MANAGEMENT DISCUSSION AND ANALYSIS REPORT Your Directors have pleasure in brsenting the Management Discussion and Analysis report for the year ended on 31st March 2015. INDUSTRY STRUCTURE, DEVELOPMENT: The Company is operating in the Financial Consultancy Services. 2014-15 was a year of mixed growth for the domestic economy, which had, over the brvious two years witnessed a series of domestic and external headwinds. The industry is showing some improvement as a result of shrinking current account and fiscal deficit and a stabilization in the rupee. Going ahead your Directors are expecting better industrial development in the coming years. SEGMENT-WISE PERFORMANCE: The Company trades in a single business segment. OPPORTUNITIES AND THREATS: The Company is taking maximum efforts to capitalize on business opportunities & further expect a better outlook in the coming years. STRENGTH: The existing management has a strong technical, finance and administrative expertise in various industries and corporate sectors including the business of the Company. RI SKS AND CONCERNS: Your Company is working essentially in global market place. While risk is an inherent aspect of any business, the Company being in financial consultancy, is primarily exposed to credit risk, liquidity risk, interest rate risk as well as operational risks. We maintain a conservative approach and manage the credit risk through prudent selection of clients, delegation of appropriate lending powers and by stipulating various prudential limits. T he identification, measurement, monitoring and management of risks remain a key focus area for t he Company. We have in place a proper risk mitigating methods and effective credit operations structure. The Board of Directors of your Company endorses the risk strategy and approves the risk policies. INFORMATION TECHNOLOGY: Our Company constantly upgrades its technology both in terms of hardware and software. This also helped installing a good management information system for the management to get timely information for decision making. INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY: The internal control system is looked after by Directors themselves, who also looked after the day to day affairs to ensure compliances of guide lines and policies adhere to the management instructions and policies to en sure improvements in the system. The Internal Audit reports are regularly reviewed by the management. Internal Control measures and systems are established to ensure the correctness of the transaction s and safe guarding of the assets. The control systems set o n place are checked and further supplemented by MIS which provided for planned expenditure and information on disposal and acquisition of assets. Efforts for continued improvement of internal control system are being consistently ma de in this regard HUMAN RESOURCES VIS-A-VIS INDUSTRIAL RELATIONS: The Company values and apbrciates the dedication and drive with which its employees have contributed towards improved performance during the year under review. The relations with workers and staff are cordial during the year under review. All issues pertaining to staff matters are re solved in harmonious and cordial manner. CAUTIONARY STATEMENT: Statements in the Management Discussion and Analysis describing the Company's objectives, projections, estimates and expectations may be 'forward looking statements' within the meaning of applicable securities laws and regulations. Actual results could differ materially from those exbrssed or implied. Important factors that could make a difference to the Company's operations include economic conditions affecting demand/supply and price conditions in the domestic and overseas markets in which the Company operate s changes in the Government regulations, tax laws, and other statutes and other incidental factors. |