About The Company
Cindrella Financial Services Limited is a listed entity and conducts business as a NBFC deriving its revenues mainly from interest earned on long term loans and consultancy services rendered to various entities.
FINANCIAL PERFORMANCE REVIEW
The Company’s total income increased to Rs. 4.14 lakhs as compared to Rs. 4.05 lakhs of the previous year. Profit after tax PAT is lower at Rs 0.12 lakhs for the current year as compared to Rs. 1.18 lakhs in the previous year.
RISKS AND CONCERNS:
The change in economic policies of the government and new trend of consolidation in the financial services sector may adversely affect the performance of your company.
The Company is exposed to risks from stock market fluctuations.
INTERNAL CONTROL SYSTEMS AND ADEQUACY :
The Company has proper internal controls systems and its adequacy has been reported by its auditors in their report.
The company’s internal control systems are commensurate with the nature of its business and the operations. Systems have been put in place to ensure that all the assets of the Company are safeguarded and protected against any loss and that all the transactions are properly authorized, recorded and reported. The Company has an internal audit function, which is empowered to examine the adequacy and compliance with policies, plans and statutory requirements. The internal audit reports are placed before the Audit committee for consideration. The Board duly considers and takes appropriate action on the recommen- dations made by the statutory auditors, internal auditors and the independent Audit Commit- tee of the Board of Directors.
DEVELOPMENTS IN HUMAN RESOURCES AND INDUSTRIAL RELATIONS :
The Company does not have any permanent employees therefore is not affected by matters relating to human resources and industrial relations.
SEGMENT-WISE PERFORMANCE: This is not applicable in the area of operations of your company.
The NBFC business has grown in importance significantly in the financial services sector over the years. The last year has seen a number of reforms from the RBI and other financial regulators which could be of benefit to NBFCs including the recent notification of RBI with respect to private placement of NCDs which allows the NBFCs to raise funds through unsecured NCDs. Your company is looking for new opportunities so that it can improve its performance. Your Company continues to concentrate mainly on its core non- banking financial activities. The positive that may be derived from the year under review is that your Company has not faced the problem of rising non-performing loans that most NBFCs have had to face.
Statements in the Management Discussion and Analysis describing the company’s objec- tives, projections, estimates and expectations may be ‘forward looking statements’ within the meaning applicable under the securities laws and regulations. As ‘forward looking statements’ are based on certain assumptions and expectations of future events over which the company exercises no control, the company cannot guarantee their accuracy nor can it warrant that the same will be realized by the company. Actual results could differ materially from those expressed or implied. Significant factors that could make a difference to the company’s operations include domestic and international economic conditions affect- ing the banking industry, changes in interest rates, government regulations, tax regimes and other statutes.
For & behalf of Board
(Smt. Sangita Devi Baid) Chairman
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