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Ambar Protein Industries Ltd.

BSE: 519471 Sector: Industrials
NSE: N.A. ISIN Code: INE072V01017
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Ambar Protein Industries Ltd. (AMBARPROTEIN) - Director Report

Company director report

ANKUR PROTEIN INDUSTRIES LIMITED (Formerly MOTI PROTIN INDUSTRIES LIMITED) ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT To, The Members, Ankur Protein Industries Limited, Changodar, Sarkhej-Bavla Highway, Dist. Ahmedabad. Your Directors have pleasure in submitting the 13th Annual Report together with Audited Accounts for the financial year ended on 31st March, 2005. FINANCIAL RESULTS : The following are the summarised results of the Company for the year ended on 31/3/2005. FOR THE YEAR FOR THE YEAR PARTICULARS ENDED ON ENDED ON 31-3-2005 31/3/2004 (Rs. in Lacs) (Rs. in Lacs) Income From Operation 1837.10 -- Other Income 52.85 17.63 Depreciation 42.14 42.68 Profit / Loss After Depreciation 1.74 (-) (31.94) Net Profit / Loss for the year after tax 1.60 (-) (35.94) Balance of Loss C/F to B/S (305.92) (307.53) OPERATIONS : During the year the company has come out from difficulties experienced in the earlier years. After the One Time Settlement with IDBI, the company has availed working capital facilities from Lord Krishna Bank. The company resumed production to its best efficient Capacity during the year. The company manufactured 3900 MT of edible oils and processed 24600 MT of cake for solvent extraction on job basis. The company introduced the sales of refined Cotton Seel Oil under the brand name of 'Ankur' for the first time which has got overwhelming response from market. The sincere efforts made by the management has resulted into better results during the current year. DIVIDEND : In view of the accumulated losses, your directors have decided not to recommend any dividend. FIXED DEPOSITS : Your company has not accepted any deposits within the meaning of Section 58A of the Companies Act, 1956 and the Rules made thereunder. LISTING OF EQUITY SHARES : The Shares of the Company continue to be listed on the Stock Exchanges Mumbai and Ahmedabad and the annual listing fee has been paid to each of the Stock Exchange. PERSONNEL/ EMPLOYEES : No employee of the Company is covered under Section 217 (2A) of the Company Act, 1956 read with Companies (Particulars of Employees) Rules, 1975. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO : The prescribed details as required under Section 217 (1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in Report of Board of Directors) Rules 1988 are set out in the Annexure 'A' DIRECTORS : Shri Dashrathbhai Patel and Shri Pradeep Khetani retire by rotation at the ensuing annual general meeting but being eligible, offer themselves for reappointment. Shri Maheshbhai Patel resigned on 1/9/2004 from the directorship of the company. The Board of Directors recorded a note of appreciation for his valuable services and guidance provided to the company. AUDITORS REPORT : Auditor's remarks to the Accounts have been considered by the Board and clarified wherever necessary in the Schedule / Note forming part of the account. AUDIT COMMITTEE : The Audit Committee of the Board was formed under Section 292A of the Companies Act, 1956 and comprises of one executive director Shri Pradeep Khetani & 2 non-executive directors Shri Dinesh Khetani and Shri Maganbhai Patel. CHANGE OF NAME : The Registrar of Companies, has approved the change of name of the Company from Moti Protin Industries Ltd. to Ankur Protein Industries Ltd. w.e.f. 20/8/2004. THE CORPORATE GOVERNANCE CODE : The company has already implemented the code of corporate governance as required by the Listing Agreement introduced by the Securities & Exchange Board of India. The report of directors on the practices prevalent on Corporate Governance in the company is annexed to this report. (Annexure - B) The company is required to employ a Company Secretary on whole time basis. The company has been taking steps to appoint a Company Secretary, however due to financial constraints the appointment could not be made so far. A Compliance Certificate from Shri. R.S. Sharma, Practicing Company Secretary to fulfill the legal obligation to some extent has been obtained. DIRECTORS' RESPONSIBILITY STATEMENT : Your Directors wish to inform Members that the Audited Accounts containing Financial Statements for the Financial year 2004-2005 are in full conformity with the requirements of the Companies Act, 1956. They believe that the Financial Statement reflect fairly, the form and substance of transactions carried out during the year and reasonably present the Company's Financial condition and results of operations. Your Directors further confirm that : i. In the presentation of the Annual Accounts, applicable Accounting Standards have been followed. ii. Accounting policies are consistently applied and reasonable, prudent judgment and estimates are made so as to give a true and fair view of the state of affairs of the Company as on 31/3/2005 and of the profit of the Company for the accounting year ended on that date. iii. Proper and sufficient care for maintenance of adequate accounting records has been taken in accordance with the provisions of the Act, so as to safeguard the assets of the Company and to prevent and detect frauds and other irregularities. iv. The Annual Accounts have been prepared on a going concern basis. AUDITORS : M/s. Agrawal & Mandowara, Chartered Accountants, retire as the statutory auditors of the company at the ensuing annual general meeting but being eligible offer for reappointment. Your directors recommend their reappointment for the year 2005-06. INDUSTRIAL RELATIONS : The relations between the employees and the management have remained cordial through out the year. ACKNOWLEDGMENT : Your Directors take this opportunity to place on record their appreciation to Bankers and Investors, company's distributors and consumers and the devoted services given by the employees who have largely contributed to the efficient management of the company. Place : Ahmedabad On behalf of the Board of Directors Date : 30/6/2005 (Dashrathbhai Patel) Chairman ANNEXURE-A TO THE DIRECTORS' REPORT PARTICULARS WITH RESPECT TO CONSERVATION OF ENERGY POWER AND FUEL CONSUMPTION 2004-05 2003-04 1. Electricity : Units Purchased (Nos) 850167 14574 Amount (Rs.) 4340328 268094 Average Rate (Rs. / Unit) 5.1 18.39 2. Lignite : Quantity (MT) 3009 Amt. (Rs.) 4660567 Nil Average Rate (Rs. / MT) 1548.87 3. HSD/LDO : Quantity (Ltr) 68195 Amount (Rs.) 1385710 Nil Aver. Rate (Rs./Ltr.) 20.32 4. Hexane : Quantity (Kgs) 187842 Amount (Rs.) 4724807 Nil Average Rate (Rs./Kg.) 25.15 5. Consumption per Unit of Production : (Rs./MT) Electricity 137.50 Lignite 147.60 HSD / LDO 43.90 Nil Hexane 170.75

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