Mar 31, 2015
Dear Stakeholders,
The Directors are pleased to present before you the 23,d Annual Report
of the company for the year ended 31st March, 2015.
Financial Results Standalone Figures
Particulars For the Year For the Year
Ended
Total Revenue 39.79 87.32
Total Expenditure 29.24 42.77
Profit before tax 10.55 44.52
Provision for Tax (Including Deferred tax) 2.08 8.53
Mat Credit 8.23 3.33
Net Proflt/(Loss) after tax 16.84 39.43
REVIEW OF OPERATIONS
There has been an all round slump in the Global market. This has
adversely affected our operations in the current year. However your
company has managed to earn a net profit after tax Rs. 39.79 Lacs. Your
Directors are pleased to inform you that effective steps are being
taken by the management to resume the Manufacturing operations of the
Company as soon as possible.
DIVIDEND
The Board of Directors of your Company is of the opinion that keeping
in view the future fund requirements of the Company, your directors do
not recommended any dividend for the financial year ended March 31,
2015.
Share Capital
The paidup equity share capital of the company as on 31st March 2015 is
Rs 13,58,74,700 divided into 135874700 equity shares of Rs 1 each and
there is no change in the capital of the company during the financial
year.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
DIRECTORS
In accordance with the requirements of the Companies Act, 2013, and the
Articles of Association of Company Mr. S N Rathi, Director of the
Company who shall retire by rotation at the forthcoming Annual General
Meeting of the Company and being eligible to offer himself for the
re-appointment.
During the year under review, Mrs. Usha Rathi has been appointed as the
additional non executive Independent Woman director of the Company by
the Board of Directors in their meeting held on 31st March 2015 and her
office shall be determined at this Annual General meeting and the
Company has received the requisite Notice in writing from a member
proposing the appointment of Mrs. Usha Rathi as the Non Executive
Independent Woman Director of the Company in the ensuing Annual General
Meeting.
The Independent Directors were appointed as the directors liable to
retire by rotation under the provisions of the Companies Act, 2013
Under Section 149(11) of the Companies Act, 2013 states that no
Independent Director shall be eligible for more than two consecutive
terms of five years. Section 149(13) states that the provisions of
retirement by rotation as defined in 152(6) and (7) of the Act shall
not apply to such Independent Directors.
Brief resume of Director proposed to be appointed, nature of their
experience in their specific functional areas, name of the Companies in
which they hold directorship and membership / chairmanship of the Board
Committees, Shareholding as stipulated under Clause 49 of the Listing
agreement with the stock exchanges forms part of the Notice.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(5) of the Companies Act, 2013, Directors of
your Company hereby state and confirm that:
a) in the preparation of the annual accounts for the year ended 31st
March, 2015, the applicable accounting standards have been followed
along with proper explanation relating to material departures;
b) they 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 of the profit of the
company for the same period;
c) the directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls in the company that
are adequate and were operating effectively.
f) they have devised proper systems to ensure compliance with the
provisions of all applicable Saws and these are adequate and are
operating effectively.
Composition:
At present the Board of Directors is balanced one and is comprised of
Five directors, namely Mr. Aditya Phanse, Prof. Chain Singh Barla, Mr.
Dinesh Kumar'Gund Mr. S. N. Rathi and Mrs Usha Rathi.
The composition of the Board as on 31st March 2015:
Name Category
Mr. Aditya Phanse Managing Director
Mr S N Rathi Non Executive Director
Mr. Dinesh Kumar Gund Independent Director
Prof. Chain Singh Barla Independent Director
Mrs Usha Rathi Independent Director
BOARD MEETING
During the financial year ended March 31, 2015, 06 Meetings of the
Board of Directors were held as against the minimum requirement of 4
times. None of the two Board Meetings have a gap of more than 120 days
between them.
The dates of meetings and the number of directors present therein are
mentioned below.
Sr.
No. Date
1. 30.05.2014
2. 14.08.2014
3. 28.08.2014
4. 13.11.2014
5. 13.02.2015
6. 31.03.2015
AUDITORS:
i) Statutory Auditors:
The Auditors, M/s. Lokesh Vyas & Co., Chartered Accountants, Inodre
retire at this Annual General Meeting and the company has received a
certificate from the auditors the effect that their appointment as
auditors will be in accordance with the provisions of Companies Act,
2013 and the members are requested to approve their appointment as
Statutory Auditors for the year 2015-16.
ii) Cost Auditors:
Cost Audit is not Applicable
iii)Secretarial Audit:
According to the provision of section 204 of the Companies Act, 2013
read with Rule 9 of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the Secretarial Audit Report
submitted by MrYKoteswara Rao Practicing Company Secretary in Practice
is enclosed as a part of this report.
AUDIT OBSERVATIONS:
Auditors' observations are suitably explained in notes to the Accounts
and are self-explanatory.
LISTING OF SHARES AND SUSPENSION
The Equity Shares of the Company are listed on BSE Limited, Delhi Stock
Exchange Limited and Madhya Pradesh Stock Exchange Limited and the
company has paid all the listing fees to the BSE LTD. The Company
Shares are suspended from trading w.e.f 04th March 201S by BSE LTD vide
their letter BSE letter No. L/DOSS/KM/INV/COM/531597/1 dated 27-02-2015
and the company has submitted its protest by way of a letter to the
Exchange to lift the suspension and allow trading for the benefit of
the Stake Holders of the company
SUBSIDIARY COMPANY
Your Company is holding 900,000 equity shares of M/s Protect Nature Pvt
Ltd ("PNPT") (97.26% holding of "PNPT"), a company engaged in the
business of Agro food products, production and process including
forward and backward integration including manufacturing of
fertilizers. Pursuant to the said acquisitions, PNPT became subsidiary
of the Company.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial statements have been prepared by the Company
pursuant to Clause 32 of the Listing Agreement entered with the Stock
Exchanges and relevant provisions of companies Act 2013. The
Consolidated Financial Statement and Auditors' Report thereon forms
part of the Annual Report.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the 'Green Initiative in Corporate Governance' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physicat copies of
the same.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
EARNINGS AND OUTGO :
Information required under section 134(3)(m) of the Companies Act, 2013
read with Rule 8 of the Companies (Accounts) Rules, 2014, is given in
the Annexure-B to this report.
CORPORATE SOCIAL RESPONSIBILITY (CSR):
CORPORATE SOCIAL RESPONSIBILITY (CSR) is not applicable to your
company.
VIGIL MECHANISM:
In pursuant to the provisions of section 177(9) & (10) of the Companies
Act, 2013, a Vigil Mechanism for directors and employees to report
genuine concerns has been established. The Vigil Mechanism Policy has
been uploaded on the website of the Company.
RELATED PARTY TRANSACTIONS:
Related party transactions that were entered during the financial year
were on an arm's length basis and were in the ordinary course of
business. There were no materially significant related party
transactions with the Company's Promoters, Directors, Key Managerial
Personnel (KMP) or their relatives, which could have had a potential
conflict with the interests of the Company. Transactions with related
parties entered by the Company in the normal course of business are
periodically placed before the Audit Committee for its omnibus approval
and the particulars of contracts entered during the year as per Form
AOC-2 is enclosed as Separate Annexure.
The Board of Directors of the Company has, on the recommendation of the
Audit Committee, adopted a policy to regulate transactions between the
Company and its Related Parties, in compliance with the applicable
provisions of the Companies Act 2013, the Rules thereunder and
dause49of the Listing Agreement.
EXTRACT OF ANNUAL RETURN :
The details forming part of the extract of the Annual Return in Form
MGT-9 as on 31st March 2015 is annexed herewith as Separate Annexure.
PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS
Details of Loans, Guarantees and Investments covered under the
provisions of Section 186 of the Companies Act, 2013 are given in the
notes to the Financial Statements.
DEPOSITS
The Company has not accepted any Fixed deposits from the public.
REMUNERATION RATIO OF THE DIRECTORS / KEY MANAGERIAL PERSONNEL (KMP) /
EMPLOYEES:
The information required pursuant to Section 197 read with Rule 5 of
The Companies (Appointment and Remuneration of Managerial Personnel)
Rules, 2014 and Companies (Particulars of Employees) Rules, 1975, in
respect of employees of the Company and Directors is furnished
hereunder:
PERSONNEL
None of the Directors/employees are in receipt of remuneration limits
prescribed pursuant to Section 197 read with rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 and
hence the details of such Directors/employees are not attached
herewith.
DEVELOPMENT AND IMPLEMENTATION OF A RISK MANAGEMENT POLICY:
The Company has been addressing various risks impacting the Company and
the policy of the Company on risk management is provided elsewhere in
this Annual Report in Management Discussion and Analysis.
CORPORATE GOVERNANCE
A separate report on the Corporate Governance for the year under
review, as stipulated in Clause-49 of the Listing Agreement with the
Stock Exchanges, has been attached as part of this annual report.
ACKNOWLEDGEMENT:
Directors take this opportunity to express their thanks to various
departments of the Central and State Government, Multinational
Companies operating in India and Abroad, Bankers, Material Suppliers,
Customers and Shareholders for their continued support and guidance.
The Directors wish to place on record their appreciation for the
dedicated efforts put in by the Engineers and Employees of the Company
at all levels.
Date 04-09-2015 By Order of the Board of Directors
Place indore (M,P) Midland Polymers Limited
Sd/-
Aditya Phanse Managing Director DIN:
06644440
Mar 31, 2014
Dear Stakeholders,
The Directors are pleased to present before you the 22nd Annual Report
of the company for the year ended 31st March, 2014.
FINANCIAL RESULTS
Stand alone figures
(In Lacs)
Particulars For the Year Ended 31.03.2014 For the Year
Ended 31.03.2013
Total Revenue 87.32 37.35
Total Expenditure 42.77 20.12
Profit/(Loss) before tax 44.52 17.08
Provision for Tax 5.09 3.45
Net Profit/(Loss)
after tax 39.43 13.63
Consolidated figures
(In Lacs)
Particulars For the Year Ended 31.03.2014 For the Year
Ended 31.03.2013
Total Revenue 87.32 N.A.
Expenditure 42.79 N.A.
Profit/(Loss) before
Tax 44.52 N.A.
Provision for Tax 5.09 N.A.
Net Profit/(Loss)
after tax 39.43 N.A.
REVIEW OF OPERATIONS
During the year under review performance of Your Company was good in
comparison to the previous year though there was no income from the
operations still your Company managed to earn Rs. 87.32 Lacs which is
more than twice than the income for Financial Year 2012-13. During the
year, the Company performed extremely well and earned a Net profit
after tax Rs. 39.43 which is far better in comparison to previous year.
Your Directors are pleased to inform you that effective steps are being
taken by the management to resume the operations of the Company as soon
as possible.
DIVIDEND
The Board of Directors of your Company is of the opinion that keeping
in view the future fund requirements of the Company, your directors do
not recommended any dividend for the financial year ended March 31,
2014. The Board assures you to present a much strong financial
statements in coming years.
BONUS SHARES
During the year under review, Your Company has allotted Bonus Shares to
the Equity Shareholders of the Company in pursuance of the
shareholders'' resolution passed through postal ballot notice dated 16th
April 2013 the results in respect of which were declared on 25th day of
May 2013, in the ratio of one Equity Share for every one Equity share
held. The Equity shares for allotted to the Shareholders whose name
were on the register of members on the date 11th Day of June 2013 which
was fixed as record date for the purpose of Bonus Issue. The shares are
listed on the BSE Limited and Company got the Listing approval on 17th
June 2013.
SUB DIVISION
During the year under review, Your Company has split the nominal value
of equity shares in pursuance of the shareholders'' resolution passed
through postal ballot notice dated 16th April 2013 the results in
respect of which were declared on 25th day of May 2013. The Nominal
Value of Equity Shares has split from Rs. 10/- (Ten) each to Re. 1/-
(One) each in such manner that each shareholder holding 1 (One) equity
share of the Company having face Value of Rs. 10/- (Ten) each obtained
10 (Ten) equity shares of the Company of the face value of Re. 1/-
(One) each.
INCREASE IN THE SHARE CAPITAL
During the Year under review, the Authorised Share Capital of Your
Company has increased from Rs.110,000,000/- (Rupees Eleven Crores only)
comprising of 11,000,000 (One Crore Ten Lacs) Equity Shares of Rs. 10/-
(Rupees Ten each) to Rs. 136,000,000/- (Rupees Thirteen Crores Sixty
Lacs only) comprising of 13,600,000 (One Crore Thirty Six Lacs) Equity
Shares of Rs. 10/- (Rupees Ten each) and Paid Up Capital from Rs.
6,793,735 to Rs. 135,874,700.
SHIFTING OF REGISTERED OFFICE
During the year under review, Your Company has shifted the Registered
Office of the Company from M 101, Yashwant Plaza-New, Opposite Railway
Station, Indore, Madhya Pradesh Pin code 452001 to 101 First Floor 251
Nayapura (Pathar Godam) Indore 452001 within the same city, town or
village with effect from 16th April 2013.
The members of the Company have approved for shifting of registered
office of Company from Madhya Pradesh to Andhra Pradesh in the last
Annual general Meeting. However due to some other engagements,
management has not taken the scheduled steps for giving effect the
resolution.
OBJECT CHANGE
During the year under review, Your Company has added some objects in
the Main Object clause of the Memorandum of Association of the Company
in order to enlarge its area of operation through Postal Ballot Notice
dated 16th April 2013 the results in respect of which were declared on
25th day of May 2013. The following Businesses added to the Main Clause
of the Memorandum of Association of the Company.
1. Textile Business
2. Pharmaceuticals Business including Consultancy
3. Dealing and Trading in all kind of Securities including Consultancy
4. Real Estate
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
DIRECTORS
In accordance with the requirements of the Companies Act, 1956, and the
Articles of Association of Company Mr. Aditya Phanse, Managing Director
of the Company who shall retire by rotation at the forthcoming Annual
General Meeting of the Company and being eligible to offer himself for
the re-appointment.
During the year under review, Mr. S. N. Rathi has been resigned from
the Board on 29th August 2013 due to some personal reasons however he
was again appointed as the additional non executive director of the
Company by the Board of Directors in their meeting held on 20th August
2014 and their office shall be determined at this Annual General
meeting and the Company has received the requisite Notice in writing
from member proposing the appointment of Mr. S. N. Rathi as the Non
Executive Director of the Company in the ensuing Annual General
Meeting.
The Independent Directors were appointed as the directors liable to
retire by rotation under the provisions of the erstwhile Companies Act,
1956. Section 149(11) of the Companies Act, 2013 states that no
Independent Director shall be eligible for more than two consecutive
terms of five years. Section 149(13) states that the provisions of
retirement by rotation as defined in 152(6) and (7) of the Act shall
not apply to such Independent Directors. Therefore it is proposed to
re-appoint Independent Directors not to retire by rotation and also to
fix their tenure. Resolution in respect of this has been placed in the
notice to the Annual General Meeting.
Brief resume of Director proposed to be appointed, nature of their
experience in their specific functional areas, name of the Companies in
which they hold directorship and membership / chairmanship of the Board
Committees, Shareholding as stipulated under Clause 49 of the Listing
agreement with the stock exchanges forms part of the Notice.
DIRECTORS'' RESPONSIBILITY STATEMENT
Pursuant to the provisions of section 217(2AA) of the Companies Act,
1956, based on the representation received from the operating
Management Directors hereby confirm that:
i. In the preparation of annual accounts for the financial year ended
March 31, 2014, the applicable accounting standards have been followed
and there were no material departures.
ii. They 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 ended March 31st 2014 and
of the profit of the Company for that period.
iii. The Directors had 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.
iv. The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, Corporate Governance as well as the Statutory Auditors''
Certificate regarding compliance of conditions of Corporate Governance
forms part of the Annual Report.
Your Company has always practiced sound corporate governance and takes
necessary actions at appropriate times for meeting stakeholders''
expectations while continuing to comply with the mandatory provisions
of corporate governance and it has been endeavor of your company to
follow and implement the best practices in corporate governance, in
letter and spirit.
PARTICULARS OF EMPLOYEES
During the period under review, the Company does not have any employee
who is covered under Section 217(2A) of the Companies Act 1956.
PUBLIC DEPOSIT
During the year under review, your Company has not invited any deposits
from the Public U/s 58 A of the Companies Act, 1956.
LISTING OF SHARES
The Equity Shares of the Company are listed on BSE Limited, Delhi Stock
Exchange Limited and Madhya Pradesh Stock Exchange Limited.
AUDITORS
The Auditors, M/s. Lokesh Vyas & Co., Chartered Accountants having
registration No. 016344C hold office until the conclusion of the
forthcoming Annual General Meeting and offer themselves for
re-appointment. The said Auditors have furnished the Certificate of
their eligibility for re-appointment.
The Board recommends the appointment of M/s. Lokesh Vyas & Co.,
Chartered Accountants the Statutory Auditors of the Company till the
Financial Year 2018-19 subject to ratification of their appointment at
every AGM.
AUDITORS'' REPORT
The Auditor''s Report dated 30.05.2014 on the financials statements of
the company for the financial year 2013-14 does not have any
reservation, qualification or adverse remarks.
SUBSIDIARY COMPANY
During the year, Your Company acquired 900,000 equity shares of M/s
Protect Nature Pvt Ltd ("PNPT") (97.26% holding of "PNPT"), a company
engaged in the business of Agro food products, production and process
including forward and backward integration including manufacturing of
fertilizers. Pursuant to the said acquisitions, PNPT became subsidiary
of the Company.
CONSOLIDATED FINANCIAL STATEMENTS
The Consolidated Financial statements have been prepared by the Company
pursuant to Clause 32 of the Listing Agreement entered with the Stock
Exchanges. The Consolidated Financial Statement and Auditors'' Report
thereon forms part of the Annual Report.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the ''Green Initiative in Corporate Governance'' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physical copies of
the same.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of particulars
in the report of the Directors) Rules 1988 and forming part of the
Director''s report for the year ended 31st March, 2014 are given below :
A. CONSERVATION OF ENERGY
The Company did not use any energy during the year under review.
Your Company is conscious about its responsibility to conserve energy,
power and other energy sources wherever possible. We emphasis towards a
safe and clean environment and continue to adhere to all regulatory
requirements and guidelines.
B. RESEARCH & DEVELOPMENT
Your Company was not engaged in any research and development activity
during the period under review.
C. TECHNOLOGY ABSORPTION
Your Company has not imported any technology. However, we believe and
use information technology extensively in all spheres of our activities
to improve efficiency levels.
D. FOREIGN EXCHANGE EARNINGS AND OUTGO.
Details of Foreign Exchange, earnings and Outgo are given as below:-
Year 2014 Year 2013 (Amt.) (Amt.)
Foreign Exchange earning Nil Nil
Foreign Exchange outgoing Nil Nil
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and State Government as well as their respective
Departments and Development Authorities connected with the business of
the Company, Bankers of the Company as well as other Institutions for
their co-operation and continued support.
b) The Shareholders, Depositors, Suppliers and Contractors for the
trust and confidence reposed and to the Customers for their valued
patronage.
c) The Board also takes this opportunity to express its sincere
appreciation for the efforts put in by the officers and employees at
all levels in achieving the results and hopes that they would continue
their sincere and dedicated Endeavour towards attainment of better
working results during the current year
For & on behalf of the Board of Directors
of Midland Polymers Limited
Sd/- Sd/-
Aditya Phanse Dinesh Kumar Gund
Managing Director Director
DIN: 06644440 01748590
Date: 28.08.2014
Place: Indore (M.P.)
Mar 31, 2012
The Directors present herewith the 20th Annual Report of the company
for the year ended 31st March, 2012.
FINANCIAL RESULTS
(In Rupees)
Particulars For the Year For the Year
Ended 31.03.2012 Ended 31.03.2011
Sales - -
Other Income 338,626 6,144,238
Total Income 338,626 6,144,238
Total Expenditure 577,029 558,574
Profit/(Loss) before tax (238,403) 5,585,664
Provision for Tax 0 0
Net Profit/(Loss) (238,403) 5,585,664
Paid Up Share Capital 39,325,000 39,325,000
REVIEW OF OPERATIONS
During the year under review your Company's performance was not good as
compare to previous year however Your Directors are of the opinion that
the Company has the immense potential and adequate resources to achieve
the rapid rate of growth in the coming years. During the year, the
Company has earned the total income of Rs. 338,626 and incurred Net
Loss is Rs. 238,403. Your Company hopes to increase its presence in the
business in whole market in the coming years, which will significantly
increase the top line and also its profitability.
DIVIDEND
In view of inadequate profits, your Directors do not recommend any
dividend for the year under review.
MANAGEMENT DISCUSSION AND ANALYSIS
The Management Discussion and Analysis, forming part of this report, as
required under Clause 49(IV) (F) of the Listing Agreement with the
stock exchanges is attached separately to this Annual Report.
DIRECTORS
In accordance with the requirements of the Companies Act, 1956 and the
company's Articles of Association Mr. Vinod Kumar Jain and Mr. Hemant
K. Sharma directors of the Company retires by rotation and shown their
unwillingness for Re-appointment.
Brief resume of Director proposed to be appointed, nature of their
experience in their specific functional areas, name of the Companies in
which they hold directorship and membership / chairmanship of the Board
Committees, Shareholding and relationship between Directors inter-se as
stipulated under Clause 49 of the Listing agreement with the stock
exchanges forms part of the Notice.
DIRECTORS' RESPONSIBILITY STATEMENT
As required under section 217(2AA) of the Companies Act, 1956 regarding
the Directors' Responsibility Statement it is hereby stated:
i. In the preparation of annual accounts for the financial year ended
March 31, 2012, the applicable accounting standards have been followed
along with proper explanation relating to material departures.
ii. 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 ended March 31st 2012
and of the profit or loss of the Company for that period.
iii. The Directors had 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.
iv. The Directors have prepared the annual accounts on a going concern
basis.
CORPORATE GOVERNANCE
As per schedule of implementation of Corporate Governance Code
mentioned in Clause 49 of the Listing Agreement, the Company has
implemented the mandatory requirements of the code. A certificate from
Vishal Vijay & Associates, Chartered Accountants, regarding the status
of compliances of conditions under clause 49 of the Listing Agreement
is annexed to this Report.
PARTICULARS OF EMPLOYEES
During the period under review, the company does not have any employee
who is covered under Section 217(2A) of the Companies Act 1956.
PUBLIC DEPOSIT
During the year under review, your company has not invited any deposits
from the Public U/s 58 A of the Companies Act, 1956.
AUDITORS
The Auditors, Vishal Vijay & Associates, Chartered Accountants having
registration No. 020462N hold office until the conclusion of the
ensuing Annual General Meeting and shown unwillingness for
re-appointment.
The Board recommends the appointment of Lokesh Vyas & Co., Chartered
Accountants as the Statutory Auditors of the Company for the Financial
Year 2012-13.
AUDITORS' REPORT
The Auditor's Report dated 30.05.2012 on the financials statements of
the company for the financial year 2011-2012 does not have any
reservation, qualification or adverse remarks. However Auditors have
emphasis on few matters which are as follows:
i. Note No. 18 (iii) regarding non provision towards diminution in the
value of investments or its realizable/recoverable value.
ii. Note No. 18 (iv) regarding confirmation of loans given to
companies which are awaited and have placed reliance on balance shown
in the books of Company.
iii. Note No. 18 (x) regarding verification of related parties
disclosures as required under accounting Standard 18 has been based on
the information made available from the Company.
OPEN OFFER
The Open offer was being made by Mr. Rupesh Soni & Mrs. Radhika Soni
and Rudh Equities & Investment Advisors Private Limited to the Equity
Shareholders of Midland Polymers Limited dated November 19, 2011
(Wednesday) and Corrigendum to Public Announcement dated July 05, 2012
(Thursday) pursuant to and in compliance with the Securities and
Exchange Board of India (Substantial Acquisition of Shares and
Takeovers) Regulations, 1997 and subsequent amendments thereto to
acquire 786,500 fully paid up equity shares having face value Rs. 10/-
each, at a price of Rs. 29.25/- (Twenty Nine Rupees and Twenty Five
Paisa Only) per share (including interest of Rs. 0.25 per share)
("Offer Price") representing upto 20% of the voting capital of Midland
Polymers Limited.
CLAUSE 5A OF THE LISTING AGREEMENT
In view of newly inserted clause 5A to the Listing Agreement vide
circular no. CIR/CFD/DIL/10/2010 dated 16th December, 2010 issued by
the Securities and Exchange Board of India (SEBI) introducing uniform
procedure for dealing with the unclaimed shares, the Company will be
sending reminder letters to shareholders whose share certificates are
still lying with the Company as undelivered/ unclaimed. However at
present there is no unclaimed share lying with the Company.
GREEN INITIATIVE IN THE CORPORATE GOVERNANCE
In view of the 'Green Initiative in Corporate Governance' introduced by
the Ministry of Corporate Affairs vide its circular no. 17/2011 dated
21st April 2011, all members who are holding shares of the Company in
physical mode, are requested to register their e-mail IDs with the
Company, so as to enable the company to send all notices/
reports/documents/ intimations and other correspondences etc. through
e-mails, in the electronic mode instead of receiving physical copies of
the same.
PARTICULARS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND
FOREIGN EXCHANGE EARNINGS AND OUT GO.
Information required to be given pursuant to section 217(1)(e) of the
Companies Act, 1956 read with the Companies (Disclosures of particulars
in the report of the Directors) Rules 1988 and forming part of the
Director's report for the year ended 31st March, 2012 are given below :
A. CONSERVATION OF ENERGY
The company did not use any energy during the year under review.
Your Company is conscious about its responsibility to conserve energy,
power and other energy sources wherever possible. We emphasis towards a
safe and clean environment and continue to adhere to all regulatory
requirements and guidelines.
B. RESEARCH & DEVELOPMENT
Your Company has not imported any technology for any research and
development.
C. TECHNOLOGY ABSORPTION
Your Company has not imported any technology. However, we believe and
use information technology extensively in all spheres of our activities
to improve efficiency levels.
D. FOREIGN EXCHANGE EARNINGS AND OUTGO.
Details of Foreign Exchange, earnings and Outgo are given as below:-
Year 2012 Year 2011
(Amt.) (Amt.)
Foreign Exchange earning Nil Nil
Foreign Exchange outgoing Nil Nil
APPRECIATION
Directors wish to place on record their deep thanks and gratitude to;
a) The Central and State Government as well as their respective
Departments and Development Authorities j connected with the business
of the Company, Bankers of the Company as well as other Institutions
for their co-operation and continued support.
b) The Shareholders, Depositors, Suppliers and Contractors for the
trust and confidence reposed and to the Customers for their valued
patronage.
c) The Board also takes this opportunity to express its sincere
appreciation for the efforts put in by the officers and employees at
all levels in achieving the results and hopes that they would continue
their sincere and dedicated Endeavour towards attainment of better
working results during the current year
For & on behalf of the Board of directors
Sd/- Sd/-
Sudhir Kumar Lakhotia Anand Lakhotia
Director Director
Date: 25.08.2012
Place: Gwalior (M.P.)
Mar 31, 2010
The Directors are pleased to present the 18th Annual Report and the
audited statement of accounts for the year ended 31st March 2010,
together with the notice of the Annual General Meeting.
FINANCIAL RESULTS:
(Rs.)
For the Year For the Year
Particulars Ended 31.03.
2009
Ended 31.03.2010
Sales - 1,656,496
Other Income 12,446,118 16,582,249
Total Income 12,446,118 18,238,745
Total Expenditure 238,882 1,730,446
Profit/Loss before Interest &
Depreciation 12,307,236 16,508,299
Interest - -
Depreciation - 621,419
Profit & Loss+/(-) 12,07,236 15,886,880
Balance brought forward
from last year 49,892,502 65,779,383
The performance of the company was impacted because of non performance
of the Plant. Since the company is under rehabilitation there is no
income from sales in the year under review. The company earned income
from commission Rs 3,156,000 and Capital gains Rs 9,290,118 during the
year under review. The net income of the company is to Rs 12,207,236 in
the current year as compared to Rs 15,886,880 in the previous year. The
Earning per share is Rs 3.10/- for the year under review as compared to
Rs 4.81/- of the previous year.
DIVIDEND:
Due to non-availability of profits, no dividend has been recommended
for the financial year 2009-10.
CORPORATE GOVERNANCE:
Pursuant to clause 49 of the listing agreements with stock exchanges,
Management Discussions and Analysis Report (Annexure 1), report on
corporate Governance and compliance certificate on corporate governance
(Annexure 2) and CEO & CFO Certification (Annexure 3) are annexed
hereto and forms part of this report.
DIRECTORS:
In accordance with the requirements of the Companies Act, 1956 and the
companys Articles of Association, Sh. Rama Shankar Lakhotia & Sh.
Sudhir Kumar Lakhotia, Director of the Company retires by rotation and
being eligible offer themselves for Re-appointment.
Your company has appointed three independent Directors as an Additional
Directors to strengthen the Board of the company. In accordance with
the requirements of the Companies Act, 1956 and the companys Articles
of Association, Sh. Rakesh Jain, Sh. Hemant Sharma and Sh. Vinod Kumar
Jain, who were appointed as an Additional Directors by the Board
pursuant to section 260 of the Companies Act, 1956 w.e.f 21.05.2010 and
whose term of office expires at this Annual General Meeting and being
eligible offers themselves for reappointment.
Your Directors solicit your approval for the reappointment of the
Directors.
AUDITORS:
M/s Vishal Vijay & Associates, Chartered Accountants, Hapur, who were
appointed as Auditors in the previous Annual General Meeting of the
company retire at the ensuing Annual General Meeting and are eligible
for re-appointment
DIRECTORS RESPONSIBILITY STATEMENT:
As required under section 217(2AA) of the Companies Act, 1956 regarding
the Directors Responsibility Statement it is hereby stated:
- that in the preparation of the annual accounts for the year ended
31.03.2010, the applicable accounting standards had been followed along
with proper explanation relating to material departure.
- that the Directors have selected and applied such accounting policies
consistently.
- that the Directors have 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 or loss of the company for that period.
- that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and that the Directors have prepared the annual
accounts on a going concern basis.
PARTICULARS OF EMPLOYEES:
During the year under report none of the employee of the company was in
receipt of remuneration equal to/ exceeding the limit prescribed under
section 217 (2A) of the Companies Act, 1956.
ENERGY CONSERVATION. TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS
AND OUTGO:
In compliance with the provisions of section 217(l)(e) of the Companies
Act, 1956, the statement giving the required information is annexed
hereto.
Conservation of Energy:
The company did not use any energy as the company is under
rehabilitation during the year under review.
The company neither imported any technology nor did any research and
development.
There were no transactions relating to foreign exchange during the
year.
ACKNOWLEDGEMENT:
Your Directors wish to place on record, their deep gratitude to State
Bank of India, Bhopal, Bombay Stock Exchange and other Government
Authorities for their continued support and patronage.
Your Directors wish to express their deep gratitude to all stakeholders
for their continued support and patronage.
For & on behalf of the Board of directors
Date: 5th August, 2010 Sudhir K Lakhotia Anand Lakhotia
Place: Gwalior(M.P) Director Director
Mar 31, 2009
The Directors hereby present their 17th Annual Report on the business
and operations of the company and financial results for the year ended
31st March 2009.
FINANCIAL HIGHLIGHTS:
(Rs.)
Particulars For the Year For the Year
Ended Ended
31.03.2009 31.03.2008
Sales 1,656,496 1,151,548
Other Income 16,582,249
171,00
Total Income
18,238,745 1,322,548
Total Expenditure 1.730,446 1,709,109
Profit/Loss before
Interest & Depreciation 16,508,299 (386,561)
Interest
Depreciation 621,419 4,286,86
Profit & Loss +/(-)
(4,673,423)
15,866,860
Balance brought
forward from last 65,779,383 (61,105,960)
Loss Carried forward
to Balance Sheet
(49,892,503) (65,7 79,382)
PERFORMANCE :
During the year, under the rehabilitation scheme of honorable BIFR, the
company did sales of Rs 16,46420. There are some technical snags in the
machines, which are being attended to. We are hopeful to overcome the
problem soon.
OPERATIONAL REVIEW:
Your Directors are pleased to inform you that the Company during the
repaid all its dues and has clear liability of RIICO as per OTS and has
obtained No Dues Certificate from them.
As you all are aware that your Company was declared as SICK unit as
per section SIC A LT/s 15(1) of SICA Act 1985 by Honorable BIFR in the
year 2002 and State Bank of India was appointed as Operating Agency.
Your Directors are pleased to inform you that draft rehabilitation
scheme (DRS) which was prepared by OA State bank of India, Bhopal .
has been approved by Honorable BIFR on 4.02.2009. As per the scheme of
Honorable BIFR the Company has allotted 63 00 lacs worth Equity shares
to Promoters on 31.03.2009.
Based on this audited balance sheet the net- worth of the company has
turned positive and in view of the ratio laid down by the Honorable
High Court of Kolkatta in the matter of M/s Zuari Agro Ltd and by the
Honorable High Court of Madras in the matter of M/s Dunlop Ltd & Binny
Ltd a company ceases to be as sick company once the net worth has
turned positive. Your Board of Directors are intimating this position
to the Board for Industrial & Financial Reconstruction, New Delhi.
FUTURE OUTLOOK:
Your Directors are optimistic that repair, restoration and replacement
of critical parts of the Plant will get over soon. Once the desired
level of Synchronization in Plant & Machinery is achieved your company
hopes to perform well in future. With the approval of DRS, the hosts of
benefits are available to your Company from the various Central /State
Government and other Agencies, and this along with repayment of high
cost debts will help reduce cost and increase efficiency and will also
help to improve its performance significantly.
DIVIDEND:
Due to non-availability of profits, no dividend has been recommended.
DIRECTORS:
In accordance with the requirements of the Companies Act, 1956 and the
Companys Articles of Association, Sh. Anand Lakhotia, director of the
Company, retires by rotation and is eligible for reappointment.
Your Directors solicit your approval for the reappointment of the
Director
ENERGY CONSERVATION, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS
AND OUTGO:
In compliance with the provisions of section 217(l)(e) of the Companies
Act, 1956, the statement giving the required information is annexed
hereto.
Conservation of Energy:
The manufacturing activity of the Company were started with the help of
own D G Sets of the Company and once the DRS scheme is approved by
honorable BIFR your company will apply for Power connection to meet its
power requirements. Your company in the meanwhile is continuing to
operate on LT connection from JVVNL for its domestic electricity
requirements.
The Company neither imported any technology nor did any research and
development
There were no transactions relating to foreign exchange during the year
PARTICULARS OF EMPLOYEES:
During the year under report, none of the employee of the Company was
in receipt of remuneration equal to/ exceeding the limit prescribed
under section 217 (2A) of the Companies Act, 1956.
DIRECTORS RESPONSIBILITY STATEMENT:
As required under section 217(2AA) of the Companies Act, 1956 regarding
the Directors Responsibility Statement it is hereby stated:
- that in the preparation of the annual accounts for the year ended
31.03.2009, the applicable accounting standards had been followed along
with proper explanation relating to material departure.
- that the Directors have selected and applied such accounting policies
consistently.
- that the Directors have 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 or loss of the company for that period.
- that the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for safeguarding the assets of the
company and for preventing and detecting fraud and other
irregularities; and - that the Directors have prepared the annual
accounts on a going concern basis.
AUDITORS:
M/s Vishal Vijay & Associates, Chartered Accountants, Hapur, who were
appointed as Auditors in the Last Annual General meeting of the Company
retire at the ensuing Annual General Meeting and are eligible for
re-appointment.
PERSONNEL:
Labour Management relations were cordial during the period under
report. Your Directors wish to place on record their appreciation of
the valuable contribution made by all the employees to the business and
operations of the company during the period under report.
ACKNOWLEDGEMENT:
Your Directors wish to place on record, their deep gratitude to R.I.I
CO. Ltd., Jaipur and State Bank of India, Bhopal, Government
Authorities and Suppliers for their continued support and patronage.
Your Directors wish to express their deep gratitude to all workers and
stakeholders for their continued support and patronage.
By order of the Board
Sudhir Kumar Lakhotia Anana Lakhotia
Director Director
Dated: 20/04/2009
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