TO THE MEMBERS,
The Directors are pleased to present herewith the Forty Fifth Annual
Report of Automobile Corporation of Goa Limited ("The Company") along with the
Audited Financial Statements for the Financial Year ("FY") ended March 31, 2025.
1. Financial Highlights:
Particulars |
FY 2024-25 |
FY 2023-24 |
Revenue |
66,076.74 |
58,434.15 |
Other income |
1,485.14 |
1,331.16 |
Total income |
67,561.88 |
59,765.31 |
Expenses: |
|
|
Operating expenditure |
60,842.49 |
54,154.75 |
Depreciation and amortization expenses |
460.24 |
495.53 |
Total Expenses |
61,302.73 |
54,650.28 |
Profit before finance cost, tax and exceptional items |
6,259.15 |
5,115.04 |
Exceptional items |
- |
- |
Finance cost |
9.01 |
8.49 |
Profit before tax and OCI (PBT) |
6,250.14 |
5,106.54 |
Tax expense |
1589.72 |
1,269.62 |
Other comprehensive loss (net of tax) |
36.87 |
(94.74) |
Profit for the year |
4697.29 |
3,742.18 |
Attributable to: |
|
|
Shareholders of the company |
4697.29 |
3,742.18 |
Non-Controlling Interest |
- |
- |
Opening Balance of retained earning |
13,951.78 |
11,427.32 |
Profit for the Year |
4660.42 |
3,836.92 |
Add: Other comprehensive items |
36.87 |
(94.74) |
Total comprehensive income |
4697.29 |
3,742.18 |
Dividend |
1,217.72 |
1,217.72 |
Transfer to reserve |
- |
- |
Closing balance of retained earnings |
17,431.35 |
13,951.78 |
2. Company?s Performance
In the FY 2024-25, the Company demonstrated robust growth in the
performance. The revenue of the Company surged to Rs. 66,076.74 lakhs, marking a
substantial 13% increase over the revenue of Rs. 58,434.15 lakhs in FY 2023-24. This
significant growth is attributed to the successful implementation of strategic initiatives
and the Company's strong operational execution.
The Profit after Tax (PAT) attributable to shareholders for the FY
2024-25 stands at Rs. 4697.29 lakhs, showcasing an impressive growth rate of 26% compared
to the PAT of Rs. 3,742.18 lakhs recorded in FY 2023-24. This remarkable increase in
profitability underscores the Company's commitment to delivering sustainable value to its
Shareholders through continuous improvement initiatives and effective cost management
strategies.
The bus segment has maintained its dominance in contributing to the
Company?s revenue and profit. The proportion of bus division?s revenue in the
total revenue of the company clocked 90% during the year under review. A large portion of
our workforce is operating in the bus segment at Goa. Revenue from the Bus and Pressing
segment has grown sharply as compared to last year mainly due to an increase in demand for
the commercial vehicle passenger segment.
3. Declaration and Payment of Dividend
The Company has a strong track record of rewarding its shareholders. An
interim dividend of Rs. 5.00 per equity share (50%) was paid to equity shareholders on
February 20, 2025. Building on this, the Board is pleased to recommend final dividend of
Rs. 20/- per equity share (200%) for FY 2024-25. This recommendation is a reflection of
the Company's improved financial performance and its commitment to enhancing shareholder
value.
The final dividend, subject to approval by the Members at the upcoming
Annual General Meeting (AGM), will be paid to shareholders whose names appear on the
register of Members as of June 25, 2025. The total dividend payout, including both the
interim and final dividends, amounts to Rs.1522.15 lakh. This represents a payout of
32.40% of the current profit after tax for FY 2024-25, compared to 32.54% in the previous
FY 2023-24. Thus, the aggregate dividend for the FY 2024-25 is Rs. 25/- per equity share
(250%).
Pursuant to the Finance Act, 2020, dividend income is taxable in the
hands of the Members with effect from April 1, 2020. Consequently, the Company is required
to deduct tax at source from the dividend paid to the Members at the prescribed rates as
per the Income Tax Act, 1961.
Book Closure and Record Date: The Register of Members and Share
Transfer Books of the Company will be closed from June 26, 2025 to July 2, 2025 (both days
inclusive) and the Company has fixed June 25, 2025 as the "Record Date" for the
purpose of determining the entitlement of Members to receive final dividend for the
financial year ended March 31, 2025.
4. Transfer to Reserves
The Board of Directors has decided to retain the entire amount of
profit for FY 2024-25, in the statement of profit and loss. This decision aligns with the
company's strategy of strengthening its financial position and supporting future growth
initiatives.
5. Share Capital
The paid up equity share capital as on March 31, 2025 was
Rs.6,08,86,220/- divided into 60,88,622 equity shares of face value of Rs.10/- each. There
was no public issue, rights issue, bonus issue or preferential issue, etc. during the
year. The Company has not issued shares with differential voting rights, sweat equity
shares, and has not granted any stock options.
6. Subsidiary Companies
The company does not have any subsidiary, associates, or joint venture
companies within the meaning of Companies Act, 2013.
7. Directors? Responsibility Statement
Based on the framework of internal financial controls and compliance
systems established and maintained by the Company, the work performed by the internal,
statutory and secretarial auditors and external consultants, including the audit of
internal financial controls over financial reporting by the statutory auditors and the
reviews performed by management and the relevant board committees, including the audit
committee, the Board is of the opinion that the Company?s internal financial controls
were adequate and effective during FY 2024-25.
Pursuant to Section 134(5) of the Act, the Board of Directors, to the
best of its knowledge and ability, confirm that: i. in the preparation of the annual
accounts, the applicable accounting standards have been followed and there are no material
departures; ii. they have selected such accounting policies and applied them consistently
and made judgments and estimates that are reasonable and prudent so as to give a true and
fair view of the state of affairs of the Company at the end of the financial year and of
the profit of the Company for that period; iii. they have taken proper and sufficient care
for the maintenance of adequate accounting records in accordance with the provisions of
the Act for safeguarding the assets of the Company and for preventing and detecting fraud
and other irregularities; iv. they have prepared the annual accounts on a going concern
basis; v. they have laid down internal financial controls to be followed by the Company
and such internal financial controls are adequate and operating effectively; vi. they have
devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.
8. Directors and Key Managerial Personnel
In accordance with the provisions of the Act and Articles of
Association of the Company, Mr. Vishal Badshah (DIN: 10106666) Non-Executive,
Non-Independent Director of the Company retires by rotation and being eligible, offers
himself for re-appointment. A resolution seeking members approval for his re-appointment
forms part of the Notice.
The Board of Directors on the recommendation of Nomination and
Remuneration Committee and in accordance with the provisions of Act, Articles of
Association and SEBI Listing Regulations, has appointed Mrs. Sandhya Kudtarkar (DIN:
00021947) as an Additional Director in the capacity of Non-Executive, Independent Director
of the Company w.e.f. January 17, 2025.
On March 24, 2025, the shareholders, through postal ballot, approved
the appointment of Mrs. Sandhya Kudtarkar as an Independent director of the company not
liable to retire by rotation, for a term of 5 (Five) years w.e.f. January 17, 2025.
During the period under review, Mr. Rohit Srivastava (DIN: 07910693)
resigned as Non-Executive Non-Independent director of the company w.e.f. May 11, 2024.
Mrs. Vaijayanti Pandit (DIN: 06742237) ceased to be the Independent
Director of the Company with effect from October 20, 2024.
The details as required pursuant to Regulation 36 of the SEBI Listing
Regulations and the Secretarial Standard-2 on General Meetings are mentioned in the Notice
of AGM, forming part of the Annual Report.
Pursuant to the provisions of Section 149 of the Act, the Independent
Directors have submitted declarations that they meet the criteria of independence as
provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation
16(1)(b) of the SEBI Listing Regulations. There has been no change in the circumstances
affecting their status as Independent Directors of the Company. In terms of Regulation
25(8) of SEBI Listing Regulations, they have confirmed that they are not aware of any
circumstance or situation which exists or may be reasonably anticipated that could impair
or impact their ability to discharge their duties.
The Independent Directors of the Company have confirmed that they have
enrolled themselves in the Independent Directors? Databank maintained with the Indian
Institute of Corporate Affairs (IICA?) in terms of Section 150 of the Act read
with Rule 6 of the Companies
(Appointment & Qualification of Directors) Rules, 2014, as amended.
They are also in compliance with the requirement of Online Proficiency self-assessment
Test.
During the year under review, the Independent Directors of the Company
had no pecuniary relationship or transactions with the Company, other than sitting fees,
commission and reimbursement of expenses incurred by them for the purpose of attending
meetings of the Board/ Committees of the Company.
None of the Directors of the Company are disqualified for being
appointed as Director, as specified in Section 164(2) of the Companies Act, 2013 read with
Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014 as
amended.
The resolutions seeking approval of the Members for
appointment/re-appointment of Directors of the Company forms part of the notice convening
45th Annual General Meeting. The Board recommends their appointment/re-appointment at this
Annual General Meeting.
Key Managerial Personnel
In terms of Section 203 of the Act, the Key Managerial Personnel
("KMPs") of the Company during FY 2024-25 were:
1. Mr. Pranab Ghosh CEO & Executive Director
2. Mr. Raghwendra Singh Butola Chief Financial Officer 3. Mr.
Mitesh Gadhiya - Company Secretary 4. Mr. Sanjay Chourey- Compliance Officer* *Resigned
with effect from March 18, 2025
9. Meetings of the Board
The Board of Directors held 5 (five) meetings during the FY 2024-25.
For details, please refer to the Report on Corporate Governance, which forms part of this
Annual Report.
10. Board Evaluation
The annual evaluation process of the Board of Directors, individual
Directors and Committees was conducted in accordance with the Provisions of the Act and
the SEBI Listing Regulations.
The Board evaluated its performance after seeking inputs from all the
Directors on the basis of criteria such as the Board composition and structure,
effectiveness of Board processes, information and functioning, etc. The performance of the
Committees was evaluated by the Board after seeking inputs from the committee members on
the basis of criteria such as the composition of committees, effectiveness of committee
meetings, etc. The above criteria are broadly based on the Guidance Note on Board
Evaluation issued by the Securities and Exchange Board of India.
In a separate meeting of Independent Directors, performance of
Non-Independent Directors, the Board as a whole and the Chairman of the Company was
evaluated.
The Board and the Nomination and Remuneration Committee reviewed the
performance of individual directors based on criteria such as the contribution of the
individual Director to the Board and Committee meetings like preparedness on the issues to
be discussed, meaningful and constructive contribution and inputs in meetings, etc. The
Board also assessed the quality, quantity and timeliness of flow of information between
the Company Management and the Board that is necessary for the Board to effectively and
reasonably perform their duties.
In the Board Meeting that followed the Meeting of the Independent
Directors and Meeting of Nomination and Remuneration Committee, the performance of the
Board, its Committees, and Individual Directors were also discussed. Performance
evaluation of Independent Directors was done by the entire Board, excluding the
Independent Director being evaluated.
11. Familiarisation Programme for Independent Directors
The Company maintains a structured familiarisation programme for
Independent Directors, providing them with insights into the company's business
operations, industry dynamics, regulatory, environment, and governance framework. This
programme enhances the effectiveness of Independent Directors in fulfilling their roles
and responsibilities. Please refer to the Paragraph on Familiarisation Programme in the
Corporate Governance Report for detailed analysis.
12. Policy on Directors? Appointment and Remuneration and other
Details
The Company?s policy on Directors? appointment and
remuneration and other matters provided in Section 178(3) of the Act has been disclosed in
the Corporate Governance Report, which is a part of this report and is also available on
website of the Company at https://
acglgoa.com/wp-content/uploads/2025/05/Final-ACGL-Remuneration-Policy-for-Directors-KMP.v2.pdf
13. Internal Financial Control Systems and their Adequacy
The Company?s internal control systems are commensurate with the
nature of its business, the size and complexity of its operations and such internal
financial controls with reference to the financial statements are adequate.
Other details in respect of internal financial controls and their
adequacy are included in the Management Discussion and Analysis, which forms part of this
report.
14. Committees of the Board a. Audit Committee b. Nomination and
Remuneration Committee c. Stakeholders Relationship Committee d. Corporate Social
Responsibility Committee e. Risk Management Committee f. Capital Investment Committee
The details including the composition of the committee (terms of
reference/ attendance) are included in the Corporate Governance Report, which forms part
of this report.
15. Secretarial Audit
Pursuant to the provisions of Section 204 of the Act and the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors
appointed Mr. Shivaram Bhat, Practising Company Secretary, to conduct the Secretarial
Audit of the Company for the year ended March 31, 2025. The Secretarial Audit Report in
Form No. MR-3 for the FY 2024-25 is annexed herewith as Annexure III and forms part
of this report. The secretarial audit report does not contain any qualifications,
reservations, or adverse remarks or disclaimer.
16. Statutory Auditors
M/s. BSR & Co. LLP, Chartered Accountants (ICAI Firm Registration
No.101248W/W-100022) were reappointed as the Statutory Auditors of the Company for a
tenure of five years commencing from the conclusion of the 42nd AGM of the Company until
the conclusion of the 47th AGM of the Company to be held in the year 2027. The Statutory
Auditor?s Report does not contain any qualifications, reservations, adverse remarks
or disclaimers.
17. Secretarial Standards
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
18. Risk Management
The Board of Directors of the Company has constituted a Risk Management
Committee to frame, implement and monitor the risk management plan for the Company. The
Committee is responsible for monitoring and reviewing the risk management plan and
ensuring its effectiveness. The Audit Committee has additional oversight in the area of
financial risks and controls. The major risks identified by the businesses and functions
are systematically addressed through mitigating actions on a continuing basis. The
development and implementation of risk management policy has been covered in the
Management Discussion and Analysis, which forms part of this report.
19. Particulars of Loans, Guarantees or Investments
Particulars of loans, guarantees given and investments made during the
year under review in accordance with Section 186 of the Companies Act, 2013 have been
disclosed in the financial statements.
20.Particulars of Contracts or Arrangements with Related Parties
All contracts/ arrangements/ transactions entered by the Company during
the FY 2024-25 with related parties were on an arm?s length basis and in the ordinary
course of business and approved by the Audit Committee. Certain transactions, which were
repetitive in nature, were approved through omnibus approval by the Audit Committee.
As per the SEBI Listing Regulations, if any Related Party Transactions
("RPTs") exceeds Rs. 1,000 crore or 10% or 5% (payment towards royalty fees) of
the annual consolidated turnover as per the last audited financial statement whichever is
lower, would be considered as material and would require Members approval. In this regard,
during the year under review, the Company has taken necessary Members approval. Therefore,
the disclosure of the Related Party Transactions as required under Section 134(3)(h) of
the Act in details of transactions with related party as per Form AOC-2 are provided in
Annexure I to this report.
Pursuant to the requirements of the Act and the SEBI Listing
Regulations the Company has formulated a policy on RPTs and is available on Company's
website at
- https://acglgoa.com/wp-content/uploads/2025/05/
ACGL-revised-RPT-Policy-01042022.pdf.
Pursuant to SEBI Listing Regulations, the Resolution for seeking
approval of the shareholders on material related party transactions is being placed at
this AGM.
21. Corporate Social Responsibility
The brief outline of the Corporate Social Responsibility
("CSR") policy of the Company and the initiatives undertaken by the Company on
CSR activities during the year under review are set out in Annexure II of this report in
the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules,
2014. For other details regarding the CSR Committee, please refer to the Corporate
Governance Report, which forms part of this report. The CSR policy is available on website
of the Company at https://acglgoa.com/wp-content/
uploads/2025/05/Contents-of-the-CSR-Policy-Jan-2017.pdf
22. Investor Education and Protection Fund
For details on transfer of unclaimed/ unpaid amount/ shares to Investor
Education and Protection Fund ("IEPF"), please refer Corporate Governance Report
on 'Transfer of unclaimed / unpaid amounts / shares to the Investor Education and
Protection Fund?.
23. Management Discussion and Analysis
The Management Discussion and Analysis, as required in terms of the
SEBI Listing Regulations, is annexed to this Report.
24.Annual Return
As per the requirements of Section 92(3) of the Act and the Rules
framed thereunder, the Annual Return in Form MGT-7 for FY 2024-25 is available the website
of the Company at https://acglgoa.com/investors/annual-returns/.
25. Particulars of Employees
The information required under Section 197 of the Act read with Rule 5
of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are
given below: a. The ratio of the remuneration of each Director to the median remuneration
of the employees of the Company and percentage increase in remuneration of each Director,
Chief Executive Officer, Chief Financial Officer and Company Secretary in the FY 2024-25:
Name of Directors |
Ratio to Median |
Percentage increase in Remuneration |
Non Executive Directors |
|
|
Mr. Shrinivas V Dempo |
0.58 |
(5.88%) |
Dr. Vaijayanti Pandit * |
- |
- |
(upto 19.10.2024) |
|
|
Mr. Yatin Kakodkar |
1.54 |
7.63% |
Mr. Girish Wagh |
NA |
NA |
Mr. Nagesh Pinge |
1.62 |
5.56% |
Mrs. Sandhya Kudtarkar * |
- |
- |
(w.e.f. 17.01.2025) |
|
|
Mr. Rohit Srivastava |
NA |
NA |
(Upto 11.05.2024) |
|
|
Mr. Venkata Gopal |
NA |
NA |
Ramanan |
|
|
Mr. Vishal Badshah |
NA |
NA |
Mr. Anand |
NA |
NA |
Srinivasagopalan |
|
|
(w.e.f. 11.05.2024) |
|
|
Executive Director |
|
|
Mr. Pranab Ghosh, CEO |
- |
- |
& ED |
|
|
Chief Financial Officer |
|
|
Mr. Raghwendra Singh |
10.7 |
10.08% |
Butola |
|
|
Company Secretary |
|
|
Mr. Mitesh Gadhiya |
2.15 |
NA |
* Since the remuneration is paid only for part of the year, the ratio
of their remuneration to median remuneration and percentage increase in remuneration is
not comparable and hence, not stated.
b. The percentage increase in the median remuneration of employees in
the financial year: 3% (The median remuneration pertains to permanent workers who are
eligible for the Variable Dearness Allowance (VDA)).
c. The number of permanent employees on the rolls of Company: 433
d. Average percentile increases already made in the salaries of
employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the
managerial remuneration:
During the year, the Company provided increments and performance-linked
pay to staff members and increased Variable Dearness Allowance (VDA) for permanent
workers. These measures were taken to recognize and reward the hard work and dedication of
our employees.
e. Affirmation that the remuneration is as per the remuneration policy
of the Company: The Company affirms that the remuneration is as per the remuneration
policy of the company. f. The statement containing names of top ten employees in terms of
remuneration drawn and the particulars of employees as required under Section 197(12) of
the Act read with Rule 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, is provided in a separate annexure forming part of this
report. Further, the report and the accounts are being sent to the Members excluding the
aforesaid annexure. In terms of Section 136 of the Act, the said annexure is open for
inspection at the Registered Office of the Company. Any Member interested in obtaining a
copy of the same may write to the Company Secretary.
26. Disclosure Requirements
All the requirements of the Corporate Governance are adhered to both in
letter and spirit. All the committees of the Board of Directors meet at regular intervals
as required in terms of SEBI Listing Regulations. The Directors and Key Managerial
Personnel of the Company have complied with the approved Code of Conduct for Board
of Directors and Senior Executives of the Company?.
As per SEBI Listing Regulations, the Corporate Governance Report with
the Auditors? Certificate thereon, and the Management Discussion and Analysis are
attached to this report.
A Business Responsibility Report as per Regulation 34 of the SEBI
Listing Regulations, and the Dividend Distribution Policy as per Regulation 43A of the
SEBI Listing Regulations are not applicable to the Company.
The Company has devised proper systems to ensure compliance with the
provisions of all applicable Secretarial Standards issued by the Institute of Company
Secretaries of India and that such systems are adequate and operating effectively.
There have been no material changes and commitments 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 this report,
which forms part of this report. There was no change in the nature of business of the
Company during the Financial Year ended March 31, 2025.
27.Credit Rating
The rating committee of CARE Ratings Limited has assigned a long-term
credit rating of CARE AA- (pronounced as CARE Double A Minus) as against long term credit
rating of CARE AA- for previous year and a short-term credit rating of CARE A1+
(pronounced as CARE A One Plus) as against short-term rating of CARE A1+ for previous year
to the line of credit facility enjoyed by the Company. The outlook on the long term and
short-term rating is stable.
28. Deposits from Public
The Company has not accepted any deposits from public and as such, no
amount on account of principal or interest on deposits from public was outstanding as on
the date of the balance sheet.
29.Human Resources
The Company believes in engaging human resources as they are the key
differentiator for the success of the Company. Keeping the employees engaged and committed
can go a long way in attainment of objectives and ensuring sustained business performance.
In line with this, the Company has initiated several interventions that will enhance the
engagement of the employees. Being a people centric organisation, the Company recognises
the significance of building next generation leadership by developing internal talent to
meet the organisational objectives. Through this, the human resources function continues
to align its strategic interventions and processes, while simultaneously addressing the
needs of multiple stakeholders and maintaining a competitive employee cost. The Company
continues to have cordial and harmonious industrial relations across all the manufacturing
units. The total number of employees of the Company as on March 31, 2025 stood at 433.
30. Vigil Mechanism / Whistle Blower Policy
Pursuant to the provisions of Section 177(9) and (10) of the Companies
Act, 2013 read with the Companies (Accounts) Rules, 2014, the Company has in place whistle
blower policy / vigil mechanism for Directors and employees of the Company.
The whistle blower policy / vigil mechanism provides a route for
Directors and employees to report, without fear of victimisation, any unethical behaviour,
suspected or actual fraud, violation of the Company?s code of conduct and instances
of leak of unpublished price sensitive information, which are detrimental to the
Company?s interest. The mechanism protects whistle blower from any kind of
discrimination, harassment, victimisation or any other unfair employment practice. The
Policy is placed on the Company?s website and can be accessed at https://acglgoa.com/wp-content/uploads/2025/05/
WHISTLE-BLOWER-POLICY-Revised-27012022.pdf.
31. Prevention Of Sexual Harassment
The Company has zero tolerance for sexual harassment at workplace and
has adopted a Policy on Prevention, Prohibition and Redressal of sexual harassment at
workplace in line with the provisions of the Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and Rules framed thereunder. Internal
Complaints Committee ("ICC") is in place for all works and offices of the
Company to redress complaints received regarding sexual harassment. During FY 2024-25, the
Company had not received any complaints on sexual harassment. In addition, there were no
carry forward cases from the previous financial year.
The Company organized awareness workshops across all the plants in
order to cover flexible and temporary workforce, contractual staff, blue collar employees,
new joiners etc.
The policy on Prevention of Sexual Harassment is available on website
of the Company at https://acglgoa.
com/wp-content/uploads/2025/05/Policy-against-Sexual-Harassment-at-Workplace.pdf
32. Particulars of Energy Conservation, Technology Absorption and
Foreign Exchange Earnings and Outgo [Pursuant to Companies (Accounts) Rules, 2014]
A. Conservation of Energy
The Company has always tried to improve energy efficiency
significantly. During the year under review the steps taken by the Company to conserve
energy include:
Introduction of HIGH-VOLUME LOW SPEED (HVLS) fans with low RPM
with energy efficient is initiated.
Automatic Power Factor Control (APFC) system introduced which
will maintain the power factor which reduces power losses.
Introduction of optimum capacity DG set for canteen area which
will reduce the consumption of diesel.
Replacement of conventional light fixtures with energy efficient
light fixtures such as LED lights.
At its plants, the Company has carried out various actions to
optimize energy consumption and reduce losses.
Optimization of shifts done to reduce the power consumption.
Speed Control of fan motor for air balancing at paint shop to
reduce power consumption.
Compressed air leakages checked periodically for the necessary
repairs which had resulted in energy saving all hyper-rated motors at our Goa plant have
been replaced with energy-efficient Variable Frequency Drives (VFDs).
B. Absorption of Technology
1. Efforts made towards Technology Absorption:
The Company has undertaken the following initiatives for technology
absorption during the FY 2024- 25
Develop the EV 12 mtrs. AC coach 1100mm floor height with space
frame.
Develop the EV 12 mtrs. AC, low floor (400 mm.) bus. Bus
structure is compliance with European regulations. Composite body structure developed
eliminating the mild steel inputs.
New Bus assembly capabilities for EVs, CNGs
& D?fense requirements ACGL is actively developing the
capabilities to manufacture CNG fuel buses.
2. Benefits derived from R&D and future plan of action: The
Company is focusing on the innovation and technology development to enhance the value of
the products and manufacturing procedures in order to cater varied market demands.
3. In case of imported technology (imported during the last three years
reckoned from the beginning of the financial year): Not Applicable
4. Expenditure on Research and Development: a) Capital Rs.
57.84 lakh b) Recurring Rs. 158.28 lakh c) Total Rs. 216.12 lakh d) Total as a percentage
of net turnover: 0.33% (Excluding other income and taxes)
C. Foreign Exchange earnings and outgo:
Earnings: i. On export of goods calculated on FOB basis
Rs.0.90 Lakh ii. The Company has exported bus bodies and component parts thereof through a
merchant exporter Rs. 21,768.64 Lakh (excluding taxes)
Outgo: i. Travelling expenses Rs. 3.29 Lakh ii. Procurement
of raw material Nil
33.Cost Auditors
Maintenance of cost records as specified by the Central Government
under Section 148 (1) of the Act is not applicable to the Company.
34.Acknowledgement
The Directors wish to convey their appreciation to all of the
Company?s employees for their contribution towards the Company?s performance.
The Directors would also like to thank the members, employee unions, customers, dealers,
suppliers, bankers, governments and all other business associates for their continuous
support to the Company and their confidence in its Management.