MANAGEMENT DISCUSSION AND ANALYSIS REPORT:: The key areas of Management Discussion and Analysis are given below. Overview The financial statements have been brpared in compliance with the requirements of the Companies Act, 2013, guidelines issued by the Securities and Exchange Board of India (SEBI) and the Generally Accepted Accounting Principles (GAAP) in India. Industry Structure and Developments The Indian economy was under stress and the rupee debrciates sharply. India registered an economic growth of 4.7% in the financial year 2013-14 and 7.5% in 2014-15. The global economic turbulence that continued for past few years was expected to ease off by 2015 with stable and motivated new Government. We also faced significant strains in our growth rate as the same was in the Industry. Containment of the fiscal and current account deficits in the coming months will provide a cushion to the Indian economy from further volatility. Inflation expectations have moderated. Segment Wise Or Product Wise Performance The global economic scenario has remained volatile and weak market sentiments continued in Fiscal 2014, worsened by the absence of major policy developments during the year. Most Indian markets experienced continued moderation of absorption. Outlook As your Company continues to implement its strategies, its financial condition at the end of Fiscal 2013 reflects the on-going effect of the above economic and business factors. Your Company continues to implement its strategy to concentrate on its core business activity. Your Company believes that demand conditions in the real estate sector are exhibiting early signs of improvement, and signs of declining interest rates as well as renewed activity in the lending and public capital markets are expected to ease funding brssures. Hence, the Company is expecting to improve its performance and profitability in future. Opportunities & THREATS Your Company plans to focus on the new areas and segments. Your Company on its part is also well poised to seize new opportunities as they come. Risk & concerns Your Company has implemented robust risk management policies and guidelines that set out the risk appetite for your company and your Company's general risk management philosophy. Accordingly, your Company has established a framework and process to monitor the exposures to implement appropriate measures in a timely and effective manner. Internal Control System and Adequacy Internal control systems and procedures in the Company are commensurate with the size and the nature of Company's business and are regularly reviewed and updated by incorporating changes in regulatory provisions in order to safeguard the assets and to ensure reliability of financial reporting. Human Resources The human resources strategy enabled the Company to attract, integrate, develop and retain the best talent required for driving business growth. The sustained strategic focus to enhance employee capability, improve efficiency. The Company continues to give priority to its human assets. The Company provides a fair and equitable work environment to all its employees. The Company is continuously working to create and nurture an atmosphere which is highly motivated and result oriented. Financial Performance The financial performance of the Company for the year under review is discussed in detail in the Directors Report. For and on behalf of board of directors (Navin Chandra Sharma) Chairman & Managing Director Place : Kolkata Date : 25th Day of May, 2015. |