GLOBAL ECONOMIC OUTLOOK:
As we know that the current situation is a developing mixed economy. The coronavirus
pandemic is affecting millions and it is imperative to understand the unprecedented
shockwave it has created shattering social structures and disrupting economies and
markets, with the ripples felt by almost every individual, business and nation.
The Covid-19 outbreak in India has severely impacted the economy in myriad ways, with
the lockdown halting the entire nation. It came at a time when the Indian economy was
already slowing due to weaknesses in the financial sector and falling consumer demand for
goods. Sectors already suffering, including logistics, aviation, transport, and tourism,
are struggling to absorb the impact on the economy of the coronavirus pandemic
Efforts by the Indian government to flatten the virus curve through stringent lockdown
measures will result in a steep economic contraction. In its April 2020 policy review, the
Reserve Bank of India, warned: "The macroeconomic and financial landscape has
deteriorated, precipitously in some areas."
In India, where weakness in credit from non-bank financial companies is expected to
linger, growth is projected to slow to five per cent in fiscal year 2019- 20, and recover
to 5.8 per cent the following fiscal year. The, activity was constrained by insufficient
credit availability, as well as by subdued private consumption. The Indian Economy is
expected to contract by 45 during 2020-2021the current financial year. GDP slowed to 3.15
in the last quarter. While we see a higher outlook for the region in 2021, this is mainly
due to weak numbers this year, and this will not be a V shaped recovery. Government should
undertake policy measures to reduce the negative impact of COVID 19 and ensure that no
further waves of outbreak occur.
INDUSTRY STRUCTURE AND DEVELOPMENT
Commodity Business
Gold and other metals can be accessed in number of ways including traditional physical
holdings, futures contracts, D-mat forms, ETFs and through correlated markets such as
mining stocks. Each mode of holdings has its own advantages and disadvantages but with so
many options available, investors of all types should be able to find a product to match
their temperament. Trading in commodities futures has a long history. However, organized
trading on an exchange started in 1848 with the establishment of the Chicago Board of
Trade (CBOT). The first milestone in the 150 years rich history of organized trading in
commodities in India was the constitution of the Bombay Cotton Trade Association in the
year 1875. India had a vibrant futures market in commodities till it was discontinued in
the mid 1960s, due to war, natural calamities and the consequent shortages.
IT Service
Traditionally, IT firms have been the main buyers of servers in the country, to be used
for hosting applications they build and test for global clients. Many of them also
maintain these applications for their clients. However, a shift towards renting software
on the cloud by clients has led these firms to reduce investment in servers.
Server sales in India declined for the first time due to weak demand from IT services
firms, whose clients are increasingly renting space on the cloud to host applications
instead of setting up their own infrastructure. Due to the impact of the Covid-19
pandemic, growth in indias domestic software is expected to drop to 4.1 per cent in 2020,
as compared to 2019 growth rate of 16.7 per cent
OPPORTUNITIES AND THREATS:
Some of the key trends of the industry that are favorable to the company to exploit
these emerging opportunities are:
Clients are more comfortable with uniform high quality and quick service and process
across the enterprise. There are good prospects for expanding further activities in this
direction.
Some of the key changes in the industry unfavorable to the company are:
Heightened competition Increasing Compliances
Attraction and retention of human capital. Regulatory changes
RISK & CONCERNS
In line with the regulatory requirements, the Company has framed a Risk Management
Policy to identify and access the key business risk areas and a risk mitigation process. A
detailed exercise is being carried out at regular intervals to identify, evaluate, manage
and monitor all business risks. The Board periodically reviews the risks and suggests
steps to be taken to control and mitigate the same through a properly defined framework.
In todays complex business environment, almost every business decision requires
executives and managers to balance risk and reward. Effective risk management is therefore
critical to an organizations success. Globalization with increasing integration of
markets, newer and more complex products and transactions and an increasingly stringent
regulatory framework has exposed organizations to and integrated approach to risk
management. Timely and effective risk management is of prime importance to our continued
success. The sustainability of the business is derived from the following:
Identification of the diverse risks faced by the company.
The evolution of appropriate systems and processes to measure and monitor them. Risk
Management through appropriate mitigation strategies within the policy framework.
Monitoring the progress of the implementation of such strategies and subjecting them to
periodical audit and review. Reporting these risk mitigation results to the appropriate
managerial levels. There is the risk of loss from inadequate or failed systems, processes
or procedures. These may be attributed to human failure or technical problems given the
increase use of technology and staff turnover. Your company has in place suitable
mechanisms to effectively reduce such risks. All these risks are continuously analyzed and
reviewed at various levels of management through an effective information system.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY
Internal control systems are embedded in the processes across all functions in the
Company. These systems are being regularly reviewed and wherever necessary are modified or
redesigned to ensure better efficiency and effectiveness. The systems are subjected to
supervision by the Board of Directors and the Audit Committee, duly supported by Corporate
Governance. Company complies with all Applicable statutes, policies, procedures, listing
requirements and management guidelines. It adheres to applicable accounting standards and
polices.
HUMAN RESOURCES
Your Company treats its human resources as its important asset and believes in its
contribution to the all round growth of your Company. Your Company takes steps, from time
to time, to upgrade and enhance the quality of this asset and strives to maintain it in
agile and responsive form. Your Company is an equal opportunity employer and practices
fair employment policies. Your Company is confident that its Human Capital will
effectively contribute to the long term value enhancement of the organization. Your
Directors further state that during the year under review, there were no cases filed
pursuant to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
Company has taken measures to prevent transmission of COVID-19 that apply to all
workplaces and all people at the workplace include frequent hand-washing or disinfection,
hand sanitizer, respiratory hygiene, physical distancing of at least 1 metre or more
according to the national recommendations, wearing of masks where distancing is not
possible, regular environmental cleaning and disinfections, and limiting unnecessary
travel.
SEGMENT-WISE PERFORMANCE
The Company operates in two reportable segments i.e. Commodity Business and Finance
Business. The Business Segments has been identified as separate segment in accordance with
Accounting Standard 17 ‘Segment Reporting.
SUBSIDIARY COMPANY
As there are no subsidiaries of the Company, Investment made in Subsidiaries is NIL.
CAUTIONARY STATEMENT
This report contains forward-looking statements based on certain assumptions and
expectations of future events. Actual performance, results or achievements may differ from
those expressed or implied in any such forward-looking statements. The Company assumes no
responsibility to publicly amend, modify or revise any forward looking.
| BY ORDER OF THE BOARD |
|
| For Terrascope Ventures Limited |
|
| (Formerly Known as Moryo Industries Limited) |
|
| Sd/- |
Sd/ |
| Byju C Nair |
PallaviGirkar |
| (Whole Time Director) |
(Director) |
| DIN: 06919679 |
DIN: 07456394 |
AUDITORS CERTIFICATE ON CORPORATE GOVERNANCE
(In terms of Regulation 34(3) and Schedule V (E) of SEBI (LODR) Regulations, 2015) To,
The Members of Terrascope Ventures Limited, (Formerly as Moryo Industries Limited),
We have examined the compliance of the conditions of Corporate Governance by Terrascope
Ventures Limited formerly known as Moryo Industries Limited ("the Company") for
the year ended 31st March, 2020 as stipulated in Regulations 17 to 27,clauses (b) to (i)
of regulation 46(2) and paragraphs C and D of Schedule V of the Securities and Exchange
Board of India (Listing Obligations and Disclosure Requirements) Regulations,
2015(‘SEBI Listing Regulations).
Managements Responsibility
The compliance of conditions of Corporate Governance is the responsibility of the
management of the Company. This responsibility includes the design, implementation and
maintenance of internal control and procedures to ensure the compliance with the
conditions of the Corporate Governance as stipulated in the SEBI Listing Regulations.
Auditors Responsibility
Our responsibility is limited to examining the procedures and implementation thereof,
adopted by the Company for ensuring compliance with the conditions of the Corporate
Governance It is neither an audit nor an expression of opinion on the financial statements
of the Company.
We have examined the books of account and other relevant records and documents
maintained by the Company for the purposes of providing reasonable assurance on the
compliance with Corporate Governance requirements by the Company.
We have carried out an examination of the relevant records of the Company in accordance
with the Guidance Note on Certification of Corporate Governance issued by the Institute of
the Chartered Accountants of India (the ICAI), the Standards on Auditing specified under
section 143(10) of the Companies Act 2013, in so far as applicable for the purpose of this
certificate and as per the Guidance Note on Report or Certificates for Special Purposes
issued by the ICAI which requires that we comply with the ethical requirements of the Code
of Ethics issued by the ICAI.
We have complied with the relevant applicable requirements of the Standard on Quality
Control(SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical
Financial Information, and Other Assurance and Related Services Engagements.
Opinion
Based on our examination of the relevant records and according to the information and
explanations provided to us and the representations provided by the Management, we certify
that the Company has complied with the conditions of Corporate Governance as stipulated in
regulations 17 to 27 and clauses (b) to (i) of regulation 46(2) and para C and D of
Schedule V of the SEBI Listing Regulations during the year ended 31st March, 2020.
We state that such compliance is neither an assurance as to the future viability of the
Company nor the efficiency or effectiveness with which the Management has conducted the
affairs of the company.
Restriction on Use
This certificate is issued solely for the purpose of complying with the aforesaid
regulations. Our Certificate should not to be used for any other purpose or by any person
other than the addressees of this Certificate. Accordingly, we do not accept or assume any
liability or duty of care for any other purpose or to any other person to whom this
Certificate is shown or into whose hands it may come without our prior consent in writing.
CEO/CFO CERTIFICATE
[Regulation 17(8) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015]
To
The Members of
Terrascope Ventures Limited Formerly as Moryo Industries Limited
A. I Shyam Singh have reviewed financial statements and the cash flow statement for the
year and that to the best of our knowledge and belief:
These statements do not contain any materially untrue statement or omit any material
fact or contain statements that might be misleading;
These statements together present a true and fair view of the Companys affairs and are
in compliance with existing accounting standards, applicable laws and regulations.
B. There are, to the best of our knowledge and belief, no transactions entered into by
the Company during the year which are fraudulent, illegal or violative of the Companys
code of conduct.
C. We accept responsibility for establishing and maintaining internal controls for
financial reporting and that we have evaluated the effectiveness of internal control
systems of the Company pertaining to financial reporting and we have disclosed to the
auditors and the audit committee, deficiencies in the design or operation of such internal
controls, if any, of which we are aware and the steps we have taken or propose to take to
rectify these deficiencies. D. We have indicated to the Auditors and the Audit committee
that there is no:
Significant changes in internal control over financial reporting during the year;
Significant changes in accounting policies during the year and that the same have been
disclosed in the notes to the financial statements; and Instances of significant fraud of
which we have become aware and the involvement therein; if any, of the management or an
employee having a significant role in the Companys internal control system over financial
reporting.
| ForTerrascope Ventures Limited |
| (Formerly as Moryo Industries Limited) |
| Sd/- |
| Shyamsingh R Singh |
| Executive Director & CFO |
| (DIN: 07858877) |
| Place: Mumbai |
| Date: 30/08/2020 |
+91-9892691696
