A. BUSINESS ENVIRONMENT AND OUTLOOK
India’s GDP growth rate for 2013-14 falls to 5%, lowest in a decade. The data also revealed a slowdown in private consumption, capital investments and of government spending, which have pulled down growth prospects for this fiscal too.
B. RISKS & CONCERNS
The industry largely depends on the performance of Leather, paints and other related industry. If the performance of above industries affects, the industry will also suffers.
C. INTERNAL CONTROL SYSTEMS
The company has well defined control systems and procedures to ensure optimal use of Company’s resources and protection thereof, facilitate accurate and speedy compilation of accounts and management information reports and compliance with laws and regulations. The Company has a well defined organization structure, authority levels and internal guidelines and rules for conducting business transactions. Internal/ External auditor’s observations and recommendations and adequacy of internal controls are also periodically reviewed by the Audit Committee of the Board of Directors.
D. FINANCIAL CONTROLS
The Companys management is committed to evolve strategy to achieve enhancement in the shareholders value through the adoption of strong fiscal discipline, improvement in operating efficiencies and resource utilization.
E. HUMAN RESOURCES
The Company firmly believes that Human Resources and knowledge capital is vital for business success and creating values for share holders. The Company’s philosophy is based on a pluralistic leadership and empowerment model, a performance driven and transparent culture. The Company’s endeavor is to create competency based skill enhancement and development. The Company is rationalizing the internal rules, perquisites, entitlements and grades to flatten the organization further.
F. CAUTIONARY STATEMENT
Statement in the Management Discussion and Analysis describing the Company’s objectives, expectations or projections may be forward looking statement within the meaning of applicable securities, law and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operation include global and Indian demand supply conditions, finalized goods prices, changes in Government regulations tax regimes, economic development within India.