|The Company has been incorporated on 7th January 2005; with one
of the objectives, of acquiring the entire existing running and profit
making business of three partnership firms namely Metro Poly Prints,
Radha Madhav Industries and Mayura Industries. All the partners of
these three firms are also subscribers to the Memorandum and Articles
of Association of our Company. Further, except Mrs. Sulochanadevi
Agrawal, all the partners of the firms are directors of our Company. The
promoters of our Company are Mr. Anil J. Agrawal, Mr. Mitesh Agrawal
and Mr. Abhishek Agrawal.
The Company obtained Certificate of Commencement of Business on
24th January 2005 and to initiate the acquisition process of three
partnership firms, which were involved in manufacturing of synergetic
and alternative products for packaging, but as separate entities; on
1st of February 2005, our Company entered into partnership with the
said three firms as a partner for 10% in Profit & Loss along with the
existing partners i.e. Mr. Mitesh Agrawal (60% share in Profit & Loss)
and Mr. Kanubhai Patel (30% share in Profit & Loss) in Metro Poly Prints;
Mr. Anil J. Agrawal (45% share in Profit & Loss) and Mrs. Sulochanadevi
Agrawal (45% share in Profit & Loss) in Radha Madhav Industries and
Mr. Anil J. Agrawal (45% share in Profit & Loss) and Mr. Abhishek
Agrawal (45% share in Profit & Loss) in Mayura Industries.
On 5th March 2005, all other partners of the said partnership firms, except
our Company, retired and our Company took over all the assets & liabilities
at a book value aggregating to Rs. 710.07 Lacs and became sole owner
of all the firms namely Metro Poly Prints, Radha Madhav Industries
and Mayura Industries, which were renamed as Unit I, Unit II and
Unit III respectively.
To substantiate the above acquisition, a business valuation of erstwhile
partnership firms as on date of dissolution i.e. 5th March 2005 was carried
out by Khimji Kunverji & Co., Chartered Accountants vide their Valuation
Memorandum dated 7th July 2005. As per the said Valuation Memorandum,
the intrinsic value of the business of Mayura Industries is Rs.1162.60 Lacs;
Metro Poly Prints is Rs. 195.48 lacs and Radha Madhav Industries is
Rs. 190.15 Lacs giving a total value of Rs. 1548.23 Lacs of all the
business of the firms taken together, against the acquisition cost of
Rs. 710.07 Lacs, which in turn has resulted into an intrinsic benefit of
Rs. 838.16 Lacs to our Company.
- Radha Madhav Corporation Ltd has appointed Mr. Serge A Lapointe as an Additional Director of the Company.
-Radha Madhav Corporation Ltd has appointed Mr. Abhishek Agarwal has been appointed as a Joint Managing Director of the Company.