MAYA AGRO PRODUCTS LIMITED, ALLAHABAD
TO THE MEMBERS
Your directors have pleasure in presenting the 7th Annual Report together
with the Audited Accounts for the year ended March 31, 1998
(Amount Rs. In Lakh)
Operating profit before interest,
depreciation and tax 360.47 322.19
Less: Interest 154.58 129.56
Gross profit before depreciation and tax 205.89 192.63
Less: Depreciation 60.49 59.65
Profit before tax 145.40 132.98
Less: Tax - -
Profit after tax 145.40 132.98
Add:Balance brought forward from last Account 7.54 4.56
Profit available for appropriation 152.94 137.54
Transfer to General Reserve 140.00 130.00
Balance carried forward 12.94 7.54
Keeping in view of the scenario of oil industry, inflationary condition
prevailing in the market and funds requirement for working capital needs,
your directors have decided to plough back the resources to maintain its
production level and accordingly they have not recommended any dividend for
the year 1997-98.
The performance of the company during the year under review has improved in
terms of production and sales inspite of the severe market competition and
the inflationary trends in the prices of oil. The company has been able to
maintain its growth by way of consistent efforts for maintaining quality
production, effective utilisation of resources and innovative marketing
strategies. Your directors plan to change the Packing Mix of the products
in order to improve its profitability further.
Industrial relations continues to be cordial and harmonious during the year
under review. The company treats its work-force to be its most valuable
The Company has not accepted any fixed deposit under the provisions of
Section 58A of the Companies Act, 1956.
As per provisions of the Articles of Association of the Company, Mr.Samir
Ghosh and Mr.Deepak Mitra who are liable to retire by rotation at the
ensuing Annual General Meeting, being eligible, have offered themselves for
M/s. Amit Ray & Company, Chartered Accountants, retire at this Annual
General Meeting but being eligible, offer themselves for re-appointement.
The Company has received the certificate from Auditors that they are
qualified under section 224(1) of the Companies Act, 1956, if re-appointed,
to act as Auditors of the Company for the Year 1998-99.
The observation of the Auditors in their report is appropriately dealt with
in Schedule of Notes forming part of the Accounts.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS
A. CONSERVATION OF ENERGY
The existing plant and machinery are designed for modern technology and
they have inbuilt energy efficient features. The consumption of electrical
energy per unit of production is comparable with the industry in same line.
The particulars of consumption are given below:
1. Power and fuel consumption
Electricity Purchased (Units) 54,66,798
Total amount (Rs.) 2,06,90,278
Rate per unit (Rs.) 3.78
2. Consumption per unit of production
per tonne of
Vanaspati Refined Oil
Electricity 370 70
Furnace Oil Nil Nil
Rice Husk (Kg.) 346 250
B. TECHNOLOGY ABSORPTION
The company has not used any imported technology for its products. However,
the company has developed and improved in-house process technology for
better use of product mix.
C. FOREIGN EXCHANGE EARNING AND OUTGO
There is no foreign exchange earnings and outgo during the year under
PARTICULARS OF EMPLOYEES
There is no employee in the company whose particulars are required to be
given pursuant to section 217 (2A) of the Companies Act, 1956.
Your Directors place on record their appreciation of the continued
assistance and co-operation extended to the company by the Government
Authorities, Industrial Development Bank of India, United Bank of India,
Bank of Baroda, shareholders of the company, the dedicated employees and
all others who are continuing to assist your company.
For and on behalf of the Board
Place : Lucknow
Date : 27th September, 1998