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Milton Industries Ltd.

BSE: 535025 Sector: Others
NSE: MILTON ISIN Code: INE376Y01016
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Milton Industries Ltd. (MILTON) - Director Report

Company director report

To

The Members

Milton Industries Ltd.

Ahmedabad.

Your Directors have pleasure in presenting their 31st Annual Report togetherwith Audited Statement of Accounts for the year ended 31stMarch 201 7.

FINANCIAL RESULTS

(Rs. in Lacs)
PARTICULARS 2016-17 2015-16
Net Sales 4285.12 4122.15
Profit before Interest Depreciation & Tax 486.24 443.81
Interest and Financial Charges 229.05 214.89
Depreciation 126.92 105.44
Profit Before Tax 130.26 123.48
Less: Provision for Taxation :
Current Tax & FBT 27.00 25.65
Deferred Tax 8.88 58.95
Short/Excess Provisions of Earlier Years - 0.18
Mat Credit - -
Net Profit after Tax carried to Balance-sheet 94.38 38.88

SHARE CAPITAL

The Authorized share capital of your companyas on March 31 2017 stands at Rs.55000000/- divided into 5500000 equity shares of Rs. 10 each and Paid up capital isRs. 50000 000/-divided into 5000000 equity shares of Rs. 10 each.

DIVIDEND

The board of directors has decided to plough back the profit to meet with capitalexpenditure therefore your Directors do not recommend any dividend for the year underreview.

RESERVES

The company has not transferred any amount to general reserves for FY 2016-17.

PERFORMANCE

Your Directors to inform you that during the year under review the Company has netsales of Rs. 4285.12 Lacs as against Rs. 4122.15 Lacs in the previous year. During theyear under review the Company has earned net profit after tax carried to Balance-sheet ofRs. 94.38 Lacs as against the net profit after tax carried to Balance-sheet of Rs. 38.88Lacs in the previous year. Barring unforeseen circumstance your Directors are hopeful toachieve better financial performance in the coming years.

DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of TheCompanies Act 2013 and the Companies (Acceptance of Deposits) Rules 2014.The companyalso does not have any deposits due or unpaid during the year.

PARTICULARS OF EMPLOYEES IN TERMS OF 197 OF THE COMPANIES ACT 2013

As there were no employee drawing remuneration in excess of the limits as prescribedunder Section 197 read with rule 5 of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 in respect of employees of the Company as amended fromtime to time hence the particulars of employees under Section 197 is not given herewith.

INDUSTRIAL RELATION

Employee's relations have remained cordial throughout the year. Your Directors place onrecord their appreciation for significant contribution made by the employees through theirCompetence hard work sustained efforts Co-operation and support.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUTGO

Information pursuant to Section 134(3)(m) of the Companies Act 2013 read with theCompanies (Disclosures of Particulars in the Report of Board of Directors) Rules 2014relating Conservation of Energy Technology Absorption and Foreign Exchange earnings andoutgo in is given in "Annexure-A"forming part of this report.

SUBSIDIARIES ASSOCIATES AND JOINT VENTURES

The company does not have any subsidiary Joint venture and Associate.

PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS

During the year under review the company has not given any loans and any guaranteesmade any investment and provided any security (ies) covered under the provisions ofsection 186 of the Companies Act 2013.

RELATED PARTY TRANSACTIONS

There was no Contract or Arrangement made with Related Parties pursuant to section 188of the companies Act 2013.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS OR COURTS OR TRIBUNALS

There are no significant and material orders passed by the Regulators/Courts/Tribunalwhich would impact the going concern status of the Company and its operations infuture.

MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY WHICHHAVE OCCURRED BETWEEN THE END OF FINANCIAL YEAR (MARCH31 2017) AND THE DATE OF THEREPORT.

There were no material changes and commitments affecting the financial position of theCompany between the end of financial year (March 31 2017).

RISK MANAGEMENT POLICY

The Company has a robust Risk Management policy. The Company through a SteeringCommittee oversees the Risk Management process including risk identification impactassessment effective implementation of the mitigation plans and risk reporting. Atpresent the company has not identified any element of risk which may threaten theexistence of the company.

NUMBER OF BOARD MEETINGS

During the financial year 7(Seven) Board Meetings were held respectively on20.06.2016 01.08.2016 13.08.2016 25.08.2016 21.11.2016 27.01.2017 and 11.03.2017.

EXTRACT OF ANNUAL RETURN

An extract of Annual Return in Form MGT-9 as on March 31 2017 is attached as "Annexure-B"to this Report.

DIRECTORS

There was no change in the Board of Directors of the company during the year.

DIRECTOR RESPONSIBILITY STATEMENT

In terms of provisions of section 134 (5) of the companies Act 2013 your Directorsconfirm: -

a) That in the preparation of the annual accounts for the year ended March 31 2017 theapplicable Accounting Standards had been followed along with proper explanation relatingto material departures.

b) That the directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the end of thefinancial year and of the Profit of the Company for the year ended March 31 2017.

c) T hat the directors had taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.

d) That thedirectors had prepared the annual accounts on a "goingconcern"basis.

e) That the directors had devised proper systems to ensure compliance with theprovisions of all applicable laws and that such systems were adequate and operatingeffectively.

POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS

The provisions of Section 177 & 178 of the Companies Act 2013 and rules made thereunder relation to composition of audit committee and Nomination & remunerationcommittee are not applicable to the company during the year under review.

AUDITORS

M/s. Sapan Vasa & Co Chartered Accountants (Firm Reg. No. 120693W) appointedas the statutory auditors of your Company in place of the retiring auditors M/s. H.V.Vasa & Co. Chartered Accountants (Firm Reg. No. 131054W) hold office until theconclusion of the upcoming Annual General Meeting to be held in the year 2018 M/S.Sapan Vasa & Co. has been appointed as the statutory auditors of the Company forthe period of one year to hold office until the conclusion Next Annual General Meeting. Acertificate from M/s. Sapan Vasa & Co has been received to the effect thattheir appointment if made would be within the prescribed limits under Section 139 of theCompanies Act 2013.The Report of the Auditors read with the notes to accounts as annexedare self-explanatory and therefore do not require any further explanations.

ACKNOWLEDGEMENT

Your Board wishes to place on record its deep appreciation of Directors of your companyfor their immense contribution by way of strategic guidance sharing of knowledgeexperience and wisdom which help your company take right decisions in achieving itsbusiness goals.

Your Board acknowledges with thanks the support given by suppliers customers BankersGovernment Authorities Shareholders and Employees ofthe Company at all levels and looksforward for their continued support.

Date:20.06. 2017. For and on behalf of the Board of Directors
Place: Ahmedabad. M/S. MILTON INDUSTRIES LIMITED.
Sd/-
CHAIRMAN