I am pleased to share with you the performance of your Company and present the AnnualReport for the financial year 2015-16.The world is moving through a sustained period ofeconomic uncertainty and turbulence. However Our Country despite of adverse globalconditions is moving in the right direction through Favorable macroeconomic parameters andcommendable government initiatives. Today the reports of various international Agenciesand World Bank suggest that our Country is one of the fastest growing Economies of theWorld. In this era there seems amazing opportunities for your Company. Despite continuingglobal headwinds India's GDP has touched 7.6% growth in 2015-16 making it one of thefastest growing economies in the world. India's financial services industry is expandingat a rapid pace driven by the government's pro-sector measures
Initiatives taken by the Government have given significant impetus to the financesector that includes commercial banks insurance companies non-banking financialcompanies mutual funds etc. We believe that the MSME sector in India requires easy accessto capital to achieve its objectives and we as a company can be an important partner inthis journey. While The Traditional banking channels have increased their focus on smalllending parties Our Company can serve the start-up parties and entrepreneurs in a verysmooth manner with their flexibility rapid decision making and different creditassessment procedure.
Various Schemes such as Atal Pension Yojna Mudra Yojna the new bankruptcy law goldmonetization scheme all contributing to the finance sector's growth. The Reserve Bank ofIndia (RBI) has in addition to this issued in-principle approvals for setting up ten smallfinance banks and eleven payment banks. These initiatives are likely to speed up theprocess of financial inclusion opening new avenues of funding for micro small and mediumenterprises (MSMEs). This in turn is expected to open new business opportunities forNBFCs. Your Company would surely drive itself in utilizing all these aspects of growth.
As we move into the future our primary focus will be on growth and expansion. We willbroaden our product offerings geographically by extending our areas of operations. And atthe same time we will foray into new business lines such as cheaper housing finance andthird-party asset management. Lastly I would like to believe that we have turned up to theexpectations of our stakeholders including the community in which we operate and thesociety at large. I would like to thank our shareholders for their immense support as wedrive towards making your Company in to a leading financial organization in India. AsIndia continues to take its place as perhaps the most fastest growing economy in theworld we are also determined to grow in tandem with the country for the benefit of allthe stakeholders of Neil Industries Limited.
With warm regards
(Arvind Kumar Mittal)