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Directors Report of Integrated Financial Services Ltd.

Mar 31, 2015

To

The Members,

The Directors have pleasure in presenting the Twenty Fourth Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2015.

FINANCIAL RESULTS

(Rs. In Lakhs)

YEAR ENDED YEAR ENDED 31ST MARCH, 2015 31ST MARCH, 2014

Income from Operation 382.03 186.79

Profit before Depreciation and Tax 330.51 158.51

Depreciation 1.07 1.29

Profit before Tax 329.45 157.22

Provision for Tax 58.97 24.15

Profit after Tax 270.48 133.07

Proposed Dividend 54.00 30.00

Tax on Dividend 10.79 5.10

Transfer to General Reserve 203.71 96.33

OPERATIONS

The Income from Operations of the Company for the financial year 2014-2015 stood at Rs. 382.04 Lacs as against Rs. 186.79 Lacs in the previous year. The profit after tax stood at Rs. 270.48 Lacs during the year under review against Rs. 133.07 Lacs during the previous year.

SHARE CAPITAL

The Authorised Share Capital of the company stands at Rs. 6,00,00,000/- (divided into 60,00,000 shares of Rs. 10 each) fully paid up. During the year under review, there has been no change in the authorised, paid-up share capital of the company.

Your company has neither issued any shares with differential voting rights nor any Sweat Equity shares during the year under review.

DEPOSITS

During the year under review, your company has neither accepted nor invited any deposit from the public falling within the ambit of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules 2014 and Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

RESERVES

During the year under review, your company transferred a sum of Rs. 268.79 lakhs to General Reserve.

DIVIDEND

The Directors are pleased to recommend the payment of dividend at the rate of 9% i.e. Paise Ninety per share for the year under review. The dividend, if declared, at the ensuing Annual General Meeting, will be paid to those members whose name appears in the Register of Members on 23rd September 2015. In respect of the shares held in electronic form, the dividend will be paid to those persons whose names shall appear as beneficial owners at the close of the business hours on Wednesday, 23rd September 2015 as per details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. The Payment of dividend will entail an outlay of Rs. 54 Lacs. The Company will also have to bear the distribution tax of Rs. 10.79 Lacs.

TRANSFER OF AMOUNTS TO INVESTOR EDUCATION AND PROTECTION FUND

Pursuant to the provisions of Section 205A (5) and 205C of Companies Act, 1956 and Section 124(5) of the Companies Act, 2013, the amounts pertaining to dividends that remained unclaimed and unpaid for the period of seven years from the date it became first due for payment, have been transferred from time to time to Investor Education and Protection Fund (IEPF) on due dates, by the company and no claims shall lie against the company.

Despite constant and sincere efforts to pay unclaimed dividend to such members, certain amount still remains unclaimed. During the financial year 2014-15, your company has transferred unclaimed final dividend of Rs. 4,117/- pertaining to financial year ended 2006-07 to the Investor Education and Protection Fund established by the Central Government.

DIRECTORS AND KEY MANAGERIAL PERSONNELS

At the Annual General Meeting of the company held on 30th September, 2014, the members had appointed Mr. Sunil Sobti, Mr. S.P Oberoi and Mrs. Rachna Batra as Independent Directors of the Company for a period of 5 consecutive years. The company has received declarations from the Independent Directors of the Company confirming that they meet the criteria of independence as per sub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement with the Stock Exchange. In the opinion of the Board they fulfill the criteria of independence as specified in the Act and the Rules made thereunder and they are independent of the management.

Mr. Subhash Chander Khaneja and Mr. Virender Khaneja retire by rotation at the ensuing Annual General Meeting and being eligible, offer themselves for re-appointment.

Mr. Kunal Khaneja was also appointed as Executive Director of the Company from 13th August, 2014.

BOARD MEETINGS

The Board meets at regular interval to discuss and decide on Company's policies and strategy apart from other Board matters. The tentative annual calendar of the Board is circulated in advance to facilitate the Directors to plan their schedule and to ensure participation in the meetings. Minimum four pre-scheduled Board meetings are held annually, the details of which are given in the Corporate Governance Report.

The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and Listing Agreement

BOARD COMMITTEES

Details of all committees alongwith their composition, terms of reference and meetings held during the year are provided in Corporate Governance Report forming part of the Annual Report.

VIGIL MECHANISM / WHISTLE BLOWER POLICY

The Company has established a Vigil Mechanism / Whistle Blower Policy to provide appropriate avenues to the Directors and employees to bring to the attention of the Management, the concerns about behavior of employees that raise concerns including fraud, suspected fraud, unethical behavior, violation of any code of conduct or policy in force and any other like matter by using the mechanism provided in the Whistle Blower Policy. The details of the said Policy are included in the Report on Corporate Governance which forms part of the Annual Report. During the financial year 2014-15, no cases under this mechanism were reported in the Company and any of its associates.

RISK MANAGEMENT AND INTERNAL FINANCIAL CONTROLS

The Company understands that risk evaluation and risk mitigation is a function of the Board of the Company and the Board of Directors are fully committed to developing a sound system for identification and mitigation of applicable risks. Your company has a well defined Risk Management framework in place.

Further, your company has an adequate system of internal control procedures which is commensurate with the size and nature of business. The internal control systems of the company are monitored and periodically reviewed by the audit committee of the Board of Directors.

Your Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively. In this regard, your Board confirms the following:

i. Systems have been laid to ensure that all transactions are executed in accordance with management's general and specific authorisation.

ii. Systems and procedures exist to ensure that all transactions are recorded as necessary to permit preparation of financial statements in conformity with Generally Accepted Accounting Principles or any other criteria applicable to such statements, and to maintain accountability for aspects.

iii. Access to assets is permitted only in accordance with management's general and specific authorisation.

No assets of the Company are allowed to be used for personal purposes, except in accordance with terms of employment or except as specifically permitted.

iv. The existing assets of the Company are verified/ checked at reasonable intervals and appropriate action is taken with respect to differences, if any

DIRECTOR'S RESPONSIBILITY STATEMENT

Pursuant to the provisions of clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, it is hereby confirmed that:-

i. that in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;

ii. 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;

iii. 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;

iv. the directors had prepared the annual accounts on a going concern basis; and

v. the directors, in the case of a listed company, had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi. the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

CORPORATE GOVERNANCE

A detailed report on Corporate Governance as stipulated in Clause 49 of the Listing Agreement is separately attached with the Annual Report as Annexure-1.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The Management Discussion and Analysis Report for the year under review as required under Clause 49 of the Listing Agreement, is given as a separate statement in the Annual Report as Annexure-2.

EXTRACT OF ANNUAL RETURN

Pursuant to the requirements under Section 92(3) and section 134(3) of the Act read with rule 12 of the Companies (Management and Administration) Rules 2014, an extract of the Annual Return in prescribed Form MGT-9 forms part of this Annual report as Annexure-3.

LISTING OF SHARES

Presently, the shares of the company are listed at the Bombay Stock Exchange Limited, Mumbai. The company has paid the Annual Listing fee for the year under review to BSE Limited.

AUDITORS AND AUDITORS REPORT

At the 23rd Annual General Meeting held on Tuesday, 30th day of September, 2014, the members had appointed M/s. DUA & KUMAR, Chartered Accountants, as Statutory Auditors for the financial year 2014-15, from the conclusion of the forthcoming Annual General meeting till the conclusion of every sixth meeting subject to them ratifying the said appointment at every AGM.

The notes on financial statements referred to in the Auditor's report are self explanatory and do not call for any further comments. The Auditor's Report does not contain any qualification, reservation or adverse remark.

SECRETARIAL AUDIT REPORT

Pursuant to provisions of section 204(1) of the Act, and Rule 9 of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed M/s Parveen Rastogi and Co., Company Secretary in Practice to conduct the Secretarial Audit for the financial year 2014-15. The Secretarial Audit Report as received from M/s Parveen Rastogi and Co. is appended to this report as Annexure-4.

The Secretarial Auditor has not made any adverse comments or given any qualification, reservation or adverse remarks in the Audit Report.

ASSOCIATES AND SUBSIDIARIES

During the year under review, your company has two Associate companies viz., M/s Integrated Master Securities (P) Ltd. a member of NSE, BSE, MCX-SX and Depository Participant of NSDL and CDSL and M/s. Integrated Commodity Trades (P) Ltd., a member of MCX, NCDEX and NSEL. However, your company has no subsidiaries.

CORPORATE SOCIAL RESPONSIBILITY

As per Section 135 of the Companies act, 2013, the provisions for Corporate Social Responsibility are not applicable to the company.

PARTICULARS OF EMPLOYEES

None of the employees of the company are covered under Section 197(12) of the Act read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO.

Particulars as prescribed under section 134(3)(m) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, regarding Conservation of Energy and technology Absorption, and Research and Development is not furnished as the same is not applicable on your company. There were also no foreign exchange earning or outgo during the year under review.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186

The particulars of loans, guarantees or investments under Section186 of the Companies Act 2013 are not furnished since the provisions of the section are not applicable to your company, being a core investment company registered with Reserve Bank of India as NBFC.

PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All contracts/arrangements/transactions entered by the Company during the financial year with related parties were in the ordinary course of business and on an arm's length basis and are reviewed by the Audit Committee of the Board.

The particulars of contracts or arrangements with related parties referred to in sub section (1) of Section 188 of the Companies Act, 2013, is given in significant accounting policies & notes to accounts as at 31.03.2015.

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

There were no significant/material orders passed by the regulators or courts or Tribunals which would impact the going concern status of the company and its future operations.

DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013

The Company is committed to provide a safe & conducive work environment to its employees and has formulated 'Policy for Prevention of Sexual Harassment' to prohibit, prevent or deter any acts of sexual harassment at workplace and to provide the procedure for the redressal of complaints pertaining to sexual harassment, thereby providing a safe and healthy work environment. During the year under review, no case of sexual harassment was reported.

ACKNOWLEDGEMENTS

Your directors would like to take this opportunity to express sincere gratitude to the HDFC Bank Ltd, BSE Ltd. and other Regulators for their continued cooperation and patronage. Your directors also place on record appreciation of the excellent performance and hard work put in by the employees at all levels. The Directors also convey their grateful thanks to the esteemed shareholders for their continued cooperation, support and the confidence reposed by them in the company.

By order of Board of Directors

Place: New Delhi Sd/- Date: 12.08.2015 S.C. Khaneja

Chairman

(DIN: 00042758)


Mar 31, 2014

Dear Members,

The Directors have pleasure in presenting the Twenty Third Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2014.

FINANCIAL RESULTS

(Rs. In Lakhs)

YEAR ENDED YEAR ENDED 31ST MARCH, 2014 31ST MARCH, 2013

Income from Operation 186.79 262.38

Profit before Depreciation and Tax 158.51 232.41

Depreciation 1.29 1.74

Profit before Tax 157.22 230.67

Provision for Tax 24.15 39.74

Profit after Tax 133.07 190.93

Proposed Dividend 30.00 36.00

Tax on Dividend 5.10 5.84

Transfer to General Reserve 96.33 149.16

OPERATIONS

On a Consolidated basis, the Income from Operations of the Company for the financial year 2013- 2014 stood at Rs. 186.79 Lacs against of Rs. 262.38 Lacs in the previous year. The profit after tax stood at Rs. 133.07 Lacs during the year under review against Rs. 190.93 Lacs during the previous year.

DEPOSITS

The company has neither accepted nor invited any fixed deposit within the meaning of Companies (Acceptance of Deposits) Rules'' 1975 from the public, during the year.

DIVIDEND

The Directors are pleased to recommend the payment of dividend of 5% (Paise Fifty per share) for the year under review. The dividend, if declared, at the ensuing Annual General Meeting, will be paid to those members whose name appears in the Register of Members on 21 st September 2014.

In respect of the shares held in electronic form, the dividend will be paid to those persons whose names shall appear as beneficial owners at the close of the business hours on Monday, 21st September 2014 as per details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. The Payment of dividend will entail an outlay of Rs. 30 Lacs. The Company will also have to bear the distribution tax of Rs. 5.10 Lacs.

In accordance with Section 149,152 and any other applicable provisions of the Companies Act 2013 and the rules made thereunder (including any statutory modification(s) or re-enactment therof for the time being in force) read with Schedule IV of the Companies Act 2013, Mr. Sunil Sobti, Mr. S.P Oberoi and Mrs. Rachna Batra, Independent Non- executive Directors of the Company are liable for appointment at the ensuing Annual general meeting of the company for a period of 5 consecutive years.

The company has received declarations from the Independent Directors of the Company confirming that they meet with the criteria of independence as per sub-section (6) of Section 149 of the Companies Act, 2013 and under Clause 49 of the Listing Agreement with the Stock Exchange.

In accordance with Clause 49 of the Listing agreement, brief resumes of the Independent Non- Executive Directors proposed to be appointed, their qualification, experience, membership of Board Committee, are provided in the Corporate Governance Report forming part of the Annual Report.

AUDITORS AND AUDITORS REPORT

In Terms of Section 139(2) of the Companies Act 2013, the Board recommends the appointment of M/s. DUA & KUMAR, Chartered Accountants, as Statutory Auditors for the financial year 2014-15, from the conclusion of the forthcoming. Annual General meeting till the conclusion of every sixth meeting. The appointment is subject to approval of members at the forthcoming 23rd Annual General meeting. The observations made by the Auditors with reference to notes to accounts for the year under report are self-explanatory and need no further comments from the directors.

DIRECTOR''S RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act, 1956, your Directors wish to state that:

1. in the preparation of the annual accounts, for the year ended 2013-2014, the applicable accounting standards had been followed along with proper explanation relating to material departures;

2. they 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 as at 31st March, 2014 and of the profit of your company for that period;

3. they had 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;

4. They had prepared the Annual Accounts of the Company on a ''Going Concern'' basis.

CORPORATE GOVERNANCE

The company has complied with all the norms of Corporate Governance as stipulated in Clause 49 of the Listing Agreement. As part of the Company''s efforts towards better corporate practice and transparency, a separate report on Corporate governance Compliances is included as a part of Annual Report.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

The management discussion and Analysis Report for the year under review as required under Clause 49 of the Listing Agreement, is given as a separate statement in the Annual Report.

LISTING OF SHARES

Presently, the shares of the company are listed at the Bombay Stock Exchange Limited, Mumbai. The company has paid the Annual Listing fee for the year under review to the stock exchange.

PARTICULARS OF EMPLOYEES

There is no eligible employee whose particulars under section 217(2A) of the Companies Act, 1956 are called for.

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

Information under Section 217(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of Particulars in the report of Board of Director) Rules, 1988, is not being furnished, as the same is not applicable. No particulars are furnished on conservation of energy and technology absorption. There was no foreign exchange earning or outgo during the year under review.

ACKNOWLEDGMENTS

Your directors would like to take this opportunity to express sincere gratitude to the Bankers, Stock Exchanges and other Regulators for their continued cooperation and patronage. Your directors also place on record appreciation of the excellent performance and hard work put in by the employees at all levels. The Directors also convey their grateful thanks to the esteemed shareholders for their continued cooperation, support and the confidence reposed by them in the company.

By order of Board of Directors

Place: New Delhi Sd/- Date: 13.08.2014 S.C. Khaneja Chairman


Mar 31, 2012

The Directors have pleasure in presenting the Twenty First reports together with the Audited Statement of Accounts of the company for the year ended 31st march, 2012.

FINANCIAL RESULTS

Rs. in Lakhs YEAR ENDED YEAR ENDED 31ST MARCH, 2012 31ST MARCH, 2011



Income from Operation 223.32 454.11

Profit before Depreciation 192.32 424.75 and Tax Depreciation 2.88 3.96

Profit before Tax 189.44 420.79

Provision for Tax 31.08 81.88

Profit after Tax 158.36 338.91

Proposed Dividend 24.00 54.00

Tax and dividend 3.90 8.97

Transfer to general 130.53 276.58 Reserve

OPERATIONS

The year under review witnessed a revival of real economy and financial markets across the globe, more particularly in India. On a Consolidated basis, the income from operations of the Company for the financial year 2011-2012 stood at Rs. 223.32 lacs during the year under review against Rs. 158.36 Lacs during the year under review against Rs. 338.91 lacs during the previous year.

DEPOSITS

The company has neither accepted nor invited any fixed deposit within the running of companies (Acceptance of Deposits) Rules' 1975 from the public during the year.

DIVIDEND

The Directors are pleased to recommend the payment of dividend of 4% (paise Forty per share) for the year review. The dividend, if declared, at the ensuing Annual general meeting, will be paid to those members whose name appears in the Register of Members of 21st September 2012. In respect of shares held in electronic form, the dividend will be paid to those persons whose names will appear as beneficial owners at the close of the business hours on Friday, 21st September 2012 as per details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. The Payment of dividend will entail an outlay of Rs. 24 lacs. The Company will have to bear the distribution tax of Rs. 3.90 lacs.

DIRECTORS In accordance with the provisions in section 256 of the Companies Act, 1956 and Articles of Association of the company. Ms. Rachan Batra Director retire by rotation and being eligible offer herself for the reappointment.

Brief resume of the Directors proposed to be reappointed, nature of their experience in specific functional areas and names of the Companies in which they hold directorships and membership/ chairmanship of Board/Committees, as stipulated under Clause 49 of Listing Agreement with Bombay stock exchange Limited, are provided in the report on Corporate Governance forming part of this Annual report.

DIRECTOR'S RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act, 1956, your Directors wish to state that:

1. in the preparation of the annual accounts, for the year ended 2011-2012, the applicable accounting standards had been followed along with proper explanation relating to materials departures;

2. they had selected such that accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give and fair view of the state of affairs of the company as at 31st March, 2012 and of the profit of your company for that period;

3. they had 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;

4. they had prepared the Annual accounts of the Company on a 'going concern' basis.

CORPORATE GOVERNANCE

During the financial year 2011-2012, the company has complied with the norms of Corporate Governance as stipulated in clause 49 of the Listing Agreement.

A detailed report on Corporate Governance forms part of the Annual report of the company. A certificate from the Auditors of the company confirming compliance with the requirement of Corporate Governance Clause of the listing Agreement is annexed to the Report on Corporate governance.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Management Discussion and Analysis report also accompanies this report.

LISTING OF SHARES Presently, the shares of the company are listed vat the Bombay Stock Exchange Limited. Mumbai. The company has paid the Annual Listing fee for the year under review to the stock exchange.

AUDITORS

M/s. DUA & KUMAR. Charted Accountants, New Delhi, retire at the conclusion of the ensuing Annual General Meeting and brief eligible offer themselves for re-appointment.

AUDITORS REMARKS

The observations made by the Auditors with reference to modes on the accounts for the year under report are self explanatory and need no further comments form the directors.

PARTICULARS OF EMPLOYEES

There is no eligible employee whose particulars under section 217(2A) of the Companies Act, 1956 are called for,

CONVERSATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUT GO.

Information under Section 217(1)(e) of the companies Act, 1956 read with Companies (Disclosure of particular in the report of Board of Director) Rules, 1988, is not being furnished, as the same is not applicable. No particulars are furnished on conversation of energy and technology absorption there was no foreign exchange earning or outgo during the year under review.

ACKNOWLEDGEMENTS

The directors place on record their appreciation of the excellent performance and hard work put in by the employees at all levels in company's growth and development. The directors also convey their grateful thanks to the esteemed shareholders for their continued corporation, support and confident reported by in company.

By order of Board of Directors

sd/-

S. C. Khaneja CHAIRMAN

Place: NEW DELHI DATE : 25.05.2012


Mar 31, 2010

The Directors have pleasure in presenting the Nineteenth Annual Report together with the Audited Statement of Accounts of the company for the year ended 31st March, 2010.

FINANCIAL RESULTS (Rs. in Lakhs)

YEAR ENDED YEAR ENDED

31ST MARCH, 2010 31ST MARCH, 2009

Income from Operation 296.11 114.56

Profit before Depreciation and Tax 266.75 92.10

Depreciation 2.17 1.69

Profit before Tax 264.58 90.41

Provision for Tax 42.27 6.55

Profit After Tax 222.31 83.86

Proposed Dividend 36.00 Nil

Tax on Dividend 6.12 Nil

Transfer to General Reserve 180.19 83.86

OPERATIONS

The year under review witnessed a strong revival of real economy and financial markets across the globe, more particularly in India. On a Consolidated basis, the Income from Operations of the Company for the financial year 2009-2010 stood at Rs.296.11 Lacs against of Rs. 114.56 Lacs in the previous year. The profit after tax stood at Rs. 222.31 Lacs during the year under review against Rs. 83.86 Lacs during the previous year.

DEPOSITS

The company has neither accepted nor invited any fixed deposit within the meaning of Company (Acceptance of Deposits) Rules 1975 from the public during the year.

DIVIDEND

The Directors are pleased io recommend the payment of dividend of 6% (Sixty Paise per share) for the year under review. The dividend, if declared, at the ensuing Annual General Meeting, will be paid to those members whose name appears in the Register of Members on 22nd September 2010. In respect of the shares held in electronic form, the dividend will be paid to those persons whose names shall appear as beneficial owners at the close of the business hours on Tuesday, 21st September 2010 as per details furnished by National Securities Depository Ltd. and Central Depository Services (India) Ltd. The Payment of dividend will entail an outlay of Rs. 36 Lacs. The Company will also have to bear the distribution tax of Rs. 6.12 Lacs.

DIRECTORS

In accordance with the provisions in section 256 of the Companies Act, 1956 and the Articles of Association of the company, Mr. Sunil Sobti and Mr. S.P Oberoi, Directors retire by rotation and being eligible offer themselves for the reappointment.

Brief resume of the Directors proposed to be reappointed, nature of their expertise in specific functional areas and names of the Companies in which they hold directorships and memberships/chairmanships of Board/Committees, as stipulated under Clause 49 of Listing Agreement with Bombay Stock Exchange Limited, are provided in the Report on Corporate Governance forming part of this Annual Report.

DIRECTORS RESPONSIBILITY STATEMENT

In terms of section 217(2AA) of the Companies Act, 1956, your Directors wish to state that:

1. in the preparation of the annual accounts, for the year ended 2009-2010, the applicable accounting standards had been followed along with proper explanation relating to material departures;

2. they 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 as at 31 st March, 2010 and of the profit of your company for that period;

3. they had 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;

4. they had prepared the Annual Accounts of the Company on a Going Concern basis.

CORPORATE GOVERNANCE

During the Financial Year 2009-10, the company has complied with all the norms of Corporate Governance as stipulated in Clause 49 of the Listing Agreement.

A detailed report on Corporate Governance forms part of the Annual Report of the company. A certificate from the Auditors of the company confirming compliance with the requirements of Corporate Governance Clause of the Listing Agreement is annexed to the Report on Corporate Governance.





MANAGEMENT DISCUSSION AND ANALYSIS REPORT

A Management Discussion and Analysis also accompanies this report.

LISTING OF SHARES

Presently, the shares of the company are listed at the Bombay Stock Exchange Limited, Mumbai. The company has paid the Annual Listing fee for the year under review to the stock exchange.

AUDITORS

MJs. Dua and Kumar, Chartered Accountants, New Delhi, retire at the conclusion of the ensuing Annual General Meeting and being eligible offer themselves for re-appointment.

AUDITORS REMARKS

The observations made by the Auditors with reference to notes on to the accounts for the year under report are self- explanatory and need no further comments from the directors.

PARTICULARS OF EMPLOYEES

There is no eligible employee whose particulars under Section 217(2AA) of the Companies Act, 1956 are called for.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGSANDOUTGO.

Information under Section 217(1)(e) of the Companies Act, 1956 read with Companies (Disclosure of particulars in the report of Board of Director) Rules, 1988, is not being furnished as the same is not applicable. No particulars are furnished on conservation of energy and technology absorption. There was no foreign exchange earning or outgo during the year under review.

ACKNOWLEDGEMENTS

The directors place on record their appreciation of the excellent performance and hard work put in by the employees at all levels in the companys growth and development. The Directors also convey their grateful thanks to the esteemed shareholders and bankers for their continued cooperation, support and the confidence reposed by them in the company.

By order of Board of Directors

Sd/- Date : 31.07.2010 S.C. KHANEJA Place: NewDelhi CHAIRMAN



 
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