It gives me immense pleasure to share with you the Financial Results of the Company forthe financial year 2018-2019. This year was undoubtedly upside-down not only for IndianEconomy but also for the world at large. According to the reports provided byInternational Monetary Fund (IMF) India's growth rate tends to revolve around 7 percent inFinancial Year 2018- 2019 due to subdued domestic demand. The current year growth rate ofthe NBFCs are not likely to grow as compared to the previous growth rate due to slowdownin credit to various loans facilities provided by the NBFCs to SMEs and commercialvehicles.
The backbone of a successful lending model lies in the direct sourcing of loans throughits strong loan origination strategy superior credit underwriting skills and a robustrisk management and collection mechanism. These three strong pillars uphold the pile ofour victories. With a great year behind us we're hoping for an even better one aheadwhere we will continue to work hard for our shareholders and be constructive partners toour clients all the while aiming to support the government's mission of inclusion byproviding essential financial services to those who need it the most.
NBFCs have carved niche business areas for them within the financial sector space andare also popular for providing customized products. It brings the much needed diversity tothe financial sector. It also plays an important role to promote financial inclusionagenda of the government by catering to the financial needs of people belonging to weakersections of the society.
I would like to thank all my stakeholders for their dedication innovation and hardwork. By creating new benchmarks in the business we operate in our company is deliveringon our mission to generate sustainable value for our stakeholders and India. These effortsalso help us to deliver inclusive growth and make life better for everyone.
I would like to place on record my sincere appreciation to the Board of Directors fortheir guidance. I would like to express my gratitude to all our stakeholders for theircontinuing faith in Neil Industries Limited.
I solicit your continued cooperation.
|With warm regards |
|Yours sincerely |
|(Arvind Kumar Mittal) |
|Managing Director |
|DIN: 02010445 |