weizmann ltd Management discussions

Business Review General Economy

Post devastation of economy of various countries high inflation in developed countries like UK coupled with recession looming largest in most of the developed nations including USA leading to many a corporate giant especially in IT sector has laid off thousands of their employees. Further the continuing war/ hostilities amongst the nations and turmoil being seen in Banking Sector at the global level does not augur well for the world economy in 2024 and for some years beyond. In this gloomy scenario Indian economy has shown resilience so far and the GDP expected at 7% in FY 2022-23 when all figs get assimilated and RBI projection for FY 2023-24 is 6.5% considering many an adverse factors prevailing globally and Indian economy for past couple of decades is closely knitted with global economy.

As far as India is concerned, the Central Government and RBI took a number of remedial steps restricting the adverse global impact have controlled inflation and economic downturn. Under Central Governments positive policies under "Make in India" pursuit has resulted in many a global manufacturing and distribution outlets setting shop in India. The Central Governments tactical move to buy cheaper Russian crude has helped Indian economy from global Crude Shock resulting from prolonged wars between nations.

Planned boost for basic infrastructure in Road and Transport sector have lot of long term benefits for the generations to follow.

Both Direct tax and Indirect tax mainly GST collections clocking one lakh crore plus consistently are reflecting the Indian Growth story.

Company Business

The company continues its focus on job work for Export by Customers and Domestic Markets for textile products. During the year under review the revenue from sale of services Rs.122.13 crore as against Rs.83.49 crore in F.Y. 2021-22. The sale of products registered Rs. 13.01 crore as against Rs. 16.35 Crore in the previous year.

The Profit before Tax for the year was Rs.8.87 crore as against Rs.4.75 crore in the previous year.

The companys processing unit is back to its full capacity gradually, garnering repeat orders from many invaluable customers.

Internal Control System

The company has an effective system of internal controls to ensure that all its assets are properly safeguarded and protected against loss from unauthorized use or disposal.

Further all the internal control system is practiced by the company to ensure that all transactions are authorized, recorded and reported correctly. The system is commensurate

with the nature of business and the size of the operation. The company also has an internal audit system so as to ensure that systems are strengthened and improved on a continuous basis.

The Company has an Audit Committee of Directors which reviews the adequacy of internal controls.

Material Development In Human Resources

The company has a team of able and experienced professionals. The work culture and value system in the company is designed to provide each employee the adequate space, freedom and guidance to bring out their full potential and provide personal growth opportunities within the organization.