MANAGEMENT DISCUSSION & ANALYSIS: REVIEW OF OPERATIONS: During the year the other income of your company stood at Rs. 103.11 Lakhs compared to Rs.82.67 Lakhs against the brvious year. The increase is due to receipts of Dividends from Investments & Mutual funds. Further there is substantial reduction in the expenditure side due to strict austerity measures being followed & there was no financial cost during the year. All our proceeds are kept to the tune of Rs.4.46 Crores as Fixed Deposits with our banker. Your company is happy to inform you that due to Constant review follow ups the company has been complying with Asset / Income pattern norms fixed by RBI for NBFC companies in the current year also in view of the fact that our surrendering of NBFC is yet to be cleared by RBI. Hence its profit has increased from Rs.22.51 Lakhs to Rs.36.98 Lakhs. WEBSITE: Performance particulars of the Company can be ascertained by the share holders / public from website, www.afslindia.com FUTURE PROSPECTS: While our Directors have carefully considered that financial market condition, it thought fit to demerger the company & necessary steps are being taken to protect the shareholders interests. Your Directors are glad to inform you that necessary permission has been obtained from BSE and all other legal formalities will be completed soon. ECONOMY MEASURES: The Company has put into effect economy measures consistently with the need to continue the operations on a moderate scale with efficiency and promptness. RISKS AND CONCERNS: Your Company is exposed to normal finance risk factor such as Interest rate volatility, economic cycle and credit risk. Your Company manages these risks by adopting prudent business and risk management policies. ADEQUACY OF INTERNAL CONTROL: Your Company has got adequate system of internal controls and the management ensures adherence to all internal control practices and procedures. The Audit Committee critically reviews periodically the adequacy of internal controls and suggests control measures for further improvement / transparency. FIXED DEPOSITS: The Company does not hold any deposits from the public or others as at 31 March, 2015 and hence, the company does not have any unpaid deposit or interest. DIRECTORS: Mr. Teck Chand Hoondamal Vaswani & Mr. J. Viswanathan have expired on 01/01/2015 and & 08/12/2014 respectively. Mrs. Muthulakshmi Ganesh, was appointed as an Additional Director with effect from 30th March 2015 on the Board of the Company. Mr.P.Sankaran Directors retiring by rotation, being eligible have offered himself for reappointment. At the Board Meeting held on 27/05/2015, Mr.P.Sankaran, Executive Director has been re-appointed for a period of one year with effect from 19/06/2015 on the terms and conditions as detailed in the Special business/ordinary resolution placed for shareholder's approval. |