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Directors Report of Easy Fincorp Ltd.

Mar 31, 2014

Dear Members,

The Directors present the Twenty Ninth Annual Report together with Audited Accounts for the year ended 31st March 2014.

1. FINANCIAL RESULT:

(Amount in Rs.)

Year ended Year ended 31st March 2014 31st March 2013

Total Income 11,09,293 10,07,229

Profit / (Loss) before tax 8,44,208 7,66,423

Prior Year Adjustment - -

Provision for Taxation 2,06,884 1,57,547

Profit / (Loss) after tax 6,37,324 6,08,876

Profit / (Loss) brought forward (3,11,40,410) (3,17,49,287)

Profit / (Loss) Carried to Balance Sheet (3,05,03,086) (3,11,40,410)

2. DIVIDEND :

In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2014.

3. OPERATIONAL REVIEW :

The Company registered a total income of Rs.11,09,293 as compared to Rs.10,07,229/- in the previous year. The Company registered a profit after tax of Rs.6,37,324/- as compared to Rs.6,08,876/- in the previous year.

4. CORPORATE GOVERNANCE :

Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company.

5. DIRECTORS :

Shri Subhrangshu Chakrabarti resigned as director of the company w.e.f. 29/01/2014. The board places on record its appreciation for the services rendered by Shri Subhrangshu Chakrabarti during his tenure as Director.

Shri Harish Toshniwal resigned as director of the company w.e.f. 29/01/2014. The board places on record its appreciation for the services rendered by Shri Harish Toshniwal during his tenure as Director.

Shri Hemant Sajjankumar Goenka was appointed as a Director of the company w.e.f. 29/01/2014 on casual vacancy created on resignation of Shri Subhrangshu Chakrabarti as director whose period of office was liable to determination by retirement of directors by rotation. Shri Hemant Sajjankumar Goenka holds office only up to the date of the ensuing Annual General Meeting. The company has received requisite notice in writing from a member proposing his name for the office of Director.

Shri Lalit Kumar Chandalia was appointed as an Additional Director of the company w.e.f. 29/01/2014. In terms of section 161of the Companies Act, 2013, Shri Lalit Kumar Chandalia holds office only up to the date of the ensuing Annual General Meeting. The company has received requisite notice in writing from a member proposing his name for the office of Director.

6. DIRECTORS'' RESPONSIBILITY STATEMENT:

Your Directors confirm:-

i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended March,31 2014 and of the Profit of the Company for that year;

iii) that Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts on a going concern basis.

7 AUDITORS:

M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuing Annual General Meeting and have given their consent for re- appointment for 3 years from the date of this Annual General Meeting. The members will be required to appoint auditors for the next three years and fix their remuneration.

As required under the provisions of section 224 of the Companies act, 1956 the company has obtained a written confirmation from the above Auditors proposed to be re- appointed to th effect that their re- appointment, if made at the ensuing Annual General Meeting will be within the limits specified in section 224(1B) of the Companies Act, 1956

8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND

TECHNOLOGY ABSORPTION:

Since the Company is not a manufacturing Company, the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, research and development and technology absorption are not applicable. There were no foreign exchange earnings or outgo during the year under review.

9. PARTICULARS OF EMPLOYEES:

The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date.

10. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation of the support received from banks, shareholders and employees for their continued support.

For and on behalf of the Board

Sd/- Place : Mumbai Date : 28th May, 2014 Director


Mar 31, 2013

TO THE MEMBERS OF EASY FiNCORP LTD.

The Directors present the Twenty Eight Annual Report together with Audited Accounts for the year ended 31st March 2013.

1. FINANCIAL RESULT:

(Amount in Rs.)

Year ended Year ended 31st March 2013 31st March 2012

Total Income 10,07,229 13,12,527

Profit / (Loss) before tax 7,66,423 10,90,272

Prior Year Adjustment

Provision for Taxation 1,57,547 2,07,751

Profit / (Loss) after tax 6,08,877 8,82,521

Profit / (Loss) brought forward (3,17,49,287) (3,26,31,808)

Profit / (Loss) Carried to Balance Sheet (3,11,40,410) (3,17,49,287)

2. DIVIDEND :

In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2013.

3. OPERATIONAL REVIEW :

The Company registered a total income of Rs. 10,07,229 as compared to Rs.13,12,527 in the previous year. The Company registered a profit after tax of Rs.6,08,877 as compared to Rs.8,82,521 in the previous year.

4. CORPORATE GOVERNANCE :

Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company.

5. DIRECTORS :

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Manab Chaudhuri retires by rotation and being eligible, offers himself for reappointment.

6. DIRECTORS'' RESPONSIBILITY STATEMENT:

Your Directors confirm:-

i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

ii) that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended March,31 2013 and of the Profit of the Company for that year;

iii) that Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts on a going concern basis.

7 AUDITORS:

M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment. Members are requested to appoint Auditors and to fix their remuneration.

8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION:

Since the Company is not a manufacturing Company, the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, research and development and technology absorption are not applicable. There were no foreign exchange earnings or outgo during the year under review.

9. PARTICULARS OF EMPLOYEES:

The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date.

10. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation of the support received from banks, shareholders and employees for their continued support.

For and on behalfjaf the Board.

Place : Mumbai Harsih Toshniwal

Date :30th May, 2013 Director


Mar 31, 2012

TO THE MEMBERS OF EASY FINCORP LTD,

The Directors present the Twenty Seventh Annual Report together with Audited Accounts for the year ended 31st March 2012.

1. FINANCIAL RESULT:

(Amount in Rs.)

Year ended Year ended 31st March 2012 31st March 2011

Total Income 13,12,527 11,79,206

Profit / (Loss) before tax 10,90,272 10,00,413

Prior Year Adjustment - 1,794

Provision for Taxation 2,07,751 1,85,476

Profit / (Loss) after tax 8,82,521 8,13,143

Profit / (Loss) brought forward (3,26,31,808) (3,34,44,951)

Profit / (Loss) Carried to Balance Sheet (3,17,49,287) (3,26,31,808)

2. DIVIDEND:

In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2012.

3. OPERATIONAL REVIEW:

The Company registered a total income of Rs.13,12,527 as compared to Rs. 11,79,206 in the previous year. The Company registered a profit after tax of Rs.8,82,521 as compared to Rs.8,13,143 in the previous year.

4. CORPORATE GOVERNANCE :

Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company.

5. DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri S. Chakrabarti retires by rotation and being eligible, offers himself for reappointment.

6. DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors confirm:-

i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

ii) that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended March,31 2012 and of the loss of the Company for that year;

iii) that Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts on a going concern basis.

7 AUDITORS:

M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment. Members are requested to appoint Auditors and to fix their remuneration.

8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION:

Since the Company is not a manufacturing Company, the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, research and development and technology absorption are not applicable. There were no foreign exchange earnings or outgo during the year under review.

9. PARTICULARS OF EMPLOYEES:

The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date.

10. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation of the support received from banks, shareholders and employees for their continued support.

For and on behalf of the Board

Place: Mumbai Harish Toshniwal

Date : 30th May, 2012 Director


Mar 31, 2011

The Directors present the Twenty Fifth Annual Report together with Audited Accounts for the year ended 31st March 2011.

1. FINANCIAL RESULT:

(Amount in Rs.)

Year ended Year ended 31st March 2011 31st March 2010

Total Income 11,79,206 11,42,239

Profit / (Loss) before tax 10,00,413 10,38,240

Prior Year Adjustment 1,794 0

Provision for Taxation 1,85,476 1,60,408

Profit / (Loss) after tax 8,13,143 8,77,832

Profit / (Loss) brought forward (3,44,44,951) (3,43,22,783)

Profit / (Loss) Carried to Balance Sheet (3,26,31,808) (3,34,44,951)

2. DIVIDEND :

In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2011.

3. OPERATIONAL REVIEW :

The Company registered a total income of Rs. 11,79,206 as compared to Rs. 11,42,239 in the previous year. The Company registered a profit after tax of Rs.8,13,143 as compared to Rs.8,77,831 in the previous year.

4. CORPORATE GOVERNANCE :

Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company.

5. DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Harish Toshniwal retires by rotation and being eligible, offers himself for reappointment.

6. DIRECTORS' RESPONSIBILITY STATEMENT:

Your Directors confirm:-

i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

ii) that the Directors have selected such accounting policies and applied them consistently and made judgment and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company for the financial year ended March,31 2011 and of the loss of the Company for that year;

iii) that Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts on a going concern basis.

7 AUDITORS:

M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuing Annual General Meeting and are eligible for reappointment. Members are requested to appoint Auditors and to fix their remuneration.

8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT AND TECHNOLOGY ABSORPTION:

Since the Company is not a manufacturing Company, the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 relating to conservation of energy, research and development and technology absorption are not applicable. There were no foreign exchange earnings or outgo during the year under review.

9. PARTICULARS OF EMPLOYEES:

The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date.

10. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation of the support received from banks, shareholders and employees for their continued support.

For and on behalf of the Board

Sd/-

Place : Mumbai S Chakrabarti

Date : 29th August, 2011 Director


Mar 31, 2010

The Directors present the Twenty Fifth Annual Report together with Audited Accounts for the year ended 31st March 2010.

1. FINANCIAL RESULT:

(Amount in Rs.)

Year ended Year ended 31st March 2010 31st March 2009

Total Income 11,42,239 10,98,790

Profit/(Loss) before tax 10,38,239 10,05,521

Less : Fringe Benefit Tax 0 0

Prior Year Adjustment 0 0

Provision for Taxation 1,60,408 1,03,569

Profit/(Loss) after tax 8,77,831 9,01,952

Profit / (Loss) brought forward (3,43,22,783) (3,52,24,735)

Profit / (Loss) Carried to Balance Sheet (3,34,44,951) (3,43,22,783)

2. DIVIDEND:

In view of inadequate profits, your directors do not recommend any dividend for the year ended 31st March 2010.

3. OPERATIONAL REVIEW:

The Company registered a total income of Rs.11,42,239 as compared to Rs. 10,98,790 in the previous year. The Company registered a profit after tax of Rs.8,77,831 as compared to Rs.9,01,952 in the previous year.

4. CORPORATE GOVERNANCE :

Since the listed paid up equity share capital of the Company is less than Rs.3.00crores, the norms setup by the stock exchange for corporate governance is not applicable to the Company.

5. DIRECTORS:

In accordance with the provisions of the Companies Act, 1956 and the Articles of Association of the Company, Shri Manab Chaudhuri retires by rotation and being eligible, offers himself for reappointment.

6. DIRECTORS RESPONSIBILITY STATEMENT:

Your Directors confirm:-

i) that in the preparation of the Annual Accounts the applicable accounting standards have been followed alongwith proper explanation relating to material departures;

ii) that the Directors have selected such accounting policies and applied then consistently and made judgement and estimates that are reasonable and pruder so as to give a true and fair view of the state of affairs of the Company for th< financial year ended March,31 2010 and of the loss of the Company for that year;

iii) that Directors have taken proper and sufficient care for the maintenance c adequate accounting records in accordance with the provisions of Companies Acl 1956 for safeguarding the assets of the company and for preventing and detectini fraud and other irregularities;

iv) that the Directors have prepared the Annual Accounts on a going concern basis.

7 AUDITORS:

M/s. U. B. Sura & Co., Chartered Accountants of the Company retire at the ensuin< Annual General Meeting and are eligible for reappointment. Members are requestei to appoint Auditors and to fix their remuneration.

8 CONSERVATION OF ENERGY, RESEARCH AND DEVELOPMENT ANt TECHNOLOGY ABSORPTION:

Since the Company is not a manufacturing Company, the Companies (Disclosure o Particulars in the Report of Board of Directors) Rules, 1988 relating to conservatioi of energy, research and development and technology absorption are not applicable There were no foreign exchange earnings or outgo during the year under review.

9. PARTICULARS OF EMPLOYEES:

The Company does not have any employee whose particulars are required to be given under the provisions of Section 217(2A) of the Companies Act, 1956 read with Companies (particulars of Employees) Rules, 1975, as amended up to date.

10. ACKNOWLEDGEMENT:

Your Directors place on record their appreciation of the support received from banks shareholders and employees for their continued support.

For and on behalf of the Board

Sd/-

Place : Mumbai Harsih Toshniwal

Date :26th July, 2010 Director

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