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MVL Ltd.

BSE: 532991 Sector: Infrastructure
NSE: MVL ISIN Code: INE744I01034
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MVL Ltd. (MVL) - Director Report

Company director report

Dear Members

Your Directors are pleased to present the Tenth Annual Report and Company's AuditedFinancial Statement for the Financial Year ended 31st March 2017.

1. FINANCIAL RESULTS

The company's financial performance for the year ended March 31st 2017 issummarized below :

(Rs. In lacs)

Particulars Year ended 31.03.2017 Year ended 31.03.2016
Total Income 974.26 1626.89
Profit from Ordinary activities before Exceptional Item (203.14) (457.32)
Profit from Ordinary activities before Tax (203.14) (457.32)
Less: Provision for Tax
Current Tax - -
Deferred Tax - (10.83)
Profit from Ordinary activities after Tax (203.14) (446.49)
Add: Write back of Excess Provisions - (21.39)
Net Profit for the period from Ordinary activities after Tax (203.14) (425.11)
Net Profit for the period (203.14) (425.11)

2. FINANCIAL OUTLOOK AND OPERATIONS

The Standalone revenue from operations of the Company for year ended March 31 2017 wasdown by 40.11% to Rs. 974.26 Lacs. The decline in turnover reflects volatile marketconditions in real estate during the year. Standalone loss before Tax changed on a year onyear basis from Rs. (457.32) Lacs to Rs. (203.14) Lacs. Standalone Loss after Tax waslower at Rs. (203.14) Lacs as against Rs. (446.49) Lacs in the previous year. There aresome delays in getting the approvals from competent authorities as well as achieving thefinancial closure pertaining to some projects of the Company resulting into fall in Incomeduring the year. However your Company will witness a growth oriented year 2018 as newprojects will commence during the year as their Financial closures are likely to beachieved within current financial year.

The Consolidated revenue from operations of the Company for year ended March 31 2017was down by 40.11% to Rs. 974.26 Lacs. Consolidated Loss before Tax was also lower on ayear on year basis from Rs. (458.15) Lacs to Rs. (203.94) Lacs.

3. PRESENT STATUS OF BANK LOANS

(i) Canara Bank has declared the loan account as NPA and has filed application underSection 19(4) of the Recovery of Debts due to Banks and Financial Institutions Act 1993before the Debts Recovery Tribunal-II Delhi vide application dated 11.5.2015 for recoveryof Rs.93.91 crores along with interest upto the date of payment. Canara Bank has alsoissued notice dated 9.5.2015 under Section 13(2) of Securitization and Reconstruction ofFinancial Assets & Enforcement of Security Interest Act 2002 (SARFAESI Act 2002)claiming dues of the value of Rs.93.64 crores along with further interest up to the dateof payment. The issue of notice under SARFAESI Act 2002 has been challenged by thecompany vide letter dated 9.7.2015. The Company's proposal for One Time Settlement isunder consideration of Bank.

(ii) UCO Bank has declared the loan account as NPA and has filed application underSection 19(4) of the Recovery of Debts due to Banks and Financial Institutions Act 1993before the Debts Recovery Tribunal-II Delhi vide application dated 10.7.2014 for recoveryof Rs. 43.62 crores along with interest upto the date of payment. UCO Bank has also issuednotice dated 5.3.2014 under Section 13 (2) of Securitization and Reconstruction ofFinancial Assets & Enforcement of Security Interest Act 2002 (SARFAESI Act 2002)claiming dues of the value of Rs. 40.00 crores along with further

2 interest up to the date of payment. The issue of notice under SARFAESI Act 2002 hasbeen challenged by the company vide letter dated 06.05.2014. The Company's proposal forOne Time Settlement is under consideration of Bank.

(iii) Dena Bank has declared the loan account as NPA and has filed application underSection 19(4) of the Recovery of Debts due to Banks and Financial Institutions Act 1993before the Debts Recovery Tribunal-II Delhi vide application dated 16.09.2016 forrecovery of Rs. 42.67 crores along with interest upto the date of payment . Dena Bank hasalso issued notice dated 31.3.2016 under Section 13 (2) of Securitization andReconstruction of Financial Assets & Enforcement of Security Interest Act 2002(SARFAESI Act 2002) claiming dues of the value of Rs. 34.92 crores along with furtherinterest up to the date of payment. The issue of notice under SARFAESI Act 2002 has beenchallenged by the company vide letter dated 13.05.2016. The Company's proposal for OneTime settlement is under consideration of Bank.

(iv) IFCI Ltd had declared the Loan Account as NPA and had filed application undersection 19(4) of the Recovery of Debts due to Banks and Financial Institutions Act 1993before the Debts Recovery Tribunal-I Delhi vide application dated 19.12.2012 for recoveryof Rs. 49.24 crores along with interest upto the date of payment. IFCI Ltd had also issuednotice dated 8.12.2014 under section 13(4) of SARFAESI Act 2002 claiming their dues. IFCIltd has now assigned their debt to CFMARC Trust-2 IFCI as per their letter dated18-04-2017. As such the liability towards IFCI limited has been transferred in the name ofCFM an Asset Reconstruction Company but no formal assignment agreement has been signedwith the company as yet quantifying the amount of liability taken over therefore loanis stated in the balance sheet at the amount brought forward from the last year. TheCompany's proposal for One Time Settlement is under consideration of Bank.

(v) Sicom Limited has declared the Loan Account as NPA on 15.4.2015 and has alsoproceeded under section 13(4) of SARFAESI Act 2002 claiming their dues of Rs. 47.10crores against mortgaged property. Sicom has filed application under Section 19(4) of theRecovery of Debts due to Banks and Financial Institutions Act 1993 before the DebtsRecovery Tribunal-I Delhi vide Original Application dated 7.03.2016 for recovery ofRs.50.62 crores along with interest upto the date of payment . The Company's proposal forOne Time Settlement is under consideration of Bank.

(vi) IFCI Factors limited has declared the Loan Account as NPA on June 2015 and hasalso proceeded under section 13(4) of SARFAESI Act 2002 vide their letter dated 30.3.2017claiming their dues of Rs.21.18 crores against mortgaged property. The Company's proposalfor One Time Settlement is under consideration of Bank.

4. DIVIDEND

Keeping in view the business losses the directors of your Company do not recommend anydividend for the year under review.

5. TRANSFER OF UNCLAIMED DIVIDEND TO INVESTOR EDUCTION AND PROTECTION FUND

In terms of Section 124 &125 of the Companies Act 2013 any unclaimed or unpaidDividend relating to the financial year 2009-10 is due for remittance to the InvestorEducation and Protection Fund (IEPF) established by the Central Government.

Pursuant to the applicable provisions of the Companies Act2013 read with the IEPFAuthority (Accounting AuditTransfer and Refund) Rules 2016 (‘the Rules') allunpaid or unclaimed dividends are required to be transferred by theCompany to the IEPFestablished by the Central Governmentafter the completion of seven years. Furtheraccording to the Rules the shares in respect of which dividend has not been paid orclaimed by the shareholders for seven consecutive years or more shall also be transferredto the demat account created by the IEPF Authority.

The Company has transferred the unclaimed and unpaid dividends for the financial year2008-09.

As far as Financial Year 2009-10 is concerned the requisite notice has been sent tothe shareholders keeping in view latest rules issued by the Government of India in thisregard. The responses from the shareholders are being examined and necessary action inthis regard will be taken on or before 30th October 2017.

Furtherthe corresponding shares will be transferred as per therequirements of the IEPFrules after following the set procedures details of which are provided on our website atwww.mvl.in.

6. FIXED DEPOSITS

The Company has not accepted any public deposit and as such no amount on account ofprincipal or interest on public deposits was outstanding as on the date of the balancesheet.

7. DIRECTORS AND KEY MANAGERIAL PERSONNEL

In accordance with the provisions of the Act and the Articles of Association of theCompany Mr. Prem Adip Rishi Director of the Company retire by rotation at the ensuingAnnual General Meeting and being eligible has offered himself for re-appointment.

During the year under review Ms. Chetna Tyagi has resigned as Company Secretary of theCompany w.e.f. 2nd June 2016. Further Ms. Monika Agarwal be appointed asCompany Secretary of the Company w.e.f. 2nd June 2016.

Mr. Raman Sharma who was appointed as Additional Director on 01st May 2017 and holdsthe said office till the date of the Annual General Meeting. A notice has been receivedfrom a member proposing his candidature for his reappointment.

Mr. Vinod Kumar Malik has resigned as director of the Company w.e.f. 31stMarch 2017. Your Board appreciates his contribution in the working of the company.

In terms of Section 149(7) of the Companies Act 2013 Mr. Vijay Kumar Sood and Mrs.Kalpana Gupta Independent Directors of the Company have given declarations to the Companyto the effect that they meet the criteria of independence as provided in Section 149(6) ofthe Companies Act 2013.

Brief resumes of Directors proposed to be appointed or re-appointed nature of theirexpertise in specific functional areas names of Companies in which they holddirectorships and their memberships/ chairmanships on Board Committees of variousCompanies have been provided in the Corporate Governance Report.

8. DIRECTORS' RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 134 (5) of the Companies Act 2013 yourDirectors state that:

a) in the preparation of the annual accounts for the year ended March 31 2017 theapplicable accounting standards have been followed alongwith proper explanation relatingto material departures;

b) the Directors have selected such accounting policies and applied them consistentlyand made judgments and estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company as at March 31 2017 and of the loss ofthe Company for the year ended on that date;

c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting fraud and other irregularities;

d) the Directors have prepared the annual accounts on a going concern basis;

e) the Directors have laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and are operatingeffectively; and

f) the Directors have devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

9. POLICIES OF THE COMPANY

The Company has devised a Policy for performance evaluation of Independent DirectorsBoard Committees and other individual Directors which include criteria for performanceevaluation of the non-executive directors and executive directors. The details ofprogrammes for familiarization of Independent Directors with the Company their rolesrights responsibilities in the Company nature of the industry in which the Companyoperates business model of the Company and related matters are put up on the website ofthe Company at the link: www.mvl.in.

The following policies of the Company are available on the website of the Company atwww.mvl.in. a) Policy for selection of Directors and determining Directors independence;and b) Remuneration Policy for Directors Key Managerial Personnel and other employees.

10. CORPORATE GOVERNANCE & COMPLIANCE CERTIFICATE

The report on Corporate Governance as stipulated under the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 forms an integral part of this Report andattached as Annexure I. The requisite certificate from Mr. V. Ramasamy Proprietorof V. Ramasamy & Co. a firm of Practicing Company Secretary (Membership No. FCS 6191and C.P. No. 6618) confirming compliance with the conditions of corporate governance isattached to the report on Corporate Governance.

11. MANAGEMENT DISCUSSIONS AND ANALYSIS REPORT

Management Discussion and Analysis Report for the year under review as stipulatedunder Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations 2015 with the Stock Exchanges in India is presented in a separate sectionforming part of the Annual Report.

12. RELATED PARTY TRANSACTIONS

All contracts/arrangements/transactions entered by the Company during the financialyear with related parties were in the ordinary course of business and on an arm's lengthbasis. During the year the Company had not entered into any contract/arrangement/transaction with related parties which could be considered material inaccordance with the policy of the Company as well as Listing Regulation 2015 onmateriality of related party transactions.

Your Directors draw attention of the members to Note 45 to the financial statementwhich sets out related party disclosures.

In accordance with Section 134(3)(h) of the Companies Act 2013 read with Rule 8(2) ofCompanies (Accounts) Rules 2014 the particulars of contracts or arrangements withrelated parties referred to in Section 188(1) of the Companies Act 2013 in theprescribed Form AOC.2 are attached as Annexure - II to this Report.

13. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS MADE UNDER SECTION 186 OF THECOMPANIES ACT 2013

The particulars of loans guarantees and investments have been disclosed in thefinancial statements.

14. SUBSIDIARIES JOINT VENTURES AND ASSOCIATE COMPANIES AND CONSOLIDATED FINANCIALSTATEMENT

The Company has three wholly owned Subsidiaries namely MVL Developers LimitedCreative Pools Developers Private Limited and Udyan Horticultures Private Limited as on 31stMarch 2017. The Company has no Joint Venture Company and no Associate Company. There hasbeen no material change in the nature of the business of the subsidiaries and AssociateCompanies.

During the year the Board of Directors reviewed the affairs of the subsidiaries. Inaccordance with Section 129(3) of the Companies Act 2013 we have prepared theconsolidated financial statements of the Company which form part of this Annual Report.Further a statement containing the salient features of the financial statement of oursubsidiaries in the prescribed format AOC-1 is appended as Annexure A to the ConsolidatedFinancial Statement. The statement also provides the details of performance and financialposition of each of the subsidiaries. In accordance with Section 136 of the Companies Act2013 the audited financial statements including the consolidated financial statementsand related information of the Company and audited accounts of each of its subsidiariesare available on our website www.mvl.in. These documents will also be available forinspection till the date of the AGM during business hours at our corporate office inGurgaon India.

The Company is also presenting its Audited Consolidated Financial Statements whichform part of the Annual Report as required by the Listing Agreement and the SEBI (ListingObligations and Disclosure Requirements) Regulations 2015 with the stock exchanges.

Pursuant to the provision of Section 212(8) of the Companies Act 1956 the Ministry ofCorporate Affairs vide its circular dated February 8 2011 has granted general exemptionfrom attaching the Balance Sheet Statement of Profit and Loss and other documents of thesubsidiary companies with the Balance Sheet of the Company. A statement containing brieffinancial details of the Company's subsidiaries for the financial year ended March 312017 is included in the Annual Report.

15. MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION OF THECOMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH THIS FINANCIAL STATEMENTSRELATE AND THE DATE OF THE REPORT

No material changes and commitments affecting the financial position of the Companyoccurred between the end of the financial year to which this financial statements relateon the date of this report.

16. INTERNAL FINANCIAL CONTROLS

The Company has in place adequate Internal Financial Controls with reference toFinancial Statements. The details in respect of internal financial control and theiradequacy are included in the Management Discussion & Analysis which forms part ofthis report.

17. PARTICULARS OF EMPLOYEES

The details as required in terms of the provisions of Section 197 read with Rule 5(1)of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 areattached as Annexure – III to this Report.

However information as per Rules 5(2) and 5(3) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is not given in this Report as noemployee of your Company is covered as per provisions contained therein.

18. AUDITORS

Under Section 139 of the Companies Act 2013 and the Rules made thereunder it ismandatory to rotate the statutory auditors on completion of the maximum term permittedunder the said section. The audit committee of the Company has proposed and the Board ofDirectors of the Company has recommended the appointment of M/s. Raj Chawla &Associates Chartered Accountants (Firm registration number: 011602N) as the statutoryauditors of the Company. They will hold office for a period of five consecutive years fromthe conclusion of the 10th Annual General Meeting of the Company scheduled to be held on27th September 2017 till the conclusion of the 15th Annual General Meeting tobe held in the year 2022 subject to the approval of the shareholders of the Company. Theyhave confirmed their eligibility to the effect that their appointment

5 if made would be within the prescribed limits under Section 141(3)(g) of theCompanies Act 2013 and that they are not disqualified for appointment. The first year ofaudit will be of the financial statements for the year ending March 31 2018 which willinclude the audit of the quarterly financial statements for the year.

19. AUDITORS' REPORT

1. Point no. 4 of Auditor Report per se is the opinion of the Auditor on certain pointsof notes to accounts attached to the financial statement for the period ended 31.03.2017.Since notes to accounts are part of financial statement prepared by the Company theCompany in the relevant points has explained the each situation which has arisen thistime. The relevant clauses of notes to accounts alongwith Board's response is as follows:-i.Note No. 39 regarding non provision of interest with retrospective effect from 01.04.2014vide Board Resolution dated 17.02.2015 on loans from banks and financial institutionsdeclared as Non Performing Account (NPA):The Board is of the opinion that the loanaccount with the banks and financial institutions which are NPA are under advanced stageof settlement with the lenders. The management expect that it will be able to get interestwaivers on the NPA accounts due to which no provision has been made on the similarprudence practice followed by the banks and financial institutions.

ii. Note No. 40 regarding non provision of advances to group companies considereddoubtful of recovery and non provision of interest on one of the advance: The Board isof the opinion that the advance to one of the group company amounting to Rs. 2661.84 lacswas on account of takeover of loan liability of that company to get vacated the lien onthe mortgaged properties belonging to company. The Interest is being provided on thisadvance. However no interest is provided on other advance to group company amounting toRs. 64.50 lacs. The management is of the opinion that these advance are recoverable /adjustable and that no provision is necessary at this stage.

2. Point no. 6 of Auditor Report per se is the opinion of the Auditor on certain pointsof notes to accounts attached to the financial statement for the period ended 31.03.2017.Since notes to accounts are part of financial statement prepared by the Company theCompany in the relevant points has explained the each situation which has arisen thistime. The relevant clauses of notes to accounts alongwith Board's response is as follows:-a.Note No. 49 of the accompanying financial statements there exists material uncertaintyover the realisability of certain loans and advances claimed as given/advanced forpurchase/acquisition of land rights projects or properties which are pending either fortransfer of property or refund of advances aggregating Rs. 1469.70 Lacs as on 31.3.2017(previous year Rs. 6817.72 lacs):The Board is of the view that such advances are madein normal course of business and either their contractual performance will be obtained orthey will be recoverable in due course. b. Note No. 50 in respect of purchase of realestate properties included as part of inventory/ WIP of the value of Rs.9218.77 (previousyear Rs. 3886.02 Lacs): The Board is of the view that the said properties are notfixed asset but a current asset which will be resold. The title of the said properties inthe form of execution of Conveyance Deed will be completed at that time. However it doesnot impact the financials of the Company. c. Note No. 37 in respect of non availabilityof confirmations in respect of some debit and/or credit balances: The Board is of theview that the company has its own internal audit system to monitor the reconciliationsperiodically; hence confirmations of all outstanding balances at the year end are nottaken.

20. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT

The Board has appointed Mr. V. Ramasamy Partner RSMV & Co. Company Secretaries(Membership No. FCS 6191 C.P. No. 6618) to conduct Secretarial Audit for the financialyear 2016-17. The Secretarial Audit Report for the financial year ended March 31 2017 isannexed herewith and marked as Annexure IV to this Report.

The observations of Secretarial Auditor are self-explanatory except their remark on thebelow points alongwith Board's response is as follows:-i. The company has granted loanto its related companies. The company did not charge any interest from the relatedcompanies:The Board is giving their explanation to the same in their report to theshareholders at S.No. 19.1.ii above. ii. The company has not deposited the PF ESILabour Welfare Fund (LWF) TDS VAT and Works Contract Tax (WCT) amount deducted from thevarious entities within stipulated time: The Board explains that however there aresome delays in depositing PF ESI Labour Welfare Fund (LWF) TDS VAT and Works ContractTax (WCT) during the year but all liabilities pertaining to PF ESI Labour Welfare Fund(LWF) TDS VAT and Works Contract Tax (WCT) will be cleared very shortly.

iii. Compliances with SEBI (LODR) Regulations 2015: The Board is of the opinionthat observation on this point is based on the facts and need no comments from the Board. iv.There are disputes with Income Tax and Service Tax Authorities the proceedings of whichare at various stages: The Board is of the opinion that observation on thispoint is based on the facts and need no comments from the Board. v. Status of BankLoans: The Board is of the opinion that observation on this point is based on thefacts and need no comments from the Board. vi. The Report of the Statutory Auditors onthe Financial Statement for the Financial Year 2015-16 is qualified on the basis of theNotes on Accounts (37 39 40 49 and 50): The Board is giving their explanation tothe same in their report to the shareholders at S.No. 196 above. vii. There are 161cases initiated by and against the company under the different Acts: The Board is ofthe opinion that observation on this point is based on the facts and need no comments fromthe Board.

21. MEETINGS OF THE BOARD

Thirteen (13) meetings of the Board of Directors were held during the year the detailsof which are given in the Corporate Governance Report that forms part of this AnnualReport. The intervening gap between any two meetings was within the period prescribed bythe Companies Act 2013.

22. EXTRACT OF ANNUAL RETURN

The extracts of Annual Return pursuant to the provisions of Section 92 read with Rule12 of the Companies (Management and administration) Rules 2014 furnished in Form MGT-9is annexed herewith as Annexure V.

23. DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM

As per the provisions of Section 177 of the Companies Act 2013 read with Rule 6 and 7of the Companies (Meetings of the Board and its Powers) Rules the Audit Committeeconsists of the following members: a. Mrs. Kalpana Gupta b. Mr. Vijay Kumar Sood c. Mr.Rakesh Gupta The above composition of the Audit Committee consists of IndependentDirectors viz. Mrs. Kalpana Gupta and Mr. Vijay Kumar Sood who form the majority.

The Company has established a vigil mechanism and overseas through the committee thegenuine concerns expressed by the employees and other Directors. The Company has alsoprovided adequate safeguards against victimization of employees and Directors who expresstheir concerns. The Company has also provided direct access to the chairman of the AuditCommittee on reporting issues concerning the interests of co employees and the Company.

24. STAKEHOLDERS RELATIONSHIP COMMITTEE

In compliance with the provisions of Section 178 of the Companies Act 2013 the Boardhas set up a Stakeholders Relationship Committee comprising of Mrs. Kalpana Gupta(Chairman) Mr. Prem Adip Rishi and Mr. Praveen Kumar as other Members. The details of theCommittee are furnished at S.No. 3(b) of Report of Corporate Governance of this AnnualReport.

25. NOMINATION AND REMUNERATION COMMITTEE

In compliance with the provisions of Section 178 of the Companies Act 2013 the Boardhas set up a Nomination and Remuneration Committee comprising of Mrs. Kalpana Gupta(Chairman) Mr. Vinod Kumar Malik and Mr. Prem Adip Rishi as other Members. The details ofthe Committee are furnished at S.No. 3(c) of Report of Corporate Governance of this AnnualReport.

26. CONSERVATION OF ENERGY

Disclosure of particulars with respect to conservation of energy and technologyabsorption are not applicable to the Company.

27. RESEARCH AND DEVELOPMENT

Since the market scenario and technologies are changing rapidly Research andDevelopment (R&D) is important to ensure that Company increases its market share. TheCompany has always attempted to use the latest and advanced technology for its productlines but keeping pace with current technological developments is becoming difficult forwant of capital. The slow down in the economy and higher interest costs has also deterredthe further research and development activities of the company to keep it abreast with thecurrent technological changes.

28. FOREIGN EXCHANGE EARNING AND OUTGO

a) Foreign Exchange Earnings Rs. Nil
b) Foreign Exchange Outgo Rs. Nil

29. RISK MANAGEMENT

Pursuant to section 134 (3) (n) of the Companies Act 2013 & Regulation 21 of theSEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 of the listingagreement the company has constituted a risk management committee. The details of thecommittee and its terms of reference are set out in the corporate governance reportforming part of the Boards report.

At present the company has not identified any element of risk which may threaten theexistence of the company.

30. ENVIRONMENT AND SAFETY

The Company is conscious of the importance of environmentally clean and safeoperations. The Company's policy requires conduct of operations in such a manner so as toensure safety of all concerned compliances environmental regulations and preservation ofnatural resources.

As required by the Sexual Harassment of Women at Workplace (Prevention Prohibition& Redressal) Act 2013 the Company has formulated and implemented a policy onprevention of sexual harassment at workplace with a mechanism of lodging complaints. Itsredressal is placed on the intranet for the benefit of its employees. During the yearunder review no complaints were reported to the Board.

31. SIGNIFICANT AND MATERIAL ORDERS BY ANY COURTS OR TRIBUNALS

No significant and material orders have been passed by any regulators or courts ortribunals impacting the going concern status and company's operations in future.

32. ACKNOWLEDGEMENT

Your Directors place on record their sincere gratitude for the continuous assistanceand support received from the investors bankers regulatory and government authoritiesduring the period.

Your Directors also place on record their appreciation for the contributions made byemployees at various levels to the growth and success of the Company.

By Order of the Board of Directors
For MVL Limited
Sd/- Sd/-
Place: New Delhi (Prem Adip Rishi) (Rakesh Gupta)
Date : 25th August 2017 Managing Director Director & Chief Financial Officer

Registered Office:

1201B 12th Floor Hemkunt Chamber

89 Nehru Place

New Delhi-110019

Tel: +91-11-41662674

E-mail: coporates@yahoo.com info@mvl.in

Website: www.mvl.in

CIN : L45200DL2006PLC154848