MANAGEMENT DISCUSSION AND ANALYSIS a) Industry Structure and Trends: Capital Market is dependent on various external factors beyond the control of the Management. Factors like economy, Industrial Growth, Level of Export, Political Scenario, Reform initiatives of the Government. The participants having any dealing with Capital Market are affected directly by the movement in the market. b) Opportunities and Threats: The outlook in the year ended 31.03.2015 was mixed for the Capital Market. Keeping in view of the growth in the economy and investment made by the FII's sensex is scaling new heights and as results all concerned will be benefited. However capital market is dependent on various external factors beyond the control of the management and at the end of year gave negative returns, hence your company made losses in same. c) Outlook: Major changes and long term economic reforms have been introduced by the Government. With the change in Government, new economic policies in terms of the common minimum program are expected which will have its own impact on the capital markets which will effect the market participants. d) Risks & Concerns: The volatility in Stock Market, economic situation of the country, market risk and client default risk are high in this business. Your company proposes to manage these risks by adopting effective risk management practices. e) Internal Control System: There is an effective system of monitoring internal control in the company and these Policies and Procedures are reviewed from time to time. f) Financial performance: The financial performance of the company has been covered in the Director's Report. g) Human Resource Development: The relations with employees continued to be cordial and progressive. The total number of employees in the company as on 31st March 2015 was 3 (three). On behalf of the Board for CUBICAL FINANCIAL SERVICES LIMITED Sd/- Ashwani K. Gupta Chairman Place : New Delhi Date : 29.08.2015 |