Indo-City Infotech Ltd Management Discussions

The Company was incorporated on 22^nd September, 1992. Due to the high competition in the business of IT your company has been involved on its Finance business and to reflect the same, it has proposed to change its name for which it has received NOC from RBI.

The company is restructuring itself year by year with its dedicated team of professionals the company is planning to grow strength by strength in finance sector. The company has finance activity and prudentially intends to continue to undertake the business of finance ahead in accordance with RBI regulations of NBFC.

Further, in the scenario of ensuring credit availability, NBFC continues to play a crucial role in providing an impetus to the Indias credit market. NBFCs providing specialized funding solutions offer a conducive platform for corporate deals and are ideal for last mile funding of small and large projects. Consequently, in spite of the overall challenges in FY 2023-24, NBFC managed to stage a good show in the face of stricter governance by RBI. This was essentially made possible because of their presence in niche segments.

The company has only finance related income, hence the company does not have separate reportable business segment.

As a forward looking statement it can be noted that the company appears to heading better all-round performance during the coming years.

The Company has adequate internal control procedures commensurate with the size and nature of its business. The internal control system provides for policies, guidelines, authorization and procedures. The Audit Committee of the Board of Directors headed by an independent director periodically reviews significant risk area assessment and adequacy of internal controls for ensuring checks and balances.

The financial results and performance for the year are elaborated in the Directors Report.

Various Human Resource initiatives are taken to align the HR Policies according to the emerging requirement including training programmes to upgrade their professional, interpersonal and management skills. Our relationship with the employees continues to remain cordial throughout the year.