Rubber Products Ltd Management Discussions.
INDUSTRY STRUCTURE AND DEVELOPMENTS:
The Company is principally engaged in the business of manufacturing rubber products, however, in the previous year there was a complete Shut-down of Operations and initiation Corporate Insolvency Resolution Process (CIRP) against the Company, there were no revenue in the Company. Further, after approval of Resolution Plan submitted by the Committee of Creditors with 100% votes on September 1, 2018 and by the National Company Law Tribunal, Mumbai Bench (NCLT) vide its order dated February 19, 2019, the new management decided to Lease the Plant, Property & Equipments to Max Spare Limited and/or any person for its business operations.
OPPORTUNITIES AND THREATS:
Indian rubber industry has been growing in along with the strength and importance, as a part of Indias burgeoning role in the global economy. The export share of Indian Rubber product manufacturing is increasing. Due to Corporate Insolvency Resolution Process not be able to encash many opportunities in this year. Due to complete closure of business, it is sturdy for the new management to restart the operations of the Company.
Since, the company has not carried out any business operations during the year; hence, the report on segment-wise performance is not furnished.
Due to complete closure of business, the new management decided to Lease the Plant, Property & Equipments of the Company to Max Spare Limited and/or any person for its business operations.
RISK AND CONCERNS:
The new management of the Company is yet to lay down a well-defined risk management mechanism covering the risk mapping and trend analysis, risk exposure, potential impact and risk mitigation process. Management is yet to set up exercises to be carried out to identify, evaluate, manage and monitor various risks.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
Subject to the matters described by Statutory Auditor in their report on the financial statements of the Company, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
Due to Corporate Insolvency Resolution Process, there is no Income in the Company from Sales and Services as against Rs. 54,00,399/- in the previous year and there is no Profit and loss in the current financial year and net loss of Rs. 67,008,801/- in the previous financial year.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLEEMPLOYED:
Currently, there is no employee or worker on payroll of the Company.
|On behalf of the Board of Directors|
|The Rubber Products Limited|
|Jagmeet Singh Sabharwal||Akshay Ashokan Veliyil|
|DIN: 00270607||DIN: 07826136|
|Add: C/o: Plot-C 44, Road No.28, Wagle||Add: C/o: Plot-C 44, Road No.28, Wagle|
|Industrial Estate, Thane - 400604||Industrial Estate, Thane - 400604|
|Place: Thane, Mumbai|