Victoria Mills Ltd Management Discussions

BUSINESS OVERVIEW

The Company constructs luxury villas in Alibaug. With better connectivity from Mumbai to Alibaug, demand to second homes has gone up sustainably in last two years.

We are in the process of buying land for two villas & also have shortlisted another piece of land for construction of two more villas

OPPORTUNITIES AND THREATS

The companys business focus is on designing and developing high-end premium residential and Villas. The company has carved a niche for itself in the luxury segment by differentiating itself by building ready to move in Luxury Villas. A lot of well established large developer are executing huge projects since the last one year, but we feel we have developed a niche market by developing ready to move in luxury villas.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has proper and adequate systems of internal controls. Regular internal audits and checks are carried out to ensure that the responsibilities are executed effectively and that adequate systems are in place.

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The turnover and other income of the Company during the year is 5275.00 Lakhs as against 2995.00 Lakhs in the previous year. The Profit/ Loss before depreciation and taxation was 857.75 Lakhs against 110.01 Lakhs in the previous year. After providing for depreciation was 10.25 Lakhs against 12.11 Lakhs current tax was (182.50) Lakhs against (43.55) Lakhs and deffered tax was 1.24 Lakhs against (1.08) Lakhs respectively, the net profit/loss of the Company for the year under review was placed at 666.25 Lakhs against 55.43 Lakhs in the previous year. This was discussed at the meeting.

CAUTIONARY STATEMENT

Statements made herein describing the Companys expectations or predictions are forward-looking statements. The actual results may differ from those expected or predicted. Prime factors that may make a difference to the Companys performance include market conditions, input costs, government regulations, economic developments.