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Mother Mira Industries Ltd.

BSE: 530083 Sector: Others
NSE: N.A. ISIN Code: N.A.
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Mother Mira Industries Ltd. (MOTHERMIRAINDS) - Director Report

Company director report

MOTHER MIRA INDUSTRIES LIMITED ANNUAL REPORT 2006-2007 DIRECTOR'S REPORT Your Directors have pleasure in presenting the 14th Annual Report and Audited Accounts of the Company for the Financial Year ended 31st March 2007. FINANCIAL RESULTS The operating results of the Company for the year are as under: (Rs. in Lacs) 2006-2007 2005-2006 Profit/(Loss) after Depreciation 2.53 2.90 Less: Provision For Taxation 13.65 21.97 Provision For Fringe Benefit Tax 0.92 1.21 (12.04) (20.28) Add: Provision for Deferred Tax written back 23.26 38.06 11.22 17.78 Brought forward from the previous year (130.96) (148.74) Surplus/(Deficit) carried forward (119.74) (130.96) SPINNING MILL Directors of your company like to recall that members of the company have accorded their consent, at the ExtraOrdinary General Body Meeting held on 29-March-2006, to the Board of Directors of your Company under section 293 (1) (a) of the Companies Act, 1956 to sell or dispose off or hive off Textile Mill with 7920 Spindles, Land and Buildings, Plant and Machinery, Furniture and Fixtures, Office Equipments both movable and immovable assets situated at Karur - Gujiliamparai Road, Sellamanthadi, Dindigul - 624 005 for net consideration of Rs. 1,75,00,000/ - (Rupees One Crore Seventy Five Lakhs Only) to M/s Rama Spinners or its associates having their Office at 131, Cotton Street, Kolkata - 700 007. Accordingly, the sale has been concluded and all assets of the textile unit were transferred by way of execution of Sale Deed and it was registered on 01-June-2006. TRADING ACTIVITY-SHARES & SECURITIES During the year, your company had continued the shares Trading Activities and achieved a turnover of Rs.20.31 Crores and incurred an operating loss of Rs. 21.77 lacs. TRADING ACTIVITY - OTHERS Your Directors pleased to inform that your Company has achieved a turnover of Rs.7.17 Crores in Trading activities and ended with profit of Rs.2.08 Crores. whereas in the corresponding previous year the divisions' turnover was Rs.13.52 Crores and earned operating profit of Rs.4.03 Crores. POWER During the year under review our 2MW Wind Mill power generation unit at Kayathar in Tirunelveli district has generated 22.06 Lac Units and achieved a turnover of Rs.66.70 Lacs and earned operating profit of Rs.64.30 laps. Whereas in the previous year the unit has generated 24.25 lap units and touched the turnover of Rs. 72.05 Lacs and operating profit of Rs.70.39 Lacs. LOGISTICS DIVISION Your Company has achieved the turnover of Rs.19 Crores as hire charges on account of operation of vehicles on hire basis and ended with loss of Rs.2.18 Crores. In the previous years' turnover was Rs.14.83 Crores and operating Loss of Rs.2.28 Crores DIVIDEND In view of losses, Directors did not recommend any dividend for the year 2006-2007. DIRECTORS Shri.D. Ramesh Babu, Director retire by rotation at the ensuing Annual General Meeting and is eligible .for re-appointment. DIRECTORS' RESPONSIBILITY STATEMENT - Section 217 (2AA) of the Companies Act, 1956: In Compliance with Section 217 (2AA) of the Companies Act, 1956 the Directors confirm: a) That in the preparation of the annual accounts, the applicable accounting standards have been followed and there is no material departure; b) That the Directors have 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 profit of the Company for that period; c) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; d) That the Directors have prepared the annual accounts on a going concern basis. AUDITORS Sri. D. Ravichander, Chartered Accountant, retire as Auditors of the Company at the conclusion of the Annual General Meeting and being eligible to offer himself for re-appointment. The Certificate as required under subsection IB of Section 224 and sub-section 3(e) of Section 226 of the Companies Act,1956 has been obtained. PARTICULARS OF EMPLOYEES None of the employees of the Company is receiving remuneration in excess of Rs. 24.00 lacs per annum or Rs.2.00 lacs per month and hence no statement as required u/s 217 (2A) of the Companies Act read with Companies (Particulars of Employees) Rules, 1975 is furnished. DISCLOSURE OF PARTICULARS Particulars required under Section 217 (1) (e) of the Companies Act, 1956 read with Rule (2) of the Companies (Disclosure of Particulars in the Report of the Board of Directors) Rules, 1988 and forming part of the Directors Report are given in the Annexure to this report. ACKNOWLEDGEMENT Your Directors would like to acknowledge with gratitude for the support and co-operation extended by the shareholders, commercial banks and employees of the company. By Order of the Board Arvind Nandagopal Director Place: Chennai Date : 31.08.2007 Particulars under Companies (Disclosure of particulars in the report of Board of Directors), 1988, for the yea ended 31st March 2007. CONSERVATION OF ENERGY The total energy consumption and energy consumption per unit of production is given below: POWER AND FUEL CONSUMPTION 2006-2007 2005-2006 (in lacs) (in lacs) I. Electricity 1) Units Purchased Nil Nil Amount (Rs) Nil Nil Rate per Unit (Rs) Nil Nil 2) Own Generation (Unit) thro' Wind Turbines Nil Nil Amount Nil Nil Cost per Unit (Rs) - - II. Research and Development No Research and Development activity was carried out during the year. III. Absorption of Technology Does not arise in the case of our Company IV. Foreign Exchange earnings and outgo: (Rs. in Lakhs) 2006-2007 2005-2006 a) Earnings: FOB value of exports Nil Nil b) Expenditure: CIF Value of Import 12.74 30.13 c) Expenses in Foreign Currencies 6.05 Nil