The company is confident in spite of the possible recessionary conditions in theindustry it will perform better in view of the strong fundamentals of the Indian companiesand hope to improve its Turnover.
Internal Controls Systems and their adequacy:
The company has adequate internal control systems to ensure operational efficiency,protection and conservation of resources, accuracy and promptness in financial reportingand compliance of law and regulations. The internal control system is supported by theinternal audit process. The Internal Auditor reviews and ensures that the auditobservations are acted upon. The Audit Committee of the Board reviews the Internal Auditreports and the adequacy and effectiveness of internal controls.
The relationship with the employees continues to be cordial. The Company recognizes theimportance and contribution of its employees for its growth and development and constantlyendeavors to train nurture and groom its people The Company puts emphasis on attractingand retaining the right talent. The company places emphasis on training and development ofemployees at all levels and has introduced methods and practices for Human ResourceDevelopment.
Statements in this Management Discussion and Analysis describing the companysobjectives, projections, estimates and expectations may be forward looking statementwithin the meaning of applicable laws and regulations. Actual results might differmaterially from those either expressed or implied.