MANAGEMENT DISCUSSION AND ANALYSIS a. Industry Structure and Developments: The packaged Mineral Water and PET Bottles Industry have undergone various changes during past few years. As the economy has revived in general and increase in health consciousness of public, the management is hopeful of better future of the industries. b. Opportunities and Threats: The packaged Mineral Water and PET Bottles industry is subject to competition among various manufactures within the country. The liking towards packaged Mineral Water and increase in its demand will provide opportunity to your Company to increase its sales and capture more market share. c. Segment wise Performance: The Company is operating in single segment. Hence, there is no need of reporting segment wise performance. d. Recent Trend and Future Outlook: The increasing health consciousness of people and changing food habits have provided boost to the Industry. The use of PET Bottles in Pharmaceutical Industry have made outlook of the Company brighter. e. Risks and Concerns: There are various manufacturers of packaged Mineral Water and PET Bottles. The competition amongst them is a major risk. The adverse changes in Government polices towards Excise, Sales Tax, BIS, Pollution may affect operations adversely. f. Internal Control Systems and their Adequacy: The Company has adequate systems of Internal Controls commensurate with its size and operations to ensure orderly and efficient conduct of business. These controls ensure safeguarding of assets, reduction and detection of fraud and error, adequacy and completeness of the accounting records and timely brparation of reliable financial information. g. Financial Performance with respect to Operational Performance: The financial performance of the Company for the year 2013-14 is described in the Directors' Report under the head 'Production, Sales and Working Results'. h. Material Developments in Human Resources and Industrial Relations Front: Your Company has undertaken certain employees' development initiatives which have very positive impact on the morale and team spirit of the employees. The Company has continued to give special attention to Human Resources/ Industrial Relations development. Industrial relations remained cordial throughout the year and there was no incidence of strike, lock out etc. i. Cautionary Statement: Statement in this Management Discussion and Analysis Report, describing the Company's objectives, estimates and expectations may constitute 'Forward Looking Statements' within the meaning of applicable laws or regulations. Actual results might differ materially from those either exbrssed or implied. For and on behalf of the Board, Sanjay S. Shah Managing Director Amrish V. Pandya Director Place : Ahmedabad Date : 29th July, 2014 |