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In compliance with Regulation 34 of SEBI (Listing Obligation and Disclosure Requirements), Regulations, 2015 a detailed Management Discussion and Analysis Report form part of the Annual Report.
The Management Discussion and Analysis Report sets out the developments in the business, the Companys performance since last Report and the future outlook. This Report is a part of the Directors Report and the Audited Financial Statements, forming part of the Annual Report. However, certain statements made in this Report relating to the projections, outlook, expectations, estimates etc., may constitute forward looking statements within the meaning of applicable laws and regulations and may differ from actual. Several factors could make a significant difference to the Companys operations, including climatic conditions, economic conditions affecting demand and supply, government regulations, revision in government policies, taxation and natural calamities, over which the Company does not have any control.
2. INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company is engaged in Trading of Iron & Steel items. No Research and development Work has been carried out by the Company and therefore, there is no expenditure on this head, nor any benefit has accrued from it to the Company.
Since the Company earns income mainly from trading in Iron & Steels. There are ample opportunities in the business of the Company.
Like any other Business, this businessalso has alimited exposure to risks and uncertainties including risk inherent in the Companys growth strategy, future plans, dependence on certain businesses, government policies, dependence on availability of qualified and trained manpower and other factors.
5. INTERNAL CONTROL SYSTEM & ADEQUACY
Bloom Industries Limited has an adequate system of internal controls to ensure that the assets are safeguarded, and protected against loss from unauthorized use of disposition, and that transactions are authorized, recorded and reported correctly. The Company engages a detailed process of internal audits, reviews by management, and documented policies, guidelines and procedures to ensure that the financial records are relevant and reliable.
The Companys internal audit systems independently oversee the operations of the organization regularly.The Company management assessed the effectiveness of the Companys internal control over financial reporting as of March 31, 2019. The Companys internal audit systems independently oversee the operations of the organization regularly.M/s. Sarda Soni Associates LLP the statutory auditors of the Company has audited the financial statements included in this annual report and has issued a report on our internal control over financial reporting (as defined in section 143 of Companies Act 2013).
6. FINANCIAL PERFORMANCE
|Income from Operating||4,42,99,227||3,56,57,470|
|Profit before Depreciation and Exceptional Items||(23,35,361)||(26,07,784)|
|Add/(Less): Exceptional items||-||-|
|Profit/ (Loss) before Tax||(23,35,361)||(26,07,784)|
|Less: Provision for Taxation||-||-|
|Profit/ (Loss) after Tax||(23,35,361)||(26,07,784)|
|Less: Earlier Year Adjustment||-||-|
7. HUMAN RESOURCES MANAGEMENT
HR at Bloom Industries Limited is focused towards building & reinforcing a foundation for long term sustainability and taking engagement with its employees to a superior level of trust and enduring partnership.
Bloom Industries Limiteds HR policies & practices are in sync with its organizational strategy to drive company values and culture. The policies and practices are continuously monitored, evaluated & fine-tuned to keep them abreast and aligned with changing business dynamics, statutory requirements and in relevance to the jurisdiction. Special efforts and initiatives are undertaken to attract, recruit & select best of the talents to reinforce the skilled resource pool for the Company. Material Development in Human Resources/ Industrial relation front has been dealt with in the Directors Report, under the head Human Resources, which should be treated as forming part of this management and discussion analysis as at 31 March 2019. st
8. CAUTIONARY STATEMENT
Statement in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be forward-looking statements within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. The Company undertakes no obligation to publicly update or revise any forward looking statements, whether as a result of new information, future events or otherwise. Readers are cautioned not to place undue reliance on these forward-looking statements that speak only as of their dates.