Mid Day Multimedia

The Directors hereby present their 27th Annual Report on the business
 and operations of the Company together with the Audited Financial
 Accounts for the year ended 31st March 2008.
 
 Financial Performance
                                                          (Rs. In Lacs)
                                                 2007-08       2006-07
 
 Profit before Inerest, Depreciation,Taxes & 
 Exceptional Items                                 823          1,459
 Less : Interest                                   238            161
 Depreciation                                      432            657
 Exceptional Item                                    -            266
 Profit before taxes                               153            375
 Less: Provision for Taxation                      114            264
 Net Profit after Tax                               39            111
 Add: Balance brought from the previous year     3,730          3,640
 Total                                           3,776          3,751
 Profit available for appropriation              3,776          3,751
 
 Net of transitional liability of Rs.2l lacs as per AS 15
 
 As required under the Accounting Standards, Segment-wise financial
 statements, related party transactions, calculation of earnings per
 share, provision of deferred tax liability and Consolidated Accounts of
 the Company and its four subsidiaries are made a part of the Annual
 Report.The consolidated statements of the company have been prepared in
 accordance with Accounting Standard 21 on Consolidated Financial
 Statements.
 
 Company Performance
 
 During the year ended March 2008, the Company recorded operating
 revenues of Rs. 105.58 crores as against operating revenues of Rs.
 105.94 crores in the previous year ended March 2007. Surplus from
 operations is Rs.2.90 crores in current year against Rs. 10.77 crores
 in previous year.The Company made a Net Profit of Rs. 0.39 crores
 against Rs..11 crores in the previous year.
 
 Dividend
 
 In order to preserve cash for the operating businesses, your Directors
 do not recommend any dividend for the financial year 2007-2008.
 
 Fixed Deposits
 
 Your company has not accepted any fixed deposits and, as such, no
 amount of principal or interest was outstanding as of the balance sheet
 date.
 
 Share Capital
 
 During the year, the paid up capital of the company had increased from
 Rs. 50,36,86,100/- (5,03,68,610 equity shares of Rs. 10 each) to Rs.
 50,44,I6,I00/-(5,04,4I,6I0 equity shares of Rs. 10 each) on account of
 allotment of 73,000 equity shares of Rs. 10/- each at a price of Rs.
 10/- per share to employees under ESOP Scheme.
 
 Directors
 
 In accordance with the provisions of the Companies Act, 1956 and
 Articles of Association, Mr. Khalid A.H. Ansari and Mr. Adille J.
 Sumariwalla retire by rotation and are eligible for re-appointment.
 
 Corporate Governance
 
 As per Clause 49 of the Listing Agreement with the Stock Exchanges, a
 separate section on Corporate Governance Practices followed by the
 Company together with a certificate from the Companys Auditors
 confirming compliance is set out in the Annexure foimirg part of this
 Report.
 
 Directors Responsibility Statement
 
 Pursuant to Section 217 (2AA) of the Companies Act, 1956, the Directors
 based on the representations received from the Operating Management,
 confirm that-
 
 1.  In the preparation of the annual accounts, the applicable
 accounting standards have been followed and that there are no material
 departures.
 
 2.  They have, in selection of the accounting policies, consulted the
 Statutory Auditors and have 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 that year;
 
 3.  They have taken proper and sufficient care to the best of their
 knowledge and ability, for the maintenance of adequate accounting
 records in accordance with the provisions of the Companies Act, 1956,
 for safeguarding the assets of the Company and for preventing and
 detecting fraud and other irregularities;
 
 4.  They have prepared the annual accounts on a going concern basis.
 
 Auditors
 
 The auditors, M/s Haribhakti & Co., Chartered Accountants, retire as
 auditors of the Company at the ensuing Annual General Meeting and have
 confirmed their eligibility and willingness to accept office, if
 re-appointed.
 
 Subsidiary Companies
 
 As required under section 212 (I) (e) of the Companies Act, 1956, the
 audited statements of accounts, along with the report of the Board of
 Directors relating to the Companys subsidiaries, Radio Mid Day West
 (India) Limited, Mid Day Broadcasting South (India) Private Limited,
 Mid Day Radio North (India) Limited, Mid Day Outdoor Limited and
 respective Auditors Reports thereon for the year ended March 31, 2008
 are annexed.
 
 Legal Compliances
 
 Particulars of Employees as required under Section 217(2A) of the
 Companies Act, 1956, read with Companies (Particulars of Employees)
 Rules, 1975 as amended, forms part of the Directors Report. However,
 as per provisions of Section 219 (l)(b)(iv) of the Companies Act, 1956
 the Annual Report is being sent to all shareholders of the Company
 excluding the aforesaid information. Any member interested in obtaining
 such particulars may write to the Company Secretary at the Registered
 Office of the Company.
 
 Information pursuant to Section 217 (I) (e) of the Companies Act, 1956,
 read with the Companies (Disclosure of particulars in the report of the
 Board of Directors) Rules, 1988, particulars relating to the
 Conservation of Energy,Technology Absorption and Foreign Exchange
 Earnings and Outgo are also annexed.
 
 Acknowledgement
 
 Your Directors take this opportunity to express their grateful
 appreciation for the excellent assistance and co-operation received
 from the banks, customers, advertisers, advertising agencies, bankers,
 Government Authorities and all the local authorities. Your Directors
 also thank all the shareholders for their continued support and all the
 employees of the Company for their valuable services during the year.
 
                                      For and on behalf of the 
                        Board of Directors Of Midday Multimedia Limited
 
                        Mr.Tarique Ansari           Mr. Narayan Varma
                        Managing Director           Director
 
 Place : Mumbai
 Date  : May 7, 2008