maha rashtra apex corporation ltd Management discussions

Your directors are pleased to present the Management Discussion and Analysis Report for the year ended 31st March, 2023.

OPPORTUNITIES AND THREATS

Your Company seeks opportunities in the market. The volatility in stock indices in the financial year under report represents both an opportunity and challenge for the Company.

Finance market activities in which most of our activities depend on is also influenced by global events happening in the country and hence there is an amount of uncertainty in the near term outlook of the market.

However, strong and stable government at centre, the finance market prospect would significantly improve.

SEGMENT WISE / PRODUCT WISE PERFORMANCE

The Company is engaged in financial activities and other related services during the year under review, hence the requirement of segment-wise reporting is considered irrelevant.

OUTLOOK

The Company is not carrying out any activity as a Non-Banking Financial Company and is under Scheme of Arrangement as approved by Honble High Court of Karnataka under Section 391 of Companies Act 1956. Presently the company is engaged only in recovery of dues of Hire Purchase/Lease, Loans and other dues and repayment of liabilities under the arrangement.

The Company has given Public notice to the Deposit/Bond holders in News Paper on 14 May, 2019 to surrender their

Certificates and collect their final instalment dues. The outstanding balance of Deposit/Bond was Rs.1886.16 lacs as on 31 March, 2022 and Rs. 1240.35lacsas on 31 March, 2023.

The company is hopeful of continuing non banking business activities after repayment to depositors/bond holders of the company.

RISKS AND CONCERNS

The very nature of the Companys business makes it subject to various kinds of risks. The Company encounters credit risk and operational risks in its daily business operations. said The Company is not carrying out any activity as a Non-Banking Financial Company and is under Scheme of Arrangement as approved by Honble High Court of Karnataka under Section 391 of Companies Act 1956. Presently the company is engaged only in recovery of its assets and repayment of liabilities under the arrangement.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

The Company has an adequate system of internal controls to ensure accuracy of accounting records, compliance with all laws & regulations and compliance with all rules, procedures & guidelines prescribed by the management. An extensive internal audit is carried out by independent firm of Chartered Accountants. An internal team of inspection also regularly visits branches for ensuring regulatory compliance.

FINANCIAL PERFORMANCE AND OPERATIONAL REVIEW

During the year under review, the business operations of Company generated revenue of Rs.682.53 lacs inclusive of interest remission of Rs. 526.04 lacs. The net profit before tax is Rs.416.90. lacs as compared to net profit of Rs.439.84 lacs for the previous year. Profit for the year after tax Rs. 526.07 lacs compared to profit of Rs.522.64 lacs for the previous year.

HUMAN RESOURCES

The total number of employees in the Company was 19 as on 31 March, 2023. During the year under review there has been no material development on the Human Resource/Industrial Relations front during the year. The Company places significant importance to its human capital. The Company has been paying special attention to improve the skill set of the employees.

CAUTIONARY STATEMENT

Statements in this Management Discussion and Analysis describing the Companys objectives, projections, estimates and expectations may be forward looking within the meaning of applicable laws and regulations. Actual results may differ from those expressed or implied. Investors are advised to exercise due care and caution while interpreting these statements.