undefined share price Management discussions


The Management Discussion and Analysis Report (MDA) is an integrated part of Companys annual financial statements. The purpose of the MDA is to provide a narrative explanation, through the eyes of management, of how the Company has performed in the past, its financial condition, and its future prospects. This report contains a description of the year gone by and some of the key factors that influenced the business of the Company during the year, as well as a fair and unbiased overview of the Companys past, present, and future. There are forward looking statements mentioned in this report which may involve risks and uncertainties, including but not limited to the risk inherent to the Companys growth strategy, change in regulatory norms, economic conditions and other incidental factors. Actual results could differ materially from those expressed or implied.


A tentative recovery in 2021 has been followed by increasingly gloomy developments in 2022 as risks began to materialize. Global output contracted in the second quarter of this year, owing to downturns in China and Russia, while US consumer spending undershot expectations. Several shocks have hit a world economy already weakened by the pandemic: higher-than-expected inflation worldwide— especially in the United States and major European economies—triggering tighter financial conditions; a worse-than-anticipated slowdown in China, reflecting COVID- 19 outbreaks and lockdowns; and further negative spillovers from the war in Ukraine.

The baseline forecast is for growth to slow from 6.1 percent last year to 3.2 percent in 2022, 0.4 percentage point lower than in the April 2022 World Economic Outlook. Lower growth earlier this year, reduced household purchasing power, and tighter monetary policy drove a downward revision of 1.4 percentage points in the United States. In China, further lockdowns and the deepening real estate crisis have led growth to be revised down by 1.1 percentage points, with major global spillovers. And in Europe, significant downgrades reflect spill overs from the war in Ukraine and tighter monetary policy. Global inflation has been revised up due to food and energy prices as well as lingering supply-demand imbalances, and is anticipated to reach 6.6 percent in advanced economies and 9.5 percent in emerging market and developing economies this year—upward revisions of 0.9 and 0.8 percentage point, respectively. In 2023, disinflationary monetary policy is expected to bite, with global output growing by just 2.9 percent. The risks to the outlook are overwhelmingly tilted to the downside. The war in Ukraine could lead to a sudden stop of European gas imports from Russia; inflation could be harder to bring down than anticipated either if labor markets are tighter than expected or inflation expectations unanchor; tighter global financial conditions could induce debt distress in emerging market and developing economies; renewed COVID-19 outbreaks and lockdowns as well as a further escalation of the property sector crisis might further suppress Chinese growth; and geopolitical fragmentation could impede global trade and cooperation. A plausible alternative scenario in which risks materialize, inflation rises further, and global growth declines to about 2.6 percent and 2.0 percent in 2022 and 2023, respectively, would put growth in the bottom 10 percent of outcomes since 1970. with increasing prices continuing to squeeze living standards worldwide, taming inflation should be the first priority for policymakers. Tighter monetary policy will inevitably have real economic costs, but delay will only exacerbate them. Targeted fiscal support can help cushion the impact on the most vulnerable, but with government budgets stretched by the pandemic and the need for a disinflationary overall macroeconomic policy stance, such policies will need to be offset by increased taxes or lower government spending. Tighter monetary conditions will also affect financial stability, requiring judicious use of macro prudential tools and making reforms to debt resolution frameworks all the more necessary. Policies to address specific impacts on energy and food prices should focus on those most affected without distorting prices. And as the pandemic continues, vaccination rates must rise to guard against future variants. Finally, mitigating climate change continues to require urgent multilateral action to limit emissions and raise investments to hasten the green transition.

(Source - IMF- world economic outlook 2022)


The Indian economy has fully recovered to the pre-pandemic real GDP level of 2019-20, according to the provisional estimates of GDP released on May 31, 2022. Real GDP growth in FY 2021-22 stands at 8.7%, which is 1.5% higher than the real GDP in FY 2019-20.


India continues to be one of the fastest growing major economies of the world, with an increasing need for growth capital. The countrys banking and financial services sector is a significant driver for keeping Indias economic growth engine humming.


We operate in an industry, which faces intense competition from established as well as unorganized players. Our competition depends on several factors, which include quality, price and most importantly our pace in keeping up with the changing trends in fashion industry. Competition emerges from both organized as well as unorganized sector.

Appropriate changes are done to face these challenges. Company is trying to grab all the opportunities on its way which would enhance the companys performance overall.


Revenue from Operations

The Company has witnessed revenue decline of 60.02 % during the year, to Rs 101.96 lakhs during the FY 2021-22 as compared to Rs 255.03lakhs in the previous year.

Other Income

In 2022, the company has witnessed increment of13.50%duringthe year, to Rs 52.53 lakhs during the FY 2021-22 as compared to Rs 46.28lakhs in the previous year.


In the FY 2021-22, the total expenses, excluding depreciation, financial expenses, and provisions amounted to Rs 147.32 lakhs which is 95.36 % of net revenue as against Rs 303.63 lakhs in the FY 2020-21which was 100.77% of net revenue.

Profit/Loss before Tax and Profit after Tax

Profit before tax and extra-ordinary income for the financial year ended 2021-22 is Rs 7.18 lakhs as compared to Loss of Rs 2.32lakhs in the FY 20-21

The Net Profit after tax for the financial year 2021-22 Rs5.g2 lakhs as compared to Loss of Rs. 2.32lakhs in the FY 2020-21.

Share Capital

Paid up Equity Capital of the Company remained at ^1568.50 lakhs.

Reserves & Surplus

At the end of the FY 2021-22, Reserves and Surplus is ?68.86 lakhs as against ^62.94 lakhs at the end of FY 2020-21.


Following are ratios for the current financial year and their comparison with preceding financial year, along with explanations where the change has been 25% or more when compared to immediately preceding financial year:

Sl. No. Ratio Description March 31, 2022 March 31, 2021 Reasons for increase (In case of change of more than 25%)
1. Debtor Turnover 0.70:1 0.51:1 Nominal Variation
2. Inventory Turnover 00:1 00:1 Nominal Variation
3. Interest Coverage - - Not Applicable
4. Current Ratio 230.85:1 266.73:1 Company is planning to invest current assets into long term assets in as when opportunity is available in market.
5. Debt Equity - - Not Applicable
6. Operating Profit Margin (%) 0.07:1 -0.01:1 Nominal Variation
7. Net Profit Margin 0.06:1 -0.01:1 Nominal Variation
8. Return on Equity 0.00:1 0.00:1 Nominal Variation
9. Debt Service Coverage - - Not Applicable
10. Creditor Turnover 13.46:1 41.27:1 Company has made less purchases during the year as compare to previous Year.
11 Net Capital Turnover 0.06:1 0.28:1 Nominal Variation
12. Return on Capital Employed 0.00:1 0.00:1 Nominal Variation
13. Return on Investment - - Not Applicable.


Risk is an integral part of the Companys business and sound risk management is critical to the success of any organization. The Company is exposed to specific risks that are particular to its business and the environment within which it operates.

The Company is aware of the need to better understand, anticipate, evaluate and mitigate risks in order to minimize its impact on business. The Company has put in place a Risk Management Policy to ensure that all the current and future material risk exposures of the Company are identified, assessed, quantified, appropriately mitigated, minimized and managed.


Effective internal controls are necessary for building up an efficient organization. Your Company has in place, an adequate internal control and internal audit system managed by qualified and experienced people to ensure the compliances under statutory regulations. Corporate policies are made to figure out the weaknesses persisting in the system and suggest remedial measure for the same.

The system is improved and modified continuously to meet with the changes in business condition, statutory and accounting requirements.

The Audit Committee also met the Companys statutory auditors to ascertain their views on the financial statements, including the financial reporting system, compliance to accounting policies and procedures, the adequacy and effectiveness of the internal control and systems followed by the Company.


The Company always regards human resources as its most valuable asset and ensures friendly work environment that encourages initiatives by individuals and recognizes their performance.

To maintain competency and to improve the analytical abilities of employees for gearing them to face challenges, proper training and development is imparted by the Company before the employee takes up any responsibility. Our Company has always valued its employees whose dedication and contribution have helped us to reach the levels of excellence and rewarded them appropriately during the appraisal.


The Company has in place an Anti-Sexual Harassment Policy in line with the requirements of the Sexual Harassment of Women at the Workplace (Prevention, Prohibition &Redressed) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual, temporary, trainees) are covered under this policy.

The following is a summary of sexual harassment complaints received and disposed off during the year 2021-22.

Number of complaints received: Nil

Number of complaints disposed of: Nil

Cautionary Statement

Statements in the Management Discussion and Analysis describing the Companys objectives, projections, estimate, expectations may be "forward-looking statements" within the meaning of applicable securities laws and regulations. Important factors that could make a difference to the Companys operations include changes in Government regulations, tax regimes, economic developments within India and other such factors over which the Company does not have any direct control.

For and on behalf of the Board of Directors


Mr. Subhas Agarwal

Chief Financial officer

Place: Kolkata

Date: 30th May, 2022