Photoquip India Ltd Management Discussions.



This report contains forward-looking statements based on certain assumptions and expectations of future events. The Company, therefore, cannot guarantee that these assumptions and expectations are accurate or will be realized. The Companys actual results, performance or achievements can thus differ from those projected in any such forward-looking statements. The Company assumes no responsibility to publicly amend, modify or revise any forward-looking statements, based on any subsequent developments, information or events.


The projected GDP outlook for 2021-22 is 8% without factoring the global COVID-19 impact. The disruption wrecked by the ongoing Covid-19 pandemic put the global economy in recovery mode. Multiple vaccine approvals and the launch of vaccination in many countries raised hopes of an eventual end to the pandemic. Despite the high and rising human toll caused by the novel virus, economic activity remained subdued in 2020 as the global economy contracted by 3.3 per cent. Economies adapted to new ways of working after lockdowns were eased in the second half of the year. With the passage of time, businesses have adapted to subdued contact-intensive operations.

To prevent an economic collapse similar to last years most of the lockdown measures are now more targeted. For example, the state of Maharashtra allows continued production from companies that produce essential goods and services, have in-house accommodations or need to fulfil export obligations. This means that people working in these factories continue to receive income, and essential goods and services are still supplied locally and internationally. Economic data confirms that the impact on the manufacturing industry remains small.

The Governments huge spending on healthcare and infrastructure sectors, RBIs liquidity measures and the massive vaccination drive helped economic recovery in the second half of FY 2020-21. As per the second advance estimates of National Income by the Governments National Statistics Office (NSO), real GDP contraction is estimated around 8 per cent mainly on account of significant growth of subsidies.

At Company level, going forward, it is our conviction that the transparent policies along with the stringent statutory compliances will propel the organized sector towards growth.The traditionally fundamentally strong character of the Indian economy would continue to operate in the future.


The financial highlights are given below: -

Rs. In Lacs

Particulars 2020-21 2019-20
Revenue from sale of products (Exports) 281.27 1,508.52
Revenue from sale of stock in trade (Domestic sale) 814.71 1,192.43
Other operating revenue 39.02 38.26
Total Revenue from Operations 1,135.00 2,739.21
Add: Other Income 244.98 92.42
Total Income from Operations 1,379.98 2,831.63
Provision for Taxation NIL NIL
Deferred Tax Liability / (Asset) 77.74 47.24
Profit / (Loss) after tax (219.18) (271.07)
Paid-up equity Share Capital as on March 31, 2021 480.08 480.08


The Company has a well-established pan-India dealer network catering to the Indian photography market. It continues to maintain a strong presence in various industry-related exhibitions to reach out to mass target audiences. It has strategic tie-ups with industry-renowned photographers / training institutes to conduct imaging / photography workshops pan-India. It also conducts service camps across India at strategic locations to cater to the after-sales segment. The Company is active on the social media platforms including Facebook and Instagram.



Our core strengthcontinues to be our pioneering presence in this field of still photography over the last 6 decades. Add to it, adoption and seamless integration of technological advancements in the field through a competent and committed workforce with extensive industry experience, which give us the required edge over competition.


The photographic market is rapidly maturing in India and therein lies an opportunity for the Company to capitalize. The Company has strong Research and Development base and uses cutting edge technology in developing digital studio flash lights and other products.

The Company is making forays into the motion / video photography market with the introduction of industry-specific products.


Catering to a single export buyer continues to be a perceived weakness. Constant fluctuations in foreign exchange and global recession pose a continued threat to the Companys operations.


The Company has adequate internal control system commensurate with the size of its operations. Adequate records and documents are maintained as required by applicable laws. The Companys Audit Committee reviews the internal control system. During the year such controls were tested and no reportable material weaknesses in the design or operations were observed.


During the year under review, Company has only one primary segment i.e. Digital Studio Flash-Lights and Photographic Accessories. Two secondary segments have been identified based on the geographical locations of customers i.e. domestic and exports.


The Company maintains a positive outlook for the future. It also aims to make a mark in market of motion / video photography.


Risk is an integral part of any business. As a responsible management, the Companys principal endeavor is to minimize risks.


Statement in this Managements Discussion and Analysis detailing the Companys objectives, projections, estimates, estimates, expectations or predictions are "forward-looking statements" within the meaning of applicable laws and regulations. Actual results could differ materially from what has been envisaged. Important factors that could make a difference to the Companys operations include overall global and Indian demand-supply conditions across industries, cyclical demand in the Companys principal markets, changes in Government regulations, tax regimes, economic developments within India and the countries with which the Company conducts business and such other factors.