Interactive Financial Service Limited Ahmedabad
The Board of Directors hereby submits the report of the business and operations of yourcompany along with the audited financial statements for the financial year ended March31 2017.
|Particular ||2016-2017 ||2015-2016 |
|Total Revenue from Operation ||4286022 ||4635774 |
|Other Income ||4656864 ||69288 |
|Total Expenses ||8452436 ||6292630 |
|Profit before Finance Cost and Depreciation ||530928 ||-1267069 |
|Less: Finance Cost ||10658 ||290677 |
|Profit/(Loss) before Depreciation ||520270 ||(1557746) |
|Less: Depreciation ||29820 ||29822 |
|Profit/(Loss) before Tax ||490450 ||(1587568) |
|Current Tax ||145000 ||- |
|Deferred Tax ||47239 ||- |
|Tax Expense for earlier years ||- ||10 |
|Balance of Profit/(Loss) for the year ||298211 ||(1587578) |
INDIAN ACCOUNTING STANDARDS:
The Ministry of Corporate Affairs (MCA) vide its notification in the Official Gazettedated February 16 2015 notified the Indian Accounting Standards applicable to certainclasses of companies. Ind AS has been replaced the existing Indian GAAP prescribed underSection 133 of the Companies Act 2013 read with Rule 7 of the Companies (Accounts) Rules2014. For our Company Ind AS applicable from April 1 2017. So there is no effect for thisyear Audit Report and Accounting treatments.
REVIEW OF OPERATION:
The Company has earned total revenue of Rs. 8942886 which is quit lower than theprevious year revenue. At the other side company has incurred expenses of Rs. 8452426(Previous Year: Rs. 6292630) which is lower compare to the previous year. Currently theCompany is continuing with the business of providing software solutions services to theHealthcare Industries.
IFSL has preferred to remain focused on building core competencies of developinghealthcare domain based software engineering and services capabilities. The results offollowing such a strategy based on its core competencies have shown in IFSL's initiationof high-potential performance.
The outpatient healthcare in the United States has been growing at very rapid rate andthis has and would continue to help IFSL in coming future. By selecting the domain ofElectronic Medical
Record and Practice Management to its core strengths for this segment of the marketIFSL has initiated greater growth potential beginning last year.
Creating long-term vertical solutions for the other care settings within the healthcaredomain IFSL is at a threshold of much rapid and larger growth in coming years.
The potential of delivering value-added services of Revenue Cycle Management to thesame domain further multiplies the growth potential and hence IFSL is looking forward toexpanding its presence to undertaking more resourceful and challenging global deliveryassignments from India in the coming year.
The Board of Directors of the Company is of the opinion to retain the profits in to thebusiness of the Company for future investment therefore does not recommend any dividendfor the financial year 2016-17.
During the period under review the company has not transferred any sum to the reservefunds of the Company except for the Profit earned during the year has been transferred tothe Surpluses Head of the Reserves & Surpluses.
During the year under review the company has neither issued nor bought back shares.The Capital of the company remains same as under.
|Authorized Share Capital ||Rs.80000000 divided into 8000000 shares of Rs. 10 each |
|Issued Share Capital ||Rs.30131000 divided into 3013100 shares of Rs. 10 each |
|Paid Up share Capital ||Rs. 30131000 divided into 3013100 shares of Rs. 10 each |
The Capital of the Company consist only Equity shares.
The Company has not invited or accepted deposit from the public neither does have anyunpaid or unclaimed deposits along with interest during the year. Further the company hasnot made any default in repayment of deposits or payment of interest thereon as nodeposits have been invited or accepted by the Company during the year. Furthermore thereare no such deposits which are not in compliance with the requirements of Chapter V of theAct.
LISTING AT STOCK EXCHANGES:
The Equity shares of your company are listed on BSE (Bombay Stock Exchange). TheListing fees for the Year 2016-2017 have been paid to the Stock Exchanges.
Further Ahmedabad Stock Exchange Limited has disseminated the information that theyare under the exist policy of the Securities and Exchange Board of India (SEBI) fordiscontinuation of the Regional Stock Exchange. Henceforth the company has ceased tocontinue the listing on the Ahmedabad Stock Exchange Limited.
CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO:
Conservation of Energy and Technology Absorption:
During the year under review there are no manufacturing activities undertaken by thecompany. However the company has made necessary endeavor to conserver the non-renewableresources and Energy and has taken utmost care to use the latest technology to conservethe energy
Foreign Exchange Earnings : 4286022
Foreign Exchange Expenditure: NIL
PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:
The Details of loan guarantees or investment are provided in the notes to thefinancial Statement. Further the company has made following investments during the yearcompare to the last year.
|Particulars ||2016-2017 ||2015-2016 |
|Investment in Equity Instrument of Other Listed Companies ||15414839 ||- |
|Investment in Mutual Funds ||916967 ||- |
|Total ||16331806 || |
PARTICULARS OF EMPLOYEES:
Pursuant to the Sub-Rule (2) of the Rule 5 of the Companies (Appointment &Remuneration or Managerial Personnel) Rules 2014 and Amendment rules 2016 read withSection 197 of the Act no employees was in receipt of the remuneration in aggregate toRs. One crore Two Lakhs per annum or Rs. Eight Lakh Fifty Thousand per month or at a ratein excess of that drawn by the Managing Director/Whole-time director of Manager and holdshimself or along with his spouse & dependent children no less than two percent of theequity shares of the Company. Further the information required pursuant to Section 197read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel)Rules 2014 in respect of employees of the Company will be provided upon request.
In terms of Section 136 of the Act the Report and Accounts are being sent to theMembers and others entitled thereto excluding the information on employees' particularswhich is available for inspection by the Members at the Registered Office of the Companyduring the business hours on working days of the Company up to the date of the ensuingAnnual General Meeting. If any Member is interested in obtaining a copy thereof suchMember may write to the Company Secretary in this regard.
As per the provisions of Section 197(12) of the Companies Act 2013 read with Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 thedetails of the ratio of the remuneration of each director to the median employee'sremuneration are described in the "Annexure -1" to this report.
Further in pursuance to the Rule 5(2) of the Companies (Appointment and Remunerationsof Managerial Personnel) Rules 2014 the details of the employees employed throughout thefinancial year or part thereof was in receipt of remuneration in that year which in theaggregate or as the case may be at a rate which in the aggregate is in excess of thatdrawn by the Managing Director or Whole Time Directors or Manager and holds by himself oralong with his spouse and dependent children not less than two per cent of the equityshares of the company is not being feasible for the company as the company currentlypays sitting fees to the director of the company.
EQUAL OPPORTUNITY EMPLOYER:
The Company has always provided a congenial atmosphere for work to all employees thatare free from discrimination and harassment including sexual harassment. It has providedequal opportunities of employment to all without regard to their caste religion colourmarital status and sex. The Company has also framed a Policy on "Prevention of SexualHarassment" at the workplace. There were no cases reported under the said Policyduring the year.
CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:
Your company is not falling under the criteria mention as per Section 135 (1) of theCompanies Act 2013 and the companies (Corporate Social Responsibilities) Rules 2014.Hence the company has not developed and implemented any corporate Social Responsibilitiesinitiatives.
MANAGEMENT DISCUSSION & ANALYSIS REPORT:
The Management Discussion and Analysis Report as per the Regulation 34 of the SEBIListing Obligation (Disclosure & Requirements) Regulations 2015 is part of the AnnualReport as "Annexure-V".
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:
There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany to which the financial statements relate and the date of the report.
CORPORATE GOVERNANCE REPORT:
As per the criteria mention in the regulation 15 of SEBI Listing Obligation (Disclosure& Requirements) Regulations 2015 company is not falling under the same. Hencecompany has not submitted corporate governance report with the stock exchange for theperiod under review. However necessary details regarding Corporate Governance is mentionedin the Annual report whenever it is necessary and Separate Corporate Governance report isannexed herewith as "Annexure- V"
STATEMENT CONCERNING DEVELOPMENT AND IMPLEMENTATION OF RISK MANAGEMENT POLICY OF THECOMPANY:
Considering the present condition of the company the company has formulated the riskmanagement policy. The board is being regularly provided with information which may havepotential threat of risk as and when required. The detailed policy can be find out at thewebsite of the company www.ifinservices.com
CONTRACT OR ARRANGEMENT WITH RELATED PARTIES:
Particulars of contracts or arrangements with related Parties referred to in Section188(1) of the Companies 2013 in the prescribed form AOC-2 is appended as "Annexure-II"of the Board's report.
EXTRACT OF THE ANNUAL RETURN:
The Extract of Annual Return in Form MGT-9 as provided under Section 92 (3) of theCompanies
Act 2013 is annexed herewith as "Annexure -III"
The Company does not have any Subsidiary Associates Company or Joint Venture.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Mr. Udayan Mandavia (DIN: 00740615) has been appointed as a Director andManaging Director of the Company w.e.f 01st October 2016.
Mr. Kishor Vekariya (DIN: 07622663) has been appointed as an IndependentDirector of the Company w.e.f 01st October 2016.
Mr. Saurabh Gangadia (DIN:07622677) has been appointed as an IndependentDirector of the Company w.e.f 01st October 2016.
Mr. Anant Bhatt has been appointed as Company Secretary of the Company w.e.f 01stOctober 2016.
2. Change in Designation
Ms. Sejalben Mandavia (DIN:03468579) has been Change her designation fromIndependent Non-Executive Director to Non-Executive Director w.e.f 01stOctober 2016.
Mr. Ashvin Popat (DIN:02510845) has been resigned as an Independent Director ofthe Company w.e.f 01st October 2016.
Mr. Prashant Parikh (DIN:00040591) has been resigned as an Independent Directorof the Company w.e.f 01st October 2016.
Mr. Paresh Shah has been resigned as Company Secretary and compliance officer ofthe Company w.e.f. 30th September 2016.
Mr. Ashok Vithalani (DIN:00023247) has been retired due to non-election as aDirector and Managing Director of the Company w.e.f 30th September 2016.
5. Committees of the Board
Mr. Kishor Vekariya Mr. Udayan Mandavia and Mr. Saurabh Gangadia compose the AuditCommittee members. The members of the Audit Committee has meet 7 (Seven) times during theyear. The detailed composition and other details of the Audit Committee have been providedin the Corporate Governance Report which being annexed to this report.
Nomination and remuneration committee
Mr. Kishor Vekariya Ms. Sejalben Mandavia and Mr. Saurabh Gangadia compose theNomination & Remuneration Committee members. The members of the Nomination &Remuneration Committee have met 2 (Two) during the year. The detailed information has beenprovided in the Corporate Governance Report which being annexed to this report.
Stakeholders relationship committee
Ms. Sejalben Mandavia Mr. Udayan Mandavia and Mr. Saurabh Gangadia compose theStakeholders Relationship Committee members. The members of the Stakeholders RelationshipCommittee have met 31 (Thirty one) times during the year. The detailed information hasbeen provided in the Corporate Governance Report which being annexed to this report.
DIRECTORS' RESPONSIBILITY STATEMENT:
Pursuant to the provisions of Section 134(5) of the Companies Act 2013 the board ofdirectors to the best of their Knowledge and ability confirm and state that -
I. In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;
II. The Directors had selected such accounting policies and applied them consistentlyand made judgments and Estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe loss of the company for that period;
III. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe 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;
V. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and
VI. The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.
DECLARATION OF INDEPENDENT DIRECTORS:
The Company do have formation of board as per Companies Act 2013 as well as perListing Agreement and SEBI Listing Obligations (Disclosures & Requirements)Regulations 2015 (w.e.f 2nd December 2015) all the independent director attending themeetings of the Company have given declaration under section 149(7) of the companies Act2013 that he/she meets the criteria of independence laid down in section 149(6) of thecompanies Act 2013 and Regulation 25 of the Listing Regulations.
MEETINGS OF BOARD AND COMMITTEES & ITS COMPOSITION:
During the financial year the Company has mainly 3 (three) Committees namely AuditCommittee Nomination & Remuneration Committee and Stakeholders RelationshipCommittee. During the period under review 7 (Seven) Board Meeting were held by the Boardof Directors to transact various business items. The detailed report on the Board ofDirectors has been provided in the Corporate Governance Report which being annexed tothis report.
During the Year 2016-2017 Seven Board Meetings were held as mention below.
Date and Day of the Board Meeting
1 Monday 30th May 2016
2. Saturday 13 th August2 016
3. Friday 2nd September 2016
4 Saturday 1st October 2016
5 Monday 14th November 2016
6 Tuesday 14th February 2017
7 Wednesday 29th March 2017
Independent Directors' Meeting:
The Independent Directors of the Company met during the year on Friday 17thMarch 2017 without the attendance of non-Independent Directors and members of the Board.The Independent Directors reviewed the performance of the non-independent Directors andBoard as whole. the performance of the Chairman taking into account the views of executiveDirectors and non-executive Directors and assessed the quality quantity and timeline offlow of information between company management and Board.
AUDIT COMMITTEE MEETINGS:
The Formation of the Audit Committee is as per the Section 177 of the Companies Act2013. During the Year under review the committee has meet Seven times as mention below.
Date and Day of the Meeting
1. Monday 23th May 2016
7 Friday 5 th August 2016
3. Tuesday 30 th August 2016
4. Saturday 1st October 2016
5. Friday 4th November 2016
6. Monday 6th February 2017
7. Monday 20th March 2017
|Name of the Member ||Type of Director ||Category ||No. of Meetings ||Attendance |
|Mr. Ashwin V. Popat* ||Independent |
|Chairman ||4 ||4 |
| ||Independent || || || |
|Mr. Prashant D. Parikh* ||Director ||Member ||4 ||4 |
|Mr. Ashok P. Vithalani@ ||Managing |
|Member ||3 ||3 |
|Mr. Kishor Vekariya** ||Independent |
|Chairman ||4 ||4 |
|Mr. Udayan Mandavia ||Managing |
|Member ||3 ||2 |
|Mr. Saurabh Gangadia ||Independent |
|Member ||4 ||4 |
@Retired as Director & Managing Director w.e.f. 30/09/2016 *Resigned as a Directorw.e.f 01/10/2016 **Appointed as a Director w.e.f 01/10/2016
NOMINATION AND REMUNERATION COMMITTEE MEETINGS:
The Formation of the Committee is as per the Section 178 of the Companies Act 2013.During the Year under review the committee has meet two times as mention below.
|Sr. No. ||Date and Day of the Meeting |
|1. ||Thursday 22nd September 2016 |
The constitution of the Committee as on 31/03/2017 is as under:
|Name of the Member ||Type of Director ||Category ||No. of Meetings ||Attendance |
|Mr. Ashwin V. Popat* ||Independent Director ||Chairman ||2 ||2 |
|Mr. Prashant D. Parikh* ||Independent Director ||Member ||2 ||2 |
|Mr. Ashok P. Vithalani@ ||Managing Director ||Member ||2 ||1 |
|Mr. Kishor Vekariya** ||Independent Director ||Chairman ||0 ||0 |
|Ms. Sejalben Mandavia** ||Non-Executive Director ||Member ||0 ||0 |
|Mr. Saurabh Gangadia** ||Independent Director ||Member ||0 ||0 |
@ Retired as Director & Managing Director w.e.f. 30/09/2016.
* Resigned as a Director w.e.f 01/10/2016.
** Appointed as a Director w.e.f 01/10/2016.
STAKEHOLDERS RELATIONSHIP COMMITTEE:
As per the Section 178(5) of the Companies Act 2013 a Company consisting of more than1 (one) thousands Shareholders debenture-holders deposit-holders and any other securityholders at any time during a financial year shall constitute a Stake Holders RelationshipCommittee. So to comply with the Companies Act company has formed StakeholdersRelationship Committee.
The object of the committee to look into complaints if any and redress the sameexpeditiously Besides the committee approves allotment transfer & Transmission ofshares Debentures issue of any new certificates on split\ consolidation\renewal etc.asmay be referred to it. Details of the said committee meetings are mentioned below.
|Sr. No. ||Date and Day of the Meeting |
|1. ||Thursday 21st April 2016 |
|2. ||Thursday 5th May 2016 |
|3. ||Tuesday 10 th May 2016 |
|4. ||Wednesday 25th May 2016 |
|5. ||Friday 10th June 2016 |
|6. ||Friday 24th June 2016 |
|7. ||Thursday 30 th June 2016 |
|8. ||Wednesday 13 th July 2016 |
|9. ||Friday 29th July 2016 |
|10. ||Wednesday 3rd August 2016 |
|11. ||Friday 12 th August 2016 |
|12. ||Friday 2nd September 2016 |
|13. ||Friday 9th September 2016 |
|14. ||Friday 23th September 2016 |
|15. ||Tuesday 27th September 2016 |
|16. ||Friday 30th September 2016 |
|17. ||Saturday 1st October 2016 |
|18. ||Friday 14th October 2016 |
|19. ||Tuesday 18th October 2016 |
|20. ||Thursday 27 th October 2016 |
|21. ||Thursday 17th November 2016 |
|22. ||Friday 18th November 2016 |
|23. ||Wednesday 30th November 2016 |
|24. ||Monday 12th December 2016 |
|25. ||Friday 23th December 2016 |
|26. ||Friday 30th December 2016 |
|27. ||Tuesday 10 th January 2017 |
|28. ||Wednesday 18th January 2017 |
|29. ||Wednesday 25 th January 2017 |
|30. ||Monday 30th January 2017 |
|31. ||Friday 17 th March 2017 |
The constitution of the Committee as on 31/03/2017 is as under:
|Name of the Member ||Type of Director ||Category ||No. of Meetings ||Attendance |
|Mr. Prashant D. Parikh* ||Independent Director ||Chairman ||17 ||17 |
|Mr. Ashwin V. Popat* ||Independent Director ||Member ||17 ||17 |
|Mr. Ashok P. Vithalani* ||Managing Director ||Member ||17 ||15 |
|Ms. Sejalben Mandavia** ||Independent Director ||Chairman ||15 ||15 |
|Mr. Udayan Mandavia ** ||Managing Director ||Member ||15 ||12 |
|Mr. Saurabh Gangadia** ||Independent Director ||Member ||15 ||15 |
Note: * Resigned as a Director w.e.f 01.10.2016.
** Appointed as a Director w.e.f 01.10.2016.
POLICY ON DIRECTOS' APPOINTMENT AND REMUNERATION;
The current policy is to have an appropriate mix of executive and independent directorsto maintain the independence of the board and separate its functions of governance andmanagement. The policy of the Company on directors' appointment and remunerationincluding the criteria for determining qualifications positive attributes independenceof a director and other matters as required under sub-section (3) of Section 178 of theCompanies Act 2013 is available at registered office for review.
There has been no change in the policy since last fiscal. We affirm that theremuneration paid to the directors is as per the terms laid out in the Nomination andRemuneration Policy of the Company.
During the year the Board adopted a formal mechanism for evaluating its performanceand as well as that of its Committees and individual Directors including the Chairman ofthe Board.
The evaluation framework for assessing the performance of Directors comprises of thefollowing key areas:
- Attendance and participation in the Meetings and timely inputs on the minutes of themeetings
- Adherence to ethical standards & code of conduct of Company and disclosure of non- independence as and when it exists and disclosure of interest
- Raising of valid concerns to the Board and constructive contribution to resolution ofissues at meetings
- Interpersonal relations with other directors and management
- Objective evaluation of Board's performance rendering independent unbiased opinion
- Understanding of the Company and the external environment in which it operates andcontribution to strategic direction
- Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard ofconfidential information
The valuation involves Self-Evaluation by the Board Member and subsequently assessmentby the Board of Directors. A member of the Board will not participate in the discussion ofhis/her evaluation.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE:
The information pertaining to Annual Evaluation of Board's performance as required tobe stated in terms of section 134(3)(p) of the Companies Act 2013 read with Rule 8(4) ofthe Companies (Accounts) Rules 2014 have been provided in the Corporate Governance Reportforming part of this Annual Report.
WHISTLE BLOWER POLICY & VIGIL MECHANISM:
The Company has established a "Whistle Blower and Vigil Mechanism Policy" forDirectors and employees to report the genuine concerns as per the provisions of Section177 (9) of the Companies Act 2013. However the Section is not applicable to the Companybut the company has formed the policy as a part of good governance.
DISCLOSURE OF DEMAT SUSPENSE ACCOUNT/UNCLAIMED SUSPENSE ACCOUNT
With the advent of the new Securities & Exchange Board of India (ListingObligations and Disclosure Requirements) Regulations 2015 (enforced w.e.f. December 012015) the listed entities are required to make disclosure in the Annual Report about thedetails of share in Demat Suspence Account/Unclaimed Suspense Account. The details of thesame is mentioned below:
|Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year ||NIL |
|Number of shareholders who approached listed entity for transfer of shares from suspense account during the year ||NIL |
|Number of shareholders to whom shares were transferred from suspense account during the year ||Nil |
|Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year ||Nil |
|The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares ||Not Applicable |
INTERNAL CONTROL SYSTEMS:
The Company has an adequate system of internal control procedures which is commensuratewith the size and nature of business. Detailed procedural manuals are in place to ensurethat all the assets are safeguarded protected against loss and all transactions areauthorized recorded and reported correctly.
The internal control systems of the Company are monitored and evaluated by internalauditors and their audit reports are periodically reviewed by the Audit Committee of theBoard of Directors. The observations and comments of the Audit Committee are alsogenerally placed before the Board.
AUDIT REPORTS AND AUDITORS:
In pursuance to the provisions of Section 138 of the Companies Act 2013 your Companyhas appointed Akshat Shah Chartered Accountants to conduct internal audit of theCompany.
The statutory auditor of the company M/s Devadiya & Associates CharteredAccountant who had been appointed for the period of 5 years till the conclusion of thefinancial year 2020-2021 subject to approval of members in the every annual generalmeeting shown their unwillingness to act as the auditor of the company on account ofwhich they will not be associated with the company for the remaining tenure. The Board ofthe Directors on recommendation of the Audit committee are proposed to appoint M/s KPNDChartered Accountants Mumbai (having Firm's registration Number:133861W).
The observations and comments if any marked in the Auditors' Report areself-explanatory and therefore do not call for any further comments.
Mrs Kajal Ankit Shukla Practicing Company Secretaries Proprietor of M/s. K. A Shukla& Associates has been appoint for the purpose of conducting Secretarial Audit of theCompany. The Secretarial Audit Report is appended to this report as "AnnexureIV".
The explanations to the observation given in the Secretarial Audit report of theCompany are Selfexplanatory.
COST AUDIT REPORT:
As per section 148 of the Companies Act 2013 read with the Companies (Audit andAuditors) Rules 2014 Company is in construction business and the Companies (CostRecords and Audit) Amendment Rules 2014 (the Rules) are applicable to the Company butcompany does not fall under the criteria mentioned in the Rules.
SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORY:
There have been no material changes and commitments affecting the financial positionof the company which have occurred between the end of the financial year of the company towhich the financial statements relate and the date of the report.
DETAILS IN RESPECT OF FRAUDS REPORTED BY AUDITORS OTHER THAN THOSE WHICH ARE REPORTABLETO THE CENTRAL GOVERNMENT:
In pursuance to the Section 134(3)(ca) of the Companies Act 2013 ("theAct") there has been no reported frauds being detected by the Auditor of the Companyin accordance with the Section 143(12) of the Act.
BRIEF DESCRIPTION OF SHAREHOLDING OF THE COMPANY:
a) Distribution schedule as on 31/03/2017
|Shareholding Nominal Value ||Number of Shareholders ||% to Total Numbers ||Shareholding Amount ||% of Total Amount |
|Up to - 2500 ||178 ||10.874 ||244160 ||0.810 |
|2501 - 5000 ||869 ||53.085 ||2837050 ||9.416 |
|5001 - 10000 ||349 ||21.319 ||2460500 ||8.166 |
|10001 - 20000 ||95 ||5.803 ||1621100 ||5.380 |
|20001 - 30000 ||66 ||4.032 ||1666030 ||5.529 |
|30001 - 40000 ||21 ||1.283 ||809510 ||2.687 |
|40001 - 50000 ||17 ||1.038 ||822000 ||2.728 |
|50001 - 100000 ||20 ||1.222 ||1470490 ||4.880 |
|100000 and above ||22 ||1.344 ||18200160 ||60.403 |
|Total ||1637 ||100.00 ||3013100 ||100.00 |
b) SHARE HOLDING PATTERN AS ON 31/03/2017
|Category ||No. of shares ||% of equity |
|Promoter Group ||1317150 ||43.71 |
|Others ||1695950 ||56.29 |
EXTRACTS OF ANNUAL RETURN:
In accordance with section 134(3)(a) of the Companies Act 2013 an extract of theannual return in the prescribed format is appended as Annexure- III of the Board'sReport.
Electronic copies of the Annual Report 2016-17 and the Notice of the 23rdAnnual General Meeting are sent to all members whose email addresses are registered withthe company/depository participant^). For members who have not registered their emailaddresses physical copies are sent in the permitted mode.
Statements in the Boards' Report and the Management Discussion and Analysis describingthe Company's objectives explanations and predictions may be forward looking within themeaning of applicable securities laws and regulations. Actual results may differmaterially from those expressed in the statement. Important factors that could influencethe company's operations include: global and domestic demand and supply conditionsaffecting selling prices new capacity additions availability of critical materials andtheir cost changes in government policies and tax laws economic development of thecountry and other factors which are material to the business operations of the Company.
Your Directors place on record their appreciation and gratitude for the excellentsupport the Company has received from its workers employees customers vendors andshareholders. They also express their sincere thanks to the Bankers and various StateGovernments for the valuable support extended to the Company.
| ||For Interactive Financial Services Limited |
|Date: 30/05/2017 || |
|Place: Ahmedabad || |
| ||Mr. Udayan Mandavia |
| ||Managing Director |
| ||DIN:00740615 |