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Directors Report of Axtel Industries Ltd.

Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the twenty second annual report together with the audited statement of accounts for the year ended 31st March, 2014,

[1] FINANCIAL RESULTS:

The financial resufts for the year are as under

[Rupees in Lacs]

Year Ended Year Ended 31.03.2014 31.03.2013

Sales and other Income 4833.64 6072.50

Profit before depreciation 695.78 632,42

Less: Depreciation 279,82 131,57

Profit of the year 415.96 500,85

Less: Provision for current tax 84.87 149.02

Provision for deferred tax 54,71 13.89

Profit after taxation 276.38 337.94

Balance brought forward from previous year 1396.08 1058,14

Balance carried to balance sheet 1672.46 1396,08

[2] DIRECTORS:

Shri Shrl Ajlt Singh Bubber and Shri Hardlp Singh Bobber Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for reappointment.

The Company has received a notice under section 160 of the Companies Act,2013 for the appointment of Shri Sandeep Lalwani, who retires by rotation at the ensuing annual general meeting, as Independent Director of me Company. The Board recommend to appoint him.

[3] DIRECTORS' RESPONSIBILITY STATEMENT: Your Board states that:

1. in the preparation of the annual accounts for the year ended 31" March, 2014, the applicable accounting standards had been followed and there had been no material departures from the said standards except mentioned in notes to the account.

2. the directors had 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 ihe Company as at 31" March, 2014 and of the profit of the Company for the year ended on that day,

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting statement 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.

4. the directors had prepared the annual account for the year ended 31" March, 2014 on a going concern basis.

[4] REPORT ON CORPORATE GOVERNANCE:

A detailed report on Corporate Governance as required under clause 49 of the listing agreemen: with the stock exchange has been included separately in the annual report.

[5] AUDITORS:

M/s. V.K. Shastri & Co., Chartered Accountants, Auditors of the Company retire at the ensuing General Meeting and

are eligible for reappointment.

The Company has obtained a letter of consent and also a certificate under section 139 and 141 of the Companies Act, 2013 from the Auditors to the effect that, their appointment, if made would be within the I T is crescmoec - me said section.

[6] AUDITORS' REPORT:

The observations ot the Auditors are explained, wherever necessary - a- apporopriate to the Audited Stalement of Accounts.

[7] PARTICULARS OF EMPLOYEES:

Information in accordance with the provisions of Section 217 [2A] of the Companies Act, 1956 read with the Companies [Particulars of Employees] Rules, 1975 is Nil,

[8] PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION S FOREIGN EXCHANGE INCOME AND OUTGO:

Information in accordance with the provision of Section 217 [1] [e] of the Companies Act, 1956 read with the Companies [Disclosure of Particulars in the Report of Board of Directors] Rules, 1988 regarding conservation of energy, technology absorption, loreign exchange income and outgo is given in Annexure-A attached herewith.

[9] ACKNOWLEDGEMENT:

The Board of Directors gratefully acknowledge the assistance and co-operation received from the Bank of Baroda and all other statutory and non-statutory agencies for their co-operation.

The Board of Directors also wish to place on record their gratitude and appreciation to the members for fhelr trust and confidence shown in the Company,

The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyalty.

On behalf of Ihe Board ot Directors

Date : 11.08.2014

Registered Office :

Plot No.43/1, Village: Nurpura, [Ajsy Desai] R.O. Baska, Tal. Halol - 389 350 Executive Director Dist. Panchmahals, Gujarat [Ajay Parlkh] Executive Director


Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the tweny first annual report together with the audited statement of accounts for the year ended 31st March, 2013.

[1] FINANCIAL RESULTS:

The financial results for the year are as under:

[Rupees in Lacs]

Year Ended Year Ended 31.03.2013 31.03.2012

Sales and other Income 6087.56 5948.28

Profit before depreciation 633.05 533.66

Less: Depreciation 131.57 86.64

Profit of the year 500.85 447.02

Less: Provision for taxation 162.91 145.44

Profit after taxation 337.94 301.58

Balance brought forward from previous year 1058.14 756.56

Balance carried to Balance Sheet 1396.08 1058.14

[2] DIRECTORS:

Shri Ameet Nalin Parikh and Shri Kirit Kumar Pathak, Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for reappointment.

[3] DIRECTORS'' RESPONSIBILITY STATEMENT:

Your Board states that:

1. in the preparation of the annual accounts for the year ended 31st March, 2013, the applicable accounting standards had been followed and there had been no material departures from the said standards except mentioned in notes to the account.

2 the directors had 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 at 31st March, 2013 and of the profit of the Company for the year ended on that day.

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting statement 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.

4. the directors had prepared the annual account for the year ended 31st March, 2013 on a going concern basis.

[4] REPORT ON CORPORATE GOVERNANCE:

A detailed report on Corporate Governance as required under clause 49 of the listing agreement with the stock exchange has been included separately in the annual report.

[5] AUDITORS:

M/s. V.K. Shastri & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment.

The Company has obtained a certificate under section 224 [1B] of the Companies Act, 1956 from the Auditors to the effect that, their appointment, if made would be within the limits prescribed in the said section.

[6] AUDITORS''REPORT:

The observations of the Auditors are explained, wherever necessary, in an appropriate notes to the Audited Statement of Accounts.

[7] PARTICULARS OF EMPLOYEES:

Information in accordance with the provisions of Section 217 [2A] of the Companies Act, 1956 read with the Companies [Particulars of Employees] Rules, 1975 is Nil.

[8] PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE INCOME AND OUTGO:

Information in accordance with the provision of Section 217 [1] [e] Of the Companies Act, 1956 read with the Companies [Disclosure of Particulars in the Report of Board of Directors] Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange income and outgo is given in Annexure-A attached herewith.

[9] ACKNOWLEDGEMENT:

The Board of Directors gratefully acknowledge the assistance and co-operation received from the Bank of Baroda and all other statutory and non-statutory agencies for their co-operation.

The Board of Directors also wish to place on record their gratitude and appreciation to the members for their trust and confidence shown in the Company.

The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyalty. On behalf of the Board of Directors

Date: 23.05. 2013

Registered Office : sd.

Plot No.43/1, Village: Nurpura, [Ajay Desai]

P.O. Baska, Tal. Halol - 389 350 Executive Director

Dist. Panchmahals, Gujarat sd.

[Ajay Parikh]

Executive Director


Mar 31, 2012

The Directors have pleasure in presenting the Twentieth Annual Report together with the Audited Statement of Accounts for the year ended 31st March, 2012.

[1] FINANCIAL RESULTS:

The financial results for the year are as under:

[Rupees in Lacs]

Year Ended Year Ended

31.03.2012 31.03.2011

Sales and other Income 5948.28 5410.95

Profit before depreciation 533.66 498.34

Less: Depreciation 86.64 66.77

Profit of the year 447.02 431.57

Less: Provision for taxation 145.44 189.22

Profit after taxation 301.58 242.35

Balance Brought forward from previous year 756.56 514.21

Balance carried to Balance Sheet 1058.14 756.56

[2] DIRECTORS:

Shri Hardip Singh Bubber and Shri Ajit Singh Bubber, Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for reappointment.

Shri Sandeep Lalwani was appointed as Additional Director with effect from 8th November,2011. He is chartered accountant having experience of about 22 years. The Company has received a notice under section 257 of the Companies Act, 1956 to appoint him as director of the Company.

[3] DIRECTORS' RESPONSIBILITY STATEMENT: Your Board states that:

1. in the preparation of the annual accounts for the year ended 31st March, 2012, the applicable accounting standards had been followed and there had been no material departures from the said standards except mentioned in notes to the account.

2 the directors had 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 at 31st March, 2012 and of the profit of the Company for the year ended on that day.

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting statement 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.

4. the directors had prepared the annual account for the year ended 31st March, 2012 on a going concern basis.

[4] REPORT ON CORPORATE GOVERNANCE:

A detailed report on Corporate Governance as required under clause 49 of the Listing Agreement with the Stock Exchange has been included separately in the Annual Report.

[5] AUDITORS:

M/s. V.K. Shastri & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment.

The Company has obtained a certificate under section 224 [1B] of the Companies Act, 1956 from the Auditors to the effect that, their appointment, if made would be within the limits prescribed in the said section.

[6] AUDITORS REPORT:

The observations of the Auditors are explained, wherever necessary, in an appropriate notes to the Audited Statement of Accounts.

[7] PARTICULARS OF EMPLOYEES:

Information in accordance with the provisions of Section 217 [2A] of the Companies' Act, 1956 read with the Companies [Particulars of Employees] Rules, 1975 is Nil.

[8] PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE INCOME AND OUTGO:

Information in accordance with the provision of Section 217 [1] [e] of the Companies Act, 1956 read with the Companies [Disclosure of Particulars in the Report of Board of Directors] Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange income and outgo is given in Annexure-A attached herewith.

[9] ACKNOWLEDGEMENT:

The Board of Directors gratefully acknowledge the assistance and co-operation received from the Bank of Baroda and all other statutory and non-statutory agencies for their co-operation.

The Board of Directors also wish to place on record their gratitude and appreciation to the members for their trust and confidence shown in the Company.

The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyalty.

On behalf of the Board of Directors

Date: 25th May, 2012

Registered Office : sd.

Plot No.43/1, Village: Nurpura, [Ajay Desai]

P.O. Baska, Tal. Halol - 389 350 Executive Director

Dist. Panchmahals, Gujarat sd.

[Ajay Parikh]

Executive Director


Mar 31, 2010

The Directors have pleasure in presenting the Eighteenth Annual Report together with the Audited Statement of Accounts for the year ended 31st March. 2010.

[1] FINANCIAL RESULTS:

The financial results for the year are as under:

[Rupees in Lacs]

Year Ended Year Ended 31.03.2010 31.03,2009

Sales and other Income 2707.88 3356.57

Profit before depreciation 172.14 345,07

Less: Depreciation 65.23 55.95

Profit of the year 106.91 289.12

Less: Provision (or taxation & FBT 40.56 97.51

Profit after taxation 66.35 191.61

Balance Brought forward from previous year 447.86 256.25

Balance carried to Balance Sheet 514.21 447.86

[2] DIRECTORS:

Your Board regrets to inform you that Shri Natin Parikh, Director of your Company passed away on 19th September, 2009. He had shared his wide technical knowledge with the company during his tenure as Director of the Company.

Shri Ameet Parikh was appointed as additional director of the Company on 01st December, 2009. The Com- pany has received a notice u/s 257 of the Companies Act, 1956. for his appointment as Director of the Com- pany at the ensuing annual general meeting. Your Board recommends his appointment as Director.

Shri Kiritkumar Pathak and Shri Hardip Singh Bubber, Directors of the Company, retire by rotation at the ensuing annual general meeting and being eligible, offer themselves for reappointment.

[3] DIRECTORS RESPONSIBILITY STATEMENT: Your Board states that:

1. in the preparation of the annual accounts for the year ended 31st March, 2010, the applicable accounting standards had been followed and there had been no material departures from the said standards except mentioned in notes to the account.

2 the directors had 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 at 31 st March, 2010 and of the profit of the Company for tha year ended on that day.

3. the directors had taken proper and sufficient care for the maintenance of adequate accounting statement 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.

4. the director had prepared the annual account for the year ended 31ST March, 2010 on a going concern basis.

[4] REPORT ON CORPORATE GOVERNANCE:

A detailed report on Corporate Governance as required under clause 49 of the Listing Agreement with the Stock Exchange has been included separately in the Annual Report.

[5] AUDITORS:

M/s. V.K. Shastri & Co., Chartered Accountants, Auditors of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment,

The Company has obtained a certificate under section 224 [1B] of the Companies Act. 1956 from the Auditors to the effect that, their appointment, if made would be within the limits prescribed in the said section.

[6] AUDITORS REPORT:

The observations of the Auditors are explained, wherever necessary, in an appropriate notes to the Audited Statement of Accounts.

[7] PARTICULARS OF EMPLOYEES:

Information in accordance with the provisions of Section 217 [2A] of the Companies Act, 1956 read with the Companies [Particulars of Employees] Rules, 1975 is given in Annexure -Aattached herewith.

[8] PARTICULARS REGARDING CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION & FOREIGN EXCHANGE INCOME AND OUTGO:

Information in accordance with the provision of Section 217 [i] [e] of the Companies Act, 1956 read with the Companies [Disclosure of Particulars in the Report of Board of Directors] Rules, 1988 regarding conservation of energy, technology absorption, foreign exchange income and outgo is given in Annexure-B attached here- with.

[9] ACKNOWLEDGEMENT:

The Board of Directors gratefully acknowledge the assistance and co-operation received from the State Bank of India and all other statutory and non-statutory agencies for their co-operation.

The Board of Directors also wish to place on record their gratitude and appreciation to the members for their trust and confidence shown in the Company.

The Board of Directors would like to especially thank all the employees of the Company for their dedication and loyaity.

On behalf of the Board of Directors

Date: 29.05.2010

Registered Office : sd.

Plot No.43/1, Village: Nurpura, [Ajay Desai]

P.O Baska, Tal. Halol - 389 350 Executive Director

Dist. Panchmahals, Gujarat sd.

[Ajay Parikh]

Executive Director