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History of NEPC Agro Foods Ltd.

'MADRAS FLOUR MILLS' is an old partnership firm & has been in existence from 1951. Madras Flour Mills had 12 partners with varying stakes in the firm. The following were the names of 12 partners with their respective stakes in the firm. 1. Sri Hanumandas Gupta 4% 2. Sri Prahlad Rai 16% 3. Sri P C Gupta 6% 4. Smt.Bhagwati Devi 37% 5. Sri Satyanarayan Poddar 9% 6. Sri Puranmal Jain 8% 7. Sri Ghanshyamdas Jain 6.5% 8. Sri Sankarlal Jain 3% 9. Smt.Sakunthala Devi 3% 10.Sri Anandkumar Jain 3.5% 11.Smt.Nirmala Gupta 2% 12.Sri Urmila Gupta 2%

The Partnership Firm was engaged in the manufacture of Wheat Products with an installed capacity of 18000 tonnes per annum catering to the Wholesale market at Madras.

On 1st October 1990, 6 more persons namely Mrs.Sadhana Devi, Anitha Devi, Munish Kumar Khemka, Tirupathi Kumar Khemka, Sundeep Kumar Khemka & Mrs. Ritu joined as partners thereby increasing the number of partners to 18. The original 12 partners retired on 31.3.1991 due to other commitments & business exigencies & the remaining new 6 partners decided to run the business on more scientific & profitable lines with the wider marketing network. The 12 old partners had a total stake of Rs.69 lacs. This amount was paid by continuing partners to the old partners in the above mentioned ratio.

The production was not upto the mark because of obsolete machinery. The partners were desirious of introducing quality & longer shelf life wheat products & increasing market coverage for which the plant and machinery was required to be modernized apart from increasing the installed capacity so as to make the project a viable & profitable one. As large sums of money was required to carry out this modernisation & expansion programme NEPC AGRO FOODS LTD was taken in as 7th partner in the firm on 1st October, 1991. Subsequently, the 6 partners retired from the partnership on 8th October, 1991 by a dissolution deed dated 8th October 1991 & the entire business continued to be exclusively carried out in the name of 'NEPC Agro Foods Ltd.' At the time of retirement of 6 partners, the total assets of firm stood at Rs.112.98 lakhs as per the Books of account. The details of Book value of tangible assets at the time of dissolution of firm are given below: LAND - 70.60 LACS BUILDING - 21.42 LACS PLANT and MACHINERY - 16.36 LACS ------------ TOTAL 112.98 LACS ------------

As all the partners shared capital & profits in equal proportion the six retiring partners were paid a sum of rupees 96.84 lakhs being their share of total value of assets by Comp. out of contribution made by promoters towards share capital in the company. No revaluation of assets was done after the Comp. joined the partnership firm. Similarly no goodwill was paid to the retiring partners. The land has been revalued upwards by Rs.30 lakhs prior to the Comp. becoming partner.

The six retiring partners also form part of promoters of NEPC AGRO FOODS LIMITED. They alongwith their other members in the family hold all the shares issued the Comp. as stated elsewhere in the prospectus.

Apart from this, the Comp. is also setting up facilities for manufacture of salt for industrial use & iodised salt for household use. This Project is being set up in the salt deposit area in Nawan, Nagpur District at Rajasthan with a capacity to produce 10800 TPA of industrial salt & 216000 TPA of iodised salt.

The Comp. is promoted jointly by Mr. Ravi Prakash, Mr. Madhusudan, Mr. Rajkumar, Mr. Tirupathi Kumar & Mr. Munish Kumar alongwith M/s. NEPC-MICON Ltd.'

NEPC-MICON LTD.' was promoted by Mr. Ravi Prakash, Mr. Madhusudan & Mr.Rajkumar. Mr. Ravi Prakash, Mr. Madhusudan & Mr. Raj Kumar & also wholetime Directors of NEPC-MICON LTD. Mr. Tirupathi Kumar & Mr.Munish Kumar are having Equity stake in NEPC-MICON LTD. All the above mentioned persons belong to the same family. NEPC-Agro Foods limited was decided to be promoted by above mentioned persons belong to the same family. NEPC-Agro Foods limited was decided to be promoted by above mentioned persons alongwith NEPC-MICON LTD. The promoters namely, Mr. Ravi Prakash, Mr Madhusudan, Mr. Raj Kumar, Mr. Tirupathi Kumar & Mr. Munish Kumar are engaged in diverse business fields ranging from ranging from Heavy structural fabrication to manufacture wind turbine generators for power generators for power generation & export of textile items & readymade garments.