MANAGEMENT DISCUSSION AND ANALYSIS OVERVIEW The financial statements are brpared in compliance with the requirements of the Companies Act, 2013. There are no material departures from the brscribed accounting standards in the adoption of the accounting standards. The management of PAN INDIA CORPORATION LIMITED accepts responsibility for the integrity and objectivity of these financial statements. Industrial Structure & Developments Changing economic and business conditions, rapid technology, innovation and adoption and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate. Companies in this environment are now focusing even more on their business objectives such as revenue growth, profitability and asset efficiency. Opportunities and threat, Outlook & Area of Concern Growth in the Indian economy and demand creates unbrcedented opportunities for company to invest significantly in each of its core businesses. Outlook for the overall industries is positive. In keeping with the philosophy of continuous consumer centric approach which is the hall mark of any organization, several developmental activities have been planned for the next fiscal year. Risk Management & Concerns Risk in cost of raw materials, environmental liabilities, tax laws, labour relations, litigation and significant changes in the Global political and economical environment exert tremendous influence on the performance of the company. The Company has laid down procedures to inform Board Members about the risk assessment and minimization procedures. HUMAN RESOURCE DEVELOPMENT AND INDUSTRIAL RELATIONS: The Company believes that the employees are the backbone of the Company. Congenial and safe work atmosphere, appropriate recognition and rewards, constant communication, focus on meeting customer needs and change management through training are the hallmarks for development of human resources of the company. Every employee is aware of the challenges posed by the current economic environment. Employee morale has remained high even during difficult times. The employees have co-opted fully with the management in implementing changes as required b the market. And it is providing an opportunity to all the employees to utilize their full potential and grow in the Organization. There was no strike or labour unrest during the last financial year. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY The Company has adequate internal control procedures commensurate with the size of the Company and the nature of its business. These systems are designed to ensure that all the assets of the company are safeguarded and protected against any loss and that all the transactions are properly authorized recorded and reported. The internal audit is entrusted to M/s R. MahajanS Associates, a firm of Chartered Accountants. The main thrust of internal audit is to test and review controls, appraisal of risks and business practices. The Audit Committee of the Board of Directors actively reviews the adequacy and effectiveness of internal control systems and suggests improvements to strengthen the same. The Board of Directors has framed a policy which ensures the orderly and efficient conduct of its business, safeguarding of its assets, to provide greater assurance regarding brvention and detection of frauds and accuracy and completeness of the accounting records of the company. Further your company has adequate internal financial control with reference to its financial statements. CAUTIONARY STATEMENT: Certain Statements in the "Management Discussion and Analysis" describing the Company's objectives, expectations or brdictions may be "forward looking statements' within the meaning of applicable laws or regulations. These Statements are based on certain assumptions and expectations of future events. Actual results could differ materially from those exbrssed or implied due to various risk S uncertainties. Important factors that could make a difference to the Company's operations include changes in Govt. regulations, tax regimes, economic developments and other factors such as litigation. The company does not undertake to update these statements. By Order of the Board of Directors For Pan India Corporation Limited Sd/- Vijay pal Shukla Director DIN No. -01379220 Sd/- Ankit Rathi Managing Director DIN No. - 01379134 Date : 27.08.2015 Place: New Delhi |