To The Members of International Housing Finance Corporation Limited,
The Directors have pleasure in presenting their Annual Report together
with the Accounts of your Company for the year ended March 31, 2012.
FINANCIAL RESULTS :
The summarized financial results of the Company are given hereunder:
Particulars 2011-12 2010-11
Turnover (Net) (including other income) Nil Nil
Profit/(Loss) before Interest,
Depreciation and Tax (4.55) (3.17)
Provision for Income Tax (Including Deferred Tax) Nil Nil
Profit/(Loss) for the year (4.55) (3.17)
During the year under review, the Company has not done any business
activities due to lack of opportunities and as such the Company has not
earned any income during the year. The Company incurred net loss of Rs
4.55 Lacs on account of administrative expenses during the year under
review as compared to net loss of Rs 3.17 Lacs during the previous
In view of loss during the year under review and carried forward loss,
your directors do not recommended dividend for the under review.
FIXED DEPOSITS :
The Company has not accepted/renewed any public deposits during the
year under review.
CORPORATE GOVERNANCE :
Pursuant to Clause 49 of the Listing Agreement entered into with the
Stock Exchanges, a report on Corporate Governance confirming compliance
thereto, is attached to this annual report
CFO CERTIFICATION :
The Managing Director who looks after finance function has submitted a
certificate to the Board regarding the financial statements and other
matters as required under clause 49 (V) of the Listing Agreement.
Pursuant to provisions of Section 256 of the Companies Act, 1956 Mr.
Vinod Shah retire by rotation and being eligible offers themselves for
DIRECTORS'' RESPONSIBILITY STATEMENT :
Pursuant to Section 217 (2AA) of the Companies Act, 1956, your
Directors state that :
- In the presentation of Annual Accounts, the applicable accounting
standards have been followed along with proper explanation relating to
- The Directors have selected such accounting policies and applied them
consistently and made judgments and estimates that are reasonable and
prudent so as to give true and fair view of the state of affairs of the
Company at the end of financial year and have of the profit of the
Company for the period.
- The Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act for preventing and detecting fraud and
- The Directors have prepared the annual accounts on a going concern
PARTICULARS OF EMPLOYEES :
No employee is drawing remuneration more than the specified limit
prescribed u/s.217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975. Hence, the information in terms
of Section 217(2A) of the Companies Act, 1956 read with Companies
(Particulars of Employees) Rules, 1975 are not required to be given.
M/s. Naigam H. Shah & Co., Chartered Accountant, statutory Auditors of
the Company, hold office until the conclusion of the ensuing Annual
General Meeting and are eligible for re-appointment.
The Company has received certificate from M/s. Naigam H. Shah & Co.,
Chartered Accountant, to the effect that their appointment, if made
would within the prescribed limits under section 224(1B) of the
Companies Act, 1956 and that they are not disqualified from such
appointment within the meaning of section 226 of the Companies Act,
1956. The proposal for re-appointment is included in the notice of
Annual General Meeting sent with.
CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION FOREIGN EXCHANGE
EARNING AND OUTGO :
The year under review, there are no manufacturing activities undertaken
by the Company. and as such information pursuant to section 217 (1) (e)
of the Companies Act, 1956, read with the Companies (Disclosure of
Particulars in the Report of Board of Directors) Rules, 1988 relating
to conservation of energy and technology absorption are not applicable
to the Company. There is no foreign exchange earnings and outgo during
the year under review.
Your Directors take this opportunity to express their appreciation for
the co-operation extended by the bankers of the Company and members and
look forward to their continued patronage.
For and on behalf of the Board of Directors
Date : 10/08/2012 Sandip B Padsala
Place : Ahmedabad Chairman & Managing Director