RESULT OF OPERATION AND STATE OF COMPANYS AFFAIRS
The highlights of the Companys performance are as under:
During the current year of operations, your company has shown a decrease in loss as the turnover has increased from Rs 2202.93 Lakhs during F.Y. 2017-2018 to Rs 2971.31 Lakhs during F.Y. 2018-2019
Company has witnessed a bit of slowdown as global aluminium prices reduced however, on a result company faced losses.
Our Company based on its experience and its standards, conforms to major specifications and customer requirements. The fortunes of the Aluminum extrusion is closely linked with those of the user industry. The Aluminum industry had been impacted during the year due to a considerable slowdown of the manufacturing sector and particularly the end user companies of aluminum. The industry has faced its most formidable challenge.
Your Companys main business is to manufacture aluminum extrusions,ingots,and billets for varied industries. Your company has seen considerable resilience,grit and determination during the year by taking various initiatives to keep its pace to enlarge the market base and share in particularly. And your company is also planning to provide high quality products to our clients and grow our business by leveraging our strengths.
Your company expects that the policies of the new government at the center will use a framework which shall act as a booster to user industries which in turn will be beneficial to your companys fortune. Your company is confident that it will surmount the macro environment obstacles and achieve improved profitability in coming years.
On the horizon we see good days to start again at your Company.
ENVIRONMENT, HEALTH, SAFETY AND SOCIAL RESPONSIBILITY
The Companys commitment to preserve and enrich environment by conducting all operations in an environment- friendly and safe manner continues. We are continuing our initiatives to touch the lives of communities in and around manufacturing units by supporting environmental and health care projects as also educational programs.
Every plant is focused on drive safety work place initiatives, which resulted in achieving a no fatal accident record. Regarding environmental performance, we continued to strictly adhere to all environmental conformances.
INTERNAL CONTROL SYSYTEM AND ADEQUACY
Your company maintains adequate internal control system in all area of operations. Services of internal and external auditors are utilized from time to time, as also in-house expertise and resources. The company continuously upgrades these systems in line with the best available practices.
These reports and deviation are regularly discussed with Management and Committee Members and action taken whenever necessary. An Independent Audit Committee of the Board reviews the adequacy of internal control.
MAJOR EXPANSION PLANS
Projects are proceeding at place considered appropriate in the prevailing economic situation global scenario and the companys business strategy.
STEPS IN MANUFACTURING AND PROCUREMENT
Your company continues to focus on various initiatives to improve operational efficiencies like improving yields, exploring new geographies for entering new areas of business.
FORWARD LOOKING STATEMENT
This Report contains forward- looking statement that involves risks and uncertainties. Actual results, performance or achievement could differ materially from those expressed or implied in such forward looking statement. Significant factors that could make a difference to the Companys operations include domestic and international economic condition affecting demand-supply and price conditions, foreign exchange fluctuations, and change in government regulations, tax regime and other statutes. 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 speaks only as of their dates. This Report should be read in conjunction with the financial statements included herein and the notes thereon.
For and on Behalf of the Board
|Sunderlal Bothra||Sardarmal Suthar|
|Place: Mumbai||Managing Director||Director|
|Date: 5th September, 2019|
Gold/NCD/NBFC/Insurance and NPS
Gold/NCD/NBFC/Insurance and NPS