GLOBAL ECONOMIC OUTLOOK & RECENT DEVELOPMENT & OVERVIEW COMPANY PHILOSOPHY ON CORPORATE GOVERNANCE
Corporate governance is a mechanism by which the values, policies and procedures of the organizations are inculcated and manifested. The essence of corporate governance lies in promoting and maintaining integrity, transparency and accountability throughout the organization.
OUTLOOK
India continued its strong economic performance in FY 2024–25, with GDP projected to grow in the range of 6.5% to 7%. This growth has been underpinned by resilient domestic demand, government-led infrastructure spending, and a steady expansion in the services sector. Despite a challenging global environment marked by inationary pressures and geopolitical uncertainty, India retained its position as the worlds fastest-growing major economy.
At the same time, supportive factors such as easing supply chain disruptions, moderation in ination, and stable monsoon forecasts provided a conducive environment for industrial activity. Manufacturing and exports registered healthy momentum, aided by both domestic reforms and global shifts in supply chains.
For the global plastics and thermoware industry, consumption patterns are stabilizing after a period of volatility. Consumers across both developed and emerging markets are increasingly inclined toward durable, lightweight, and eco-friendly household and lifestyle products. The Company, with its robust manufacturing foundation and growing Pinnacle brand portfolio, is well-positioned to capitalize on these trends by focusing on innovation, sustainable practices, and deeper market penetration.
INDUSTRIAL STRUCTURE AND DEVELOPMENT
The Indian plastics industry is expected to grow at a CAGR of 7 to 8 percent over the next "ve years, driven by rising demand in packaging, consumer goods, healthcare, and lifestyle products. Within this, the insulated drinkware and thermoware segment is projected to register strong double-digit growth, aided by increasing urbanization, leisure-oriented lifestyles, and greater awareness of hygiene and convenience. Volatility in crude oil-linked raw materials such as polypropylene, polyethylene, ABS, and TPE remains a structural challenge, although global supply chain normalization has eased the extreme price uctuations seen earlier. Simultaneously, there is an accelerated transition towards sustainability with BPA-free, recyclable, and eco-friendly products becoming a customer requirement as well as a regulatory demand in several global markets.
Indias emergence as a reliable alternative to China in global supply chains, combined with government incentives such as SEZ bene"ts and RoDTEP support, is further strengthening the industrys export competitiveness. While the sector continues to face competition from unorganized players offering cheaper reprocessed products, organized companies with strong branding, innovation, and distribution reach are steadily consolidating their share. The Company continues to emphasize design-led product development, operational ef"ciency, and capacity optimization to maintain its competitive advantage across domestic and international markets.
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The Company achieved a turnover of Rs.7247.43 Lakhs as against Rs. 6636.61 Lakhs in the previous year and the pro"t after tax is Rs.132.41 Lakhs as against pro"t of Rs.100.28 Lakhs in the previous year.
OPPORTUNITIES AND THREAT
The Company sees signi"cant opportunities in both domestic and export markets driven by rising consumer preference for branded, premium, and eco-friendly lifestyle products, expansion into stainless steel vacuum bottles and sustainable ranges under the Pinnacle brand, and supportive government incentives such as SEZ and RoDTEP bene"ts. However, the Company remains exposed to raw material price volatility linked to crude oil, competition from unorganized players supplying substandard products, global risks such as geopolitical tensions and shipping disruptions, and increasing pressure from multinational and large domestic competitors. The Company is mitigating these risks through continuous product innovation, operational ef"ciency, and strengthening of brand equity to ensure long-term growth and resilience.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate Internal Control System commensurate with the size, scale and nature of its operation. The Audit Committee reviews the adequacy and effectiveness of Internal Control System. There are stringent internal control systems and procedures to facilitate optimal resource utilisation by keeping a check on unauthorized use of products. The Companys regular checks at every stage of its production and dispatch cycle ensured strict operational and quality compliance. Internal audit is conducted at regular intervals at all the plants and covers the key areas of operations. It is an independent, objective and assurance function responsible for evaluating and improving the effectiveness of the risk management, control and governance process.
The Audit Committee is regularly reviewing the Internal Audit Reports for the auditing carried out in all the key areas of the operations. The Company has appointed an Independent Auditor to ensure compliance and effectiveness of the Internal Control Systems.
RISK AND CONCERN
While risk is an inherent aspect of any business, the Company is conscious of the need to have an effective monitoring mechanism and has put in place appropriate measures for its mitigation including business portfolio risk, "nancial risk, legal risk and internal process risk. Your Company continuously monitors and revisits the risks associated with its business..
SEGMENT WISE PERFORMANCE
The Company is operating in a single segment. Hence, no separate segment wise information is given.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS
DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
The Company achieved a turnover of Rs.7247.43 Lakhs as against Rs. 6636.61 Lakhs in the previous year and the pro!t after tax is Rs.132.41 Lakhs as against pro!t of Rs.100.28 Lakhs in the previous year.
OPPORTUNITIES AND THREAT
The Company sees signi!cant opportunities in both domestic and export markets driven by rising consumer preference for branded, premium, and eco-friendly lifestyle products, expansion into stainless steel vacuum bottles and sustainable ranges under the Pinnacle brand, and supportive government incentives such as SEZ and RoDTEP bene!ts. However, the Company remains exposed to raw material price volatility linked to crude oil, competition from unorganized players supplying substandard products, global risks such as geopolitical tensions and shipping disruptions, and increasing pressure from multinational and large domestic competitors. The Company is mitigating these risks through continuous product innovation, operational ef!ciency, and strengthening of brand equity to ensure long-term growth and resilience.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
The Company has an adequate Internal Control System commensurate with the size, scale and nature of its operation. The Audit Committee reviews the adequacy and effectiveness of Internal Control System. There are stringent internal control systems and procedures to facilitate optimal resource utilisation by keeping a check on unauthorized use of products. The Companys regular checks at every stage of its production and dispatch cycle ensured strict operational and quality compliance. Internal audit is conducted at regular intervals at all the plants and covers the key areas of operations. It is an independent, objective and assurance function responsible for evaluating and improving the effectiveness of the risk management, control and governance process.
The Audit Committee is regularly reviewing the Internal Audit Reports for the auditing carried out in all the key areas of the operations. The Company has appointed an Independent Auditor to ensure compliance and effectiveness of the Internal Control Systems.
RISK AND CONCERN
While risk is an inherent aspect of any business, the Company is conscious of the need to have an effective monitoring mechanism and has put in place appropriate measures for its mitigation including business portfolio risk, !nancial risk, legal risk and internal process risk. Your Company continuously monitors and revisits the risks associated with its business..
SEGMENT WISE PERFORMANCE
The Company is operating in a single segment. Hence, no separate segment wise information is given.
MATERIAL DEVELOPMENTS IN HUMAN RESOURCES DEVELOPMENT AND INDUSTRIAL RELATIONS
The Company recognizes human resources as a key component for facilitating organizational growth and shareholder value creation. Over a period of years, your Company has employed, groomed and retained experienced and quali!ed pool of human resources. Companys processes are designed to empower employees and support creative approaches in order to create enduring value. Various initiatives have been taken to strengthen human resources of the Company. Your Company maintains a cordial relationship with its employees. As on 31st March, 2025 the Company has 410 employees.
SIGNIFICANT CHANGES (I.E. CHANGE OF 25% OR MORE AS COMPARED TO THE IMMEDIATELY PREVIOUS FINANCIAL YEAR) IN KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFOR, INCLUDING
Particulars |
Ratio | Ratio | Variance | Reason for Variance |
| 2024-25 | 2023-24 | % | ||
Debt Equity Ratio |
0.40 | 0.28 | 42.90% | Increase in Short term borrowings |
CAUTIONARY STATEMENT
Statements in the Management Discussion and Analysis and Directors Report describing the Companys strengths, strategies, projections and estimates, are forward-looking statements and progressive within the meaning of applicable laws and regulations. Actual results may vary from those expressed or implied, depending upon economic conditions, Government Policies and other Incidental factors. Readers are cautioned not to place undue reliance on the forward looking statements.
DISCLOSURE OF ACCOUNTING TREATMENT:
The !nancial statements of the Company have been prepared in accordance with the applicable Indian Accounting Standards (Ind AS) noti!ed by the Ministry of Corporate Affairs, pursuant to the provisions of Section 133 of the Companies Act, 2013 and the Companies (Indian Accounting Standards) Rules, 2015, as amended from time to time.
There has been no treatment different from that prescribed in the Accounting Standards in the preparation of the !nancial statements.
CHANGES IN RETURN ON NETWORTH :
| 2024-25 | 2023-24 | |
Return on Net worth |
2.15 | 1.67 |
| For And On Behalf of the Board of Directors | |
| Velji L. Shah | |
Place: Mumbai |
Chairman & Managing Director |
Date: 1st September, 2025 |
|
| DIN: 00007239 |
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