marg techno projects ltd share price Management discussions

Indian Economic Review

The Indian economy started FY2021-22 with a grim tone due to the spread of the delta variant of COVID-19 which caused a sharper effect on the health of the populace of India. The resulting restrictions, although local in deployment, reduced the stride of recovery during the first quarter of the fiscal year undergoing review. After the waning growth ratio of 6.6% in FY2020-21, the Indian economy recovered and started reported an increased growth of 8.7%. The alleviation of COVID-related regulations, expedited vaccination campaigns, and a strong policy reaction from the Government of India and the reserve bank were crucial in establishing this recovery. The RBI maintained a considerate and supportive stance throughout the year, aiding the recovery process. However, the growth started to stunt in the beginning of the second half of the year, largely impelled by the global supply chain disruptions and an inflationary environment, impelled by the sharp increase in crude and other commodity prices.

Business Environment, Industry Structure, Development and Outlook:


NBFC Sector

Non-banking financial companies (NBFCs) are a pivotal element of the Indian finance industry and serve the financial needs of the population who do not use the services of the banks, such as the un-organised sector of the micro, small and medium enterprises (MSMEs). NBFCs enjoy a competitive edge in their knowledge and understanding of state-wise dynamics, collection systems, and personalised service provision in the drive to expand the financial incorporation in India. As a result, over the last decade, the NBFCs have become an increasingly important part of the Indian financial services sector. According to the RBI, NBFCs have slowly, but steadily increased their credit to GDP ratio from 8.6% in 2013 to reach 13.7% in 2021.

Gold Market

In Accordance to the World Gold Council, Indian homes have an estimated US$1.5tn of gold, of which only 10% is used for capitalization. During the fiscal year, the gold market saw significant flippancy in spot prices of gold, because of the constant shocks in the global economy, which made investors deal with an unknown business environment. While the start of the year was understandably stable after COVID-related business risks had been adequately dealt with by Governments across the world with a global push for vaccines deployment. The second half of the year saw one of the highest rallies of the year, with fresh concerns about inflation, rising interest rates, and geopolitical conflicts. The onset of the Ukraine-Russia conflict set off new waves of uncertainty and fears of a global economic slowdown, which triggered a bull run on the spot prices of gold.

Review Of Operational And Financial Performance

The Company has a gross income of Rs 526.97 Lakhs /- for the year ended 31st March, 2022 as against the gross income of the previous financial year of Rs. 349.35 Lakhs /-.The profit after taxes for the year reviewed is Rs 39.90 Lakhs/- as against profit after tax of Rs 26.97 Lakhs/- for the previous year.

Internal Control Systems And Their Adequacy

Adequate internal controls have been laid down by the Company to safeguard and protect its assets as well as to improve the overall productivity of its operations.

Cautionary Statement

Statements contained in the Management Discussion and Analysis describing the Companys estimates, projections and expectations are forward looking statements and based upon certain assumptions and expectations of future events over which the Company has no control and which could cause actual results to differ materially from those reflected in such statements. Readers should carefully review other information in this Annual Report and in the Companys periodic reports. The Company undertakes no obligation to update or revise any of these futuristic statements, whether as a result of new information, future events, or otherwise.


We are proud to announce that we are also starting with other financial products under the distribution model to unlock economies of scale for our centers. The board of directors have driven out a robust plan to unlock more value for our shareholders through strategic banking partnerships, branch expansions and other economically feasible models of revenue generation. We are proud to announce that the company has developed its own inhouse technology to cater to the changing times and the age of fintech. We have developed a platform for online and door step gold loan processing and service. Under the capable vision of the board and management the company is looking forward to another excellent performance as dividends of these seeds of the past 4 years come to the forefront.


Corporate Governance is a set of systems and practices to ensure that the affairs of the Company are being managed in a way which ensures accountability, transparency, fairness in all its transactions in the widest sense and meet its stakeholders aspirations and societal expectations. Good governance practices stem from the culture and mindset of the organization and the commitment to meet the aspirations of all the stakeholders. This is demonstrated in shareholder returns, high credit ratings, governance processes and an entrepreneurial, performance focused work environment. Traditional views of Governance as a Regulatory and compliance requirement have given way to adoption of governance tailored to the specific needs of the Company. Though, the company falls under the exemption of Regulation 27 of SEBI (Listing, Obligation and Disclosure Requirements) Regulations, 2015 the company has set the benchmark compliance rules for a listed Company and the baseline for governance standards. Marg Techno Projects Limited not only adheres to the prescribed corporate practices as per Regulation 27 but is constantly striving to adopt emerging best practices worldwide. It is our endeavor to achieve higher standards and provide oversight and guidance to management in strategy implementation and risk management and fulfilment of stated goals and objectives. Corporate Governance is the manifestation of personal benefits and values, which configures the organizational values, benefits and actions of employees of the Company. Company is committed to be open and transparent as much as possible with respect to its internal financial reporting, control systems and decision making processes.

Corporate Governance is an integral part of the philosophy of the Company in its pursuit of excellence, growth and value creation. In addition to complying with the statutory requirements, effective governance systems and practices towards improving transparency, disclosures, internal control and promotion of ethics at work place have been institutionalized. The Company recognizes that good governance is a continuing exercise and reiterates its commitment to pursue highest standards of Corporate Governance in the overall interest of all its stakeholders.



The Company has a diversified Board, constituted in compliance with the Companies Act, 2013, SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and in accordance with the best practices of Corporate Governance. The Board is entrusted with the ultimate responsibility of the management, directions and performance of the Company. The Company is managed by the Board of Directors in co-ordination with the Senior Management.

The Board of Directors meets at least once in every quarter and also as and when required.

During the F.Y. 2021-2022, Meetings of the Board of Directors of the Company were held 22(Twenty Two) times on 30.06.2021, 16.07.2021, 21.07.2021, 30.07.2021, 12.08.2021, 14.08.2021, 23.08.2021, 02.09.2021, 30.09.2021, 09.10.2021, 12.10.2021, 11.11.2021, 13.11.2021, 14.11.2021 (meeting dated 13.11.2021 continued till 14.11.2021), 03.12.2021, 06.12.2021, 09.12.2021, 14.12.2021, 28.12.2021, 17.01.2021, 01.02.2022, 25.01.2022 and 14.02.2022. The gaps between the Board meetings were well within the maximum time gap of 120 days as prescribed in Regulation 27 of SEBI (Listing Obligation and Disclosure Regulations), 2015.

Details of the attendance of the Directors at the Board meetings and Annual General Meeting and also details of Directorship and membership of Committee (s) in other Companies as on 31.03.2022 are as under:

Board Composition and category of director is as under:

Name of Directors

Category of Directors

No. of Board Meetings Attended

Attendance at AGM held on 30/09/2021 YES/NO

No. of Director ship

No. of Committees in which Chairman/ Member Chairman



AKHIL NAIR Executive 22 YES 00 00 00
ARUN Managing 22 YES 00 00 02
DHANANJAYAN Whole Time 22 YES 00 00 01
PANKAJ GANPAT Independent 13 YES 03 00 00
JADHAV Director
NAIMESH Independent 11 YES 00 02 01
MANISH Independent 11 YES 00 01 02
DEEPA SAJEEV Women 13 YES 00 00 00
NAIR Independent
KEERTI NAIR Chief 14 YES 00 00 00

All the Board meetings were called with advance notice to the Directors and wherever required notices were sent to Stock exchanges where the Companys securities are listed. Agenda papers and all back up papers prepared by Company Secretary were circulated to the Board members well in advance. Finance head, Chief Financial Officer are invited to the Board meeting. The Board of Directors has adopted a Code of Conduct for members of the Board of Directors and senior management of the Company. The Code has been posted on the Companys website