Benara Bearings & Pistons Ltd Management Discussions

The Management Discussion and Analysis as required under Regulation 34 of the SEBI (LODR) Regulations, 2015 is presented in a separate section forming part of the Annual Report.

Business Outlook

We believe the outlook for our business is excellent. In this year, we have further strengthened the good reputation we have amongst our consumers and traders, associates and vendors. We expect to continue to Increase our sales and profits.

All forward-looking statements in our report are based on our assessments and judgments exercised in good faith at this time. Of course, actual developments and/or results may differ from our present anticipation.

Opportunities and Threats Opportunities:

Indian automotive industry is emerging as one of the important markets and almost all the brands of car & commercial vehicle players in the world have opened their plants in the country, which will increase companys opportunities in export markets.

Government initiatives towards bringing more environmental friendly regulations in vehicles will bring more opportunities for fleet filling.

Threats:

At present the industry faces the following threats:

a. Increasing cost of manufacturing beyond the control of companies.

b. Increasing bargaining power of consumer, wanting continuous price reduction.

c. Volatility in fuel price.

d. Growth rate of industries is governed by Government policies.

e. Continuously increasing imports of bearings from low cost countries.

Internal Control System

The company had the internal audit and control system to ensure that all transactions are authorised, recorded and reported correctly. The internal control system consists of comprehensive internal and external audits. The company has an Audit Committee of three directors of the company. The Audit Committee reviews the adequacy of internal control systems and findings of internal audit are followed by the company to improve the system. Moreover, the Annual Financial Results of the company were reviewed and recommended by the Audit Committee for consideration and approval of the Board of Directors. The Audit Committee met four times during the year ended 31st March 2023.

Financial Review and Analysis

(a) Share Capital

The authorised share capital of the company is Rs. 20,00,00,000/- comprising of 2,00,00,000 equity shares of Rs. 10/ - each. The paid-up capital of the Company is Rs. 17,70,72,880/-. There was no change in the paid-up share capital and authorized capital of the Company.

(b) Current Assets

At the end of the current period, Current Assets of the Company as on 31.03.2023 were Rs. 2744.03/- (Rs. In lakhs) and as on 31.03.2022 were Rs. 3350.56/- (Rs. In lakhs).

(c) Sales

During the year under review the Company has reached turnover of Rs. 1967.09/- (Rs. In lakhs) as on 31.03.2023 as compared to Rs. 2592.88/ - (Rs. In lakhs) as on 31.03.2022.

Human Resource Management

Management recognizes that employees represent our greatest capital assets and it is only through motivated, creative and committed employees that we can achieve our aims. The Company provides to its employees favorable work environment that motivates performance and innovation while adhering to high degree of quality and integrity assignment empowerment and accountability is the cornerstone

of all the people led processes. The Company Continuously nurtures this environment to keep its employees highly motivated and result oriented. Industrial relations during the year continued to be cordial and the company is committed to maintain good industrial relations through effective communication.

Cautionary Statement

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates, expectations or predictions may be "forward looking statements" within the meaning of applicable Securities Laws and Regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include cyclical changes and pricing in the Companys principal markets, changes in Government Regulations, tax regimes, economic developments within India and other incidental factors.

For Benara Bearings and Pistons Limited

Vivek Benara Managing Director

DIN: 00204647

Date: 07/09/2023

Place: Agra