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
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article