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Mid India Industries Directors Report, Mid India Ind Reports by Directors

Mid India Industries

BSE: 500277|NSE: MIDINDIA|ISIN: INE401C01018|SECTOR: Textiles - Spinning - Cotton Blended
, 16:01
Mid India Industries is not listed on NSE
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Directors Report Year End : Mar '14    Mar 13
Dear Members,
 The Directors have pleasure in presenting Twenty Third Annual Report
 on the business and operations with Audited Statement of Accounts for
 the year ended 31st March, 2014.
                                                            (Rs. in Lacs)
 Particulars                          01/04/2013 to       01/04/2012 to
                                       31/03/2014          31/03/2013
 Total Revenue                            3747.20           4174.40
 Total Expenses before depreciation,
 finance cost, tax and                    3667.79           4117.83
 exceptional item
 Profit before depreciation, finance
 cost, tax and                              79.41             56.56
 exceptional item
 Depreciation                               27.48             28.67
 Finance Cost                               31.81              8.27
 Profit Before exceptional items and tax    20.12             19.62
 Exceptional Item                            0.00              0.00
 Profit after exceptional Item and
 before tax                                 20.12             19.62
 Tax                                         3.95              3.75
 Profit after tax                           16.17             15.87
 During the year under review the company has turnover of Rs.3747.20
 lacs as compared to Rs. 4174.40 lacs in the previous year. The profit
 before tax stood at Rs. 20.08 lacs as compared to Rs. 19.62 lacs in the
 previous year.
 In view of the carry forward losses of the company, the Directors
 regret their inability to recommend any dividend.
 In accordance with the provisions of the Companies Act, 2013 and
 Articles of Association of the Company Mr. Pradeep Kumar Ganediwal,
 retires by rotation at the forthcoming Annual General Meeting, and
 being eligible, offer him for re-appointment.
 Further Shri Dharmprakash Shrivastav resigned from the post of
 Directorship. Your Board places on record its deep appreciation of the
 valuable contribution made by him during his tenure as Director of the
 Further Shri Shreeram Singh, Shri Rakesh Jain and Shri Aneet Jain the
 existing independent directors are further proposed to be appointed as
 Independent Directors for a term of five years as per requirement of
 section 149 of the Companies Act, 1956 as well as Clause 49 of the
 Listing Agreement to hold the office till 31 March, 2019.
 The Company has received notice in writing from the members as required
 under section 160 of the Companies Act, 2013 for proposal for
 appointment of all independent directors ofthe Company at the ensuing
 Annual General Meeting.
 The Independent Directors has submitted a declaration confirming that
 they meets the criteria for independence as provided in section 149(6)
 of the Act and is eligible for appointment as Independent Directors of
 the Company.
 In the opinion of the Board the above said three directors fulfills the
 conditions specified in the Act and the Rules made there under as the
 Clause 49 of the Listing Agreement for their appointment as Independent
 Directors of the Company.
 During the year the company did not invite public deposits within the
 meaning of section 58A of the companies Act, 1956 and rules made there
 Pursuant to the requirement under Section 217(2 AA) of the Companies
 Act, 1956, with respect to Director''s Responsibility statement, it is
 hereby confirmed:
 I) that in the preparation of the annual accounts for financial year
 ended 31 March, 2014; the applicable accounting standards have been
 followed along with proper explanation relating to material departure;
 II) that the Directors have selected such accounting policies and
 applied them consistently and made judgments and estimates that are
 reasonable and prudent so as to give a true and fai r view of the state
 of affairs of the Company at the end of financial year and of the
 profit of the Company for the year and review.
 III) that the Directors have taken proper and sufficient care of 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) that the Directors have prepared the annual accounts on a going
 concern basis.
 M/s KVNG & Associates retire and being eligible, offer themselves for
 re-appointment in forthcoming Annual General Meeting.
 Pursuant to the provisions of section 139 of the Companies Act, 2013
 and the Rules framed there under, it is proposed to appoint M/s. KVNG &
 Associates as statutory auditors of the Company from the conclusion of
 the forthcoming AGM until the conclusion of next Annual General Meeting
 of the company.
 The Report of Auditors of the Company for the year under reference is
 self-explanatory and do not call for any comments from the Directors.
 Pursuant to the directives of the Central Government under the
 provisions of section 148 and all other applicable provisions of the
 Companies Act, 2013 read with the Companies (Audit and Auditors) Rules
 2014, the Company is not required to appoint the Cost Auditors for the
 year 2014-15.  The Cost Audit Report for the year 2013-14 would be
 filed to the Central Government within the stipulated time.
 The Company did not have any employee, during the year drawing
 remuneration attracting the provision of section 217 (2A) of the
 Companies Act, 1956 read with the Companies (particulars of employees)
 Rule 1975.The company continued to have cordial and harmonious
 relations with employees. In totality our employees have shown a high
 degree of maturity and responsibility in responding to the changing
 environment, economic and the market condition.
 A separate section titled Corporate Governance including a
 certificate from the Auditors of the Company confirming compliance of
 the conditions of the Corporate Governance as stipulated under clause
 49 of the Listing Agreement and also the Management Discussion and
 Analysis Report and CEO certification are annexed hereto and form part
 of the report.
 Under the provisions of Companies Act, 1956 and Listing Agreement with
 the Stock Exchanges, Audit Committee Comprises of Shri Shreeram Singh,
 Shri Rakesh Jain and Shri Aneet Jain.
 The Company has laid down a code of conduct for all Board members and
 senior management of the Company. All the Board members and senior
 management personnel have affirmed compliance with the code of conduct.
 Additional information on conservation of energy, technology
 absorption, foreign exchange earnings and out go as required to be
 disclosed in terms of Section 217(l)(e) of the Companies Act, 1956 read
 with the Companies (Disclosure of Particulars in the Report of Board of
 Directors) Rules, 1988 is annexed hereto and forms part of this report.
 The Board is pleased to inform you that Industrial relations have
 continuously been cordial at all levels throughout the year. The Board
 of Directors place on record their deep appreciation for the sincere,
 devoted and dedicated team work of all employees at all levels to meet
 the quality, cost and delivery requirements of the customers
 The Board of Directors wish to place on record its appreciation for the
 extended co-operation and assistance rendered to the Company and
 acknowledge with gratitude the continued support and cooperation
 extended by the investors, stakeholders .clients, business associates,
 regulatory authorities and bankers.
                                         For and on behalf of the Board
 Place: Indore
 Dated: 12/08/2014
                            AMR1SH GUPTA          RAKESH KUMAR JAIN
                         MANAGING DIRECTOR        DIRECTOR
                         Din No. 02723180         DIN NO. 01548417
Source : Dion Global Solutions Limited
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