Indo City Infotech Ltd Management Discussions.
1. Industry Structure and Developments:
The Company was incorporated on 22nd September, 1992. Due to the high competition in the business of IT your company is focusing on its Finance business and to reflect the same, it has proposed to change its name for which it has received NOC from RBI.
Your 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.
Your Company has finance activity and prudentially intends to continue to undertake the business of finance ahead in accordance with RBI regulations of NBFC.
2. Opportunities, threats risk and concerns:
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 large projects. Consequently, in spite of the overall challenges in FY 2018-2019, 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.
3. Segment-wise or product-wise performance:
The company has only finance related income, hence the company does not have separate reportable business segment.
4. Business Outlook:
As a forward looking statement it can be noted that the company appears to heading better all round performance during the coming years in this situation, the performance of the Company will depend a lot on the quality of their risk management process, market understanding and due diligence systems.
5. Internal Control System and their adequacy:
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 the internal audit reports, significant risk area assessment and adequacy of internal controls for ensuring checks and balances.
6. Discussion on Financial Performance:
The financial results and performance for the year are elaborated in the Directors Report.
7. Human resources:
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.
8. Cautionary Statement:
This report contains estimates and expectations, or may be considered to be forward looking Statements within the meaning of applicable laws and regulations. Actual results could differ or vary materially from those expressed or implied due to various factors.
|For and on behalf of the Board|
|Place: Mumbai||Aneel Jain|
|Date : 12th August, 2019||Chairman & Managing Director|