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Message from the Non–Executive Chairman–Interim
The year ended March 31, 2013 has been a year of consolidation for your Company. Several difficult decisions had to be taken and implemented including rationalization of operations and headcount, cleansing of the balance sheet, etc.
I am happy to inform you that the stakeholders customers and banks in particular have responded positively to these initiatives and gradual growth of business across the non–Andhra Pradesh states has been taking place.
Your Company recognises that this confidence reposed in it by banks and the customers in the background of the developments in the sector over last two and a half years places a great deal of responsibility on your Company in fostering an orderly growth and ensuring that the customers have their requirements met on empathetic basis.
Certain key policy and legal decisions are yet to be put in place. In this regard, particular mention must be made of the Central MFI Bill which is pending before the Honourable Standing Committee on Finance. While no specific time–frame regarding the passage of the Bill is available, the direction is clear.
The overall macro–economic slowdown has not affected the opportunity that is available to your Company. If anything, it has brought into sharp relief the fact that the size of the opportunity continues to be enormous.
I have no doubt that the hard decisions taken during 2012–2013 will help your Company to sustain profitability over the course of next two years. The expected changes in the legal and regulatory structure for the sector, whenever they happen, will only help the sector and your Company to reach out in a stronger manner to their clientele.
I thank you for the trust reposed in the Management and the Board, and look forward to your continued support.
Non–Executive Chairman–Interim and Independent Director