMITED
Qty.
24,705
1999 Rs. lacs
Nos.
1,37,04.35 2,70.16 1,39,74.51
1 0.
Particulars in respect of FinishedGoods : Class of Goods Engines Unit of Qty. Opening Balance Qty. Rs. lacs
54 (53)
Closing Balance Qty. Rs. lacs
Nos.
22.53) (20.17) 2000 Rs. lacs 10,32.85 10,89.07 3,27.83 14,57.11 55,52.51 94,99.37
198
(54)
76.42 (22.53)
1999 Rs. lacs
11 .
Analysis of Raw Materials consumed : Class of Goods Crank Shaft Assy. Crank Case Assy. Flywheel Fuel Pump Assy. Others (including components) Unit of Qty.
Qty.
Qty.
24,958 ?5,Go? 24,877 25,150
Nos. Nos. Nos. Nos.
27,714 27,794 27,585 27,494
S.35.80 13,47.62 3,01.42 13,48.06 51,45.45 90,78.35
Notes: i) ii) It is not practicable to furnish quantitative information of all the components in view of large number of items varied in size and nature. The quantities and amounts of all the items in Analysis of Raw Materials consumed represents the issues during the year.The figure of others (including components) is a balancing figure based on total consumption shown in Schedule "I" and includes adjustments for excess / shortage / damages found on physical verification.
12.
Value of imported and indigenous Raw Material, Components, Stores and Spares etc. consumed and percentage of each in total consumption :
%age
a) Raw Material & Components Imported Indigenous
2000 Rs. lacs 86.58 94,12.79 94,99.37
%age
1999 Rs. lacs

75.28 90,03.07
0.91 99.09
0.83 99.17
90,78.35
b)
Stores, Consumables, Spares & Loose Tools Imported Indigenous
1.05 98.95
2.99
2,82.79 2,85.78
100
2,30.88 2,30.88

2000 Rs. lacs 13. 14. Earnings in Foreign Exchange: Export (FOB basis) Value of Imports on GIF Basis : Components, Stores & Machinery Spare Parts CapitalGoods 62.53 62.53 15. 16. Expenditure in Foreign Currency Previous year figures have been regrouped wherever necessary so as to correspond with those of the current year. 57.24 2.78 60.02
1999 Rs. lacs

BALANCE SHEET ABSTRACT AND COMPANY'S GENERAL BUSINESS PROFILE :
a)
Registration details Registration No. State State Code Balance Sheet Date 2000 Rs. in lacs 6473 Punjab
16
31st March, 2000
1999 Rs. in lacs
b)
Capital Raised during the year Public Issue Bonus Issue Right Issue Private Placement Position of Mobilisation and Deployment of Funds : Total Liabilities Total Assets Sources of Funds Paid up Capital Reserves & Surplus Secured Loans Unsecured Loans
Nil Nil Nil Nil

78,57.68 78,57.68
Nil Nil Nil Nil

68,53.37 68,53.37
c)
4,13.99 36,06.59 1,27.82 10,00.00 51,48.40
4,13.99 27,74.44 1,56.89 10,00.00 43,45.32
Application of Funds Net Fixed Assets Net Current Assets Investments Misc. Expenditure Accumulated losses
41,55.75 1,30.68 8,61.97 51,48.40
40,48.78 (5,65.43) 8,61.97 43,45.32
d)
Performance of Company : Total Income Total Expenditure Profit Before Tax Prof it After Tax Earning per share (Rs.) Dividend Rate (%) Generic Names of three Principal Products/Services of Company 1. Item code No. (ITC Code) Product Description
1,61,75.84 1,33,47.42 28,28.42 18,93.42 45.7 225%
1,40,92.13 1,19,17.39 21,74.74 15,64.74 37.8 200%
e)
84.08 Internal Combustion Diesel Engine

CASH FLOW STATEMENT FORTHE YEAR ENDED 31 ST MARCH, 2000 2000 A. CASH FLOW FROM OPERATING ACTIVITIES Net Profit before Tax and Extraordinary Items Adjustments for: Depreciation Foreign Exchange Profit on sale of Fixed Assets Investments Dividend/Interest (Net) Operating Profit BeforeWoking Capital Changes Adjustments for: Trade and Other Receivables Inventories Trade Payables Cash Generated From Operations Interest Paid (Net of Capitalised) Direct Taxes Paid Cash Flow Before Extraordinary Items Extraordinary Items Cash Flow Before Operating Activities B. CASH FLOW FROM INVESTING ACTIVITIES Purchase of Fixed Assets (Net of asset scrapped) Sale of Fixed Assets Acquisitions of Companies Purchase of Investments Sale of Investments Interest Received Dividend Received Net Cash Used in Investing Activities (4,19.49) (7,25.87) 16,43.12 (7,07.46) (1,10.93) 4,54.06 28,31.79 (1,40.37) (10,48.30) 16,43.12 2,42.46 (3,26.77) 3,27.19 27,34.47 (1,92.92) (6,62.62) 18,78.93 55.69 31,96.12 60.30 (0.13) 3,12.14 28,28.42 (Rs. in lacs)
1999
21,74.74
2,56.55
24,91.59
18,78.93
0.51
5.28
79.40 (3,34.30)
15.00
1,17.62 (5,93.25)

C. CASH FLOW FROM FINANCING ACTIVITIES Proceeds from Issue of Share Capital Proceeds from Short/Long Term Borrowings Repayment of Short/Long Term Borrowings Dividend Paid Net Cash Used in Financial Activities Net Increase in Cash and Cash Equivalents Cash and Cash Equivalents as at 01.04.1999 Cash and Cash Equivalents as at 31.03.2000
29.07 12,00.79 12,29.86 78.96
(8,63.99) (4,13.99) (12,77.98)
7.70
39.48
47.18
1,26.14
47.18
FOR AND ON BEHALF OF THE BOARD P.SIVARAM Executive Director - Finance GOPAL BANSAL Associate Vice President - Finance & Company Secretary YASH MAHAJAN Chairman ATUL C. KIRLOSKAR Director
New Delhi, 23rd June, 2000
Auditors' Certificate We have verified the above statement with the books and records maintained by Swaraj Engines Limited and certify that in our opinion and according to the information and explanations given, the above statement is in accordance therewith. For DAVINDER S. JAAJ & CO. Chartered Accountants DAVINDER SINGH JAAJ Partner Place: Chandigarh Date: 23rd June, 2000
AUDITORS' REPORT
To the Members of Swaraj Engines Limited We have examined trie attached Balance Sheet of Swaraj Engines Ltd., as at 31 st March, 2000 and the annexed Profit & Loss Account for the year ended on that date, which are in agreement with the books of account. 1. As required by the Manufacturing and Other Companies (Auditors' Report) Order, 1988 and on the basis of such checks of the books and records of the Company as we consider appropriate and the information and explanations given to us during the course of audit, we report that in our opinion : (i) (a) (b) (ii) (iii) The Company has maintained proper records to show full particulars including quantitative details and situation of fixed assets. The fixed assets have been physically verified by the Management during the year. To the best of our knowledge no serious discrepancies have been noticed on verification.
The Fixed Assets of the Company have not been revalued during the year. The stocks of finished goods, stores and spare parts, raw materials of the Company in its possession have been physically verified by the Management at reasonable period. Stocks in the possession and custody of third parties and stock-in-transit as on 31 st March, 2000 have been verified by the Management with reference to confirmations or statements of accounts or correspondence of the third parties or subsequent receipts of goods. The procedures of physical verification of stocks followed by the Management are reasonable and adequate in relation to the size of the Company and the nature of its business. The discrepancies noticed on physical verification of stocks as compared to book records were not material and these have been properly dealt with in the books of account. On the basis of our examination of the valuation of stocks, we are of the opinion that such valuation is fair and proper in accordance with the normally accepted accounting principles.
(iv) (v) (vi)
(vii) The Company has not taken any loan secured or unsecured, from Companies and firms as listed in the Register maintained under Section 301 of the Companies Act, 1956 or from the companies under the same management as defined under Section 370 (1 B) of the Companies Act, 1956. (viii) The Company has not granted any loan, secured or unsecured to firms and other parties listed in the Register maintained under Section 301 of Companies Act, 1956 or to the companies under the same management as defined under Section 370(1 B) of the Companies Act, 1956. (ix) The Parties including employees to whom loans, or advances in the nature of loans have been given by the Company, where applicable, are generally repaying the principal amounts as stipulated and are also regular in the payment of interest and where such payments are not received, reasonable steps have been taken for recovery thereof. There are adequate internal control procedures commensurate with the size of the Company and the nature of its business for the purchase of stores, raw materials including components, plant and machinery, equipment and other assets and for the sale of goods. The transactions of purchase of goods and materials and sale of goods, materials and services made in pursuance of contracts or arrangements entered in the Register maintained under Section 301 of the Companies Act, 1956 and aggregating during the year to Rs. 50,0007- or more in respect of each party, have been made at prices which are reasonable.
(x)
(xi)

(xii) The Company has a regular procedure for the determination of unserviceable or damaged stores, raw material and finished goods and necessary adjustments for the loss have been made in the accounts. (xiii) The Company has not accepted any Public Deposits. (xiv) Reasonable records have been maintained by the Company for the sale and disposal of significant realisable scraps. (xv) The Company has an internal audit system commensurate with its size and nature of business. (xvi) We have broadly reviewed the Books of Account maintained by the Company, pursuant to the rules made by the Central Government for the maintenance of cost records U/s 209(1 )(d) of the Companies Act, 1956 and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. However no detailed examination of records have been carried out by us. (xvii) Provident Fund and Employees State Insurance dues have regularly been deposited with the appropriate authorities. (xviii)There are no amounts payable in respect of Income tax, Excise duty, Wealth tax and Sales tax as at 31st March, 2000 which are outstanding for a period of more than six months from the date they become payable. (xix) During the course of our examination of the books of account, we have not come across any personal expenses which have been charged to revenue account other than those payable under contractual obligations or in accordance with generally accepted business practices. (xx) The Company is not a sick industrial company within the meaning of clause (O) Sub Section (1 ) of Section 3 of the Sick Industrial Companies (Special Provisions) Act, 1 985. 2. a) b) c) d) e) Further to the above, we report that : We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit. 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 the books. The Balance Sheet and Profit and Loss Account dealt with by this report are in agreement with the books of account. In our opinion, the Profit & Loss Account and Balance Sheet comply with the Accounting Standards referred to in SubSection (3C) of Section 21 1 of the Companies Act, 1 956. In our opinion and to the best of our information and according to the explanations given to us, the said accounts read together with Notes and Accounting Policies, given in Schedule-L give the information required by the Companies Act, 1 956, in the manner so required and give a true and fair view: In the case of the Balance Sheet, of the state of affairs of the Company as at 31 st March, 2000 and
i)
In the case of the Profit & Loss Account, of the Profit of the company for the year ended on that date.
For DAVINDER S. JAAJ & CO. Chartered Accountants

_
^
c,
Place : Chandigarh Date : 23rd June, 2000
For Svflaraj Engines LimltWT
DAVINDER SINGH JAAJ Partner
&
an- to1

INFORMATION RELATING TO SMALL SCALE UNDERTAKINGS According to the information available, the company owes a sum exceeding Rupees One Lac which is outstanding for more than thirty days to the following small scale industrial undertakings : 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 Atop Fasteners Pvt. Ltd. Auto Pump Engineers Bhogal Industries Balwant Engineering Works Bhogal Engineers Bharat Iron & Brass Foundry Beacon Industries Biloree Cast (I) Pvt. Ltd. Chandigarh Rubber Industries C.J. Engineers Corp. Cooper Gasket (P) Ltd. D.P. Auto Industries Daljit Industries Dattan International Fit-O-Fit Seals & Angles Pvt. Ltd. Godawari Trading Co. Pvt. Ltd. Grewal Enterprises Gobind Enterprises Grumann Enterprise Hero Metal Cast Engineers Industrial Rubber Works Jay Engineering Kapoor Steel Industries Kew Engineering Works Lonavla Engineering & Castings Pvt. Ltd. Micro Turners Making Way Auto Ind. 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 Musafir Brothers Industries Mechwell Metals Metlonics Industries Pvt. Ltd. Narula Mechanical Works Narindera Industrial Corp. Navketan Auto Industries Ohri Industries Paulco Fabricators Pee Gee Castings (P) Ltd. Poona Pressings Private Limited Puneet Enterprises Rajindera Engineering Works Spencer India Sri Mallesh Enterprises Sartaj Industries Shine Auto (P) Ltd. Sterling Auto Industries Slatch Engineers S.A. Industries Sterling Auto Casting Techno Sabharwal Universal Filtration Company Ubhi Enterprises United Gears Walia Industrial Corporation Winkle Engineering Works Zeto Engineers & Fabricators
However, no interest is payable to any of the above /other small scale industrial undertaking/ ancillary units as the dues do not exceed the credit period allowed by such parties.

Mar 00

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Compiled by : Asian CERC Information Technology Ltd.

Compiled by : Asian CERC Information Technology Ltd.

Compiled by : Asian CERC Information Technology Ltd.

SWARAJ ENGINES LIMITED

Swaraj Engines Limited

Compiled by : Asian CERC Information Technology Ltd.

Date & Venue of AGM

2000 (till June)

Month Mar1 00 Apr' 00 May' 00 Jun' 00

Compiled by : Asian CERC Information Technology Ltd.

SWARAJ ENGINES LIMITED

Phone:0172-647700-10 Fax:0172-615111 e-mail:sml.acc@swarajenterprise.com

12. Categories of shareholders as on June, 2000 Category

13. Distribution of Shareholdings as on June, 2000

No. of Equity Shares held

held 101-200 201-500 501-1000 1001-5000 5001 -above

1 ,03,550 2,02,600 2,25,990 2,14,305 13,00,495

Compiled by : Asian CERC Information Technology Ltd.

1 SWARAJ ENGINES LIMITED

THE DECADE OF NINETIES - IN RETROSPECT

1079 22.5 *100 10.0

+414 3188 13.7

+414 4021 17.3 5148

1269 5175 16.5

Book Value per Share (Rs.)1 1 .3

*0n Expanded Capital +After 1 : 1 Bonus Issue

Compiled by : Asian CERC Information Technology Ltd.

SWARAJ ENGINES LIMITED

NOTICE OF ANNUAL GENERAL MEETING

(GOPAL BANSAL) Company Secretary.

For Swaraj Engines Limit TAN3AL)

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SWARAJ ENGINES LIMITED

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SWARAJ ENGINES LIMITED

REPORT OF THE DIRECTORS

Compiled by : Asian CERC Information Technology Ltd.

SWARAJ ENGINES LIMITED

FOR AND ON BEHALF OF THE BOARD

YASH MAHAJAN Chairman

G.S. RIHAL Managing Director

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SWARAJ ENGINES LIMITED

ANNEXURE TO DIRECTORS' REPORT

Dawar B.B. (55) 2. Bansal Gopal (44)

B.E. (Mech. Engg.) 30 B.COM., A.C.A., A.C.S. B.E. (Metallurgy) 20

Mahajan S.K. (49)

Punjab Tractors Ltd.

Asstt. Manager Purchase

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I^SMfcR^ BALANCE SHEET AS AT SIST MARCH, 2000

Less : Current Liabilities and Provisions Net Current Assets

Chandigarh, 23rd June, 2000

for fVaraj Engine;;

FJnance ->.., ttary

Compiled by : Asian CERC Information Technology Ltd.

1,06,99.05 22,01.14 1,35.09 3,12.14

1,33,47.42 28,28.42 9,35.00 18,93.42

98,47.92 16,35.00 1,77.92 2,56.55

119,17.39 21,74.74 6,10.00 15,64.74

6,83.09 2,48.40 1,29.78 7,80.00 52.15 18,93.42

8,27.98 91.08 6,00.00 45.68 15,64.74

G.S. RIHAL Managing Director

For Swaraj Engines Limited ( G O P A L 1V.K3AL)