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Madhusudan Industries Directors Report, Madhusudan Ind Reports by Directors
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Madhusudan Industries
BSE: 515059|NSE: MADSUDIND|ISIN: INE469C01023|SECTOR: Vanaspati & Oils
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Directors Report Year End : Mar '14    « Mar 13
Dear Members,
 
 The Directors have pleasure in submitting the Annual Report together
 with the Statement of Accounts of your Company for the year ended 31st
 March, 2014.
 
 Performance
 
 The summary of your Company''s financial performance is given below:
 
                                            Year ended       Year ended
                                        March 31, 2014   March 31, 2013
                                         (Rs. in lacs)    (Rs. in lacs)
 
 Profit before Depreciation and Taxes
 & Exceptional item                              86.99            86.92
 
 Deducting therefrom Depreciation                12.89            15.33
 
 Profit/Loss before tax and Exceptional item     74.10            71.59
 
 Less : Exceptional Item                         16.00                -
 
 Profit before tax                               58.10            71.59
 
 Deducting therefrom taxes of:
 
 * Current Tax                                       -                -
 
 * Deferred Tax                                      -                -
 
 Profit after tax                                58.10            71.59
 
 Add: Balance brought forward from
 previous year                              (-) 750.08       (-) 821.67
 
 Amount available for Appropriations        (-) 691.97       (-) 750.08
 
 The proposed appropriations are:
 
 1. Proposed Dividend                                -                -
 
 2. Tax on proposed Dividend                         -                -
 
 3. Debenture Redemption Reserve                     -                -
 
 4. Balance Carried forward                 (-) 691.97       (-) 750.08
 
    Total                                   (-) 691.97       (-) 750.08
 
 
 Review of Company''s Performance
 
 The company continued with the horticulture operations during the year.
 Production of colour capsicum continued till May, 2013. Thereafter we
 started to produce only green capsicum. The life of the green houses
 are over and it got damaged due to storm and rain. The total production
 of colour capsicum and green capsicum during the year was 7.47 MT and
 17.64 MT respectively. We have also cultivated vegetables and Golden
 Rod in the open space available at the factory premises. The rental
 income of godowns was Rs. 79.41 lacs during the year. The rental income
 will continue to be a recurring source of revenue in the coming years.
 
 Management Discussion and Analysis
 
 a) Industry structure and developments
 
 The Company has existing infrastructure readily available for
 undertaking suitable manufacturing activity in future.
 
 b) Opportunities & threats
 
 The future of horticulture industries remains bright, but the extreme
 weather conditions and poor quality of water available in our factory
 premises continue to be a threat.
 
 c) Segment-wise/Product-wise performance
 
 During the year, the income from horticulture was Rs. 6.71 lacs. The
 total production of Capsicum was 25.11 MT. While turnover from
 horticulture division decreased from Rs.6.89 lacs to Rs.6.71 lacs, the
 overall profit also decreased from Rs. 71.59 lacs to Rs. 58.10 lacs.
 This was mainly due to the loss of Rs. 15,99,600/- on sale of entire
 share holding of wholly owned subsidiary - Madhusudan Fiscal Limited
 during the year. This loss is shown as exceptional item. Madhusudan
 Fiscal Limited has now ceased to be a subsidiary or a group company and
 hence no consolidated accounts are prepared as on 31st March, 2014.
 
 d) Outlook
 
 The Company has decided to continue growing Green Capsicum and
 vegetables in open areas.
 
 e) Risks and concerns
 
 It is a challenging task to market the horticulture products as the
 commodity is a perishable item and the market is volatile. We supply
 our produce directly to the main Vendor.
 
 f) Internal control system and their adequacy
 
 The Company has computerized its accounting system since many years.
 The system of internal control of the Company is commensurate with the
 size and complexity of the Company''s business. The operations are
 subject to periodic internal audit by independent Auditors.
 
 g) Financial performance with respect to Operational Performance is
 discussed in the main part of the report.
 
 h) Material development in Human Resources/Industrial Relations
 
 The Company values and nurtures its human resources and Company would
 continue to adopt and implement the best HRD practices in future.
 
 Corporate Governance
 
 Pursuant to clause 49 of the Listing Agreement with the Stock Exchange,
 Report on Corporate Governance has been included in this Annual Report
 as a separate annexure.
 
 Directors'' Responsibility Statement
 
 In compliance of Section 217 (2AA) of the Companies Act, 1956,
 Directors of your Company confirm:
 
 * that the applicable accounting standards have been followed in the
 preparation of annual accounts and that there are no material
 departures;
 
 * that such accounting policies have been selected and applied
 consistently and such judgements and estimates made are reasonable and
 prudent so as to give a true and fair view of the state of affairs of
 the Company as at March 31, 2014 and of the profit of the Company for
 the year ended on that date;
 
 * that proper and sufficient care has been taken 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 annual accounts have been prepared on a going concern basis.
 
 Dividend
 
 Your Directors have not recommended any dividend, as consolidation and
 restructuring process is underway.
 
 Energy Conservation, Technology Absorption and Foreign Exchange
 Earnings & Outgo
 
 The details required under the Companies (Disclosure of particulars in
 the Report of Board of Directors) Rules, 1988 are annexed to this
 report.
 
 Exchequer
 
 The Company has contributed Rs. 10.14 lac to the exchequer by way of
 Income tax, VAT and other fiscal levies.
 
 Fixed Deposits
 
 During the year, the company has repaid Fixed Deposits of Rs. 1.80
 lacs. There is no Fixed Deposit outstanding as on 31.03.2014.
 
 Subsidiary Company
 
 During the year, the company has sold its entire shareholding
 (12,90,000 shares - 100%) in the wholly owned subsidiary company viz.
 Madhusudan Fiscal Limited on 22.08.2013. Madhusudan Fiscal Limited has
 now ceased to be a subsidiary company or a group company.
 
 Finance
 
 The Company has obtained credit facilities from Bank of Baroda.
 
 Employees
 
 The Company has no employee as specified under Section 217(2A) of the
 Companies Act, 1956, hence, there is no information required to be
 provided in this regard.
 
 Directors
 
 Shri S. N. Mohata has resigned as director w.e.f. 30-07-2013. Board of
 Directors places on record their appreciation for the contribution made
 by him to the Company. Shri Prem Chand Surana has been appointed as an
 Additional Director w.e.f. 30-07-2013.
 
 Shri Sanwarmal Agarwal and Shri Rajesh B. Shah, directors are due to
 retire at the end of ensuing Annual General Meeting and being eligible
 offer themselves for re-appointment. Brief resumes of directors as
 required under clause 49 of the Listing Agreement executed with the
 Stock Exchange are provided in the notice convening the Annual General
 Meeting.
 
 Auditors
 
 M/s. H.V. Vasa & Co., Statutory Auditors of the Company retire at the
 end of forthcoming Annual General Meeting and being eligible offer
 themselves for reappointment. The Board recommends their re-appointment
 at the ensuing Annual General Meeting.
 
 Insurance
 
 The Company has adequately insured all its assets.
 
 Industrial Relations
 
 The Company''s relations with its employees remained cordial during the
 year.
 
 The Company has taken adequate steps for the health and safety of its
 employees.
 
 Appreciation
 
 Your Directors would like to place on record their gratitude for the
 co-operation and assistance given by Bank of Baroda and various
 departments of both State and Central Governments.
 
                           For and on behalf of the Board of Directors,
 
 Ahmedabad                                               Rajesh B. Shah
 29th May, 2014                                    Sanwarmal D. Agarwal
                                                           P. C. Surana
                                                              Directors
Source : Dion Global Solutions Limited
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