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Directors Report of Interface Financial Services Ltd.

Mar 31, 2014

Dear Members,

The Directors here by present the 23nd Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2014.

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisis company faces huge set back so company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs.194073.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

During the financial year, your Company has not invited or accepted any deposits from the public and as such, no amount on account of principle or interest on public deposits was outstanding as on the date of the balance sheet.

DIRECTORS:

MR. NILESHKUMAR KAVA Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

MR. ANIL MISTRY and MR SHANKAR PRASAD BHAGAT were appointed as additional directors of the Company with effect from 01.03.2014 and are hereby appointed as an Independent Director of the Company for a period of five years from the conclusion 23rd Annual General Meeting to the conclusion of 28th Annual General Meeting.

MR. BRIJESH PATEL, MR. DIPAK DANI and MR VINOD BAROT were appointed as additional director of the company with effect from 29.11.2013 and were ceased as additional Director of the Company with effect from 03.01.2014, 03.01.2014 and 18.02.2014 respectively due to resignation.

MR. PUNEET BAGREE, MR. GOVIND RAI and MR. UMESHBHAI PUROHIT were ceased as a Director of the Company with effect from 29.11.2013, 29.11.2013 and 21.12.2013 respectively due to resignation.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

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

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1) (e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities. The foreign exchange earnings on account of the operation of the Company during the year was Rs. Nil.

LISTING INFORMATION

The equity shares of the Company are listed on BSE Limited. The Shares of the Company are also permitted to be traded on the BSE.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures;

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for that period;

iii) 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;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board For, INTERFACE FINANCIAL SERVICES LIMITED PLACE: AHMEDABAD DATE: 25.08.2014 (NILESHKUMAR KAVA) CHAIRMAN


Mar 31, 2013

Dear shareholders,

The Directors here by present the 22nd Annual Report on business and operations of the company together with the Audited statements of Accounts for the financial year ended on 31st March 2013.

REVIEW OF OPERATIONS

During the year under review due to piggish market condition and financial crisis company faces huge set back so company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs.377409.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDED

Your Directors have not declared any divided during the year under review due to loss incurred

FIXED DEPOSIT

The company has not accepted any deposit from public pursuant to the provisions of section 58A of the companies Act,1956.

DIRECTORS;

MR NILESHKUMAR TRIBHOVANDAS KAVA Directors of the company is retires by rotation at the ensuing Annual General Meeting and being eligible offer himself for reappointment.

MR PUNEET BAGREE MR, GOVIND RAI and MR UMESHBHAI MAHASHANKAR PUROHIT were appointed as additional directors of the company with from 23.03.2013 01.05.2013 and 02.08.2013 respectively and are eligible for re-appointment as directors of the company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation.

MR AMITKUMAR RANA and MR KRUNAL RANA were eased as a Director of the company with effect from 01.05.2013 and 23.03.2013 respectively due to resignation The management appreciated the services given by them during the tenure of the office as a Directors.

SHIFTING OF REGISTERED OFFICE OF THE COMAPANY.

During the year under review company in their Extra Ordinary General Meeting (EOGM) held on 30.04.2013 approved shifting of Registered office from Ahmadabad in the state of Gujarat to Indore in the state of Madhya Pradesh but company failed to obtain Approval / NDC regarding change of registered office from reserve Bank of India (RBI) so company do not make any petition and father proceeding for shifting of Registered office of the company.

AUDITORS AND AUDITORS REPORT.

M/s Y.D.& CO, Chartered ACCOUNTANTS Ludhiana STATUTORY Auditors of the company hold office until the conclusion of the ensuing ANNUAL general meeting AND ARE ALIGIBLE FOR REAPPOINTMENT.

The observation made by the Auditors in their Auditors Report and the Notes on Accounts referred to in the AUDITORS REPORT ARE SELF EXPLANATORY AND DO NOT CALL FOR ANY FURTHER COMMENTS.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis form part of the ANNUAL report TO THE SHAREHOLDERS and it includes discussion on matters as required the provisions of clause 49 of the listing agreement forming part of its report is annexed herewith The Audit committee of the company has regularly reviewed internal control system of the company.

CORPORATE GOVERNANCE REPORT:

Your company has complied with the requirements of clause 49 of the Listing Agreement on corporate Governance pursuant to clause 49 of the Listing Agreement with the stock Exchange report on corporate Governance along with the Auditors certification on its compliance is annexed separately to this Annual Report.

CONSERVATION OF ENERGY TECHNOLOGY ABSERPTION

The details of conservation of energy technology observation etc. as required to be given under section 217 (e) of the companies Act 1956 are not applicable to our company as our company in not engage in manufacturing activities.

DIRECTORS RESPONSIBILITY STATEMENT;

Pursuant to the provisions of section 217 (2AA) of the companies Act,1956 the Directors of your company confirm that:

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

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the company of the company for that period;

iii) 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.

iv) Directors have prepared the accounts on a going concern basis.

AKNOWLEDGEMENT;

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks Governance authorities customers and shareholders during the year your directors also wish to take on record their deep sense of appreciation for the committed service of the employees at all levels which has made our company successful in the business.

PLACE: AHMEDABAD By Order of the Board

DATE : 20/08/2013 For INTERFACE FINANCIAL SERVICE LIMITED

(NILESHKUMAR TRIBHOVANDAS KAVA)

CHAIRMAN


Mar 31, 2012

Dear Shareholders,

The Directors here by present the 21st Annual Report on business and operations of the Company together with the Audited statements of Accounts for the financial year ended on 31st March 2012.

REVIEW OF OPERATIONS:

During the year under review due to sluggish market condition and financial crisis company faces huge set back so company not in position to generate any revenue from the operation but due to some fixed cost company posted Net Loss of Rs.381766.

The management has taken measures as part of its continuous improvements to strengthen operations and viability.

DIVIDEND:

Your Directors have not declared any dividend during the year under review due to loss incurred.

FIXED DEPOSIT:

The Company has not accepted any deposit from the public pursuant to the provisions of Section 58A of the Companies Act, 1956.

DIRECTORS:

MR NILESHKUMAR TRIBHOVANDAS KAVA Director of the Company is retires by rotation at the ensuing Annual General Meeting and being eligible, offer himself for reappointment.

MR AMITKUMAR RAMESHCHANDRA RANA and MR KRUNAL GOPALDAS RANA were appointed as additional directors of the Company with effect from 21.10.2011 and 29.12.2011 respectively and are eligible for re- appointment as directors of the Company at the forthcoming Annual General Meeting and whose period of office will be liable to retire by rotation.

MR HIMAL KANCHANLAL PARIKH and MR ANAND JIVANLAL PARDESHI were ceased as a Director of the Company with effect from 21.10.2011 and 29.12.2011 respectively due to resignation. The management appreciated the services given by them during the tenure of the office as a Director.

AUDITORS AND AUDITORS'' REPORT:

M/s. Y. D. & Co., Chartered Accountants, Ludhiana, Statutory Auditors of the Company, hold office until the conclusion of the ensuing Annual General Meeting and are eligible for reappointment.

The observations made by the Auditors'' in their Auditors'' Report and the Notes on Accounts referred to in the Auditors'' Report are self-explanatory and do not call for any further comments.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management Discussion and Analysis forms part of the Annual Report to the shareholders and it includes discussion on matters as required under the provisions of Clause 49 of the listing agreement forming part of this report is annexed herewith. The Audit Committee of the Company has regularly reviewed internal Control System of the company.

PARTICULARS OF EMPLOYEES:

The statement showing particulars of employees under section 217(2A) of the Companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975, as amended, is not required to be given as there were no employees coming within the purview of this section.

CORPORATE GOVERNANCE REPORT:

Your Company has complied with the requirements of Clause 49 of the Listing Agreement on Corporate Governance. Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Report on Corporate Governance along with the Auditors'' Certificate on its compliance is annexed separately to this Annual Report.

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

The details of conservation of energy, technology absorption etc. as required to be given under Section 217(1) (e) of the Companies Act 1956, are not applicable to our Company, as our Company in not engage in manufacturing activities.

The foreign exchange earning on account of the operation of the Company during the year was Rs. Nil.

DIRECTORS'' RESPONSIBILITY STATEMENT:

Pursuant to the provisions of Section 217(2AA) of the Companies Act, 1956, the Directors of your Company confirm that:

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

ii) the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were 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 or loss of the Company for that period;

iii) 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;

iv) Directors have prepared the accounts on a "going concern basis".

ACKNOWLEDGEMENT:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from the Banks, Government Authorities, Customers, and Shareholders during the year. Your directors also wish to take on record their deep sense of appreciation for the committed services of the employees at all levels, which has made our Company successful in the business.

For and on Behalf of the Board

For, INTERFACE FINANCIAL SERVICES LIMITED

PLACE: AHMEDABAD

DATE: 01.09.2012 (NILESHKUMAR TRIBHOVANDAS KAVA)

CHAIRMAN


Mar 31, 2011

To The Members of INTERFACE FINANCING SERVICES LTD

The Directors present their Annual Report and Audited Statement of Accounts for the year ended 31st March 2011.

FINANCIAL RESULTS

(Amt in Rupees)

PARTICULARS 2010-11 2009-10

Profit /(Loss) before Depreciation (57,463) (115,587)

Less : Depreciation ------- -------

Profit / (Loss) before Tax (57,463) (1,15,587)

Less: Provisions for taxation ------- -------

Profit/(Loss) After Tax (57,463) (1,15,587)

Excess/(Short) Provision for Tax ------- -------

Add : Balance biff from Previous Year (166,909,354) (166,793,767)

Balance carried forward (166,966,817) (166,909,354)

BUSINESS OPERATIONS

The company has incurred Loss of Rs. (57463)/- after tax of the Company during the year.

DIVIDEND

Your Directors do not recommend any Dividend.

APPOINTMENT OF AUDITORS:

M/s. Y. D. & Co., Chartered Accountant, Ludhiana appointed as auditor of the company for the financial year 2010-2011 and holds office from the conclusion of this meeting until the conclusion of next annual General Meeting of the Company in place

The Statutory Auditors of the Company have submitted auditor's report on the accounts of the Company for the accounting year ended 31st March, 2011 which is self-explanatory and needs no comments.

DIRECTORS:

During the year Mr. Playful Shah resigned from the directorship of the company w.e.f 09.06.2010 due to their pre-occupation.

Mr. Anand J. Pradesh and Niles T. kava were appointed as additional directors of the Company with effect from 07.06.2010.

Your directors recommend the resolution for approval of the members.

None of the directors of the company are in any way concerned or interested in the above resolution.

PUBLIC DEPOSIT

Your Company has not accepted any deposit within the meaning of section 58-A of the Companies Act, 1956.

PARTICULARS OF EMPLOYEES:

There are no employees of the Company whose particulars are required to be reported under Section 217 (2A) of the Companies Act, 1956 and the rules there under.

DIRECTORS'RESPONSIBILITY STATEMENT:

In Compliance with the provisions of Section 217(2AA) of the Companies Act, 1956 the Directors of your Company confirm that:-

1. In the preparation of the Annual Accounts, the applicable accounting standards have been followed and no material departures have been made from the same;

2. they have selected such accounting policies and applied them consistently and made judgments and estimates that are responsible 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 Loss of the Company for that year.

3. they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company for preventing and detecting fraud and other irregularities;

4. They have prepared the annual accounts on a going concern basis.

DISCLOSURE OF PARTICULARS WITH RESPECT:

A) FOREIGN EXCHANGE EARNINGS AND OUTGO:

The information regarding Foreign Exchange Earnings and out go is as follows:

A) Earnings in Foreign Exchange: Nil

B) Outgo in Foreign Exchange : Nil

ACKNOWLEDGEMENTS:

Your Directors take this opportunity to thanks all the shareholders of the Company for their continued support.

Date: 02.09.2011 By order of the Board

Registered Office:

For INTERFACE FINANCING SERVICES LTD

806/A, Saffron Building,

Panchawati to Ambawadi Road,

Near Bank of Baroda, Sd/-

Ambawadi,

Ahmadabad - 380006 Director


Mar 31, 2010

To The Members of INTERFACE FINANCIAL SERVICES LIMITED

The Directors hereby present their Fourteenth Annual Report of your Company together with audited accounts for the accounting year ended on 31st March, 2010.

FINANCIAL RESULTS:

PARTICULARS 2009-10 2008-09

Profit /(Loss) before Depreciation (1,13,822) 2,57,430

Less: Depreciation -- 2,32,840

Profit / (Loss) before Tax (1,15,587) 14,436

Less : Provisions for taxation -- --

Profit / (Loss) After Tax (1,15,587) 14,436

Excess/(Short) Provision for Tax -- --

Add: Balance b/f from Previous Year (16,67,93,767) (16,68,11,760)

Balance carried forward (166,909354) (16,67,93,767)

BUSINESS OPERATIONS

The company has incurred Loss of Rs. 1,15,587/- after tax of the Company during the year. As compared to Profit of Rs. 14,436/- of the last year.

DIVIDEND

Your directors regret their inability to recommend any dividend for the year under review due to inadequate profit

PUBLIC DEPOSITS

Your Company has not accepted any Deposits from the public during the year under review.

DIRECTORS

Shri Mahesh C.Shah retires by rotation at the ensuring Annual General Meeting and being eligible offers himself for reappointment. Your Directors recommend his Re-appointment.

Pursuant to provision of section 260 of the companies Act, 1956 and Articles of Association of the Company, Shri Nileshkumar kava and Shri Anand pardesi were appointed as additional directors on the Board with effect from 07.06.2010. He shall hold office upto the date of the ensuing Annual General Meeting. the company has received a notice in writing under section 257 of the companies Act, 1956 from a member proposing the candidature of Shri Nileshkumar Kava and Shri Anand pardesi for the office of Director, liable to retire by rotation.

Shri Jaswant Panchal resigned from the office of Director of the Company with effect from 31st July, 2010. The Board wishes place on record the valuable contribution made by him during the tenure as Director of the company.

INCREASE OF AUTHORIZED CAPITAL OF THE COMPANY

The company has increased the Authorized share capital was increase from Rs.6,00,00,000 to Rs.76,00,00,000 by passing special resolution in the shareholders meeting dated 8th July, 2010. So, now the Authorized capital is Rs. 76,00,00,000. It was necessary to increase the Authorized share capital of the company is issue preferential warrants and raised fund by placement to Qualified Institutional Placement ("QIP" in terms of Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulation, 2009, (SEBI Guidelines); and / or By way of through Global Depository Receipts ("GDR") and / or American Depository Receipts ("ADR") and/or Foreign Currency Convertible Bonds ("FCCB") during the year.

PREFERENTIAL ISSUE:

The Company has passed special resolution to issue and allot convertible warrants of Rs. 20,00,00,000 on preferential basis in shareholders meeting dated 8th July, 2010. Company has received shareholders consent in such EGM and in-principle approval vide their letter dated 26th July, 2010. But due to unwillingness of few investors, company is unable to allot the convertible warrants and so now company has decided to issue and allot convertible warrants of Rs.20,00,00,000/- to other investors of the company and so it is proposed in ensuing Annual General Meeting to issue and allot convertible warrants of Rs.20,00,00,000/- subject to approval of shareholders of the company and other statutory authorities.

DIRECTORS' RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors confirm that in preparation of the annual account, the applicable accounting standards have been followed by the company;

Such accounting policies have been selected and consistently applied and Judgments and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as 31st March, 2010 and of the company for the year ended on the date;

Proper and sufficient care have been taken for the maintenance of adequate according in accordance with the provisions of the companies Act, 1956 for safeguarding the assets of the company and for preventing and Detecting fraud and irregularities;

Annual accounts have been prepared on a going concern basis.

AUDITORS & AUDITORS' REPORT

M/s.Naimish K.Shah, Chartered Accountant, Ahmedabad, Statutory Auditors of the company retires as on ensuring Annual General Meeting. At the ensuing Annual General Meeting it is proposed to consider the appointment of M/s.Arvind Thakkar & Co., Chartered Accountant, Ahmedabad for the Financial Year 2010'11. They will hold the office until the conclusion of the next Annual General Meeting. The Board recommends their appointment.

The Company has received a letter from them to the effect that their appointment, if made, would be within the prescribed limit under section 224(1B) of the companies Act, 1956 and that they are not disqualified for such appointment within the meaning of section 226 of the companies Act, 1956.

Notes forming part of the accounts, which are specifically referred to by the Auditors in their Report are self explanatory and therefore do not call for any further comments.

CORPORATE GOVERNANCE REPORT

A Separate report on corporate Governance is furnished as a part of the Directors' Report And the Certificate from the company's Auditors regarding compliance of conditions of corporate Governance is annexed to the said Report.

CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNING AND OUT GO

The Particulars relating to conservation of energy, technology absorption and foreign exchange earnings and outgo, required to be furnished pursuant to section 217(1)(e) of the companies Act, 1956, read with companies (Disclosures of particulars in the Report of Board of Directors) Rules, 1988, are as under:

i. Part A and B of the Rules, pertaining to conservation of energy and technology absorption, are not applicable to the company.

ii. Foreign Exchange Earnings and Outgo:

Foreign Exchange Earned - NIL

Foreign Exchange Used - NIL

SUBSIDIARIES

The audited statements of accounts for the year ended on 31st March 2009 of Interface Housing Finance Limited and Interface Network Marketing Private Limited; wholly owned subsidiary companies together with the report of the Directors and the Auditors, as required under Section 212 of the Companies Act, 1956 are attached.

In Board of Directors meeting dated 3rd September, the Company has decided to sale its stake in the Interface Housing Finance Limited and Interface Network Marketing Private Limited, Wholly owned subsidiary Companies. So, both the Companies ceased to be a subsidiary of the company for the financial year 2010'11 on sale of 100% stake in the company.

PARTICULARS REGARDING EMPLOYEES

There are no employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and hence no information is required to be furnished.

ACKNOWLEDGMENTS

The Directors sincerely express their deep appreciation to the Shareholders, Banks, and Clients for their sustained support and co-operation during the year under review. Your Directors also acknowledge the support and guidance received from the RBI, SEBI, ROC. Stock Exchanges and other Regulatory Bodies, Banks and other Financial Group also deserve special appreciation for significant contribution to your Company's operations.

Date: 03/09/2010 By order of the Board

Registered Office: For Interface Financial Services Limited

2nd Floor, Agrawal Complex,

Nr. Municipal Market, C.G.Road

Ahmedabad - 380 009.

Sd/-

DIRECTOR


Mar 31, 2009

The Directors hereby present their Thirteenth Annual Report of your Company together with audited accounts for the accounting year ended on 31st March, 2009.

FINANCIAL RESULTS:

PARTICULARS YEAR YEAR ENDED ON ENDED ON 31-3-09 31-3-08 (Rs.) (Rs.)

Gross Income 3304785 2087283

Profit/(Loss) Before Interest & Depreciation 257430 821462

Finance Charges 10154 28322

Profit/(Loss) Before Depreciation 247276 793140

Depreciation 232840 254451

Profit/(Loss) Before Tax & Extra Ordinary Items 14436 538689

Provision for Tax Profit/fJLoss) for the year after Tax 14436 485689

Adjustments of earlier Years (Net) (3557) 2000

Net Profit/(loss) 17993 483689

Paid up Equity Share Capital 4864400 4864400

Reserve Excluding Revaluation Reserve 79967791 79949798

DIVIDEND

Your directors regret their inability to recommend any dividend for the year under review due to inadequate profit.

MANAGEMENT DISCUSSION AND ANALYSIS

(i) Financial Review:

The increased penetration of the banking sector in all segment of the financial services industry, and reduced direct costs of borrowing, have greatly reduced business opportunities for NBFCs.

The performance of your company during the year under review is affected due to instability in overall economic environment. Your earned total income Rs.33.04 Lacs as compared to Rs.20.87 Lacs in 2007-08. The total income consists of financing activities, trading in shares and other income. The Net Profit during the year under review is Rs. 17,993 against Net Profit Of Rs. 4.83 Lacs, in corresponding year 2007-08.

As a measure to improve the performance, your Company has taken steps to control expenses. The administration and general expenses incurred during the year under review were Rs.30.31 Lacs compared to Rs.6.85 Lacs in 2007-08.

(ii) Challenges:

Reserve Bank of India continued to focus on the maintenance of financial stability by way of better linkages between various segments of the financial markets including money, government securities, and forex markets. Commercial Banks continued to face pressure on their margins in view of the highly competitive interest rate scenario and reducing yields on securities.

IFSLs over all financial position, reflected by its low debt: Equity ratios, and adopting of prudent business strategies, have enabled it to consistently post- satisfactory performance despite these competitive conditions.

(iii) Risks and Concerns:

IFSL is exposed to specific risks that are particular to its business and the environment within which it operates, including interest rate volatility, economic cycle, market risk and credit risk. IFSL manages these risks by maintaining a conservative financial profile, and by following prudent business and risk management practices.

(iv) Adequacy of Internal Control:

IFSL has a proper and adequate system of internal controls to ensure that all activities are monitored and controlled against any unauthorized use or disposition of assets and that the transaction s are authorized, recorded and reported correctly.

IFSL ensures adherence to all internal control policies and procedures as well as compliance with all regulatory guidelines.

The audit committee of the Board of Directors reviews the adequacy of Internal Controls.

(v) Human Resource Management:

The Company has hired the services of professionals for better monitoring of various operations of the Company.

(vi) Cautionary Statement:

Statements in the Management Discussion and Analysis describing the Companys Objectives, projections, estimates, expectations may be "forward-looking Statements" within the meaning of applicable securities laws and regulations. Actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Companys operations include economic conditions, changes in Government regulations, tax laws and other statues and other incidental factors.



PUBLIC DEPOSITS

Your Company has not accepted any Deposits from the public during the year under review.

DIRECTORS

Shri Bhupendrabhai Shah retires by rotation at the ensuring Annual General Meeting and being eligible offers himself for reappointment. Your Directors recommend his Re- appointment.

DIRECTORS RESPONSIBILITY STATEMENT UNDER SECTION 217(2AA) OF THE COMPANIES ACT, 1956

The Directors confirm that-

1. In preparation of the annual account, the applicable accounting standards have been followed by the Company;

2. Such accounting policies have been selected and consistently applied and Judgments and estimates made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as 31st March 2009 and of the Company for the year ended on that date;

3. Proper and sufficient care have been taken for the maintenance of adequate according 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 irregularities;

4. Annual accounts have been prepared on a going concern basis.

AUDITORS & AUDITORS REPORT

M/s. Naimish K. Shah, Chartered Accountant, Ahmedabad, Statutory Auditors of the Company retires and is eligible for reappointment The members at the ensuing Annual General Meeting are requested to consider their reappointment for the year 2009-2010. They will hold the office until the conclusion of the next Annual General Meeting. The Board recommends their reappointment.

Notes forming part of the accounts, which are specifically referred to by the Auditors in their Report are self explanatory and therefore do not call for any further comments.

CORPORATE GOVERNANCE REPORT

A separate report on Corporate Governance is furnished as a part of the Directors Report And the Certificate from the Companys Auditors regarding compliance of conditions of Corporate Governance is annexed to the said Report

INFORMATION AS PER SECTION 217(l)(e) OF THE COMPANIES ACT,1956

The Company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

SUBSIDIARIES

The audited statements of accounts for the year ended on 31st March 2009 of Interface Housing Finance Limited and Interface Network Marketing Private Limited; wholly owned subsidiary companies together with the report of the Directors and the Auditors, as required under Section 212 of the Companies Act, 1956 are attached.

Interface Brokerage and Research Ltd. ceased to be a subsidiary of the company in the current year on sale of 100% stake in the company.

PARTICULARS REGARDING EMPLOYEES

There are no employees covered under section 217(2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 and hence no information is required to be furnished.

ACKNOWLEDGMENTS

The Directors sincerely express their deep appreciation to the Shareholders, Banks, and Clients for their sustained support and co-operation during the year under review. Your Directors also acknowledge the support and guidance received from the RBI, SEBI, ROC, Stock Exchanges and other Regulatory Bodies, Banks and other Financial Group also deserve special appreciation for significant contribution to your Companys operations.

For and on behalf of Board of Directors

SD/- Place: Ahmedabad Mr. Mahesh Shah

Date: 1st September, 2009 Chairman



 
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