Message from the Non
The year ended March 31, 2013 has been a year of consolidation for your Company.Several difficult decisions had to be taken and implemented including rationalization ofoperations and headcount, cleansing of the balance sheet, etc.
I am happy to inform you that the stakeholders customers and banks in particular have responded positively to these initiatives and gradual growth of businessacross the non-Andhra Pradesh states has been taking place.
Your Company recognises that this confidence reposed in it by banks and the customersin the background of the developments in the sector over last two and a half years placesa great deal of responsibility on your Company in fostering an orderly growth and ensuringthat the customers have their requirements met on empathetic basis.
Certain key policy and legal decisions are yet to be put in place. In this regard,particular mention must be made of the Central MFI Bill which is pending before theHonourable Standing Committee on Finance. While no specific time-frame regarding thepassage of the Bill is available, the direction is clear.
The overall macro-economic slowdown has not affected the opportunity that is availableto your Company. If anything, it has brought into sharp relief the fact that the size ofthe opportunity continues to be enormous.
I have no doubt that the hard decisions taken during 2012-2013 will help your Companyto sustain profitability over the course of next two years. The expected changes in thelegal and regulatory structure for the sector, whenever they happen, will only help thesector and your Company to reach out in a stronger manner to their clientele.
I thank you for the trust reposed in the Management and the Board, and look forward toyour continued support.
Non-Executive Chairman-Interim and Independent Director