MODERN MALLEABLES LIMITED
ANNUAL REPORT 2010-2011
MANAGEMENT DISCUSSION AND ANALYSIS
Your Directors are glad to report that the during the year under review the
turnover of the Company has increase from 1700.70 lacs to Rs.2432.39 lacs
registering as increase of 41% as compared to previous year. Many
restructuring initiatives have been taken by the Management in last 18
months and this has shown an improved performance this year.
The Company is engaged in Power Sector and diversified in the Tele
Communication. Your Company is making all efforts to achieve its core
manufacturing activities in order to achieve its objectives. The Company
retain its ISO 9002 certified facility. The Company also achieved
recognition from Government of India, Ministry of Scientific & Industrial
Research for in-house R&D Unit. The Company has also entered into a
technical collaboration agreement with M/s. Nuova Elettromeccanica Sud
S.p.a of Italy.
The members are aware that the Company had made a reference to Honble
Board for Industrial and Financial Reconstruction (BIFR) under section
15(i) of the Sick Industries (Special Provision) Act, 1985 (SICA). BIFR had
passed an order on 28th March 2001 declaring the Company as Sick Industrial
Company under section 3(i)(o) of the Sick Industries (Special Provision)
Act, 1985 and appointed the State Bank of India as the Operating Agent for
preparation of Rehabilitation Scheme. On the final hearing on 8th April
2003 the Honble Bench had approved the Rehabilitation Scheme and the
Scheme was circulated to all concerned creditors. The Company has since
able to square off loans on OTS settlement and had then submitted the Draft
Revised Modified Rehabilitation Scheme to the Honble BIFR. The modified
scheme has been approved by the Honble Bench of BIFR on 5th January 2009.
The Honble Bench of BIFR has also reviewed the performance of the Company
As per the directions of the Honble Bench of BIFR the Company has already
completed the capital restructuring and the requisite fund has been brought
in by the Promoters for the working capital of the Company in the way of
fresh equity capital on preferential basis. The Company has also made
application to the Stock Exchanges for the listing and trading of equity
shares of the Company.
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