| 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 | 