Your Directors have pleasure in presenting the management discussion and analysis report for the year ended on March 31, 2022
1. INDUSTRY STRUCTURE AND DEVELOPMENTS:
The covid pandemic has affected exposed the economy largely and has resulted into slowing of economy. However, the economy is expected to bounce back swiftly in coming quarters.
During the year, the Company is engaged in the trading of all kinds of aluminium foils, aluminium sheets, strips, coils, PP caps etc in the domestic territory of India.
2. OPPORTUNITIES & THREATS, RISK & CONCERNS:
The areas of operations of the Company are largely challenged by the players from the unorganized sectors having lesser stakes into the Business. Global prices of Aluminium, domestic availability and other legal reforms has little bit hampered the growth and confidence into the market. However, with the strong team in place of the Professionals, the Company is poised to meet all the challenges and the Board is confident to meet all the challenges to which the Company may be exposed.
The Company is exposed to specific risks that are particular to its business, including interest rate volatility, economic cycle, market risk and credit risk. The management continuously assesses the risks and monitors the business and risk management policies to minimize the risk.
3. SEGMENT-WISE PERFORMANCE:
The Companys main business activity is trading of Aluminum Coils and other related items in the aluminium industry.
Your Company is continuously working towards building its brand image by introducing value added products and expanding its network in market.
Your Company expects turn around in its performance in coming year on several initiatives taken by the Company. The Company continues to explore the possibilities of expansion and will make the necessary investments when attractive opportunities arise.
5. INTERNAL CONTROL SYSTEMS & THEIR ADEQUEACY:
The Company has an Internal Control System, commensurate with size, scale and complexity of its operations. The internal financial controls are adequate and are operating effectively so as to ensure orderly and efficient conduct of business operations. The Board is under discussions for appointing the new Internal Auditors for the current Financial Year.
The Audit Committee in consultation with the internal auditors formulates the scope, functioning, periodicity and methodology for conducting the internal audit. The internal auditors carry out audit, covering inter-alia, monitoring and evaluating the efficacy and adequacy of internal control systems in the Company, its compliance with operating systems, accounting procedures and policies at all locations and submit their periodical internal audit reports to the Audit Committee. Based on the internal audit report and review by the Audit Committee, process owners undertake necessary actions in their respective areas. The internal auditor have expressed during the year, that the internal control system in the Company is robust and effective. The Board has also put in place requisite legal compliance framework to ensure compliance of all the applicable laws and that such systems are adequate and operating effectively.
6. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:
During the year, the Company has recorded turnover during the year. The Company has earned a Net profit after Tax basis, of Rs. 1.4 Lakhs.
7. HUMAN RESOURCE DEVELOPMENT:
We are strong believers of developing and retaining talent by treating our employees with dignity, honesty and respect. We have a continued philosophy of hiring high performance individuals. To accomplish our goals, we are always on the look-out for talented, creative, ambitious individuals, driven by a passion to excel. We have hired some of the most talented and experienced individuals in their respective fields. Being a performance driven company, we have introduced several performance-driven tools. We are driven by principles of empowerment as we believe in inculcating a winning attitude among our employees by encouraging learning, self-development and by building effective leadership. A well-structured career path is created for each employee within the organization with a progression and succession plan made for each of them. As in the past, the Company has enjoyed cordial relations with the employees at all levels. The Company continues to run an in-house training program held at regular intervals and aimed at updating their knowledge about issues.
Place: New Delhi
Date: 6th September, 2022
For & on behalf of the Board of Directors
Worldwide Aluminium Limited
|ABHISHEK JAIN||PARAG JAIN|
|DIN : 02801441||DIN : 02803856|
|Managing Director||Managing Director|
Gold/NCD/NBFC/Insurance and NPS
Gold/NCD/NBFC/Insurance and NPS