Mar 31, 2014
Dear Members,
The Directors present the Twenty Fifth Annual Report of the Company
along with the Audited 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 31.03.2014 compared 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 to the previous year figure of Rs.(713.72) Lakhs. The
net profit/ (Loss) after tax for the year 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 for the year under consideration
3- DIRECTORS
During the year under review Mr.S.Yuvaraj, Director resigned from the
office of Directorship due to his pre commitments w.e.f.31.03.2014. Mr.
K.Murugavel , Director resigned from the post of Whole-time Director
w.e.f.31.03.2014 and resigned from the office 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 Time Director 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 of Directors 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 from the public
5- FOREIGN EXCHANGE EARNINGS & OUTGO
During the year under review the Company has not booked overseas
revenue or incurred any 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 Companies Act, 1956 regarding conversion of energy, technology
absorption are not applicable to your company
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 is committed to total customer satisfaction
8- DIRECTORS RESPONSIBILITY STATEMENT
The Directors confirm
A) that in the preparation of Annual Accounts, the applicable
accounting standards have been followed and no material departures have
been made
B) that they 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 year under review.
C) that they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of your Company and for
preventing and detecting fraud & other irregularities
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 corporate governance
10- AUDITORS
M/s.Venkatesh & Co, Chartered Accountants, Statutory auditors of the
Company retire on the conclusion of the ensuing Annual General Meeting
and being eligible offer themselves 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 recover the same
4) The company due to recessionary trends on the industry in south
India has not transacted business for last year. However the company
has drawn up plans for the technical 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 and expansion opportunities and directors feel in the
coming years. The company will perform and 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 are being made to revoke the suspension of trading
14- ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the contribution
made by the employees at all levels enabling the Company to achieve the
performance under review.
Your Directors also appreciate the valuable co-operation and continued
support extended by the Company''s Bankers, Distributors and various
Government authorities for their trust and confidence in the Management
of the Company. Finally your Directors are deeply grateful to the
members for their continued confidence & faith in the management of the
Company
For and on behalf of the Board,
Midvalley Entertainment Limited
(Sd/-) (Sd/-)
Director Director
Place:-Chennai
Date:-29.05.2014
Apr 30, 2013
TO ALL MEMBERS
The Directors have pleasure in presenting the Twenty Fourth Annual
Report of the Company along with the Audited statement of accounts for
the year ended 30th April 2013.
1. FINANCIAL RESULTS
The highlights of the financial results of the Company for the year
ended 30-4-2013 compared with the previous year are given below:-
(Rs in lakhs)
Particulars as on 30-04-2013 as on 30-05-2012
Total Income .038 585.83
Profit/QLoss) before Taxation (713.72) (2452.85)
Less :Provision for Taxation
Add/(Less):Provision for
deferred taxation 122.99 260.52
Less: Income tax of
earlier year
Net profit/(Loss) after tax (590.73) (2192.33)
Add:Profit brought forward (291.41) 1900.93
Amount available for
appropriation
Balance carried forward (882.14) (219.41)
The Profit/(Loss) before tax(PBT) for the year was Rs(.713.72) Lakhs as
compared to the previous year figure of Rs.(2452.85) Lakhs. The net
profit/(Loss) after tax for the year was Rs.(590.73) Lakhs compared to
Rs.(2192.33) lakhs last year.
3. DIVIDEND
Considering your Company''s expansion and the necessity to preserve
funds for the future business plan of your Company, on a conservative
basis, your directors have not recommended any dividend for the year.
4. DIRECTORS
Mr. S.Yuvaraj, Director retires by rotation at the ensuing Annual
General Meeting and being eligible, offer himself for re-appointment.
During the year under review Mr.K.Ramadasan, Director resigned from the
office of Directorship, due to his pre commitments.
5. PUBLIC DEPOSITS
During the year your Company has not received any deposits nor renewed
any deposit from the public.
6. FOREIGN EXCHANGE EARNINGS & OUTGO
During the year under review the Company has not booked overseas
revenue or incurred any expenditure.
7. PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 217 OF THE COMPANIES
ACT 1956
The particulars required to be given in terms of section 217(l)(e) of
the companies Act, 1956 regarding conservation of energy, technology
absorption are not applicable to your company.
None of the employees of your company fall under this section 217(2 A).
8. QUALITY MANAGEMENT SYSTEM
The Company continues to lay emphasis on excellence in quality and
services and is committed to total customer satisfaction.
9. DIRECTOR''S RESPONSIBILITY STATEMENT
The Directors confirm;
A. That in the preparation of Annual Accounts, the applicable
accounting standards have been followed and no material departures have
been made.
B. That they 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 year under review.
C. That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of your Company and for
preventing and detecting fraud & other irregularities.
D. The annual accounts have been prepared on a going concern basis.
10. CORPORATE4 GOVERNANCE
Your Company will always strive to incorporate appropriate standards
for good corporate Governance.
11. AUDITORS
Messrs Venkatesh & Co, Chartered Accountants, Statutory auditors of the
Company retire on the conclusion of the ensuing Annual General Meeting
and being eligible offer themselves for re-appointment.
12. REPLY TO AUDITORS'' QUALIFICATION/OBSERVATION
No provision has been made in the accounts for Gratuity since the
payments are made on a cash basis and the necessary provision will be
made as and when the liability arises.
No provision has been made for the Debtors, which the management
considers, that the debts are realizable.
The company has taken steps subsequently to file income tax returns for
the years 2010-11,2011-12 & 2012- 13.
The Media & Entertainment industry is going on a tough phase and the
company does not want to incur losses. So, the company has not
transacted any business and the management is hopeful of entering into
new lines of entertainment industry in the next year. The company has
updated the fixed assets register subsequently.
13. PERFORMANCE OF THE COMPANY
During the year the company made a loss of Rs.590.73 lakhs.Previously,
the company was in the business of leasing theatres in Tamil nadu and
Andhra Pradesh. But, the theatres have only 15% occupancy in a year and
leasing of theatres was not a profitable venture. Media & Entertainment
Industry is going in a tough phase and the company is cautious in
investing money. The company explores various opportunities to utilize
funds in other areas of Media & Entertainment Industry,like
Distribution,satellite channels and production of T.V serials etc.In
the coming years Management is confident of of better growth and
profitable revenues.
14. SUSPENSION OF TRADING
Trading was suspended in Bombay Stock Exchange Limited w.e.f. 7th
July,201s|. Efforts are being made to revoke the suspension of trading.
15. ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the contribution
made by the employees at all levels enabling the Company to achieve the
performance under review.
Your Directors also appreciate the valuable co-operation and continued
support extended by the Company''s Bankers, Distributors and various
Government authorities for their trust and confidence in the Management
of the Company. Finally your Directors are deeply grateful to the
members for their continued confidence & faith in the management of the
Company.
For and on behalf of the Board
For Midvalley Entertainment Limited
Sd/- Sd/-
Place: Chennai K Murugavel S.Yuvaraj
Date: 1.10.2013 Executive Director & COO Director
May 31, 2012
TO ALL MEMBERS
The Directors have pleasure in presenting the Twenty third Annual
Report of the Company along with the Audited statement of accounts for
the year ended 31st May 2012.
1. FINANCIAL RESULTS
The highlights of the financial results of the Company for the year
ended 31-5-2012 (13 months) compared with the previous year are given
below:-
(Rs in lakhs)
PARTICULARS AS ON 31-05-2012 AS ON 30-04-2011
Total Income 585.83 1891.77
Profit /(Loss) before Taxation -2452.85 42.40
Less:Provision for Taxation - 8.65
Add/(Less):Provision for
deferred taxation -260.52 29.45
Less: Income tax of earlier year - -
Net profit/ (Loss) after tax -2192.33 4.30
Add:Profit brought forward 1900.93 1896.62
Amount available for appropriation - -
Balance carried forward -219.41 1900.93
The Profit/ (Loss) before tax (PBT) for the year was Rs. (2452.85)
Lakhs as compared to the previous year figure of Rs. 42.40 Lakhs. The
net profit/ (Loss) after tax for the year was Rs.(2192.33) Lakhs
compared to profit of Rs. 4.30 lakhs last year.
3. DIVIDEND
Considering your Company''s expansion and the necessity to preserve
funds for the future business plan of your Company, on a conservative
basis, your directors have not recommended any dividend for the year.
4. DIRECTORS
Mr. R. Chandrasegaran and Mr. Harakchand Kamal Nayan, Directors retires
by rotation at the ensuing Annual General Meeting and being eligible,
offer themselves for re-appointment.
5. PUBLIC DEPOSITS
During the year your Company has not received any deposits nor renewed
any deposit from the public. ,
6. FOREIGN EXCHANGE EARNINGS & OUTGO
During the year under review the Company has not booked overseas
revenue or incurred any expenditure.
7. PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 217 OF THE COMPANIES
ACT 1956
The particulars required to be given in terms of section 217(l)(e) of
the companies Act, 195 6 regarding conservation of energy, technology
absorption are not applicable to your company.
None of the employees of your company fall under this section 217(2A).
8. QUALITY MANAGEMENT SYSTEM
The Company continues to lay emphasis on excellence in quality and
services and is committed to total customer satisfaction.
9. DIRECTOR''S RESPONSIBILITY STATEMENT The Directors confirm;
A. That in the preparation of Annual Accounts, the applicable
accounting standards have been followed and no material departures have
been made.
B. That they 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 year under review.
C. That they have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 for safeguarding the assets of your Company and for
preventing and detecting fraud & other irregularities.
D. The annual accounts have been prepared on a going concern basis.
10. CORPORATE GOVERNANCE
Your Company will always strive to incorporate appropriate standards
for good corporate Governance.
11. AUDITORS
Messrs Venkatesh & Co, Chartered Accountants, Statutory auditors of the
Company retire on the conclusion of the ensuing Annual General Meeting
and being eligible offer themselves for re- appointment.
12. REPLY TO AUDITORS'' QUALIFICATION/OBSERVATION
No provision has been made in the accounts for Gratuity since the
payments are made on cash basis and the necessary provision will be
made as and when the liability arises.
During the year the company written off debtors to the tune of Rs.
19.31 Crores as the management felt that the same cannot be realized
due to various reasons.
The Fixed assets register has been updated subsequently
13. CHANGE IN ACCOUNTING PERIOD
The Financial year of the Company was extended beyond 12 months and the
accounts were made for 13 months period ended 31st May2012.
14. ACKNOWLEDGEMENT
Your Directors place on record their appreciation for the contribution
made by the employees at all levels enabling the Company to achieve the
performance under review. Your Directors also appreciate the valuable
co-operation and continued support extended by the Company''s Bankers,
Distributors and various Government authorities for their trust and
confidence in the Management of the Company. Finally your Directors are
deeply grateful to the members for their continued confidence & faith
in the management of the Company.
For and on behalf of the Board
For Midvalley Entertainment Limited
Sd/- sd/-
Place: Chennai K Murugavel Harakchand Kamal Nayan
Date: 27.12.2012 Executive Director & COO Director