Indian economy has grown at a growth rate of 8.9% on an average annual basis over the
last five years despite slow down in advanced economies. Quarterly growth of 1st quarter
of 2008-09 was also amongst the highest in the word despite all time high inflation, rise
in crude oil, metal and food price internationally.
Outlook on Opportunities, Threats and Concerns
Capital Markets have remained volatile and stability is likely to return after the new
government is in place post election sometime in the first quarter of 2009. However, new
products like currency derivatives have been launched and your company has applied for its
membership. This lull period is proposed to be utilized by your company to expand its
network and retail outlets which will improve the bottom line of the company.
Internal Control System and Adequacy
Internal control system has been designed to provide reasonable assurance that assets
are safeguarded, transactions are executed in accordance with management's authorization
properly recorded and accounting records are adequate for preparation of financial
statements and other financial information. The management has put in place internal
system for constant review and monitoring of recovery efforts.
Your company has made a loss of Rs.236.80 lacs during the financial year ended on 31st
March, 2009 and has also recovered a sum of Rs.5.26 lacs which were written off as bad
Because of the financial constraints, the Company is operating with minimum work force.
The Company is now also planning to employ additional people in view of proposed addition
in its activities.