INDUSTRY AND ECONOMY OVERVIEW
INDIAN ECONOMY
Strong economic growth in the first quarter of FY 2022-23 helped India overcome the UK
to become the fifth-largest economy after it recovered from repeated waves of COVID-19
pandemic shock. Real GDP in the first quarter of 2022–23 is currently about 4% higher
than its corresponding 2019-20, indicating a strong start for Indias recovery from the
pandemic. Given the release of pent-up demand and the widespread vaccination coverage, the
contact-intensive services sector will probably be the main driver of development in
2022–2023. Rising employment and substantially increasing private consumption,
supported by rising consumer sentiment, will support GDP growth in the coming months.
Future capital spending of the government in the economy is expected to be supported by
factors such as tax buoyancy, the streamlined tax system with low rates, a thorough
assessment and rationalisation of the tariff structure, and the digitization of tax
filing. In the medium run, increased capital spending on infrastructure and asset-building
projects is set to increase growth multipliers, and with the revival in monsoon and the
Kharif sowing, agriculture is also picking up momentum. The contact-based services sector
has largely demonstrated promise to boost growth by unleashing the pent-up demand over the
period of April-September 2022. The sectors success is being captured by a number of HFIs
(High-Frequency Indicators) that are performing well, indicating the beginnings of a
comeback. India has emerged as the fastest-growing major economy in the world and is
expected to be one of the top three economic powers in the world over the next 10-15
years, backed by its robust democracy and strong partnerships.
MARKET SIZE
Indias nominal gross domestic product (GDP) at current prices is estimated to be at
Rs. 232.15 trillion (US$ 3.12 trillion) in FY22. With more than 100 unicorns valued at US$
332.7 billion, India has the third-largest unicorn base in the world. The government is
also focusing on renewable sources to generate energy and is planning to achieve 40% of
its energy from non-fossil sources by 2030. According to the McKinsey Global Institute,
India needs to boost its rate of employment growth and create 90 million non-farm jobs
between 2023 and 2030 in order to increase productivity and economic growth. The net
employment rate needs to grow by 1.5% per annum from 2023 to 2030 to achieve 8-8.5% GDP
growth between 2023 and 2030. Indias current account deficit (CAD), primarily driven by
an increase in the trade deficit, stood at 2.1% of GDP in the first quarter of FY 2022-23.
Exports fared remarkably well during the pandemic and aided recovery when all other growth
engines were losing steam in terms of their contribution to GDP. Going forward, the
contribution of merchandise exports may waver as several of Indias trade partners witness
an economic slowdown. According to Mr. Piyush Goyal, Minister of Commerce and Industry,
Consumer Affairs, Food and Public Distribution and Textiles, Indian exports are expected
to reach US$ 1 trillion by 2030.
RECENT DEVELOPMENTS
India is primarily a domestic demand-driven economy, with consumption and investments
contributing to 70% of the economic activity. With an improvement in the economic scenario
and the Indian economy recovering from the Covid-19 pandemic shock, several investments
and developments have been made across various sectors of the economy. According to World
Bank, India must continue to prioritise lowering inequality while also putting
growth-oriented policies into place to boost the economy. In view of this, there have been
some developments that have taken place in the recent past. Some of them are mentioned
below.
• As of September 21, 2022, Indias foreign exchange reserves stood at US$ 524,520
million.
• The private equity-venture capital (PE-VC) sector investments stood at US$ 2
billion in September 2022.
• Merchandise exports in September 2022 stood at US$ 32.62 billion.
• PMI Services remained comfortably in the expansionary zone at 56.7 during
April-September 2022
• In September 2022, the gross Goods and Services Tax (GST) revenue collection
stood at Rs. 147,686 crore (US$ 17.92 billion).
• Between April 2000-June 2022, cumulative FDI equity inflows to India stood at
US$ 604,996 million.
• In August 2022, the overall IIP (Index of Industrial Production) stood at 131.3.
The Indices of Industrial Production for the mining, manufacturing and electricity sectors
stood at 99.6, 131.0 and 191.3, respectively, in August 2022.
• According to data released by the Ministry of Statistics & Programme
Implementation (MoSPI), Indias Consumer Price Index (CPI) based retail inflation reached
7.41% in September 2022.
• In FY 2022-23, (until October 28, 2022), Foreign Portfolio Investment (FPI)
outflows stood at Rs. 58,762 crore (US$ 7.13 billion).
• The wheat procurement in Rabi 2021-22 and the anticipated paddy purchase in
Kharif 2021-22 would include 1208 lakh (120.8 million) metric tonnes of wheat and paddy
from 163 lakh (16.7 million) farmers, as well as a direct payment of MSP value of Rs. 2.37
lakh crore (US$ 31.74 billion) to their accounts.
GOVERNMENT INITIATIVES
Over the years, the Indian government has introduced many initiatives to strengthen the
nations economy. The Indian government has been effective in developing policies and
programmes that are not only beneficial for citizens to improve their financial stability
but also for the overall growth of the economy. Over recent decades, Indias rapid
economic growth has led to a substantial increase in its demand for exports. Besides this,
a number of the governments flagship programmes, including Make in India, Start-up India,
Digital India, the Smart City Mission, and the Atal Mission for Rejuvenation and Urban
Transformation, are aimed at creating immense opportunities in India. In this regard, some
of the initiatives taken by the government to improve the economic condition of the
country are mentioned below:
• Home & Cooperation Minister Mr. Amit Shah, laid the foundation stone and
performed Bhoomi Pujan of Shri Tanot Mandir Complex Project under Border Tourism
Development Programme in Jaisalmer in September 2022.
• In August 2022, Mr. Narendra Singh Tomar, Minister of Agriculture and Farmers
Welfare inaugurated four new facilities at the Central Arid Zone Research Institute
(CAZRI), which has been rendering excellent services for more than 60 years under the
Indian Council of Agricultural Research (ICAR).
• In August 2022, a Special Food Processing Fund of Rs. 2,000 crore (US$ 242.72
million) was set up with National Bank for Agriculture and Rural Development (NABARD) to
provide affordable credit for investments in setting up Mega Food Parks (MFP) as well as
processing units in the MFPs.
• In July 2022, Deendayal Port Authority (DPA) announced plans to develop two Mega
Cargo Handling Terminals on a Build-Operate-Transfer (BOT) basis under Public-Private
Partnership (PPP) Mode at an estimated cost of Rs. 5,963 crore (US$ 747.64 million).
• In July 2022, the Union Cabinet chaired by the Prime Minister Mr. Narendra Modi,
approved the signing of the Memorandum of Understanding (MoU) between India &
Maldives. This MoU will provide a platform to tap the benefits of information technology
for court digitization and can be a potential growth area for the IT companies and
start-ups in both the countries.
• India and Namibia entered into a Memorandum of Understanding (MoU) on wildlife
conservation and sustainable biodiversity utilization on July 20, 2022, for establishing
the cheetah into the historical range in India.
• In July 2022, the Reserve Bank of India (RBI) approved international trade
settlements in Indian rupees (INR) in order to promote the growth of global trade with
emphasis on exports from India and to support the increasing interest of the global
trading community.
• In June 2022, Prime Minister Mr. Narendra Modi inaugurated and laid the
foundation stone of development projects worth Rs. 21,000 crore (US$ 2.63 billion) at
Gujarat Gaurav Abhiyan at Vadodara.
• Mr. Rajnath Singh, Minister of Defence, launched 75 newly-developed Artificial
Intelligence (AI) products/technologies during the first-ever ‘AI in Defence (AIDef)
symposium and exhibition organized by the Ministry of Defence in New Delhi on 11 July
2022.
• In June 2022: o Prime Minister Mr. Narendra Modi, laid the foundation stone of
1,406 projects worth more than Rs. 80,000 crore (US$ 10.01 billion) at the groundbreaking
ceremony of the UP Investors Summit in Lucknow. o The Projects encompass diverse sectors
like Agriculture and Allied industries, IT and Electronics, MSME, Manufacturing, Renewable
Energy, Pharma, Tourism, Defence & Aerospace, Handloom & Textiles.
• The Indian Institute of Spices Research (IISR) under the Indian Council for
Agricultural Research (ICAR) inked a Memorandum of Understanding (MoU) with Lysterra LLC,
a Russia-based company for the commercialization of biocapsule, an encapsulation
technology for bio-fertilization on 30 June, 2022.
• As of April 2022, India signed 13 Free Trade Agreements (FTAs) with its trading
partners including major trade agreements like the India-UAE Comprehensive Partnership
Agreement (CEPA) and the India-Australia Economic Cooperation and Trade Agreement (IndAus
ECTA).
• The Union Budget of 2022-23 was presented on February 1, 2022, by the Minister
for Finance & Corporate Affairs, Ms. Nirmala Sitharaman. The budget had four
priorities PM GatiShakti, Inclusive Development, Productivity Enhancement and Investment,
and Financing of Investments. In the Union Budget 2022-23, effective capital expenditure
is expected to increase by 27% at Rs. 10.68 lakh crore (US$ 142.93 billion) to boost the
economy. This will be 4.1% of the total Gross Domestic Production (GDP).
• Under PM GatiShakti Master Plan, the National Highway Network will develop
25,000 km of new highways network, which will be worth Rs. 20,000 crore (US$ 2.67
billion). In 2022-23. Increased government expenditure is expected to attract private
investments, with a production-linked incentive scheme providing excellent opportunities.
Consistently proactive, graded, and measured policy support is anticipated to boost the
Indian economy.
• In the Union Budget of 2022-23, the government announced funding for the
production linked incentive (PLI) scheme for domestic solar cells and module manufacturing
of Rs. 24,000 crore (US$ 3.21 billion).
• In the Union Budget of 2022-23, the government announced a production linked
incentive (PLI) scheme for Bulk Drugs which was an investment of Rs. 2500 crore (US$
334.60 million).
• In the Union Budget of 2022, Minister for Finance & Corporate Affairs Ms.
Nirmala Sitharaman announced that a scheme for design-led manufacturing in 5G would be
launched as part of the PLI scheme.
• In the Union Budget of 2022-23, the government has allocated Rs. 44,720 crore
(US$ 5.98 billion) to Bharat Sanchar Nigam Limited (BSNL) for capital investments in the
4G spectrum.
• Minister for Finance & Corporate Affairs Ms. Nirmala Sitharaman allocated
Rs. 650 crore (US$ 86.69 million) for the Deep Ocean mission that seeks to explore vast
marine living and non-living resources. Department of Space (DoS) has got Rs. 13,700 crore
(US$ 1.83 billion) in 2022-23 for several key space missions like Gaganyaan,
Chandrayaan-3, and Aditya L-1 (sun).
• Minister for Finance & Corporate Affairs Ms Nirmala Sitharaman announced in
the Union Budget of 2022-23 that the Reserve Bank of India (RBI) would issue Digital Rupee
using blockchain and other technologies.
• In the Union Budget of 2022-23, Railway got an investment of Rs. 2.38 lakh crore
(US$ 31.88 billion) and over 400 new high-speed trains were announced. The concept of
"One Station, One Product" was also introduced.
• To boost competitiveness, Budget 2022-23 has announced reforming the 16-year-old
Special Economic Zone (SEZ) act.
• Numerous foreign companies are setting up their facilities in India on account
of various Government initiatives like Make in India and Digital India. Prime Minister of
India Mr. Narendra Modi launched the Make in India initiative with an aim to boost the
countrys manufacturing sector and increase the purchasing power of an average Indian
consumer, which would further drive demand and spur development, thus benefiting
investors. The Government of India, under its Make in India initiative, is trying to boost
the contribution made by the manufacturing sector with an aim to take it to 25% of the GDP
from the current
17%. Besides, the government has also come up with the Digital India initiative, which
focuses on three core components: the creation of digital infrastructure, delivering
services digitally, and increasing digital literacy.
• National Bank for Financing Infrastructure and Development (NaBFID) is a bank
that will provide non-recourse infrastructure financing and is expected to support
projects from the first quarter of FY2022-23; it is expected to raise Rs. 4 lakh crore
(US$ 53.58 billion) in the next three years.
• The Government of India is expected to increase public health spending to 2.5%
of the GDP by 2025.
ROAD AHEAD
In the second quarter of FY 2022-23, the growth momentum of the first quarter was
sustained, and high-frequency indicators (HFIs) performed well in July and August of 2022.
Indias comparatively strong position in the external sector reflects the countrys
generally positive outlook for economic growth and rising employment rates. India ranked
fifth in foreign direct investment inflows among the developed and developing nations
listed for the first quarter of 2022. Indias economic story during the first half of the
current financial year highlighted the unwavering support the government gave to its
capital expenditure, which, in FY 2022–23 (until August 2022), stood 46.8% higher
than the same period last year. The ratio of revenue expenditure to capital outlay
decreased from 6.4 in the previous year to 4.5 in the current year, signaling a clear
change in favour of higher-quality spending. Stronger revenue generation as a result of
improved tax compliance, increased profitability of the company, and increasing economic
activity also contributed to rising capital spending levels. Despite the continued global
slowdown, Indias exports climbed at the second highest rate this quarter. With a
reduction in port congestion, supply networks are being restored. The CPI-C and WPI
inflation reduction from April 2022 already reflects the impact. In August 2022, CPI-C
inflation was 7.0%, down from 7.8% in April 2022. Similarly, WPI inflation has decreased
from 15.4% in April 2022 to 12.4% in August 2022. With a proactive set of administrative
actions by the government, flexible monetary policy, and a softening of global commodity
prices and supply-chain bottlenecks, inflationary pressures in India look to be on the
decline overall.
INDIAS MEDIUM-TERM GROWTH OUTLOOK
• Indian economy underwent wide-ranging structural and governance reforms that
strengthened the economys fundamentals by enhancing its overall efficiency during
2014-2023.
• With an underlying emphasis on improving the ease of living and doing business,
the reforms after 2014 were based on the broad principles of creating public goods,
adopting trust-based governance, copartnering with the private sector for development, and
improving agricultural productivity.
• The period of 2014-2023 also witnessed balance sheet stress caused by the credit
boom in the previous years and one-off global shocks, that adversely impacted the key
macroeconomic variables such as credit growth, capital formation, and hence economic
growth during this period.
• Similarly, the Indian economy is well placed to grow faster in the coming decade
once the global shocks of the pandemic and the spike in commodity prices in 2022 fade
away.
• With improved and healthier balance sheets of the banking, non-banking and
corporate sectors, a fresh credit cycle has already begun, evident from the double-digit
growth in bank credit over the past months.
• Indian economy has also started benefiting from the efficiency gains resulting
from greater formalisation, higher financial inclusion, and economic opportunities created
by digital technology-based economic reforms.
• Indias growth outlook seems better than in the pre-pandemic years and the
Indian economy is prepared to grow at its potential in the medium term.
B.P. CAPITAL LIMITED OVERVIEW
B.P. Capital Limited was registered as NBFC Company with RBI. Your company had made an
application to RBI to voluntary surrender its Certificate of Registration with RBI so as
to discontinue its NBFC activities. Pursuant to the aforesaid application sent by the
company to the RBI, the RBI vide its order dated 06.10.2016 had cancelled the Certificate
of Registration of the Company. Thereafter, the company was in the process of merger with
Diamond Footcare Udyog Pvt. Ltd. The Management of both the companies had decided to
implement the plan of merger of the companies and transfer the Footwear business of
Diamond Footcare Udyog Pvt. Ltd. to B. P. Capital Ltd. as a going concern along with its
brand and goodwill. However, the Transferor Company ie, Diamond Footcare Udyog Private
Limited had filed an application for withdrawal of the Scheme of merger between Diamond
Footcare Udyog Private Limited and B.P. Capital Limited and the same had been allowed by
the Honble NCLT, Chandigarh Bench vide its order dated August 28, 2019 and the merger
petition was dismissed as withdrawn.
The management of the company is now exploring the possibilities of starting a new
business including the NBFC business and is putting necessary efforts in this respect so
that the operations of the company can be started again.The management firmly believes
that the company would be able to restart its business operations and is of the opinion
that the new deals would be finalized soon.
OPPORTUNITIES AND THREATS
In a vast country like India, with diversified economic structure, multi agency
approach is adopted in the financial sector. Both commercial banks and Non Banking
Financial Companies have come into play in shaping the economy of the country. NBFCs have
an undeniable role in the Indian economy. Almost every sector of the economy has utilized
HP and leasing as its source capital from NBFCs. During the last decade, NBFCs have
undergone wide volatility and change as an industry and have been witnessing considerable
business upheaval over the last decade because of market dynamics, public sentiments and
regulatory environment.
The focus of the government should be on competitive and cooperative federalism which
presents a great potential to attract skills, investment and technology.The Government
should focus on those agendas of structural reforms which are yet to be finished after the
demonetisation drive of high-value currencies.
SWOT ANALYSIS
B.P. Capital Limited was registered as NBFC Company with RBI. Your company had made an
application to RBI to voluntary surrender its Certificate of Registration with RBI so as
to discontinue its NBFC activities. Pursuant to the aforesaid application sent by the
company to the RBI, the RBI vide its order dated 06.10.2016 had cancelled the Certificate
of Registration of the Company. Thereafter, the company was in the process of merger with
Diamond Footcare Udyog Pvt. Ltd. The Management of both the companies had decided to
implement the plan of merger of the companies and transfer the Footwear business of
Diamond Footcare Udyog Pvt. Ltd. to B. P. Capital Ltd. as a going concern along with its
brand and goodwill. However, the Transferor Company ie, Diamond Footcare Udyog Private
Limited had filed an application for withdrawal of the Scheme of merger between Diamond
Footcare Udyog Private Limited and B.P. Capital Limited and the same had been allowed by
the Honble NCLT, Chandigarh Bench vide its order dated August 28, 2019 and the merger
petition was dismissed as withdrawn.
The management of the company is now exploring the possibilities of starting a new
business including the NBFC businessand is putting necessary efforts in this respect so
that the operations of the company can be started again.The management firmly believes
that the company would be able to restart its business operations and is of the opinion
that the new deals would be finalized soon. Since your company was earlier into NBFC
business and as on date the management of your company is exploring the new business
opportunities including restarting the NBFC business, a SWOT analysis of NBFC business is
provided hereinbelow:
Strengths
• Simplified sanction procedures, orientation towards customers,attractive rate of
returns on deposits, flexibility and timeliness inmeeting credit needs of specified sector
are some of the strengths of thissector.
• Microfinance firms have also started disbursing emergency loans to help
grassroots borrowers tide over the immediate crisis.
• NBFCs, are gearing up to lend afresh, with the credit guarantee programme
announced by the government likely to boost their fund flow.
• Knowledge driven and relationship based business model
• Strong financial track record driven by fast growth and low Non Performing
Asset.
• Strong relationship with Public, Private as wll as Foreign Banks, institutions
and investors.
• The RBIs targeted long-term repo operation for smaller firms (TLTRO 2.0) will
get a better response now as the risk would be borne by the government fully or partially
• The special liquidity support to lower-rated NBFCs will mean banks dont have to
take credit risk and NBFC papers are likely to be lapped up.
• To again enter into Finance Business and take the license from the Reserve Bank
of India to work as Non Banking Finance Company.
• The Growth of the Company might be affected till the time thelicense from the
Reserve Bank of India to work as Non Banking Finance Company has not been obtained because
at present the Company does not have any business.
Weakness
• A problem post-CRB is that the NBFCs are faced with a growing negative public
perception. Investors apart, even banks began shying away from NBFCs. Even good NBFCs are
suffering due to the negative perception and even fundamentally sound NBFCs are finding it
difficult to raise funds at competitive rates. Currently, NBFCs are going through a
painful identity crisis.
• NBFC spreads are also getting squeezed. The villain is the rising incidence of
asset-liability mismatch. Most NBFC liabilities are shortterm funds and these funds are
largely locked up in assets with a maturity period of two years and more. They require
steady deposit renewals and inflow of fresh deposits to tide over such crisis. Alas,
postCRB renewals have declined. In a bid to lure depositors, NBFCs are 218 offering higher
interest rates and this is inflating the cost of their funds. It is an unenviable Catch-22
situation.
• Recovery of receivables is another area that is keeping the NBFCs worried.
Judicial process for recovery of advances is very slow. At times, cases are dismissed on
flimsy technical grounds, and it takes years for the courts to decide recovery cases filed
by NBFCs as the dice is heavily loaded against the lender.
• Adding to all these woes, banks and financial institutions have on to NBFCs
turf and are proving to be more muscular competitors. Host of banks, Indian and foreign,
have started offering financial services such as car finance on more competitive terms.
Financial institutions with their retail initiative are proving to be a real challenge for
NBFCs. This incursion has already pushed small NBFCs out of their traditional areas.
• Lack of market capitalization leading to low share prices, which are not in line
with intrinsic performance of the companies as 80 per cent of shares are held for
investment and not trading is identified as a weakness.
• Structural weakness includes those factors like taking time to adjust to changes
because of conservatism and dependence on retail resources.
Opportunities
• The infrastructure segment and road transport segment have good growth
opportunities. As NBFCs cater to basic infrastructure industry the opportunities for the
sector are great. Infrastructural activities are poised to push commercial vehicle sales,
growth in sales of smaller goods carriers such as Light Commercial Vehicles/three Wheelers
in metro areas, increasing trend in conversion of cash sales to financed sales are
opportunities for top companies.
• With the number of players having been substantially reduced consequent to the
stricter entry point norms and imposition of prudential norms by RBI, the market is large
enough to meet the needs of existing NBFCs and new entrants like banks and other financial
institutions. Consolidation in the NBFC industry has reduced competitive pressure and this
is an added opportunity to expand.
• Cashing in on the constraints faced by banks in penetrating the specialized
vehicle finance segment which leads to the scope for branch expansion.
• NBFCs have diversified into various fee-based activities which have synergy
with lending activities. Non-fund business such as car rentals, ticketing, Insurance
agency, and export import business are considered as thrust areas.
• New segments- self finance colleges, fast food restaurants, privatization of
transport buses, two wheeler financing, financing at village level are other Ventures 220.
• IT related industries are another thrust area.
• The concept of NBFCs acting as retailers to the banks is gaining ground and RBI
has been issuing directions to banks to extend lines of credit to strong NBFCs for
on-lending to priority sector areas.
Threats
The threat feared by government companies are in the other investment opportunities
like investment in small savings in post offices, Government guaranteed bonds, Tax-free
bonds of RBI by existing and forthcoming depositors. This too is threat only to 25 per
cent of companies. As could be inferred, 85 per cent of top companies and same percentage
of small companies have identified Competition from banks and financial institutions in
commercial vehicle financing - hitherto the forte of NBFCs- is a threat as these
competitors have low cost funds. Intensified competition leading to squeeze on spreads,
declining margins, undercutting in rates by certain large players, reduction in lending
rates, all have a bearing on profitability. Only 8 per cent of top companies and 23 per
cent of small companies have considered, NPA as a threat.
Other threat includes Globalisation of Indian market brought several multinational
financial service companies into the market resulting in more intense competition. Using
weighted average scoring model it is observed that companies ranked their competitors as
(1) Financial institutions, (2) Other NBFCs and (3) Banks, in that order. Government
companies were least affected by 221 competition, while small companies considered other
NBFCs as their chief competitors, top companies considered financial institutions as their
threat.
INTERNAL CONTROL SYSTEM
The Company has adequate internal audit and control systems. Internal auditors
comprising of professional firm of Chartered Accountants has been entrusted with the job
to regular conduct the internal audit and report to the management the lapses, if any.
Both internal auditors and statutory auditors independently evaluate the adequacy of
internal control system. Based on the audit observations and suggestions, follow up,
remedial measures are being taken including review thereof. The Audit Committee of
Directors in its periodical meetings, review the adequacy of internal control systems and
procedures and suggests areas of improvements.
In view of the changes in Companies Act, the Company has taken additional measures from
the financial year 2014-15 to strengthen its internal control systems. Some of the
additional measures in this regard are strengthening background verification process of
new joiners, whistle blower policy and strengthening the process of risk assessment.
The organization is well structured and the policy guidelines are well documented with
pre defined authority. The Company has also implemented suitable controls to ensure that
all resources are utilized optimally, financial transactions are reported with accuracy
and there is strict adherence to applicable laws and regulations. The Company has put in
place adequate systems to ensure that assets are safeguarded against loss from
unauthorized use or disposition and that transactions are authorized, recorded and
reported.
The Audit Committee of Directors in its periodical meetings, reviews the adequacy of
internal control systems and procedures and suggests areas of improvements. Needless to
mention, that ensuring maintenance of proper accounting records, safeguarding assets
against loss and misappropriation, compliance of applicable laws, rules and regulations
and providing reasonable assurance against fraud and errors will continue to remain
central point of the entire control system.
HUMAN RESOURCES
Human resource is considered as key to the future growth strategy of the Company and
looks upon to focus its efforts to further align human resource policies and processes to
meet its business needs. The Company aims to develop the potential of every individual
associated with the Company as a part of its business goal. Respecting the experienced and
mentoring the young talent has been the bedrock for the Companys growth.
Human resources are the principal drivers of change. They push the levers that take
futuristic businesses to the next level of excellence and achievement.
CAUTIONARY STATEMENT
Investors are cautioned that this discussion contains statements that involve risks and
uncertainties. Words like anticipate, believe, estimate intend, will, expect and other
similar expressions are intended to identify "Forward Looking Statements". The
company assumes no responsibility to amend, modify or revise any forward looking
statements, on the basis of any subsequent developments, information or events. Actual
results could differ materially from those expressed or implied. Important factors that
could make the difference to the Companys operations include cyclical demand and pricing
in the Companys principal markets, changes in Government Regulations, tax regimes,
economic developments within India and other incidental factors.
|
For and on Behalf of the Board of |
|
B. P. Capital Limited |
|
Sd/- |
| Date: 29th August, 2023 |
Aditya Aggarwal |
| Place: Haryana |
Chairman |
|
DIN: 08982957 |
+91-9892691696
