MANAGEMENT DISCUSSION AND ANALYSIS A. OUTLOOK The global economy in 2015 is showing signs of gradual recovery from the recession triggered by the bursting of the financial bubble in 2008. Slow recovery began in late 2009 and carried into recent years. A wide range of policy interventions have supported demand and reduced uncertainty and systematic risk in financial markets. Nevertheless, international metal, oil and food prices continue to be at below their br-crisis levels with a resetting of demand at lower levels. The recovery therefore is still tentative and will rely on sustained and co-ordinated efforts by governments and institutions in their near future. The overall recovery will depend on the extent to which household and business sector demand strengthens over the next few quarters. B. RISKS & CONCERNS The risk identification and assessment process is dynamic and hence the Company has been able to identify, monitor and mitigate the most relevant strategic and operational risks both during the period of accelerated growth as well as through the recessionary phase of the economy we recently witnessed. C. INTERNAL CONTROL SYSTEMS Your company has instituted adequate control systems commensurate with its size and scale of operation, The Audit Committee periodically reviews such systems with the help of internal and Statutory Auditors and reports to the Board on its inadequacy. D. FINANCIAL CONTROLS There was no manufacturing and trading activities during the year under review. E. HUMAN RESOURCES Human capital continues to be a vital resource for the Company. The Company has a continuous process to monitor individual performance. F. CAUTIONARY STATEMENT Statement in the Management Discussion and Analysis describing the Company's objectives, expectations or projections may be forward looking statement within the meaning of applicable securities, law and regulations. Actual results could differ materially from those exbrssed or implied. Important factors that could make a difference to the Company's operation include global and Indian demand supply conditions, finalized goods prices, changes in Government regulations tax regimes, economic development within India. Place : Kolkata Date : 14th August, 2015 |