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Midvalley Entertainment Ltd.

BSE: 533310 Sector: Media
NSE: N.A. ISIN Code: INE422B01016
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Midvalley Entertainment Ltd. (MIDVALLEYENTER) - Director Report

Company director report

Directors Report

TO ALL MEMBERS

Your Directors present the Twenty Fifth Annual Report of the Company along with theAudited statement of accounts for the year ended 31st March 2014

1-FINANCIAL RESULTS

The highlights of the financial results of the company for the year ended 31.03.2014compared with the previous year are given below:-

[Rs. in lakhs]
PARTICULARS AS ON 31.3.2014 AS ON 30.04.2013
Total Income 0.24 .038
Profit/(Loss) before Taxation (692.55) (713.72)
Less:Provision for Taxation 0.00 0.00
Add/ (Less):Provision for deferred taxation 79.24 122.99
Less:Income Tax of earlier year 0.00 0.00
Net profit/(Loss) after tax (613.31) (590.73)
Add: Profit brought forward (882.14) (291.41)
Amount available for appropriation 0.00 0.00
Balance carried forward (1495.45) (882.14)

The profit /(Loss) before tax (PBT) for the year was Rs.(692.55) Lakhs as compared tothe previous year figure of Rs.(713.72) Lakhs. The net profit/ (Loss) after tax for theyear 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 forthe year under consideration

3-DIRECTORS

During the year under review Mr.S.Yuvaraj Director resigned from the office ofDirectorship due to his pre commitments w.e.f.31.03.2014. Mr. K.Murugavel Directorresigned from the post of Whole-time Director w.e.f.31.03.2014 and resigned from theoffice 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 TimeDirector 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 ofDirectors 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 fromthe public

5-FOREIGN EXCHANGE EARNINGS & OUTGO

During the year under review the Company has not booked overseas revenue or incurredany 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 CompaniesAct1956 regarding conversion of energy technology absorption are not applicable to yourcompany

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 iscommitted to total customer satisfaction

8-DIRECTORS RESPONSIBILITY STATEMENT

The Directors confirm

A) that in the preparation of Annual Accounts the applicable accounting standards havebeen followed and no material departures have been made

B) that they selected such accounting policies and applied them consistently and madejudgments and estimates that are reasonable and prudent so as to give a true and fair viewof the state of affairs of the company at the end of the financial year and of the profitof the Company for the year under review.

C) that they have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Companies Act 1956 forsafeguarding the assets of your Company and for preventing and detecting fraud & otherirregularities

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 corporategovernance

10- AUDITORS

M/s.Venkatesh & Co Chartered Accountants Statutory auditors of the Company retireon the conclusion of the ensuing Annual General Meeting and being eligible offerthemselves 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 recoverthe same

4) The company due to recessionary trends on the industry in south India has nottransacted business for last year. However the company has drawn up plans for thetechnical 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 andexpansion opportunities and directors feel in the coming years. The company will performand 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 arebeing made to revoke the suspension of trading

14- ACKNOWLEDGEMENT

Your Directors place on record their appreciation for the contribution made by theemployees at all levels enabling the Company to achieve the performance under review.

Your Directors also appreciate the valuable co-operation and continued support extendedby the Company’s Bankers Distributors and various Government authorities for theirtrust and confidence in the Management of the Company. Finally your Directors are deeplygrateful to the members for their continued confidence & faith in the management ofthe Company

For and on behalf of the Board
Midvalley Entertainment Limited
(Sd/-) (Sd/-)
Director Director
Place:-Chennai
Date:-29.05.2014