Spectra Industries Ltd Management Discussions

1. BUSINESS:

The Company was engaged in the following two business activities: -

a) Automobile Dealership Business of Light Commercial Vehicles (LCV) and Heavy Commercial Vehicles (HCV) manufactured by Mahindra& Mahindra Ltd.,

b) Trading in Goods such as Steel items i.e. C.R. /H.R. Sheets, Textiles etc. but operation of the company during the year was closed.

c) During the business operation was closed

2. PERFORMANCE:

The performance last year has not been to expectations as we moved away from core business of Automobiles to trading. With new thought process of continuing with Automobiles it will turn round the company and concentrate on Dealership Business of Commercial Vehicles.

3. FINANCIAL PERFORMANCE:

The Financial Performance are as under

During F.Y.2022-23 there were no sales. Net loss (aftertax) for figures of Rs. 3,33,91,287/- as compare to previous year Rs. 5,94,00,042/- respectively.

The Company is confident to improve its performance and overcome the losses further in the times to come.

4. FUTURE PLAN:

This financial year we will focused on manufacturing under the Make in India, we further focused at MIDC schemes and Affordable housing Projects.

5. INTERNAL CONTROL SYSTEMS & THEIR ADEQUACY:

The Company has adequate internal control systems and internal audit commensurate with its size of business. Our Internal auditor conducts the audit and submits periodical reports which are reviewed by the Audit Committee and the suggestions made by them are implemented from time to time.

6. RISKS & CONCERNS:

The risk element is relatively less in setting up warehousing unlike automobile business, which varies with Government policies. The supply chain is the need of every human even today during the times of pandemic. The set up cost is relatively lower given to the business friendly government policies. The infrastructure cost is reduced by 35% as per this various policies.

Our vision is to develop seamless logistic infrastructure with distribution center in the hub of the city connecting to the multiple spokes equipped with the required post-harvest infrastructure. At the customer level multiple retail outlets will act as supply point generating information customer preferences, demand v/s sensitivity will mitigate risk and unable informed decisions. Needless to mention such as interface will ensure appropriate quality and shall remain shelved during emergency like the ongoing Covid 19

7. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBEROF PEOPLE EMPLOYED:

The key to the success of the Company lies in its people whose skills, expertise, and talent help the Company to achieve and sustain its market position. The Company believes that employees are the key to achieve targeted goals and are the primary source of competitive advantage thus we have recruited, nurtured and retained some of the best talents in the industry.

Your Company is giving egual importance to develop the intellectual infrastructure by employing the best HR practices such as performance management, succession planning, open work culture and effective employee communication. HR systems were improved, refined and upgraded to provide better services to business and functions. The affairs of the Company are being managed under the control and supervision of the Managing Director and the Executive Director & CFO. The Company has stable and experienced middle and senior level management team. The industrial relations with the employees at all levels remained cordial during the period under review.

The total number of employees on the rolls of the Company as on 31st March 2023 was 1. Industrial relations were cordial throughout the year.