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PHIL CORPORATION LIMITED
ANNUAL REPORT 2011-2012
MANAGEMENT DISCUSSION AND ANALYSIS
i) Financial Results
Sales during the year were Rs. 128.43 lacs compared to Rs. 119.24 lacs
during the previous financial year.
The loss for the year amounted to Rs. 100.02 lacs.
ii) Operations & Restructuring
The Company has been taking various initiatives and adopting different
strategies for restructuring Company's business operations and particularly
for ensuring steady development of Food Business, and the results are
encouraging. One of the old issues i.e. settlement of redemption of
Preference Shares, will hopefully be resolved during the coming year by
negotiation and settlement, thereby completing the restructuring.
iii) Risks and Concerns
Infusing funds for development of business and suitably managing the same,
would be required to exploit fully the available opportunities and to
minimise the risks of competition.
iv) Internal Control and Systems
The Company has an adequate internal control system to review the risks and
control measures, maintenance of proper accounting records and reliability
of information and data.
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PHIL CORPORATION LIMITED
ANNUAL REPORT 2010-2011
MANAGEMENT DISCUSSION AND ANALYSIS
i) Financial Results:
Sales during the year were Rs. 119.24 lacs compared to Rs. 77.10 lacs
during the previous financial year. The other income mainly consisted of
the profit from sale of fixed assets.
The extraordinary item of provision written back is in respect of provision
for sales tax / customs duty as mentioned in the Notes to Accounts.
After taking into account the extraordinary item and after adjustment of
brought forward losses, the amount of loss carried to the balance sheet is
Rs. 2353.95 lacs.
ii) Operations & Restructuring:
The Company had taken various initiatives and adopted different strategies
for restructuring Company's business operations and particularly for
ensuring steady development of Food Business, and the results are
encouraging. Some of the old issues like settlement of redemption of
Preference Shares, etc., will hopefully be resolved during the coming
years, thereby completing the restructuring.
iii) Risks and Concerns:
Infusing funds for development of business and suitably managing the same,
would be required to exploit fully the available opportunities and to
minimize the risks of competition.
iv) Internal Control and Systems:
The Company has an adequate internal control system to review the risks and
control measures, maintenance of proper accounting records and reliability
of information and data.
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PHIL CORPORATION LIMITED
ANNUAL REPORT 2009-2010
MANAGEMENT DISCUSSION AND ANALYSIS
i) Financial Results:
Sales during the year were Rs. 77.10 lacs compared to Rs. 57.45 lacs during
the previous financial year. The other income mainly consisted of the
profits from sale of assets; sale of scrap and sundry credit/debit balances
written back for both the years. During the year some of the assets were
sold and proportionate adjustment in the impairment loss provided in the
earlier years was made and the balance provision of impairment loss of
Rs.518.82 lacs is being carried forward.
After taking into account the Other Income the loss for year was Rs.31.59
lacs as compared to Rs. 86.59 lacs during the previous year.
ii) Operations & Restructuring:
The initiatives taken by the Company in restructuring of operations of
business particularly with focus on Food Business are showing signs of
improvement. Food proceeding in general is a promising business and the
strategies being followed by the Company are for steady development of this
business. As a part of financial restructuring Amalgamation of wholly owned
Subsidiary Gokhatak Enterprises Ltd. has been completed. Some of the old
issues like settlement of redemption of Preference Shares etc. will
hopefully be resolved during the next couple of years and the restructuring
will thus be Completed.
iii) Risks and Concerns:
The development of the business will require new funds and management in
order to take advantage of opportunities and minimise the risks of
competition.
iv) Internal Control and Systems:
The Company has maintained a core staff to complete the outstanding
financial and restructuring issues. The system of internal control is
oriented to review the risks, control measures, maintenance of proper
accounting records and reliability of information and data.
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