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MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED TH 18 ANNUAL REPORT
2011-12
18TH ANNUAL REPORT MAHESH AGRICULTURAL IMPLEMENTS amp STEEL
FORGINGS LIMITED
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
1
BOARD OF DIRECTORS Naval Purohit Director Pravinkumar Khanna Independent Director Chandrakant Dahale Chairman
Rajendra Khanna Independent Director REGISTERED OFFICE OLD MOTOR STAND
ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
R amp T AGENT Purva Sharegistry (India) P Ltd 9 Shiv Shakti Indl Estate J R Boricha Marg Opp Kasturba Hospital Lower Parel (E) Mumbai ndash 400 01 AUDITORS Lalit Jham amp Company Chartered Accountants Nagpur BOOK CLOSURE 24-09-2012 TO 28-09-2012 (BOTH DAYS INCLUSIVE) AGM DATE 28-09-2012
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
2
N O T I C E Notice is hereby given that the Annual General Meeting of the Members of the Company will be held on Friday 28th September 2012 at 1100 AM at the Registered office of the Company at Old Motor Stand Itawari Nagpur Maharashtra- 300008 to consider and transact the following business ORDINARY BUSINESS
1 To receive consider and adopt the audited Profit and Loss account for the year ended 31st March 2012 and the Balance Sheet as on that date along with the Directors Report and Auditors Report thereon
2 To appoint a Director in place of Naval Purohit and Pravinkumar Khanna who retires by
rotation but being eligible offers himself for re-appointment 3 To appoint auditors and to fix their remuneration
By the Order of the Board of Directors Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale Chairman
NOTES
(a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER Proxies in order to be effective must be received at the Registered Office of the company not less than 48 hours before the commencement of the meeting
(b) The Companies (Amendment) Act 1999 extended nomination facility to individuals holding shares in companies Shareholders in particular whose holding is in single name are requested to avail of the above facility by furnishing to the Company the particulars of their nomination They may please write to the company for obtaining the prescribed nomination form
(c) The Registered of Members and share transfer books of the company will remain close from 24-09-2012 to 28-09-2012 (both days inclusive)
(c) Members are requested to notify the change in the address immediately (d) Members are requested to bring their copies of the Annual Report to the Meeting
Shareholders seeking information on accounts published herein are kindly requested to
furnish their queries to the company at its Registered office at least TEN days before the date of the Meeting
By the Order of the Board of Directors
Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
3
D I R E C T O R S R E P O R T Dear Members Your Directors have pleasure in placing before you the Annual Report and Audited Accounts for the financial year ended on 31st March 2012 FINANCIAL HIGHLIGHTS The summarised financial results are as under
Amount in Rs
2011-12 2010-11 Turnover 16325509 51903402 Expenditure 16339417 52289668 Profit Loss Before Tax -13908 -386266 Profit Loss After Tax -13908 -386266 DIVIDEND Your Directorrsquos regret their inability to recommend any dividend Due to loss in the financial year 2011-12 OPERATIONAL HIGHLIGHTS The Liquidity crunch has resulted in drastic cut in hire premium business of the company hence the company approached the new area of business and thus earned the satisfactory profit The overall performance of the company is Satisfactory DEPOSITS The Company has not accepted any deposits within the meaning of the provisions of Section 58-A of the Companies Act 1956 DIRECTORS Naval Purohit and Pravinkumar Khanna Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offers himself for the reappointment AUDITORS Ms Lalit Jham amp Company Chartered Accountants Nagpur the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment The notes referred to by Auditors in the report are self explanatory and hence do not require any explanation PERSONNEL The Employee relation remained cordial throughout the year Your Directors wish to place on record their appreciation of the committed service rendered by all the staff members of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
4
There are no employees who particulars are required to be shown in terms of provisions of section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules 1975 as amended Information pursuant to Section 217(1)(e) of the Companies Act 1956 A Conservation of Energy In house study was made for identifying areas for optimum utilisation of power and fuel No additional investment has been made or proposed to for reduction of consumption of energy B Research Development and Technology Absorption The company did not carry any activity of Research and Development (R amp D) programme and also no effort has been made towards technology absorption adaptation and innovation C Foreign Exchange Earning amp Outgo The Company did not have any Foreign Exchange earning Outgo during the year under review DIRECTORSrsquo RESPONSIBILITY STATEMENT Pursuant to provisions of section 217 (2AA) of the Companies Act 1956 the Board of Directors hereby state and confirm that
i) In the preparation of the Annual Accounts the applicable accounting standards had been
followed along with proper explanation relating to material departures ii) The Directors had selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
iv) The Directors had prepared the annual accounts on a going concern basis ACKNOWLEDGEMENTS The Board of Directors convey their sincere appreciation and gratitude to their Employees Bankers Shareholders Customers and various agencies for their continued support and co-operation to the company
For and on behalf of the Board
SD- Chandrakant Dahale
Chairman Place Nagpur Dated 31-08-2012
]
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
1
BOARD OF DIRECTORS Naval Purohit Director Pravinkumar Khanna Independent Director Chandrakant Dahale Chairman
Rajendra Khanna Independent Director REGISTERED OFFICE OLD MOTOR STAND
ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
R amp T AGENT Purva Sharegistry (India) P Ltd 9 Shiv Shakti Indl Estate J R Boricha Marg Opp Kasturba Hospital Lower Parel (E) Mumbai ndash 400 01 AUDITORS Lalit Jham amp Company Chartered Accountants Nagpur BOOK CLOSURE 24-09-2012 TO 28-09-2012 (BOTH DAYS INCLUSIVE) AGM DATE 28-09-2012
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
2
N O T I C E Notice is hereby given that the Annual General Meeting of the Members of the Company will be held on Friday 28th September 2012 at 1100 AM at the Registered office of the Company at Old Motor Stand Itawari Nagpur Maharashtra- 300008 to consider and transact the following business ORDINARY BUSINESS
1 To receive consider and adopt the audited Profit and Loss account for the year ended 31st March 2012 and the Balance Sheet as on that date along with the Directors Report and Auditors Report thereon
2 To appoint a Director in place of Naval Purohit and Pravinkumar Khanna who retires by
rotation but being eligible offers himself for re-appointment 3 To appoint auditors and to fix their remuneration
By the Order of the Board of Directors Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale Chairman
NOTES
(a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER Proxies in order to be effective must be received at the Registered Office of the company not less than 48 hours before the commencement of the meeting
(b) The Companies (Amendment) Act 1999 extended nomination facility to individuals holding shares in companies Shareholders in particular whose holding is in single name are requested to avail of the above facility by furnishing to the Company the particulars of their nomination They may please write to the company for obtaining the prescribed nomination form
(c) The Registered of Members and share transfer books of the company will remain close from 24-09-2012 to 28-09-2012 (both days inclusive)
(c) Members are requested to notify the change in the address immediately (d) Members are requested to bring their copies of the Annual Report to the Meeting
Shareholders seeking information on accounts published herein are kindly requested to
furnish their queries to the company at its Registered office at least TEN days before the date of the Meeting
By the Order of the Board of Directors
Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
3
D I R E C T O R S R E P O R T Dear Members Your Directors have pleasure in placing before you the Annual Report and Audited Accounts for the financial year ended on 31st March 2012 FINANCIAL HIGHLIGHTS The summarised financial results are as under
Amount in Rs
2011-12 2010-11 Turnover 16325509 51903402 Expenditure 16339417 52289668 Profit Loss Before Tax -13908 -386266 Profit Loss After Tax -13908 -386266 DIVIDEND Your Directorrsquos regret their inability to recommend any dividend Due to loss in the financial year 2011-12 OPERATIONAL HIGHLIGHTS The Liquidity crunch has resulted in drastic cut in hire premium business of the company hence the company approached the new area of business and thus earned the satisfactory profit The overall performance of the company is Satisfactory DEPOSITS The Company has not accepted any deposits within the meaning of the provisions of Section 58-A of the Companies Act 1956 DIRECTORS Naval Purohit and Pravinkumar Khanna Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offers himself for the reappointment AUDITORS Ms Lalit Jham amp Company Chartered Accountants Nagpur the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment The notes referred to by Auditors in the report are self explanatory and hence do not require any explanation PERSONNEL The Employee relation remained cordial throughout the year Your Directors wish to place on record their appreciation of the committed service rendered by all the staff members of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
4
There are no employees who particulars are required to be shown in terms of provisions of section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules 1975 as amended Information pursuant to Section 217(1)(e) of the Companies Act 1956 A Conservation of Energy In house study was made for identifying areas for optimum utilisation of power and fuel No additional investment has been made or proposed to for reduction of consumption of energy B Research Development and Technology Absorption The company did not carry any activity of Research and Development (R amp D) programme and also no effort has been made towards technology absorption adaptation and innovation C Foreign Exchange Earning amp Outgo The Company did not have any Foreign Exchange earning Outgo during the year under review DIRECTORSrsquo RESPONSIBILITY STATEMENT Pursuant to provisions of section 217 (2AA) of the Companies Act 1956 the Board of Directors hereby state and confirm that
i) In the preparation of the Annual Accounts the applicable accounting standards had been
followed along with proper explanation relating to material departures ii) The Directors had selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
iv) The Directors had prepared the annual accounts on a going concern basis ACKNOWLEDGEMENTS The Board of Directors convey their sincere appreciation and gratitude to their Employees Bankers Shareholders Customers and various agencies for their continued support and co-operation to the company
For and on behalf of the Board
SD- Chandrakant Dahale
Chairman Place Nagpur Dated 31-08-2012
]
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
2
N O T I C E Notice is hereby given that the Annual General Meeting of the Members of the Company will be held on Friday 28th September 2012 at 1100 AM at the Registered office of the Company at Old Motor Stand Itawari Nagpur Maharashtra- 300008 to consider and transact the following business ORDINARY BUSINESS
1 To receive consider and adopt the audited Profit and Loss account for the year ended 31st March 2012 and the Balance Sheet as on that date along with the Directors Report and Auditors Report thereon
2 To appoint a Director in place of Naval Purohit and Pravinkumar Khanna who retires by
rotation but being eligible offers himself for re-appointment 3 To appoint auditors and to fix their remuneration
By the Order of the Board of Directors Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale Chairman
NOTES
(a) A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER Proxies in order to be effective must be received at the Registered Office of the company not less than 48 hours before the commencement of the meeting
(b) The Companies (Amendment) Act 1999 extended nomination facility to individuals holding shares in companies Shareholders in particular whose holding is in single name are requested to avail of the above facility by furnishing to the Company the particulars of their nomination They may please write to the company for obtaining the prescribed nomination form
(c) The Registered of Members and share transfer books of the company will remain close from 24-09-2012 to 28-09-2012 (both days inclusive)
(c) Members are requested to notify the change in the address immediately (d) Members are requested to bring their copies of the Annual Report to the Meeting
Shareholders seeking information on accounts published herein are kindly requested to
furnish their queries to the company at its Registered office at least TEN days before the date of the Meeting
By the Order of the Board of Directors
Place Nagpur Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
3
D I R E C T O R S R E P O R T Dear Members Your Directors have pleasure in placing before you the Annual Report and Audited Accounts for the financial year ended on 31st March 2012 FINANCIAL HIGHLIGHTS The summarised financial results are as under
Amount in Rs
2011-12 2010-11 Turnover 16325509 51903402 Expenditure 16339417 52289668 Profit Loss Before Tax -13908 -386266 Profit Loss After Tax -13908 -386266 DIVIDEND Your Directorrsquos regret their inability to recommend any dividend Due to loss in the financial year 2011-12 OPERATIONAL HIGHLIGHTS The Liquidity crunch has resulted in drastic cut in hire premium business of the company hence the company approached the new area of business and thus earned the satisfactory profit The overall performance of the company is Satisfactory DEPOSITS The Company has not accepted any deposits within the meaning of the provisions of Section 58-A of the Companies Act 1956 DIRECTORS Naval Purohit and Pravinkumar Khanna Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offers himself for the reappointment AUDITORS Ms Lalit Jham amp Company Chartered Accountants Nagpur the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment The notes referred to by Auditors in the report are self explanatory and hence do not require any explanation PERSONNEL The Employee relation remained cordial throughout the year Your Directors wish to place on record their appreciation of the committed service rendered by all the staff members of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
4
There are no employees who particulars are required to be shown in terms of provisions of section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules 1975 as amended Information pursuant to Section 217(1)(e) of the Companies Act 1956 A Conservation of Energy In house study was made for identifying areas for optimum utilisation of power and fuel No additional investment has been made or proposed to for reduction of consumption of energy B Research Development and Technology Absorption The company did not carry any activity of Research and Development (R amp D) programme and also no effort has been made towards technology absorption adaptation and innovation C Foreign Exchange Earning amp Outgo The Company did not have any Foreign Exchange earning Outgo during the year under review DIRECTORSrsquo RESPONSIBILITY STATEMENT Pursuant to provisions of section 217 (2AA) of the Companies Act 1956 the Board of Directors hereby state and confirm that
i) In the preparation of the Annual Accounts the applicable accounting standards had been
followed along with proper explanation relating to material departures ii) The Directors had selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
iv) The Directors had prepared the annual accounts on a going concern basis ACKNOWLEDGEMENTS The Board of Directors convey their sincere appreciation and gratitude to their Employees Bankers Shareholders Customers and various agencies for their continued support and co-operation to the company
For and on behalf of the Board
SD- Chandrakant Dahale
Chairman Place Nagpur Dated 31-08-2012
]
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
3
D I R E C T O R S R E P O R T Dear Members Your Directors have pleasure in placing before you the Annual Report and Audited Accounts for the financial year ended on 31st March 2012 FINANCIAL HIGHLIGHTS The summarised financial results are as under
Amount in Rs
2011-12 2010-11 Turnover 16325509 51903402 Expenditure 16339417 52289668 Profit Loss Before Tax -13908 -386266 Profit Loss After Tax -13908 -386266 DIVIDEND Your Directorrsquos regret their inability to recommend any dividend Due to loss in the financial year 2011-12 OPERATIONAL HIGHLIGHTS The Liquidity crunch has resulted in drastic cut in hire premium business of the company hence the company approached the new area of business and thus earned the satisfactory profit The overall performance of the company is Satisfactory DEPOSITS The Company has not accepted any deposits within the meaning of the provisions of Section 58-A of the Companies Act 1956 DIRECTORS Naval Purohit and Pravinkumar Khanna Director of the Company will retire by rotation at the forthcoming Annual General Meeting and being eligible offers himself for the reappointment AUDITORS Ms Lalit Jham amp Company Chartered Accountants Nagpur the Statutory Auditors of the Company retire at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment The notes referred to by Auditors in the report are self explanatory and hence do not require any explanation PERSONNEL The Employee relation remained cordial throughout the year Your Directors wish to place on record their appreciation of the committed service rendered by all the staff members of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
4
There are no employees who particulars are required to be shown in terms of provisions of section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules 1975 as amended Information pursuant to Section 217(1)(e) of the Companies Act 1956 A Conservation of Energy In house study was made for identifying areas for optimum utilisation of power and fuel No additional investment has been made or proposed to for reduction of consumption of energy B Research Development and Technology Absorption The company did not carry any activity of Research and Development (R amp D) programme and also no effort has been made towards technology absorption adaptation and innovation C Foreign Exchange Earning amp Outgo The Company did not have any Foreign Exchange earning Outgo during the year under review DIRECTORSrsquo RESPONSIBILITY STATEMENT Pursuant to provisions of section 217 (2AA) of the Companies Act 1956 the Board of Directors hereby state and confirm that
i) In the preparation of the Annual Accounts the applicable accounting standards had been
followed along with proper explanation relating to material departures ii) The Directors had selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
iv) The Directors had prepared the annual accounts on a going concern basis ACKNOWLEDGEMENTS The Board of Directors convey their sincere appreciation and gratitude to their Employees Bankers Shareholders Customers and various agencies for their continued support and co-operation to the company
For and on behalf of the Board
SD- Chandrakant Dahale
Chairman Place Nagpur Dated 31-08-2012
]
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
4
There are no employees who particulars are required to be shown in terms of provisions of section 217(2A) of the Companies Act 1956 read with Companies (Particulars of Employees) Rules 1975 as amended Information pursuant to Section 217(1)(e) of the Companies Act 1956 A Conservation of Energy In house study was made for identifying areas for optimum utilisation of power and fuel No additional investment has been made or proposed to for reduction of consumption of energy B Research Development and Technology Absorption The company did not carry any activity of Research and Development (R amp D) programme and also no effort has been made towards technology absorption adaptation and innovation C Foreign Exchange Earning amp Outgo The Company did not have any Foreign Exchange earning Outgo during the year under review DIRECTORSrsquo RESPONSIBILITY STATEMENT Pursuant to provisions of section 217 (2AA) of the Companies Act 1956 the Board of Directors hereby state and confirm that
i) In the preparation of the Annual Accounts the applicable accounting standards had been
followed along with proper explanation relating to material departures ii) The Directors had selected such accounting policies and applied them consistently and
made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the Company at the end of the financial year and of the profit of the Company for that period
iii) The Directors had taken proper and sufficient care for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities
iv) The Directors had prepared the annual accounts on a going concern basis ACKNOWLEDGEMENTS The Board of Directors convey their sincere appreciation and gratitude to their Employees Bankers Shareholders Customers and various agencies for their continued support and co-operation to the company
For and on behalf of the Board
SD- Chandrakant Dahale
Chairman Place Nagpur Dated 31-08-2012
]
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
5
MANAGEMENT DISCUSSION AND ANALYSIS REPORT (Within the limits set by the Companyrsquos competitive position)
(i) Industry structure and developments
The Company engaged in the manufacturing of Agriculture implements and equipment and same is substantially depends on the agriculture growth in the country Past Year Shows substantially Growth in Agriculture along with other industry
(ii) Opportunities and Threats
The Impact of support from the Central and State Government in the Agree-Sector along with the private investment in the sector has provided the boost to the agriculture Activity during the year and it is set to grow in Expected line Outlook for the Year 2013 is Positive The company expect the pressure on Quality Customer to continue due to competition
(iii) Segment Wise- Product wise performance The business of the company falls under a single segment ie For the purpose of accounting standard
(iv) Outlook
The Continual growth in the Agriculture sector expected to give necessary support to the industry The company is making all effort to accelerate the growth of its business it Expect to improve its position in the market by focusing in in the technologically advanced and more profitable Product and market segment and working aggressively in the area of productivity efficiency and cost reduction
(v) Risk and Concerns
the main risk factor in the agri and related industries is the availability of rain and the other change in the climate condition Supprt to the industry from the government and local bodies also creates lot of changes in the sector Company being an existing player in the market have substantial market stability for the products manufacturing by it
(vi) Internal Control systems and its adequacy
The company has internal control systems the adequacy of which has been reported by its auditors in their report as required under the Companies (Auditorrsquos Report) Order 2003
(vii) Discussion on financial performance of the Company with respect to operational
performance
The company did not do well due to first year of its diversified activity in the field of F amp O segment trading still company is confident to repose the satisfactory performance in the coming years
(vii) Material developments in Human resources industrial Relations front including
number of people employed
There has been no material development on the Human Resource Industrial Relations front during the year Relations between the management and the staff continued to remain cordial
(Viii) Cautionary Statement
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
6
This report contains forward- looking statements based on the perceptions of the Company and the data and information available with the company The company does not and can not guarantee the accuracy of various assumptions underlying such statements and they reflect Companyrsquos current views of the future events and are subject to risks and uncertainties Many factors like change in general economic conditions amongst others could cause actual results to be materially different The Company does not assume any obligation for such variations
By the Order of the Board of Directors Place Baroda Sd- Dated 31-08-2012 Chandrakant Dahale
Chairman CORPORATE GOVERNANCE REPORT 1 Companyrsquos Philosophy on Code of Corporate Governance
The company believes in good Corporate Governance to protect the shareholder values The management of the company recognizes the growing role of the sound process of Corporate Governance in protection of shareholders value The company inspite of low key operation of the company has strived to comply with the corporate governance requirements to the extent and level possible 2 BOARD OF DIRECTORS The companyrsquos Board of Directors comprise of following
Name of Directors Category No of Board Meetings Attended
Attendance at last AGM
Held on 30-09-11
Directorship of other
Companies
Naval K Purohit Director
5 Yes -
Pravinkumar Khanna Independent Director
5
Yes -
Chandrakant Dahale
Managing Director Chairman
5 Yes -
Rajendra khanna Independent Director
5 Yes -
During the year 2011-12 5 Board Meetings were held on 30 April 2011 30 july 2011 1Sep 2011 30 October2011 amp 30 Jan 2012 3 AUDIT COMMITTEE
Composition and terms of reference The Audit Committee currently comprises three members who are directors on the board The terms of reference of this committee are very wide Besides having access to all the required information from within the company the committee can obtain external professional advice whenever required The committee acts as a link between the Statutory Auditors and the Board of Directors of the Company It is authorized to select and establish accounting policies review reports of the Statutory Auditors and meet with them to discuss their findings suggestions and other related matters
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
7
The committee has full access to the financial data and to the members of the companyrsquos staff The committee reviews the annual and half yearly financial statements before they are submitted to the Board The primary functions of the audit committee are Approval of the minutes of the previous meetings Review of the matters arising from the previous meetings Reviewing the reports from the management on significant control issues Implementing various audit recommendations The Composition of the Audit Committee During the financial year ended 31032012 5 Audit Committee Meetings were held The attendance at the Audit Committee Meetings is as under
Audit Committee Members
Category No of Meetings attended
Pravinkumar Khanna Chairman
5
Chandrakant Dahale
Managing Director
4
Rajendra khanna Independent Director
5
4 REMUNERATION COMMITTEE
Remuneration Committee comprises of Chandrakant Dahale MD and Chairman of this committee Prvinkumar khanna Independent Director and Rajendra khanna Independent Director both are members of this committee There are only 2 meetings of this committee during the year since it is non-mandatory requirement as per Listing Agreement
5 SHAREHOLDERS INVESTORS GRIEVANCES amp SHARE TRANSFER COMMITTEE
The Board constituted a Shareholdersrsquo Investorsrsquo Grievance amp Share Transfer Committee Consisting of 3 Directors viz Chandrakant Dahale Managing Director and Chairman Naval k Purohit as member and PravinKumar Khanna as member The committee met 4 times during the period under review
6 GENERAL BODY MEETINGS Location and the time where the last three Annual General meeting were held are given
below
Year Date Location Time 2008-09 30-09-2009 At the Regd Office 1100 AM 2009-10 30-09-2010 At the Regd Office 1100 AM 2010-11 30-09-2011 At the Regd Office 1100 AM
No special Resolution were passed by postal ballot during the year under Review 7 DISCLOSURES
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
8
There were no transactions of material nature between the company and its directors or management and their relatives or promoters that may have potential conflict with the interests of the company
8 GENERAL SHAREHOLDER INFORMATION
Annual General Meeting ndash on Friday 28th Sept 2012 at 1100 am the Registered Office of the Company (ii) Financial Calendar (tentative)
Financial reporting of the quarter ended June30 End July Financial reporting of the quarter ended Sept30 End October Financial reporting of the quarter ended Dec31 End January Financial reporting of the quarter ended Mar31 End April
(iii) Date of Book Closure 24-09-2012 to 28-09-2012 [iv] Dividend payment date Not applicable
[v] Listing of Stock Exchanges
Bombay Stock Exchange Limited The Company has paid Listing Fees for the year ended April 2011 to March 2012 to all the Stock Exchanges listed above
[vi] Market Price data During the financial year ended on 31-03-2012 the Equity Shares were not traded at Mumbai Stock Exchange due to suspention
(vii) Share Transfer System The Company has appointed Purva Share Registry India Pvt Ltd Mumbai as share transfer Agent All the share physical as well as Demat is being handled by said Registrar
(viii) Distribution of Share holding and Shareholding pattern
Shareholding Pattern
Category No of Shares
Promoters 32500 500
Bodies Corporate 65481 1008
Public 548069 8438
Others 3450 053 Total 12288000 10000
(ix) Dematerialisation of Shares
The Company has already offered the dematerialisation facility through Purva Share Registry India Pvt Ltd Mumbai to the shareholders during the year There are no investorrsquos complaints pending All complaints are cleared within 15 days of the receipt of the complaint
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
9
CERTIFICATE FROM AUDITORrsquoS REGARDING COMPLIANCE OF CONDITIONS OF CORPORATE GOVERNANCE
To The Shareholderrsquos of Mahesh Agriculture Implements amp Steel Limited Nagpur We have examined the relevant records pertaining to the compliance of conditions of Corporate Governance by ACIL Cotton Industries Limited (ldquothe Companyrdquo) for the year ended 31st March 2012 as stipulated in clause 49 of the Listing Agreement of the said company with the stock exchanges The compliance of conditions of Corporate Governance is the responsibility of the management Our examination was limited to the procedures and implementation thereof adopted by the Company for ensuring compliance with the conditions of Corporate Governance Our examination was neither audit nor an expression of opinion on the financial statements of the Company In our opinion and to the best of our information and according to the explanations given to us and on the basis of our examination described above the Company has party complied with the conditions of Corporate Governance as stipulated in Clause 49 of the above mentioned Listing Agreement We have to state that no investor grievances are pending for a period exceeding one month against the company as per the records maintained by the Company which were presented to the Investor Grievance Committee We further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company For Lalit Jham amp Co Chartered Accountants Sd- Lalit Jham Partner Nagpur
31st Aug2012
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
-- -
I l
AUDITORS REPORT
To the members of i1IIFSH AGRICULTURAL IMPLEMENTS ampsTe~kFORGINGS LTD Nagpur
VI have audited the attached Balance Sheet of MAHESH (R1ClILTURl1lPLFMENTS amp STEEL FORGINGS LTD as at 31
st March
2012 the Protit ~nd L~ss Account and also the Cash flow statement for the year endx on that dae mwexed thereto These financial statements are the responsibility or he compan~s management Our responsibility is to express an opinion on these iinIlIil lmcmel1lS baltcd on our audit
1 We conductltd our audit in accordance with auditing standards generally accepted Iii Indi1 Tihl andards pgtquirc I ~at we plan and perform the audit to obtain
rcasonublc as~urance about wheLl-er the fmancial statetbents are free of mateial
misstateiJltnL -n aUcUl includes examining on a test b~SlS evidence supporting the amounts disclosures in the financial statements An audit also includes assessmg the accounting principles used and signiticant estimates made by managemert ~s --ell as evaluating the overall fmancial statement presentation We believe 2t cur audit provides a reasonable basis for our opinion
Lmiddots required by Companies (Auditors Report) Order 2003 issued by the Central GCcrnmcnt of lldia in terms of sub-section (4A) of section 227 of the Companies Act 156 c enclose in the AnncAUre a statement on the m~tt(rs sn(fifi~rl n paragrajJtls 4 2~C1 5 of the said orde
-rTE1TIO~ IS iVITfD TO THE rOILOWING shy
bull The ~I~~J balances in h account of parties to whom loans or advances (lllsedr~d ithOtlt bearing intereil) in the nature of Joan have been made exceed the limit prcscdlcd Ulder section 370 of the CompaniesAct 1956
bull +rhc ( pi)l~ati)n Jnau to
hence acceoted) relating to
I arioLl~ entries or recipls and issues of cheque on behalfof various parties 2 riolls adjustments between the parties ace-ount by journal entry_ 3 The investmltnt in listed four companks at book value of Rs 402531shy
for which ne qotatil)l~ availnbe a Of 31-0302012 Wherea~ the ri1nagement has treated these investment as Unquoted Investments as aclisled (1Jol- 1S ~middotr Schedule N)
bull Balance of sundry debtors debit balances )f sundry ciedit(is advance ~r( u~iect to conHrrlla~ion
---------- shy
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
(
t
h report that the accounts are made without considerinamp our observation in paragraph 2 (I) to (4) above the effect of which is presently not ascertainable
Further to our comments in the Annexure referred to in paragraph 2 above we
) We have obtained all the information and explanations which to the best of our knmdedgc and belief were necessary for the purpose of-our audit
b) In our opinion proper books of account as required by the law have been kept by the company so far as appears from our examination of those books
c) The Balance Sheet the Profit amp Loss Account and the cash How statement dealt wi ~~ this npOll are in agreement with the books of account--
dl In our opinion subject to our comments vide paragraph 2 abovethe Balance Sheet the Profit amp Loss Account and the cash flow statement dealt wiQl by this rcpon comply with the mandatory ACCOUnting Standards referred to in sub-section PC of section 211 of the Companies Act 1956 except As-13 laquo Accounting for Imcstments as detailed in Note IS of Schedule N of the Balance Sheet
Un the basis of written representation received from directors as on 31032012 ~l ~~ikln Oll record uy till Board of Dinclorgt Wt lepOJ l ilHtl nout Ul iJinclu~ arc disqualified as on 31st March 2012 from being appointed as Directors in term of
274( l](g) of The Companies Act 1956
8 In Dur opinion and to the best of our information and according to the explanations given to us the srud accounts read together with the significant Accounting Policies and other notes thereon give the information required by the Companies Act 1956 in the manner so required and present a true and fair view in confonnity with the accounting principles generally accepted in India
In so far as it is relates to Balance Sheet of the state of affairs of the company as at 31st March 2012
I fii In so far as it relates to the Profit amp Loss Account the loss of the company
l bull I
for the year ended on that date and
(iii) fn so far as it relates to the cash flow statement of the cash flow of the company for the year ended on that date
Partner I
Nagpur D~t the 31st AugUst 2012
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
ANNEXURE REFERRED TO IN PARAGRAPH 2 Olt THE AUDITORS REPORT ON THE ACCOUNTS OF PRABHU STEEL LIMTED FOR THE YEAR ENDING 31S
MARCH 2012
As rcquired by the Companies (Auditors report) Order 2003 issued by the central Govcrnment of India in terms of section 227(4-A) of the Companies Act 1956 we report that
1 In respect of flxed assets
(A) The company has maintained proper records showing full particulars including quantitative details and situation of fLlted assets on the basis Of -nl2ilao1e information
(B) As explained to us all the fIxed assets have been physically verified by the management during the y~ar at reasonable intervals which in our opinion is reasonable having regard to the size of th~ company and the nature of assets No filaterial discrepancies were noticed nn such physical verifieR1inn
ICI In our opinion the Company has not disposed off apy substantialmajor part of fixed assets during the year and the goiIlg concern status of the company is nOl affected
2 In respect of its inventories
(A) As explained to us the inventory of stocks of raw material trading goods amp fmished goods has been physically verifkd by fb f rl~--i~ d
regular intervals dunng the year
(B) In our opinion and according to the information and explanations given to us and on the basis of our exarru1ation of the records of inventory the Company has maintaLled proper records of inventory And there were no material discrepancies noticed on physical verification of inventory as compared to the book records The discrepancies if any in respect of other than finished goods trading goods and raw materials could not be ascertained in the absence of records vhich ~h()llrl 1-
The Company has neither granted nor taken any loans secured or uasecured tofrom companies firms or other parties covered in register maintained under section 301 of The Companies Act1956 accordingly sub clause (iii)(bj(c)(d)(e)(f) amp (g) of paragraph 4 of the order are not applicable tothe
_ company
4 -In our opinio~ and according to the infonnation and explanations given to us there are no mtemal control procedures COIIunensurate with the si7e of the
----i~--------------------- euro~~-( n Jo
bullI
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
j bullbull J
irrci (i1)y-= ierI1 (ln iL1CttL-aj (do or J~f 3arul- - -oldtI - r ltIbull J 1
Fer MES3jAGRJ IMP amp SfEEi FORG LTD
~~~(-~amp---~ ~r ~-
D bull t(lr t I - ~- - Dinctor
MAHESH AGRICULTURAL IMPLEMENTS ampSTEEL FORGINGS LIMITED Balance Sheet as at 31st March 2012
1 Shareholders funds (a) sectllfUC c~mt~L fbI Resels_s and surplus
2 NonmiddotCtHmt liabilities ta) jongwrn BorrowinglL (hI Dderredax liabilities fllJtl
ngible assets in ~angble aSS~LS
U) Iodltnmiddotprogmiddotss
TOTAL
1 2
3
4 5 6
7
6494250 6749990
1019168 o
6800891
6494250 6764833
1025168 o
i~ inrr~tgblt p~ssCts 1rid~- d~~veloplnert
I I I
hl Nl~r urrer- f1vcstierr
2 til
20S24~1 01
01I 40531
O( 105361
J-C l
~607gi 01
1
ri 32653 i
01 lt890I
~(~vlo 1
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
1lAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED ogt and llS~ ate~uent iol the ye~ ended 31st March 2012
1IjPrnfit before eJrtraordinary items and ta (V - 11
L__13_90_j-I_____38_626 1 1- t jv ljC-XtaCCl1ari 1 ems I -1390S -386266x Prout before tax (VlI- VIIII
dT2~ egtpense (iCIn) Crr~nt rax middot237-5-546lt11 ~~~=rred tax oLS8~1131 Tax for Eerlier years u
- -~~----
XjfgtOl ILoss) foe the pcriod from continuiag opcraicDs (VUVUI)
I
middot383891
o
o
Scedlle 14 to 20 r~ferred to abve form al tntegra pa1 of the PlEOt amp Loss Account
S Jer our Report of even aate For MAHE AGRl IMP amp STEEL FORO ITD
s pr ollr Report of even dute W)r - _ ih o - l ~ I~ ~-- LyenD --IVI~ - I ~ ~---~
uirector II DC-ector
- - -~--
particulars j---~-------
jReene itom operations
IllOthCL inome i
III Total Revenue (I + III
IV ElcpeI1ses
EYrc~ases of Stock-in-Trade 9anges in inventories of finished goods work-inshy--s-~ ~~_Sr((k i1 Tr3r~ Eroovee belefits expense
16074980
250529
1632550S
12778327
27660J43
51833860
69542
51903402
44303109
5886441
~e~ QsmeCI8t10n and amortization expenslt
(her exnenses
~Total eXlcnses i -~
VProfit before exceptional and extraordinary items and ta II-IVI
1IExre-i(ca1 items
14
15
6
17 18
19
lt
01 1~)JUI
210 694564
284962090 1 264S36 773007
16339417+-__ 52289668
13908 -386266
oo
f
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
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lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
1
15000000
MAHESH AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Schedules Forming part of Balance Sheet as at 31st March 2012
Schedule 1
IJ1g9i~~ I ) )OOOC quity Share of RslO - each)
I IS$)cJ
6495000~ 50 Shares of Rs 10 - eahj
ubscribcd amp Paid up (649500 Equity Shares of RsI0- each) Less ltme~t Money Due from other than Directors
Totl
15000000
6495000
11 Capital Rcserc middotjpe11c BcJarle - 2 Cmiddot~r~ middote --a1sfer Lcs 14titt-en b~ck in Cunen~ Year Closlng Balance
i
6~~~i~a1Ce 1middot) Ne~ Prollt[Net L)ssj tor [Jhe CUrrtnL year Ii l Tiansfer from ReservesI
roposeo DividendsI ~
nte Qividends i~l Tran~lerlO ResevesICiosing Balance
Total lal+(h)
I shyI
44S78i 3445781 o o
3319052 3702943 -~4o~~3 3~~1
0 0 g0 0 oj
3304209 3319052 I
~ ~--
-~ 614999~r~middotmiddotmiddotmiddot~middotmiddotmiddot oroTood l
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
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t i _4i
1
I I i I
1458805)1
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I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
j
I Seury Depusits Payable IAdvslce From Custumers
Schedule 3
f
Ij)elturcd Borrowings
Tcrn lOll
o
I 10251681019168Unsecured Borrowings ========~~~~~~ Schedule 4
Suirdrir Creditors
OL1e Credt 13Jiaucc
Dtc to Sal1k Reconciliation NSdLTD (C 5(66) o
fr
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
Schedule 8 Astt--3~-~2~~j- ~~jta~~~pk~fJ
Non Current Inv~~erits bull ~lJmiddot~Vl~c- j -~ ~~~6middotp--~~~i~
ATrade Investments
ooTotal (AI
D Other Investments (a)lnvesunent Properties (al Investment in Equity instruments 402531 402531
i(C) Investments in preference shares lid IwesUents in Government orTrust securities lli Incstllnts in debentUIes or bonds lin Investments in MutuaLFunds g) Invesunents in partnership ftrmsI(hi ()rhcr nonmiddotClJITtnt investments (National Saving C 0
ltto)~-1 4- --J ~ I Grand Tota] (A 8) -- I
Iess Provision ior dimmicon in the value of Investm 402531 402531
- I 0 0
Total 402531 402531
-
Schedule to Trade Receivables
~~cv2bkgt outstanchng for a period less than ~ S 0) h dare the art c1e for pflymf[t
SecureC oasidend good o o Unsecured considered good 11142183 21280550 I
iSecured considered doubtful o kess o11sion for dOl bcful debts oI i
1 I
i- 11142183 212805501 i------~~~~----~~~~i ccevabies Jltsanding for a period exc~edmg I
iSIX mCHhs from the date they Clrlt due for pcVffitnt ISecured considered good I ) 1 IUnsecured considered good
Unsecured considered doubtful Less -ovsion for doubtful debts
436942 1637883
o o
o
436942
o
middotJ637883
--~-- -----------------------JiJ--- A 9~ II 0 I bullbull 1tv I It ------
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
Schedule 11
~ash and casheq~v8leDts
lh BainC=~s with -Danks HOPC Bank Lid AjC NO05022320000582 ICiCI Bank (CI A005985002028) 1D31 Bank LTD CA NO389103000000268 SBI AIC NOI0428122191 NNSB Bank Cja
c Cast on hand Cash on Head Office
211) 17741
1 1104616399 150001533601
27095 35095 10808o
211018 gt100804
Schedule 12
a Loans and advallces to related parties
b Others (specify natwmiddotj
Secured cOllsidered good
Unsecured considered good
IDe~Oits I
I As per ou Report of even date For Lali JhaIU amp Co Chanered Accouftazlts
FRr 11458f r LIlI Jharc I IJ- Pane I (MNo 0405~1 1 Nagp~r dated Oth jUfC 2012
0
0
0
6929102
28800 6957902
Omiddot
0
0
11654580
28800 11633380
Pgri Imp amp Steel forgings Ltd
tNV ~y JltO~ JA-P -- r ---- I ~cJr _~ Oirfgtctnr
middot----____--f___
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
J MAHESH AGRICULTURAL IlriPLampMENTS (0 STEEL FORGINGS LmaTED
Schedule Formillg part of Profit amp Loss Account as Oil 31st Karch 2012
Revenue ftom OpentioD
JrOl amp Stc
~ks Cx~cl
SZII~s lradlllgJ nut U $lcc Sa~$
o ~6074980
o 51833860
Other Income
1~rmiddotS R~eivec1
Jr )=r ot As~s
Written OfT Net
kCel~ed
I I I
II
5~hCluc 16
------~I~-----------~
2868033 87545241
Sub Total
Sub Totu
Total_ ______________________________---shy
2868083j 5754524 1
1011401 28G8083 1 I
1011401 2868083]I i
______----===L----------=~~
_Iyclirgc~_eonus and Alloqanltes Contrihttton To Provident runc 8 OUI~r Fund
Expenses ~~ -l (ai~C ( ui ~C~o
o o o o
112SOO o o c
II i
I----------1-------------
j j ~
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
I HI
I
Finnnce ~Oat
III(~I un T rn-SI 10 Ot~~ LoanFinance Ch 0- arges
--
-
------_shy
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
iC --shy A ____~~==_C=_- -____L__ shy --L__ ~i__~____-C==~I- -I ---shy ~Schedule 7 ~_----lti_ _----_==r_____
nlCULTURAL IMrLEMEI~TS fv ~ll l~ F01Hi]~(iS ]IMITED
Statement of Fixtd Amiddotmiddotd rH th-=- year cncHngon 31~t r~ ch 2012
Oenll 1110 I
tlgtCodlA-flllh Il-Ji~r ~---ti-At)I~Tr- -~~ll~1 1PrVHhl~tIOIlIIJ~I~-ll-IL-Smiddotlll- I ~ I 1 April 011 I (DIpolla1a) through bllIIl~ 1 J 1 MIIch 2012 I
tl ib 11 1middot--- shymiddot-tshy - oombln~~o ~~I~=~~-I- --middot----i ~~I-~-=middot I 1 I I
l gt- I I I 1))~3~ I
11 114 i I I I 1-11161
I 1 ~() 1I~HX()5)1 i I (0)
Jccllllal Deprecbtion
ll~~t~-l~~-- ~-ll- ~---- AdJu-~t mont On n1ence8 t
1 Jprll 2011 IDeprechuon dumiddot to dlsJ105W11s 31 March 2012 chrle (oi reval1atlon
99783 2702 102465
413262 10742 42 004 -
i I I I ILlJflIlJiure~ffi)l amp Ofllpound_~_J~~~~prnnl () 371 j 203371
___~~_________ t=shy __ ~ i75j-~~5881il=~--~_ r---~L-_--7~6zd L~--------=--middotlImiddot--2middot---middotLmiddotmiddot=L__---=-1--_====~L160459 7466 167945
(7~ ~fA I middotmiddotmiddotmiddotbnmiddotomiddotiin i -gt1 104 ~ I 270A30
130iJ35
I-I 36-
~imiddot1 4P6
()H7S
j~805
4 5~805
20171
2390 IJJ I 1000
71000 Printer (8750
t i _4i
1
I I i I
1458805)1
1~58805)
I I
Dnlance as at 31 March 2012
lJU~3~ I li 1151
844e6 56878
(0)1 OJ
20337]
123lt)0 1 111 I 3000
76000 I 637~O
I
I I
9)763 1 2702 102465
80261 80261 19522 2702 22224
413262 10742 424004
413262 10742 424004 I
160459 7486 I 167946
07( I 5A 4~034
1)117 I 16 13111
2999 2999
39430 I 5087 44~17
(2937 I 2325 5~262
-930W)
M
middot-------ri--t-B--o--lt--shy
Dalance s at I Dalnce bullbullbull t 1 Apd12011 31 March 012
130935 13~935
41560 3187
45543 (0)
42912 35426
260970 20~240~
130935 I 130935
41560 36678
4225 ~25
37356 34654
45543
45543 1 III
)O~~I42912
41 I 14
I 36570
SHI 1
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
AHESH AGRlCULTUIML IMPLEMENTS amp STEEL FORGINGS L1 teet to Schedules Forming part of Balance Sheet as on 31st March 2012
Unsecured Borrowings Mg Director ( Ex ) 1019168 1019168
Ii) Sundry Creditors forExpenses
Fltees PayalJle
ACLfued Expenses PHyable
iar1ganga ~Vtachlncmiddot fl Serv Ltd
Shree
Shree
( Loya bagri amp Co
Sub-Total (i)
Iii) A~tvarlt~Fr9m Custome~~ Hariyana General Tading Cl)rpcmiddot~tim
Sub-Total (ii)
Total (i)+(ii)l _____-=-~-2-_ __________e=
l
3200
6995
6350000
152496
1)00
64
64
l6972i
65447m II
25610deg1
256100
_________-- _ bull ltf A~J~ 11-J7~-o
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
e receivables outstanding for a period iess than six months from the date they are due for payment Secured considered good
Unsecured considered good Sundry Debtors
BS Dharu ( P ) Ltd
Prabhu Steel Industries Ltd
CN Dahale
Sub Total (i)
Secured considered docbtful Less Provision for doubtful debts
Trade receIvables outstanding for a period exceeding six months from the
date they are due tor payment Secured consiqered good
70193
11026990
45000
-
unsecured considtrefi good
IIbhishe~ SteEl Mukesh gro Industries Sri Pavi~-2 Consruccion I
30000 183030 223912
Sub -TQtal (iiJ
- ~- _ ---~--- --- - -- -- - ---- - -shy
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
~ ~~~ofmiddotmiddot Short-term loans andadva~cesmiddotmiddot
(i) Deposits
4800 HSNL NAG PUR 24000lVLScBNAGPLJK
I Sub Total (ii)
ilii) Other Delit Balances r
Income Tax Refund Recev AY 09-10) income Tax Refund Reuv( AY mH)lti)
28800
513358 ~
I 5063
Advance IncoIrcentTax S- AX 11- ~d) r Income Tax Rerund Recev( AY 10-11)
- 2567
j 172000
Harigan15a Alloys amp steel
IHith Court nagpur Bench Case No 5262011 308000
I Julia Sharcgistn
~ bull India Pvt ltd 250000
Cat Receivable FY 2008-9 ( Audit 508978 Cc~ ~cceilbJe rY 2007-8 (Audit 28981
5000000
SGb Total (ii)
For Lalit Jham amp Co
Chartered Accountan~s
FE 1l4158W Imiddota a
j ~~~am~I I I I
II
(MNo04050J) Nagpui dated 31st lWgust 201~
t -shy
~
s ref our Report of even date
- shy
~
6929102
II
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
A s~ificant Accounting Policies
The financial
thereof
c
iitcruaJ
cnccrtainty about the future activities
Rc cnuc Recognition poundXPCi1SCS
-~ountcd for on accrual
-~d AsSCt5
2 Impairment tax du ty
long period
Dcoreciation on Fixed Assets
indication nT
MAH~SH AGRlCULTURAI iMPLEryiENTS amp S7SEL- rORiNCr5 LTD
A9COUNTING POLICIES amp NOTES ON ACCOUNTS
Schedule and
statements have been prepared to comply in all material respects ith the generally accepted accounting principles Accounting Standards notified u1der Section 211(3C) of the Companies Act 1956 and the relevant provisions
financial statements have been prepared under the historical cost convention aC(lunting except that insurance and otheicillmszefunds are
being ac(ounted foradjusted in the books as and when settled The accountiTlg policies have been consistently applied by the Company and are in line with those sed last year The Company has not carried out any fresh business on account cny accumulated losses the net worth of the company had eroded the account of ~hc company has been prepared on the going concern basis although there exists
---c Company follows mercanWe system of accounting and recognizes significant C11S of income and expenditure on accrual basis
and Income considered payable and receivable respectively are
-
~Xc(l assets arc Slated at historical cost except part of leasehold land buUding shed and Plant amp Machinery revalued and stated at less accumulated depr-eciation
losses if any Cost comprises of the purchase price (net of credit availed) and any cost direct incidental and borrowing cost
8ttrbutable bringing the asset to its working condition for its intended usc
Leasehold on which premium has not been paid not I1tten off since lease is for a
-fgtctgtreciation is provided on fixed assets orl straight line in accordance lith he rates prescribed in Schedule XIV of the Companies Act 1
carrying amounts of assets are reviewed at each bahmce sheet date if there is of impaliment based on internal mel facior0 An
t loss is recognized wherever the carrying ElITlOlnt of assets exceeds its amo~nt The -ecoverabJe amount is the greater L( asels ll~l Liil~g
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
~ricc and the alue in use In assessing value in lIse th~ e~timatprl fl1tl rn ~~1 - n lie__ led to ~hcir pneut value at the weighted average cost of capital
Til JIST March 1993
il Depreciation on assets installed upto 30h june 1987 is provided at the ~ate of depreciation ~alent at the time of installation ofassets as per clarification by the ministry of industry q1rrment of company affairs vide its circular no 1186 dt 2 i sl may 1986
ji Deprecation on installation of fixed assets after 30h june 1987 is provided as pet rates ~titied in the schedule XIV ufThe Companies Act 1956
_-fter 31 sT March 1993
D~I)feciation on all Assets installed after 31 ST March 1993 is proVided t- the new rates a5 amended by the Notification no GSR756(E) DT161l2f93 r~ad with circular no 14 Dt 2(1 1293 issued by the Department ofCompany Affairs
Depreciation on assets except Plant and Machinery is provided on Written down vallje _ r as per provision of section 205(2) Schedule XIV of The Companies Act1956
[L-estments are of long term nzture and stated at cogtt
elHones valued at cost or net realizable -alue whichever is lower
sirm IS recognized an enterprise h_a~ a obligation as a result of peSt cvenL and it is probable that aT] outflow of resources will be required to settle -- oulipoundaLion in respect of vhich rfJilhk clttirlt~ -CUl LJC Inade
SIC not disccunted to its prcs~nt v2Jue and are determined based on best management estimates required to ~cuJe the obligations at the balance sheet
These are reviewed at each balance sheet and adju~ted to reflect the CJITcnt best management estim3tes
T-e Company has prepBred (1~~) 171r-bull 1 bull bull 1 ~ LJ L llg me Inret Method mu li 1 UJ
~~pliance with Accounting Standard [sued by The Institute of Chartered Accountants of India (AS-8)
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
_ esc of Estimates
The preparation of fmancial statements in confonnity with the generally accepted accounting principles requires eltimates and assumptions to be made that affect the reported amount of assets and liabilities on the date of the fmancial statements and thc reported amount of reven1les and expensts dting Lte reporting period DilTcrencc between the actucil result arid fptirrl~f 1 ~ugwzed m the period in ictl llw rcsull~ we known materialized
10 Contingencies
uabilities which are material and whose fl1ture outcome cannet be ascertained ith reasonable certailty are treated as contingent Contingent liabilities not provided Jor are in respect of
- Callns not acknodedged 1IS debts LUI] 2011 - 344000
I L Estimated value of contract mmaining to be executed on captal accounts and not provided for (Net ofadvances) Nil Nil
honsion for current tax 1S made baSed on the tax payable under the current poisions of the tax laws appbsable in the junsdction where in the income is 2sssab1c_
Deferred tax expense~ or benefit is recognized on tlmmg differences being the Cif-crcncc between t2xable income aT1d accounting income that aises in one period 2-d arc capable of reversal in one or more sUbsequent periods Deferred Tax assets
arid liabilities are accounted for using the tax rates and t8X laws ppicaLk agt on t--tC HdclnCC Shrn date
(B) Notes on Accounts
1 Sundry Crecitors~ Sundry Debtors Loans amp Advsnces have been taken at their book vaJue subject to confIrmation and reconciliatio1
____Eeholding g the Conpa1Y (More than 5 is~om----p_l-u=s-=o-=ryJLt)______ Name of Shareholder bull As at 31 March 2012 r~_As_~~~~_March_~O~lI
I No of I of i No of I of Shares I Holding 1Shares Holding
held heldI
200500 I 308T -2-05-0-00--1-- m87
-)~R~=~H-~U-T_~S_T~E~E~L_I~N~D__LT__D__~____6_35__5~0-+______9__78 1 635501 __~ _________
HARlSH G AGRAWAL
264050 I 4065I~ 264050 ___~
---------------~-------~---
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
5 Payment to AuditOI-s
_ud~t~SReliiUneration l 2deg~~i12 [ 20l(j1ll _c~ Fees amp Tax Audit Fee I 30000 I 32500--l ___ ______--L----------J
~ Pavment to Director ~ectors Rernunera~t~i-o-n---middot-~--middot~-middot---~~--r--~~~~---
amp Bonus fees
L)arlS and Advances are considered good in respect of which company does not -)ld any security other than the personal guarantee of persons
_ middot)aJ1S and idvances includes amount outstanding from directors orand Company in gthich directors Je interested Maximum Balance during the year
11 )
Max Bal_
l--------+-----------+------------l-----~f--------__I
--------shy -------+----------------------+-------1--------1
NiL NIL
_ ___ ____________--L_____---
- f -iditional information pursuit to provisior of paragraph 3 and 4 of part II of the
schedule VI of the companies Act )956 is Nil or 1011e except given below
M1 HIL NIL
~- - ------------------shy
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
--------
pnllOPENING STOCK 9F FINISHED GOODSshy01042011
Quantity (MT )
Mt 82
D[2J1CLOSING STOCK OF FINISHED GOODSshy
31032012 Qurt1tity ( )
MTS 2
EJPURCHASE OF TRADING amp FINISHED GOODSshy
Unit MTS
Fl TURNOV_ERshy~-YS~ of G00ds
Unit
Iron amp Steel Mts
bull II
01042010 Quantity (MT 1
Mt 324
31032011 Quantity-~ ()
Mts 117
2011-12 2010-11 Quantity Quantity shy
350 1021
2011-12 2010middot11 Qyantity Quantity
430 1228
-----~--------- -- ----_ _-_____ _-----__------------__--shy
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
11
1
I
by addingmiddot al Consumption of consumables and raw material have been arrived dyurchascs to opening stock and de_ducted cloSinr_stoCkthere froID rRaw Material Items T Unit Qty
Consumption I
SrNo -------I--middot--------+-t-middot-----ll _____---11__middot _ NIL
2
3
]2 Total
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
I I
~ ~~ ~I I
~~A~ount ()----- I Whathxtent of Holding ()Quoted il~~~~
Bas Valul
s ~
iz ~i
_J
~
~~~
lt~~~ j ~~ ~ ~~
of the Body Corporat-e---1-Si)dar No of Shares I Units Partly y I
(2)
Assoclat Unq uotc Fully e N
Controlle d Entity
_____-+~_~thers
(3)
EQUI 20 20
irve3~m~nt~
tt-
1-03-2012 T31~03~011
(4) (5)
----_+--- -- --
-4----------+--------------~----__I
Paid
d
(6)
paid
(7)
---_-----~
31-03-2010
(9)
er stated
at Cost Yes
No 3 t-03-2012 31-03-2011
-----1----- ---- -1----middot-
Ceh (9) i~
1
r -f1) t
~fff
~f~--~middot hv -lIS i~t v1d8 - II I j~~-~ -- --W~ - cG~ bull~-~
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
------
------------
9_ Major cmnponents of Deferred tax
Particu lars 31
AJ Deferred Tax Liabilities
Total ~Leferred Ta~ Assets
_Di0~llowance JLs~O(~H~~~_~_____+-______--1
DisalJowa1ce U s 438 Gr~tlt)~_Qisallowed
~~LT avail - TotaI1
-Net-Defe-rred Tax liabilities(assetsj ffl------l-O-S-3-6-1
_-B)
11) Reated Party Disc lo s~u_r_~e_~_______ ____ ______-__--______________-__________ l --
Calegorj Name of the related Party _ jl_~__ _______________
1 i Su bsidiaries I
IL
I i NILI
I
i Relatives of Key MclJ1[igement I i Personnel I
on vith Related Parties of Transaction
--------~---_--~----~~-~--~--middot-----l
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
shy
------------------------------------shy
3 Revenue Ex enses
4 Purchase of Fixed Assets -+---=-==-=~=-=--=====---I--------+--------- -- -shy---------~
5 Sales of R~LL___=_P_=_ML__=F_=G=____ _+_-----t__---------_j
7 Given
(1) All lhe unsecured loans have been guaranteed personaliy by one of the director 0f company
12The SSI status of the creditors is not kno- to tht cumpany hence the information is nut given
i1 Previcus yeat figllreS have been regrouped or rearranged whenecr necessary
Signature to Schedule A to 0 of Balanltc sheet and 1 to 8 of Profi and Loss account
In terms of Our Separate Report of Even Date Attached
FOR LALIT JHAM amp COMPANY Chartered Accountants
( r7 -~-
I l_ Segment Reporting shyGeographical Segments
-3r No [Particulars shyi 1 Domestic sales
2 --4-----Sal~s---middotmiddot
Total
Arnount 16074980
16074980
12_ lIlSecJrco ioans amp Advances~
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
- -
lL-lliESCi AGRICULTURAL IMPLEMENTS amp STEEL FORGINGS LIMITED
Detail Sheet to Scihedules Forming part of Profit amp Loss Account _~~ on 3h Marr-~- 20-12
I-C~l$~ Kent Allowanc~
LCac ith Pay
comiddotec1Ce Allowarce
Rates amp Taxes (Others)
17891 17891 1 Srlles Eariler years 2083 0
0_ __ __I)ics oic Eaier yeass
L ___~ -- Total Imiddot
Administrative amp Other Mise ElIpensGs
Eierrc~y Chargts Car
Conv-2J1CC Charges F~es 3 Smiddotlbsc~ptio~
~lti jai Sxgtenscs
~-ln~~-_- _~ middot~l)o-er
P-o(ess --1 rarges
8637 28600 805701
44474 46369
2311degdeg1100
l~
1522 1
375 31206
102677 17176 35464
750 750
3791 47769
1225 31368
~ ~ofe~~middot_ ~2 tC0mpz-
Daymeot ~_ A~~Htor~
Toea]
~ per Ot Reort of ever~ date _l~l ~1lr amp Co
2500
AGRIlMPamp STEEL FORG
rA~L- Director
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company
MAHESH AGRICULTURE IMPLEMENTS amp STEEL LIMITED 2011-12
10
ATTENDANCE SLIP
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008
PLEASE COMPLETE THIS ATTENDANCE SLIP AND HAND IT OVER AT THE ENTRANCE OF THE MEETING HALL L F No __________________________ I Hereby record my attendance at the Annual General Meeting held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company Signature of the Member Signature of the Proxy Name of the Member Name of the proxy
Redg Office OLD MOTOR STAND ITAVARIITWARIMAHARASHTRA NAGPURndash 300008 PROXY FORM
I We ___________________________________________________________________________________ Of ___________________________________in the district of ____________________________________ Being a member(s) of ACIL Cotton Industries Ltd hereby appoint _______________ Of ___________________________ in the district of ________________________________ as myour Proxy to attend and vote for meus and myour behalf at the Annual General Meeting of the Company to be held on Friday 28-09-2012 at 1100 AM at Regd Office of the Company and any adjournment thereof
Affix Rs One Revenue Stamp here
Signed this day of 2012 Note The proxy form duly completed must be deposited at he Registered Office of the Company not less than 48 hours before the time for holding the meeting The proxy need not be a member of the Company