evergreen textiles ltd Management discussions

Management Discussion and Analysis Report for the year under review as stipulated under Regulations 34 and Schedule V of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is as under.

The global economy was affected by prohibitive shipping freight rates, a shortage of shipping containers and semiconductor chips in 2021, affecting global economic recovery. Inflation was at its highest since 2011, especially in the advanced economies, catalysed by a run up in commodity prices. Some emerging and developing economies were positioned to withdraw policy support to contain inflation even as the economic recovery was still incomplete.

The global economy is projected to grow at a modest 2.6% in 2022 following the Russia- Ukraine crisis. A higher interest rate environment could affect emerging markets and developing economies with large foreign currency borrowings and external financing needs in 2022

INDUSTRY STRUCTURE AND DEVELOPMENTS

EVERGREEN TEXTILES LIMITED is a Company which was engaged in manufacturing, bleaching, dyeing, printing, knitting, in High Pile Fur Fabrics, cloth and other fabrics made from acrylic, polyester, cotton silk, artificial silk, wool and other suitable materials. It was incorporated as a Public Limited Company in the state of Maharashtra on 4^thOctober, 1985.

The Companys overall operations are maintained by Mr. ManjunathD. Shanbhag Director of the Company, who is looking after the day-to-day affairs of the Company.

OPPORTUNITIES AND THREATS

The property market in India is set to benefit from increased economic activity in the coming months. Over the past few years, record all-time low interest rates have opened up opportunities for many first-time buyers as well as investors. With the economy returning to normalcy and employees getting back to offices, there would be a gradual increase in demand for commercial office spaces along with residential also. Both our parcels are well located to take advantage of the positive trends in residential and commercial real estate.

Due to premium concessions offered, we have seen a significant amount of new project launches. This may create a situation of surplus supply in the residential market which could put pressures on the pricing. Further, the continued threat of Covid could also dampen the spirit in the market.

SEGMENT WISE PERFORMANCE

The Company operates only in one segment viz manufacturing of fabrics and other suitable materials.

The textiles sector is one of the oldest in India. The domestic apparel and textile industry contributes 2.3% to the countrys GDP, 7% of industry output in value terms and 12% of the countrys export earnings. Indias textile sector is the second largest employer in the country, providing direct employment to 45 million people and 100 million people in allied sectors.

QUALITY & FUTURE OUTLOOK

Evergreen Textiles Limited under the guidance of our Chairman, Mr. Manjunath Damodar Shanbhag focus is on manufacturing products of excellent and consistent quality, adding value by offering a variety of weaves, designs, and finishes; innovating continuously to create new products.

THREATS &CONCERNS

We have an active risk management strategy in place where we identify potential risks, create mitigation strategies and monitor the occurrence of risk.

ADEQUACY OF INTERNAL CONTROL SYSTEMS:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined by the Audit Committee. To maintain its objectivity and independence, the Internal Audit function reports to the Chairperson of the Audit Committee & to the Chairperson of the Board.

The Internal Auditor monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies of the Company.

Based on the report of internal audit function, the Company undertakes corrective action in their respective areas and thereby strengthens the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

OPERATIONAL PERFORMANCE PARAMETERS

In order to avoid duplication between the Directors Report and Management Discussion & Analysis, your Directors give a composite summary of the financial performance in the Directors Report.

DEVELOPMENTS IN HUMAN RESOURCES

During the year under review,the Company has no operations.However, in compliance to the provisions of the Companies Act, 2013 and Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations 2015, the Company has making a best effort to convert all the physical share into dematerialized form.

Registered Office:	For and on behalf of the Board
Podar Chambers,	EVERGREEN TEXTILES LIMITED
109, S. A. Brelvi Road
Fort, Mumbai - 400 001.

 

	MANJUNATH D. SHANBHAG
Date: September 07, 2023	(DIN: 00090256)
Place: Mumbai	CHAIRMAN& MANAGING DIRECTOR