TO THE MEMBERS OF
MIVEN MACHINE TOOLS LIMITED
THE DIRECTORS PRESENT THE FORTIETH (40TH) ANNUAL REPORT AND THE AUDITED FINANCIAL
STATEMENTS OF MIVEN MACHINE TOOLS LIMITED ("COMPANY") FOR THE FINANCIAL YEAR
("FY")
ENDED MARCH 31, 2025.
1. FINANCIAL SUMMARY/HIGHLIGHTS
(Rs. in lakhs)
FINANCIAL RESULTS |
Financial Year ended 31-03-2025 |
Financial Year ended 31-03-2024 |
Revenue from Operations |
- | 143.67 |
Other income |
11.55 | 13.93 |
Total income |
11.55 | 157.60 |
Operating Expenses |
72.86 | 306.47 |
Loss before exceptional items |
(61.31) | (148.87) |
Exceptional item |
- | 121.00 |
Net Loss / Profit |
(61.31) | (27.87) |
Other comprehensive income |
- | - |
Total Comprehensive Income |
(61.31) | (27.87) |
Earning per share |
||
Basic |
(2.04) | (0.93) |
Diluted |
(2.04) | (0.93) |
2. OPERATIONS AND STATUS OF COMPANYS AFFAIRS
During the year under review, your company was not into operations and therefore has a
NIL turnover
as against previous years turnover of Rs. 143.67 lakhs. The Company has incurred a net
loss of Rs.
61.31 lakhs as against a net loss after tax of Rs. 27.87 lakhs during the previous
financial year.
3. MATERIAL EVENTS DURING THE FINANCIAL YEAR AND UP TO THE CURRENT DATE
3.1. The Company issued a notice of postal ballot on 29th April 2024
pursuant to Sections 108 and 110
of the Companies Act, 2013, and the relevant rules, considering the following
transactions:
1. Shifting of the registered office of the Company from Hubli in the State of
Karnataka to
Hyderabad in the State of Telangana
2. To avail unsecured loan from Directors of the Company, beyond the specified
statutory limits,
for working capital purpose.
3. SPP & Associates", Practicing Company Secretaries of Hyderabad are
appointed as the
Scrutinizer to conduct the aforesaid postal ballot and scrutinize the e-voting process.
The remote e-
voting process concluded on Tuesday 04th June, 2024, at 5:00 p.m. (1ST), post which the
Scrutinizer
has submitted his report and the results of the Postal Ballot were declared on 05th
June 2024.
3.2.1. The Company has made an application on 18th July 2024 with Regional
Director for shifting of
registered office of the Company from "Hubli in the State of Karnataka" to
"Hyderabad in the State of
Telangana". The Company had received the order for approval of shifting of registered
office of the
company from the Hubli, Karnataka to Hyderabad, Telangana on 12th February 2025
and the certified
true copy of the order was received on 26th February 2025.
3.2.2. The Company shifted its registered office to 3rd Floor, D.No. 2-93/8 &
2-93/9, White Fields
Kondapur Hyderabad, Telangana, India 500084 with effect from 21st March 2025.
3.3. The Company has applied for reclassification of promoters on 01st March
2024 which was pending
for approval during the Financial Year 2024-25 and the Company has received the approval
form BSE
in the month of July 2025.
4. DIVIDEND
Since the company has incurred losses during the year under review, the company is not
in a position
to consider payment of any dividend.
5. AMOUNT PROPOSED TO BE CARRIED TO RESERVE:
In view of the financial position of the Company during the FY 2024-25, the company
does not propose
to transfer any amount to the reserves.
6. RISK MANAGEMENT
The Company has developed and implemented a Risk Management Policy for the Company
including
identification therein of elements of risk, which in the opinion of the Board may threaten
the existence
of the Company. The Company has been making constant efforts to continue its status as a
going
concern.
7. INTERNAL FINANCIAL CONTROLS AND THEIR ADEQUACY
The Directors of the company have laid down internal financial controls in termsof the
policies and
procedures for ensuring the orderly and efficient conduct of its business, including
adherence to
Companys policies, the safeguarding of its assets, the prevention and detection of frauds
and errors,
the accuracy and completeness of the accounting records, and the timely preparation of
reliable
financial information. Such internal financial controls are adequate for the size and
operations of the
Company and were operating efficiently.
8. DISCLOSURE AS PER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION,
PROHIBITION AND REDRESSAL) ACT, 2013 - POSH
Since the Company has less than 10 employees during the Financial Year 2024-25, the
provisions of
POSH and maternity benefit Act are not applicable to the Company.
9. VIGIL MECHANISM
The company has established a vigil mechanism ("mechanism") by way of a
whistle blower policy for
reporting of genuine concerns and/or grievances. The said mechanism provides adequate
safeguards
against victimization of persons who use the mechanism and also provides direct access to
the
chairman of the audit committee in appropriate or exceptional cases.
10. DEPOSITS FROM PUBLIC
The Company has not accepted any deposits from the public at the beginning of the year
nor has it
accepted any public deposits during the year under review.
11. PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS
During the year under review, the Company has not given any loans or guarantees or
provided security
in connection with any loan or acquired securities of any other body corporate in terms of
Section 186
of the Companies Act, 2013 ("Act").
12. CHANGE IN COMPOSITION OF BOARD OF DIRECTORS
In accordance with the provisions of Companies Act, 2013 and the Articles of
Association of the
Company, following Directors and Key Managerial Persons were appointed during the
financial year.
1. Mrs. Bindumalini Krishnan (DIN:08018301) who was appointed as Additional Director
(Non-
executive Independent Woman Director) on 14th February, 2024 has been
regularized as a Non-
exectuive Independent Women Director of the Company in the 39th Annual General
Meeting held on
20th September 2024.
2. Mr. Sunil Kumar Kosuru (DIN: 02868054) who was appointed as Additional Director
(Non-
executive Independent Director) on 14th February, 2024 has been regularized as a
Non-executive
Independent Director of the Company in the 39th Annual General Meeting held on
20th September
2024.
3. Mr. Katta Sundeep Reddy (DIN:06458901) who was appointed as Additional Director and
Managing Director, has been regularized as an Managing Director in the AGM held on 20th
September
2024.
4. Mr. Sahil Arora (DIN:07143414) who was appointed as Additional Director
(Non-executive
Director) on 14th February, 2024 has been regularized as a Director of the Company in the
39th Annual
General Meeting held on 20th September 2024.
5. Mrs. Khusboo Jain has been appointed as Company Secretary on 17th September 2024.
The following Directors and Key Managerial Persons resigned during the financial year.
1. Ms. Lakshmi Jyotsna, Company Secretary of the Company resigned on 18th July 2024.
13. NUMBER OF MEETINGS BOARD
During the financial year 2024-25, the Company held 8 meetings of the Board of
Directors on 25th April
2024, 29th May 2024, 25th June 2024, 07th August 2024,17th
September 2024, 23rd October 2024,10th
February 2025 and 21st March 2025. Details of attendance by the Directors
at the Board Meetings
during their tenure during the financial year and the previous Annual General meeting held
on
September 20,2024 are furnished below:
SI. Name of Director |
No of Board Meetings held during the tenure of Director |
No of Board Meetings attended |
Attendance at the last AGM |
1. Mr. Katta Sundeep Reddy |
8 | 7 | Yes |
2. Mrs. Bindumalini Krishnan |
8 | 6 | Yes |
3. Mr. Sahil Arora |
8 | 5 | Yes |
4. Mr. Sunil Kumar Kosuru |
8 | 6 | Yes |
OF THE COMPANIES ACT 2013
As required under the provisions of Section 149(6) of the Companies Act, 2013, Company
has received
declarations from the independent Directors viz. Mrs. Bindumalini Krishnan and Mr. Sunil
Kumar
Kosuru, stating that they have met the criteria of independence. In the opinion of the
Board, Mrs.
Bindumalini Krishnan and Mr. Sunil Kumar Kosuru have fulfilled the conditions specified in
the Act and
rules for appointment as Independent Directors and they are independent of management of
the
Company.
15. EVALUATION OF THE BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Board has carried out an evaluation of the performance of individual directors,
Committees
constituted by the Board and the Board as a whole during the financial year under report,
through a
process of personal discussions followed by a review to determine and enhance the
effectiveness of
the individual Directors, Committees and the Board.
16. POLICY ON APPOINTMENT OF DIRECTORS AND REMUNERATION POLICY OF THE COMPANY
d) they have prepared the annual accounts on a going concern basis;
e) they have laid down internal financial controls to be followed by the company and
that such
internal financial controls were adequate and operating effectively; and
f) they have devised proper systems to ensure compliance with the provisions of all
applicable laws and
that such systems were adequate and operating effectively.
19. EXEMPTIONS TO SMALL COMPANIES FROM CORPORATE GOVERNANCE
Since the paid up capital of the company is less than Rs 10 crore and the networth is
less than Rs 25
crore, the Company is exempted from the provisions of Clause 49 of the erstwhile Listing
Agreement
upto November 30,2015 and from the provisions of corporate governance as specified in
Regulations
17 to 28 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
which came
into force from December 1, 2015. In view of the same, details relating to compliance with
the
provisions of Corporate Governance have not been furnished in this Report.
20. BOARD AND ITS COMMITTEES
a. Board Meetings
Eight Board Meetings were held during the financial year 2024-25 on 25th
April 2024, 29th May
2024, 25th June 2024, 07th August 2024,17th September
2024, 23rd October 2024,10th February 2025
and 21st March 2025
b. Audit Committee
Five Audit Committee meetings were held during the financial year 2024-25 on 29th
May 2024, 25th
June 2024,07th August 2024,23rd October 2024,10th
February 2025. The Audit Committee of Directors,
during the financial year comprises of Mrs. Bindumalini Krishnan, Mr. Sahil Arora, and Mr.
Sunil Kumar
Kosuru. The Audit committee has reviewed the financial statements of the Company for the
financial
year 2024-25 and the report of the auditors thereon before they were submitted to the
Board for
approval. The composition of the Committee is in line with the provisions of Section 177
of the Act.
c. Nomination and Remuneration Committee ("NRC")
Two NRC meetings were held during the financial year 2024-25 on 07th August
2024 and 17th
September 2024. The NRC of Directors consists of Mr. Sunil Kumar Kosuru, Mr. Sahil
Arora and Mrs.
Bindumalini Krishnan. The composition of the Committee is in line with the provisions of
Section 178
of the Act.
d. Corporate Social Responsibility Committee
As regards the applicable provisions of the Act and the Rules framed there under, the
Company is not
required to constitute a Corporate Social Responsibility Committee as the Company is
currently into
losses. Therefore, the provisions relating to CSR are not applicable to the Company during
the year.
The Nomination and Remuneration Committee ("NRC") recommends the
reconstitution of the Board
as and when required. It also recommends to the Board, the appointment of Directors having
good
personal and professional reputation and conducts reference checks and due diligence of
all Directors
before recommending them to the Board.
In accordance with the provisions of Section 178 of the Act, the Board of Directors
have adopted a
Policy on Board Diversity and Director Attributes and the Remuneration Policy. The Policy
on Board
Diversity and Director Attributes has been framed to encourage diversity of thought,
experience,
knowledge, perspective, age and gender in the Board.
17. KEY MANAGERIAL PERSONNEL
The following persons are appointed as Key Managerial Personnel of the Company during
the financial
year pursuant to the provisions of Section 203 of the Companies Act, 2013:
1. Mr. Katta Sundeep Reddy: Managing Director
2. Mr. Kiran Kumar Bolaram; Chief Financial Officer
3. Mrs. Khusboo Jain: Company Secretary
The following persons resigned as Key Managerial Personnel of the Company during the
financial year:
1. Mrs. Lakshmi Jyothsna Naraharisetty: Company Secretary
18. DIRECTORS RESPONSIBILITY STATEMENT
Based on the internal financial controls and compliance systems of the Company, work
performed by
the internal, statutory and secretarial auditors and the reviews performed by Management
and the
relevant Board Committees, including the Audit Committee, the Board is of the opinion that
the
Companys internal financial controls were adequate and effective during FY 2024-25.
Accordingly, pursuant to the provisions of Section 134(3) and 134(5) of the Act, the
Board of Directors
to the best of their knowledge and ability, confirm that:
a) in the preparation of the annual accounts, the applicable accounting standards have
been
followed and that there are no 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 loss of the Company for that
period;
c) they have taken proper and sufficient care for the maintenance of adequate
accounting records
in accordance with the provisions of the Act for safeguarding the assets of the Company
and for
preventing and detecting fraud and other irregularities;
One meeting was held on 21st March 2025 during the FY. Following
Board members constitute the
Stakeholders Relationship Committee. The current Stakeholders Relationship Committee
consists of
Mr. Sahil Arora, Mrs. Bindumalini Krishnan and Mr. K. Sundeep Reddy.
21. STATUTORY AUDITORS
At the 37th Annual General Meeting held on September 20,2022, the members
have re-appointed M/s
Rao Associates as the statutory auditors for a term of 5 years i.e. from the
conclusion of the 37th
Annual General Meeting upto the conclusion of the 42nd Annual General
Meeting. However, M/s Rao
Associates have expressed their inability to continue as statutory auditors of the Company
and
tendered their resignation w.e.f. 29th May 2024,
In this regard, the members in the 39th Annual General Meeting, appointed
M/s V. Rao Gopi Chartered
Accountants (bearing registration no. 003153S) as the statutory auditors of the Company
for a period
of five (5) years consecutive years to audit the books of accounts of the Company from 01st
April 2024
till 31st March 2029 who are eligible to act as statutory auditors of the
Company and confirmed their
eligibility under Section 141 of the Companies Act, 2013 and the Rules framed thereunder
for the
appointment as Statutory Auditors of the Company.
22. ACCOUNTING STANDARDS FOLLOWED BY THE COMPANY
The Company has adopted the Indian Accounting Standards pursuant to the provisions of
Ind AS Rules,
with effect from April 1,2017.
23. EXPLANATION ON STATUTORY AUDITORS REPORT
i.The Independent Auditors Report received from the Statutory Auditors does contain
qualifications,
material uncertainty and emphasis on matters pursuant to the provisions of the Companies
Act, 2013
and hence the Board of Directors have furnished explanations as given below:
SI Audit Qualificatio . |
Auditor Comment |
Auditor Opinion |
Management Explanation |
|||||
1. The company |
No provision has |
QUALIFIED OPINION |
Company availed inter corporate deposit (ICD) of Rs.2.45 crores from its group company, Miven Myfran Conveyors Private Limited. The said ICD amount alongwith interest will be written as |
|||||
corporate loan, |
25(D) to Standalone |
Company not able to |
||||||
2. As of 31 Further, the inventory |
We draw attention to |
Material |
The Company has been looking for appropriate business opportunities during the Financial Year 24-25. The Board has decided to alter the main objects of the company to take up new business. The Company is expecting to start its operations at earliest. |
|||||
reporting date. |
that may cast |
24. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT
Pursuant to the provisions of Section 204 of the Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors had appointed
Mr. Surya
Prakash, Company Secretary, to undertake the Secretarial Audit of the Company. The
Secretarial Audit
Report in Form MR-3 received from the said Secretarial auditor is annexed to this report.
The
observations of the Secretarial Auditors and the management comments are furnished below:
S-No. Audit Qualification |
Management Explanation |
1. the status of the Company on the BSE |
during the audit period the company has made all the required updates and has maintained the SDD software as required under the SEBI (Prohibition of Insider Trading) Regulations 2015, but the status of the Company on the BSE website still shows "SDD Non- Compliant". However, the Company has requested the stock exchange to conduct the SDD audit in order to change the status from SDD Non-Compliant to SDD compliant accordingly. The Company is awaiting the response from the BSE, |
25. SECRETARIAL STANDARDS
In terms of Section 118(10) of the Act, the Company complies with Secretarial Standards
1 and 2,
relating to the Meetings of the Board of Directors and General Meetings,
respectively as issued by
the Institute of Company Secretaries of India ("ICSI") and approved by the
Central Government.
26. RELATED PARTY TRANSACTIONS
During the year, the Company has not entered into any transactions with Related Parties
which are
not in its ordinary course of business or not on an arms length basis and which require
disclosure in
this Report in terms of the provisions of Section 188(1) of the Act.
Also, there are no material contracts or arrangements or transactions with Related
Parties on an arms
length basis with respect to transactions covered under Section 188(1) of the Act. Hence
form AOC-2
has not been attached to this report.
27. SIGNIFICANT AND MATERIAL ORDERS PASSED BY REGULATORS
During the year under review the Company has received an order for approval of shifting
of registered
office from Hubli, Karnataka to Hyderabad, Telangana by the Regional Director - Hyderabad
on 12th
February 2025.
No other significant and material orders were passed.
28. DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS UNDER SECTION
143
The auditors of the company have not reported any fraud under sub-section (12) of
Section 143 of the
Companies Act, 2013 whether reportable to the Central Government or otherwise and hence no
details are furnished in this regard.
29. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS & OUTGO
Information required rules 8(3)(a) and (b) of the companies (accounts) rules, 2014,
concerning
conservation of energy, technology absorption and foreign exchange outgo is nil.
30. CHANGE IN THE NATURE OF BUSINESS:
There was no change in the nature of business during the year.
31. DETAILS PERTAINING TO REMUNERATION AND OTHER DETAILS AS REQUIRED UNDER
SECTION 197(12) OF THE ACT READ WITH RULE 5 OF THE COMPANIES (APPOINTMENT AND
REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014
The information stipulated under Rule 5(1) of the Companies (Appointment and
Remuneration of
Managerial Personnel) Rules, 2014 is furnished below:
i)The ratio of the remuneration of each Director to the median remuneration of the
employees of the
Company for the financial year 2024-2025:
No Remuneration has been paid to the Managing Director or any other Director of the
Company and
sitting fees have been paid to all the Directors.
ii) The percentage increase in remuneration of each Director, Chief Financial Officer,
Chief
Executive Officer, Company Secretary - if any in the financial year 2024-2025:
There was no increase in remuneration to CFO or Company Secretary during the financial
2024-2025
and no remuneration has been paid to any of the Directors of the Company.
iii) The percentage increase in the median remuneration of employees in the financial
year 2024-
2025:
There was no increase in remuneration of employees during the year.
iv) The number of permanent employees on the roles of the Company: As on current date
there
are only two Employees in the Company.
v) The explanation on the relationship between average increase in remuneration and
Company
performance:
There was no increase in remuneration and since the company is under loss, explanation
is not
necessary.
vi) Comparison of the remuneration of the key managerial personnel against the
performance of
the company:
Since the Company is making operating loss, no comparison is possible.
vii) The key parameters for any variable component of remuneration availed by the directors:
Not Applicable.
viii) The ratio of the remuneration of the highest paid director to that of the
employees who are not
directors but receive remuneration in excess of the highest paid director during the year:
Not Applicable
ix) Average percentile increase already made in the salaries of employees other than
the
managerial personnel in the past financial year and its comparison with the percentile
increase in the
managerial remuneration and justification thereof and point out if there are any
exceptional
circumstances for increase in the managerial remuneration:
There was no increase in the salaries of employees and managerial personnel, hence no
comparison is
possible.
x) During the year under review, there was no employee who was in receipt of a
remuneration of
Rs. 5,00,000/- per month or Rs. 60,00,000/- per annum and hence the particulars of the
employees as
required iri terms of Sub Rule 2 of Rule 5 of the Companies (Appointment and
Remuneration of
Managerial Personnel) Rules, 2014, are not attracted.
xi) Variations in the market capitalization of the company, price earnings ratio as at
the closing date
of the current financial year and previous financial year and percentage increase over
decrease in the
market quotations of the shares of the company in comparison to the rate at which the
company came
out with the last public offer in case of listed companies.
The equity shares of the company are listed on BSE Ltd. These shares are very thinly
traded on Stock
Exchange. The opening price during the financial year under report was Rs. 95.00 and the
closing price
was Rs. 105. The market capitalization of the company as on March 31,2025 was Rs. 3153.68
lakhs as
against Rs. 2800.16 lakhs on March 31, 2024.
Since the company has been incurring losses, the computation of price earnings ratio is not applicable.
32. ANNUAL RETURN
As per the requirements of Section 92(3) of the Act and Rules framed thereunder, the
annual return
for FY 2024-25 will be displayed on our website: www.mivenmachinetoois.in
33. MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management discussion and analysis report as required under Para (B) of Schedule V read
with
Regulation 34 (3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015 is
attached in Annexure B and forms part of this Report.
34. DISCLOSURES WITH RESPECT TO DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE
ACCOUNT
The company does not have any shares in the demat suspense account or unclaimed
suspense account
and hence the question of making any disclosure in this regard does not arise.
35. DISCLOSURE ON CORPORATE INSOLVENCY RESOLUTION PROCESS INITIATED UNDER THE
INSOLVENCY AND BANKRUPTCY CODE (IBC)
The Company has not made any application, nor any proceeding are pending under the
Insolvency and
Bankruptcy Code, 2016 (31 of 2016) during the financial year 2024-2025
36. THE DETAILS OF DIFFERENCE BETWEEN AMOUNT OF THE VALUATION DONE AT THE TIME OF
ONE TIME SETTLEMENT AND THE VALUATION DONE WHILE TAKING LOAN FROM THE BANKS OR
FINANCIAL INSTITUTIONS ALONG WITH THE REASONS THEREOF - NOT APPLICABLE
37. ACKNOWLEDGEMENTS
The Directors place on record their appreciation of the continuing support of the
stakeholders of the
Company. The Board also records its appreciation of the services rendered by the
management of the
Company.
On behalf of the Board of Directors |
For Miven Machine Tools Limited |
Katta Sundeep Reddy |
Managing Director |
DIN: 06458901 |
Date: 06th August 2025 |
Place: Hyderabad |
BINDUMALIN |
Digitally signed by BINDUMAUNI KRISHNAN Date: 2025.08.06 17:09:54 +0530 |
Name: Bindumalirti Krishnan |
Independent Director |
DIN: 08018301 |
IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000
IIFL Capital Services Support WhatsApp Number
+91 9892691696
IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248, DP SEBI Reg. No. IN-DP-185-2016, BSE Enlistment Number (RA): 5016
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)
This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.