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Directors Report of Archon Industries Ltd.

Mar 31, 2014

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


Mar 31, 2012

Dear Members,

The Directors have pleasure in placing before you the Annual Report and Audited Accounts for the financial year ended on 31st March, 2012.

FINANCIAL HIGHLIGHTS

The summarised financial results are as under :

Amount in Rs.

2011-12 2010-11 Turnover 16325509 51903402

Expenditure 16339417 52289668

Profit/ Loss Before Tax -13908 -386266

Profit / Loss After Tax -13908 -386266

DIVIDEND

Your Director''s regret their inability to recommend any dividend Due to loss in the financial year 2011-12

OPERATIONAL HIGHLIGHTS

The Liquidity crunch has resulted in drastic cut in hire premium business of the company; hence the company approached the new area of business and thus earned the satisfactory profit. The overall performance of the company is Satisfactory

DEPOSITS

The Company has not accepted any deposits within the meaning of the provisions of Section 58-A of the Companies Act, 1956.

DIRECTORS

Naval Purohit and Pravinkumar Khanna, Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offers himself for the reappointment.

AUDITORS

M/s Lalit Jham & Company., Chartered Accountants, Nagpur, the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment.

The notes referred to by Auditors in the report are self explanatory and hence do not require any explanation.

PERSONNEL

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 who 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.

Information pursuant to Section 217(1)(e) of the Companies Act, 1956.

A. Conservation of Energy

In house study was made for identifying areas for optimum utilisation of power and fuel. No additional investment has been made or proposed to for reduction of consumption of energy.

B. Research, Development and Technology Absorption

The company did 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 did not have any Foreign Exchange earning / Outgo during the year under review.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to provisions of section 217 (2AA) of the Companies Act, 1956, the Board of Directors hereby state and confirm that:

i) In the preparation of the Annual Accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii) The Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period.

iii) The Directors had 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 had prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENTS

The Board of Directors convey their sincere appreciation and gratitude to their Employees, Bankers, Shareholders, Customers and various agencies for their continued support and co- operation to the company.

For and on behalf of the Board

SD/-

Chandrakant Dahale

Chairman

Place : Nagpur

Dated : 31-08-2012

 
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