Today's Top Gainer
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The Global economy Is apparently having one of the longest crisis periods and for almost last 7 to 8 years, the Central Banks across Europe, Japan have been In an accommodative mode which Is clear Indication that growth and Inflation have yet to recover to a sustainable leve. The Global Economy is finding it hard to restore pre-great recession growth rates - every report of the IMF seemingly downgrades its previous growth forecasts. However despite the depressed global scenario, Indian economy appears to be the shining star. Though certain sectors like exports are not faring well despite Rupee Depreciation vis-a-vis Dollar, overall growth in various sectors show a positive sign of upward movement and such growth is well supported by macro-economic stability, healthy balance of payment position, record foreign exchange reserves and inflation under check.
In addition, when India was introduced with Demonitization in December, 2016, lots of pros and cons were faced by the Indian economy. World Bank forecasts shows India will be a bright spot amid a gloomy outlook for the developing countries in the next two years. India will grow at 7.9% by 2018. The World Bank said India would benefit because of a reduction in external vulnerabilities, a strengthening domestic business cycle and a supportive policy environment. Further, Introduction of one Tax i.e Goods & Service Tax (GST), would make India the fastest- growing developing country economy according to the World Bank.
Moreover, the undercurrents of economic uncertainty are driving organizations to tighten their belt and IT spending has been one of the casualties. At the same time the need to invest into IT to support digital business in more urgent than ever. Companies know that they need to become digital businesses or face irrelevance in a future digital world. These challenges provide opportunity for global technology industries.
The impact of volatility in prices, stagnated economic growth, adverse market situation and uncertainties in policy contributed to the lack of confidence in the market during the year under review. This hampered the performance of the company which in turn affected the profitability and therefore the company recorded a lower profit as compared to the previous financial year.
A message has been passed in the Company to be more determined, show resilience, and be prepared to capture the future growth. The Company is realigning its marketing efforts to match with expected demand spurt by the user industry, in particular to your Companys product. The Company is looking forward to venture in e-commerce business for development in on-line commerce portals, web pages, digital commerce and marketing. Due to the synergy of information technology and trade, the Company expects a great turn of the operational synergies.
Opportunities and Threat
With the improved Political stability in the Country, and optimistic business opportunities in pipeine, the Company looks forward for various opportunities in the field of trading and hopeful to regain the confidence of the investors and looks forward for viable business opportunities in the field of trading of goods and commodities. Indian economy is also benefiting because of external vulnerabilities, a strengthening domestic business cycle and supportive policy environment by the current Indian Government at the centre.
The Company may face risk in respect of slow down into the financial domestic market as well as international market. Changes in fiscal policy or any other economic policy on monetary terms may cause threat to the business of the Company. The Companys Management does not foresee any immediate threat to its Core Business activities. However, the Competition faced today, is directing the Companys efforts to develop alternative business models to sustain its level of activities.
Driven by an improvement in the global economic climate and rise in the technology spend, FY 2016-17 brought optimism for the Indian IT-BPM industry. The "Make in India" drive of NDA government gives a hope of an increment in foreign investments in the country. The Company is keen towards tapping such opportunity. A gradual revival in consumer confidence leading to return of discretionary spending, and increased demand from US and Europe is expected to help drive exports in FY 2017-18. While US continues to be the largest geographic market for India, accounting for larger share, it is widely expected that the revival in demand from Europe, will be the highlight of FY 2017-18. The future looks positive as the IT-BPM industry is evolving dramatically in terms of scale and complexity. The sector is expected to leverage collaboration, innovation, technology shifts and build a transformational agenda for India. It will create a market not only in India but globally that will serve as technology differentiator for customers shifting from cost to innovation.
Internal control systems:
The internal control system is looked after by the executive directors themselves, who also look after the day to day affairs of the company to ensure compliance of guidelines and policies, adhere to the management instructions and policies to ensure improvements in the system. The internal audit reports are regularly reviewed by the management.
The Audit team reports on its observations to the Audit Committee, under whose guidance the necessary changes are effected as are required by the regulatory framework from time to time.
The Company follows a strict credit approval policy, cash balance management and the same are continuously monitored so as to ensure the funds which are the critical inputs for the nature of business of the Company is effectively and efficiently managed.
As the company is not carrying on any manufacturing activity, the matter relating to produce of harmful gases and the liquid effluents are not applicable.
Being a responsible legal entity, the company has duly complied with all the compliances with all the regulatory authorities.
Secretarial & Internal Auditors
As per new Companies Act, 2013, company is required to appoint Secretarial Auditor for conducting Secretarial audit in the company under section 204 of and Companies Act 2013 and rules made there under.
Based on recommendation received from the Audit Committee, the Board of Directors at their meeting held on 30th May, 2017 appointed M/s. H V Gor & Co, Practicing Company Secretaries, Navi Mumbai as a Secretarial Auditor of the Company under section 204 of the Companies Act, 2013 read with Rule 9 of the companies (Appointment 7 Remuneration of Managerial Personnel) Rules, 2014 for the financial year 2016-17.
Human resources have always been most valuable assets for PS IT Infrastructure & Services Limited. During the year the Company had a positive relationship between the management and the employees and strives hard to maintain the same relation in future. Human resources management incorporates a process driven approach that invest regularly in the extensive training programs to motivate and boost the employees morale to work more efficiently and in a healthy work atmosphere.
Statements which are based on and describe about managements expectations, estimates, projections, objectives, intentions and assumptions are forward looking statements. Words such as "expects," "anticipates," "plans," "believes," "scheduled," "estimates" and variations of these words and similar expressions are intended to identify forward-looking statements, which include but are not limited to projections of revenues, earnings, segment performance, cash flows. Forward-looking statements are made pursuant to the Companies Act, 2013, securities laws and all other applicable acts, statues, rules and regulations as amended from time to time. These statements are not guarantees of future performance and involve certain risks and uncertainties, which are difficult to predict. Therefore, actual future results and trends may differ materially from what was forecasted in forward-looking statements, expressed or implied.
The Company does not undertake any obligation to update or publicly release any revisions to forward-looking statements to reflect events, circumstances or changes in expectations after the date of this report.
For and on behalf of the Board of Directors
|Place: Mumbai||Mr. Johar Pal Singh||Mr. Kawarlal Ojha|
|Date: 05/09/2017||Whole timeDirector||Managing Director|
|DIN: 00113986||DIN: 07459363|