We are pleased to present the 24th Annual Report of Dhanuka Commercial Limited the"Company" on the activity and business update we will overcome the challenges& emerge triumphant once again in the very near future. I thank you for your esteemedpresence continued trust and unwavering support extended to the Company all these years.
Before coming to the Company performance I would like to dwell on the developments inthe Indian economy and the finance sector during the financial year 2017-18.
Investment slowdowns have a pronounced effect on GDP while the relationship betweensaving rate trends and GDP was unclear. The Survey thus argued for "urgentprioritisation of investment revival to arrest more lasting growth impacts". TheSurvey acknowledged the government's response to this slowdown in the form of an increasein public investment since 2015-16 and policies targeted to resolve the twin balance-sheet(TBS) challenge.
In order to attain the resolvement of TBS challenge Ministry of Corporate Affairsexercise of Weeding Out Shell Companies was driven which is the challenging step taken bythe Government with a view that it would not only help in checking the menace of blackmoney but would also promote ease of doing business & enhancing investors' confidencein the country. It has been decided that in case the Director or authorized signatory ofany "struck off" Company tries to unauthorizedly siphon-off money from its bankaccount he/she may attract severe recursions from the authorities.
Later on the similar drive was taken up by Financial Investigation Unit - INDIA andReserve Bank of India wherein the NBFC's were challenged. They have come up with the listof 9500 NBFC who are not in the compliance with the prudential norms of Prevention ofMoney Laundering Act / Alternate Money Laundering policies. You all would be glad to knowthat your Company is well compliant of all these prudential norms and moreover thetrainings were also departed to the employees of the Company in order to spread awarenesson the Prevention of Money Laundering policies.
Also the NBFCs catering especially to corporate sector and investing in the capitalmarket were badly affected due to increase in NPAs slowdown in credit off take andCapital Market fluctuations whereas NBFCs financing the retail loans or mix of Corporateand retail loans showed a bit growth in their performance.
This brings me to this year's financial results. The financial year 2017-18 happens tobe a tough year. We able to maintain our position with respect to the gross revenue fromoperations ended at INR 1.27 Cr. an increase of 35% from the previous year. The Companyhas incurred net loss of Rs. 24.35 Lakh as compared to last year's loss after tax of Rs.10.15 Lakh which is affirmation that we are in the tough times and we shall overcome thistime with all the efforts being made by your Company to further strengthen itsoperational financial performance with the developing strategies while working in thecapital markets.
We continue to retain our customers and at the same time having new associations and wefeel honored and very humbled for these as they reflect the ongoing trust of ourcustomers to whom we dedicate our daily work. Lastly I would like to express ourgratitude to all our stakeholders to our customers regulatory authorities for theircontinued trust and patronage to our employees and teams who work with passion and focusto support our customers.
Finally on behalf of all of us at DCL we thank you for being a partner on our journeyinto the future. We believe this is the beginning of a journey and "miles to gobefore I Sleep"
Chairman (ED & CFO)