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Triveni Glass Ltd Management Discussions

20.95
(-1.23%)
Jul 18, 2024|03:40:00 PM

Triveni Glass Ltd Share Price Management Discussions

Annexure -10

Your Directors present before you the Companys Management Discussion and Analysis Report for the year ended on 31.03.2023.

The management of the company is presenting herein the overview, opportunities and threats, initiatives by the company and overall strategy of the company and its outlook for the future. This outlook is based on managements own assessment and it may differ materially from those expressed or impaired depending upon global and Indian demand- supply conditions, changes in government regulations, tax regimes and economic developments within India and overseas. The Covid-19 pandemic did not have any material impact on the Company, as all the manufacturing units of the Company i.e. Rajahmundry were sold to Triveni Pattern Glass Private Limited on 23.02.2020 with the approval of the shareholders on 19.05.2019. The sale of Allahabad (Prayagraj) Closed unit (since 2006) was also approved by the shareholders on 22.03.2020.

FINANCIAL PERFORMANCE

During the year the company earned other income of Rs. 4.44 Crores out of which Rs. 3.85 Crores was on account of sale of land and balance is other income. The company made a profit of Rs. 1.67 Crores during the year.

As already mentioned earlier the company has taken up the following two activities:-

1) Refurnishing & Renovation of Officer Flats:-

During the year the second building got completed but we were not able to make any fresh sale of flats due to technical reasons, which are now getting resolved and we are hopeful that during 202324 we shall be able to sell most of the flats. Also we would be able to take up another block for renovation and try to complete it by the year end.

2) Sale of Land

We were able to find buyers for 7 acres of land out of which about 3.90 acres were got registered and payment received. We are hopeful that during 2023-24 we would be able to sell a good part of our land bank, as the issues being faced for slow sale of land will get resolved

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The company has a proper and adequate system of internal controls commensurate with its size to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition and the transactions are authorized, recorded and reported correctly. Proper controls and checks are exercised by the company by following the procedures prescribed in the various manuals. The Audit Committee of the Board reviews Internal Control Systems of the company on periodical basis and is headed by a NonExecutive Independent Director. The Company has appointed external firms of Chartered Accountants as Internal Auditors.

DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

Your company recognizes the value of human resource, and therefore, the human resource policies are framed in such manner that they not only aim at achieving the organizational goal but also recognize, appreciate and develop the individual interest of the employees. The Human Resource Development policies of the company are so framed that it is in the best interest of the organization as well that of as employees of the company.

FORWARD LOOKING STATEMENT

The Company is focused to create business values for its customers. Statement in this report, particularly those which relate to Management Discussion and Analysis, describing the companys future plans, objectives, projections, estimates and expectations may constitute "forward looking statements" within the meaning of applicable laws and regulations. Actual results might vary materially from those either expressed or implied.

Regd. Off: 1, Kanpur Road

By order of The Board of Directors of Triveni Glass Limited

Prayagraj -211001 (U.P.) Sd/- Sd/-
J.K. Agrawal A.K. Dhawan
Place: Prayagraj Managing Director Director (Finance)
Date: 24-07-2023 DIN: 00452816 DIN: 00694401

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