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Sahil Financial Services Ltd.

BSE: 531203 | NSE: | Series: NA | ISIN: INE819G01012 | SECTOR: Finance - Investments

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Annual Report

For Year :
2015 2014 2013 2012 2011 2010 2009 2008 2004

Director’s Report

Dear Members, The Directors have great pleasure in presenting the Annual Report together with the Audited Statement of Annual Accounts for the Year ended 31st March, 2015. FINANCIAL RESULTS: (Rupees in lakhs) 2014-2015 2013-2014 income from Operation 326.51 315.60 Expenditure 292.71 290.31 Gross Profit after Interest 33.80 25.29 But before Depreciation and Tax Less: Depreciation 19.10 9.70 Profit after Depreciation 14.70 15.59 Provision For Tax 6.62 3.10 Profit available for appropriation 8.08 12.49 Transfer to General Reserve 0.00 0.00 Balance retained in Profit & Loss Account 8.08 12.49 PERFORMANCE The over all performance for the financial year ended 31st March, 2015 was satisfactory. The profits of company earned during the year amounted to Rs. 8,08,083/- However, your Directors are confident that the company will do much better in future and trying its level best to further improve its performance. DIVIDEND In order to conserve resources for expanding the business, your Directors have opined not to recommend any dividend for the year 2014-2015. SHARE CAPITAL (A) Authorised Share Capital The Authorised Share Capital of the Company stands at Rs. 160,000,000/-(divided into 16,000,000 Equity shares of Rs.10/- each). During the year, there has been no change in the Authorised Share Capital of the Company. (B) Paid-up Share Capital Equity The paid up Share Capital of the Company stands at Rs. 30,044,000/- (divided into 3,004,400 Equity shares of Rs.10/- each). During the year, there has been no change in the paid up Share Capital of the Company. MANAGEMENT DISCUSSIONS AND ANALYSIS: As per clause 49 of the Listing Agreement with the Stock Exchanges, the Management Discussion and Analysis report is annexed as Annexure-1 to this Report. SUBSIDIARY COMPANY Your Company has one subsidiary namely Ecopulse Infra Limited as on March 31,2015 and holds 51% shares (4,84,500) in it. There are no associate companies within the meaning of Section 2(6) of the Companies Act, 2013 (Act). There has been no material change in the nature of the business of the subsidiaries. A separate statement containing the salient features of the financial statements of the company,s subsidiary is being provided in Form AOC-1 alongwith financial statements in terms of Section 129 (3) of the Companies Act, 2013 Pursuant to the provisions of section 136 of the Act, the financial statements of the Company, consolidated financial statements along with relevant documents and separate audited accounts in respect of subsidiaries, are available on the website of the Company. The Details of the Subsidiary Company are as follows: Name of the Company Ecopulse Infra Limited CIN U45400UP2013PLC068389 Registered Office C-450, Sector-10, Noida Uttar Pradesh-201301 The company has sold all of its 51 % holding in the subsidiary company on 22-04-2015 and is no longer a subsidiary effective 22-04-2015. CONSOLIDATED FINANCIAL STATEMENTS Your Directors have pleasure in attaching the consolidated financial statement pursuant to clause 32 of the listing agreement entered into with the stock exchange and prepared in accordance with the accounting standard prescribed by the ICAI in this regard and forms part of the annual report. EMPLOYEE REMUNERATION (A) The ratio of the remuneration of each director to the median employee,s remuneration and other details in terms of sub-section 12 of Section 197 of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are forming part of this report and is annexed as Annexure - 2 to this Report. (B) The statement containing particulars of employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) and Rule 5 (3) of the Companies(Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this report. In terms of Section 136 of the Companies Act, 2013 the same is open for inspection at the Registered Office of the Company. Copies of this statement may be obtained by the members by writing to the Company. EMPLOYEES BENEFITS Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the provident fund are charged to the statement to the profit and loss for the year when the contributions are due. Provision has been made in the accounts for expenses of gratuity. DISCLOSURE UNDER SUB- SECTION(3) OF SECTION 134 OF COMPANIES ACT, 2013, READ WITH RULE 8(3) OF THE COMPANIES (ACCOUNTS) RULES, 2014 A. CONSERVATION OF ENERGY Your Company is not engaged in any manufacturing activity and thus its operations are not energy intensive. However, adequate measures are always taken to ensure optimum utilisation and maximum possible saving of energy. B. TECHNOLOGY ABSORPTION Your Company actively pursues a culture of technology adoption, leveraging on the advancements in technology to serve customers better, manage process efficiently and economically and strengthen control systems. The Company has maintained a technology friendly environment for its employees to work in. In keeping with the current trends in the areas of digital marketing and social media, the Company has effectively used these avenues in positioning itself in the market place and gain better Customer engagement. C. FOREIGN EXCHANGE EARNINGS & OUTGO There were no earnings and outgo in foreign exchange during the year under review. CODES, STANDARDS AND POLICIES AND COMPLIANCES THEREUNDER CODE OF CONDUCT FOR THE BOARD OF DIRECTORS AND THE SENIOR MANAGEMENT PERSONNEL Your Company has adopted a Code of Conduct for its Board of Directors and the Senior Management Personnel. The Code requires the Directors and employees of the Company to act honestly, ethically and with integrity and in a professional and respectful manner. During the year under review, the Code of Conduct was revised as per the revised Clause 49 of the Listing Agreement. A declaration by Chairman & Whole Time Director with regard to compliance with the said code, forms part of this Annual Report. CODE FOR PROHIBITION OF INSIDER TRADING PRACTICES Your Company has in place a Code for Prevention of Insider Trading Practices in accordance with the Model Code of Conduct, as prescribed under Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992, as amended and has duly complied with the provisions of the said code. The details of the same are provided in Corporate Governance Report forming part of this Annual Report. WHISTLE BLOWER POLICY Pursuant to the provisions of Section 177 (9) & (10) of the Companies Act, 2013 read with Rule 7 of Companies (Meetings of Board and its Powers) Rules, 2014 and Clause 49 of the Listing Agreement, the Company has adopted a Whistle Blower Policy, which provides for a vigil mechanism that encourages and supports its Directors and employees to report instances of unethical behaviour, actual or suspected, fraud or violation of the Company,s Code of Conduct or Ethics Policy. It also provides for adequate safeguards against victimisation of persons who use this mechanism and direct access to the Chairman of the Audit Committee in exceptional cases. The details of the same are provided in Corporate Governance Report forming part of this Annual Report. PREVENTION, PROHIBITION & REDRESSAL OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE The Company has in place a Policy on Prevention, Prohibition & Redressal of Sexual Harassment of Women at Workplace and an Internal Complaints Committee (ICC) has been constituted thereunder. The primary objective of the said Policy is to protect the women employees from sexual harassment at the place of work and also provides for punishment in case of false and malicious representations. COMPREHENSIVE RISK MANAGEMENT POLICY Your Company has formulated and adopted a Comprehensive Risk Management Policy which covers a formalised Risk Management Structure, alongwith other aspects of Risk Management i.e. Credit Risk Management, Operational Risk Management, Market Risk Management and Enterprise Risk Management. The Risk Management Committee of the Board, on periodic basis, oversees the risk management systems, processes and minimization procedures of the Company. NOMINATION REMUNERATION & EVALUATION POLICY The Board has, on the recommendation of the Nomination & Remuneration Committee framed a Nomination Remuneration & Evaluation Policy, which, inter-alia, lays down the criteria for identifying the persons who are qualified to be appointed as Directors and/or Senior Management Personnel of the Company, alongwith the criteria for determination of remuneration of Directors, KMPs and other employees and their evaluation and includes other matters, as prescribed under the provisions of Section178 of Companies Act, 2013 and Clause 49 of the Listing Agreement. The details of the same are provided in Corporate Governance Report forming part of this Annual Report. RELATED PARTY TRANSACTION POLICY Related Party Transaction Policy, as formulated by the Company, defines the materiality of related party transactions and lays down the procedures of dealing with Related Party Transactions. The details of the same are provided in Corporate Governance Report forming part of this Annual Report. LISTING OF SECURITIES The Company,s Shares are listed at The Bombay Stock Exchange Ltd., Mumbai. The address of the Stock Exchange is Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai, Maharashtra 400001 .The company has paid listing fees to The Stock Exchange, Mumbai for the year 2015-2016. DIRECTORS & KEY MANAGERIAL PERSONNEL A brief resume of all the Directors, nature of their expertise in specific functional areas and names of companies in which they hold directorships, memberships/ chairmanships of Board Committees and their shareholding in the Company are provided below: Mr. Kamal Manchanda, age 53 years, is a B. Tech. Graduate and has wide experience in the field of Real Estate and financial sector. He is also Director in other Companies viz. Era Resorts Private Limited, Sahil Securities Private Limited, Brand Realty Private Limited, Tradewell Portfolios Private Limited, KR Buildtech Private Limited, Geek Securities(India) Private Limited, Picasso Hospitality Private Limited, Elite Realty Infratech Private Limited, GSU E Consulting Private Limited, Indura Finlease Private Limited, Tradexpan (INDIA) Private Limited, Centre Point Hospitality Management Private Limited, Sahil and Elite Stock Broking Limited, Repoi Real Estate Services Private Limited, Realtor Today Private Limted, Elite Landbuild Private Limited, Elite Realbuild Private Limited, and Ecopulse Infra Limited. He is also a member of Share Transfer and Investor Grievance Committee and audit committee of your Company. He holds 12,92,945 Equity Shares in your Company. Mrs. Aruna Manchanda, age 45 years, is an Arts Graduate and has wide experience in the field of education and financial sector. She is also Director in other Companies viz. Sahil Securities Private Limited, Brand Realty Private Limited, Tradewell Portfolios Private Limited, Realtor Today Private Limted, Repoi Real Estate Services Private Limited and Designated Partner in Ohaana Clothing LLP. She is also a member of Share Transfer and Investor Grievance Committee, Nomination and Remuneration Committee and Audit Committee of your Company. She holds 7,55,760 Equity Shares in your Company. In accordance with the requirements of the Companies Act, 2013 and the Company,s Articles of Association, She is liable to retire by rotation in this AGM and being eligible, offered herself for reappointment. Directors solicit their approval for her reappointment as a director of the Company Mr. Surendra Kancheti, age 56 years, is a Chartered Accountant and has wide experience in the field of accounts, financial market and wealth management. He is Independent director of your company. He is also a Director in other companies viz. Sri Agencies & Logistics Private Limited and Wealth Creators Private Limited. He is also a member of Audit Committee and Nomination and Remuneration Committee of your Company. He does not hold any share in your Company. Mr. Nalin Mohan Mathur, age 61 years is a M.A. Post Graduate in Economics and has wide experience in the field of export management. He is not a director in any other company. He does not hold any share in your Company. He is Independent director of your company from 31st July 2013. He is also a member of Audit Committee, Nomination and Remuneration Committee and Share Transfer and Investor Grievance Committee of your Company. During the year under review, Ms. Shilpi Kulshrestha was appointed as the Company Secretary of the Company with effect from 31st October, 2014 and resigned with effect from 22nd November, 2014. All Independent Directors have given declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and Clause 49 of the Listing Agreement. Based on the confirmations received, none of the Directors are disqualified for being appointed/ reappointed as directors in terms of Section 164 the Companies Act, 2013 with effect from September 04, 2014. During the year under review, Mr. Kamal Manchanda was designated as the Key Managerial Personnel of the Company, as per the provisions of Companies Act, 2013. During the year under review, the Board of Directors appointed Mr. Nikhil Agarwal as a Chief Financial Officer effective 22.11.2014 as per the provisions of Companies Act, 2013. DIRECTOR''S RESPONSIBILITY STATEMENT Your Directors would like to inform that the audited accounts containing the Financial Statements for the year ended 31st March, 2015 are in conformity with the requirements of the Companies Act, 2013 and they believe that the financial statements reflect fairly the form and substance of transactions carried out during the year and reasonably present the Company,s financial condition and results of operations. These Financial Statements are audited by M/s. R. Rastogi & Co., Chartered Accountants Statutory Auditors of the Company. Pursuant to the provisions of Section 134(5) of the Companies Act, 2013, it is hereby confirmed that: (a) in the preparation of the annual accounts for the year ended March 31, 2015, the applicable Accounting Standards had been followed along with proper explanation relating to material departures, (b) the directors had selected such Accounting Policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at March 31,2015 and of the profit of the Company for that period; (c) the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities; (d) the directors had prepared the annual financial statements on a going concern basis; (e) the directors had laid down Internal Financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and (f) the directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively BOARD MEETINGS The Company holds at least four Board meetings in a year, one in each quarter, inter-alia, to review the financial results of the Company. The Company also holds additional Board Meetings to address its specific requirements, as and when required. All the decisions and urgent matters approved by way of circular resolutions are placed and noted at the subsequent Board meeting. Annual calendar of meetings of the Board are finalised well before the beginning of the financial year after seeking concurrence of all the Directors. During the financial year 2014-15, Twelve (12) Board Meetings were convened and held. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and the Listing Agreement. The details of the Board meetings held during the year along with the attendance of the respective Directors thereat are set out in the Corporate Governance Report forming part of this Annual Report and annexed as Annexure-3. INTERNAL AUDIT & INTERNALFINANCIAL CONTROL SYSTEMS The Company has an Internal Audit Department, headed by a Senior Management Personnel, Mr. Ankit Kapur Prop. of M/s Kapur & Associates, Chartered Accountant, was appointed as an Internal Auditor under the provisions of Section 138 of the Companies Act, 2013 who reports to the Audit Committee of the Board. The Internal Audit Department conducts comprehensive audit of functional areas and operations of the Company to examine the adequacy of and compliance with policies, procedures, statutory and regulatory requirements. Significant audit observations and follow up actions thereon are reported to the Audit Committee. The Audit Committee reviews adequacy and effectiveness of the Company,s internal control environment and monitors the implementation of audit recommendations. The audit function maintains its independence and objectivity while carrying out assignments. It evaluates on a continuous basis, the adequacy and effectiveness of internal control mechanism. The function also proactively recommends improvement in policies and processes, suggests streamlining of controls against various risks. Your Company has laid down set of standards, processes and structure, which enables it to implement internal financial control across the Company and ensure that the same are adequate and operating effectively. MATERIAL CHANGE There was no material change affecting the financial position of the company between the date of balance sheet and the date of this report, except for the sale of subsidiary company. SECRETARIAL AUDIT REPORT Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors of the Company had appointed M/s. Parveen Rastogi & Co, Practicing Company Secretaries, to undertake the Secretarial Audit of the Company for the financial year 2014-15. The Secretarial Audit Report for the financial year ended March 31, 2015, is annexed as Annexure - 4 to this report. The said report, does not contain any qualification, reservation or adverse remark, and thus do not call for any further comments. AUDITORS M/s R. Rastogi & Co., Chartered Accountants the Company,s Auditors retire at the conclusion of this Annual General Meeting and being eligible offer themselves for re-appointment which, if made, will be in confirmation with the provisions of Section 139 of Companies Act, 2013 and Rules made thereunder. AUDITOR,S REPORT AND NOTES ON ACCOUNT The observations made by the auditors are self explanatory and have also been further simplified in the notes to accounts. Our responsibility is to express an opinion on these financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor,s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company,s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. AUDIT COMMITTEE & OTHER BOARD COMMITTEES The Company has a duly constituted Audit Committee as per the provisions of Section 177 of Companies Act, 2013 and Clause 49 of the Listing Agreement with the stock exchanges. The Board of Directors has constituted other committees namely - Nomination and Remuneration Committee, Share Transfer and Investor Grievance Committee and Risk Management Committee which enables the Board to deal with specific areas / activities that need a closer review and to have an appropriate structure to assist in the discharge of their responsibilities. The details of the composition of the Audit Committee alongwith that of the other Board committees and their respective terms of reference are included in the Corporate Governance Report forming part of this Annual Report. The Audit Committee and other Board Committees meet at regular intervals and ensure to perform the duties and functions as entrusted upon them by the Board. The details of the Audit Committee and other Board Committees are also set out in the Corporate Governance Report forming part of this Annual Report. RELATED PARTY TRANSACTIONS There were no materially significant related party transactions i.e. transactions of material nature, with its promoters, directors or senior management or their relatives etc. that may have potential conflict with the interest of company at large. Transactions entered with related parties as defined under the Companies Act, 2013 and Clause 49 of the Listing Agreement during the financial year 2014-15 were mainly in the ordinary course of business and on an arm,s length basis. Prior approval of the Audit Committee is obtained by the Company before entering into any related party transaction as per the applicable provisions of Companies Act, 2013 and Clause 49 of the Listing Agreement. As per the provisions of Section 188 of the Companies Act 2013, approval of the Board of Directors is also obtained for entering into Related Party Transactions by the Company. A quarterly update is also given to the Audit Committee and the Board of Directors on the related party transactions undertaken by the Company for their review and consideration. During the year, the Company has not entered into any material contract, arrangement or transaction with related parties, as defined under Clause 49 of the Listing Agreement and Related Party Transaction Policy of the Company. The policy on Related Party Transactions as approved by the Board is uploaded on the Company,s website. None of the Directors have any pecuniary relationships or transactions vis-a-vis the Company. CORPORATE GOVERNANCE Your Company has taken adequate measures to ensure that the provision of Corporate Governance as prescribed under Clause 49 of the Listing Agreement with Stock Exchange are complied with. A detailed report on Corporate Governance, alongwith a certificate from Parveen Rastogi & Co., Company Secretary in whole time practice on its Compliance by the Company forms part of this report. EXTRACT OF ANNUAL RETURN Pursuant to Section 134(3)(a) and Section 92(3) of the Companies Act, 2013 read with Rule 12 of the Companies (Management and Administration) Rules, 2014,the extract of the Annual Return as at March 31,2015, in the prescribed form MGT 9, forms part of this report and is annexed as Annexure - 5. ACKNOWLEDGEMENT Your Director,s wish to place on records their gratitude to, the Companies Customers, Bankers, Shareholders, dealers and suppliers for their assistance and co-operation and who have helped the company in its endeavor. The board also places on record its deep appreciation for the excellent support received from the employees at all level during the year. By order of the Board of Directors Sd/- Sd/- Aruna Manchanda Kamal Manchanda Place: Delhi (Director) (Whole time Director) Dated: 05/09/2015 DIN : 00027965 DIN: 00027889

Director’s Report