We take pleasure in reaching and sharing thoughts on performance and prospects of thecompany with you through this annual report for the financial year 2016-17.
The Financial Year 2016-17 was a year of Global events like Brexit & US Electionscoupled with domestic event like GST and demonetisation which obviously more or lessimpacted our economy still the economy grows at the rate of around 7.00% which shows thepotential of the Indian Economy. The present government has taken a lot of measurestowards improving the business sentiments and removing the hurdles in the economic growthlikes Startup India Standup India and Digital India in addition to its focus on Make inIndia and Ease of Doing Business. The Reserve Bank of India (RBI) has cut the benchmarkrepo rate by 25 bps in April 2016 coupled with other measures to improve the liquidity inthe economy. The banking system will benefit from a higher level of deposits due todemonetisation. Thus market interest ratesdeposits lending and yields ong-secsshould be lower in 2017-18 than 2016-17. These initiatives are expected toprovide impetus to the Indian economy and improvement in the economy will also providesupport to the Non-Banking & Financial Services industry especially to the NBFC's. Ibelieve there are several reasons to be optimistic. The economy today is much better thanwhat it was few years ago. The F.Y. 2017-18 is going to be a year of contrastingperformance with the first half being more challenging driven by domestic and globalevents and the second half seeing a sharp recovery. The GDP growth is expected to furtheraccelerate to 7.5% in FY2017-18 and 7.8% in FY2018-19 which is the positive sign forrising Economy.
The Economic Survey describes the GST as "a bold new experiment in the governanceof India's cooperative federalism" that could push India's GDP growth to between 8%and 10%. The GST will "create a common Indian market improve tax compliance andgovernance and boost investment and growth."
The turnover of the company shows a negative growth of 13.65% as compared to lastyear's 50.25% and the company has incurred net loss of Rs. 1014732/- as compared to lastyear's profit after tax of Rs. 2061134/-. I would request you to please go through theManagement Discussion and Analysis Report for better understanding of the company'soperations.
I extend my sincere appreciation to my colleagues on the Board for their wise andmatured counsel for the smooth functioning of the Company. I would like to express myprofound gratitude to all our stakeholders our customers business associates employeesbankers vendors and shareholders who have reposed their trust in us and given us constantsupport.
|With Best Wishes |
|Sanjeev Mittal |