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Moneshi Agro Industries Ltd.

BSE: 519417 Sector: Others
NSE: N.A. ISIN Code: INE604C01017
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Moneshi Agro Industries Ltd. (MONESHIAGRO) - Director Report

Company director report

MONESHI AGRO INDUSTRIES LIMITED ANNUAL REPORT 2004-2005 DIRECTOR'S REPORT Dear Shareholders Your Directors have pleasure in presenting the 11th Annual Report and the Audited Statement of Accounts of the company for the financial year ended 31st May 2005. 1. FINANCIAL HIGHLIGHTS (Rs.'000) FINANCIAL RESULTS 2004-2005 2003-2004 Turnover 2297.00 1952.70 Profit Before Tax 13.02 14.71 Less: Provision for Taxation - - Profit After Tax 13.02 14.71 Prior Year Adjustments - 19.88 Balance B/F from previous year 18617.80 18583.20 TOTAL 18630.82 18617.80 Appropriations: Proposed Dividend on Equity Shares NIL NIL Corporate tax on Dividend NIL NIL Balance carried to Balance Sheet 18630.82 18617.80 TOTAL 18630.82 18617.80 2. MANAGEMENT ANALYSIS AND DISCUSSION COMPANY PERFORMANCE: The sales of the Company for the year ended 31st May 2005 touched Rs.22.97 Lakhs and Net Profit were Rs.0.13 Lakhs. Your Company has marginal gain in the business. The year under review was very good because of good monsoon and record production of Foods and grains and other agro products. Agro based industry all over the country would improve. The Directors are confident that the steps taken will help achieve the size, scalability, brand and ambition necessary to create packed foods. REVIEW OF OPERATIONS: The Indian packed junked food items are agro based Industry is one of the developing Industries in India. The food Industry has shown signs of very fast growth with the induction of international players and with the competition domestic packed food industry is expected to rise this year. The domestic growth has been driven by rapid expansion of packed food by Government, farmer and fast food segments. The domestic industries spends is likely to continue its current upward trend. DIVIDEND: Your Directors do not recommend any dividend for the year 31st May 2005. FIXED DEPOSITS: The company has not accepted any deposit within the meaning of Section 58A of the Companies Act, 1956 and the rules made there under. DIRECTORS: Shri S.N. Iyer retire by rotation at the ensuing Annual General Meeting and being eligible offers himself for re-appointment. DIRECTORS` RESPONSIBILITY STATEMENT: Pursuant to the requirement Under Section 217(2AA) of the Companies Act, 1956 with respect to Directors' Responsibility Statement, it is hereby confirmed: * That in the preparation of the annual accounts for the financial year ended 31st May 2005 the Application Accounting Standards had been followed along with proper explanation relating to material departures. * That the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 the year under review. * That the Director 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. * That the Directors had prepared the accounts for the financial year ended 31st May 2005 on a going concern basis. AUDITORS: M/s. S.S. Trimbakkar & Co., Chartered Accountants, Auditors of the company hold office till the conclusion of the ensuing Annual General Meeting and are eligible for appointment. Due to change in the constitution in the firm of M/s Bharati Bhutani, Chartered Accountants, the same was noted by the company. PERSONNEL: As there are no employees, drawing remuneration as per provisions of Section 217(2A) of the Companies Act, 1956, and due to that, there is no requirement to submit particulars of employees as per the provisions of section 217(2A) of the Companies Act, 1955, read with the provisions of Companies) Particulars of Employees) Rules, 1975. Conservation of Energy, Technology Absorption, Research & Development and Foreign Exchange Earnings and Outgo: CONSERVATION OF ENERGY: The Company's operations involve low energy consumption. However efforts to conserve and optimize the use of energy through improved operational methods and other means will continue. TECHNOLOGY ABSORPTION: The Technology available and utilized is continuously being upgraded to improve overall performance and productivity. RESEARCH & DEVELOPMENT: Your company believes that Research & Development is continues process and is a key driver to scalable and sustained corporate excellence. Our Research & Development activities help us gear for future opportunities and are focused to provide unique benefits to our customers. Accordingly during the year, several key focus areas were identified. Foreign Exchange Earnings: Nil Foreign Exchange Outgo: Nil CORPORATE GOVERNANCE: Your Company continues to be committed to the systems of good corporate governance by increased transparency and accountability to its shareholders. Pursuant to clause 49 of the Listing Agreement with Stock exchanges, a report On Corporate Governance and Auditors certificate regarding compliance of conditions of Corporate Governance are made part of the Annual Report. LISTING OF SHARES: The equity shares of the company are listed at Bombay stock exchange. However the trading of the shares have been suspended in 2003. The company submitted papers for the re-listing of the equity shares and application are being processed. ACKNOWLEDGEMENT: Your Directors place on record their appreciation of the assistance and support extended by all government authorities, financial institutions, banks, consultants, solicitors, shareholders and debenture holders of the company. Yours directors also wish to thank management and staff of, the promoter company, for the continuous guidance and support received from them. Your directors express their appreciation for the dedicated and sincere services rendered by employees of the company. For and on behalf of the Board S. PAWASKAR P. AMOLIK Director Director Dated: 04/10/2005 Place: MUMBAI