OVERVIEW AND INDUSTRY STRUCTURE & DEVELOPMENTS :
During the year under review the Company could not carry on any fund based business i.eLeasing and Hire Purchase due to cancellation of Certificate of registration by ReserveBank of India. However, maximum efforts have been given for recoveries from N.P.A/ writtenoff parties.
OPPORTUNITIES, THREATS, RISKS, CONCERNS, PEFFORMANCE AND OUTLOOK :
The entire efforts of the company continued to be directed towards managing itsliabilities. Cancellation of the Certificate of Registration by Reserve Bank of India hasresulted in discontinuation of fund based business which was the primary source of incomeof the company. Net owned fund of the company has been completely wiped out due to heavyloss incurred by the company in last few years.
INTERNAL CONTROL SYSTEM AND THEIR ADEQUACY :
Your company has an effective system of accounting and administrative control supportedby an internal audit system with proper and adequate system of internal check and controlto ensure safety and proper recording of all assets of the company. In current yeardeficiency in Internal Control System in certain areas was noted and steps have been takento remove them.
DISCUSSION OF FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE :
Attention is drawn to the report of the Directors in general and issues discussed underthe head "Operations". The Companys financial position is critical and acombined effort of secured creditors, Fixed Deposit Holders and Shareholders may improvethe position in the long run.
HUMAN RESOURCES :
The relation with employees continues to be cordial and harmonious.
|On behalf of the Board of Directors|
|31st July, 2014||Chairman|
Debdatta Saila , Chairman
Lakshmi Narain Kaul , Managing Director
Kartick Kumar Chatterjee , Director
Bimalendu Sankar Gupta , Director
Company Head Office / Quarters:
2 Hare Street,
Phone : West Bengal-91-033-66285260/5261 / West Bengal-
Fax : West Bengal-91-033-11429465/22309443 / West Bengal-
E-mail : email@example.com
R & D Infotech Pvt Ltd
7A Betala Road,1st Floor, ,Kolkata - 700 026