| Dear Members,
The Board of Directors have pleasure in presenting the Annual Report
and the Audited Accounts for the Financial Year ended 31st March, 2014.
FINACIAL HIGHLIGHTS
During the year under reviewed, the total income earned by the Company
was Rs. 11,03,085/- compare to previous year of Rs. 14,33,176/-. The
Expenditure incurred during the year was Rs. 6,99,828/- compare to
previous year of Rs. 14,84,821/-. The Profit after tax for the year was
Rs. 2,78,620/-compare to previous year loss of Rs. 61,141/-.
TRANSFER TO RESERVES
The Company not enough earning profit during the year so company not
transfer the profit to General reserve.
DIVIDEND
There was insufficient profit during the financial year hence the
directors of the Company express their unwillingness to pay dividend to
Members.
DEPOSITS
The Company has not accepted any deposits within the meaning of the
provisions of Section 58A / 73 of the Companies Act, 1956 /2013.
CASH FLOW STATEMENT
Cash flow statement pursuant to Clause 32 of the listing agreement is
attached herewith.
DIRECTORS
Mr. Nehal C. Panchal (DIN-00839599) of the Company will retire by
rotation at the forthcoming Annual General Meeting and represent
himself for reappointment.
Further. During the year under reviewed, Mr. Chandrashekhar B Panchal
(01231766) has been appointment as Managing Director of the Company
subject to approval of the Members of the Company. Further, Mr.
Chandrakant Dhale (DIN-00306606), Mr, Rakesh Shah (DIN-01759523), Mr
Naval Purohit (DIN-000291072) and Mr. Pravin Khana (DIN-00296306) were
resigned from the Company during the year under reviewed. Moreover, Mr.
Devendra Singh (DIN-00764878) and Mr. Manish Patel (DIN-06701716)
appointed as Director of the Company.
Pursuant to provision of Section 152 read with Section 149 of the
Companies Act, 2013 and as per the Clause 49 of the Listing agreement,
the Mr. Manish Shivabhai Patel (DIN-06701716) & Mr. Devendra Singh
(DIN-00764878) are appointed as an Independent Directors of the
Company.
Brief resume of the Directors proposed to be re-appointed, nature of
their experience and other details as stipulated under Clause 49 of the
Listing Agreement, are provided in the Notice for convening the Annual
General Meeting.
AUDITORS
M/s V. D. Shukla, Chartered Accountants (Firm Regn. No.No.110240W)be
and are hereby appointed as Statutory Auditors of the Company to hold
office from the conclusion of this Annual General Meeting until the
conclusion of the next Annual General Meeting
COMPLIANCE CERTIFICATE:
Compliance Certificate from the Practicing Company Secretary, CS Jatin
Kapadia, Practicing Company Secretaries, Ahmedabad, confirming
compliance of section 383A of Companies Act, 1956, is also annexed to
the Report.
DIRECTORS' RESPONSIBILITY STATEMENT
As required under Section 217 (2AA), your Directors confirm that:-
i, In the preparation of the annual accounts, the applicable accounting
standards have been followed.
ii. The Directors 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 as on 31st March, 2014 and of the Profit of the Company
for the year ended 31st March, 2014.
iii, The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 1956 for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities.
iv. The Directors have prepared the annual accounts on a going concern
basis.
STATUTORY DISCLOSURES PARTICULARS OF EMPLOYEES
The Employee relation remained cordial throughout the year. Your
Directors wish to place on record their appreciation of the committed
service rendered by all the staff members of the Company.
There are no employees whose particulars are required to be shown in
terms of provisions of section 217(2A) of the Companies Act, 1956 read
with Companies (Particulars of Employees) Rules 1975 as amended.
CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The particulars as prescribed under Companies (Disclosures of
Particulars in the Report of Board of Directors) Rules, 1988 are given
as below:
A Conservation of Energy
No additional investment has been made or proposed to for reduction of
consumption of energy.
B. Research, Development and Technology Absorption
The company does not carry any activity of Research and Development (R
& D) programme and also no effort has been made towards technology
absorption, adaptation and innovation.
C. Foreign Exchange Earning & Outgo
The Company does not have any Foreign Exchange earning / Outgo during
the year under review.
MANAGEMENT DISCUSSIONS & ANALYSIS REPORT
Management Discussion & Analysis report for the year under review as
stipulated under clause 49 of the Listing Agreement with the Stock
Exchanges is as follows.
CORPORATE GOVERNANCE REPORT
Your company is committed to maintain the highest standard of Corporate
Governance. Your Directors adhere to the requirements set out in Clause
49 of the Listing Agreement with the Stock Exchanges, Report on
Corporate Governance as stipulated in the said Clause is annexed as
Annexure - A hereto and forms part of this Report.
Certificate from the Practicing Company Secretary, CS Jatin Kapadia,
Practicing Company Secretaries, confirming compliance of conditions of
Corporate Governance as stipulated under Clause 49, is also annexed to
the Report on Corporate Governance.
ACKNOWLEDGMENTS
The Board of Directors of Company convey their sincere appreciation and
gratitude to their Employees, Bankers, Shareholders, Customers and
various agencies for their continued support and cooperation to the
company
Date: August 14, 2014 For And Behalf of,
Place Ahmedabad MAHESH AGRICULTURAL IMPLEMENTS
AND STEEL FORGINGS LIMITED
MANAGING DIRECTOR | 