Atlas Cycles (Haryana) Limited
Climate Impact & Sustainability Data (2021-22)
Reporting Period: 2021-22
Environmental Metrics
Climate Goals & Targets
Environmental Challenges
- Rising input costs (sheets, strips, tires, tubes, chemicals)
- Product obsolescence
- Increased market presence of small, unorganized sector manufacturers with lower prices
- Closure of two out of three units due to financial constraints
- Third unit operating below optimum level due to financial constraints
- Delay in finalization of financial results due to non-cooperation by one unit, labor unrest, and sealing of the Sonepat unit
- Penalties imposed by NSE and BSE for non-filing/delay in filing financial results
Mitigation Strategies
- Research and development of new models and upgrading existing models
- Widening product range, focusing on fancy bicycles
- Implementation of Microsoft Navision 2009 ERP system to improve efficiency and internal control
- New Board of Directors appointed by NCLT to revive the company
- Filing application for transfer of IBC petitions to NCLT Principal Bench
- Filing petition for re-opening and re-casting of accounts
- Filing draft resolution plan with NCLT