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Agri Marine Exports Ltd.

BSE: 519536 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Agri Marine Exports Ltd. (AGRIMARINEEXP) - Director Report

Company director report

AGRI MARINE EXPORTS LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT Your Directors have pleasure in presenting the Twentieth Annual Report along with the Audited Accounts for the year ended 31st March 2005. FINANCIAL RESULTS Your Company has recorded a total other income Rs.62.70 Lakhs during the year ended 31st March 2005. The Net Loss of your Company during the year under review is Rs.78.47 Lakhs. The financial results of the company for the year ended 31st March 2005 are summarised as follows :- Rs. in lakhs Other Income 62.70 Total Expenditure 89.28 Gross Loss before depreciation and taxation 26.58 Depreciation 51.89 Net Loss carried to Balance Sheet 78.47 FUTURE PLANS Due to versatility of the Factory, your Company is venturing into export, of Processed Food Products and Vegetables. The company is able to cut costs and improve on the revenue through processing. The Company has been registered with the Board for Industrial and Financial Reconstruction (BIFR) and the Operating Agency, namely, IDBI is in preparation of a report. The company is hopeful of getting concessions in the BIFR package. SUBSIDIARY COMPANIES The Turnover of the subsidiaries, namely, Agri-marine (Europe) Limited amounted to 1,97,790 UK Pounds while M&M Harvests amounted to Rs.35,120/- during the year. PUBLIC DEPOSIT The Company has not accepted any deposit from the public during the year. RESPONSIBILITY STATEMENTS The Directors Confirm: a. that in the preparation of the annual accounts, the applicable accounting standards have been followed and that no material departures have been made from the same; b. that they have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to given 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; c. that they have 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; d. that they have prepared the annual accounts on a going concern basis. DIRECTORS Under Article 79 of the Articles of Association of the Company Mr. S.Muthu, Director of the Company is retiring by rotation and being eligible offers himself for reappointment. PARTICULARS OF EMPLOYEES With regard to information relating to employees covered under Section 217(2A) of the Companies Act, we wish to report that no employee of the Company is in receipt of remuneration during the year under review in excess of the prescribed limits. AUDITORS M/s Vivekanandan Associates, the auditors of the company retire at the conclusion of the Annual General Meeting and are eligible for re- appointment. CLARIFICATION ON THE AUDITORS' COMMENTS Note No.6: The company is following the practice of accounting of export revenue receipts at the rates prevailing on the date of negotiation. The net effect would be the same for the revenue would be increased/decreased and the effect would be shown separately as exchange fluctuation. As the net effect is the same the company is following this method consistently. Note No. 4 & 5: The company is optimistic over the realisation of the Debtors and hence did not warrant any provision for bad and doubtful debtors. Since the company's credit facilities have become non performing assets, in some cases, the company could not obtain confirmation of balances from Banks and Financial Institutions. However, there is no operation in these accounts and obtaining confirmation is only procedural and this will not affect in any way. Note No. 7: The working capital loan has become a non performing asset with respect to the bank and hence no provision has been made on the said loans. The company felt that the rate of interest charged by the bank could be negotiated and hence no provision has been made. Note No.8: Regarding capitalisation of interest pertaining to term loan from IDBI, it is clarified that the interest on the loan from IDBI form part of the fixed assets for which the said loan is raised and hence the company capitalised the interest. Point No.4 of Annexure to Auditors Report: The company did not have purchases during the year and is doing only processing and hence the internal control procedures for the purchase of raw materials and others have no bearing on the present company's business. Point No.9 of Annexure to Auditors Report: Due to the financial crunch faced by the company; there are delays in depositing the PF and ESI dues. However, there is no outstanding to be remitted to the authorities. Disclosure of particulars with respect to conservation of Energy, Technology Absorption, Foreign Exchange Earnings and outgo as required under the Companies (Disclosure of particulars in the Report of Board of Directors) Rules, 1988 and forming part of the report of the Board of Directors for the year ended 31st March 2004. (Rs.in Lakhs) Total Foreign Exchange Earnings during the year NIL Total Foreign Exchange used during the year NIL The particulars regarding conservation of Energy, Technology Absorption and R & D are not applicable during the year. MANAGEMENT DISCUSSION AND ANALYSIS REPORT a. Industry structure and development The European Union has set standards for marine products and your company has got the certification of its factory approved. Even after that the demand for the products abroad has not taken off. b. Opportunities and threats The company has ventured into providing the factory on job work basis due to stiff competition in the international market as well as domestic market. c. Segment wise performance The company is into only one segment of marine products and the performance is given in the main directors report. d. Outlook The outlook for the company is encouraging with more and more enquiries for job work by non certified clients. e. Risks and concerns In the absence of any positive trigger for increased marine products consumption, the strategy would have to contend with severe competition and focus on demonstrating tangible value through job work. f. Internal control systems and their adequacy Your company continues to place considerable emphasis and effort on the internal control systems. The matters required to be set in the Corporate Governance is enclosed alongwith this report. ACKNOWLEDGEMENTS The Board of Directors thanks its Shareholders, Bankers and Financial Institutions for their continued support and wishes to place on record its sincere appreciation and gratitude to all it's employees for their contribution. For and on behalf of the Board 24th August 2005 EHJAZ ELIAS S.H. MOHIDEEN Chennai - 600 019 Managing Director Director

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