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DIRECTOR'S REPORT

Indiabulls Housing Finance Ltd.

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Market Cap. (₹) 51705.18 Cr. P/BV 3.24 Book Value (₹) 374.36
52 Week High/Low (₹) 1440/1057 FV/ML 2/1 P/E(X) 13.44
Bookclosure 03/05/2018 EPS (₹) 90.19 Div Yield (%) 3.47
Year End :2017-03 

Dear Shareholders,

The Directors have pleasure in presenting the Twelfth Annual Report together with the audited statement of accounts of the Company for the financial year ended March 31, 2017.

Financial Results

The standalone financial highlights of the Company, for the financial year ended March 31, 2017, are as under -

Amount (in Rs.)

Particulars

Year ended March 31, 2017

Year ended March 31, 2016

Profit before Depreciation and amortisation expense

37,014,925,722

30,725,976,054

Less: Depreciation and amortisation expense

207,100,504

193,714,873

Profit before Tax

36,807,825,218

30,532,261,181

Less: Total Tax expense

8,383,998,238

7,591,022,620

Profit for the Year

28,423,826,980

22,941,238,561

Add: brought forward balance

1,133,086,433

4,239,111,217

Add: Transitional Adjustment on account of Interest Rate Swaps

121,991,338

-

Amount available for appropriation

29,678,904,751

27,180,349,778

Appropriations:

Interim Dividend paid on Equity Shares (Rs.27.00 Per Share (Previous Year Rs.45.00 Per Share))

11,421,235,467

17,829,374,499

Corporate Dividend Tax on:

Interim Dividend paid on Equity Shares

2,318,905,265

3,629,641,133

Transferred to Reserve III (Reserve U/s 36(1) (viii), Considered as eligible transfer to Special Reserve U/s 29C of the National Housing Bank Act, 1987)

3,350,000,000

2,620,000,000

Transferred to Reserve I (Special Reserve U/s 29C of the National Housing Bank Act, 1987)

2,334,765,396

1,968,247,713

Transferred to Additional Reserve (U/s 29C of the National Housing Bank Act, 1987)

2,500,000,000

-

Transferred to General Reserve

1,330,000,000

-

Transferred to Debenture Redemption Reserve

1,702,087,881

Balance of Profit Carried Forward

4,721,910,742

1,133,086,433

KEY FINANCIAL HIGHLIGHTS: FY16-17 (Consolidated)

FY 16-17

FY 15-16

Growth (%)

Total Revenues (Rs. Cr.)

11,701.7

9,225.6

26.8

NII (Rs. Cr.)

4,767.6

3,801.8

25.4

PAT (Rs. Cr.)

2,906.4

2,344.7

24.0

EPS O

69

60

15.0

FINANCIAL AND OPERATIONAL HIGHLIGHTS

Rating Upgrades

- In June 2017, the Company’s credit rating was upgraded to the highest long-term rating of AAA by ICRA, the Indian arm of the leading international credit rating agency Moody’s.

- The Company now enjoys the highest long-term credit rating of AAA from three rating agencies.

- During FY 2016-17, the subordinate-debt rating of Indiabulls Housing Finance Ltd. (IBHFL) also got upgraded to AAA by CARE Ratings.

Business Update

- In FY 2016-17, the Company’s balance sheet size crossed the landmark Rs.1,00,000 Crore to close the year at Rs.1,03,705 Crore.

- The Company continues to be focused on mid-income affordable housing and propelled by the growth in this segment, the Company’s total loan assets grew to Rs.91,301 Crore, up 33% from Rs.68,683 Crore as at the end of FY 2015-16.

- Total sold down loan assets stood at Rs.8,687 Crore at the end of FY 2016-17. Sell down increases the Company’s operational flexibility enabling efficient utilization of capital, besides being RoE accretive.

- The Company’s cost to income ratio declined to 13.3% for FY 2016-17 from 14.3% the previous year. Increasing share of home loans through the online eHome Loan platform will further hasten the decline in cost to income ratio.

Home Loans: Digitally Enabled Streamlined Loan Fulfillment

- In the first half of the year, the Company launched a global-first online end-to-end home loans fulfillment platform called eHome Loans.

- By the end of the financial year, eHome Loans was already contributing to 20% of home loan sourcing, driving the decline in cost to income ratio.

- Key customer facing departments and workflow process are ISO certified ensuring superior and standardized customer experience.

- ISO 10002:2014 - Customer care and complaint resolution

- ISO 9001:2015 - Loan operations; credit underwriting; administration; human resources

- ISO 14001:2015 – Environmental management services

- ISO 27001:2015 - IT infrastructure operations, network operations, application development and maintenance, and data centre

- The Company has a well-trained, in-house Direct Sales’ Team of over 3,000 employees to promptly attend to prospective customers.

- A multi-lingual customer care centre accessible by phone, chat, SMS or email addresses customer queries and complaints.

Stable Asset Quality

- Gross non-performing loans as at March 31, 2017 amounted to Rs.777.2 Cr. This is equivalent to 0.85% of the portfolio.

- Net non-performing loans as at March 31, 2017 amounted to Rs.328.6Cr. This is equivalent to 0.36% of the portfolio.

- The Company has a prudent approach to creating loan provisions and carries total provisions across standard assets provision and sub-standard asset provisions of Rs.1,149.1 Cr.

- Total provisions over gross NPAs was 148%.

- An experienced underwriting team and the in-house sourcing and collection teams ensure control over loan sourcing, credit appraisal and portfolio quality.

Strengthening Liability Profile

- Total borrowings of the Company grew by 40% to Rs.85,301 Crore at the end of FY 2016-17 from Rs.61,085 Crore at the end of FY 2015-16.

- In FY 2016-17, the Company tapped the foreign institutional market by issuing USD 200 Mn of rupee-denominated masala bonds.

- For the first time, the Company undertook public issue of bonds raising Rs.7,000 Crore in FY 2016-17.

- During the year, the Company raised USD 350 Mn through the ECB route.

- In keeping with IBHFL’s philosophy of maintaining adequate and healthy levels of liquidity, the Company had Rs.18,502 Crore of liquid funds in the form of cash, cash equivalent and investment in liquid schemes of mutual funds.

- Through the year, the Company expanded its lender base and by the end of FY 2016-17 the Company has 375 strong relationships: 26 PSU banks, 20 Private and Foreign banks and 329 Mutual Funds, Provident Funds, Pension Funds, Insurance Companies and others.

Bank Borrowings

As at March 31, 2017, the Company’s outstanding bank loans stood at Rs.34,659 Crore vis-a-vis Rs.33,571 Crore as at March 31, 2016. Bank borrowings’ contribution to funding mix continued its downward trajectory with only 37% of total funding coming from bank term loans. The Company’s bank borrowings continue to enjoy a rating of AAA, signifying the highest degree of safety regarding timely servicing of financial obligations. AAA rated instruments carry lowest credit risk.

Debentures and Securities

FY 2016-17 saw a continuing shift in the Company’s funding sources as bonds continued to be the cheapest source of funds. Accordingly, 87% of the incremental borrowings for the year were from debentures and securities. As at March 31, 2017, the Company’s outstanding borrowings from debentures and securities stood at Rs.48,048 Crore vis-a-vis Rs.26,187 Crore as at March 31, 2016. The Company’s secured NCDs have been listed on the Wholesale Debt Market segment of NSE / BSE and have been assigned AAA (stable) rating from ICRA, a Moody’s investor Service Company, CARE and Brickwork Ratings.

As at March 31, 2017, the Company’s outstanding subordinated debt and perpetual debt stood at Rs.1,763 Crore and Rs.100 Crore respectively. The debt is subordinate to present and future senior indebtedness of the Company and has been assigned the ‘AAA’ rating by CARE and Brickworks Ratings. Based on the balance term to maturity, as at March 31, 2017, Rs.1,907.1 Crore of the book value of subordinated and perpetual debt is considered as Tier II under the guidelines issued by the Reserve Bank of India (RBI) and National Housing Bank (NHB) for the purpose of capital adequacy computation. There are no NCDs which have not been claimed by the investors or not paid by the Company after the date on which the NCD became due for redemption.

Regulatory Guidelines / Amendments

The Company is in compliance with all regulations pertaining to Accounting Standards, Prudential norms for asset classification, income recognition, provisioning, capital adequacy and credit rating.

Risk Management Framework

The Company has an effective Risk Management Framework in place to manage the risks faced in the course of its business. The Risk Management Framework encompasses all of the Company’s activities paving a path towards the Company becoming a stable, scalable and sustainable business.

The Company’s Risk Management Committee (RMC) comprises of its directors and members of its senior management team, who have several years of experience in the industry and have put in place preventive mechanisms to contain various risks. The RMC met multiple times during the year ending March 31, 2017 continuously monitoring emergent risks the Company was exposed to. The RMC put in place or enhanced the control measures to contain these risks. Systems, policies, processes and procedures are reviewed on an ongoing basis to contain and mitigate emergent risks.

Codes and Standards

The Company adheres to the Fair Practices Code (FPC) recommended by sector regulator, the National Housing Bank (NHB) as well as the RBI, put in place to promote good and fair practices by setting minimum standards in dealing with customers. The NHB also has issued comprehensive Know Your Customer (KYC) Guidelines and Anti Money Laundering Standards in the context of recommendations made by the Financial Action Task Force on Anti Money Laundering Standards.

Cross Selling and Distribution of Financial Products and Services

The FY 2016-17, saw the Company further increase its ‘Smart City Home Loans’ branch network, deepening reach into tier II and tier III towns and cities. A digitally enabled online workflow system helps the Company expand into these locations in a cost-effective manner. The online workflow system permits operation of lean branches where loan application files are compiled, scanned and digitally logged in. The file travels digitally and credit underwriting is centralized at regional hubs.

State-of-the-art Customer Care set up helps speedy resolution of customer queries and promptly attends to any loan requirements. Survey calling, where feedback is taken from existing and new customers, also helps in continuous process improvement and generation of new leads.

Training and Human Resource Management

Trainings for more than 5,000 employees were conducted in the last financial year covering various aspects such as sales excellence, leadership, usage of digital media, customer service, data analysis, credit risk analysis, etc. Majority of the employees attended multiple sessions based on their job profile. We have state of the art training facility at our Head Office at Gurugram, spread over 2300 sq. ft. and at our corporate office at Parel, Mumbai, spread over 11,000 sq.ft. where periodic training sessions are organized by the Training Department.

Dividend

In keeping with the Company’s policy of rewarding its shareholders, the Board of Directors of the Company, had, for the year 2016-17, declared three interim dividends aggregating to Rs.27/- per share on shares of face value Rs.2/- each (Rs.9/- for each), with the total outflow of Rs.1,374.6 Cr (inclusive of Corporate Dividend Tax).

The Board of Directors of the Company, had in its meeting held on April 24, 2017 declared an interim dividend of Rs.9/per share of face value of Rs.2/- each, for the Financial Year 2017-18. Further, the Board of Directors of the Company, had, in its meeting held on July 24, 2017, declared second interim dividend of Rs.9/- per share of face value of Rs.2/- each, for the FY 2017-18.

During the year, the unclaimed dividend pertaining to the FY 2008-09, got transferred to Investor Education and Protection Fund after giving due notice to the members. Those members who have not so far claimed their dividend for the financial years subsequent to 2008-09, are also advised to claim it from the Company or Karvy Computershare Private Limited, the Registrar & Transfer Agent (RTA).

In compliance with requirements stipulated vide SEBI notification no. SEBI/ LAD-NRO/GN/2016-17/008 dated July 8, 2016, the Dividend Distribution Policy of the Company is available on the website of the Company i.e. www. indiabullshomeloans.com.

DIRECTORS

To achieve the highest standards of Corporate Governance in its management, and to introduce a true sense of professionalism in the Board of the Company and to ensure continuity of guidance, during the FY 2016-17, the existing Independent Directors namely Justice Bisheshwar Prasad Singh (Retd. Justice Supreme Court of India) (DIN: 06949954), Brig Labh Singh Sitara (Ex-army official and Dhyanchand award winner sportsman) (DIN: 01724648), Mr. Shamsher Singh Ahlawat (DIN: 00017480) and Mr. Prem Prakash Mirdha (DIN: 01352748), were appointed as Independent Director w.e.f. September 29, 2016. Further, Justice Gyan Sudha Misra (Retd. Justice Supreme Court of India) (DIN: 07577265) was appointed as an Independent Director of the Company w.e.f. September 29, 2016. Further pursuant to authorization dated September 29, 2014, of the members of the Company, the two year term of Justice Surinder Singh Nijjar (Retd. Justice Supreme Court of India) (DIN: 06964806), as Independent Director of the Company, comes to an end effective on September 28, 2016. The Board places on record its appreciation for the contribution made by Justice Nijjar, during his tenure on the Board of the Company.

In accordance with the provisions of Section 152 of the Companies Act, 2013 (Act) and in terms of the Memorandum and Articles of Association of the Company, Mr. Ajit Kumar Mittal (DIN: 02698115), Executive Director and Mr. Ashwini Omprakash Kumar (DIN: 03341114), Deputy Managing Director of the Company, retire by rotation at the ensuing Annual General Meeting of the Company and being eligible offer themselves for reappointment. Further, The existing tenure of Mr. Sameer Gehlaut (DIN: 00060783) as a Whole Time Director and Key Managerial Personnel, designated as Executive Chairman and other Whole-Time Directors and Key Managerial Personnel, namely, Mr. Gagan Banga (DIN: 00010894), designated as Vice-Chairman, Managing Director & CEO; Mr. Ajit Kumar Mittal (DIN: 02698115) designated as Executive Director; and Mr. Ashwini Omprakash Kumar (DIN: 03341114) designated as Deputy Managing Director, shall come to an end on March 18, 2018. The Company has grown significantly under the leadership and guidance of all its Whole-time Directors. Keeping in view, their vast experience, knowledge and managerial skills, the Nomination & Remuneration Committee has recommended to the Board, the re-appointment of Mr. Sameer Gehlaut, Mr. Gagan Banga, Mr. Ajit Kumar Mittal and Mr. Ashwini Omprakash Kumar, Whole-Time Directors and Key Managerial Personnel, as such, for a further period of five years w.e.f. March 19, 2018. Further, Mr. Sachin Chaudhary (DIN: 02016992) was appointed by the Board of Directors as an Additional Director designated as Whole-time Director and Key Managerial Personnel of the Company for a period of 5 years with effect from October 21, 2016. The appointment/re-appointment of all these Whole-time Director(s) is in compliance with the applicable provisions of the Companies Act, 2013 and requires the approval of the shareholders at ensuing Annual General meeting. The Board recommends appointment/ reappointment of all these Directors.

All the present Independent Directors of the Company have given declaration that they meet the criteria of independence laid down under Section 149(6) of the Companies Act, 2013. The present composition of the Board along with the brief resume of the Directors proposed to be appointed/ reappointed, nature of their expertise in specific functional areas, terms of appointment and names of companies in which they hold directorships and memberships/chairmanships of Board Committees, are provided in the Notice convening the 12th Annual General Meeting of the Company.

SHARE CAPITAL / ESOP SCHEMES

The paid up equity share capital of the Company as on March 31, 2017, was Rs.847,712,080 comprising of 423,856,040 equity shares of Rs.2/- each. Subsequently, from April 1, 2017 till date, the Company had allotted 491,560 equity shares of face value Rs.2/- each against exercise of equivalent number of stock options under various ESOP Schemes of the Company, as a result of which the paid up equity share capital of the Company stands increased to Rs.848,695,200 comprising of 424,347,600 equity shares of Rs.2/- each.

The disclosures required to be made in compliance with the applicable regulations are set out in the Annexure to this Report and have been placed on the website of the Company http://www.indiabullshomeloans.com.

NON-CONVERTIBLE DEBENTURES AND MASALA BOND

(a) Issuance of INR 13,300,000,000 8.567 per cent. Secured Synthetic INR Notes due 2019 by the Company, listed at Singapore Exchange Securities Trading Limited

During the FY 2016-17, the Company has successfully raised Rs.13,300 Million by issue of Secured Rupee denominated Masala Bonds bearing a coupon of 8.567% and having a tenor of 3 years and 1 month. These bonds are listed on Singapore Stock Exchange (SGX-ST).

(b) Issuance of Secured and Unsecured NCDs, by way of Public issue, having face value of Rs.1,000 each for an amount aggregating to Rs.70,000 million, listed at BSE and NSE

During the FY 2016-17, the Company has successfully raised Rs.70,000 million by way of public issue of Secured and Unsecured NCDs having a face value of Rs.1,000 each. The said NCDs are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

(c) Issuance of Secured and Unsecured NCDs, by way of Private Placement basis

During the FY 2016-17, the Company has successfully raised, by way of private placement, Rs.10,741.50 Crore of Secured NCDs having a face value of Rs.10,00,000 each, Rs.3,200 Crore of Secured NCDs having a face value of Rs.10,00,000 each {paid-up value Rs.1,600 Crore, i.e. Rs.5,00,000 per NCD paid-up (Initial Subscription Amount)} and Rs.609.70 Crore Unsecured NCDs having a face value of Rs.1,00,000 each. The said NCDs are listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE).

(d) Details of NCDs which have not been claimed by the Investors

There are nil NCDs which have not been claimed by the Investors or not paid by the Company after the date on which these NCDs become due for redemption.

PUBLIC DEPOSITS

During the year under review, the Company has not accepted any deposits from the public, falling within the ambit of Chapter V of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

LISTING WITH STOCK EXCHANGES

The Equity Shares (ISIN INE148I01020) of the Company, continue to remain listed at BSE Limited (BSE) and National Stock Exchange of India Limited (NSE). The listing fees payable to both the exchanges for the financial year 2017-18 have been paid. The GDRs issued by the Company continue to remain listed on Luxembourg Stock Exchange. The Secured Synthetic INR Notes are listed on Singapore Stock Exchange (SGX-ST). The NCDs issued under IPO and on Private Placement basis are listed on WDM segment of NSE and BSE.

AUDITORS

(a) Statutory Auditors

In compliance with the applicable provisions of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014, the existing term of M/s Deloitte Haskins & Sells LLP (Firm Regn. No. 117366W/ W-100018), Chartered Accountants, as the Statutory Auditors of the Company shall come to an end at the conclusion of the ensuing Annual General Meeting of the Company. The Board places on record its appreciation for the services rendered by M/s. Deloitte Haskins & Sells LLP as the Statutory Auditors of the Company.

The Board, on the recommendation of the Audit Committee, have recommended for the appointment of M/s S.R. Batliboi & Co. LLP, Chartered Accountants (ICAI Registration No.: 301003E/E300005), as the Statutory Auditors of the Company for a term of 5 years, subject to ratification of their appointment by the members at every intervening Annual General Meeting held after this Annual General Meeting. Consent and certificate under Section 139 of the Companies Act, 2013 have been obtained from M/s S.R. Batliboi & Co. LLP, Chartered Accountants, to the effect that their appointment, if made, shall be in accordance with the applicable provisions of the Act and the Rules issued thereunder. As required under the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, M/s S.R. Batliboi & Co. LLP, Chartered Accountants, has confirmed that they hold a valid certificate issued by the Peer Review Board of ICAI. The Notes to the Accounts referred to in the Auditors’ Report are self - explanatory and therefore do not call for any further explanation.

(b) Secretarial Auditors & Secretarial Audit Report

Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the rules made thereunder, the Company has appointed M/s Neelam Gupta & Associates, a firm of Company Secretaries in practice as its Secretarial Auditors, to conduct the secretarial audit of the Company, for the FY 2016-17. The Company has provided all assistance, facilities, documents, records and clarifications etc. to the Secretarial Auditors for conducting their audit. The Report of Secretarial Auditors for the FY 2016-17, is annexed as “Annexure 1” and forming part of this Report. The Report is self - explanatory and therefore do not call for any further explanation.

CORPORATE SOCIAL RESPONSIBILITY

As part of its initiatives under “Corporate Social Responsibility (CSR)”, the Company has undertaken projects in the areas of Health, Education, Sanitation, Nutrition and Rural Development, as per its CSR Policy (available on your Company’s website http://www.indiabullshomeloans.com/) and the details are contained in the Annual Report on CSR Activities given in “Annexure 2”, forming part of this Report. These projects are in accordance with Schedule VII of the Companies Act, 2013 read with the relevant rules.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations, Management’s Discussion and Analysis Report, for the year under review, is presented in a separate section forming part of this Annual Report.

CORPORATE GOVERNANCE REPORT

Pursuant to Regulation 24 of the SEBI LODR Regulations, a separate section on Corporate Governance Practices followed by the Company, together with a certificate from a practicing Company Secretary confirming compliance, is presented in a separate section forming part of this Annual Report.

BUSINESS RESPONSIBILITY REPORT

Pursuant to Regulation 34 of the SEBI LODR Regulations mandates inclusion of the Business Responsibility Report (BRR) as part of the Annual Report for top 500 listed entities based on market capitalization. In compliance with this regulation, BRR is presented in a separate section forming part of this Annual Report.

DIRECTORS’ RESPONSIBILITY STATEMENT

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statement in terms of Section 134 of the Companies Act, 2013:

a) that in the preparation of the annual financial statements for the year ended March 31, 2017, the applicable accounting standards had been followed along with proper explanation relating to material departures, if any;

b) that such accounting policies as mentioned in the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made 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, 2017 and the profit and loss of the Company for the year ended on that date;

c) that proper and sufficient care has been taken 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) that the annual financial statements have been prepared on a going concern basis;

e) that proper internal financial controls were in place and that such financial controls were adequate and were operating effectively; and

f) that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

INFORMATION PURSUANT TO SECTION 134 AND SECTION 197 OF THE COMPANIES ACT, 2013 READ WITH THE RELEVANT RULES AND SEBI LORD REGULATIONS

The information required to be disclosed pursuant to Section 134 and Section 197 of the Companies Act, 2013 read with the relevant rules (to the extent applicable) and SEBI LODR Regulations, not elsewhere mentioned in this Report, are given in “Annexure A” forming part of this Report.

GREEN INITIATIVES

The Company’s Environmental Management System (EMS) focuses on assessing the environmental cost of the Company’s services and activities, and seeks to reduce or eliminate the negative impact and increase their positive effects.

The ISO 14001:2015 specifies the requirements for EMS such that the negative environmental impact is minimized and overall environmental performance improves. ISO 14001 is an systematic framework that checks adherence to environmental performance standards and also seeks to continuously improve it.

Environmental sustainability is important to the Company and is one of the reasons behind the Company’s push to digitize its processes. Amongst its peers, the Company has taken the lead in introducing an end-to-end online home loan application and fulfillment platform, doing away with the traditional pen and paper process which also involved physical transfer of loan application files. The ISO 14001:2015 certification helps the Company document its process from an environmental perspective and importantly, gives it a means to measure and minimize the environmental impact of its operations. Electronic copies of the Annual Report 2017 and Notice of the 12th AGM are sent to all the members whose email addresses are registered with the Company / Depository Participant(s). For members who have not registered their email addresses, physical copies of the Annual Report 2017 and Notice of the 12th AGM are sent in the permitted mode.

The Company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice of the 12th AGM. This is pursuant to Section 108 of the Companies Act, 2013 and Rule 20 of the Companies (Management and Administration) Rules, 2014 as substituted by Companies (Management and Administration) Amendment Rules, 2015 and Regulation 44 of the SEBI LODR Regulations. The instructions for remote e-voting are provided in the Notice convening the 12th AGM.

ACKNOWLEDGEMENT

Your Company has been able to operate efficiently because of the culture of professionalism, creativity, integrity and continuous improvement in all functional areas and the efficient utilization of all its resources for sustainable and profitable growth. Your Directors wish to place on record their appreciation of the contributions made and committed services rendered by the employees of the Company at various levels. Your Directors also wish to express their gratitude for the continuous assistance and support received from the investors, clients, bankers, regulatory and government authorities, during the year.

For and on behalf of the Board of Directors

Sd/- Sd/-

Gagan Banga Ajit Kumar Mittal

Vice-Chairman, Executive Director

Managing Director

Date: July 24, 2017 & CEO

Place: Mumbai (DIN: 00010894) (DIN: 02698115

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