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Trans Financial Resources Ltd.

BSE: 526961 Sector: Infrastructure
NSE: N.A. ISIN Code: INE404B01014
BSE 00:00 | 05 Oct 25.10 0
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NSE 05:30 | 01 Jan Trans Financial Resources Ltd
OPEN 25.10
PREVIOUS CLOSE 25.10
VOLUME 1
52-Week high 25.10
52-Week low 22.10
P/E 10.12
Mkt Cap.(Rs cr) 29
Buy Price 24.60
Buy Qty 100.00
Sell Price 25.10
Sell Qty 1099.00
OPEN 25.10
CLOSE 25.10
VOLUME 1
52-Week high 25.10
52-Week low 22.10
P/E 10.12
Mkt Cap.(Rs cr) 29
Buy Price 24.60
Buy Qty 100.00
Sell Price 25.10
Sell Qty 1099.00

Trans Financial Resources Ltd. (TRANSFINRES) - Director Report

Company director report

ToThe Members

TRANS FINANCIAL RESOURCES LIMITED

Your Directors have pleasure in presenting their 24th Annual Report on the business andoperations of the Company and the accounts for the Financial Year ended March 31 2019.

1. STATE OF AFFAIRS OF THE COMPANY:

M/s. Trans Financial Resources Limited was originally incorporated in the year 1994with an object of trading & investing in shares & securities. However keeping inview the optimistic future in Infrastructure & Real Estate business activity thecompany is currently engaged in the Infrastructure business activities & Real EstateProjects.

SEGMENT-WISE POSITION OF BUSINESS AND ITS OPERATIONS: The Company iscurrently engaged in only one business. Accordingly there is no segments of businessactivity of the Company

CHANGE IN STATUS OF THE COMPANY: The status of the company has not beenchanged during the financial year 2018-19.

CHANGE IN THE FINANCIAL YEAR: The company has not changed its financialyear during the year.

CAPITAL EXPENDITURE PROGRAMMES: Not Applicable

DETAILS AND STATUS OF ACQUISITION. MERGER. EXPANSION

MODERNIZATION AND DIVERSIFICATION: Not Applicable

DEVELOPMENTS. ACQUISITION AND ASSIGNMENT OF MATERIAL INTELLECTUAL PROPERTYRIGHTS: Not Applicable

ANY OTHER MATERIAL EVENT HAVING AN IMPACT ON THE AFFAIRS OF THE COMPANY:Following material events has been occurred during the financial year 2018-19:

I. Increase in Authorised Share Capital of the Company to Rs.125000000/- dividendinto 12500000 Equity Shares of Rs.10 each.

II. Adoption of New set of Memorandum of Association and Articles of Association of theCompany.

III. Preferential Issue of upto 6666668 Equity Shares of Rs.10 each representing57.05% of expanded share capital at a price of Rs.15 Per Equity Share to Mr. Rishi HParikh and Mr. Siddharth Hans.

IV. Reclassification of Existing Promoter & Promoter Group of the Company underRegulation 31A of SEBI (LODR) Regulations pursuant to the Preferential Issue of Shares.

V. The Company has also received listing approval form BSE for such allotment as on 19thNovember 2018 vide letter Ref. no. DCS/PREF/BA/FIP/3326/2018-19.

VI. The Company has also received trading Approval from BSE for such allotment as on 5thDecember 2018 vide letter Ref. no. DCS/PREF/TP/BA/7930/2018-19.

2. FINANCIAL HIGHLIGHTS:

The Board's Report is prepared based on the stand alone financial statements of thecompany.

(Rs. in lacs)

PARTICULARS 2018-19 2017-18
Revenue from Operations 529.00 181.74
Other income 238.06 0
Total Income 767.07 181.74
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expense -764.26 -54.95
Less: Depreciation 2.48 0.27
Profit/loss before Finance Costs Exceptional items and Tax Expense -766.74 -55.22
Less: Finance Cost 2.07 0.01
Profit/loss before Exceptional items and Tax Expense -768.74 -55.23
Less: Exceptional Items 0 0
Profit / (Loss) Before Tax -768.74 -55.23
Provision for Tax & Deferred Tax 15.05 0
Profit / (Loss) After Tax -783.79 -55.23
Other Comprehensive income (net of tax effect) 0 0
Total Comprehensive income -783.79 -55.23
Add : Balance as per last Financial Statement -1013.26 -958.03
Disposable Surplus - -
Less : Transfer to General Reserve - -
Dividend Paid (17-18) - -
Dividend Paid (16-17) - -
Dividend Distribution Tax (17-18) - -
Dividend Distribution Tax (16-17) - -
Balance carried forward -1797.06 -1013.26

3. PERFORMANCE OF THE COMPANY:

The company's approach towards growth has delivered satisfactory results during theyear 2018-19. The Performance of the company has greatly increased in terms of Turnover ascompare to the previous financial year 2018-19. However the company has incurred net lossduring the financial year 2018-19 due to excess cost of material used as well as fixedexpenditure such as employee benefit expenses & Depreciation. The company is expectingmore revenue and sure to grow in terms of net profit in the upcoming years. The companywill strive to improve its performance in long term prospects based on actual pace ofglobal economy.

4. DIVIDEND:

Due to accumulated losses of the Company the directors did not recommend any Dividendduring the year under review.

The company has not transferred any amount from the profit of the company to Reserves.

5. THE AMOUNTS. IF ANY. WHICH IT PROPOSES TO CARRY TO ANY RESERVES:

The company has not transferred any amount to reserves during the financial year201819.

6. DIRECTORS AND KEY MANAGERIAL PERSONNEL:

Pursuant to the provisions Section 152(6) of the Companies Act 2013 MR. HARISHKUMARRAJPUT (DIN: 06970075) Director of the Company retires by rotation at the forthcomingAnnual General Meeting and being eligible offer herself for reappointment.

Mr. Dhrumansinh Raj has been appointed as an additional Independent director of theCompany by the Board of Directors of the Company in its meeting held on 14thFebruary 2019 upto the forthcoming Annual General Meeting. The Board of Directors hasproposed the appointment of Mr. Dhrumansinh Raj as Director of the Company subject toapproval of shareholders at AGM.

The present term of appointment of Mr. Jaimin Shah Independent Directors of theCompany is going to be expired at the forthcoming Annual General Meeting. The Board hassubject to the approval of the Members in the forthcoming AGM proposed the reappointmentof Mr. Jaimin Shah Independent Director for another period of five years with effect from30th September 2019:

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed under subsection6 of Section 149 of the Companies Act 2013 and under Regulation 16 b) of SEBI (ListingObligations and Disclosure Requirements) Regulation 2015 and complied with the Code forIndependent Directors prescribed in Schedule IV to the Act.

JUSTIFICATION FOR APPOINTMENT / REAPPOINTMENT OF INDEPENDENT DIRECTORS:

The existing Independent Directors of the Company are engaged with the Company from somany years and having vast experience and profound knowledge with respect to workings ofthe Company. They also possess industry specific knowledge and skills which is beneficialfor growth of the Company. The Company can reach higher level of growth in terms ofbusiness expansion and turnover under their guidance and leadership.

During the current financial year there is no change in the directors of the Company.However MRS. PRITI PATEL Non Executive Director of the Company has resigned from thedirectorship of the Company as on 14th February 2019 due to her pre occupationin other Companies and other personal commitments. The Board places on record itsappreciation for her invaluable contribution and guidance. MRS. PRITI PATEL has alsoconfirmed that there is no other material reason of resignation other than those provided.

During the year under review the non-executive directors of the Company had nopecuniary relationship or transactions with the Company other than sitting feescommission and reimbursement of expenses incurred by them for the purpose of attendingmeetings of the Board/Committee of the Company.

The Company has received declarations from all the Independent Directors of the Companyconfirming that they meet with the criteria of independence as prescribed under subsection6 of Section 149 of the Companies Act 2013 and under Regulation 16 (b) of SEBI (ListingObligation and Disclosure Requirements) Regulation 2015.

7. MEETINGS:

During the year Twelve Board Meetings and Five Audit Committee Meetings were convenedand held. The dates on which the said Board meetings were held:

Sr. no. Date of Board Meeting Date of Audit Committee Meeting
1 06.04.2018 30.05.2018
2 12.04.2018 14.08.2018
3 30.05.2018 29.10.2018
4 14.08.2018 14.11.2018
5 04.09.2018 14.2.2019
6 29.09.2018 -
7 20.10.2018 -
8 29.10.2018 -
9 14.11.2018 -
10 16.01.2019 -
11 14.2.2019 -
12 19.03.2019 -

The intervening gap between the Meetings was within the period prescribed under theCompanies Act 2013. The necessary quorum was present at the meetings.

8. COMMITTEES:

The company has several committees which have been established as a part of bestcorporate governance practices and are in compliance with the requirements of the relevantprovisions of applicable laws and statues.

The Board has constituted following Committees.

• Audit Committee

• Nomination and Remuneration Committee

• Stakeholder's Relationship Committee

• Independent Director Committee

• Internal Complaints Committee

The details with respect to the compositions powers roles terms of reference etc. ofrelevant committees are given in detail in the ‘Report on Corporate Governance' ofthe company which forms part of this Annual Report.

9. EXTRACTS OF ANNUAL RETURN:

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of theCompanies Act 2013 read with Rule 12 of the Companies (Management and Administration)Rules 2014 the extracts of the Annual Return as at March 31 2019 forms part of thisreport as “Annexure I".

10. STATUTORY AUDITORS & AUDIT REPORT:

Pursuant to the provisions of Section 139 of the Companies Act 2013 M/S. JIGARSHAH & ASSOCIATES. Chartered Accountants (F.R.NO. 0128263W) has resigned fromthe Company. Accordingly the Company has appointed M/S. PRAKASH TEKWANI &ASSOCIATES. Chartered Accountants (F.R.NO. 120253W) as statutory auditors of thecompany to conduct the audit of the Company for the financial year 2019-20.

The Auditors comments on your company's accounts for year ended March 31 2019 are selfexplanatory in nature and do not require any explanation as per provisions of Section 134(3) (f) of the Companies Act 2013.

There were following qualifications reservation or adverse remark or disclaimer madeby Statutory Auditor in its report:

1. The confirmation statements balances outstanding in the financial statementsrelating to the trade receivable/ trade payable / loans and advances given or taken andother advances given or received have not been made available.

2. We have reviewed figures of F.Y. 2018-19; the previous year's figures have beentaken as opening balances from the financial statements audited by the previous auditor.

3. The Company has not complied with provisions of Section 185 and 186 of the CompaniesAct 2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

4. As a result of these matters auditor was unable to determine whether anyadjustments might have been found necessary in respect of recorded or unrecordedtransactions and accounts receivable/payable in the Balance Sheet and the correspondingelements making up the Statement of Profit and Loss and Cash Flow statement.

The Board of Directors has undertaken to take the corrective steps for the abovementioned qualifications in current financial year.

11. DISCLOSURE OF REPORTING OF FRAUD BY AUDITORS UNDER SECTION 143(12):

During the financial year 2018-19 the Statutory Auditor has not reported to the auditcommittee any instance of fraud committed against the Company by its employees or officersunder section 143(12) the details of which need to be reported in Board's Report.

12. INTERNAL FINANCIAL CONTROL SYSTEMS

Your company had laid down set of standards processes and structure which enables toimplement internal financial control across the organization and ensure that the same areadequate and operating effectively. During the year the Company continued to implementtheir suggestions and recommendations to improve the control environment. Their scope ofwork includes review of processes for safeguarding the assets of the Company review ofoperational efficiency effectiveness of systems and processes and assessing the internalcontrol strengths in all areas.

13. COST RECORDS:

Pursuant to Section-148 (1) of the Companies Act 2013 read with Rule 3 of Companies(Cost Records and Audit) Rules 2014 Company does not fall under the criteria formaintaining cost record for the financial year 2018-19.

14. SECRETARIAL AUDITORS AND SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Companies Act 2013 your company had appointed M/s. A.Shah & Associates Practicing Company Secretaries Ahmedabad as its SecretarialAuditors to conduct the Secretarial Audit of the company for FY 2018-19. The Report of theSecretarial Auditor for the F.Y 2018-19 is annexed to this report as “AnnexureII".

The Board of Directors of the Company has discussed the remarks as mentioned inSecretarial Audit Report at arm's length. The qualification raised by the SecretarialAuditor in its report and the justification of Board of Directors on the same are asfollows:

Deviations Observations/ Remarks of the Practicing Company Secretary
1 100% (Hundred percent) shareholding of promoter and promoter group is not held in Dematerialized Form. The Company has taken steps to ensure that the physical shares held by promoter or promoter group are fully converted into DEMAT. However still one shareholder of promoter group is holding shares in physical.
2 Delay of two days in submission of Financial Results for June - 2018 The Company had not submitted financial results for the quarter ended on June- 2018 with in prescribed time for which BSE had imposed penalty of Rs. 5900/- on the Company for delay of two days. The Company had paid the penalty of Rs. 5900/- to BSE.
3 Non-compliance with respect to composition of Nomination and Remuneration Committee for December- 2018 and March 2019 . The company had clarified to BSE that the Company is voluntarily complying with the requirement of Corporate Governance and is not mandatorily required to comply with the same. Further the company has reconstituted Nomination and Remuneration Committee as per the requirement of SEBI (LODR) Regulations in June 2019.
4 Not complied with the section 138 of the Companies Act 2013 i.e. Internal Auditor needs to be appointed to conduct the internal audit of the functions and activities of the company. The Company will comply with the said in the current financial year 2019-20.
5 Not in compliance with the Section 185 of the Companies Act 2013 with regards the Loans and Advance granted to the Directors and Related Parties of the Company The loans are provided to related parties in previous years and the Board of directors assures to repay the same at the earliest.
6 Not in compliance with the Section 186 of the Companies Act 2013 with regards the Investment in access of the limit set by shareholders . The investment is for short time period. The Board undertake to set the higher limit and to take share holders approval .

15. NOMINATION AND REMUNERATION POLICY

The Board has on the recommendation of Nomination and Remuneration / CompensationCommittee framed a policy on directors' appointment and remuneration of Directorsincluding criteria for determining qualification positive attributes independence ofdirectors and remuneration for Directors Key Managerial Personnel and other employees.The policy is annexed to this report as “Annexure III”.

16. BOARD EVALUATION:

The Board of Directors has carried out an annual evaluation of its own performanceBoard committees and individual directors pursuant to the provisions of the Companies Act2013 and the corporate governance requirements as prescribed by Securities and ExchangeBoard of India (“SEBI”) under Regulation 17 to 27 and clauses (b) to (i) ofsub-regulation (2) of regulation 46 and para C D and E of Schedule V of SEBI (ListingObligation and Disclosure Requirement) Regulation 2015.

The performance of the Board was evaluated by the Board after seeking inputs from allthe directors on the basis of the criteria such as the Board composition and structureeffectiveness of board processes information and functioning etc. The performance of thecommittees was evaluated by the board after seeking inputs from the committee members onthe basis of the criteria such as the composition of committees effectiveness ofcommittee meetings etc.

The Board and the Nomination and Remuneration Committee (“NRC”) reviewed theperformance of the individual directors on the basis of the criteria such as thecontribution of the individual director to the Board and committee meetings likepreparedness on the issues to be discussed meaningful and constructive contribution andinputs in meetings etc. In addition the Chairman was also evaluated on the key aspectsof his role.

In a separate meeting of independent Directors performance of non-independentdirectors performance of the board as a whole and performance of the Chairman wasevaluated taking into account the views of executive directors and non-executivedirectors. The same was discussed in the board meeting that followed the meeting of theindependent Directors at which the performance of the Board its committees andindividual directors was also discussed.

17. DEPOSITS

Your company has not accepted any fixed deposits from the public within the provisionsof Section 73 to 76 of the Companies Act 2013. The company has accepted inter corporateborrowings during the financial year 2018-19 which is exempted from the deposits. Hencethe disclosures required as per Rule 8(5)(v)&(vi) of the Companies (Accounts) Rules2014 read with Section 73 to 76 of the Companies Act 2013 are not applicable to yourCompany.

18. CORPORATE GOVERNANCE:

The Company believes that good Corporate Governance is a continuous process and it isour continuous endeavor to achieve good governance by way of a conscious andconscientious effort whereby ensuring the truth transparency accountability andresponsibility in all our dealings with all our stakeholders.

A separate section on Corporate Governance Standards followed by your Company asstipulated under Regulation 34(3) read with Schedule V of SEBI (Listing Obligation andDisclosure Requirement) Regulation 2015 is enclosed as Annexure to this Report. The Reporton Corporate Governance also contains certain disclosures required under Companies Act2013.

A certificate from M/S. A. SHAH & ASSOCIATES. Practicing Company Secretaries.conforming compliance to the conditions of Corporate Governance as stipulated underRegulations 17 to 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46 andpara C D and E of Schedule V of SEBI (Listing Obligation and Disclosure Requirement)Regulation 2015 is annexed to this Report.

19. VIGIL MECHANISM

In pursuant to the provisions of section 177(9) & (10) of the Companies Act 2013and Regulation 22 of the SEBI (Listing Obligation and Disclosure Requirement) Regulations2015 a Vigil Mechanism for directors and employees to report genuine concerns has beenestablished. The Vigil Mechanism Policy has been uploaded on the website of the Company atwww.transfinancialrltd.com under investors/others/Whistle blower Policy link.

20. CONSERVATION OF ENERGY. ABSORPTION OF TECHNOLOGY

(a) Conservation of energy

(i) the steps taken or impact on conservation of energy N.A
(ii) the steps taken by the company for utilizing alternate sources of energy N.A
(iii) the capital investment on energy conservation equipment's N.A

(b) Technology absorption

(i) the efforts made towards technology absorption N.A
(ii) the benefits derived like product improvement cost reduction product development or import substitution N.A
(iii) in case of imported technology (imported during the last three years reckoned from the beginning of the financial year)- N.A
(a) the details of technology imported N.A
(b) the year of import; N.A
(c) whether the technology been fully absorbed N.A
(d) if not fully absorbed areas where absorption has not taken place and the reasons thereof N.A
(iv) the expenditure incurred on Research and Development N.A.

21. FOREIGN EXCHANGE EARNINGS / OUTGO:-

As the Company has not carried out any activities relating to the export and importduring the financial year. There is no foreign exchange expenses and foreign income duringthe financial year.

22. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES

All Related Party Transactions those were entered during the financial year were inordinary course of the business of the company and were on arm's length basis.

All such Related Party Transactions are placed before the Audit Committee for approval.

The policy on materiality of Related Party Transactions and also on dealing withRelated Party Transactions as approved by the Audit Committee and the Board of Directorsis has been uploaded on the website of the Company at www.transfinancialrltd.com underinvestors/policy documents/Related Party Transaction Policy.

The particulars of every contract or arrangements entered into by the Company withrelated parties referred to the sub-section (1) of section 188 of the Companies Act 2013are disclosed in Form No. AOC-2 ‘Annexure: IV' the same forms part of this.

23. PARTICULARS OF LOANS. GUARANTEES OR INVESTMENTS UNDER SECTION 186:

In terms of provisions of Section 134(3) (g) the Particulars of Loans Guarantees orInvestments under Section 186 is annexed hereto as “Annexure V" and forms partof this Report.

24. PARTICULARS OF EMPLOYEES REMUNERATION:

A. The ratio of the remuneration of each director to the median employee's remunerationand other details in terms of sub-section 12 of Section 197 of the Companies Act 2013read with Rule 5(1) of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 are forming part of this report as “Annexure VI".

B. The statement containing particulars of employees as required under Section 197(12)of the Companies Act 2013 read with Rule 5(2) of the Companies (Appointment andRemuneration of Managerial Personnel) Rules 2014 is not provided as no employees is paidremuneration of Rs. 8.5 Lac Per month if employed for part of the year and Rs. 1.02 Cr.Per Annum if employed for the whole year.

25. HUMAN RESOURCES

Your Company treats its “Human Resources” as one of its most significantassets. The Company continues its focus on retention through employee engagementinitiatives and provides a holistic environment where employees get opportunities torealize their potential. A number of programs that provide focused people attention arecurrently underway. Your Company thrust is on the promotion of talent internally throughjob rotation and job enlargement. The Company's Health and Safety Policy commits toprovide a healthy and safe work environment to all employees.

26. CORPORATE SOCIAL RESPONSIBILITY (CSR)

The company does not fall under the purview of the section 135 of the Companies Act2013 which requires formulating a Corporate Social Responsibility Committee and adoptingany activities as specified in Schedule VII.

27. SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION PROHIBITION AND REDRESSAL)ACT 2013:

Disclosure under Section 22 of the Sexual Harassment Of Women At Workplace (PreventionProhibition and Redressal) Act 2013:

Pursuant to Section 22 of the Sexual Harassment of Women at Workplace(PreventionProhibition and Redressal) Act 2013 the company has setup the Internalcomplaints committee and the said committee has framed policy for prevention of sexualharassment at work place in accordance with the section 22 of the Sexual Harassment ofWomen at Workplace (Prevention Prohibition and Redressal) Act 2013. However during theyear no complaints were received by the Internal Complaints committee for sexualharassment from any of the women employees of the company.

28. CHANGE IN NATURE OF THE BUSINESS:

There has been no change in the nature of business of the company during the year underreview.

29. MANAGEMENT DISCUSSION AND ANALYSIS:

As per corporate governance norms a separate section on Management Discussion andAnalysis outlining the business of the Company is set out in Annexure forming part of thisReport.

30. SIGNIFICANT OR MATERIAL EVENTS OCCURRED AFTER THE BALANCE SHEET DATE:

The Company has submitted application for change in existing RTA i.e. Link Intime IndiaPvt. Ltd. to MCS Share Transfer Agent Limited during the current financial year 2019-20which is under process.

31. SIGNIFICANT OR MATERIAL EVENTS OCCURRED DURING THE YEAR:

Following material events has been occurred during the financial year 2018-19:

I. Increase in Authorised Share Capital of the Company to Rs.125000000/- dividendinto 12500000 Equity Shares of Rs.10 each.

II. Adoption of New set of Memorandum of Association and Articles of Association of theCompany.

III. Preferential Issue of upto 6666668 Equity Shares of Rs.10 each representing57.05% of expanded share capital at a price of Rs.15 Per Equity Share to Mr. Rishi HParikh and Mr. Siddharth Hans.

VII. Reclassification of Existing Promoter & Promoter Group of the Company underRegulation 31A of SEBI (LODR) Regulations pursuant to the Preferential Issue of Shares.The Company has also received listing approval form BSE for such allotment as on 19thNovember 2018 vide letter Ref. no. DCS/PREF/BA/FIP/3326/2018-19.

VIII. The Company has also received trading Approval from BSE for such allotment as on5th December 2018 vide letter Ref. no. DCS/PREF/TP/BA/7930/2018-19.

32. SIGNIFICANT OR MATERIAL ORDERS AGAINST COMPANY:

No significant and material orders were passed by the regulators or courts or tribunalsimpacting the going concern status and Company's operation in future.

33. DIRECTORS' RESPONSIBILITY STATEMENT:

Pursuant to requirement under 134(3)(c) and Section 134(5) of the Companies Act 2013(Act) Directors confirm that:

(a) in the preparation of the annual accounts for the year ended on 31stMarch 2019 the applicable accounting standards read with requirement set out underSchedule III to the Act have been followed and there are no material departures from thesame;

(b) the Directors have 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 as at March 31 2019 and of the profit ofthe company for the year ended on that date;

(c) the Directors have taken proper and sufficient care for the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting fraud and other irregularities;

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

(e) the Directors had laid down internal financial controls to be followed by thecompany and that such internal financial controls are adequate and are operatingeffectively and

(f) The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems are adequate and operating effectively.

34. ACKNOWLEDGEMENT

Your Directors wish to place on record their gratitude and sincere appreciation for theassistance and co-operation received from the financial institutions banks Governmentauthorities customers vendors and members during the year under review.

Your Directors would like to express a profound sense of appreciation for thecommitment shown by the employees in supporting the Company in its continued robustperformance on all fronts.

Place: AHMEDABAD BY ORDER OF THE BOARD OF DIRECTORS
Date: 14/08/2019 FOR TRANS FINANCIAL RESOURCES LIMITED
sd/-
MR. JAIMINKUMAR SHAH
DIRECTOR
(DIN:06920281)

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