Today's Top Gainer
Note:Top Gainer - Nifty 50 More
1. Industry structure and development
Global economic growth continued to be slow. Falling global demand and slow down across developed and emerging market economics remained key concern. However, Indias economic indicator remained favourable.
The financial statements have been prepared in compliance with requirement of Companies Act and guidelines issued by SEBI.
Despite uncertainties in global economic Indias macro economic indicators remained favourable.
This was due to fiscal consolidation, narrowing current account deficit, lower inflation, falling interest rate, forex reserves etc. The companys activities will have major emphasis on Investment Banking that will include Equity Capital Market, advisory services relating to fund raising etc. and dealing in shares and securities.
4. Opportunities and Threats
There are and always will be challenges, from outside & within. The company aims to address risk, opportunities & threats posed by its business environment strategically. The improved economic & investing activity may result in emergence of many opportunities, but these will have to be carefully evaluated in the long term interest of the company and its Shareholders.
5. Segment wise Reporting
During the year under review Company had only one segment viz Finance.
6. Risk & Concerns:
Your company is in continues process of cost control and is taking cost reduction measures. We take all necessary steps to identify measures & manage risk effectively. The Reserve Bank of India, in exercise of powers conferred on it under Section 45-IA (6) of the Reserve Bank of India Act, 1934, has cancelled the Certificate of Registration bearing number 13.00442 on August 02, 2018 due to non compliance with the minimum Net Owned Funds requirement as per RBI rules and regulations. That being aggrieved by the cancellation of Registration Certificate, the Company has filed an appeal an appeal before the Department of Financial Services, Ministry of Finance, being an appellate authority on NBFCs, And that now the matter is pending before the Appellate Authority.
7. Internal Control System:
The company maintains an adequate and effective internal control & risk mitigation system commensurate with its size & nature of Business. The observations of the audit committee, which met four times during the year were taken into consideration.
8. Financial Performance:
The total income from operation decreased to Rs. 7,83,899 from Rs. 9,43,055 in the last year and the company incurred a profit of Rs. 28,725, as against loss of Rs. 8,42,722 in the last year.
9. Human resources management:
Relation with the employees continued to remain cordial during the year. Training is imparted as per the requirement of the job.
10. Cautionary statement:
Statement in the Management Discussion and Analysis and Statement forming part of Directors
Report may contain forward looking & progressive statements within the meaning of applicable security laws & regulations. Actual results may vary from those expressed or implied depending upon economic condition, Government policies & other incidental factors.
|For and on behalf of the Board|
|Shreyash Chaturvedi||Manish Chaturvedi|
|Place : Mumbai|
|Date : May 30, 2019|