A. OUTLOOK
The year gone by was a difficult year for the global economy ,inflation and the war in Ukraine taking their toll.While these headwinds remain ,the economic scenario could be changing for the better in the current year. IMF in its latest report says that 2023 could represent a turning point with pressure on growth bottoming out and inflation declining ,India remains a bright spot . Notwithstanding the challenges posed by the global economy the economy is estimated to have grown over 6.5% in FY2023 .In FY 2024, the Indian economy is expected to grow and global inflation is likely to come down.The cost of living crisis ,tightening financial conditions in most regions , Russias invasion of Ukraine and the lingering COVID-19 pandemic continue to weigh heavily on the outlook.
RISKS & CONCERNS
The risk identification and assessment process is dynamic and hence the Company has been able to identify, monitor and mitigate the most relevant strategic and operational risks both during the period of accelerated growth as well as through the recessionary phase of the economy we recently witnessed. All inherent risks are measured ,monitored and regularly reported to the management .Your Company has diligently followed all the Government issued guidelines including adoption of social distancing norms at work place and all necessary precautions for all employees
B. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Your company has instituted adequate control systems commensurate with its size and scale of operation, The Audit Committee periodically reviews such systems with the help of internal and Statutory Auditors and reports to the Board on its inadequacy. The Auditors have access to all records and information of the Company. Internal Controls form an integral part of the Companys general organizational structure.
C. INTERNAL FINANCIAL CONTROLS
The Internal Financial Controls are adequate and functioning actively. Your Company remains committed to improve the effectiveness of internal control and processes .The IFC with regard to Financial Statement are adequate in opinion of the Board of Directors.
D. HUMAN RESOURCES
Human capital continues to be a vital resource for all Company. The Company has a continuous process to monitor individual performance.
E. PROHIBITION OF INSIDER TRADING
The Company has implemented a policy prohibiting Insider Trading in conformity with applicable regulations. The trading window disclosure are intimated to Stock Exchange in advance.
F. DETAILS OF SIGNIFICANT CHANGES IN KEY FINANCIAL RATIOS;
Ratios
Sl. No. Ratio | 31.03.2023 | 31.03.2022 | % Variance |
1 Current Ratio | 23.42 | 24.07 | 2.70% |
2 Debt-Equity Ratio | 10.20 | 10.78 | 5.38% |
3 Debt Service Coverage Ratio | 2.30 | 2.17 | -5.91% |
4 Return on Equity (ROE) % | 0.03 | 0.03 | NIL |
5 Inventory Turnover Ratio | N.A. | N.A. | N.A. |
6 Trade Receivable Turnover Ratio | N. A. | N. A. | N.A. |
7 Net Capital Turnover Ratio (in times) | N. A. | N. A. | N.A. |
8 Net Profit Ratio (%) | N. A. | N. A. | N.A. |
9 Return on Capital Employed (%) | 0.04 | 0.04 | NIL |
10 Return on Investment (ROI) (%) | N.A. | N.A. | N.A. |
The detail of key financial ratios are given in Note 12 to Financial Statement
G. CAUTIONARY STATEMENT
Statement in the Management Discussion and Analysis describing the Companys objectives, expectations or projections may be forward looking statement within the meaning of applicable securities, law and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operation include global and Indian demand supply conditions, finalized goods prices, changes in Government regulations tax regimes, economic development within India.
Place: Kolkata |
Date: 19.05.2023 |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.