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Management Discussion & Analysis

The detailed analysis of the operating performance of the Company for the year and the state of affairs have been included in the Management Discussion and Analysis section which forms a part of the Annual Report. The report contains forward looking statements, identified by words like ‘plans’, ‘expects’, ‘wills’, ‘anticipates’, ‘believes’, ‘intends’, ‘projects’, ‘estimates’ and so on. All statements that addresses expectations or projections about the future, but not limited to the Company’s strategy for growth, product development, market position, expenditures and financial results are forward looking statements.

Our Management accepts responsibility for the integrity and objectivity of these financial statements, as well as for the various estimates and judgments used therein. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect in a true and fair manner the form and substance of transactions, and reasonably present our state of affairs, profits and cash flows for the year. Since these are based on certain assumptions and expectations of future events, the Company cannot guarantee that these are accurate or will be realized. The Company actual results, performance, or achievements could differ from those projected in any forward looking statements. The Company assumes no responsibility to publicly amend, modify or revise any such statements on the basis of subsequent development, informations or events.


During the year the Company carried on the activities related to development of Real Estate and Investments. The company is taking up three projects in Ludhiana for development of about 15,00,000 sq.ft. of built up area.Ludhiana is a prime city of north india situated in the richest state of India i.e. Punjab. The company has also earned interest income from the funds which are temporarily invested in various financial institutions/ securities/ fixed deposits.


At present, the company is operating in the business of Real Estate, Investment activities, Fertilizer and trading in shares/commodities/Goods as separate Business Segments.
Segment-wise revenue, results and capital employed for the financial year ended 31.03.2014 and 31.03.2013 are given in Schedule note no 2.36 forming part of Annual Report.



The company promoted M/s Oswal Engineering Ltd in UAE as wholly owned subsidiary.
The company's other subsidiary namely M/s Universal Projects FZE was under the process of winding up from last year and all the formalities for winding up has been completed and now the company has wound up in the month of June, 2014.

Company ceasing to be subsidiary

M/s OGL Energy Priate Limited, Wholly Owned Subsidiary


As at March 31, 2014 Oswal Greentech Limited had one associate company as disclosed in the accounts.
The accounting of subsidiaries, associates and joint ventures hae been done in consolidated financial statements in accordance with the Relevant Accounting Standards.


The company recognizes the importance of its human capital. Being a growth oriented and progressive organization, it recognizes the importance of professionalism. The total strength of the employees stands at close 93. The human relations of employees and employers were cordial during the year.


The Company has proper and adequate internal control systems, which are commensurate with the size and nature of business. The Company has a reasonable system of internal control comprising authority levels and powers, supervision, checks and balances, policies and procedures.
OGL has an adequate system of internal to ensure that the resources of the Company are used efficiently and effectively, all assets are safeguarded and protected against loss from unauthorized use or disposition and the transactions are authorised, recorded and reported correctly, financial and other data are reliable for preparing financial information and other data and for maintaining accountability of assets. The internal control is supplemented by extensive programme of internal audits, review by management, documented policies, guidelines and procedures.
The principal aim of the system of internal control is the management of business risks, with a view to enhancing the shareholders value. It provides reasonable assurance on the internal control environment and assurance against material misstatement or loss.


The Company is exposed to specific risks that are particular to its businesses and the environment within which it operates, including inter alia, market risk, competition risk, interest rate volatility, human resource risk, execution risk and any significant downturn in the economic cycle. It is the endeavor of the management that the profitability of the Company is insulated to the extent possible from all the above risks by taking appropriate steps for mitigating the risks in a proper manner.


Relative absence of large number of organized players in the Real Estate business segment provides an excellent opportunity to become a leading player in this industry. The management has extensive experience in setting up large industrial projects in a timely manner and this experience can be leveraged to build a strong and sizable presence in the real estate business.


The Board takes responsibility for the total process of risk management in the organization. The Company follows well- established and detailed risk assessment and minimization procedures, which are periodically reviewed by the Board.
The Company takes a very structured approach to the identification and quantification of each risk and has a comprehensive board approved risk management policy.
The scope of the Audit Committee includes review of the Company's financial and risk management policies. The Audit Committee reviews the Audit reports covering operational, financial and other business risk areas.
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