AXTE Process Engineering Systems

Transcription

A
AXTE
Process
E n g i n e e ri n g
Systems
4
AnnualReport2013-201
AXTEL INDUSTKIES LIMITED
AXTEL INDUSTRIES
LIMITED
TWENTYSECONDANNUALREPORT2013.2014
BOARDOF DIRECTORS
:
ShriKiritKumarPathak,Chairman
ShriAjayNaishadDesai,ExecutiveDirector
ShriAjayNalinParikh,Executive
Director
ShriHardipSinghBubber,Independent
Director
ShriAjitSinghBubber,Independent
Director
ShriAmeetNalinParikh,Director
Shri SandeepLahrvani,
Independent
Director
Shri NeerajPathak,AttemateDirector
(to Shri KiritKumarPathak)
AUDITORS
:
V. K. SHASTRT
& CO.,
CharteredAccountants,
Baroda
BANKERS
:
Bankof Baroda,Halol
REGISTERED
oFFlcE & woRKS :
ptotNo.49 I 1, viilageNurpura,
P,O.Baska,TalukaHALOL- 389950,
Dist Panchmahals,
Gujarat.
Tef : [026761247900
Fax : [02676]247125
Corporate
ldentification
number(ClN)
:
pLC0161g5
Lg111OGJ1991
E-mailaddress
info@axtelindia,com
website
Annual Report 2Ol 3-2014
:
www.axtelindia.com
AXTEL INDUSTRIESLIMITED
NOTICE
NOTICEis herebygiventhatthe twentysecondannualgeheralmeetingof tho membersof AXTELINDUSTRIES,LIMITED
will be
heldat 11.00a.m.on Monday,the 29hSeptsrnber,2o14
at the Registered
Officeof the Companysituatedat PlotNo.43/1,Village
Nurpura,P.O.Baska,Tal. Halol- 389 350, Dist.Panchmahals,
Gujaratto transactthe followingbusiness:
ORDINARYBUSINESS:
'L
To receve,considerandadoptthe BalanceSheetas at 31$March,2014andthe Protit& LossAccountof theCompanyforthe
year endedon that day togetherwiththe Directors'andAuditors'Reportsthsreon.
2.
To appoinla Directorin placeol Shri Ajit SinghBubber,who retiresby rotationand beingeligibleotfershimselffor r€appointment.
3.
To appointa Directorin place of Shri Hardip Singh Bubber,who retiresby rotationand being eligibleoffers himselffor reappointment.
4.
To Reappoint
the Auditorsol the Companyand fix theirremuneration.
SPECIALBUSINESS:
5.
To considerand if thoughtfit, to passwithor withoutmodification,
the followingresolulionas OrdinaryResolution:
6.
RESOLVED
THATpursuantto the provisionsof section149, 150, 152 and any otherprovisionsapplicable,if any, of the
Companies
Act,2013andthe rulesmadethereunder
readwithschedulelV of the Companies
Act,2013ShriSandeepLalwani
wto reliresby rotalionat the ensuingannualgeneralmoetingand in respectof whomthe Companyhas receiveda noticein
Milingftoma memberproposing
hiscandidature
for ths otficeof Director,
be andis herebyappointed
as Independent
Director
ol lhe Co.npanyto hold officefor frveconsecutiveyears upto 31.rMarch,2019.
To consid,erand if thoughtfi, to pass with or withoutmodification,the followingresolutionsas SpecialRosolutions:
"RESOLVED
that puEuanito seciion197,200 andotherprovisions
applicable,
if any andschsduleV of the Companies
Act,
2013 and subject1oapprovalof centralgovt.or any otherauthorityrequired, if any , consentot the membersof the company
is accordedto increasersmunerationof Shri Ajay NaishadDesai , ExecutiveDirectorof the Companywith ettectfrom the ld
April,2014withinthe limitsprescribed
hereunder
fromtimeto time:
lil
Salary:
(RupeesSevenLac Only)per monthlinctudingperquisites
Not exceedingRs.7,00,000
and otherallowance,
if any]
tiil
7.
,
Perquisites
and otherallowances:
Perquisites
and otherallowancssshallalso be allowsdin additionto salary.However,total managerial
remuneration
by way of salary,perquisites
and otherallowances
shall not exceedthe overalllimitof Rs.84,00,000
(RupeesEighty
FourLac Only)per annum.
to providentfund,superannuation
fund and annuitytund will not be includedin the computation
[iii] Contribution
of the
ceilingon managsrial
femuneration
to ths sxtenttheseeithersinglyor put togetherare not iaxableunderthe IncomeTax Act. Gratuitypayableshouldnot exceodhall a month'ssalaryfor each completedyear of service.
of leaveat the endof the tenurewill not be inctudedin the computation
livl Encashmenl
of the ceilingon perquisites.
[v] Provisionof car with driverfor use on Company'sbusinessand tstephoneat residsncewilt not be considsredas
perquisites/remunsration.
Personallongdistancecallson telephoneand use of car for privatepurposeshatlb€ billed
by ths Companyto the individualappointsoconcerned.
RESOLVEDFURTHERTHATwherein any financialyear, duringthe currencyof tenureof Shri Ajay NaishadDesaias
ExecutiveDirector,the Companyhas no profitor its profitsars inadequate,
it maypay him minimumrgmuneration
by way of
salary,psrquisites
and allowancesnot exceodingthe limitsspeciliedabovefrom 1d Apdl,2014to 28h February,2o17
To considerand if thoughtfit, to passwithor withoutmodification,
the tollowingrssotutions
as SpecialResotutions:
'RESOLVED
that pursuantto section197,200 and othsrprovisions
applicable,
if any and scheduleV of the Companies
Act,
2013andsubjectto approvalof contralgovt.or any otherauthorityrsquired, if any , consentof the membersof ths company
is accorded
to increaseremuneration
of ShriAjayNalinParikh,ExscutiveDirectorof tho Companywitheffectfromthe 1$April,
2014withinthe limitsprascribsdhereunder
fromtim6to time:
Salary:
lil
tiil
(RupossSeventac Only)per monthlincludingperquisites
Nol exceedingRs.7,00,000
and otherallowance,if any]
Perquisites
and othsr allowances:
Perquisites
and otherallowances
shallalso be allowedin additionto salary.However,total managerial
remuneration
by way ot salary,perquisites
and otherallowances
shallnot exce€dthe ovsralllimitof RS.84,oO,OOO
(RupeesEighty
FourLacOnly)per annum.
Annual Keport 2O\3-2O14
[iiil
[iv]
to providentfund,superannuation
fund and annuityfund will nol be includedin ths computation
Contribution
of the
remuneration
to the extenttheseeithersinglyor put togetherare nol iaxableunderthe In@m&
ceilingon managerial
Tax Act. Gratuitypayableshouldnot exceedhalf a month'ssalaryfor eac+rcompletedyear of service.
Encashmentoi leaveat the end of the tenurewill not be includedin the computationof the ceilingon porquisites.
Provisionof car with driverfor use on Company'sbusinessand telephoneat residencewill not be consideredas
perquisiteyremuneration.
Personallongdistancecallson telephoneand use of car for privatepurposeshallbs billed
by the Companyto the individualappointeeconcorned.
'RESOLVEDFURTHERTHAT,whorein any linancialyear,duringthe currencyof tenureof Sh.i Aiay Parikhas Ex€cutivo
Director,the Companyhas no profit or its profits are inadequate,it may pay him minimumremuneEtionby way of salary,
perquisites
andallowances
not exceeding
the limitsspecifiedabovefor a pe,iodof threeyearsi.e.from l$ April,2ol4to 31d
March,2017.
To considerand if thoughtfit, to pass with or withoutmodification,the followingresolutionsas SpecialResofuilions:
[v]
8.
pursuantto soclion180(l)(c)and otherprovisions
RESOLVED
applicable,
if any,ol the Companies
Act,2013thatthe Board
ol Directorsol the Companybs and is hsrobyauthorizsdto borrowmoneyfrom bank,financialinstitutions,othercompanies
/ porsonsas may bo requirsdlrom timo to time on such tsrms and conditionsas may consideredsuitableby lhe Boardof
Diroctorsnot sxcosdingRs.30croro (RupeesThirty Cror6only) notwithstanding
that the moneyto be borrowedtogetherwith
moneysalrsadybonowedby the Company( apart from tomporaryloansobtainedlrom the companysbankerin the ordinary
courseol business)may exceedtho aggregateof the paid up capitalof the Companyand free rs6rves.
9.
RESOLVEDFURTHERTHATths Boardof Diroctorsof ths Companybe and is hsrsbyauthorizedto do and executeall such
acts, deedsand things as may be necessaryfor givingeffectto the aboveresolution.
To considerand if thoughtfit, to pass with or withoutmodification,the tollowingresolutionsas Sp€dal Resolutions:
RESOLVED
that consentof ths Companyb€ and is herebyaccordedpursuantto ssction180(a)andolherprorisionsapplicable,
if any, of the CompaniesAct,20l3 to the Boardol Directorsof lhe Companyto mortgageand or chargeall lh€ immovableand
movableprop€rtioswhereso evsr situate,presentand futureof the Companyas securitywith the bank,financialinstitutions
othsr companiesas may bs roquiredto avail loans,variousfund base and / or non-fundbase creditfacilitiesnot erceeding
Rs.30crore(RupessThirtyCrorsonly).
RESOLVEDFURTHERTHATths Boardot Diroctorsol tho Companybo and is herebyauthorizsdto do and sxeqrte all such
acts, desds and things as may be noc€ssaryfor givingeffectto the aboveresolution.
By the Order of the Board of Directots
Dat ed: 11. 08 .2 0 1 4
Place : RegisteredOffice :
Plot No.43l1,Village:Nurpura,
P.O. Baska,Tal. Halol- 389 350
Dist. Panchmahals,Gujarat
Ajay t{aishad Desai
Executive Director
NOTES:
t1I
A MEMBERENTITLEDTOATTENDANDVOTEATTHE MEETINGIS ENTITLEDTOAPPOINTA PROXYTOATTENDANDON
A POLLONLYTO VOTE INSTEADOF HIM. SUCHPROXYNEEDNOT BE A MEMBEROF THE COMPANY.PROXIESIN
ORDERTO BE EFFECTIVEMUSTBE RECEIVEDBYTHECOMPANYNOTLESST|-|AN,a HOURSBEFORETHEMEETING
A PROXYFORMIS SENTHEREWITH.
A personcan ac'tas proxyon behalfof membersnot exceoding50 (fifty)and tplding in the aggregatenot morelhan 10 (len)
percentof the total sharecapitalof the Company.
Proxy submittedon behalf of the companies,Societiesetc. must be supporbd by an appropriateresolution/adholity as
applicable.
Mombersshouldnotifychangein the address,if any, specifyingtull addressin block lsttors wilh pin code of the post offics.
t2l
t3I Mombersseskingfurtherinlormationon the accountsor any othermatbr containedin the notic€are requestedto ffite to tho
t4l
I5l
I6l
I7l
Companyat least 7 days beforethe meeting,so that relevanlinfomdion can be kept roadyat the meeting.
Th6 registerof membersand sharetransferbookwitl remaindosed ftom Tuesday,the 23d Septomb€r,2014 to Monday,tho
29bSoptember,
2014 lbo*| days inclusivel.
Membsrsattsndinglho me€tingare roqusstodto bdng their copy of the AnnualReport.
Votingthrougheleclronicmeans: E-voting: The Companyis pleasedto provideE-votingfacilitythroughCr€ntralDepository
Services(lndia)Limited(CDSL)as an alternativsfor all tho membsrsof the Companyto enablethemto cast thsir votes
electronically.The instructionsfor E-votingare attachedhorewith.
Act,2013 ie
Explanatory
statementsettingout all materialfactsconcerning
the specialbusinessu/s 102of the Companies
annexedhereto :
Annual Report 2OL5-2O14
Explanatorystatement in r€spect of the special busine$ u/s 102 ot $e ComoaniesAct,2013
Item No.s
Shri Sandeeplalwani is Non-ExecutiveIndependentDirectorof lho Company-He joined the Boardof Directorsof the Companyon
is membsrot AuditCommiltee
th November,2o1l.He
and Nomination
& Remuneration
Committee
of the Company.He is Chadered
financeand auditbackground
Accountant
wfi accounting,
and has variedand rich experienceof o\ret24 years.Apartfrom his
in U€ field ot accounting,
financeand audit,he has beenassociated
with othercompanies.
expsJisnce
Shri SandeepLalwaniretiresby rotationat the ensuingannualgeneralmeetingundertho orstwhiloapplicableprovisionsof the
Compani6 Act,l956. Pursuantto section149 and any other applicableprovisionsof the CompaniesAct,20l3 Shri Sandeep
Lals,anibeingoligiblefor appointment,is proposedlo be appointedas an IndependentDirectorof the Companyfor five consecutive
yearcfor a termupto3ld March,2019.
A noticehasbeenrecoived
lroma memberpoposingShdSandeepLalwaniasan Independent
Directorof lhe Company.
In lhe opinionof the BoardShri SandeepLalwanifulfilsthe conditionsspecifiedin the CompaniesAct,2013and Rulesmade
lhereunder
for his appointment
as an Independent
Directorot the Companyand is independent
of the management.
A copyof the
draft letterfor appointment
of Shri SandeepLalwanias an independent
directorsettingout the lerms and conditionswouldbe
availablefor inspectionby membersat the registeredotticeof the companyduringnormalbusinesshourson any workingday
excludingSaturdayand Sunday.
The Boardconsidersthat his continuedassociation
wouldbe of immensebenefitto the Companyand it is dosirabloto appointhim
as Independent
Direc{orof your mmpany.Your Boardrecommends
his appointmsnt
as Indepondent
Directorof your Company.
No Diroctor,Key ManagerialPersonnelor their relatives,exceptShri SandeepLalwaniis directlyor indirectlyconcemedor interested
in the above resolution.
Thisstatsmentmayalsobe regardedas a disclosure
underClause49 of the listingagreement
withtho StockExchangs.
Item No.6
ShriAiayNaishadDesaiwasre-appointed
as Executive
Directorof the Companyfor a periodot fiveyearsw.e.f.O1dMarch,2012as
per specialresolutionspassedby the membersot the Companyat ths annualgeneralmeetingof the Companyheld on 19s
psr monthwith eftectfrom ld November,2ol1
Seplember,201'1.
his remuneration
was increasedto Rs.6,25,000
Subsequently
by
passingspecialresolutionsat the extraordinarygeneralmeetingheld on 8b November,2olland necessaryapplicationto the
CentralGovernmentwas madsfor approvalto increasehis remuneration.
The CentralGovemmenthas givsn ib approvaltor a total
( RupeesSeventyFiveLaconly)perannumtor a periodof threeyearswithsffectfromld March,2ol2
remuneration
of Rs.75,00,000
to 28s Fsbruary,2o1s
as per letterdated296 November,2ol3.
He is lookng atter the marketingand administationdepartmsntof the Company.Lookingto the responsibilities
shoulderedby Shri
committeeof the Companyhas recommended
to increasehis remunoration
from Rs.6,25,000
Aay NaishadDesai, remuneration
per monthto Rs.7,00,000
p€r monthwitheffectlrom 1" Apd1,2014.
Tho inlomationrequiredas per clauseiv of provisoof sectionll ot part ll of scheduleV ol the Companies
Act,2013is fumished
hsreundsr:
L
GeneralIntormation:
f.
1,
plant,machineryand equipmontand dairy
Natur€of Industry : Engineering
industrymanufacturing
food processing
machinerysince 1993.
2.
FlnanclalPerlormance: The Company's
net profitaftertaxationis Rs.276.39
lacsfor the yearended3ldMarch,2014
3.
ExportPeitormance:The Companyhas madeexportot Rs.215.68lacsduringthe year ended3ld March,2014.
InformatlonaboutShri Aiay NaishadDe6al,Appolntoe:
1.
2.
,
Back Ground Detailg:He is a Ist Classgraduatein ElectricalEngineering.
He possesses
over30 yearsot wideand
richexperience
in the field of processand equipmsntdesignfor lood and phamaceutical
industries.
per month.He has bgensanctionedromuneration
Past remuneration: He is paid rsmuneration
of Rs.2,50,000
of
psr monthwitheffectfrom 1d March,2ol2by the CentralGovemment.
Rs.6,25,000
3.
Recognltlonorawards: Nil
4.
Job prdle and his suitability:
.
Graduated
fromThe MaharajaSayjiraoUniversity
at Vadodarain the year 1981as an ElectricalEnginsorand
havingscoreda first class.
1981-83:Worked as a marketingand sales engineerwith M/s Finex Sieves Pvt. Ltd., who were at that time a
lea d i n g c o m p a n y fo r s u p p l y o f know howand equi pmentfor si evi ng and strai ni ngappl i cationsin f ood,
pharmaceutical,
chemical,paint,paperand otherindustries.ShriAjai NaishadDesaiwas instrumental
in increasing
the turnover of the company manifold,which was achievedin a very short period.
Annual Report 2Ol3-2O14
.
and set up a workshop
1985-86:
Togetherwithothershe fomed a partnership
company,Aro-GradEngineedng
The first customerof Aro-GradEngineering
was Amul
to manufacture
equipmentfor food and dairyindustdes.
Dairyfollowedby the NalionalDairy& DevelopmentBoard.Shri Ajai NaishadDesai'/vorkedctoselywith eminenl
personalities
Kurien,Dr.V.H.Shah
and othersto developvariousdairyandfoodequipment
suchas Dr.Vorghese
as importsubstilutes
for manylargedairiesall over lndia.Duringthis pedodhe gainedrich experiencein the
for the dairy,food and phamaceutical
sec{ors.
design,development,
manufacture
and uso of GMPequipment
.
Thiscompany
AgeTechnologies
Pvt.Ltd.whichwasa largerversionof Aro€Ed Engine€ring.
1986-93:Promoted
facility.Age
with a substantiallyincreasedmanufac'turing
continuodthe activitiesof Aro-GradEngineering,
Technologiessucc€sslullycommissionedvariousequipmentand plantsfor dairies,food, animalfeod and other
eliminating
the needtor impodingsimilarequipment
similarindustries.Manyof thesswere importsubstitutes,
trom advancedcountries,
Director- SaleswithAxtelIndustries
Ltd.sinceits inception.
Duolo Mr.Desai's
etforts
1992-tilldate,as Executive
prefened
companies
suchas lcaft Foods,Nsstle,
Axteltodayis lhe
supplierto Indianand MNCfoodprocessing
Heinz,lTC,Unileverandseveralothersin Indiaandabroad.Axlel,und€rths loadsrhip
Cadbury,GlaxosmihKlina,
of Mr. Ajay Desai,has over the last 19 years designedprocesseysystemsequivalentto the besl in class.Acsl is
representedin WestemEuropeby M/s AnuTecGmbH,Switzerland.Axtel also worksvory closelywith M/s
Wengerlnc.,U.SA for Foodand FeedExtrusionSystemsand M/s M6rkProcess,Gsrmanyfor VacuumDrying
Technologies.
.
.
5,
per monthwith efiect fiom 1EApril,2014.
RemuneEtlon prcposed : Rs.7,0o,00O
6,
Comparativercmunerationprdbufth respoc{to h4lsfy, dle d lhe company,protile of the posltion and perEon:
Figurewith respectto industsyis not availaue- Ffoiver€r,pf€posedre{nunerditn payableto Shri Aiay NaishadDssai
as E)(edjtiveDilecbr d tF Co.np€ny.
is low comparinghis effortsand r€€ponstraLty
rith tlle manage al porsonnel: Shd
Pecunlaryrelatlonship dircctly a tuxfr€cdt rfih the Co|'"flit q l?arlifldit
drccfy or ilf€dty rtrr tE Coflpany as managerialpersonnel
Ajay NaishadDesai has no p€cuniaryddbdi,
exceptremunerationas ExocuweDkgctordra*n by l*n atd dt iH q| €qiy sas€s- dedarcdif any,by the Company
for his shareholding
in the Company
7.
lll.
Shri Aiai NaishadDasaiis also the Treasurerfor the HeritageTrust in Vadodara,an NGO involvedin the
conservationof he.itage sites and promoiionol heritageawareness.Herilags Trust, Vadodarahas been the
drivingforce in winninga World Herihge slatus for Champaner,Gujarat.
Otherinformation:
'1. Reasons tol Inadequate profit: Due io recessionarytrend plenaill€ b ffi
rd *rd
Drocuremors ordets and as a resultsd6 and Drofitcould not be increasedc e!oe*d.
2.
3.
the Companycould not
its produclioncapacityby
Steps takon or proposed lo be taken lor lmprovemenl: The GompanyiEs qdded
sxpansionof its existingfactoryshed and installedmoremacfiinerbsb qe |ili tE fte h ordels from the clients.
ExpectedIncrcaseIn productivily and prcfits in meaguEbleterms: As Co.rF y b rBarxjhcturingtailormadeplants
grls
*
/ machineryil is very difficultto give expecledproductionand pldts h flE
N.
Dlsclosurea;
.
other disclosureshavobeen mentionedin the Boardof Directors'repod urder trE tEdE
to the annualreoort.
roorporatsGovernance"attached
The Boardot Directorsrscommendsthe resolutiontor the appro\ralcf tE rsnb€ts.
No Dkector,Key ManageJialPersonnelor their relatives,exceptSfui A*ry Nai*td D6d tor drawinghis remunerationand
Shri KiritkumarPathak,Directorbeinga relativeof Shri Ajay NaistladDesd b (l€c0y or indirectlyconcornedor interestedin
the above resolutionoxcoptto the extent of his shareholding(indu&tg l*s t€aalilrs), it any, in the Company.
This explanatorysiatementtogetherwith the accompanyingnoticemay abo be cdr*tel€d as an abstractof terms and conditions
of the contractfor the appointmentof Shri Ajay NaishadDesaias Exesj|ive D]ecbr.
Item No.7
as ExecutivsDirectorof the Corpany for a perir:dof fiveyearsw.e.f.01dAugust,2013as
ShriAjay NalinParikhwas re-appointed
per specialresolutionspassedby the membersof the Companyat the annual$tneral msetingof the Companyheld on 31"1
by passingspecial
His remuneration
was increasodto Rs.6,25,000per monltlwith eflecl tom 1d November,2o1'l
Ju1y,2013.
resolutionsat the extra ordinarygeneralmostinghsld on 8s November,2oll and necessaryapplicationto the CentralGovemment
was madefor approvalto increasehis rsmunerationand approvalis e)p€#d yithin short period.
fl'e is lookingaftsr ths designand productiondeparlmentsof the Company.Looldngio the responsibililiesshoulderedby Shf Ajay
to lrs€as€ hb remunerationfom Rs.6"25.(m p€r month
NalinParikh, remunerationcommiileeof the Companyhas recommended
p€r monthwithstlocttrom 1dApril,2014.
to Rs.7,00,000
Annual Keport 2OL5-2OL4
AXTEL INDUSTKIESLIMITED
Act,2013is furnished
requiredas per clauseiv of provisool soctionll of part ll of scheduleV of the Companies
Th6 information
horoundsr:
Generellnformatio
l.
plant,machinsryand equipmentand dairy
industrymanufacturing
food processing
Naturcof Industry : Engineering
machinsrysinco 1993.
2.
lacsfor the yearended31'rMarch,2014
FinancialPeriomance: The Company's
not profitaftsrtaxationis Rs.276.39
3.
Export Peiformance:The Companyhas madeexportof Rs.215.68lacsduringthe yearended31dMarch,2014.
InformatlonaboutShrl Alay NallnParikh,Appointee:
1.
with distinctionfrom The MaharajaSayjiraoUniversityat
Back Ground Details: He is a Bachelorof Engg.(Mechanical)
Vadodara in the year 1980. He possessesover 30 years of experiencein the field of design, engineeringand
manufacturingof high qualityprocessequipmentand plant for the food and pharmaceuticalindustries.
2.
Past remuneration : He is paid remunerationof Rs. 2,50,000per month and applicationto increasehis remuneration
to the CentralGovernmentwas made for approval.
to Rs.6,25,000per month with effectfrom 1"t November,2011
3.
Recognition or awards : Nil
4.
Job profile and his suitability:
Shri Ajay Nalin Parikh is a Bachelorof Engg. (Mechanical)with distinctionfrom The MaharajaSayjiraoUniversityat
Vadodara in the year 1980. He possessesover 30 years of experiencein the field of design, engineeringand
industries.A brief overview
manufacturing
of high qualityprocessequipmentand plantfor the food and pharmaceutical
of his career profile is as follows:
'1980-82worked as a Design Engineerwith M/s Vulcan EngineersPvt. Ltd., Mumbai,who are engagedin
o
providingcompleteheat treatmentplantand furnacesfor largesteel manufacturers
and for wheeland axle plants
of the Indian Railways.As a design engineer,he was responsiblefor heat and mass transfercalculations,
machineand equipmentdesign,structuraldesign,P & lDs and plant drawingsand leadinga team of draftsmen
to producedetailedmanufacturingdrawings.
r
1982-84worked as Design Engineerfor Finex Sieves P!rt. Ltd. at Vadodara,manufacturingrotary and gyratory
sievingand strainingequipmentfor the food, pharmaceuticaland chemicalindustries.
o
1984-85He venturedout on his own and was partner in a companycalled Wynsales.Wynsalesrepresented
companiesfor sales in the State of Gujarat.Here he was responsible
variousengineeringgoods manufacturing
testing equipmentand other engineeredequiprnent.
in selling materialhandlingequipment,non-destructive
r
I985-86 He formed anothercompany,Aro-GradEngineeringand set up a workshopto manufactureequipment
for the food and dairy industry.The first customerof Aro-Grad Engineeringwas Amul Dairy followed by the
NationalDairy & DevelopmentBoard. Mr. Parikhworked closelywith eminent personalitiessuch as Dr. V. H.
Vyas, Dr. Kurienand others to developvariousdairy and food equipmentas importsubstitutesfor many large
dairiesall over lndia. Duringthis periodhe gained rich experiencein the design,development,manufactureand
use of GMP equipmentfor the dairy,food and pharmaceutical
sectors.
'1986-92Promoted
and managedAge TechnologiesPvt.Ltd.whichcontinuedthe activitiesof Aro-GradEngineering
with a much larger manufacturingfacility at Vadodara.Age Technologiessuccessfullycommissionedvarious
cattle feed, dairy and powder handlingplant and equipment.Many of these substitutedthe need for importing
such equipmentfrom Europeand other developedcountries.
'l992till
date,as ExecutiveDirectorwith Axtel IndustriesLtd. since its inception.He was involvedin settingup the
company,its manufacturingfacilitiesand subsequentexpansionof the same. Duringhis tenure Shri Ajay Nalin
ParikhParikhhas to his creditthe developmentof a very large rangeof equipment,plant and machinery,most of
which are import substitutes.Axtel today has a state-of-the-artmanufacturingfacilityand is the preferredsupplier
to many multi-nationaland large FMCG and food processingcompaniesin India and abroad.Axtel, under the
leadershipof Shri Ajay Nalin Parikh,has over the last 20 years developedand manufacturethese equipment
equivalentto the best in class that are made in the developednations.Variousinnovativeideas have also been
appliedfor indigenization
and cost reduction.All of these have been completelydevelopedin-housewithoutany
foreign collaboration.Axtel exportsthese equipmentand machineryto Europe,.MiddleEast, Far East and our
neighbouringcountriesto the variousfood manufacturingcompaniesthere.
o
o
5.
Remuneration proposed : Rs.7,00,000per month with effect from 1't April,2014.
6.
Gomparativeremuneration profile with respect to industry, size of the company, profile of the position and person:
Figure with respect to industry is not available.However,proposed remunerationpayable to Shri Ajay Nalin Parikh is
low comparinghis etforts and responsibilityas ExecutiveDirectorof the Company.
Annual Report 2OL5-2OL4
AXTEL INDUSTKIDSLIMITED
7,
lll.
V.
Pecunlaryrclationshipdir€ctlyor indlrcctlywlth the Companyor rclationshipwlth the managerialpenBonnel:
Shd
Ajay NalinParikhhas no pecuniaryr€lationship
personnel
directlyor indirectly
withthe Companyas managerial
sxcept
remuneration
as ExecutiveDirectordrawnby him and dividendon equitysharos,dsclarodit any,by the Companyfor
his shareholding
in the Company
Otherinformatlon:
8.
Roasonsfor inadequateprofit: Due to rscessionary
trend prevailingin Indiaand abroadthe Companycouldnot
procuremoreordersand as a resultsale and profit could not be increasedas expected
9.
Steps taken or proposed to be takon tor improvement: The Companyhas expandedits produciioncapacity by
oxpansionol its existingtactoryshed and installedmore mactrineriesto copo with the rise in ordersfrom the clients.
10.
Expectedincrcssa in Foductlvlty and p|ofits in measurableterma: As Companyis manutacturing
tailormadeplants
/ machineryit is very difficultlo give expectedproductionand prolits in measurableterms.
Disclosures;
Otherdisclosureshavebeen mentionedin the Boardot Directors'reportunderthe headingrcorporateGovemance"attached
to the annualreDort.
The Boardof Directorsrecommendsthe resolutiontor the approvalof the members.
No Director,Kgy Managerial
Personnel
exceptShriAjay NalinParikhlor drawinghis remuneration
and Shri
er their relatives,
AmeetNalinParikh,Directorbeinga relativeol ShriAjay NalinParikhis directlyor indirectlyconcernedor interested
in the
above resolutionexceptto the extentof his shareholding(includinghis relatives),if any, in the Company.
This explanatorysiatemsnttogetherwith the accompanying
noticemay also be consideredas an abstractof termsand
conditionsof the contracttor ths appointmentof Shri Ajay Nalin Parikhas ExecutiveDirector.
lFm No.8
As per section 180(c)ol ths CompaniesAct2013 rhs Companycan nol borrowmoneysin excessof its paid up capitaland freo
res€rvesaparttromtemporaryloansobtainedftom the companysbankerin the ordinarycourseof businessexceptwith the coRsent
ol the membeF of the Companyin generalmeclingby specialresolution.Your Comparryintendsto expandits businessand tvilt
requiremorefund by way of loan trom the banlg financialinstitutions,other companiev persons.Since totat loan ol Rs.30crore
(RupeesThirty Crores only) will exceedthe afoEsaid limit, prior approvalby meansof spscial resolutionpassedat the general
meetingis necessary.
Yoiir Boant recommlndsthe abovo spscial resolution.
No Dkectolsand any key managerialpersonsaI3 dr€c{y or indirectlyinterestsdor concemedin lhe above resolutions.
liem No, 9
Your Companyrequireslo mottgage/chargeits immovabband movablspropertiesas securityto avail variouscrgdit faciliti€sfrom
the bank,tinancialinstitutions,
pslsonsftom line io time.As per section180(a)of the Companies
othercompanies/
Act,2013ihs
Companycan not mo gagd chargeib immovablsand m(wabb Fopedies exceptwith the consentot lhe membersof the Company
in generalmeelingby specialresolution.
Your Boardrecommends
the abovesDecialresolution.
No Directorsand any key managsrialpersonsare directlyor fuxfr€dy hterested or concamodin the abov6 resolutions.
By fte Order of the Board of Directors
Dat ed: 11. 08. 20 1 4
Place : RegisteredOffice :
Plot No.43/1,Village:Nurpura,
Aiiry llaft$ad [lesai
Executive Director
: 7
The instructionsfor membersfor votingelectronically
are as under:(A)
ln caseof membersreceivinge-mail:
r)
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and eastedyour vote earlierfor
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lJser lD
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followedby 8 DigitsClient lD
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Companyor any otherCompanyon whichthey are eligibloto vote,providedthat Companyoptstor e-votingthmugh
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ix)
On thevotingpage,youwillsee Resolution
Description
andagainstthe samethe option"YES CT'for voting.Selectthe
optionYESor NO as desiredThe optionYESimpliesthatyou assentto the Resolution
andoptionNO imptiesthatyou
dissentto the Flesolution.
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File LinK if you wishto viewthe ontireResolutions.
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lf you
wishto confirmyourvote,clickon '1OK,elseto changeyourvote,clickon "CANCEU'
andaccordingly
modifyyourvote.
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Onceyou "CONFIRM"
you wi not be allowedto modifyyourvote.
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with the company/depositorypartlclpant(s)or rcquostlngphysicalcopyl:
(B)
Pleasefollowall stepsfromsl. no. (ii)to sl. no. (xii)above,to castvote.
(c)
Institutional
(i.e.otherthan individuals,
shareholdsrs
HUF,NRI etc.)are requiredto log on to https/Avww-evotingindia.co.in
and registerthemselves,
linktheiraccountwhichtheywishto voteon and thencasttheirvote.Theyshoulduploada
scannedcopyot the BoardResolution
in PDFformatin the systemfor the scrutinizor
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(D) The votingperiodbeginson 23rd September,2o14
(9.00a.m) and ends on 25s Septembor,2ol4
(6.00p.m.).Duringthis
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lorm,as on the cutolf date
22d August,2014
maycasttheirvoteelectronically.
Thee-votingmoduleshallbe disabledby CDSLfor votingthereafter.
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AskedQuestionsC'FAQS")
and evotingmanualavailableat www.evotingindia.com
underhelpsectionor writean emailto [email protected].
DIRECTORS'REPORT
DearMsmbers.
Your Directorshave pleasurein presentingthe twentysecondannualropontogetherwith the auditedstatementof accountrs
tor the
yearended31.tMarch,2014.
tll
F|NANC|AL
RESULTS:
The financialresultsfor the yearare as under:
[Rupees in Lacs]
Year Ended
31.03.2014
Sales and other Income
4833.64
6072.50
Profit before depreciation
695.78
632.42
Less: Depreciation
279.82
1 3 1. 5 7
Profitof the year
415.96
500.85
Less: Provisionfor currenttax
84.87
149.02
Provisionfor deferredtax
54.71
13.89
276.38
337.94
Profit atter taxation
l2l
Year Ended
31.03.2013
Balance brought fonryardfrom previousyear
1396.08
10 5 8 . 14
Balancecarriedto balancesheet
1672.46
1396.08
DTRECTORS:
Shri Shri Ajit Singh Bubberand Shri HardipSingh Bubb€rDir€ctorsot the C,ompany,
rctire by rotationat the ensuingannual
generalmeetingand beingeligiblo,otferthemselves
lor reappointment.
I3l
I4I
The Companyhas rsceiveda noticoundersection160 of the CompaniesAct,2ol3 for the appointnentot Shri Sandeep
Lalwani,who retiresby rotationat the ensuingannualgeneralmeeting,as IndependentDir€dor of lt|e Comparry.The Board
recommend
to appointhim.
your Boad statqsthar:
DIRECTOnS'
RESPONSIBILITY
STATEMENT:
f.
in the preparation
of the annualaccountsfor th6 yearended31* March,2014,lhe applicable
accounting
standadshad
beenfollowedand therehad been no materialdeparturos
from the said standadsexceDtmentionedin notesto the
account.
2.
the directorshad selectedsuch accountingpoliciosand appliedthem consistentlyand madejudgmsntsand estimates
that are reasonableand prudentso as to give a true andfair view of thg stateof affairsof tha Companyas at 31$March,
2014andof the profitof the Companyfor the year6ndedon thatday.
3.
the diroctorshad iaken properand sutficientcare lor the maintenanceof adequateaccountingsiatementin ac@rdance
withtho provisionsof the Companies
Act, 1956for safeguarding
the assstsot the Companyand for prcvering and
detectingfraudand otharirregularitiss.
4.
the directorshad preparedthe annualaccountfor the yearended31dMarchi2014on a goingconcsmbasis.
REPORTON CORPOBATE
GOVERNANCE:
A dslailedreporton CorporateGovornanceas requirodunderclauss49 of the listingagresmentwith fte sbd( exchangehas
beenincludedseparatelyin the annualreport.
FI
'
AUDITORS:
tuVs.V.K. Shastd& Co., CharteredAccountants,Auditorsof the Companyretireat the ensrirg A|rr.td G€n€ralMeetingand
are eligiblefor reappointment
Ths Companyhas obiaineda letter of consentand also a csrtificateundersedion 139 {d 1/+1dfte CompaniesAct, 2013
from the Auditorsto the effectthat, their appointment,if madewouldbe wihin the lhib trds:'ted h the said section.
T6I AUDITORS'REPORT:
Ths observationsof the Auditorsare explained,wherevernecessary,in an approfiaE r*s b fE AuditedStatsmentof
'
Accounts.
AXTEL INDUSTKIESLIMITDD
.
M
I81
tgl
PARTICULARS
OF EMPLOYEES:
Informationin acctrdancewith the plovisionsof Section2'17l2Al ol fhe CompaniesAct, 1956 readwith the Companies
of Employeesl
Rules,.1975is Nil.
lParticulars
PARTICULARS
REGARDING
CONSERVATION
OF ENERGY,TECHNOLOGY
ABSORPTION
& FOREIGNEXCHANGE
IN@ E AND OUTGO:
Information
in accordancowith the provisionof Section217 l1l lel of the CompaniesAct, i956 readwith the companies
lDisclosureof Particularsin the Rspoftof Boardof Directors]Rules,1988 regardingconservation
ot energy,techirology
absorption,foreign exchangeincomeand outgo is given in Annexure-Aatacnea nerewittr.
ACKNOWLEDGEMENT:
Thg Boardof Directorsgratefullyacknowledge
the assistanceand co-operation
receivsdftom the Bankof Baoda and all'
othsr statutoryand non-statutoryagsnciesfor their co-operation.
The Boardof Dirsctorsalso wish to placeon recordthoir gratitudeand approciation
to the mombsrsfor theii trust and
contidenceshownin the Company.
The Boardof Directorswould liks to especiallythank all the employeesof the Companyfor their dedicationand loyalty.
On behalfof the Boardof Dir€ctors
Dats : t 1.08.20't4
RegistorodOtfice :
Plot No.43yl,Village:Nurpura,
P.O. Baska,Tal. Halol- 389 gS0
Dist.Panchmahals,
Guiarat
lAiay D€ail
gxecutive pireAor
lAiay partkhl
ExecutivsDirector
Annual Report 2OlS-ZOl4
10
.A
ANNEXURE
particularsregardingConservation
Absorptionand ForeignExchangeIncomeand Outgo
of Energy,Technology
1.
regarding
conservation
Particulars
of energy,powerand fuel consumption
Not Applicable
2.
regardingtechnologyabsorption
Particulars
As per Form B given hereunder
3.
Foreignexchangeearningand outgo
til
Activitiesrelatingto exports
Sale of food processingplants & machinery
tiil
takento increaseexport
Initiatives
The Directors visit clients abroad several times and the Company
(
expects to receive several export orders from time to time.
[iii]
of new exportmarketsfor
Development
productsand servicesand exportplans
Not Applicable
[Rupeesin Lacs]
[iv] Totalforeignexchangeused
Ivl
:
Totalforeignexchangeearned
Current
Year
PrevioLts
Year
120.74
188.29
215.68
618.54
FORMB
tAl
(R&D)
Researchand development
absorption,
with respectto technology
of particulars
Formfor disclosure
1.
Specificareasin whichR&Dwas caniedout by the Gonpany
Nil
2.
Benefitsderivedas a resultof the aboveR&D
Nit
3.
Futureplanof action
Nil
4.
on R & D
Expenditure
ldl
lal
Capital
Nil
tbl
Recurring
Nil
lcl
Total
Nil
TotalR & D expenditureas a percentageof toal turnover
Nil
lBl
Technologyabsorption,adaptationand innovation
Nil
1.
adaptationand innovation
Efforts,in brief,madetowardstechnologyabsorption,
Nir
2.
cost
Benefitsderivedas a resultof the aboveefforts,e.g. productimprovement,
etc.
importsubstitution
reduction,productdevelopment,
Nil
3.
tn caseof importedtechnology
[importedduringthe last5 yearsreckonedfromthe
may be furnished.
beginningof the financialyearl,followinginformation
NiI
tal
Technologyimported
Ibl
Yearof import
[c]
Has the technologybeenfully absorbed?
tdl
lf not fully absolted,areaswherethis has not takenplace,reasonsftereof
andfutureplansof action.
Annual Report 2OLS-2O14
,ll
REPORTON CORPORATE
GOVERNANCE
The Companyhas taken necessarry
steps to complywith all ths requirementof the guidelineson CorporateGovemanceas would
be applicable
to it.
1.
Boardof Directorsaa on 31dMarch,2014.
The Boardcomprisedof seven Directors,of whomtwo were ExecutiveDirectorsand five were Non-ExecutiveDirec'tors.The
Chairmanot the Boardwas a Non-Executive
Director.
A
Composltlonof lhe Boardfor the periodtrom 01'Aprll, 2013to 31dMarch,2014:
Nameof the Director
Shri Kirit KumarPathak
Shri Ajay Desai
Status
Non-Executive
Director
Executive
Director
Executive
Director
Professional
Director
Non-Executive
Independent
Director
Non-Executive
Independent
Director
Non-Executive
Independent
Director
AlternateDirector(to ShriKiritKumarPathak)
Chairman
Shri Ajay Parikh
Shri Ameet Parikh
Shri HardipSingh Bubber
Shri Ajit Singh Bubber
Shri SandeepLalwani
Shri Neeraj Pathak
B,
BoardMeetlng:
The meetingof ths Boardol Directorsars scheduledwell in advancs.The noticeconveningthe meetingand the detailed
agendais sont at lsastsovendays in advancoto all the Dirsctors.The Boardmeetsat leasloncea quarterto reviewthe
quanerv perlormance
and financialr€sulls.
l.
Numberof BoardMGeting:
Duringtho yearfrom01dApril,2013to 31"rMarch,2014the Boardof Directorsmetfourtimeson the followingdatos:
Sr
1
2
3
4
ii.
Date
BoardStrenEth
23-05-2013
31-07-2013
21-1A-2013
12-02-2014
7
6
7
5
7
5
7
3
Attendance of Directors :
Nameof the Director
ShriKiritKumarPathak
Shri Ajay Desai
Shri Ajay Parikh
ShriAmeetParikh
ShriHardipSinghBubber
ShriAjit SinghBubber
Shri SandeepLalwani
No. of
Board
Meetings
held
4
4
4
4
4
4
4
Shri NeerajPathak
2
No.of DirectorsPresent
4
No. of Board Attendanceat the No. of Directorship
in No. of Membershipsin
Meetings
lastAnnual
the other Boardsas other Board Committees
Attended GeneralMeeting on 31tt March,2014 as on 31thMa r ch, 2014
0
Absent
2
4
4
4
Present
1
1
2
3
2
0
Present
Absent
Absent
Absent
Absent
Absent
2
2
1
3
1
t1
1
1
2
2
2
0
@mmlttees ol Directors :
Non-Executivs
Directors,
includingthe Chairman,provideguidanceto operatingmanagement
on policymattersas wgll as in
the monitoringactionsof operatingmanagement.This involvementis formalizedthroughconstitutionof designatedcommitteos
of the Board.The Committeesare intendedto provideregularexchangeof infomation and ideasbetweenthe Non-executivs
Directorsand the operatingmanagement.
The Boardhas accordingly
formedCommittees
whichcomplywiththe requirsmsnts
of Clauss49 ol the ListingAgreement
withths StockExchanges
provisions
and otherapplicable
ol the Companies
Act, 2000.
lAmendmentl
Annual Report 2O|3-ZAL4
t2
AXTDL INDUSTRIESLIMITED
tAl
Audit Committee:
of the Boa]das per section292
Audit Committeecomprisesof ths tollowingExscutiveDirectorand Non-ExecutivsDkectors
A of the ComPaniesAct, 1956:
Name of Director
Status
1
Shri SandeePLalwani
Director
lndependent
Non-Executive
2
Shri Ajay Desai
ExecutiveDirector
3
Shri Ameet Parikh
Director
Professional
2013duringtheyearend€d31* March'2014'
washeldon 23rdMay,2013and21doc'tober,
mealing
Auditcommittee
IBI
Commltto€:
Remuneration
l.
Directorsof
Independent
Directorsand Non'Execulive
ot the followingNon-Exscutivs
comprises
Committee
Remuneration
the Board:
Nameof Director
ii,
Status
1
Shri HardiPSingh Bubber
Director
lndependent
Non-Executive
2
Director
Independent
Non-Executive
3
Shri SandeePLalwani
Director
lndependent
Non-Executive
Policy:
Remunsration
to ffact and rtain the
Tha companylollows a maftot linksd ]emunerationpolicy,which is aimedat enablingth€ c'ompany
best talent.The Companydoss not havean EmployeeStockOptionPolicy'
lli,
BroadTormsof referenceof the RsmunerationCommittee:
a.
lv.
of the Comparry'
To re@mmendand reviewremunerationpackageof ExecutiveDirocto6 and CompanySect€fary
b'Topresentrepofttoth6BoardonromunerationpackageofExocutiveDilectorsand@mpanys€crgtary.
2014 :
Detailsof remunerationpaid to the ExocutiveDirectorsduringthe year erded 31i Mardl'
a
ExecutiveDirectors:
Nameof the Director
Salary
Total
Perquisites
Shri Ajay Desai
27,71,500
2,28,350
29,99 , 850
Shri Ajay Parikh
28,97,257
1,02,543
29,99, 800
Termsof Gontract:
Dateof Appointment
Expiry of the Contract
Shri Ajay Desai
01$ March, 2012
28thFebruary,2017
Shri Ajay Parikh
01$ August,2013
31't July, 2018
Nameof the Director
as ExocutiveDkector' lf
The above ExecutivgDirectorsare rsquiredto givo 3 monthsnotice period for rssigndtion
is dotermined,they will be entiflod
betors expiry of servic€ contract,thsir tenure ol otfice of the ExecutiveDirectors
Act'
318 ot the Companiss
as per sec,tion
compensation
b
Non-ExocutiveDircctoF:
No sittingfee is paid to Non-ExecutiveDiroctors.
committoemeetingwas helddudngthe ygar'
No Remuneration
l5
Sharcholdcrdlnveators'crievancesCommlttee:
IC]
This committee,comprisesof the followingExecutiveDirectorand Non-ExscutiveIndependentDirectors,reviewing
shareholders'
comDlaints
and rssolutionthereof.
Name of Director
Status
1
Shri Ajay Parikh
ExecutiveDirector
2
Shri Hardip Singh Bubber
Non-ExecutiveIndependentDirector
3
Non-ExecutiveIndependentDirector
No Shareholders
/ Investors'
Gdevances
CommitteeMeslingwas heldduringths year endedgld March,2014as therewas
no majorcomplaintfrom shareholdsrs/investors.
3
GeneralBody Meotinga:
The lastthreeAnnualGeneralMeetingsIAGMS]of the Companywereheldon the followingdatesandtimeat PlotNo.491,
VillagsNurpura,P.O.Baska,TalukaHalol- 389 350, Dist.Panchmahals,
Guiarati
IAI
tB]
Detaib of last three AGMShetd :
AGM
Day and Date
Time
1gthAGM
Monday,19thSeptember,2011
11.00
a.m.
20thAGM
Monday,3rd September,2012
11.00
a.m.
21st AGM
Wednesday,31"tJuly, 2013
11.00
a.m.
Whetherspecial resolutlons werc put through postat ballot last yoar ? NO
Generally,
all the resolutions
in the GeneralBodyMeetingsare passedthroughshowol hands
lcl
Detalls of rcsolutlorc passed thrcugh Postal Ballot : NIL
lDl
Area propoeedto b€ conducted through postal ballot and prccedur€ ?
The Companyproposesto pass resolutionol GeneralBody Msstingsthroughpostalbaltotpaperand followths
poceduregivenunderthe Companies
Act.
4
ltisc,lo6ur€:
lAl
Disclosures
on materiallysignilicantrelatedpartytransactions
i.e. Transaction
ol the Companyof matsrialnature,with its
promoters,the Directorsor the management,
their subsidiaries
or relativesetc. that may have potentialconflictwith the
interestsof Companyat large
a.
b.
i)
Managerial
Remuneration
is paidto ShriAjay Desai,Executive
DirectorandShriAiayParikh,ExecutivsDirector.
ii)
Professionalfees have been paid to TranzmuteCapitat& Managementh^. Ltd.
Detailsof non-complianco
by ths Company,penaltias,strictureimposedon the Companyby StockExchangoor SEBI
or any statutoryauthority,on any mattsrrelatedto capitalmarkets,duringthe last thre€years. : NO
5
Meansot Communlcation:
tAl
Quanedy/ HalfYearlyFinancialResultsof the Companyare fonrrarded
to the StockExchange,
Mumbai,wherethe sharesof
the Companyare listod.Further,the samearo publishedin Englishand GujaratiNewspapers.
,
Haffyearly reportsare not sent to each householdof shareholdsrsas the resultsof thg ComDanvare Dublishedin the
newspapers.
IBI
Companyhas not madeany pressniations
to any Institutional
Investors
/ Analystduringthe p€riod.
ICI
The ManagementDiscussion& AnalysisReportattiachedherewithfoms part of CorporateGovernanceReport.
lDl
Companyhas its own websiteand alt the vital informationrelatingto the Companyand its productsis disptayodon the
w6bsite.
Addrsssof the website
:
www.axtglindia.com
t4
6
GeneralShareholderlnformation
tAl
AnnualGeneralMeeting
22nd Annual General Meeting
Dayand Date
Time
1 1 . 0 0a . m .
Venue
Plot No. 4311,YillageNurpura,P.O. Baska,Tal. HALOL- 389 350,
FinancialCalender
i.
tBl
[01'tApril,2014to
31sMarch,20151
22nd Annual General Meeting
ii.
1't QuarterlyResult- 14/0812014
2ndQuarterlyResult- 14/11/2014
3'dQuarterlyResult- 14/01/2015
in the month of May, 2015
auditedresultfor the year ended 31103/2015
ICI
RegisteredOffice
Plot No. 43/1, VillageNurpura,P.O. Baska,Tal. HALOL- 389 350,
Tel. : [02676] 247900,Fax : [02676] 247125
Corporate ldentificationnumber(ClN)
191110GJ1991P LC 016185
E-mail address
[email protected]
website
www.axtelindia.com
tDl
Listing on Stock Exchanges
The Stock Exchange,Mumbai
Phiroze Jee Jeebhoy Towers,
Dalal Street, Mumbai - 400 023
Tel : lO22l 22721234, 22721233
Fax : lO22)22723719
tEl
StockCode:
Mumbai
The StockExchange,
523850
lSlNfor equitysharesof the Company
tNE767C01012
Mumbai.
Listingfee for the year2014- 2015has beenpaidto the StockExchange,
tR
Marketpricedata:
Tho squitysharesof the Companywers tradedat the StockExchangs,Mumbaiat pricebetrve€nFb.4.g/ to Rs.8.88psr share
dudnglast ons ysar.
tcl
Dematerialization
of sharoand liquidity
total sharesropresenting74,32,285shatesye.e held in dematerialized
As on 31d March,2014, 74.92 o/oot lhe C,ompany's
25,67,515shareswereheld in papsrform.
form andthe balanco25.68%representing
IHI
Addressof Registrars
and Sharelransferagent :
[[
ShareTransferSystom:
Link IntimeIndiaPrivateLimited,
Floor,
B-102-103,ShangrilaComplex,First
Near RadhakrishnaChar Rasta,Akota, BAFODA- 390 02
TsleDhoneno. 0265- 2 5657512356794
in dsmatmode.Sharcsin physicalmode
Tho Company'ssharesars tradcdin ihe BombayStockExchangecompulsorily
which ars lodgedfor transferare procossodand returnedto the shareholderswithinthe stipulatedlirn€ by the shar€transisr
agentLink IntimeIndiaPrivatsLimited,Baroda
Annual Keport 2O|3-2OL4
l5
AXTEL INDUSTRIDSLIMITDD
tJl
Distributionof shareholdingas on 31"t March, 2014 -.
Category
No. of Shares
Pramoter
Group[including
NRI Director]
48,6Z,9T6
48.68%
NRI/OCB
4,00,932
4.01o/o
Bodies Corporate
2,64,001
2.640/"
Others
44,66,991
44.670/"
99,99,900
tK
tll
Percent
100.00%
OutstandingGDR'S/ADR
s/Wanantsor any Convertibleinstruments,c,onv€rsiondats and likely impacton €quity : 61,55,000
warrantrsof Rs.10sach tor cash at par have been issuedon preferontialba6ison Ost' December,2oi2to be convededinto
equityshareswithin18 monthsfromthe dateof allotmentas on 31dMarci,2ol4 and the said61,55,000wanantsof Rs.lO
eachhavebeenconvertedin to 61,55,000equitysharesof Rs..loon 4b June,2o14.
Plant Locations:
The CompanysPlantis locatsdat: Plot No.4gli, VillagsNurpura,
P.O. Baska,Tal. HALOL- 389 3S0
Disl. Panchmahals,
Guiarat
Tel : [02676]247900
Fsx : 1026761
247125
tt\tl Addresstor clrrespondonce :
with the company
plot No.4Cl1,VillageNurpura,
p.o. Baska,Tat.HALoL- 389350
Dist. Panchmahals,Guiarat
Tel : [02676]247900
Fox : 102A761
247125
On behalfol the Boardof Directors
Date:11.08.2014
RegisteredOffice : Plot No.4"3il1,
Vittage: Nupura,
Dist.Panchmahals,
Guiarat
lAiay Natehad Do€all
ExeautiveDirector
lAjay Nalln Parikhl
ExecutivsDirector
l6
AXTEL INDUSTRIESI,IMITED
Management
Discussionand Analysis
Axtel industriesLtd. is gngagedin the manufacture
of customdesignedfood processingplantsand machinoriesas per the
requiremenVspecifications
of its variousclients.lt is a leadingsupplierof procsssengine€ring
equipment
andturnkeysystemsto the
food and pharmacsutical
industriesmeetingthe standardsof quality,designand specifications
ot its clients.
The companyhas be€nmanufacturing
tho variouscategories
of ProcessPlants/Equipments.
The growthof the companyis mainlylinkedto the groMhof the foodprocessing
industry.Givenbelowis the protiloand outlookof
the same,
Indlan Food and Food ProcessingIndustry
Ths Indianfood and drinks markethas observedstronggrowthover tho pasl few years. Economicliberalizationand dsing incomg
of middleclasspopulalion
havehada positiveimpacton consumorspendingandconsumption
in bothruralandurbanareas.Indian
consumernow spendsa significantproportionof disposabloincomeon food and other essentialcommodities.Severalothertactors
like demographic
and macroeconomicconditionshavealso givenfillipto expenditure
on food in the country.
Packagedfood and ready-to-eatfood havealso seen strongdemandas life in metos becomosmors hecticand busy"Peoplelook
for healthyand rsady to eat lood to avoidtime wasiageon preparation.
World Food and Food Proc6ssingIndustry
The globalmarketfor tood proc€ssingmachinery& equipmentis forecastto rsachUS$47billionby the year 2015.Key factoF
drivingmarketgrowthincludedevelopment
ol food products,new processes,increasedconsumerawareness,and govsrnmsnt
rogulationslegardinghealthand hygiens.In addition,economicgrowthin developingnationsis expectsdto propelths market
demandfor lood processingmachinery& oquipment.
The markstfor food processingmachineryis linkedto lhe structure,behaviour and trendsin the food processingindustry.Ths food
processingmarkotis undsrgoingmajorchangesdue to the rapid tochnologicaladvancsmentsand tightsningof snvironmentaland
hygienicregulations.Manufacturers
of food and bevsragoprocossing,sterilization,conservalionand packagingmaciineries,
espociallythosedealingwith meatanddairyproducb,are focusingon addressing$ese changesin oder to eploit new opportunities.
Reliabililyand efficiencyof the equipment,oxtsnsivedistributionfacilities,and effectiveserviceare key factorsior successin this
highlycompetitiveindustry.
Internal Control Systems
The Companyhas strsngthened
its internalcontroland auditaspectsby appointingoutsidsag€ncytor intsmalauditof certain
impottantaspectsof oparations,apart from usual transactionalvsrifications.Thore ars adoquatechecks and controlsto ensure
comDlianca
of variousstatutes.
Financialpsrfdrmance
On the net sale ol Rs.4813.47lacs (previousyear Rs.6038.87lacs),the profitbeforedepreciation
and tax is Rs.695.78lacs
(previousyear Rs. 638.42lacs - increaseof 9.02 % over prsviousyeao and profitafier tax is Rs. 276.38lacs ( previousyear 337.94
lacs - decreaseof '18.21% over prsviousyear),Thusihe performance
has be€nencouraging
comparingrecessionary
trendin
overall oconomy.The improvemontin the prolitabilityhas strengthenedfinancialpositionot lhe Company.
Expansionof Exbtlng FacllltleE
In anticipationof increasingitrsoverallbusinessin an industry( food processing)er(poriencing
substantialgroMh , the Companyhas
made an expansionof its existingmanufactudngfacilitissat total projeclcost of Rs.21.54crores.
To financethisexpansion
thecompanyhasutilisedtermloanof Rs.13.50
crores lromBankof Baroda;the balancehasbeenfundod
throughintsrnalaccruals.
Humanrcsourca
Tho Companyconsidersits omployees
as its valuableassets.The Companyfocus€son buildingan organisation
throughinduction
and development
of talentto meetcurrentand futureneeds.VariousHR initiativeshavebs6ntakonto alignHR policiesof the
Companywith the grorvthprojectionsof the company.
Duringthe year underreviow,ths Companycontinuedto havocordialand harmonious
relationswith its omployees.
Annual Keport 2OL3-2O14
l7
AXTAL TNDUSTRIAST,IMITAD
CERTIFICATE
ON COMPLIANCE
OF CLAUSE49 OF THE
LISTINGAGREEMENT
To,
AXTELINDUSTRIES
LIMITED
Village:Nurpura,P.O.: Baska
Halol:389 350,
Dist.Panchmahal,
Gujarat
We have reviewedthe recordsconcerningthe companyscomplianceof conditionsof CorporateGovernanceas stipulatedin
Clause49 ol the ListingAgreement
enteredin to by the companywiththe StockExchanges,
for the tinancialyearended31i March
2014.
The ctmplianceof conditionson CorporatsGovsmanceis the responsibility
of the management.
Our examination
was limitedto
procedureand implementation
thereof,adoptedby the companyfor ensuringthe complianceof the conditionson the Corporate
Govemance.
lt is neitheran auditnor an exprsssionot opinionon the financialstatements
ot the company.
Wo haveconductedour reviewon the basisof the relevantrocordsand documentsmaintainedby the companyand fumishedto us
for the reviewand the inlormalion
givento us by the company.
and explanations
Bas€don such review,in our opinion,the companyhas compliedwith the conditionson CorporatoGovernance,
as stipulatedin
Clause49 ol the said ListingAgrsoment.
Wefurtherstatsthatsuchcomplianceis nsitheran assuranceto the futureviabilityof the companynoras the officiencyor etfectiveness
with whichthe managsmenthas mnduc,tedthe atfairsof the company.
For DINESHMEHTA& CO.
COMPANY
SECRETARIES
PLACE : Baroda
DATE : 11.08.2014
MEHTAI
IDTNESH
Proprietor
c . P N O .2 1 2 7
18
REPORT
AUDITOR'S
INDEPENDENT
To,
The Members,
AXTELINDUSTRIES
LIUITED
linancialstatementsof AXTELINDUSTRIESLIMITED,whichcomprisethe BalanceSheotas at
We haveauditedthe accompanying
March31, 2014,andthe Statementot Profitand Lossand CashFlowSiatementlor the yoarthen ended,and a summaryof significant
accountingpoliciesand otherexplanatoryinformation.
that givea true andfair viewof the financialposition,
of thesefinaneialstatements
for the preparation
Management
is responsible
(3C)
Standardsreterredto in sub-section
withthe Accounting
tinanciatperformance
andcashtlowsof tha Companyin a@ordance
of the
Act, 1956(.theAct') readwiththe GeneralCircular15/2013dated13s Sepetember,2o13
of section211 ol the Companies
principles
withthe accounting
Act 2013andin accordance
Affairsin respectof Section133of the Companies
Ministryof Corporate
ol internalcontrolrelevantto
and maintenance
generallyacceptedin India.This rssponsibility
includesthe design,implementation
the preparatignand preseniationof the financialstatementsthat give a true and fair view and are tree lrom materialmisstatement,
whetherdueto fraudor eror.
ou] auditin ac@rdance
basedon our audit.We conducted
is to expressan opinionon thesefinancialstatements
Our responsibility
with the Standardson Auditingissuedby the Instituteof CharteredAccountantsit India.ThoseStandardsrequirethat we comply
with ethicalrequirementsand plan and performthe auditto obtainreasonableassuranceaboutwlFther the financialstatementsare
free from materialmisstatement.
in the financialstatements.
to obtainauditevidenceaboutthe amountsand disclosuros
An auditinvolvesperfomingprocedures
The proceduressetecteddependon the auditor'siudgment,includingthe assessmentof the risks ol matelialmisstatementof lhe
the auditorconsidersinternalcontrclrelevant
financialstatements,
whetherdueto fraudor enor.In makingthoseriskassessments,
in orderto designauditproceduresthat are appropliate
to the Company'spreparationand fair presentatiohof the financialstratements
ot the companysintemalcontrol.An audit
an opinionon the effeativeness
in the circumstances,
but notfor the purposeof expressing
of the accountingestimates
ol accountingpoliciesusodand the reasonableness
also includesevaluatingthe appropriateness
the overallpresentation
of the financialsiatem€nts.
madeby management,
as well as evaluating
to providea basisfor our auditopinion.
We believethatthe auditevidencswe haveobtainedis sutficientand appropriate
givento us, the financialstatementsgivethe
and accordingto the explanations
In our opinionand to the bestof our information
plinciples
requiredby the Act in lhe mannerso requiredand givea true andfair viewin contornitywiththe accounting
information
generallyacceptedin India:
a) in the caseof the BalanceSheet,of the stateot affairsof the Companyas at March31,2014;
b) in the case ot the Profitand LossAccount,of the.profitfor the year endedon that date; and
c) in the case of ths.Cash FlowStatement,of ths cashflowsfor the year endedon thai date.
ol Indiain terms
(AuditoisReport)Order,2003("theordef)issuedby the CentralGovsmment
1. As requiredby the Companies
of sub-section(4A)ol section227 of the Act, we give in the Annexuroa statementon the mattersspecifiedin paragraphs4 and
5 of the Order.
2. As requiredby sec'tion227(3)ot tho Act, we reportthat:
a) we haveobtainedall the inlomation and exptanationswhichto the best of our knowledgeand beliefwsre necessarylor
the purposeot our audit;
b) in our opinionproperbooksof accountas requiredby law havebeenkeptby the Companyso far as app€ar tromour
examination
of thosebooks
c) the BalanceSheet,Statementof Protitand Loss,and CashFlowStatementdsaltwith by this Reportare in agreementwith
the books ofaccount.
d) in our opinion,the BalanceSheet,Statementof Profitand Loss,and CashFlowStatementcomplywiththe Accounling
ot the ministryof
Standardsnotifiedundsrthe Act readwith the GeneralCircular15/2013dated13s Septomber,2olS
CorporateAffairsin rospectof Section133 of the CompaniesAct ,2013;
roc€ivodtromthe directorsas on March31, 2014,and takenon recotdby the
e) on the basisof writtenrepreseniations
as a dirsctorin terms
as on March31,2014,frombeingappointed
noneol the directorsis disqualified
Boardof Directors,
'
Act, 1956.
(1) of section274 of the Companies
of clause(g) of sub-section
Sincethe CenlralGovernmsntha9 not issuedany notilicationas to the rate at whichthe cess is to be paid undersection
0
,1414of the Companies
the mannerin which
Acl, 1956nor has il issusdany Rulesunderthe saidsection,prsscribing
suchcessis to be paid,no cessis dueand payablsby the Company.
For V. K. SHASTRI& CO.,
Chartered Accountants
FRN: 113325W
Place: Vadodara
Date: 3OlO5l2A14
CA. V. K. SFIASTRI
(Sole- Froprietor)
MembershipNo. : 042774
t9
ÂXTELINDUSTRIESLIMITDD
The Annexurc reterredto In ParagEPhI ot the Our Repod of even date to ths membersot AXTELINDUSTRIES
LIMITEO.on th€
accountsof the companyfor the yeat ended31dMarch,2014,
On the basisof suchchecksas we considered-appropriate
and accordingto lhe information
and explanation
givento us during
ths courseol our audit,we rsportthat:
1.
2
3.
(a)
The companyhas mainiainedproperrecods showingfull particulars
Includingquantitative
detailsand situationof its
fixedasseb.
(b)
As explainedto us, fixed assetshave been physicallyverifiedby the managementat r€asonableintervals;no material
discrepancies
were noticodon suchverilication.
(c)
In our opinionandaccordingto the information
and explanations
givenlo us, no fixedassethas be€ndisposeddudng
the yearand thersforedoesnot affsctthe goingconcemassumption.
(a)
As explainedto us, inventories
havebeenphysically
veritiedduringthe year by the management
at reasonable
intervals.
(b)
In our opinionand accordingto ths information
givento us, the procedures
and explanations
of physicalverification
of
inventoriesfollowedby the managementare reasonablsand adequatsin relationto the size of the companyand the
natureof its business.
(c)
In our opinionandon the basisof our examination
ot the rscords,the Companyis gensrallymaintaining
properrecords
of its invenlories.No materialdiscrepancywas noticedon physicalverificationof stocksby the managementas compaEd
to book rocords.
(a)
Accordingto the informationand explanationsgivento us and on ths basisof our examinationol the booksof account,
the Companyhas not grantedany loans,securedor unsecur€d,to companies,fims or otherpaftieslistedin tho register
maintained
under Section301 ot the Companiss
Act, 1956.Consequently,
the provisions
of clausesiii (b),iii(c)and iii
(d) of the order are not applicableto the Company.
(b)
Amordingto the informationand explanationsgivento us and on the basisof our examinationof the booksof
account,the Companyhas not taken unsecuredloanstrom companies,ffrms or othsr parties listed in the registor
maintained
underSection301 of the Companies
Act, 1956.Thus
sub clauses(D & (g) are not applicable
to tho
company
4'
In our opinionand accordingto the infomationand e)qplanalions
givento us, therois generallyan adequateinternalcontrol
procedurecommensuratewith the size of the companyand the naturoof its businsss,tor the purchaseof invontories& fixed
assetsand paymentfor expenses& for saleof goods.Duringthe courseof our audit,no maiorinstanceot continuing
failure
to correctany weaknessesin the intemalcontrolshas been noticed.
5.
(a)
Basedon the audit proceduresappliedby us and accordingto the informationand explanationsprovidedby the
management,the particularsol contractsor anangemsntrs
rsterredto in s€ction301 of lhe Act havebeenenteredin the
registerrequiredto b€ mainiainedundsr that section.
(b)
As per information
givsnto us and in our opinion, in respectof the transactionenteredinto by fli€
& explanations
companywith partiescoveredu/s 301 of the Act which exc€€dfivo lacs rupess in a tinancialyear in respectof each
party, have been made at pric€swhich appearroasonableas por intormationavailablewith the company.
6.
The Companyhas not acceptedany dspositsfrom the publiccovorsdunder s€ction58A and 58AA of the CompaniesAct,
. 1956.
7.
As per information& explanations
givenby the managament,
the int€rnalauditof the Companyhas beenconductedby
independ€nt
firm of CharteredAccountants.
In our opinion,the intemalauditsystemis commensurate
with its size of the
companyandthe natureof its business.
8.
As per information& explanationgiven by the managemont,maintenanceof cost recordshas been prsscribedby the Central
Govemmeniunderclause(d) of sub-section(1) of section2Ogot the Act and we aro of the opinionthatDrimafacieths
prsscribedaccountsand recordshave b€en madeand maintainsd.Ws have, however,not made a detailedexaminationol
the cost rocords.
20
9.
(a)
Accordingto the recordsof the company,undisputedstatutorydues includingProvidentFund, InvestorEducationand
ProtectionFund, Employees'State Insurance,Income-tax,Sales-tax,Wealth Tax, SeruiceTax, Custom Duty, Excise
Duty, cess to the extent applicableand any other statutorydues have generallybeen regularlydepositedwith the
appropriateauthorities.Accordingto the informationand explanationsgiven to us there were no outstandingstatutory
dues as on 31"tof March,2014for a periodof more than six monthsfrom the date they becamepayable.
(b)
Accordingto the informationand explanationsgivento us, there is no amountspayablein respect of incometax, wealth
tax, seruicetax, sales tax, customs duty and excise duty which have not been depositedon account of any disputes
except the following:
Name of Statue
lncomeTax
Act.1961
Name of Dues
Amount(t)
FBT
Period to which
amount relates
1,93,150/- P .Y .05-06
A .Y .06-07
Forum where dispute ispending
IncomeTax Appeallate
Tribunal,Ahmedabad
lossand has not incunedcashlossduringthe financialyear coveredby our
1 0 . The Companydoesnot haveany a@umulated
prec€dingfinancialyear.
auditand in the immediately
givenby the management,
we a]e of the opinionthat,
andon the information
andexplanations
1 1 . Basedon our auditprocedures
of duesto a financialinstitution,
bankor debentureholders.
the Companyhas not defaultedin repayment
12.
givento us, the Companyhas not grantedloansandadvan@son the basisof
According
to the information
andsxplanations
and othersecurities.
securityby way of pledgeof shares,debentures
(Auditor
4 of the companies
1 3 . The naturoof company's
activitiesduringtho yearis suchthat,clause(xiii)and(xiv)of paragraph
Report)order 2003 are not applicableto the companyfor tho year.
14.
givento us,the Companyhasnotgivsnanyguarantees
for loantaksnby others
Accodingto the intomationandexplanations
lrom a bankor financialinstitution.
15.
givsnby the management,
we reportthatthe term
and explanatlons
and on the information
Basgdon our auditprocedures
loansavailedby the companywereprimefacieapplisdby the companyfor the purposolor whichthe loanswereobiainod.
16.
Basedon the informationand explanationsgivento us and on an overallexaminationof the BalanceSheetof the Company
by the
basishavebeenusedfor long-terminvestment
as at 31dMarch,2014,we roportthat no fundsraisedon short-term
Company.
17.
Basedon the audit procedurespsrformedand the infomation and explanationsgivento us by the management,we report
basis.
that the Companyhas not madeany allotmsntof sharesduringthe previousysar on preferential
18.
duringthe periodunderaudit.
The Companyhas no outsianding
debentures
19.
The Companyhas not raisedany moneyby publicissueduringthe year.
20.
Basedon the audit proceduresperformedand the informationand explanationsgivenlo us, we reportthat no traud on or by
the Companyhas beennolicedor rsportedduringthe year,nor havewe beenintormedot suchcaseby the management.
CharteredAccountants
FRN: 113325W
Place: Vadodara
Date: 3010512014
Annual Report 20 I 3-2OL4
CA. V. K. SHASTRI
(Sole- Proprietor)
MembershipNo. :042774
2l
AXTEL INDUSTRIESLIMtrT'AD
BALANCESHEETAS AT MARCH31, 2014
Particulars
I.
EQUITYAND LIABILITIES
(1) Shareholders' Funds
(a) Share Capital
(b) Reservesand Surplus
(c) Money received against share warrants
(Pending Allotment)
(d) ShareWarrantsAlloted
Note
No.
1
2
As at 31st March,2014
Rs.
Rs.
99,999,000
172,423,912
gg,ggg,000
145,110,106
15,387,500
1b,382,500
287,809,412
(21Share application money pending allotment
(3) Non - current liabilities
(a)
(b)
(c)
(d)
Long term borrowings
Deferredtax liabilities(Net)
Other long term liabilities
Long Term provisions
(4) Current Liabilities
(a) Short term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short term provisions
4
5
6
(b)
(c)
(c)
(d)
Non - currentinvestments
Deferredtax assets (Net)
Long term loans and advances
Other non current assets
(2) Current Assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short term loans and advances
(f) Other current assets
260,495,606.
82,500,000
6,771,339
34,741,949
79,956,043
1,300,264
27,344,027
124,013,299
7
8
I
10
11
11
12
13
4
14
108,600,334
84,913,503
93,021,309
18,822,230
57,121,091
TOTAL
ASSETS
(1) Non - current assets
(a) Fixed Assets
(i) Tangibleassets
(ii) Intangibleassets
(iii) Capitalwork in progress
(iv) lntangibleassets under development
As at 31stMarch,2013
Rs.
Rs.
69,165,739
88,534,999
48,297,536
47,669,203
253,878,132
253,667,465
665,700,932
622,763,404
242,639,950
1,243,963
3,538,130
167,996,969
2,673,105
29,088,111
247,420,943-
199,659,094
28,594,729
21,005,177
276,005,671
15
16
17
18
109,225,299
175,715,025
16,690,796
99,064,043
220,663,261
76,529,719
171,972,657
12,706,562
140,991,205
389,695,162
TOTAL
SignificantAccountingpolicies
Notes on Financialstatement
In Accordancewith our Reportol evendate
ForV. K. SHASTRI
& CO.,
Chartered
Accountants
Firm number:113325W
(v. K.SHASTR|)
Sole Proprietor
Date:30/0512014
Annual Keport 2Ol5-2O14
165,ru9a33
402,100,'143
622,763,404
1to29
For and on behalf of the Board
(AJAY DESAT)
Executive Director
(AJAY PARTKH)
ExecutiveDirector
Date : 3010512014
22
AXTAL INDUSTKIESLIMITED
ANDLOSSFORTHEYEARENDEDMARCH31,2A14
OF PROFIT
STATEMENT
Particulars
2013-14
Note
No.
l.
Revenuefrom Operations
19
ll.
Other lncome
20
lll.
Tota! re\renue(l + !l)
lV
Expenses
Vl
2012-13
Rs.
603, 887, 173
481,347,458
2,016,601
3,362,734
483,364,059
647,249,947
307,639,329
a
Cost of materialsconsumed
21
237,071,962
b
Changesin inventoriesof finishedgoods,
work in progressand stock in trade
22
(30,312,516)
c
Employeebenefitsexpense
23
96,004,570
85,027,472
d
Financecosts
24
21,839,921
7,087,786
e
Depreciationand amortizationexpense
25
27,982,418
13,756,883
f
Other expenses
26
89,181,217
93, 029, 304
441,767,572
557,164,672
Total Expenses
V
Rs.
Rs.
and
ProfiV(Loss)
beforeexceptional
itemsandtax (lll-lv)
extraordinary
,
206,759,446 50,623,898 358,263,227
41,596,487
50,085,235
41,596,487
50,085,235
41,596,487
50,085,235
ltems
Exceptional
itemsandtax (V-Vl)
Vll Profit/(Loss)
beforeextraordinary
Vlll Extraordinary
ltems
lX
Profitbeforetax (Vll-Vlll)
X
Tax expense:
txl
27
(1) Currenttax (ReferNoteNo.9 in othernotes)
8,487,271
14,902,368
(2) Deferredtax
5,471,075
1,388,538
ProfiV(Loss)
for the periodfrom continuingoperations(Vll-Vlll)
13,958,346
16,290,906
27,638,141
33,794,329
, xll ProfiV(loss)from discontinuingoperations
xill Tax expenseof discontinuingoperations
.
from discontinuingoperations(aftertax) (Xll-Xlll)
XIV ProfiU(loss)
33,794,329
27,638,141
XV ProfiU(Loss)for the period (Xl + XIV)
XVI Earningper equity share:
3.38
2.76
( 1) B as ic
(2) Diluted
SignificantAccountingpolicies
Notes on Financialstatement
In Accordancewith our Reportof evendate
ForV. K. SHASTRI
& CO.,
Accountants
Chartered
Firm number:113325W
(v. K.SHASTRT)
Sole Proprietor
Date:3010512014
1to29
(AJAY DESA|)
ExecutiveDirector
Date : 30105120'14
(AJAY PARTKH)
Executive Director
23
AXTEL INDUSTKIASI,TMITAD
CASH FLOWSTATEMENTFOR THE YEAR ENDEDttilARCH31, 2fi14
Particulars
2013-14
2012-13
Rs"
Rs.
Gash flows from operating activities
Profit before taxation
Adjustmentsfor:
Depreciationand amodizationexpense
Interest received
Loss/(gain)on sale of Assets/lnvestments
Interestexpenses
(lncrease)/decrease in trade and other receivables
(lncrease)/decreasein inventories
lncrease/ (decrease)in trade payables and other payables
41,596,497
50, 085, 235
27,982,418
(998,668)
41,939
22,003,018
13,756,993
(2,129,241\
143,041
6,4' ,5,480
40,505,243
(31,695,579)
(2,668,101)
49,029,609
90,625,094
(124,151,136)
44,240,744
40,533,974
(39, 376, 418)
6 , 1 4 1, 5 6 3
Income taxes paid
13,958,346
Net cash from operating activities
Gash flows from investing activities
Purchaseof property,plant and equipment
Proceedsfrom sale of property,plant and equipment
Purchase of investnenb
Proceeds from sale of investments
Interest received
Net cash from investing activities
Cash flows from financing activities
Proceedsfrom share Warrants refund
Proceedsfrom long term borrowings
Repaymentof short term borrowings
Interest paid
Net cash from financing activities
96,766,657
13,958,346 16,290,906
82,808,311
(76,158,449)
47,000_
18,'l97,'!63
68,272,398
28, 895, 990
16,290,906
'12,605,074
(108,218,793)
65,219
102,750
2,129,241
998,668
(75,112,791)
(105, 922, 583)
(2,360,000)
64,070,777
5,171,398
(6,415,490)
2,543,957
15,747,765
(22,003,018)
(3,711,296)
60,466,695
Net increase(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of reporting period
9,984,234
12,706,562
(s2,85t),814)
45,557,377
Gash and cash equivalents at end of reporting period
16,690,796
f 2,706,563
Cash & Cash equhralenb:
Cash and cash equivalentsconsistof cash on hand and balanceswith banks,and invostmsntsin moneymatketinstruments.Cash
and cash equivalsntsinduded in the statementof cash flows comprissthe followingamountrsin the balancesheet:
Cash on hand and bank balances
Short term investments
16,690,796
12, 706, 563
Cash and cash equivalentsas reported
Effect on exchange rate changes
16,690,796
12, 706, 563
Gash and cash equivalents as restated
16,690,796
'[2,706,563
In Accordance with our Report of eyen date
Chartered Accountants
Firm number: 113325W
(v. K.SHASTRT)
Sole Proprietor
Date: 3010512014
{A-'AYDESAT)
ExecutiveDirector
Date : 3010512014
(AJAV PARTKT-|)
ExecutiveDirector
24
AXT'DLINDUSTRIESLIMITED
NOTESTO FINANCIALSTATEN'IENTS
Farticulars
n
As at 31st March,z0l4
Number
Rs.
Nurnber
Rs.
Share Capital:
Authorized:
2,00,00,000Equitysharesof Rs.10i- each
20,000,000
200,000,000 20,000,000 200,000,000
200,000,000
200,000,000
lssued, subscribed and fully paid up:
9999800Equity sharesof Rs.10/- each
At the beginningof the reportingperiod
9,999,800
99,998,000
9,999,80;
99, 998, 000
9,999,800
99,998,000
9,999,800
99, 998, 000
lssued during the reportingperiod
Bought back during the reportingperiod
At the close of the reportingperiod
99,998,000
99,998,000
Total
Other lnfarrnation:
I Particularsof equity share holdersholdingmore
than 5% of the total numberof equityshare capital:
2
1
Ajay Desai
921,935
921,935
2
KiritkumarPathak
765,144
765,144
Reserves and Surplus:
Gapital Reserve
As per last BalanceSheet
- State Capital subsidy
2,500,000
2,500,000 2,500,000
2,500,000
Revaluation Reserve
Less: Transferredto profit & loss account
3,370,856
3,001,958
368.898
324,334
2,677,624
3,001,958
Profit and Loss Account
Add: Profitfor the year
139,608,148
105,813,819
27,638,141
33,794,329
TOTAL
167,246,288
139,608,148
172,423,912
145,110,106
Warrants:
lssued and subscribed :
61,55,000Warrantsof Rs. 10.00 each
6,155,000
61,550,000 6,155,000
61,550,000
61,550,000
61,550,000
'15,387,500 6,155,000
15,387,500
15,387,500
15, 387, 500
CalledAnd Paid up:
25"/" Amountof Warrentscalled and paid up @ of
Rs. 2.50 per warrantof Rs.10each
Total
Annual Report 20 L3-2OL4
6,155,000
25
AXTNL INDUSTRIESLIMITED
Particulars
As at 31st March,z014
4 Long term Borrowings
1) SecuredLoans:
Term Loans
- fromBanks- lOlOlBank(Vehicle
loan)
- frombanks- Bankof Baroda
TOTAL
As at 31st March,20'13
789,376
82,500,000
79,166,667
82,500,000
79,956,043
92,500,000
79,956,043
2) Unsecured Loans:
3) Total long term borrowings (1+2)
Add itional Information :
Detailsof securityfor securedloans
a
Rs. Nil (P.Y. 7,89,376/-)are secured by way of Hypothecationof
vehiclesRs. 8,25,00,000(P.Y.791,66,667/-)
securedTerm loanfrom
bank S ec ur ed b y fi rs t c h a rg e o n h y p o th e c ati onof pl ant and
machinery,Book debts and stock and equitablemortagageof land
and building.
b
rerms of repayment of term loans and others Vehicre roan is
repayablein 36 monthlyinstalmentsat interestrate of 10.26%p.a.
Term Loan from bank is repayablein 18 Quarterlyinstalmentsat
interestrate of 13.50%p.a.
Deferred Tax Assestes/Liabilities.
i)
Deferred tax liability:
a)
b)
On account of depreciationon fixed assets
On accountof timing differencesin recognitionof expenditure
6,960,390
1,499,315
Total
6,960,390
1,489,315
189,051
189,051
189,051
189,051
ii) Deferred tax asset:
On accountof Unabsorbedlosses and depreciationunder
the IncomeTax Act. 1961
Total
t{et Deferred tax (liabllity/asset
6
Oilrer Long brm liabilities
Trade Payables
_ig4E3el
_!a00a6a)
Employees Benefits
9,399,000
26,352,949
3,389,000
23,955,027
Total
34,741,949
27,344,A27
799,376
1,762,990
7
Short tern Borrouings
1) Secured Loans:
a) Loans repayablewithin next 12 Months
- from banks - lOtOl Bank(VehideLoan)
- from Banks - Bank of Baroda
b) Other Loans and advances
- For working Capital
30,000,000
15 , 833, 333
44,124,127
- For Bill discountingAccount
32,454,390
10,000,000
1 9 , 115 , 1 2 5
Total
94,913,503
69,165,738
Annual Report 2O|3-2OL4
26
Particulars
Add itional lnformation :
a
b
Detailsof securityfor secured loans
1
(P.Y.324,54,390/-)secured loan from bank for
Rs. 441,24,1271workingCapitalFacilitiesand Rs 3,00,00,000/'(P.Y. 1,58,33,333/-)
Secured loan from bank for Expansionare Secured by first charge
on hypothecationof Plant and machinery,Book debts and stock and
equitablemortagageof land and building.
2
Rs . 7, 89, 376 /- (P.Y . 1 7 ,6 2 ,8 9 0 1 -la re s e cured by w ay of
Hypothecationof vehicles
Terms of repaymentof term loans and others Vehicle loan is repayable
in 36 monthlyinstalmentsat interestrate of 10.26%p.a.
Loan for Expansionis repayablein 18 Quarterlyinstalmentsat interest
rate of 13.50%p.a.
Trade Payables
I
a) To Micro,Small and Medium Enterprises
b) Others
93,021,308
99,534,988
Total
93,021,308
88,534,988
Additional Information :
The detailsof amountsoutstandingto Micro,Smalland MediumEnterprisssunder MicroSmalland MediumEnterprisss
DevelopmentAct, 2006 (MSMEDAct), basedon the availableinformationwih the Companyare as under:
As at 31.03.2013
As at 31.(X},2014
Particulars
SlNo.
Principalamountdue and remainingunpaid
Interestdue on (1) above and the unpaidinterest
Interestpaid on all delayedpaymentsunderthe MSMEDAct
Payment made beyond the appointedday during the year
Interestdue and payablefor the period of delay other than (3) above
1
2
3
4
5
6
Interestaccruedand remainingunpaid
Amount of further interest remainingdue and payable in succeedi
7
NOTE: ReferNoteNo.7 in other noteson Accounts
10
Othercurrentliabilities:
Payable
a) Deductions
b) Advancesfrom customers
liabilityfor expenses
c) Outstanding
d) Statutoryliabilities
13,997
13,997
17,103,225
41,421,175
Total
19,822,230
48,297,536
4,966,692
4,002,075
52,154,399
43,667,128
57,121,091
47,669,203
538,824
1,166,184
394,238
6,468,126
'Short
term provisions:
a) Provisionfor employee benefits
b) Others
Provisionfor taxation
Total
boing the provision tor taxaffon
includes Rs. I /r2,86,60d{P.Y.Rs.l 49,011,368/-)
(Nore:tu.521,2t ,G)1/' (p.y. Rs. 435,87,406y-)
for cuffent year F.Y.1+14)
Annual Keport 2O|5-2OL4
27
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2B
AXTDL INDUSTKIESLIMITED
Particulars
n2 CIapitalwork in Progress:
underinstallation
i) Plantand Machinery
installation
under
iD Electriification
in Progress
iii) Furniture
underinstallation
iv) OfficeEquipments
v) SoftwareunderdeveloPment
975,682
42,448
17,006,267
8, 318, 080
1,170,264
:
2,520,000
73,500
2,520,000
3,538,130
2 9n088n111*
3,538,130
29, 088, 111
Less:
for imPairment
Provision
Total
1 3 Non Current Investments:
As at 31,03.2014
Details of lnvestments
a) lnvestmentsin debenturesor bonds
As at 31.03.2013
L
Total
Information:
Additional
1) Aggregatevalueof unquotedinvestments:
Cost
14 Long term loans and advances:
Other loans & advances
Funds
Earmarked
OtherDeposits
Advancesgivenagainstorder
26,352"950
731,778
1,5{10,000
28,584,728
15 Inventories:
i) Raw materials
il) Workin progress
iii) Goodsin transit:
Raw materials
Total,
16 Trade receivables:
Good)
(Unsecured
and considered
exceedingsix months
i) Tradereceivables
20,386,091
619,086
_?!,oM/7?
70,067,756
68,684,693
38,157,542
7,845,026
108,225,298
]98!E
41,604,574
23,738,948
1 3 4 , 11 0 , 4 5 0
148,133,709
Total
175,715,025
171,872,657
17 Cashand cash equivalents:
i) Balanceswith banks
- in otheraccounts(Currentaccount)
ii) Cashon hand
16,403,747
287,O49
12,643,991
16,690,796
12,706,562
ii) others
.
Total
62,571
AXTEL INDUSTRIESLIMITtrD
Particulars
Additional information:
The details of balancesas on BalanceSheet daies with banks are as follows:
State Bank of India-NahavaSheva
SBI-Halol-Currentaccount
SB|-Vadodara-CurrentAccount (old CC)
Bank of Baroda-Halol-CO-Balance Current A/c
Bank of Baroda CurrentA/c
Bank of Baroda- Euro
Bank of Baroda- USD
Bank of Baroda- SFR
Citi Bank
ABN -AMRO OverdrattNc
S Bl-Alkapuri-current Account
Total
18 Short term loans and advances:
(Unsecuredand consideredGood)
i) Advancesto Staff & Suupliers
ii) Prepaid Expenesesand InterestAccrued
iil) Margin Money and other Deposits
iv) Foreign ExchangeFluctuationsUnrealized
iii) Balancewith GovernmentAuthorities
Excise and Sevice Tax
IncomeTax,T.D.S& OtherTaxes paid
Sales Tax, PurchaseTax Recoverable
Total
Particulars
19 Revenue from operations:
Sale of products
i) MachinesManufactured
ii) Others
Total
Less: Excise duty
Total
20 Other Income:
i) Interestincome
ii) Excise Duty Drawback
iii) Profiton sale of Assets
iv) Trade discount
v) DiscounVKasar
vi) Frieght & Export charges recovered
vi[) Late payment charges
Total
21 Gostof materialsconsumed:
a) i) Consumption
of raw materials
Total
b) Consumption
of major raw materials
i) S.S./M.S.
Steet
.
ii) Others
Annual Report 2OlS-ZOl4
12,001
29,175
32,590
106,615
10,015,000
As at 31stMarch,20lg
367,463
5,639,771
84,799
105,037
12,307
12,114
29,175
126,012
5, 096, 450
15,000
2, 349, 306.
3, 092, 567
1,796,712
11,439
105,037
21, 179
16,4O3,747
1 2, 643, 991
4,056,937
4,552,317
4,793,557
56,275,554
5,299,126
15 , 877, 179
45,192
5,307,419
68,162,343
2,191,571
4 , 939, 700
55,760,452
2,795,001
89,064,043
140, 991, 205
2013-14
2012-13
521,956,275
11,234,765
656, 574, 995
12,916,945
533,191,040
51,943,592
669,491,940
65,604,767
48l-4?,45I
ggg,66g
173,332
54,559
40,099
lmas?{I
2,129,241
973, 954
4,209
173,541
1g2,7gg
749,944
2,016,601
3,362,734
237,071,962
307,639,329
23?,0?l!62
307,639,329
97,225,926
139,946,036
122 , 069, 616
185, 570, 713
2013-14
Particulars
22 Changesin inventoriesof finishedgoo{s, work in progressand stock in trade:
Stocksat the endof the year
Work in progress
#,157,542
VariousMachieryand ComPonents
Total
of the year
Less: Stocksat the beginning
Work in progress
VariousMachieryand ComPonents
#,157,542
(lncrease/Decrease in stock
EmployeeBenefitExpenses:
1
i) Salariesand wages
to providentand otherfunds
ii) Contribution
to wholetime directors
iii) Remuneration
iv) Staff welfareexpenses
Total
FinanceGosts:
i) Interestexpense
ii) Otherborrowingcosts
and translation
on foreigncurrencytransaction
iii) Net (gain)/loss
7,945,026
7,845,426
58,468,924
7,845,(126
58,468,924
(30,312"516)
50,623,898
85,572,501
2,480,1@
5,999,650
1,952,317
75, 546, 618
96,004,570
85,027,472
22,003,018
1, 0 9 1 , 8 1 5
(1,254,9121
6,415,480
2,509,028
(1,ffi6,7221
21,839,921
Depreciationand amortization:
"
i)" Depreciation
of intangibleassets
ii) Amortization
Total
7,945,026
(
Total
26 Other expenses:
i) Powerand fuel
ii) Repairsto buildings
iii) Repairsto machine.ry
iv) Repairsothers
v) Insurance
vi) Ratesandtaxes
vii) Paymentto the auditors
- as auditor
- for taxationmatters
- for otherseruices
of expenses
for reimbursement
viii) FreightInward& Octroi
ix) Labour& job workcharges
x) Erection& commissioning
xi) Sellingexpenses
FreightOutward
- OtherSelllingexpenses
xii) TravellingExpenses
Expenses
xiii)Conveyance
xiv) Printing& Stationery
2012-13
2,404,581
5, 999, 689
1, 076, 584
_ t,w?!86
27,382,418
600,000
13, 156, 883
27,982,418
13,756,883
5,209,411
5,779,003
384,630
2,282,624
4,948,452
137,688
90,000
3,285
4,658,247
21,852,990
12,986,47,8
722,923
2,281,882
2,109,518
6,463,147
1,355,913
600,000
3,316,611
328, 316
165,682
684,403
3,490,252
171,349
79,750
11,000
19,250
9,186,953
33,340,246
11,802,185
817,492
3,096,072
3, 581, 073
3,311,198
1,542,010
5l
Particulars
2013-14
26 Other expenses(Contd..):
xv) Postage& Telegram
xvi) Discount,Kasar& Debtswrittenotf
xvii) Losson saleof MutualFund
xviii)Donations
xix) Legaland professional
charges
xx) OtherManufacturing
Expense
xxi) Losson saleof Asset
xxii) OtherofficeExpenses
976,250
1,340,254
30,000
1 0 , 0 11, 7 5 5
Total
Total
28 Additionallnformation:
a) Valueof lmportscalculated
on CIF basis:
i) Raw Materials
ii) Components
and spareparts
iii) Capitalgoods
b) Expenditure
in foreigncurrency:(netof withholding
tax)
i) For Purchaseof RawMaterial
ii) KnowhoMRoyatty
iii) Professional
and consultancy
fees
iv) Interest
v) Otfrermatters
c) Sr No Particulars
Amount
i) Valueof importedraw materials,spare
7 ,359,531
partsand componentsconsumed
ii) Valueof indigenousrzlwmaterials,
229,712,431
partsand compo.nents
consumed
3,584,491
147,250
37,501
8,983,992
857,079
41,939
4,440,344
4,601,072
_!9489{04
8,497,271
14, 902, 369
5,47',|,075
1, 399, 539
13,959,346
16, 290, 906
7,359,531
19, 532, 090
9,634,692
17,74',1,123
397,544
2,4gg,54;
% to total
3.17%
Amount
19,532,090
96.83%
288,107,249
237,071,962
d) Earningsin foreign exchange:
Export of goods calculatedon FOB basis
29 Gontingent liabilities and Commitments:
(to the extent not providedfor)
a) ContingentLiabilities:
i)
claims against the company not acknowledgedas debts
'
ii)
Guarantees(Bank)
iii) Bills receivablediscountedwith the bank not matured
iv) Tax demands under disputes including FBT
b) Commitments
i) Estimatedamount of contractsremainingto be executedon capital
account and not providedfor (net of advances)
ii) uncalled liabilityon shares and investmentspartly paid
iii) Other Commitments(Specify nature)
Annual Report 2OIS-ZOL4
g74,Og7
1,174,594
_t9:181,21?
27 Tax Expense
CurrentTax
Incometax for the year
IncomeTax of earlieryears
DeferredTaxes
2012-13
690,101
o/oto total
6.35%
93.65%
307,639,329
21,567,746
61,953,910
20,42g,gg;
10,000,000
1 g l, 3 5 0
54,697,199
1 9 , 1 51 , 1 2 5
4,097,990
32
AXTDL INDUSTRIESLIMITDD
Particulars
30 Earnings per share:
After extraordinary item:
Profit for the year after tax expense
Less: Preferencedividendpayableincludingdividendtax
Weighted average number of equity shares
Earningper share
Before extraordinary item:
Profitfor the year after tax expense
Adjustmentfor
Extraordinaryitem (net of tax)
Less: Preferencedividendpayableincludingdividendtax
Weighted average number of equity shares
Earningper share
2013-14
2012-13
27,638,141
33,794,329
27,638,141
33,794,329
9,999,800
2.76
9,999,800
3.38
27,638,141
3X,794,329
27,638,14'l
33,794,329
27,638,141
33,794,329
9,999,800
2.76
9,999,800
3.38
53
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S:llCllod 9NIINflOCCV lNVClllNOlS
Cg
COJ,IIÎIISgruJSnqNI'IOJXV
AXTEL INDUSTRINSLIMITED
(3) Figureshavebesn roundedotf to ths nearestrupee.
(4) Claimsagainstthe Companynot acknowledged
as dobtsRs. NIL (prsviousyear Rs. NIL).
(5) Dobtorsand CroditorsBalancaConfirmation
havenot beenobtain€d.
(6) Estimated
amountof conlractsromaining
to be execut€don capitalaccountand not providedRs. NIL (Previous
year Fs.
NrL).
(7) The Companyhas initiatedths processto identifyths statusof its suppliersandaskedthemto informths Companyif they
are a Micro,Mediumand SmallEnteryrissunderMicro,Mediumand SmallEnterpriseAct,2OOO
(MSMED),so that the
information
regardingduesto MSMEDEnterydsecouldbe stated.However,sinceno responsehavebeenreceivedlrom
the suppliors,dueto whichit is not possiblefor the Companyto discloseexactly,the duesto S.S.l.unitsincludedin the
SundryCreditors.
(8) Remuneration
to Directors:The Companyhas paid rsmutteration
to its ExecutiveDirectors,in accordance
withthe provisionof ScheduleXlll of ths
Companies
Act, 1956and as per the resolutionpassedby the Companyin th6 Annualgoneralmeeting,
(9) CurrentTax: Duringthe year ths incometax provisionis madefor taxss payablefor the year ended31st March,2014
basedon Compuiation
of Incomeas per provisions
of tncomeTaxAct, 1961.Moreover,
no tax is payableon the bookprofit
(i.e.MAT)U/sllsJBofthe Income
taxAct,1961.
(10)Additionalinformation
Pursuant
to para4 & 5.of part ll of ScheduleVl of the Companies
Act 1956.
B. Particulars
of Expenditure
on Employees
i
Item
CurrentPeriod
PreviousYear
1.
2.
In case of employeeswho were in employmentwith the Company
for the whole year and gettingremunerationaggregatingto
Rs. 60,00,000/-.
or more per annum
No. of Employees.
Nil
Nil
-
Nil
Nil
Nil
Nit
Nil
Nil
Amount of Salary and Allowances.(Rs.)
In case of employeeswho were in employmentwith the Companyfor
the whole year and getting remunerationaggregatingto Rs. 5,00,000/or more per month.
No. of Employees.
Amountof Salaryand Allowances.(Rs.)
- 18- 'RelatedPartyDisclosures"
(11) In accordancs
withAccounting
Standard
issuedby the Instituleof Chartered
Accountants
of India,the transactions
with relatedpartissare givenbelow.
sR.
NAMEOF PARW
NO.
1
Ajay N. Desai
2.
3.
Ajay N. Parikh
Tranzmute
Capital&
Management
tut. Ltd.
NATUREOF
RELATION
Director
Director
Director's
Remuneration
Directo/sRemuneration
29,99,800/-
Relativeof Director
ProfessionalFees
30,00,000/-
NATUREOF
TRANSACTION
In Aceordancewith our Reportof evendate
ForV. K. SHASTRI
& CO.,
Chartered
Accountants
Firm number:113325W
For and on behalfof the Board
(v. K.SHASTR!)
SoleProprietor
(AJAY DESA|)
ExecutiveDirector
Place: Nurpura
Date:3010512014
Place : Nurpura
Date : 3010512014
Annual Report2OL3-2OL4
VALUE(Rs.)
29,99,850/-
(AtiAY PARIKH)
ExecutiveDirector
DD
AXTELINDUSTRIES
LIMITED
A T T E N D A N C ES L I P
C I N : 1 9 111 0 c J 1 9 9 1 P L C O 1 6 1 8 5
REGISTEREDOFFICE: Plot No. 43/1, Village Nurpura,P.O. Baska, Halol - 389 3S0;
Dist. panchmahals,Gujarat.
E'mail lD: [email protected], website: www.axtelindia.com
Pleasecompletethis attendanceslip and hand it over at the entranceof meetinghall.
Joint Shareholdersmay obtain additionalattendanceslip on
request.
NAME & ADDRESSOF THESHAREHOLDER
No. of shares held :
L.F. No. (s) / DP |D-CL|ENTtD:
I herebyrecordmy presenceat the 22nd ANNUALGENERALMEETINGof the company
beingheld on Monday,-29b september,2ol4at itie
R€gistered
office at Plot No. 43 / t, villageNurpura,P.o. Baska,rar. naroi--bas gso, oi"t. p",i"rtrir,"i",'e-ri"rltl
SIGNATUREOF THE SHAREHOLDERS/PROXY
*Strikewhichever
is not
AXTELINDUSTRIES
LIMITED
P R O X YF O R M
pLCo1618s
C I N : L 9 111 0 c J 1 9 9 1
REGISTEREDOFFICE: Plot No. 4311,Village Nurpura,P.O. Baska, Halol - 389 gso,
Dist. panchmahats,Gujarat.
E'mail lD: [email protected],website:www.axtelindia.com
TWENW SECOND ANNUAL GENERAL MEETING,Monday, 29'h September,2glrl
at 11.00 a.m.
lAlVe, being the member(s),holding
(1)
Name:
shares of the above named Company,hereby appoint:
E-maillD:
(2)
Name:
(3)
Name:
Signature
failinghim / her
Address:
E-maillD:
Signature
or failinghim / her
Address:
E-maillD:
Signature
as my/ourproxyto attendand vote (on a poll) for me/usand on my/ourbehalfat the Tw€nty
secondAnnualG€neralMeetingof the company,to
p.o.Baska,
utprorNo.43il1,
',1,iui,""0'#i#:
MlaseNuryura,
Harot
iiJiil"?,,T,'3t"*r;.1*":-T5_tr^r_t". :t-t1,q,"aL1;gq3r;;g ."rf,J"li'i,n".*rnp"ny
; ';;;"'.ilii"i''
"' J*
Ordinary business
Adoption of Accounts
Appointmentof Shri Shri Ajit Singh Bubberas Director
Appointmentof Shri Hardip Singh Bubber as Director
Appointment of Statutorv Auditors
Appointmentof shri sandeep Lalwanias tndependentDirector
To increaseremunerationof shri Ajay Naishad Desai,ExecutiveDirector
To increaseremunerationof shri Ajay Nalin parikh,ExecutiveDirector
To borrow money exceeding paid up capital and free reserve
To mortgage/chargeproperties of the company to secure borrowing.
Signedthis
day of
2014
Member'sFolio/Dp lD - Client lD No.
Signatureof shareholder(s)
Signatureof proxy holder(s)_
Noie;
l
This fom of proxy in order lo be effectlvoshouldbo duly compl6tedand doposit€o
at lhe Begistoredofiice of th€ company,not |essthan 48 hoursboforethe
commoncement
of theM€€llng.
[?:
4.
tj:,,::"1'*'"j:',ff*"11,""?^S.1*::"]j.11:"^r:;-?',"3"-"j:tulto. thenoticeof rwenty
second
Annuar
Generar
Meetins.
[xl,lJ,ll.*:'":,i:,J,']l,|t1in'*T
*:Tl;'i**:**f:fl":i::]iigi;;:i;;ilfii$""ff:ili#i!",n",
resolutions,your proxy will be entitledto vote in th6 manner as he/she
thinks appropriate.
Pleasecompleteall details includingdetailsof member(s)in above box'Oeiore
submission.
Annual Report 20 |b-ZOl 4
asa,nst
any
o,a,l
"o,,,"b,ank
36
A)fiEL
INDUSTRIES
LIMITED
Ptot No. 3/l,Vittage NurPura,
P.O.Baska,Taluka: Halot,
District Panchmahat- 38935O.
TeL +912676247900
Fax: +912676247125
www.axtelindia.com
E- mail: [email protected]

AXTE Process Engineering Systems

Transcription

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