DIRECTORS REPORT TO ALL MEMBERS 1. Your Directors present the Twenty Fifth Annual Report of the Company along with the Audited statement of accounts for the year ended 31st March 2014 The profit /(Loss) before tax (PBT) for the year was Rs.( 692.55 ) Lakhs as compared to the previous year figure of Rs.(713.72 ) Lakhs. The net profit/ (Loss) after tax for the year was Rs.( 613.31 ) Lakhs compared to Rs. ( 590.73 ) Lakhs last year. 2-DIVIDEND In view of losses, the Directors regret their inability to recommend any dividend for the year under consideration 3-DIRECTORS During the year under review Mr.S.Yuvaraj, Director resigned from the office of Directorship due to his pre commitments w.e.f.31.03.2014. Mr. K.Murugavel , Director resigned from the post of Whole-time Director w.e.f.31.03.2014 and resigned from the office of Directorship w.e.f.29.05.2014 due to his pre-commitments Mr.Kamalnayan Harakchand, Director of the company was appointed as the Whole Time Director w.e.f.31.03.2014 without any remuneration subject to the approval of members Mrs. G. Lalitha was appointed as an additional director of the company by the Board of Directors in their meeting held on 31.03.2014. 4-PUBLIC DEPOSITS During the year your company has not received any deposits nor renewed any deposit from the public 5-FOREIGN EXCHANGE EARNINGS & OUTGO During the year under review the Company has not booked overseas revenue or incurred any expenditure 6-PARTICULARS PURSUANT TO SECTION 217 OF THE COMPANIES ACT 1956 The particulars required to be given in terms of section 217(1)(e) of the Companies Act, 1956 regarding conversion of energy, technology absorption are not applicable to your company None of the employees of your company fall under section 217(2A) 7- QUALITY MANAGEMENT SYSTEM The Company continues to lay emphasis on excellence in quality and services and is committed to total customer satisfaction 8-DIRECTORS RESPONSIBILITY STATEMENT The Directors confirm A) that in the preparation of Annual Accounts, the applicable accounting standards have been followed and no material departures have been made B) that they selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the Company for the year under review. C) that they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of your Company and for preventing and detecting fraud & other irregularities D) the annual accounts have been prepared on a going concern basis 9- CORPORATE GOVERNANCE Your company will always strive to incorporate appropriate standards for good corporate governance 10- AUDITORS M/s.Venkatesh & Co, Chartered Accountants, Statutory auditors of the Company retire on the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment 11- REPLY TO AUDITORS' QUALIFICATION / OBSERVATION 1) Fixed Asset register is being updated. 2) The company is making effort is clear the dispute with income tax department 3) The trade receivable are negligible and however company is making effort to recover the same 4) The company due to recessionary trends on the industry in south India has not transacted business for last year. However the company has drawn up plans for the technical expansion and distribution business in the current year. 6) The company IT return will being filed. 12- PERFORMANCE OF THE COMPANY During the year the company made a loss of Rs.613.31 lakh. The company is exploring and expansion opportunities and directors feel in the coming years. The company will perform and achieve a standing in the media & entertainment industry. 13- SUSPENSION OF TRADING Trading was suspended in Bombay Exchange Limited w.e.f. 7th July, 2012. Efforts are being made to revoke the suspension of trading 14- ACKNOWLEDGEMENT Your Directors place on record their appreciation for the contribution made by the employees at all levels enabling the Company to achieve the performance under review. Your Directors also appreciate the valuable co-operation and continued support extended by the Company's Bankers, Distributors and various Government authorities for their trust and confidence in the Management of the Company. Finally your Directors are deeply grateful to the members for their continued confidence & faith in the management of the Company For and on behalf of the Board, Midvalley Entertainment Limited (Sd/-) Director Place:-Chennai Date:-29.05.2014 |