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Directors Report of Geefcee Finance Ltd.

Mar 31, 2015

Dear Members,

The directors have pleasure in presenting the TWENTY FIFTH ANNUAL REPORT together with the Audited statement of accounts for the year ended 31st March, 2015.

FINANCIAL PERFORMANCE

The summarized Financial results of your Company are given in the table below.

(Figures in Rupees)

Particulars Financial Year ended

31/03/2015 31/03/2014

Total Income 6,07,510 5.79,698

Profit/)loss) before Interest, Depreciation & Tax (EBITDA) 17.830 11.701

Finance Charges 149 260

Depreciation NIL NIL

Provision for Income Tax 5,510 3,686

Net Profit/(Loss) After Tax 12,320 8,015

Profit/fLoss) brought forward from 7,13,64,434 7,13,56,434 previous year

Profit/!Loss) carried to Balance Sheet 7,13.76,769 7,13,64,449

SUMMARY OF OPERATIONS

Net profits increased marginally during the year. Your directors are hopeful that the business will improve in the coming years. Your directors are trying their best and are continuously looking for opportunities to boost the business and profitability for the company.

CHANGE THE NATURE BUSINESS

There is no change in the nature of business of the company during the year under review.

CHANGES IN SNARE CAPITAL

Your company did not issue any shares during the year under review

DIVIDEND

Your directors do not recommend dividends for the current year.

DEPOSITS

During the year under report, the Company has not accepted any deposits from public in terms of Section 58A and/or 58AA of the Companies Act, 1956 and Chapter V of Companies Act, 2013. hence, there is no overdue deposit as on 31st March, 2015.

STATUTORY AUDITORS AND THEIR REPORT

The Auditors M/s Singla & Associates, Chartered Accountants, were appointed w'ith your approval at the 24th AGM to hold such office till the conclusion of the 27th AGM. The Board, in terms of Section 139 of the Act, on the recommendation of the Audit Committtee, ahs recommended for the ratification of the Members the appointment of M/s Singla & Associates, from the conclusion of the ensuing AGM till the conclusion of the 27lh AGM.

The Board, in terms of Section 142 OF the Act. on the recommendation of the Audit Committee, has also recommended for the approval of the Members the remuneration of M/s Singla & Associates, for the Financial Year 201 5-16.

There are no observations (including any qualification, reservation, adverse remark or disclaimer) of the Auditors in their Audit Report that may call for any explanation from the Directors. Further, the notes to accounts referred to in the Auditors' Report are self-explanatory.

SECRETARIAL AUDITORS'

Your Board, during the year, appointed M/s Tanveer llahi. Company Secretary, to conduct secretarial audit of the Company for the financial year ended 31st March, 2015. The Report of M/s Tanveer llahi Company Secretaries in terms of Section 204 of the Act. is provided in Annexure I forming part of this Report.

DIRECTORS RESPONSIBILITY 'S STATAEMENT

Pursuant to the requirement clause (c) of sub-section (3) of Section 134 of the Companies Act. 2013. your Directors confirm that:

(a) in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(b) the directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period:

(c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(d) the directors had prepared the annual accounts on a going concern basis; and

(e) the directors, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

(1) the directors had .devised proper systems to ensure compliance with the provisions of all applicable laws and that sue it systems were adequate and operating effectively.

PARTICULARS EMPLOYEES

The Company has no employee during the year in respect of which the statement pursuant to section 197 of the Companies Act. 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is required to be annexed.

INTERNAL FINANCIAL CONTROLS

A strong internal control culture is pervasive in the company. The company has documented a robust and comprehensive internal control system for the major processes to ensure reliability of financial reporting, timely feedback on achievement of operational and strategic goals, compliance with policies, procedures, laws and regulations, safeguarding of assets and economical and efficient use of resources. The formalized system of control facilitate effective compliance as per Clause 49 of the Listing Agreement

The internal Audit department continuously monitors the efficacy of internal controls with the objective of providing to the Audit Committee and the Board of Directors, an independent, objective and reasonable assurance on the adequacy and effectiveness of the organization's risk management, control and governance processes. The internal financial controls with reference to the Financial Statements are commensurate with the size and nature of business of the Company.

The scope and authority of the Internal Audit activity are approved by the Audit Committee. During the year Audit Committee met regularly to review reports submitted by Internal Audit department. All significant audit observations and follow up actions thereon were reported to Audit Committee. The Audit Committee also met the company's Statutory Auditors to ascertain their views on the financial statements, including the financial reporting systems, compliance to accounting policies and procedures, the adequacy and effectiveness of the internal controls and systems followed by the company.

RISK MANAGEMENT POLICY

In terms of the requirement of the Act. the Company has developed and implemented the Risk Management Policy and the Audit Committee of the Board reviews the same periodically.

DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION. FOREIGN EXCHANGE EARNINGS AND OUTGO

(a) Conservation of energy

(i) the steps taken or impact on Not applicable conservation of energy

(ii) the steps taken by the company for utilizing alternate sources of energy Not applicable

(in) the capital investment on energy conservation equipments Not applicable

(b) Technology absorption

(i) the efforts made towards technology absorption Not applicable

(ii) the benefits derived like product improvement, cost reduction. product development or import Not applicable substitution

(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)-

(a) the details of technology imported Not applicable

(b) the year of import; Not applicable

(c) whether the technology been fully absorbed Not applicable

(d) if not hilly absorbed, areas where absorption has Not applicable not taken place, and the reasons thereof

iv) the expenditure incurred on Research and Development Not applicable

(c) Foreign exchage earnings and Outgo

During the year, the tota foreign exchage earned in terms of actual infolows was nill during the year and the foreign exchange outgo during the year was nil in terms of actual outflows.

CORPORATE GOVERNANCE REPORT

Your company is committed .TO the tenets of good Corporate Governance and has token adequate steps to ensure that the requirements of Corporate Governance as laid down in C lause 49 of the Listing Agreement are complied with.

A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report ot the Company is annexed as Annexure 2

The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and then Certificate is annexed to the Report on Corporate Governance as Annexure 3.

CORPORATE SOCIAL RESPONSIBILITIES (CSR)

Your Company has not made any Contribution under CSR policy as make the contribution pursuant to the provisions of section 135 and schedule V11 ot tl Companies Act, 2013

VIGIL MECHANISM

free fraud and corruption free work has been core to the company In view of the potential risk of fraud and corruption due to rapid growth and geographical spread of operations, the company has put an even greater emphasis to address the risk. To meet this objective, a comprehensive fraud risk management policy akin to vigil mechanism or the whistle blower policy has been laid down.

LOAN GUARANTEES OR INVESTMENT UNDER SECTION 186

The company has not made any investment through not more than two layers of investment Companies.

During the year under review, the Company has not give any loan, give any guarantee or provide any security in connection with loan to any body corporate or any person.

RELATED PARTY TRANSACTIONS COMPLIANCE WITH

All the related party transactions are entered Agreement There are no Materially the applicable provisions of the Act and the Listing with Promoters, Directors and may have the potential conflict with the interest of the company at large.

The details of the transactions with Related Party arc provided in the accompanying financial statements.

DETAILS OF SUNSIDAIARY/ JOINT VENTURE /ASSOCIATE COMPANIES

There are no companies which hasve become or ceased to be subsidiary/ joint venture and /or Associate Companies of the Company.

SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORS, COURTS AND/ OR TRIBUNAL

There is/ was no order passed by Regulators. Courts and/or Tribunal which may impacting the going concern status and Company s OperatIons in future.

EXTRACT OF ANNUAL RETURN

Extract of the Annual Returin of the Company is annexed as Annexure 4 to this Report.

INFORMATION REQUIRED UNDER CLAUSE 49 OF THE LISTING AGREEMENT WITH RESPECT TO THE DIRECTOR RETIRING BY ROTATION AND SEEKING REAPPOINTMENT / DIRECTOR SOUGHT TO BE APPOINTED IS AS UNDER:

Particulars Mr. Yogesh Kumar Mrs Usha Rani

Date of birth 25/04/1978 18/03/1879

Nationality India India

Date of Appointment on the 30/09/2010 31/03/2015 Board

Qualifications Graduate Graduate

Expertise in specific functional areas

Directorship held in other Nil NIL Companies *

Membership/ Chairmanship of Committees of other public NIL NIL Companies (include only Audit Committee and Shareholders/ Investor Grievance ( ommittee)

Number of shares held in the NIL NIL Company

Director include directorship of other indian public companies and committee membership includes only audit committes and stake holders' relationship committes of public limited company (whether Listed or not)

PREVENTION OF SEXUAL HARASSMENT

As required byt ht esexual harassment of women at workplace (prevention) prohibiton & redressal) Act,2013, the company has formulated and implements a plicy on prevetion of sexual harassment at workplace with a mechanism of lodging complaints. during the yare under year under review, no complaints were reported to the Board.

ACKNOWLEDGMENT

your directors place on record their apreciation for employee at all levels,who have contributed to the growth and performance of your company.

Your Directors also thank the clients, vendors, bankers, shareholders and advisers of the Company for their continued support.

Your Directors also thank the Central and State Governments, and other statutory authorit.es lor their continued support.

By order of the Board for Geefcee Finance Limited

G. R. Goyal Chairman

Place: New Delhi Dated: 30th July, 2015


Mar 31, 2013

The Members of GEEFCEE FINANCE LIMITED

The directors have pleasure in presenting the TWENTY THIRD ANNUAL REPORT together with the Audited statement of accounts for the year ended 31s'' March, 2013.

(Figures in Rupees)

FINANCIAL RESULTS Current Year Previous Year 2013 2012

Gross Revenue 5,49,771 5,11347

Net Profit before Income-tax 13,473 7,069

Less: Provision for Income-tax 1,275

Net Profit after Taxes 12,198 7,069

OPERATIONS

Net profits increased marginally during the year. Your directors are hopeful that the business will improve in the coming years. Your directors are trying their best and arc continuously looking for opportunities to boost the business and profitability for the company.

DIVIDENDS;

Your directors do not recommend dividends for the current year.

DEPOSITS:

During the year under report, the company has not accepted any deposits from the public, and hence, there is no overdue deposit as on 31st March, 2013.

FINANCE:

Your company did not issue any shares during the year under review.

DIRECTORS

Mr. Tarun Goyal resigned as director during the Year.

PARTICULARS OF EMPLOYEES:

The Company has no employee during the year in respect of which the statement pursuant to section 217(2A) of the Companies Act. 1956 and the Companies (Particulars of Employees) Rules. 1975 is required to be annexed.

AUDITORS

Auditors retire at the close of the Annual General Meeting and being eligible, offer themselves, for re-appointment.

DISCLOSURE OF PARTICULARS UNDER SECTION 217(l)(e) OF THE COMPANIES ACT, 1956

a. Conservation of energy: Not Applicable

b. Technology absorption: Not Applicable

c. Foreign exchange earnings and outgo: NIL

DIRECTORS, RESPONSIBILITY STATEMENT:

As per Section 217(2AA) of the Companies Act. 1956. the Board of Directors state:

a) That in preparation of annual accounts, applicable accounting standards has been followed. There is no material departure from the applicable accounting standards.

b) 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 at the end of the financial year and of the Net Profit of the Company for the year under report.

c) That director have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding assets of the Company and for preventing and detecting fraud and other irregularities.

d) That the Directors have prepared the accounts for the financial year ended 31st March. 2013 on a "going concern" basis.

CORPORATE GOVERNANCE REPORT

Your company is committed to the tenets of good Corporate Governance and has taken adequate steps to ensure that the requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement are complied with.

A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report of the Company.

The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and their Certificate is annexed to the Report on Corporate Governance.

ACKNOWLEDGEMENTS:

Your directors acknowledge the valuable support by the shareholders of the Company, vendors, investors, bankers, consultants and advisors throughout the year. Your directors place on record their appreciation to employees for their hard work, dedication and commitment to the company.

By order of the Board

for Geefcee Finance Limited

Place: New Delhi G. R. Goyal

Dated: 15th May, 2013 Chairman


Mar 31, 2010

The directors have pleasure in presenting the TWENTIETH ANNUAL REPORT together with the Audited statement of accounts for the year ended 31st March, 2010.

(Figures in Rupees)

FINANCIAL RESULTS Current Year Previous Year 2009-2010 2008-2009

Gross Revenue 60,705,880 17,02,37,413

Net Profit before Income-tax 2,859 84,926

Less: Provision for Income-tax - -

Net Profit after Taxes 2,8598 4,926

Profits Brought Forward 7,12,37,457 7,11,52,531

Profits Carried Over 7,12,40,316 7,12,37,457

OPERATIONS

Your directors are pleased to inform you that the company has finally ended into black with a net profit of R.2859. Although it has been a very difficult year, still your company recorded net profits for the year. Your directors are hopeful that the business will improve in the coming years

DIVIDENDS:

Your directors do not recommend dividends for the current year.

DEPOSITS:

During the year under report, the company has not accepted any deposits from the public, and hence, there is no overdue deposit as on 31st March, 2010.

FINANCE:

Your company did not issue any shares during the year under review.

DIRECTORS

Your directors continue to provide their services to the Company. Shri Tarun Goyal, retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself, for re-appointment.

PARTICULARS OF EMPLOYEES:

The Company has no employee during the year in respect of which the statement pursuant to section 217(2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules, 1975 is required to be annexed.

AUDITORS

Auditors retire at the close of the Annual General Meeting and being eligible, offer themselves, for re-appointment.

DISCLOSURE OF PARTICULARS UNDER SECTION 217(lKe) OF THE COMPANIES ACT, 1956

a. Conservation of energy: Not Applicable

b. Technology absorption: Not Applicable

c. Foreign exchange earnings and outgo: NIL

DIRECTORS RESPONSIBILITY STATEMENT:

As per Section 217(2AA) of the Companies Act, 1956, the Board of Directors state:

a) That in preparation of annual accounts, applicable accounting standards has been followed. There is no material departure from the applicable accounting standards.

b) 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 at the end of the financial year and of the Net Profit of the Company for the year under report.

c) That director have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding assets of the Company and for preventing and detecting fraud and other irregularities.

d) That the Directors have prepared the accounts for the financial year ended 31st March, 2010 on a "going concern" basis.

CORPORATE GOVERNANCE REPORT

Your company is committed to the tenets of good Corporate Governance and has taken adequate steps to ensure that the requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement are complied with.

A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report of the Company.

The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and their Certificate is annexed to the Report on Corporate Governance.

ACKNOWLEDGEMENTS:

Your directors acknowledge the valuable support by the shareholders of the Company, vendors, investors, bankers, consultants and advisors throughout the year. Your directors place on record their appreciation to employees for their hard work, dedication and commitment to the company.

By order of the Board for Geefcee Finance Limited

Sd/-

Place: New Delhi G. R. Goyal

Dated: 30th April, 2010 Chairman


Mar 31, 2009

The directors have pleasure in presenting the NINETEENTH ANNUAL REPORT together with the Audited statement of accounts for the year ended 31st March, 2009.

(Figures in Rupees)

FINANCIAL RESULTS Current Year Previous Year 2008-2009 2007-2008

Gross Revenue 17,02,37,413 30,54,51,816

Net Profit before Income - tax 84,926 2,06,93,592

Less: Provision for Income-tax - -

Net Profit after Taxes 84,926 2,06,93,592

Profits Brought Forward 7,11,52,531 5,04,58,939

Profits Carried Over 7,12,37,457 7,11,52,531

OPERATIONS

Your directors are pleased to inform you that the current financial year has been a difficult year because of the world-wide recession and depressed real estate market and the financial sector overall. The Gross revenue of the company declined to 17.02 Crores as against 30.55 Crores. The Net Profits after tax reduced to a mere 84 thousands as compared to Rs.2.07 Crores during the previous financial year.

DIVIDENDS:

Your directors do not recommend dividends for the current year due to requirement for huge investments in the SPV formed for implementation of Steel project and in the real estate project under implementation.

DEPOSITS:

During the year under report, the company has not accepted any deposits from the public, and hence, there is no overdue deposit as on 31st March, 2009.

FINANCE:

Your company did not issued any shares during the year under review.

DIRECTORS

Your directors continue to provide their services to the Company. Shri G. R. Goyal, retires by rotation at the forthcoming Annual General Meeting and being eligible, offers himself, for re-appointment.

PARTICULARS OF EMPLOYEES:

The Company has no employee during the year in respect of which the statement pursuant to section 217(2A) of the Companies Act, 1956 and the Companies (Particulars of Employees) Rules, 1975 is required to be annexed.

AUDITORS

Auditors retire at the close of the Annual General Meeting and being eligible, offer themselves, for re-appointment.

DISCLOSURE OF PARTICULARS UNDER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956

a. Conservation of energy: Not Applicable

b. Technology absorption: Not Applicable

c. Foreign exchange earnings and outgo: NIL

DIRECTORS RESPONSIBILITY STATEMENT:

As per Section 217(2AA) of the Companies Act, 1956, the Board of Directors state:

a) That in preparation of annual accounts, applicable accounting standards has been followed. There is no material departure from the applicable accounting standards.

b) 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 at the end of the financial year and of the Net Profit of the Company for the year under report.

c) That director have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding assets of the Company and for preventing and detecting fraud and other irregularities.

d) That the Directors have prepared the accounts for the financial year ended 31st March, 2009 on a "going concern" basis.

CORPORATE GOVERNANCE REPORT

Your company is committed to the tenets of good Corporate Governance and has taken adequate steps to ensure that the requirements of Corporate Governance as laid down in Clause 49 of the Listing Agreement are complied with.

A separate report on Corporate Governance and a management Discussion and Analysis Report are being published as a part of the Annual Report of the Company.

The Auditors of the Company have certified that conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement are complied by the Company and their Certificate is annexed to the Report on Corporate Governance.

ACKNOWLEDGEMENTS:

Your directors acknowledge the valuable support by the shareholders of the Company, vendors, investors, bankers, consultants and advisors throughout the year. Your directors place on record their appreciation to employees for their hard work, dedication and commitment to the company.

By order of the Board

for Geefcee Finance Limited

Sd/-

Place: New Delhi G. R. Goyal

Dated: 30th April, 2009 Chairman


Mar 31, 2003

The directors feel pleasure to report on the Thirteenth Annual Accounts for the year ended 31 st March 2003.

(Rs. In thousands)

FINANCIAL RESULTS Current Year Previous year

Gross Income 4228.73 2105.18

Net Profit for the year 2.69 60.19

Less: Provision for Income-tax 0.99 0.00

Add: Profits brought forward 23114.53 23054.34

Profit Carried forward 23116.23 23114.53

Your company has recorded handsome growth in turnover but increased expenses eroded the net profits of the company.

DIVIDENDS

in view of negligible profits, your directors do not recommend any dividends for the year under review.

MANAGEMENT DISCUSSION AND ANALYSIS

CONSULTANCY & FINANCIAL SERVICES

Your Company continues to get good assignments in the field of advisory and consultancy services. During the year, your company earned a gross income of Rs.35.35 lakhs as compared to Rs.17.00 Lakhs during the previous year from consultancy and advisory services and constitute the main income of the Company. There is a wide scope of development of Financial Services and Consultancy Services. Your company is keen to develop this activity.

INVESTMENT DIVISION

Your company continues to explore good opportunities to invest funds of the Company to enhance the shareholders value. Although income from investment activities are negligible during the year,has adopted a policy of long-term investments, which will definitely give the desired results.

TRADING ACTIVITY

Income from trading activity is nil during the year. Your company has advanced sizable amount for commencing

the trading activity. A separate entity will be created for the purpose at opportune time.

TRAVEL DIVISION

Income from Travel activities are Nil during the year. Your Company has advanced money for purchase of site for hotel and restaurant. Your directors are of the view that travel services will yield good money and enhance the bottomline of the company in the times to come.

PROPERTY DIVISION

There is no income from property division. Your company has advanced money for purchase of properties at very good locations in Gurgaon and Faridabad. Your company is exploring opportunities development and sale and renting of residential and commercial properties after developing/constructing the same. The rental business is evergrowing and good spaces are always in demand with the big corporates and Multi-national companies, etc.

FINANCE

Your Company did not accepted any public deposits. Your company privately placed 500000 Equity Shares of Rs.10 at a premium of Rs. 90 per share aggregating to Rs. 500 lakhs during the year.

CONVERSION OF PREFERENCE SHARES INTO EQUITY SHARES

The 4,44,250,1.50% redeemable commutative preference shares of Rs. 100 each were converted into 4,44,250 Equity Shares of Rs. 10 each fully paid-up during the year. Application has been made with the Stock Exchange, Mumbai and The Delhi Stock Exchange Association Limited, for listing of the same.

DIRECTORS

Shri Giri Raj Goyal, retires by rotation at the forthcoming Annual General Meeting and being eligible offers himself for re-appointment.

AUDITORS

Auditors retire at the close of the Annual General Meeting and being eligible offer themselves for re- appointment.

EMPLOYEES

There were no employee during the year in terms of section 217(2A) of the Companies Act, 1956.

DISCLOSURE OF PARTICULARS UNDER SECTION 217 (1)(e) OF THE COMPANIES ACT. 1956

a. Conservation of energy : Not Applicable

b. Technology absorption : Not Applicable

c. Foreign exchange earnings and outgo : NIL

DIRECTORS RESPONSIBILITY STATEMENT

As per Section 217 (2AA) of the Companies Act, Directors hereby state as under.

a. that in the preparation of the annual accounts, the applicable accounting standards here been followed.

b. that the Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year ended 31 st March 2003 and of the Net Profits of the company for that year.

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

d. that the Directors have prepared the annual accounts on a going concern basis.

CORPORATE GOVERNANCE REPORT

As required by Clause 49 of the Listing Agreement, Corporate Governance Report is attached as Annexure "A* to this report. Certificate of Auditors regarding compliance of the conditions of Corporate Governance as stipulated in Clause 49 of the Listing Agreement of the Stock Exchange is also attached and forms a part of Annexure "A".

ACKNOWLEDGEMENTS

Your Directors express their sincere thanks to all customers, vendors, investors, bankers, consultants and advisors for their continued support throught the year. Your Directors desire to place on record their appreciation to all exployees for their hard work, dedication and commitment.

For Geefcee Finance Limited

Sd/- CHAIRMAN

Place: New Delhi Dated: 28th June, 2003.

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