Annual Report 2024

EAT WELL, BE WELL, LIVE WELL

SINCE 1992

MAHARAJA FOODS PLC

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CONTENTS

Our Approach to Reporting…………………………………………………………… 04

Financial Highlights……………………………………………………………...…… 05
Maharaja Foods PLC…………………………………………………………………. 06
Vision………………………………………………………………………………… 07
Mission…………….…………………………………………………………………. 08
Nature of the business operations of the company and subsidiary…………………… 09

Chairman’s Message…………………………………………………………………. 14
Managing Director's Message……………………………………………………… … 16
Board of Directors Profiles...……………………………………………………….... 18

Management Discussion and Analysis………………………………………………. 21

Corporate Governance……………………………………………………………….. 24
Report of the Board of Directors on the Affairs of the Company…………………… 27

Independent Auditor’s Report………………………………………………………… 32

Statement of Financial Position……………………………………………………… 35
Statement of Changes in Equity…………………………………………………… … 37
Statement of Cash Flows…………………………………………………………….. 38
Notes to the Financial Statements…………………………………………………… 41
Shareholders’ Information…………………………………………………………… 56
Form of Proxy……………………………………………………………………….. 57
Instruction for Proxy………………………………………………………………… 58
Notice of Meeting…………………………………………………………………… 59
Circular for the Shareholders…………………………………………………….….. 60
Guidelines and Registration Process for the AGM…………………………...….….. 62
Registration Form………………………………………………………………….... 65
Form of Request………………………………………………………………….….. 66

Corporate Information……………………………………………………………….. 67

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REPORT PROFILE RESPONSIBILITY OF THE

BOARD
Reporting period: The Board of Directors of Maharaja
The financial year began on 01st April Foods PLC bears the primary
2023 and ended on 31st March 2024. responsibility for the integrity of our
annual report. This includes ensuring
Frequency: comprehensive coverage of relevant
Annual topics and the accurate representation of
our business. Once published, no
alterations are permitted to the content of
the report, reflecting our commitment to
maintaining the reliability and accuracy of
CONSISTENCY AND our disclosures for all stakeholders.
COMPARABILITY

Where relevant, we have included

comparative data from the previous year QUERIES
to enhance clarity and context in our
reporting.

We welcome your suggestions and

feedback on this report. Please direct
REPORTING GUIDELINES them to:
AND SCOPE Address: No. 18/3, Dr. E.A. Cooray
Mawatha, Colombo 06, Sri Lanka
Maharaja Foods PLC adheres to stringent Tel: +94 11 2360926
reporting standards and frameworks that Fax: +94 11 2361136
bolster the credibility and effectiveness of Website: https://mfpe.com
our disclosures. These guidelines uphold
transparency while promoting continual
enhancement of our reporting practices.

FINANCIAL REPORTING

• Sri Lanka Financial Reporting

Standards
• Sri Lanka Accounting Standards

CORPORATE GOVERNANCE

• Companies Act No. 7 of 2007

• Listing Requirements of CSE
• Code of Best Practice on
Corporate Governance
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FINANCIAL HIGHLIGHTS - GROUP

For the year ended 31st 2024 2023 Change

March Rs. Rs. %
Financial Performance (Rs’.000)
Revenue 496,999,876 397,146,252 25%
Gross Profits 77,304,710 51,000,768 52%
Interest Income 341,898 65,629 421%
Interest Expense 14,960,650 12,017,631 24%
Profit Before Tax 36,605,700 20,279,487 81%
Profit After Tax 31,070,788 20,075,256 55%
Income Tax Expense 5,534,911 204,231 2610%

Financial position at the year-end (Rs’.000)

Total Equity 93,541,804 61,653,592 52%

Total Assets 306,178,165 198,681,362 54%
Total Liabilities 212,636,361 136,209,346 56%
Total Debt 157,140,756 73,822,256 113%
Debt/Equity 1.68 1.20 40%
Debt/Total Assets 0.51 0.37 38%
Current ratio 0.99 0.87 14%

Profitability Ratios

Gross Profit Ratio % 15.6% 12.8% 21%

Operational Profit Ratio % 10.3% 8.1% 27%
EBITDA % 11.0% 9.1% 21%
Net Profit Ratio 6.3% 5.1% 24%
Return on Assets (%) 10.15% 10.10% 0%
Return On Average
33.22% 32.56% 2%
Shareholder's Fund (%)
Gearing Ratios
Equity: Interest Bearing
1.68 1.20 40%
Liabilities (Times)
Debt: Equity Ratio (Times) 2.27 2.21 3%
0.70 0.40 77%

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MAHARAJA FOODS PLC

Maharaja Foods PLC’s journey began from the humble origin of Vijeya Enterprises, a
family- owned business founded in 1989 by the visionary entrepreneur Mr. Sivasaraman
Guganathan, with the noble objective of becoming a beacon of excellence in the food
industry
Guganathan family’s unwavering optimism led to the inception of Maharaja Food Products as
a partnership in 1995, that sourced premium quality food items such as rice, potatoes, onions,
and lentils etc., empowering local farmers whilst providing high quality food products to the
customers and started producing the famous "ROASTED RED RICE FLOUR" from the
current office premises in Wellawatte. The first consignment of exports (Sri Lankan Rice)
under Vijeya Enterprise embarked on its long journey in 1995 to regions where expatriates of
Asian origin residing, to cater to their demand for “ethnic foods”.

Backed by the long legacy and track record, Maharaja Foods (Private) Limited (MFL) was
incorporated on 12th November 2012 as a private limited company under the patronage of late
Mr. Guganathan and his family. After the demise of late Mr. Guganathan in 2016, his spouse
Mrs. Thavamalar Guganathan took over the leadership, thus MFL became a women-owned
enterprise. The Company changed its status to a limited liability company on 06th March
2024. MFL group serves both local and overseas consumers through its network of
distributors, by providing quality food products and a range of grocery items.

Today, MFL Group stands as a symbol of quality and innovation, enriching lives with a
diverse array of products, including rice-based and flour-based products, spices, and fish-
based products. MFL Group has their own product portfolio manufactured in-house, as well
as being involved in the export of other third-party products (consumables, household items
etc.) that are demanded by the expatriates. With a dedication to nourishing the nation and
embracing innovation, MFL Group continues to redefine excellence in the food industry,
embodying resilience, and a steadfast commitment to providing healthy, high-quality
offerings for generations to come.

The registered office of the Company is at No 18/3, Dr. E.A. Cooray Mawatha, Colombo 06
and the manufacturing and processing facility is in Mabola, Wattala where all production,
packing, storage and distribution take place.
MFL with a key focus on exports, is a registered company with the Export Development
Board of Sri Lanka (EDB) since 2018 as an exporter. The Company has also obtained the
approval under ‘Temporary Import for Export Processing’ (TIEP) scheme of Sri Lanka
Customs that enables MFL to direct import raw materials relieved from payment of fiscal
levies at the time of impor, if such imports are for export processing. Under this scheme,
MFL would be able to import raw materials such as spices, wheat flour and packing materials
without import duties to manufacture some of their export products. This approval is valid till
11th January 2025.

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NATURE OF BUSINESS OPERATIONS OF THE COMPANY

AND SUBSIDIARY

Production and Operating facility

Operations of both companies are carried out at the production facility in Mabola, Wattala
where the raw materials and goods are received, stored, processed, and distributed. The
production facility consists of a range of machinery and equipment used predominantly for
the processing of rice-based and flour-based products, and spices. The plant is equipped with
grinding machines, which are used to produce rice flour and spices, equipment to produce
roasted flour and spices, wheat flour processing and steaming machines.
Raw materials are sourced from both local suppliers and via direct imports, as well as from
other importers depending on the quality, quantities and competitiveness of prices. MF PLC
and MML carry out their own procurement according to the demand for the products. The
facility also has storage space to store raw materials as well as finished products until they are
distributed. The plant is operating under the supervision of a Production Manager with over
13 years of experience in the food industry.

MAHARAJA FOODS PLC

As a leading exporter of “ethnic foods” to the expatriates of Asian origin, MF PLC primarily
focuses its operations on serving consumers in France, United Kingdom and European
Region, Australia and Singapore at present. MF PLC's clients in France and the United
Kingdom are those who engage in in both retail and wholesale distribution of “ethnic food”
products. These clients distribute MF PLC’s own products and other grocery items
throughout the European region to cater to the culinary preferences of Asian expatriates,
those of Indian and Sri Lankan origins, who predominantly reside in the aforesaid regions are
the end consumers for MF PLC’s products. Similarly, in Australia, MF PLC employs a
similar business approach, targeting the Asian expatriate community with its diverse range of
“ethnic food” offerings.
The following are some of the key products that notably contribute to the total revenue of MF
PLC in FY 24.

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Products manufactured/ packed by MF PLC Grocery items of other manufacturers

(Including private labelling/ Sold under MF PLC
brand)
Double Polished Red Raw Rice Milk Powder and milk-based supplements

Jaffna Curry Powder EX Hot Coconut Milk Powder

Maharaja Steamed Wheat Flour Gingerly Oil
Maharaja Roasted Red Rice Flour Noodles and similar products
Maharaja Double Boiled Rice - Matta Fish based products (dry sprats, Maldivian
fish)
Maharaja Red Raw Polished Rice
Nandhi Ponni Par Boiled Rice

MAHARAJA MARKETING (PVT) LIMITED

Maharaja Marketing (Pvt Limited (MML) emerged as a wholly owned subsidiary of MF PLC
following its establishment in June 2022. This strategic decision was driven by MF PLC's
aim to streamline its operations, with a dedicated focus on separate entities for domestic and
export markets. MF PLC's concentration on export endeavors led to MML's mandate to cater
to the domestic market. Currently, the Maharaja product range is available in approximately
5000 outlets across Sri Lanka. Over the next five years, MML aims to expand its presence to
50,000 outlets nationwide, targeting a diverse range of customer segments. While presently
focused on supplying products to supermarkets and retail shops in selected areas, MML is
poised to broaden its customer and user base through a comprehensive array of marketing and
promotional strategies. These strategies encompass digital and physical marketing initiatives,
strategically designed to reach all communities across Sri Lanka.

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Few products in Maharaja Foods range

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OUR LEADERSHIP

MAHARAJA FOODS PLC

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CHAIRMAN’S MESSAGE
Dear Shareholders,
I am pleased to welcome you to the 1st
Annual General Meeting of Maharaja
Foods PLC. This milestone marks an
exciting beginning, as we reflect on a year
of notable growth and progress that
underscores our commitment to excellence
in the food manufacturing industry.

Company Performance
The financial year 2023/24 presented
various economic challenges, yet Maharaja
Foods PLC demonstrated resilience and adaptability. Despite facing market volatility and
economic instability, our group achieved a notable revenue growth of 25%, with gross profit
increasing by 52%. This growth is a testament to our dedicated team’s efforts and our
strategic positioning within the food industry.
Maharaja Foods PLC's profit before tax increased by approximately 81%, reflecting our
efficiency and agility in navigating challenges. A key highlight has been the expansion of our
order book to exceed significant milestones, driven by a steadfast commitment to quality and
timely product delivery. This year, our efforts have allowed us to make inroads into new
markets and strengthen our presence in existing ones, both locally and internationally.

Utilization of Fund Raised Initial Public Offering (IPO)

The company successfully raised Rs. 125 million through an Initial Public Offering (IPO),
issuing 25,000,000 Ordinary Voting Shares. The funds have been utilized in alignment with
the objectives outlined in the IPO prospectus, achieving these targets within the specified
timeframe. Notably, 73% of the total IPO proceeds have been effectively deployed toward
the planned initiatives.
As part of its growth strategy, the company is currently in the process of establishing a state-
of-the-art Raw Rice Plant and a Rice Polishing Plant. These modern facilities are designed to
enhance operational efficiency and production capacity. The construction and setup phases
are progressing as planned, with the company aiming to commence production by the end of
February 2025. This initiative underscores the company’s commitment to leveraging
advanced technologies to meet market demands and drive long-term growth.

Industry Context
The food manufacturing industry has faced hurdles due to rising costs and changes in tax
policies, which impacted profitability. However, macroeconomic stability in the latter part of
the year, along with favourable currency shifts, helped mitigate some of these pressures.
Maharaja Foods PLC has strategically managed these challenges, ensuring we continue to
offer high-quality products despite the fluctuations in raw material costs.

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Operational Highlights
Throughout the year, our team focused on enhancing shareholder value through rigorous
management strategies and careful oversight of operational costs. We aimed to maximize
resource allocation efficiency, safeguard shareholder interests, and ensure sustainable growth.
Our product portfolio, grounded in quality and taste, remains a key differentiator in the
industry, reinforcing Maharaja Foods PLC as a trusted name among consumers.

Brand Growth and Market Strategy

Maharaja Foods PLC has continued to strengthen its brand loyalty, with revenue from its key
product lines experiencing an impressive 12% growth. This achievement reflects the
company’s unwavering commitment to delivering exceptional quality, superior taste, and
high nutritional value in its offerings. These attributes have earned the trust and confidence of
both consumers and retail partners, establishing Maharaja Foods PLC as a reliable leader in
the market.
To sustain and enhance these standards, the company has made significant investments in
comprehensive training programs for its production and quality assurance teams. These
initiatives are designed to uphold the rigorous standards associated with the Maharaja Foods
PLC brand, ensuring that customers consistently receive products that meet and exceed
expectations. This focus on quality and innovation remains central to the company’s long-
term success and market presence.

Strategic Expansion and Future Outlook

In response to growing opportunities in neighbouring markets, we have taken the first steps
toward international expansion. Our strategic entry into markets outside Sri Lanka is a vital
aspect of our growth strategy, aimed at diversifying revenue streams and reducing market
risk. Plans are underway to enhance our production facilities, ensuring we remain agile and
responsive to evolving consumer preferences.

Gratitude
I extend my profound gratitude to our Board of Directors for their guidance, to our
shareholders for their unwavering support, and to our banking and supply chain partners for
their cooperation. Most importantly, I thank our employees for their hard work, dedication,
and commitment to the values of Maharaja Foods PLC. Their efforts are the cornerstone of
our success.
Looking ahead, I am confident in our strategy to navigate challenges and seize new
opportunities as we strengthen Maharaja Foods PLC’s position in the food industry.
Together, we will continue to deliver value, quality, and growth for our stakeholders.

Thank you,

G.Vijayananth
Chairman, Maharaja Foods PLC

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MANAGING DIRECTOR’S
MESSAGE

Dear Shareholders,
The financial year 2023/24 has been a
transformative period for Maharaja Foods
PLC, showcasing our ability to implement a
strong operational strategy within a secure
financial framework. Our company achieved
remarkable growth in our order book and
profitability, despite challenges posed by
currency fluctuations and rising operational
costs.

Company Performance and Operational

Highlights
This year, Maharaja Foods PLC achieved a revenue increase of 25% compared to the
previous financial year. We are pleased to report a gross profit growth of 52%, largely due to
our strategic focus on cost control and efficiency. With an order book exceeding key
milestones, we have laid a solid foundation for sustained growth in the coming years.

Despite economic challenges, Maharaja Foods PLC managed to mitigate the effects of
increased raw material costs and currency fluctuations by implementing rigorous cost
management practices. This approach has helped us maintain a profit margin that exceeded
expectations, highlighting our resilience in a dynamic industry.

Product Portfolio and Market Expansion

The financial year saw impressive results across our product lines. Our supply of high-
demand items, supported by our emphasis on quality and taste, remains a strong competitive
advantage. Maharaja Foods PLC has also expanded its market presence by entering new
segments, such as premium food categories, which cater to evolving consumer preferences.
This diversification strategy reflects our commitment to growth and our proactive approach to
market demands.

Future Plans and Strategic Growth

Looking ahead, Maharaja Foods PLC has outlined several strategic initiatives aimed at
driving sustained growth and success. A key focus is the expansion of production
capabilities, with investments directed toward establishing state-of-the-art facilities for
producing and polishing raw rice. Additionally, the company is actively exploring
opportunities to penetrate new regional markets. These expansions are strategically designed
to enhance operational efficiency, reduce production costs, and further strengthen the
company’s competitive positioning in the market.

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In response to the growing global interest in Sri Lankan cuisine, Maharaja Foods PLC is set
to launch an exciting new line of products. The unique flavors and health benefits of Sri
Lankan spices have captured the attention of international markets, creating a surge in
demand for authentic Sri Lankan brands. Maharaja Foods is strategically positioned to
capitalize on this trend by increasing its focus on spices and health-oriented product ranges.
The new product line will feature a carefully curated selection of authentic Sri Lankan spices
and innovative health-focused food options. These offerings are designed to cater to the
global demand for nutritious, sustainable, and culturally rich culinary experiences. By
leveraging its expertise in quality and innovation, Maharaja Foods aims to solidify its
reputation as a trusted leader in the global food industry, while further enhancing the
visibility of Sri Lankan cuisine on the world stage.

Appreciations
I extend my sincere gratitude to our Chairman and Board of Directors for their guidance
throughout this transformative year. My heartfelt thanks go to the Maharaja Foods PLC team
for their dedication and hard work in achieving our ambitious targets. I am also grateful for
the continued support of our shareholders, suppliers, and financial partners, who have been
invaluable in our journey.

Lastly, I express my deep appreciation to our customers for their trust in Maharaja Foods
PLC. We look forward to serving you with our best as we continue to grow and innovate in
the coming year.

Thank you,

G Vithyanath
Managing Director, Maharaja Foods PLC

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BOARD OF DIRECTORS

Mr. Vijayananth Guganathan

Chairman - Executive, Non-Independent Director
Mr. Vijayananth is a skilful entrepreneur who has thrived in
logistics and food and beverage industry from a young age. His
sound marketing and sales strategies together with customer
handling capabilities have resulted in developing a solid client
base for not only Maharaja Foods but also for other companies under G.T.V. Global Holdings
(Pvt) Limited in which he is in the key management team.

Mr. Vijayananth was instrumental in the restructuring of the Companies from a family-
oriented partnership into a group of companies with several SBU's specialized in Food &
Beverage, retail and logistics sectors were re- aligned to improve the operating efficiency and
to run as specialized entities to unleash the true potential and maximum value creation.

Mr. Vijayananth holds a Degree in Business Management, specialising in Economics and

Consulting from Aston University in Birmingham, England.

Mr. Vithyanath Guganathan

Managing Director - Executive, Non-Independent
Director.

Mr. Vithyanath has started his career at the age of 19 in Maharaja

Foods after completing his higher education, and rapidly rose through
the ranks to General Manager position within a short period of time
and substantially contributed to transform the Company to what it is today. By specializing in
Manufacturing Management and Multimodal Transportation together with the technical
expertise, Vithyanath spearheaded the production revolution at Maharaja Foods. He led the
modernization of the factory by introducing new machineries and processes to increase
production capacity and efficiency that enable MFL Group to cater both overseas and local
demand. He is responsible for overall operation of MFL Group and his hands-on experience
in the industry is a key strength for continuing development of the business.
Mr. Vithyanath is currently reading for his MSc in Purchasing, Logistics and Supply Chain
Management at University of Bedfordshire.

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Mrs. Thavamalar Guganathan

Executive, Non-Independent Director

Mrs. Thavamalar is the wife of the late Mr. Guganathan, the

founder of the MFL has been involved in the business for over 4
decades, contributing immensely towards the business
development of MFL Group. She was supporting her husband in
his journey to make Maharaja Foods a recognized brand and was overlooking the finance
function. She is instrumental in developing the key food related recipes in Maharaja Foods,
both in the flour range and spices range. In 2016, Mrs. Thavamalar came to the forefront of
the business supported by her family members and contributed to uplift the business to the
level it is today.

From the initial stage of developing a product, and leading to the launch stage into the
market, Mrs. Thavamalar guides the team to ensure the quality of the product. Her support
and consultations are a key driver of the Company's growth.

Mr. Rizvi Mowlana

Executive Non-Independent Director

Mr. Mowlana joined Maharaja Foods in 2022 and is a highly

accomplished professional with over 40 years of experience in
sales and marketing, fast-moving consumer goods and food
packaging. He currently serves as Target Pack International's
Marketing Director (Non-related company) and Chief Operating Officer (COO), bringing
extensive leadership experience and a strategic vision into the company.

Mr. Mowlana has held notable positions such as National Sales Manager at Lee Hedges PLC
(formerly known as Shaw Wallace and Hedges) and COO at Diamond Best Foods, where he
honed his sales, operations, and marketing skills, earning him an industry reputation for
excellence. He has succeeded in leading marketing strategies for brand growth and market
penetration, as well as optimizing operational processes to improve efficiency and
productivity.

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Mr. Imran Furkan

Non-Executive Independent Director

Imran advises Boards and CEOs on Personal Leadership, Strategy

as well as Geopolitical and Technology Risk Management.
Currently serving as CEO of Tresync, Australia; Imran is
passionate on fostering collaboration. Connecting people and
businesses together, fostering industry partnerships, and advising
on macro socio-economic technological strategy. This is evidenced by his achievements in
Senior management and Board Directorship roles in industries such as Regulatory and
Industry Bodies, IT/GBS, Finance, Commodities, Media, and Professional Services in the
Asia-Pacific region.

He is an Independent Non-Executive Director of the Interfaith Network (IFN), City of

Greater Dandenong, Australia and Maharaja Foods Ltd. He was also an Independent Non-
Executive Director of Trade Finance and Investments Ltd. (which was amalgamated with
Commercial Credit and Finance PLC). Imran also served as the CEO of SLASSCOM and the
Sri Lanka Press Institute.

Imran is a Fellow of CPA Australia, CIMA UK, has an MBA from Australia, and a BA
(Hons) Sustainable Performance Management from the UK.

Mr. Melanga A. Doolwala

Non-Executive Independent Director

Mr. Doolwala holds over 23 years of experience in finance,

specializing in financial management and strategy, whilst
accumulating extensive knowledge and skills. Presently in his
role as an Independent Non-Executive Director at Chrissworld
PLC, he oversees critical board functions as the Chairman of the Audit Committee and the
Related Party Transactions Review Committee. He also serves as a director of Omee
Products (Pvt) Ltd and A M D Holdings (Pvt) Ltd. Prior to these positions, he held the post of
Principal Officer/ General Manager Finance and Operations at Arpico Insurance PLC and
held management positions at X-Ont Software (Pvt) Ltd and Janashakthi Insurance PLC.

Mr. Doolwala holds an MBA from Cardiff Metropolitan University and is an Associate
Member of the Chartered Institute of Management Accountants (CIMA) UK and was a
member of Member Engagement Subcommittee in 2019.

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MANAGEMENT
DISCUSSION AND
ANALYSIS

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Maharaja Foods PLC

Started as a manufacturer and a distributor of authentic Sri Lankan foods focusing local
market, MF PLC has recognized the value addition from exports which made them to
concentrate on developing this segment gradually from FY 2020/21. During FY 22/23, MF
PLC formed its 100% owned subsidiary in order to segregate the local distribution where MF
PLC began to focus on export sales. Revenue of FY 20/21, 21/22 and FY 22/23. consists of
both export sales as well as local sales that were executed until the local business is fully
transferred to MML within FY 22/23. MF PLC’s revenue of LKR 325.7 Mn recorded in FY
23/24 include an inter-company sale to MML of LKR 8.3 Mn where the remaining LKR 317.
Mn is derived through exports. In FY 23/24, export revenue in USD terms reached the mark
of 1 Mn US$ which is a 138% increase compared to 0.42 Mn US$ in FY 22/23. This increase
in sales is with the increase in overall sales volumes.
Together with the significant growth in revenue, the Company has been able to increase the
gross profit margin to 15.7% in FY 22/23 from 13% in FY 21/22. As a result of the
emphasized focus on exports by MF PLC, GP Margin has improved further to 19.1% in FY
23/24 reflecting the lucrative nature of this segment of sales. Overall improvement in gross
profits without a significant increase in overhead costs has led to an increase in the operating
profits and net profits in 22/23 and FY 23/24. Due to the competition in the industry, the
margins are modest, hence the net returns are better when the volumes are increasing. With
the revenue growth as mentioned above, the net profit margin has improved from 2% in FY
21/22 to 7% in FY 22/23 whereas the same has further increased to 9.2% in FY 23/24 with
the increase in overall volumes and revenues.
As at 31st March 2024, Total assets of the Company stood at LKR 268 Mn with LKR 139.9
Mn is represented by non-current assets, primarily fixed assets used in the production
process. MF PLC keeps investing on infrastructure that leads to the growth in fixed assets.
Meanwhile, the current assets are primarily comprised of inventory and trade receivable,
which is common to a manufacturing and distribution company. Trade and other receivables
have increased significantly over the last FY, reaching LKR 83 Mn by the end of March
2024, representing 31% of the total assets. This increase caused due to the sales made in the
month of March 2024 where the payments are due from foreign buyers
Total equity value stood at LKR 91.5 Mn as of 31st March 2024, which increased with the
profits of LKR 29.9 Mn recorded during the year. The reliance on debt is significant at
present where the Company has depended on short term bank borrowings for working capital
to support the revenue growth that resulted in a c. 53.7% gearing ratio as of 31/03/3024. This
is an increase compared to the 48% gearing level in FY 22/23.
Current liabilities of MF PLC are represented predominantly by trade payables in respect of
purchase of Raw materials, short term borrowings and bank overdrafts.

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Maharaja Marketing (Pvt) Ltd

Having commenced trading during FY 22/23 after incorporation, MML continued the
distribution of food products in the local market which was earlier carried out by MF PLC.
During FY 22/23 which is the 1st year of operations, MML recorded LKR 130 Mn in revenue
with 6% GP margin. During FY 23/24, MML managed to increase the total revenue to LKR
179.7 Mn registering a significant growth of 37%. GP margin for the said period improved to
8.4%. FY 23/24 being the first full year of operations for MML, Administration and
Distribution costs reflect a substantial increase. Given the higher gross profits recorded, net
profits increased to LKR 1.2 Mn, which is a 58% increase from its previous net profit of LKR
0.81 Mn.

The local market is a highly competitive market where the margins are at a minimum level,
therefore MML works on multiple strategies to increase the volumes, to gain a higher gross
profit which in turn could improve the net margin.

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CORPORATE
GOVERNANCE

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The Company as a part of its transformation to a public company has identified the
importance of good corporate governance practices that would enhance corporate
transparency by having a robust system of internal controls, procedures, and financial
reporting systems.
As such, the Company has appointed two (2) Non-Executive Independent Directors to the
Board namely:
1. Mr. Imran Furkan
2. Mr. Melanga A. Doolwala

The Board has also appointed the following committees that support to maintain a healthy
governance structure and best practices:
1. Audit Committee
2. Remuneration Committee
3. Related Party Transactions Review Committee

AUDIT COMMITTEE

Audit Committee comprises of 2 non-executive independent directors where they are

empowered to oversee the financial reporting processes, internal controls, internal audit,
whistle blowing activities, and assess the independence and performance of external auditors:
The Committee comprises of following Non-Executive Independent directors:

• Mr. Melanga A. Doolwala – Chairman

• Mr. Imran Furkan – Member
Functions of the Audit Committee include the following:
a) Overseeing of the preparation, presentation, and adequacy of disclosures in the
financial statements of a Listed Entity, in accordance with Sri Lanka Accounting
Standards.
b) Overseeing of the Entity’s compliance with financial reporting requirements,
information requirements of the Companies Act and other relevant financial reporting
related regulations and requirements.
c) Overseeing the processes to ensure that the Entity’s internal controls and risk
management are adequate to meet the requirements of the Sri Lanka Auditing
Standards.
d) Assessment of the independence and performance of the Entity’s external auditors.

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e) To make recommendations to the board pertaining to appointment, re-appointment,

and removal of external auditors and to approve the remuneration and terms of
engagement of the external auditors.
No meetings were held during the financial year.

REMUNERATION COMMITTEE
The Remuneration Committee of the Company is established to assist the Board relating to
recommend the remuneration (cash and non-cash benefits) payable to the executive and non-
executive directors of the Company. In terms of the Articles of Association of the Company,
remuneration of any Director may be determined by the Board and if the Board deems fit, be
of such sum as approved by the shareholders by an ordinary resolution.
The Committee comprises of following Non-executive Independent directors:

• Mr. Imran Furkan – Chairman

• Mr. Melanga A. Doolwala – Member
The remuneration policy of the Company is to maintain a balance between providing a
suitable compensation to the employees and their performance for the best interest of the
Company and the shareholders. The remuneration packages recommended by the Board will
be reviewed by the members of the Remuneration Committee to provide required guidance
when required.
Total remuneration paid by the Group to all Directors in financial year 2023/24 amounts to
LKR 1.2 Mn.
No meetings were held during the financial year.

RELATED PARTY TRANSACTIONS REVIEW COMMITTEE

The scope of the committee is to provide independent review, recommendation, and oversight
of related party transactions to ensure such transactions are executed in a transparent manner
whilst being compliant with applicable regulations upon listing.
The committee comprises of 2 Non-Executive Independent Directors, together with an
Executive Director as follows:

• Mr. Imran Furkan – Chairman

• Mr. Melanga A. Doolwala – Member
• Mr. Vithyanath Guganathan – Member – Executive Director
No meetings were held during the financial year.

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REPORT OF THE BOARD OF DIRECTORS ON THE

AFFAIRS OF THE COMPANY
The Board of Directors of Maharaja Food PLC have pleasure in presenting the Annual Report
together with the Audited Financial Statements of the Company for the year ended 31 March
2024.This Annual Report contains information on the affairs of the Company as required by
the Companies Act No. 07 of 2007, Listing Rules of the Colombo Stock exchange and
recommended best practices.
The Financial Statements were reviewed and approved by the Board of Directors on 17th,
May 2024.

General
MAHARAJA FOODS PLC was incorporated in Sri Lanka on 3rd December 2012 as a
Private Limited Liability Company under the provisions of Companies Act No. 7 of 2007.
The legal form of the company was changed from Limited Company to Public Listed
Company under provision of the Section 8 of the Companies Act No. 07 of 2007 on 30 th
September , 2024.

Principal Activities
The principal activities of the group is Production and distribution of food products to export
market and local market.
This Report together with the Financial Statements, reflect the state of affairs of the
Company.

Review of Operations
An analysis of the operations of the Company during the financial year under review is given
in the Chairman’s Review and the Management Discussion on pages 14 and 22.

Financial Statements
The financial statements appearing in this report have been prepared by the Sri Lanka
Accounting Standards for SMEs, issued by the Institute of Chartered Accountants of Sri
Lanka. The Company operates in compliance with the requirements of the Companies Act
No.07 of 2007 and the listing rules of the Colombo Stock Exchange.

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The Financial Statement duly signed by the Finance Manager and two Directors of the
Company on behalf of the Board and Auditors, forms an integral part of the Annual Report of
the Board of Directors. The complete Financial Statements are given on pages 32 to 55.

Summary of the Financial Results

Year ended 31 March 2024 2023/24 2022/23
Revenue 496,999,876 397,146,252
Net profit for the year 31,070,788 20,075,256

Directors’ Responsibility for Financial Reporting

The Statement of Directors’ Responsibility reflects a true and fair view of the performance
and financial position of the group. It is given on page 29 and forms an integral part of the
Annual Report of the Board of Directors.

Auditors’ Report
Messrs Tudor V. Perera & Co Chartered Accountants, the Auditors of the Company carried
out the audit on the Financial Statements for the year under review.
The Report of the Auditors on the Financial Statements of the Company is given on pages 32
to 34.

Accounting Policies
The financial statements of the Company have been prepared in accordance with the Sri
Lanka Accounting Standards for Small and Medium Enterprises, SLFRSs for SMES. The
significant accounting policies adopted in the preparation of financial statements are given on
pages 40 to 45.

Directors' Interests
In compliance with Section 192 (2) of the Companies Act No. 07 of 2007, the company
maintains an Interest Register and are deemed to form part and parcel of this Annual Report,
the disclosed interests are in Note 28 to the Financial Statements on page 52 available for
inspection upon request.

Directors’ Remuneration
The Directors’ remuneration is disclosed in Note 28 to the Financial Statements on page 52.

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Directors’ Responsibility in Financial Reporting

The Directors are responsible for the preparation of Financial Statements of the Company to
reflect a true and fair view of the state of its affairs. The Directors are of the view that these
financial statements have been prepared in conformity with requirements of the Sri Lanka
Accounting Standards, the Companies Act No.7 of 2007 and the Listing Rules of the
Colombo Stock Exchange

Delegation to Board Members

The Board has delegated certain functions and duties to Sub Committees that comprise of
Board members. The functions and duties of each subcommittee is detailed in the respective
reports. They include:

• Audit Committee
• Remuneration Committee
• Related Party Transactions Review Committee.
The Board is also encouraged to seek independent professional advice, when necessary, at the
company’s expense and also have access to the company Secretary to obtain advice and
services as and when necessary.

Independent Auditors
Messrs Tudor V. Perera & Co, Chartered Accountants served as the Auditors during the year
under review and also provided non audit/ consultancy services. They do not have any
interest in the Company other than that of Auditors.
A total amount of Rs 321,750 is payable by the Company to Messrs Tudor V. Perera & Co,
Chartered Accountants for the services rendered during the year under review.

Property, Plant and Equipment

Details and movements of property and equipment are given under Note 11 to the Financial
Statements on pages 47 to 48.

Capital Expenditure
The total capital expenditure during the year amounted to Rs. 15.3 Mn on property, plant and
equipment compared to Rs.0.3Mn incurred in the previous year.

Corporate Governance

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The Board continued to place importance on sound corporate governance practices and is
committed to the highest standards of corporate governance within the organisation.
The Directors are of the view that the Company is in compliance with the Corporate
Governance Rules contained in the Listing Rules of the Colombo Stock Exchange.

Employment Policy
The Company has a non-discriminatory employment policy and provides career opportunities
irrespective of gender, race and religion.
As at 31 March 2024, 09 persons were in employment (12 persons in employment in 2023).
There were no material issues pertaining to employees and industrial relations during the
financial year.

Statutory Payments
The Directors confirm that to the best of their knowledge, all statutory payments including
EPF, ETF, and PAYE tax have been made within the stipulated periods during the financial
year.

Going Concern
After making adequate enquiries from the management, the Directors are satisfied that the
company has adequate resources to continue its operations in the foreseeable future.

Annual General Meeting

Notice of the first (01st) Annual General Meeting appears on page 59.
This Annual Report is signed for and on behalf of the Board of Directors by:

Mr. Vijayananth Guganathan

Chairman

Chart Business Systems (Private) Limited

Corporate Secretary

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FINANCIAL
STATEMENTS

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SHAREHOLDING DETAILS OF THE COMPANY

As at the date of the initial listing application, following parties are the shareholders of MFL

Name of Shareholder No of shares % holding

G.T.V. Global Holdings (Pvt) Ltd 87,912,115 87.91%

Vijayananth Guganathan 3,296,696 3.30%

Vithynath Guganathan 3,296,696 3.30%

Guganathan Gohulnath 3,296,696 3.30%

Sri Myooran Vinayagamoorthy 2,197,797 2.20%

Total 100,000,000 100%

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Folio No.
(Please write your Folio Number)

Form of Proxy

I/We..............................................................................of……………………………………….
......................................................................... being a member /members of MAHARAJA
FOODS PLC (PQ00296080) hereby appoint …………………………………….…………….
Of………………………………………………………………………………...whom failing.

Mrs. Thavamalar Guganathan or failing her

Mr. Guganathan Vijayananth or failing him
Mr. Guganathan Vithyanath or failing him
Mr. Seyed Rizwi Zain Mowlana or failing him
Mr. Mohamed Imran Furkan or failing him
Mr. Melanga Asiri Doolwala or failing him

as my/our proxy to represent me/us* and to vote on my/our behalf at the Annual General
Meeting of the Company which will be held as a “Virtual Meeting” at 03.00 p.m. on 29th
November 2024, in line with the guidelines issued by the Colombo Stock Exchange
(CSE) for hosting of virtual AGMs through Audio/Visual means using an online
platform in the manner and at any adjournment thereof and at every poll which may be
taken in consequence of the above said meeting. I/We the undersigned hereby authorize
my/our Proxy to vote on my/our behalf in accordance with the preference indicated below:
For Against

1. To consider and receive the Annual Report of the Board and the
Audited Financial Statements for the financial year ended 31st
March 2024, together with the Report of the Auditors thereon
2. To authorize Directors to determine donations for the financial
year ending 31st March 2025 up to the date of next Annual
General Meeting.
3. To re- elect Mrs. Thavamalar Guganathan as an Executive Director
who retires by rotation in terms of Section 79 of the Articles of
Association.
4. To authorize the Directors to determine the remuneration of the
Auditors, Messrs. Messrs. Tudor V. Perera & Co, Chartered
Accountants who are deemed to have been re-appointed as
Auditors in terms of Section 158 of the Companies Act, No. 07 of
2007.

Signed on this…………………….…...day of………………..……..Two Thou sand and Twenty-Four.

……………………………
Signature/s

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INSTRUCTIONS FOR COMPLETION OF FORM OF PROXY

1. Kindly perfect the Form of Proxy by filling in the mandatory details required above,
signing in the space provided and filling in the date of signature.

2. If the Form of Proxy is signed by an Attorney, the relative power of attorney should
also accompany the proxy form for registration, if such power of attorney has not
already been registered with the Company.

3. In the case of a Company/Corporation, the Form of Proxy shall be executed in the

manner specified in the Articles of Association.

4. In the absence of any specific instructions as to voting, the proxy may use his/her
discretion in exercising the vote on behalf of his appointor.

5. The duly completed and signed PROXY FORM should be delivered to the Corporate
Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at Ground
Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka, or via e-mail to
[email protected] – to be received by the Registrars by 03.00 p.m. on Wednesday,
27th November 2024 being not less than 48 hours before the time appointed for the
holding of the Meeting.

Please provide the following details (mandatory):

NIC/PP/Company Registration No. of the Shareholder/s:
…………………….………………….……………………………………………….….
Folio No : ……………….………………..…………………….…………..

Email address of the Shareholder/(s) or proxy holder

(Other than a director appointed as proxy) : ……………….……….…………………

Mobile No : ………………………………………….

Fixed Line : ……………………………….…………

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NOTICE OF MEETING
MAHARAJA FOODS PLC - PQ00296080

NOTICE IS HEREBY GIVEN that the Annual General Meeting of MAHARAJA FOODS
PLC will be held as a virtual meeting on Friday, 29th November 2024 at 03.00 p.m. for the
following purposes:
1. To consider and receive the Annual Report of the Board and the Audited Financial
Statements for the financial year ended 31st March 2024, together with the Report of
the Auditors thereon.
2. To authorize Directors to determine donations for the financial year ending 31st
March 2025 up to the date of next Annual General Meeting.
3. To re- elect Mrs. Thavamalar Guganathan as an Executive Director who retires by
rotation in terms of Section 79 of the Articles of Association.
4. To authorize the Directors to determine the remuneration of the Auditors, Messrs.
Tudor V. Perera & Co, Chartered Accountants who are deemed to have been re-
appointed as Auditors in terms of Section 158 of the Companies Act, No. 07 of 2007.

By Order of the Board,

Chart Business Systems (Private) Limited (PV8954)

Company Secretaries
3rd Floor, No 9-1/2, School Lane, Kollupitiya, Colombo 03
21st October 2024

NOTES
1. The Annual General Meeting of Maharaja Foods PLC will be a virtual meeting held
by participants or proxy and through audio- or audio-visual means in the manner
specified below:

2. A Form of proxy is enclosed in this Report.

3. The duly completed and signed PROXY FORM should be delivered to the Corporate
Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at Ground
Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka, or via e-mail to
[email protected] – to be received by the Registrars by 03.00 p.m. on Wednesday,
27th November 2024 being not less than 48 hours before the time appointed for the
holding of the Meeting.

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MAHARAJA FOODS PLC (PQ00296080)

NO.18/3, DR.E.A. COORAY MAWATHA, COLOMBO-06.

CIRCULAR TO THE SHAREHOLDERS

Dear Shareholder/s,

VIRTUAL ANNUAL GENERAL MEETING OF MAHARAJA FOODS PLC FOR

THE YEAR ENDED 2024 (FOR THE FINANCIAL YEAR ENDED 2023/24)

The Annual General Meeting (AGM) of MAHARAJA FOODS PLC will be held virtually as
per the manner prescribed below:

A. GENERAL DETAILS
1. The Annual General Meeting (AGM) of MAHARAJA FOODS PLC will be
held at 03.00 p.m. on Friday, 29th November 2024 in line with the guidelines issued
by the Colombo Stock Exchange (CSE) for hosting of virtual AGMs through
Audio/Visual means using an online platform in the manner.

2. All the board members including Chairman, Shareholders, Board of Directors

and Company Secretaries will participate in the meeting through audio or audiovisual.

3. The Annual Report of the Company for the year ended 2024 will be available
for perusal on the Company website on www.mfpe.com and the Colombo Stock
Exchange website on www.cse.lk.

4. If you wish to receive a soft copy of the Annual Report for the year ended
2024, please complete and forward us the Form of Request attached hereto
(Annexure 1) by post to the registered address of the Company Secretaries, Chart
Business Systems (Private) Limited, 03rd Floor, No.9-1/2, School Lane, Kollupitiya,
Colombo 03 or email [email protected] / [email protected].

B. SHAREHOLDERS PARTICIPATION
1. The Shareholders are encouraged to appoint a Director of the Company as
their proxy to represent them at the meeting.

2. The shareholders may also appoint any other persons other than a Director of
the Company as their proxy and the proxy so appointed shall participate at the
meeting through audio- or audio-visual means only.

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3. The shareholders who wish to participate at the meeting will be able to join the
meeting through audio- or audio-visual means. To facilitate this process, the
shareholders are required to furnish the details of the shareholder and proxy holder, if
any, by perfecting Annexure II to the circular to shareholders and forward same to
Corporate Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at
Ground Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka, or via e-mail
to [email protected] – to be received by the Registrars not less than five (05) days
before the date of the meeting so that the meeting login information could be
forwarded to the e-mail address as provided.

4. To facilitate the appointment of proxies specified in B.1 and B.2 above, the
Form of Proxy is attached with the Notice of Meeting. The duly filled Forms of Proxy
should be sent to Corporate Solution Unit of Central Depository Systems (Pvt) Ltd,
the Registrars, at Ground Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri
Lanka, or via e-mail to [email protected] not less than forty-eight (48) hours before
the time fixed for the meeting.
C. SHAREHOLDERS QUERIES

1. The shareholders are hereby advised that if they wish to raise any queries, such
queries should be sent to Corporate Solution Unit of Central Depository Systems (Pvt)
Ltd, the Registrars, at Ground Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri
Lanka, or via e-mail to [email protected] not less than five (05) days before the date
of the meeting. This is in order to enable the Company Secretary to compile the
queries and forward same for the attention of the Board of Directors so that they could
be addressed at the meeting.

For any further queries on this matter, please contact through,

Telephone : 94 11 2687158
Email : [email protected]

The Board wishes to thank the shareholders of the Company for their unwavering
cooperation.

Yours Faithfully
By Order of the Board,

Chart Business Systems (Pvt) Ltd - (PV8954)

Company Secretaries
21st October 2024

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MAHARAJA FOODS PLC - PQ00296080

GUIDELINES AND REGISTRATION PROCESS FOR THE ANNUAL
GENERAL MEETING (AGM) VIA ONLINE MEETING PLATFORM

Shareholders / Proxy holders who wish to participate in the Annual General Meeting of
MAHARAJA FOODS PLC to be held via an Online Meeting Platform (Virtual AGM),
could do so by using a smart phone or a desktop computer. If a Shareholder/Proxy holder
intends to join the Virtual AGM via a smart phone, it is necessary for him/her to download
the “Zoom Mobile App” onto his /her smart phone. Similarly, if a Shareholder/Proxy holder
wishes to attend the Virtual AGM via a desktop computer, the link can be opened by
downloading the “Zoom Desktop App” to the respective desktop computer (compatible web
browser: Google Chrome).

1. Shareholder who wish to participate in the Virtual AGM of MAHARAJA FOODS

PLC either by themselves or through their Proxies are requested to forward their
details to the registrar of the company as per the attached REGISTRATION FORM.
2. The duly completed and signed REGISTRATION FORM should be delivered to
Corporate Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at
Ground Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka, or via e-mail
to [email protected] to be received by the Registrars not less than five (05) days
before the date of the meeting so that the meeting login information could be
forwarded to the e-mail address as provided. If participation in the meeting through a
Proxy, the duly completed and signed FORM OF PROXY deposited at the
Corporate Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at
Ground Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka, or via e-mail
to [email protected] on or before 03.00 p.m. on Wednesday, 27th November 2024,
being not less than 48 hours before the time appointed for the holding of the Meeting.

Note:
If a Proxy is appointed, the information set out in the REGISTRATION FORM
pertaining to the Proxy holder should tally with the information indicated in the duly
completed FORM OF PROXY submitted by the Shareholder.

3. The Company will verify all registration requests and identification details received as
aforesaid, against the details of Shareholders set out in the Shareholders’ Register and
accept the registrations for the Virtual AGM if it is satisfied with the request and
supporting documents (if any). Shareholders whose registration requests are accepted
will receive an email confirmation from the Company acknowledging the acceptance
of their request.

4. The Shareholders whose registration requests have been accepted will receive a
further email from the Company 24 hours prior to the commencement of the AGM.

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This email will provide a web link for online registration referred to as “Virtual
AGM Registration”. If the Shareholder has appointed a valid Proxy this email will
be forwarded to the relevant Proxy holder.

5.

i. The Shareholders / Proxy holders are requested to use the web link, which will
be forwarded by the Company as referred to in 4 above and click on “Virtual
AGM Registration” in order to complete online registration for the Virtual
AGM.
ii. On clicking the link “Virtual AGM Registration”, Shareholders/Proxy holders
will be redirected to an interface where they will be requested to enter their
First Name, Last Name, Email Address, re-enter Email Address and National
Identity Card Number. (In entering these details, the participants are required
to ensure that correct details as included in the REGISTRATION FORM
referred to in 2 above are entered in the said online registration process, since
any mismatch will be considered as an unsuccessful log in)
iii. After successful completion of entering of the details as referred to in 5 (ii)
above, the participants are requested to click on “REGISTER” which will be
prompted on their screens enabling them to receive the meeting link.

6. The Shareholders who successfully complete their online registration as set out in 5
above, will receive the log in link for participation in the meeting referred to as “Join
the Virtual AGM of MAHARAJA FOODS PLC” and credentials.

7. In order to join the Virtual AGM, participants are required to click on “Join the
Virtual AGM of MAHARAJA FOODS PLC”. In some instances, the system calls for
the credentials and if that is required, please enter the credentials to gain access to the
Virtual AGM.

8. On completion of this process, you will be directed to the Virtual AGM Zoom
Platform, where you can participate in the Virtual AGM.

It is recommended that the Shareholders / Proxy holders complete the process outlined in 5,
6, 7 and 8 above and join the AGM at least ten (10) minutes before the start of the AGM. The
Online Meeting Platform will be active thirty (30) minutes before the time appointed for the
commencement of the meeting.

9. Shareholders/Proxy holders may use the Q & A tab or the Hand Raise ( ) icon
appearing on the screen respectively, to submit their questions or concerns in typed
format or verbally. The system will allow a pop-up message to unmute the
microphones and to allow video options.

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10. After completion of the process outlined in 7 above in respect of all eligible
Shareholders and Proxy holders, the Company will forward a separate email to the
Shareholders / Proxy holders or representatives (as applicable) who are entitled to
vote, providing a separate link to vote on all resolutions included in the Notice of the
Annual General Meeting dated Friday, 29th November 2024.

11. Shareholders / Proxy holders who intend participating in the meeting are requested to
open the said link and be prepared to cast their vote when each resolution is taken up
for voting by the Chairman. Participants are advised to “refresh” the voting page and
cast the vote as per their discretion in the given space and click “SUBMIT” enabling
the Company to receive the responses.

12. When declaring the voting on the resolution, Chairman will take in to account the
voting of the Shareholders/ Proxy holders participating virtually.

13. 60 seconds will be allocated for Shareholders/ Proxy holders to cast their vote in
respect of each resolution. The results will be processed and announced by the
Chairman 15 seconds after the end of the time slot allocated for voting.

14. In a situation where a Poll is demanded and Shareholders are required to vote on the
Poll, a mechanism similar to that referred to for voting, will be applicable. This will
be moderated by the Chairman of the meeting.

It is advised to check the online AGM access at least 3 hours prior and also ensure that your
devices have an audible sound system so that you could be participate in the AGM
comfortably.

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REGISTRATION FORM

THE ANNUAL GENERAL MEETING (AGM) OF MAHARAJA FOODS PLC -

PQ00296080 TO BE HELD AS A VIRTUAL MEETING ON 29TH NOVEMBER 2024
AT 03.00 P.M.

DETAILS OF SHAREHOLDER
Full Name of the principal
Shareholder: ……………………………………………………………………………………
NIC No./Passport No./Company Registration No.: ………………………………….………..
CDS Account No: …………………………………………………………………….………...
Residential Address: ……………………………………………………………….…………...
Telephone No/s: ……………………………………………………………………..…………
Email: ……………………………………………………………………………..……………
Full Name of 01st Joint Holder: ……………………………………………………………...
NIC No/ Passport No: ……………………………………………………………….…………
Full Name of 02nd Join Holder: ……………………………………………………………..
NIC No/ Passport No: ………………………………………………………………….………
In the event proxy holder is appointed by the shareholder following details of his/her’s will
also be required.

DETAILS OF PROXY HOLDER: (only if a proxy is appointed)

Full name of proxy holder: …………………………………………………………….……….
NIC No./Passport No. of proxy holder:
Telephone No/s:
…………………………………………………………………………..…….
Email:
……………………………………………………………………………………..…….
PARTICIPATION AT THE AGM – Please tick the cage below
Online
I/My proxy holder am/is willing to participate at the AGM

Signature/s ……………………………. …………………….. …………………….

Principal Shareholder 01st Joint holder 02st Joint holder
Date: …………………………………

Note: in the case of a Company/Corporation, the shareholder registration form must be signed
in the manner prescribed by its Articles of Association/Statute and in the case of the
Registration form is signed by an Attorney, the power of attorney, must be deposited to the
Corporate Solution Unit of Central Depository Systems (Pvt) Ltd, the Registrars, at Ground
Floor, M&M Center 341/5, Kotte Road, Rajagiriya, Sri Lanka or via e-mail to
[email protected]. not less than five (05) days before the date of the meeting

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FORM OF REQUEST

FOR A PRINTED COPY/ SOFT COPY OF THE ANNUAL REPORT OF MAHARAJA

FOODS PLC (PQ00296080) FOR THE PERIOD ENDED 31ST MARCH 2024

TO: The Company Secretaries,

Chart Business Systems (Private) Limited,
03rd Floor, No 9-1/2,
School Lane, Kollupitiya,
Colombo 03

I/We hereby request for a soft copy of the annual report of Maharaja Foods PLC for the
period ended 31st March 2024.

DETAILS OF THE SHAREHOLDER(S)

Full Name:

National Identity Card/ passport/

Company Registration No. :

Contact Telephone Number:

Email address

Address:

………………………..……… ………………………..………
Signature od Shareholder(s) Date

*Contact details of the Secretaries CHART BUSINESS SYSTEMS (PRIVATE)

LIMITED - (PV8954)

Telephone : 0117886677 / 0117550061

Email : [email protected] / [email protected]

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CORPORATE INFORMATION

Company Maharaja Foods PLC

Registered No 18/3, Dr. E.A. Cooray Mawatha, Colombo 06, Sri Lanka.
Address & Tel: +94 11 2360926
Contact Details Fax: +94 11 2361136

Website https://mfpe.com/
Date, Place and Incorporated as a Private Limited Liability company on 3rd December 2012 in
Authority of Colombo, under the Companies Act No. 07 of 2007.
Incorporation
The Company has changed its status to a public listed company on 30th
September 2024 under the provision of the section 8 of the Companies Act
No. 07 of 2007.
Company PQ 00296080
Registration
Number
Board of Mr. Vijayanath Guganathan – Chairman –Executive, Non-Independent
Directors Director
Mr. Vithyanath Guganathan –Managing Director - Executive, Non-
Independent Director
Mrs. Thavamalar Guganathan - Executive, Non-Independent Director
Mr. Rizvi Mowlana - Executive, Non-Independent Director
Mr. Imran Furkan – Non-Executive, Independent Director
Mr. Melanga A. Doolwala – Non-Executive, Independent Director

Company Chart Business Systems (Private) Limited

Secretary No. 29, U. E. Perera Mawatha, Rajagiriya, Sri Lanka
Tel: +94 11 2543148
Auditors to the Tudor V. Perera & Co., Chartered Accountants
Company 296/20, Shanthi Mawatha, High Level Road, Kirulapone, Colombo 06
Tel: 011 2828749

Bankers to the Commercial Bank of Ceylon PLC

Company Commercial House, No 21, Sir Razik Fareed Mawatha,
P.O. Box 856, Colombo 01
Tel: +94 11 2486000 | Fax: +94 11 2449889

Hatton National Bank PLC

"HNB Towers",No. 479, T. B. Jayah Mawatha (Darley Road), Colombo 10
Tel: +94 11 2664664 | Fax: +94 11 2662832

Bank of Ceylon
No. 1, BOC Square, Bank of Ceylon Mawatha, Colombo 01
Tel : +94 11 244 6790 to 811 | Fax: +94 11 232 1160

National Development Bank PLC

40, Navam Mawatha, Colombo 02

Tel: +94 11 244 8448

67
Maharaja Foods PLC
 Annual Report 2024

68
Maharaja Foods PLC