Meuse Kara & Sungrace Mafatlal Ltd Management Discussions.
This Management Discussion and Analysis Report form a part of the Annual Report of the Company. It indicates the Companys movement in the external environment Vis-a -Vis its own strengths and resources.
1. PERFORMANCE OF THE COMPANY:
Your Company has VENTURED in the field Garment Retail, after an in-depth study of the present market. Our has revealed that a few more new players can also be absorbed by the market, if Best quality garments are provided at an affordable price. The start our dealings with the textile segment, the company has started with trading in fabric, even at a thin margin. And simultaneously, the company is developing the retail network for the garments. The companys products will be sold through Company owned Stores, Franchisee outlets and also through Multi Brand Outlets.
The upcoming integrated project of MYNK 1906 Industries India Limited in Wada (Dist: Thane) consists of processing of CNC, Cobbles, Marble Slabs, and Granite & Marble Tiles adopting most modern scientific technology (Italian Technology). First time in India, a fully atomized Manufacturing and Processing Plant. None of the old techniques adopted in the existing granite and Marble industry till now shall be adopted in this project. Latest modern machines capable of adopting the latest processing methods shall be employed for the first time India. The Company has indentified the Granite and Marbles quarries and mines which will be taken on lease and the sourcing will be done from all over India and will also import the stone. The Company has already identified 9 acres of land in Wada (Dist:Thane) to put the processing plant.
The Indian textile industry plays a vital role in the economy of the country.
3. OPPORTUNITIES AND THREATS:
1. Marketing will be the most problematic area where improvements are called for Continuous quality improvement will be the need of the hour for which urgent measures are called for from all stakeholders.
2. Increasing competition from other manufactures and foreign Companies will be a major problem. Now-a-days the markets are flooded with new local and regional players with cheaper products. There are few concerns like rising infrastructure and input costs, which the Company should take in mind.
4. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY:
The Company has a compact organization Structure which helps it run business operation smoothly. The Company has adequate internal control system, commensurate with the size and nature of its operations. The scope of the internal audit is to ensure that the control system established by the management is correctly implemented.
All assets and resources are used efficiently and are adequately protected. All internal policies and statutory guidelines are complied with. There is accuracy in timing of financial reports and management information.
Audit Committee, the details of which has been provided in the Corporate Governance Report has been entrusted with detailed terms of reference to review and look into proper recording of transactions and preparation of financial statement. One of the important functions of the Audit Committee is to review the adequacy of internal control systems and compliance thereof.
5. HUMAN RESOURCE DEVELOPMENT:
The Companys progress is largely attributed to the wholehearted support from its manpower. The technical team were constantly challenged for quality performance and expected to work with an entrepreneurial spirit on the project.
6. CAUTIONARY STATEMENT:
Statements made in the Management Discussion and analysis describing business outlook, projections, opportunities and threats, etc. may be "forward looking statement" within the meaning of the applicable securities, laws and regulations. Actual results could differ from those expressed or implied. Readers are hence advised not to place undue reliance on these statements and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objections. Further, the discussion herein reflects the perception on major issues as on date and opinions expressed herein are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the opinions or forward looking statements expressed in this report, consequent to any new information, future event or otherwise.
|For and on behalf of the Board of Directors|
|Date: 23rd August, 2014||Sd/-|
|Place: Mumbai||Chairman & Managing Director|