Mirch Technologi Director Discussions


Dear Shareholders,

Your Directors have pleasure in presenting the 50th Annual Report together with Audited Balance Sheet and Profit & Loss Account for the year ended on 31st March, 2023. The highlights of the financial results are as under:

FINANCIAL RESULTS:

The Companys financial performances for the year under review, along with the previous years figures, are summarized hereunder:

(Amt in Rs.)

Particulars Current Year Previous Year
2022-23 21-22
Revenue From Operations 3,83,95,823.75 16,39,608
Other Operating Revenue Income 5,389.07 2,05,551
Total Revenue 3,84,01,212.82 18,45,159
Less: Expenses excluding Finance cost and Depreciation 3,15,37,854.35 32,90,621
Profit / (Loss) before Interest, Tax and Depreciation 68,63,358.47 (14,45,462)
Less: Finance Cost 1,416.00 6,195
Profit/(Loss) Before Depreciation 68,61,942.47 (14,51,657)
Less: Depreciation and amortization 23,885.00 13,102
Profit /(Loss) Before Tax 68,38,057.47 (14,64,759)
Less: Deferred Tax 18,902.00 6,70,497
Less: Current Tax 13,86,912.00 -
Profit / (loss) after tax 54,32,243.47 (21,35,256)

STATE OF COMPANYS AFFAIRS:

The company is into the activities of industrial design and fabrication. The Company has been covering various industries like fertilizers, chemicals, petrochemicals, power plant, fibers, cements, steel plants, pharmaceuticals, dyes and intermediates, paper and pulp and other allied processing industries since its inception. However During the Year the Company has Changed its Object Clause and the New object of the Company is to Trading and Manufacturing of Agro and Its Related products. The company has Profit of Rs.54,32,243.47/- during the financial year.

DIVIDEND:

Your Directors do not recommended any dividend during the year.

THE AMOUNTS, COMPANY PROPOSES TO CARRY TO ANY RESERVES:

The Board of the Company has decided not to carry any amount to Reserves.

CHANGE IN THE NATURE OF BUSINESS:

The Company has changed its Nature of Business during the financial year from current object to

To carry on in India or elsewhere the business to manufacture, buy, sell, import, export, develop, process, market, supply and to act as agent, distributor, stockists, wholesales, dealers, retailer or marketers or otherwise to deal in all types, tastes, uses, descriptions of agro products, such as fertilizers, manures, plant or animal foods, pesticides, including insecticides, herbicides or eedicides and fungicides and all types of rice, maize, milo, seeds, cotton seeds, soyabeans, ground nuts, castors, linseeds, sunflower, coconut, rapeseed, almond, sesamam, mustard, sea seed, grapeseed and to carry on all activities to develop Agriculture and forest resources based industrial and also plant grow, cultivate, product and raise plantations of various agriculture corps, forest and other plantation, horticultural crops, Green house, net house, medical and aromatic plants in their own farms and /or taken on lease. To Carry on the business as manufacture, importer and exporter, whole seller, retailer and dealers of all type of agricultural and other commodities

MATERIAL CHANGES AND COMMITMENT, IF ANY, AFFECTING THE FINANCIAL POSITION OF THE COMPANY OCCURED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENT RELATES AND THE DATE OF THE REPORT:

No material changes and commitments affecting the financial position of the Company occurred between the end of the financial year till the date to this report

Acquisition under SEBI SAST Regulations:

On March 11, 2022, the Promoter(s) of the Company had entered into a Share Purchase Agreement (SPA) with Shri Pankajkumar Patel (the Acquirer), wherein the acquirer had purchased 5,66,294 equity shares of face value of Rs. 10/- each of the Company through Open Offer, which constitutes 70.79% of the total issued, subscribed and voting capital of the Company.

Consequent to the changes in control and management of the Company as contemplated under the SPA, mandatory open offer was also being made by the acquirer pursuant to regulation 3(1) & 4 of the Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011 (SEBI SAST Regulations) for acquisition of 2,08,000 equity shares of Rs. 10/- each from the equity shareholders of the Company.

SUBSIDIARIES, JOINT VENTURES AND ASSOCIATE COMPANIES:

During the year under review, no Companies have become or ceased to be Companys subsidiaries, joint ventures or associate companies. As the Company does not have any subsidiaries, associates or joint venture companies as per the Companies Act, 2013 (“the Act”), no report on the performance of such companies is provided.