Weizmann Ltd Management Discussions

Business Review

General Economy

The global economy remained steady overall despite the on-going international political disputes in some European Countries and couple of Asian Countries has also entered the fray, Global trade improved albeit less than the historical average. Few countries have started experiencing the pangs of disinflation. Central Banks in important countries are treading a cautious path with respect to Interest rate cuts. A possible risk which can boomerang is high levels of public debt.

In the above scenario having certain uncertainties, Indian economy continues to move forward at an accelerated pace and estimates point to real GDP at 7.6% in FY 2023-24. Both the manufacturing sectors and Service sectors reflect momentum and marked upward performance. Considering certain intermittent instability expected due to political disputes amongst some nations but considering the resilience shown by Indian economy RBI has estimated a GDP for FY 2024-25 at 7%.

Planned boost for basic infrastructure in Road and Transport sector have lot of long term benefits for the generations to follow.

Both Direct tax and Indirect tax mainly GST collections clocking one lakh crore plus consistently are reflecting the Indian entities all round growth and compliance.

With the ongoing general elections leading to a new government at the Centre, it is expected that there would be continuity and improvement in Policies for a faster Growth of the Economy.

Company Business

The company continues its focus on job work for Export by Customers and Domestic Markets for textile products. During the year under review the revenue from sale of services Rs.111.52 crore as against Rs.122.13 crore in F.Y. 2022-23. The sale of products registered Rs.11.39 crore as against Rs.13.01 Crore in the previous year.

The Profit before Tax for the year was Rs.11.94 crore as against Rs.8.87 crore in the previous year.

The companys processing unit is back to its full capacity gradually, garnering repeat orders from many invaluable customers.

Internal Control System

The company has an effective system of internal controls to ensure that all its assets are properly safeguarded and protected against loss from unauthorized use or disposal.

Further all the internal control system is practiced by the company to ensure that all transactions are authorized, recorded and reported correctly. The system is commensurate with the nature of business and the size of the operation. The company also has an internal audit system so as to ensure that systems are strengthened and improved on a continuous basis.

The Company has an Audit Committee of Directors which reviews the adequacy of internal controls.

Material Development In Human Resources

The company has a team of able and experienced professionals. The work culture and value system in the company is designed to provide each employee the adequate space, freedom and guidance to bring out their full potential and provide personal growth opportunities within the organization.