1. INDUSTRY STRUCTURE, DEVELOPMENT & FUTURE OUTLOOK
The Government of India have Identified the field of Technical Textiles In which the Non-Woven Industry is an important component as a key growth area and the industry has been made eligible for support and encouragement under the Technology Up gradation Funding Scheme (TUFS)
International outlook and demand for the Non-Woven Industry continues to be in a growth and Technology Up gradation mode There have been substantive developments in the manufacturing technologies and the Plant & Equipment for the production of these products and the future viability of any player in this field is to a large extend dependent upon successful achievement of these parameters Such steps however will require substantial new investment in Plant, Equipment, Technology Up-gradation.
Therefore, your company has to successfully re-structure its present financial liabilities and raise the new investments required it has the potential of a turnaround and growth and development into a successful and profitable Company in the future During the year the Company has successfully concluded OTS settlement arrangements with all of its major creditors
The board of the company is currently looking for an associate to re-start the activities of the company In this area, the board has conducted many meetings with various professionals and industrialists and is in the process of finalizing the suitable associate
2. FINANCIAL HIGHLIGHTS (Rs. in lakhs)
Particulars | For the F.Y. Ended 31.03.2023 | For the F.Y. Ended 31.03.2022 |
Turnover/Other Income | 13 75 | 45.73 |
Total Expenses | 39.33 | 49 18 |
Earnings before Tax and Depreciation | (14 77) | 7 36 |
Depreciation and amortization expenses | 10 81 | 10 81 |
Profit/(Loss) before Tax | (25 58) | (3 45) |
Provision for Taxation | 0 00 | 0.00 |
Profit/(Loss) after Taxation | (25 58) | (3 45) |
Prior Period Items | 0 00 | 0.00 |
Profit/(Loss) for the Year | (25 58) | (3.45) |
3. PERFORMANCE AND PROGRESS OF THE SBPF PROJECT:
During the under review the turnover/other income of the company was Rs 13.75 Lacs ( Previous year Rs 45.73 lacs) which pertains to Rent and other income. The production of SBPF during the year was 0.00 MT (previous year 0 00 MT) by way of Job Work.
4. INTERNAL CONTROLS & ADEQUACY
Your Company has adequate system of internal controls to ensure that all assets are safeguarded, transactions are autherized, optimum utilization of resources, reporting of financial transactions and compliance with applicable law and regulations Special emphasis has been given to product quality, new products development and cost control areas
5. FINANCAL RESTRUCTURING OF THE COMPANY
The outgoing dispute with the foreign machinery suppliers continues to be Sub-Judice in respect of the recovery suit filed by the supplier on the Company and the counter claim filed in turn on the suppliers by the Company. Efforts are in progress for an out of court settlement if possible.
6 INDUSTRIAL RELATIONS & HUMAN RESOURCES
During the year under review, your Company had cordial industrial relations with its employees and measures to improve human relations including management development at all levels were continued
Certain statements in this Management discussion and analysis describing the Company may be Forward looking statements within the meaning of applicable securities laws and regulations Actual result could differ materially from these expressed or implied Important factors that could make a difference to the Companys future operations include economic conditions affecting international raw material prices change in Government regulations, change in Central and state taxation and other factors POLICIES
Policy for determining material subsidiary
During the year ended March 31. 2023, the Company does not have any material listed/ unlisted subsidiary companies as defined in Clause 49 of the Listing Agreement, which is not applicable upon the Company as per SEBIs Circular No -CIR/ CFD/Policy Cell/7/2014 dated 15th September 2014
Policy on Appointment and Remuneration and other aspects of Directors and KMP
The Board has. on the recommendation of the Nomination & Remuneration Committee framed a policy on directors appointment and remuneration including criteria for determining qualifications positive attributes independence of director and appointment of Directors Key Managerial Personnel and Senior Management and their remuneration The Shareholders may inspect the same at the registered office of the Company during business hours on any working day None of the directors and KMP taken any remuneration from the company Risk Management Policy
The Company has a Risk Management Policy to identify, evaluate business risks and opportunities This framework seeks to create transparency, minimize adverse impact on the business objectives and enhance the Companys competitive advantage The business risk framework defines the risk management approach across the enterprise at various levels including documentation and reporting The framework has different risk models which help in identifying risks trend exposure and potential impact analysis at a Company level as also separately for business Vigil Mechanism/ Whistle Blower Policy
The Company has a Vigil mechamsm/Whistle Blower policy in accordance with Section 177(9) of the Companies Act. 2013 The details of establishment of the Whistle Blower Policy/ Vigil mechanism have been disclosed on the website of the Company
Related Party Transaction Policy
Policy on dealing with Related Party Transactions as approved by the Board is uploaded on the Companys website
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