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Directors Report of M P Agro Industries Ltd.

Mar 31, 2014

Dear Members,

The Directors present the Thirty-eight Annual Report of the Company together with Audited Statements of account for the Year Ended 31st March, 2014.

FINANCIAL RESULTS: Year Ended on Year Ended on 31st March 2014 31st March 2013

Profit/Loss before Depreciation & Tax 5,05,02,024 (2,46,142)

Depreciations (21,198) -

Profit/Loss before taxation 5,04,80,825 (2,46,142)

Corporate Tax (95,00,000) -

Profit/Loss after Tax 4,09,80,825 (2,46,142)

Balance as per Last Balance Sheet (35,805) (4,10,16,629)

Basic EPS Rs. 7.06 Rs. (0.04)

REVIEW OF OPERATIONS:

During the year under review your company has registered a huge profit during the year ended 31st March, 2014, amounted to Rs. 4,09,80,825 as compared to loss amounted to Rs. 2,46,142 during the previous year. Looking to the accumulated losses of past years, your Director has not recommended any dividend for the financial year 2013-2014.

DIRECTORS:

Pursuant to the provisions of Section 256 of the Companies Act 1956, Mr. Chatur C. Patel, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORTION AND FOREIGN EXCHANGE EARNINGS AND OUT GOES:

Information required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 framed under Section 217 (1) (e) of the Companies Act, 1956 is furnished in Annexure attached here to.

PARTICULARS OF EMPLOYEES:

There are no employees in respect of whom particulars as required under Section 217 (2-A) of the Companies Act, 1956 need to be disclosed in the Directors'' Report.

FIXED DEPOSITS:

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

INSURANCE:

All the properties and insurable interests'' of the Company have been adequately insured to the extent required.

AUDITORS:

Members are requested to appoint Auditors to hold office until the conclusion of the next Annual General Meeting and fix their remuneration. The Company has received a letter from them to the effect that their appointment, if made, will be within the limits prescribed under Section 224 (1 B) of the Companies Act, 1956.

CORPORATE GOVERNANCE:

In terms of provisions of clause 49 of the listing agreement, the Corporate Governance Report is attached here in as Annexure 1.

LISTING OF SHARES:

The equity shares of the Company are listed at Vadodara Stock Exchange Limited, Vadodara, Bombay Stock Exchange Limited, Mumbai and M.P. Stock Exchanges, Indore.

AUDIT COMMITTEE:

Pursuant to the provisions of the newly introduced Section 292A of the Companies Act, 1956 the Audit Committee of the Board has been constituted.

DEMATERIALIZATION OF SHARES:

The Company has signed an agreement with Central Depository Services (India) limited. All the Valued Shareholders of the Company are requested to dematerialize their holding to take benefit of the transactions.

DIRECTORS'' RESPONSIBILITY STATEMENT:

As per provisions of Section 217 (2M) of the Companies Act, 1956 the Board confirms that:

1. The financial statements are in full conformity with the companies Act, 1956 and applicable accounting standards had been followed along with proper explanation relating to material departures.

2. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing fraud and other irregularity.

4. The Directors have prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENT:

Your Directors acknowledge the continued co-operation and assistance received from the state and central government authorities and company''s bankers. Your Directors express their sincere appreciation and gratitude for the whole hearted support from the esteemed customers, tellers, business associates, shareholders and employees of the company.

For and on behalf of the Board YUNUS R. MEMON

Bhopal, August 4, 2014 Director


Mar 31, 2010

The Directors present the Thirty-second Annual Report of the Company together with Audited Statements of account for the Year Ended 31st March, 2010.

FINANCIAL RESULTS: Rupees in laces

Year Ended on Year Ended on

31st March 2010 31st March 2009

Profit/Loss before

Depreciation 00.31 (72.38)

Depreciations 00.59 0.00

Profit/Loss before taxation (00.28) (72.38)

Balance as per last

Balance Sheet (403.46) (403.23)

Profit/Loss after Tax (00.028) (72.38)

OPERATIONS:

Your Company has registered loss during the year ended 31st March, 2010, amounted Rs. 00.28 Laces as compared to loss amounted to Rs. 72.38 Laces during the previous year.

DIRECTORS:

Pursant to the provisions of Section 256 of the Companies Act 1956, Mr. Abdul Razak D. Dhanani, retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for reappointment.

INTEREST PROVISION FOR M P S I D C

Provision for the interest on the principal amount of Rs. 16.34 borrowed from Madhay Pardesh State Industrial Development Corporation was made by Rs. 38.44 laces as on date March 31st, 2010.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORTION AND FOREIGN EXCHANGE EARNINGS AND OUT GOES:

Information required to be disclosed under the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 framed under Section 217 (1) (e) of the Companies Act, 1956 is furnished in Annexure attached here to.

PARTICULARS OF EMPLOYEES:

There are no employees in respect of whom particulars as required under Section 217 (2- A) of the Companies Act, 1956 need to be disclosed in the Directors Report.

FIXED DEPOSITS:

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

INSURANCE:

All the properties and insurable interests of the Company have been adequately insured to the extent required.

AUDITORS:

Members are requested to appoint Auditors to hold office until the conclusion of the next Annual General Meeting and fix their remuneration. The Company has received a letter from them to the effect that their appointment, if made, will be within the limits prescribed under Section 224 (1 B) of the Companies Act, 1956.

CORPORATE GOVERNANCE:

In terms of provisions of clause 49 of the listing agreement, the Corporate Governance Report is attached here in as Annexure 1.

LISTING OF SHARES:

The equity shares of the Company are listed at Vadodara Stock Exchange Limited, Vadodara, Bombay Stock Exchange Limited, Mumbai and M.P. Stock Exchanges, Indore.

AUDIT COMMITTEE:

Pursuant to the provisions of the newly introduced Section 292A of the Companies Act, 1956 the Audit Committee of the Board has been constituted.

DEMATERIALIZATION OF SHARES:

The Company has signed an agreement with Central Depository Services (India) limited. All the Valued Shareholders of the Company are requested to dematerialize their holding to take benefit of the transactions.

DIRECTORS RESPONSIBILITY STATEMENT:

As per provisions of Section 217 (2M) of the Companies Act, 1956 the Board confirms that:

1. The financial statements are in full conformity with the companies Act, 1956 and applicable accounting standards had been followed along with proper explanation relating to material departures.

2. The Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the company for that period.

3. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing fraud and other irregularity.

4. The Directors have prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENT :

Your Directors acknowledge the continued co-operation and assistance received from the state and central government authorities and companys bankers. Your Directors express their sincere appreciation and gratitude for the whole hearted support from the esteemed customers, tealers, business associates, shareholders and employees of the company.

For and on behalf of the Board

Abdul Razak Dhanani

Bhopal, 3rd September, 2010 Chairman



 
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