AFI - 17th Annual Report210.18.179.137:8080/arihantweb/afireports/AnnualReports...Notice is hereby given that the Seventeenth Annual General Meeting of the Company will be held at

Seventeenth Annual Report

[2009 - 2010]

ARIHANT FINANCE (INDIA) LIMITED No.18, Twenty First Avenue Ashok Nagar, Chennai – 600 083

Tamil Nadu, India

ARIHANT FINANCE (INDIA) LIMITED 2009 - 2010

PAGE - 2

CONTENTS

Notice 03

Directors Report 04

Corporate Governance Report 10

Auditors Report 21

Balance Sheet 25

Profit and Loss Account 26

Schedules Forming Part of Accounts 27

Notes Forming Part of Accounts 30

Cash Flow Statement for the Year ended 31st March 2010 32

AUDITORS

M/S. V. N. G. NATH ASSOCIATES

Chartered Accountants No.10 Old No.58 92nd Street,

Ashok Nagar, Chennai – 600 083

REGISTERED OFFICE

No.18, 21st Avenue

Ashok Nagar Chennai - 600 083.

BANKERS

ORIENTAL BANK OF

COMMERCE

Vadapalani Branch, Chennai – 600 026.

SHARE REGISTRAR AGENT

Cameo Corporate

Services Ltd.,

Subramanian Building, No.1, Club House Road,

Chennai – 600 002.

LISTING AT

Madras Stock Exchange

Board of Directors

Shri.P.Virendramal Jain

(Chairman cum Managing Director)

Shri. Ashok . L . Mehta

Shri. D.Mahaveer

Smt.N.Hemalatha


PAGE - 3

N O T I C E Notice is hereby given that the Seventeenth Annual General Meeting of the Company

will be held at the Registered office of the Company, at No.18, 21st Avenue, Ashok

Nagar, Chennai - 600 083, Tamil Nadu on Wednesday the 29th September 2010 at 10.00

A.M. to transact the following business.

ORDINARY BUSINESS

1. To receive, consider and adopt the Audited Balance Sheet as at 31st March 2010

and the Profit & Loss Account for the year ended on that date, along with the

Directors’ Report and Auditors’ Report thereon.

2. To appoint a Director in the place of Mr. D. Mahaveer who retires by rotation and

being eligible offers himself for re-appointment.

3. To appoint Auditors to hold office from the conclusion of this meeting until the

conclusion of the next Annual General Meeting on a remuneration to be decided

by the Board of Directors.

By Order of the Board

Sd/-

Place : Chennai P.Virendramal Jain

Date : 31st August 2010 (Chairman cum Managing Director)

NOTES:

1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS

ENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON POLL

INSTEAD OF HIMSELF AND A PROXY NEED NOT BE A MEMBER OF THE

COMPANY.

2 The Proxy form duly completed in all respect shall be deposited with the

Registered Office of the Company not later than 48 hours before the time appointed for holding the Annual General Meeting.

3. Register of Members and Share Transfer Register shall be kept closed from the 25th September 2010 to 29th September 2010 (both days inclusive) 4. Members / Proxies may kindly bring the Attendance Slip duly filled in for

attending the meeting.


PAGE - 4

DIRECTORS’ REPORT

Dear Members,

Your Directors have pleasure in presenting their Seventeenth Annual Report of the

Company together with the Audited accounts for the year ended 31st March 2010.

1. FINANCIAL RESULTS:

The financial results of your Company for the year ended March 31, 2010 are presented

in the following table.

PARTICULARS 31.03.2010

(In Rupees)

31.03.2009

(In Rupees)

Income from Operations 3,954,394 4,679,033

Profit before Depreciation, Interest Income Tax

5,60,684 9,33,772

Less: Depreciation 3,63,227 3,17,946

Profit before Interest and Tax 197,457 615,826

Less: Interest 411 13,595

Profit before tax 1,97,046 6,02,231

Less:Provision for Tax 53,436 64,000

Provision for Deferred tax liability (151,098) 107,005

Provision for FBT - 80,410

Net Profit for the Year 294,708 350,816

Transfer to Reserve & Surplus NIL NIL Balance Carried to Balance Sheet 294,708 350,816

2. DIVIDEND:

In view of the inadequate profit, your Directors are not recommending any dividend for

the financial year 2009-2010.

3. DEPOSITS:

During the year under review, your Company did not accept any public deposits within

the meaning of the Non-Banking Financial Companies Acceptance of Public Deposits

(Reserve Bank) Directions, 1998.

4. DIRECTORS:

The Company was in receipt of written representations from the Directors of the

Company that they were not disqualified pursuant to sec 274 (1) (g) of the Companies

Act 1956.

Mr. D. Mahaveer retires by rotation and, being eligible, offers himself for re-

appointment. Members are requested to re-appoint the retiring Director.

A brief resume, expertise, shareholding in your Company and details of other

directorships of Mr. D. Mahaveer is given in the Corporate Governance report.


PAGE - 5

5. AUDITORS:

M/s. V.N.G.NATH ASSOCIATES, Chartered Accountants, Chennai, retire and are eligible

for re-appointment as auditors of the Company. A certificate under Section 224(1-B) of

the Companies Act, 1956 has been received from them. The notes to the accounts

referred in the Auditors’ Report are self-explanatory and, therefore, do not call any

further comments.

6. LISTING STATUS:

The Equity Shares of your Company are listed at Madras Stock Exchange. The Company

has paid the listing fees to Madras Stock Exchange for the financial year 2010-2011.

7. DIRECTORS’ RESPONSIBILITY STATEMENT:

As required under Section 217 (2AA) of the Companies Act, the Directors to the best of

their knowledge and belief confirm that:

a) in the preparation of the Annual Accounts, the applicable accounting standards had

been followed along with proper explanation relating to material departures;

b) they 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 at the end of the financial year and of the profit of the Company for that period;

c) to the best of their knowledge and information, they had 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;

d) they had prepared the annual accounts on a going concern basis.

8. CORPORATE GOVERNANCE:

Your directors are happy to report that your Company has fully complied as on 31st

March 2010 with the SEBI guidelines on Corporate Governance, as incorporated in

Clause 49 of the Listing Agreement with the Stock Exchange. A detailed report on this

subject forms part of this report. A Certificate from the auditors of the Company

regarding compliance of conditions of Corporate Governance as stipulated under

Clause 49 of the Agreement is also attached to this report.

9. PERSONNEL:

Particulars of Employees pursuant to Section 217(2A) of the Companies Act, 1956 are not

applicable since none of the employees of the Company is in receipt of remuneration in

excess of the limits specified therein during the year under review.


PAGE - 6

10. INFORMATION AS PER SECTION 217(1)(e) OF THE COMPANIES ACT, 1956:

In view of the nature of activities which are being carried on by the Company, Rules 2A

& 2B of the Companies (Disclosure of Particulars in the Report of Board of Directors)

Rules, 1988 concerning Conservation of Energy and Technology Absorption

respectively are not applicable to the company.

There was no inflow or outgo of Foreign Exchange involved during the period under

consideration.

11. COMPLIANCE CERTIFICATE:

As required under section 383A of the Companies Act, 1956 your company has obtained

Compliance Certificate from a practising Company secretary as the paid-up share

capital of the company is less than ` 5 Crores.

12. ACKNOWLEDGEMENTS:

Your Directors thank all the customers and bankers for their continued support to your

Company. Your Directors also thank all the shareholders for the co-operation and

assistance extended to your Company and look forward to your continued support.

Further your Directors also place on record their appreciation of the excellent

contribution made by the employees at all levels for the growth of your Company.

For and on behalf of the Board,

Sd/-

Place: Chennai P. Virendramal Jain

Date: 31st August 2010 (Chairman cum Managing Director)


PAGE - 7

MANAGEMENT DISCUSSION AND ANALYSIS

ECONOMIC AND INDUSTRIAL REVIEW:

i) Economic Scenario:

The global economy continues to recover amidst ongoing policy support and improving

financial market conditions. The recovery process is led by Emerging Market

Economies, especially those in Asia, as growth remains weak in advanced economies.

The global economy continues to face several changes, such as high levels of

unemployment, which are close to 10% in the US and to the Euro area. Core inflation

levels in major advanced economies are still moderating as the output gap persists and

unemployment remains high. Inflation expectations also remain well anchored.

The fiscal year 2009-10 was a challenging year for the Indian economy. But the Indian

economy performed well during 2009-10, by overcoming the challenges behind it. The

overall growth of GDP as per Advance Estimate of the Central Statistical Organization

(CSO) was 7.2% in 2009-10 representing an increase from 6.7% during 2008-09. The final

real GDP as perceived by RBI may settle between 7.2-7.5%.

ii) Industry Scenario:

During the 17th year of business, the income from operations of your company reduced

to ` 39,54,394/- as compared to the last years’ income of ` 46,79,033/-. Your Company

earned a Profit of ` 1,97,046/- as compared to ` 6,02,231/- during the previous year.

Profit after Tax during the year under review stood at ` 2,94,708/- vis-a-vis ` 3,50,816/-

during the previous year. Your Company’s earnings per Share for the year ended March

31, 2010 was ` 0.10 as against ` 0.12 in the previous year.

iii) Internal Control Systems and Adequacy:

The Company has in place adequate internal control systems and procedures

commensurate with its size and nature of business. The areas of risk are identified and

categorised and the extent and frequency of audit is decided accordingly. The Audit

Committee of the Board regularly reviews internal audit reports. Statutory compliances

across all functions are also regularly checked and reported to the Board. The systems

are designed to ensure that the financial and other records are reliable for preparing

financial statements and other data and for maintaining accountability of accounts.


PAGE - 8

iv) Human Resources:

Human resource development continued to be accorded high priority during the year

under review, with emphasis being placed on improving skill, competence and

knowledge through regular training and in-house/external professional development

programmes. The relation between employees and management of your Company

continued to remain very harmonious during the year. The management had periodical

discussions with employees, with such discussions being aimed at providing the best

possible work environment and facilities to them. Your Company has a consultative and

participative management style, which has facilitated achievement of its corporate goals.

The morale of employees continued to remain high during the year under review,

contributing positively to the progress of your Company.

v) Management of Risks:

Your Company is exposed primarily to credit risk, interest rate risk and liquidity risk.

Liquidity risk and Interest Rate Risk: Any change in the interest rates consequent to

change in policies of the Government will result in these risks. This change in interest

will be reflected both in the borrowings of the Company and also on its lending. Any

Company will be prone to these risks due to difference in tenor and interest rate

applicable for loans with outstanding receivables. These risks can be minimised by

matching the tenor to the extent possible.

Credit Risk: Your Company has, over the years, an intimate knowledge and

understanding of the commercial vehicles sector and other areas in which your company

is involved and has accordingly evolved a detailed credit appraisal and monitoring

mechanism. This, coupled with a sharp focus on recoveries has resulted in a healthy

retail portfolio. The credit policy of the Company takes into account the various

developments in the economic scenario and ensures corrective measures, wherever

applicable.


PAGE - 9

vi) Future Outlook:

Financial services business is to a large extent, dependent on several external factors

such as Government/RBI policies and directions; state of the economy and industrial

climate. All these have a bearing on the business and profitability of financial services

companies. Moreover Non Banking Financial Companies are now subject to

comprehensive regulations similar to the banking system. As the Company is not having

any Fixed Deposits, it is looking at various other avenues to mobilize funds for the

Company. The economic growth is expected to be higher and thereby the business

opportunities for your company are also expected to increase during the year under

report.

All possible efforts are being made including legal action to recover overdue as also to

reduce operating costs. The Directors are hopeful of significant improvement in the

business activities.

vii) Disclaimer:

The information and opinion expressed in this report may contain certain forward-

looking statements, which the management believes are true to the best of its knowledge

at the time of its preparation. The management shall not be liable for any loss, which may

arise as a result of any action taken on the basis of the information contained herein.

Prior written permission of the Company may be obtained for furnishing this information

to any person.


PAGE - 10

CORPORATE GOVERNANCE REPORT

The Board of Directors of the Company lays great emphasis on the broad principles of

Corporate Governance. Given below is the report on Corporate Governance.

1. COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

Transparency and accountability leading to management reliability are the touchstone of

the Corporate Governance at your Company. The Corporate Governance at your

Company recognizes all shareholders and decision-making process reflects this

concern.

Arihant Finance (India) Limited believes in the principles of Corporate Governance and

is committed to conduct its business in a manner, which will ensure long-term growth

thereby maximizing value of its shareholders, customers, employees and society at

large. Company’s policies are in line with Corporate Governance guidelines prescribed

under the Listing Agreements with the Stock Exchanges and the Company ensures that

various disclosures requirement are complied with for effective Corporate Governance.

COMPANY’S PHILOSOPHY ON CODE OF GOVERNANCE

The Company recognizes that good Corporate Governance is essential to build and

retain the confidence of its shareholders. To this end, the Company’s philosophy on

Corporate Governance is to ensure:

1. That system procedure which monitors compliance with laws, rules and

regulations are in place in each area of its business.

2. That relevant information regarding the Company and its operations is disclosed,

disseminated and easily available to its shareholders and

3. That the Board of Directors is kept fully informed of all material developments in

the Company, the major risks involved in the business and its operations and the

rationale for management’s decisions and recommendations so that the Board of

Directors can effectively discharge its responsibilities to our shareholders.

CORPORATE CODE OF CONDUCT

The activities and conduct of the company and its employees are governed by the Code of Conduct of the Group. The major salutary principles prescribed by the Code of Conduct are:

(a) Conduct of business in consonance with national interest

(b) Fair and accurate presentation of financial statement

(c) Practicing politically non-alignment

(d) Maintaining quality of product and services

(e) Being a good corporate citizen

(f) Ethical conduct

(g) Commitment to enhancement of shareholder value and statutory

compliance


PAGE - 11

BOARD OF DIRECTORS

Composition of the Board

The Board of Directors has a mix of Executive and Non-Executive Directors including

3 independent directors. The Board Comprises of one Executive Director and three

Non Executive Directors. Accordingly, the composition of the Board is in conformity

with the listing agreement. One third of the Board of Directors comprises of

independent directors in compliance with Clause 49 of the Listing Agreement.

The Company did not have any pecuniary relationship or transactions with the

non executive directors during the year under review.

Directors’ attendance Records and Directorships

The Composition of the Board and other relevant details relating to Directors are given below:

Name of the Director

Category

of

Directors

hip

No. of

Board

meetings

attended

AGM

attended

No. of

Members

hip in

other

Boards

No. of

membership

and

Chairmanship in

other Board

Committees

No. of

Shares

held in the

Company

Shri.P.Virendramal Jain

MD & ED

7

YES 3

-

145100

Shri. Ashok. L.Mehta NEID 7

YES 1 -

3100

Smt. N. Hemalatha NEID 7

YES 2 -

8600

Shri. D Mahaveer NEID 7

YES 2 -

140000

MD: Managing Director NEID: Non Executive Independent Director

Number of Board Meetings

A. No. of Board Meetings Held : 7

Date on which held :30.04.2009,30.7.2009,01.08.2009,07.08.2009,

01.09.2009,30.10.2009,31.01.2010.


PAGE - 12

B. BOARD PROCEDURE The Company convened 6 Board Meetings during the Financial Year 2009 -10. The Board of Directors generally reviewed the following:

• Annual Operating Plans

• Compliance with statutory and legal requirements.

• Adoption of quarterly un-audited financial results.

• Funding requirements and patterns of the Company.

• Transaction of Capital nature.

• Proceedings of the Committee Meetings.

PROFILE OF DIRECTORS RETIRING BY ROTATION

1. Mr. D. Mahaveer holds a Bachelors Degree in Commerce. He has a rich

experience in the industry of more than ten years.

1. Date of Birth 21.07.1977

2. Date of joining the Board of the

company 01.09.2005

3. Shareholding in the Company 140000

4. Directorships in other Companies

Arihant Finlease (India) Ltd

Virendramal Jain Holdings Limited

AUDIT COMMITTEE

The Audit Committee of the Board deals with all matters relating to financial reporting, internal controls, etc. and report to the Board on the matters, including:

a) Reviewing of Company’s financial reporting processes and systems.

b) Reviewing with management the half yearly and annual financial statements,

before submission to the Board, focusing primarily on:

c) Changes in accounting policies

d) Compliance with accounting standards

e) Compliance with requirement of Stock Exchanges

The Audit Committee also reviews the un-audited quarterly financial results of the

Company before submitting to the Board for approval. Minutes of the each Audit

Committee are also placed before the Board. Five meetings of Audit Committees

have been held during the financial year. The dates on which the Audit Committee

meeting held: - 30.04.2009, 30.07.2009, 25.08.2009, 30.10.2009, 31.01.2010


PAGE - 13

Sl. No. Name of the

Directors Category

No. of Meeting held

Attended

1. Shri. Ashok. L.Mehta

Non-Executive Independent

Director

5

2. Smt. N. Hemalatha - do - 5

3. Shri. D Mahaveer - do - 5

REMUNERATION & COMPENSATION COMMITTEE

[ The Remuneration Committee of Directors decides on the policies and details of remuneration payable to the Directors. The Committee met two times during the

year on 30.04.2009 and 07.08.2009.

Sl. No. Name of the Directors Category

1. Smt. N. Hemalatha Non Executive Independent Director

2. Shri. Ashok. L.Mehta Non Executive Independent Director

3. Shri. D Mahaveer Non Executive Independent Director

REMUNERATION OF DIRECTORS (financial year 2009-2010):

No sitting fees were paid to the directors of the Company for attending board meeting or any committee meeting thereof.

Details of remuneration of Shri.P.Virendramal Jain, Managing Director.

Name

Basic

Salary per

month

Commission

Contribution

to Provident &

other Funds

Other

Allowances

&

Perquisites

Total

per month

Shri.P.Virendramal

Jain 15,000 -- -- -- 15,000


PAGE - 14

SHAREHOLDERS’ INVESTOR GRIEVANCE COMMITTEE

The Committee met 4 times during the year on 30.04.2009, 30.07.2009, 30.10.2009 and

31.01.2010.

Sl. No. Name of the Directors Category No. of Meeting held

Attended

1. Shri.P.Virendramal Jain Chairman cum

Executive Directors 4

2. Shri. Ashok. L.Mehta

Non Executive

Independent

Directors

4

3. Shri. D Mahaveer -do- 4

Name and designation of the Compliance Officer: As the Company is not having a

Whole-Time Company Secretary Shri. P. Virendramal Jain, Managing Director was

appointed as Compliance Officer.

This Committee is also performing the functions of catering to the Shareholder

grievances.

1) No. of Share Holders complaints received so far : NIL

2) No. of Complaints not solved to the satisfaction of the share holders : NIL

3) No. of pending share transfers : NIL

In accordance with the Notification issued by SEBI, the entire shares administration, both

physical and demat have been handled by the Registrars / Share Transfer Agents

namely.

Cameo Share Registry,

V Floor, ‘Subramanian Building’,

No. 1, Club House Road,

Chennai - 600 002.

Tel: (044) 2846 0425, 2846 0390

Fax: (044) 2852 0129


PAGE - 15

GENERAL BOARD MEETINGS

The Date, Location and time of the last Three Annual General Meetings of the Company are given below:

Financial

Year Location Date Time

2006-2007 No.18, 21st Avenue, Ashok Nagar, Chennai -

600 083, Tamil Nadu 30.09.2007 10.00A.M


600 083, Tamil Nadu 29.09.2008 10.00A.M


600 083, Tamil Nadu 29.09.2009 10.00A.M

There was no requirement of passing resolutions by way of Postal Ballot in the

above said Three Annual General Meetings.

DISCLOSURES

a) There are no transactions of material nature with the Promoters, Directors or the

management or their subsidiaries or relatives, etc., potentially conflicting with

Company’s interest at large, during the year under report.

b) There were no instances of non-compliances or imposition of any

penalty/strictures on the Company by the SEBI / Stock Exchange / any Statutory

Authority, on any matter relating to capital markets, during the last three years.

MEANS OF COMMUNICATION

a) The Quarterly Financial results for the financial year 2009-10 were published in

News Today (English) and Malai Sudar (Tamil Regional).

b) The Management Discussions & Analysis is a part of the Annual Report.

INSIDER TRADING

The Code of Conduct for prevention of Insider Trading as suggested under the SEBI

(Prohibition of Insider Trading) Regulations, 1992 has been introduced. The Board

monitors the adherence to the various requirements as set out in the code. No

violation of the code has taken place during the year.

Shri.P.Virendramal Jain has been designated as the Compliance Officer for the

purpose.


PAGE - 16

RELATED PARTY TRANSACTION

There were no materially significant related party transactions during the year that in the opinion of the Board may have potential conflict with the interest of the

company at large.

COMPLIANCE WITH LAWS

The Company has exercised due diligence in complying with all applicable Laws in

the matter of conduct of its business and in particular, there has neither been any non-compliance on the part of the Company on the matter related to Capital

Market, during the last three years nor any penalties or strictures been imposed on this respect.

GENERAL SHAREHOLDERS INFORMATION:

a) Date, time and venue of the Annual General Meeting.

Date: 29.09.2010 Time: 10.00 a.m

Venue: No.18, 21st Avenue, Ashok Nagar, Chennai - 600 083, Tamil Nadu.

b) Financial Calendar

Financial Year - 1st April 2010 to 31st March 2011

Un-audited Financial Results: (Tentative)

Quarter ending 30th June 2010 - End July 2010

Quarter ending 30th September 2010 - End October 2010

Quarter ending 31st December 2010 - End January 2011

Quarter ending 31st March 2011 - End April 2011

Results for the year ending 31st March 2011 - Last week of April 2011

c) Date of Book Closure: 25.09.2010 to 29.09.2010

d) Dividend payment date: No Dividend has been recommended.

e) i) Listing on Stock Exchange: Madras Stock Exchange Ltd., Chennai

ii) Annual listing fees:

Duly paid to the Stock Exchange for the financial year 2010-11

f) Stock Code: ARIHANTFIN

g) Market Price Data High, Low during each month in last Financial year 2009-10

There has been no active trading in Madras Stock Exchange Ltd.

h) Dematerialisation of shares and liquidity:

The Company has entered into the Tripartite Agreements with the National Securities Depository Ltd., (NSDL) and Central Depository Services Ltd., (CDSL) for

dematerialisation of shares. About 97.90% of the shares have been dematerialised as on 31st March 2010. The ISIN of the Company is ISIN - INE298C01018

Investor Grievances

The Company has a regular system of attending to investor grievances. These

grievances are promptly attended to and there is no complaint pending as on date.


PAGE - 17

i) Share Transfer System

The Company has constituted a Share Transfer Committee, which considers and

approves the transfer and transmission etc., of shares in physical mode. Physical

shares received for dematerialisation are processed and completed within a period

of 15 days from date of receipt, provided they are in every respect complied with

the law. Bad deliveries are immediately returned to Depository Participants under

advice to the Shareholders. For those who opt for dematerialisation of shares, shares

are dematerialised and electronic credit given through the registrars.

j) Registrars and Transfer Agents:

Cameo Share Registry,

V Floor, ‘Subramanian Building’, No. 1, Club House Road,

Chennai - 600 002. Tel : (044) 2846 0425, 2846 0390 Fax: (044) 2852 0129

k) Distribution of Shareholding as on 30.06.2010

Share or debenture

holding of nominal value

of

Share / Debenture

holders Share / Debenture amount

` ` ` ` `̀̀̀ Number % to total (In `̀̀̀ ) % to total

(1) (2) (3) (4) (5)

10-5000 49 36.56 138000 0.46

5001-10000 54 40.30 430000 1.43

10001-20000 6 4.48 84000 0.28

20001-30000 0 0 0 0

30001-40000 1 0.75 32000 0.11

40001-50000 0 0 0 0

50001-100000 1 0.75 86000 0.29

100000-above 23 17.16 29239000 97.43

Total 134 100.00 30009000 100.00


PAGE - 18

Pattern of Shareholding as on 30.06.2010

Sl.No. Category No. of Share

holders No. of Shares % of Shares

1. Promoters and Relatives 16 2016300 67.19

2. Financial Institutions Nil Nil Nil

3. Mutual Funds Nil Nil Nil

4. Banks Nil Nil Nil

5. Foreign holdings

(FII/NRI/OCB) Nil Nil Nil

6. Other Corporate Bodies Nil Nil Nil

7. Indian Public 118 984600 32.81

Total 134 3000900 100.00%

l) Address for correspondence:

M/s.Arihant Finance (India) Ltd.,

No.18, 21st Avenue, Ashok Nagar,

Chennai - 600 083, Tamil Nadu.

Phone: 044 24819551/52

Fax :044 42134949

E-mail: [email protected]

m) Nomination Facility / ECS

In accordance with the provisions of Section 109A of the Companies Act, 1956, and

the rules prescribed there under shareholders can now nominate a person with

whom the shares shall vest in the event of death of the shareholder.

The nomination can be made only by individuals holding shares of the Company

either in their sole name or jointly with another (not exceeding one joint holder) the

nominee shall be an individual.

In the event of death of the sole or both the joint holders the nominee shall be

entitled to have the shares registered in his name together with all the benefits like

dividend etc., accrued in the said shares.

Shareholders who would like to avail nomination facility may please file the

nomination form with the Share Transfer Agent of the Company.


PAGE - 19

a. Mandatory disclosures:

The related party transactions of the Company under Sec.297 of the

Companies Act 1956 during the financial year ended March 31, 2010 are being

disclosed in the Notes on Accounts which forms part of this report.

b. Disclosures

a) There are no transactions of material nature with the Promoters, Directors

or the management or their subsidiaries or relatives, etc., potentially conflicting with Company’s interest at large, during the year.

b) There were no instances of non-compliances or imposition of any penalty/strictures on the Company by the SEBI / Stock Exchange / any

Statutory Authority, on any matter relating to capital markets, during the last three years. Except a revocation fee paid to BSE for removal of

suspension of Trading in Equity shares of the Company. n) Non- Mandatory requirements

The Company has not adopted certain non-mandatory requirements specified under

the Listing Agreement.

o) Disclosure of Accounting Treatment in Financial Statement

The Company has followed the guidelines of Accounting Standards laid down by the

Institute of Chartered Accountant of India (ICAI) in preparation of its Financial

Statement.

p) Whistle Blower Policy

The Securities and Exchange Board of India (SEBI) has also prescribed the adoption

by all Listed Companies, of a whistle Blower Policy as a non-mandatory requirement.

The company has adopted a Whistle Blower Policy, which affords protection and

confidentially to Whistle Blowers. The Audit Committee Chairman is authorised to

receive Protected Disclosure under this policy. The Audit Committee is also

authorized to supervise the conduct of investigation of any disclosure made by

Whistle Blower in accordance with policy.

No personnel has been denied access to the Audit Committee. As of Mach 31, 2010,

no Protected Disclosure have been received under this Policy.


PAGE - 20

DECLARATION

Pursuant to the requirement of Clause 49 of the Listing Agreement, I hereby confirm that:

1. The undersigned and senior management personnel (as defined in the above – said clause 49) of the Company have affirmed that they have been in compliance with the Code of Conduct of the Group during the financial year ended March 31, 2010

and 2. All Non-executive Directors of the Company have affirmed that they have been in

compliance with the Code of Conduct of the Group for Non-executive Director during the financial year ended March 31, 2010.

For Arihant Finance (India) Limited

Sd/-

Place : Chennai P.Virendramal Jain

Date : 31st August 2010 (Chairman cum Managing Director)

COMPLIANCE CERTIFICATE FROM THE AUDITOR OF THE COMPANY

To

The Members of M/s. Arihant Finance (India) Limited

I have examined the Compliance of conditions of Corporate Governance by M/s. Arihant

Finance (India) Limited, for the year ended 31st March 2010 as stipulated in Clause 49 of the Listing Agreement of the Said Company with the Stock Exchange.

The compliance of conditions of Corporate Governance is the responsibility of the

management. My examination was limited to procedures and implementation thereof, adopted by the company for ensuring the compliance of the conditions of the Corporate

Governance. It is neither an audit nor an expression of opinion on the financial statements of the company. In my opinion and to the best of my information and according to the explanations given

to me, I certify that the company has complied with conditions of Corporate Governance as stipulated in the above-mentioned Listing Agreement.

I state that no investor grievance is pending for a period exceeding one month against the company as per the records maintained by the shareholders committee.

I further state that such compliance is neither an assurance as to the future viability of the company nor the efficiency or effectiveness with which the management has conducted the affairs of the company.

For M/s.VNG NATH ASSOCIATES

Chartered Accountant Firm Regn No.7159S

Sd/-

(Vaidynathan M.S.)

Partner Membership No. 14393

Place: Chennai Date : 31st August 2010


PAGE - 21

AUDITORS’ REPORT

To,

The Members ARIHANT FINANCE (INDIA) LIMITED

1. We have audited the attached Balance Sheet of M/s. Arihant Finance (India)

Limited, Chennai, as at 31st March, 2010 and also the Profit and Loss Account for

the year ended on that date annexed thereto. These Financial Statements are the

responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audit.

2. We conducted our audit in accordance with the auditing standards generally

accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of

material misstatements. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also

includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.

We believe that our audit provides a reasonable basis for our opinion.

3. As required by the Companies (Auditors’ Report) Order, 2004, issued by the Central Government of India in terms of sub-section (4A) of section 227 of the

Companies Act, 1956, and on the basis of such checks of the books and records of the company as we considered appropriate and according to the information and

explanations given to us, we enclose in the Annexure a statement on the matters specified in paragraph 4 & 5 of the said Order.

4. Further to our comments in the Annexure referred to above, we state that:

i) We have obtained all the information and explanations, which to the best of our

knowledge and belief were necessary for the purposes of our audit;

ii) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books ;

iii) The Balance Sheet and Profit and Loss Account dealt with by this Report are in

agreement with the books of account ;

iv) In our opinion, the Balance Sheet and Profit and Loss Account dealt with by this Report comply with the Accounting Standards referred to in sub-section (3C) of

section 211 of the Companies Act, 1956;

v) On the basis of written representations received from the Directors, as on 31st March, 2010, and taken on record by the Board of Directors, we report that none

of the Directors is disqualified as on 31st March, 2010, from being appointed as a Director in terms of clause (g) of sub-section (1) of section 274 of the

Companies Act, 1956 ;

vi) The financial statements have been prepared in accordance with the fundamental accounting assumption that the company is a going concern


PAGE - 22

vii) We report that there is no material observation which has any adverse effect on the functioning of the company

viii) In our opinion and to the best of our information and according to the

explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in

conformity with the accounting principles generally accepted in India:

a) In the case of the Balance Sheet, of the state of affairs of the Company as at 31st March, 2010; and

b) In the case of the Profit and Loss Account, of the profit for the year ended

on that date.

For VNG Nath Associates

Chartered Accountants Firm Regn No. 7159S

Sd/-

(Vaidynathan. M.S)

Chennai 31st August 2010. Partner

Membership No. 14393


PAGE - 23

ANNEXURE TO THE AUDITORS’ REPORT

(Referred to in Para 3 of our Report of even date)

I (a) On the basis of such checks as we considered appropriate and in terms of the

Information and explanations given to us, we state that: -

(b) As explained to us fixed assets, according to the practice of the Company, are physically verified by the management at reasonable intervals, in a phased verification programme, which, in our opinion, is reasonable, looking to the size of

the Company and the nature of its business. According to the information and explanations given to us, discrepancies noticed on physical verification have been adjusted in the books of accounts.

(c) The Company has not disposed off any substantial part of its fixed assets so as

to affect its going concern:

II (a) NOT APPLICABLE

(b) NOT APPLICABLE

(c) NOT APPLICABLE

III According to the information and explanations given to us, Company has taken unsecured Loan from Companies, listed in the register maintained under section 301 of the Act 1956 which are Prima Facie not Pre Judicial to the Interest of the

Company.

Iv In our opinion and according to the information and explanations given to us, there are generally adequate internal control procedures commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and for sale of goods, During the course of our previous assessment, no major weakness in internal control, had come to our notice:

V (a) On the basis of the audit procedures performed by us, and according to the

information, explanations and representations given to us, we are of the opinion that, The transactions in which directors were interested as contemplated under

sub Section (6) of Section 299 of the Act, and which were required to be entered in the register maintained under Section 301 of the said Act, have been so entered.

(b) In our opinion and according to the information and explanations given to us,

these are no transactions made in pursuance of contracts of arrangements entered

in the register maintained under section 301 of the Act, exceeding the value of rupees five lacs in respect of any party during the year

VI The Company has not accepted deposit during the year within the meaning of

Section 58 A of the Act and rules framed there under. VII In our opinion the company has an internal audit system commensurate with its

size and nature of its business. VIII The maintenance of cost records under section 209 (I) (d) of the Act, does not

apply to the company for the year.


PAGE - 24

IX According to the records of the company, the company is not a member of

Provident Fund and Employees State Insurance.

X The Company has not accumulated losses and has not incurred cash losses in the

current financial year and in the immediately preceding financial year. XI Based on our audit procedures, and as per the information and explanations given

to us by the management, the company has not defaulted in repayment of dues to financial institutions and banks.

XII According to the information and explanations given to us, the company has not

granted any loans or advances on the basis of security by way of pledge of shares, debentures and other securities.

XIII The provisions of any special statute applicable to chit fund, nidhi or mutual

benefit fund/ societies are not applicable to the company.

XIV In our opinion, the company is not dealing or trading in shares, securities,

debentures and other investments, and hence, the requirements of Para 4 (XIV) of the above order are not applicable to the company.

XV According to the information and explanations given to us, the company has not

given any guarantee for loans taken by others from bank or financial institutions.

XVI The Company has not raised any term loans during the year.

XVII On the basis of our examination of the cash flow statement, it appears that the

funds raised on short-term basis have not been used for long-term purposes. Further, no long-term funds have been raised during the year.

XVIII During the year, the company has not made any preferential allotment of shares.

XIX The Company has not issued any secured debentures.

XX The Company has not raised any money by way of public issue during the year.

XXI Based on the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the information and explanations given to us by the management, we report that no fraud on or by the

company has been noticed or reported during the course of our audit.

For and on behalf of VNG NATH ASSOCIATES

Chartered Accountants Firm Regn No.7159S

Sd/- VAIDYNATHAN M.S

Partner Membership No. 14393

Place: Chennai Date : 31th August 2010.


PAGE - 25

(Amount in Rupees)

BALANCE SHEET AS AT 31ST MARCH, 2010

SCH 2009-2010 2008-2009

FUNDS EMPLOYED

SHARE CAPITAL 1 29,650,250 29,650,250

RESERVES & SURPLUS 2 2,617,675 2,322,967

Loans

secured Loans 3 - 46,689

DEFERRED TAX LIABILITY 4 - 142,169

TOTAL FUNDS EMPLOYED 32,267,925 32,162,075

APPLICATION OF FUNDS

FIXED ASSETS 5

a) Gross Block 6,286,426 6,915,755

b) Less: Total Depreciation 5,443,552 5,245,753

c) Net Block 842,874 1,670,002

Investment (In Shares) 5,000 5,000

CURRENT ASSETS, LOANS & ADVANCES

Cash & Bank Balances 6 1,241,355 697,616

Loans and Advance 7 30,677,538 31,565,083

Deferred Tax Asset 4 8,929 -

31,927,822 32,262,699

Less: CURRENT LIABILITIES & PROVISIONS

a) Current Liabilities 8 302,100 1,623,390

b) Provisions 9 205,671 152,235

507,771 1,775,625

NET CURRENT ASSETS 31,420,051 30,487,073

TOTAL ASSETS 32,267,925 32,162,075

Significant Accounting Policies and

Notes on Accounts 13

As per our report of even date attached


Chartered Accountants

Firm Regn. No. 7159S

Sd/- Sd/- Sd/-

Vaidynathan.M.S. P.Virendramal Jain D. Mahaveer

Partner Managing Director Director

Membership No.14393

Chennai, August 31st , 2010


PAGE - 26

(Amount in Rupees)

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED 31.03.2010

SCH 2009-2010 2008-2009

INCOME

Income from operations 10 3,954,394 4,679,033

3,954,394 4,679,033

EXPENDITURE

Salaries & Amenities to staff 11 1,667,352 1,856,352

Administrative & Other Charges 12 1,726,359 1,888,909

Depreciation 363,227 317,946

Interest 411 13,595

TOTAL EXPENDITURE 3,757,348 4,076,802

PROFIT/(LOSS) BEFORE TAX 197,046 602,231

Provision for taxes for the year 53,436 64,000

Provision for Deferred Tax Liability for the year (151,098) 107,005

Provision for FBT - 80,410

Transfer to General Reserve - -

PROFIT /(LOSS) AFTER TAXES 294,708 350,816

(CARRIED TO BALANCE SHEET)

Number of Equity Shares 3,000,900 3,000,900

Profit for Calculation of EPS (`) 294,708 350,816

Nominal Value of Equity Share(`) 10 10

Basic and diluted Earning Per Share (`) 0.10 0.12

Significant Accounting Policies and

Notes to the Accounts 13




Firm Regn No. 7159S

Sd/- Sd/- Sd/-

Vaidynathan.M.S. P.Virendramal Jain D.Mahaveer


Membership No.14393



PAGE - 27

(Amount In Rupees)

Particulars 2009-2010 2008-2009

SCHEDULE 1: SHARE CAPITAL

AUTHORISED

33,00,000 Equity Shares of ` 10/- each 33,000,000 33,000,000

ISSUED AND SUBSCRIBED AND PAID UP

3000900 Equity shares of ` 10/- each 30,009,000 30,009,000

Less Calls Unpaid 358,750 358,750

(From Directors - Nil) - -

29,650,250 29,650,250

SCHEDULE 2: RESERVES & SURPLUS

General Reserve as on 01.04.2009 375,000 375,000

Add : Additions during the year - -

375,000 375,000

Profit & Loss Account as on 01.04.2009 1,934,967 1,584,151

Current Year's Profit 294,708 350,816

2,229,675 1,934,967

Statutory Reserve 13,000 13,000

2,617,675 2,322,967

SCHEDULE 3: Secured Loans

HDFC Bank - 46,689

- 46,689

SCHEDULE 4: DEFERRED TAXATION (AS-22)

Particulars 2009-2010 2008-2009

Deferred Tax liabilities

a. Depreciation

As per Income Tax Act 336,242 747,589

As per Books of Accounts 363,227 317,946

Timing Difference due to Depreciation(a) (26,985) 429,643

b. Preliminary Expenses

As per Income Tax Act - -

As per Books of Accounts - -

Timing Diff. due to Preliminary Expenses (b) - -

Total timing difference (c) = (a)+(b) (26,985) 429,643

Opening Balance of Timing Difference (d) - -

Cumulative timing difference (c) + (d) (26,985) 429,643

Deferred Tax liability (A) (8,929) 142,169

Deferred Tax Assets

Deferred Tax Assets (B)

Deferred Tax Assets/(Liabilities)(A)-(B) (8,929) 142,169

Deferred Tax Liabilities created during Previous Year

Net Deferred Tax liability provision for the Year (151,098) 107,005


PAGE - 28

SCHEDULE 5: FIXED ASSETS

Sl. G R O S S B L O C K D E P R E C I A T I O N B L O C K N E T B L O C K

No. Particulars As on Additions As on As on For the As on

01/04/2009 (Deletions) 31/3/2010 % 1/4/2009 year 31/3/2010 31/3/2010 31/3/2009

1 Furniture & fixtures 1632341 1632341 18.10 1159531 85579 1245110 387231 472810

2 Vehicles 2908185 (629329) 2278856 25.89 1919764 239980 1994316 284540 988421

3 Air conditioner 215615 215615 13.91 118548 13502 132050 83565 97067

4 Computer 1887904 1887904 40.00 1854833 13228 1868061 19843 33071

5 Office Equipments 271710 271710 13.91 193077 10938 204015 67695 78633

Total 6915755 (629329) 6286426 5245753 363227 5443552 842874 1670002

(Amount In Rupees)

Particulars 2009-2010 2008-2009

SCHEDULE 6: Cash and Bank Balances Cash in Hand 518,439 438,329

Andhra Bank - 252,667 Oriental Bank of Commerce 722,916 -

Catholic Syrian Bank - 6,619

1,241,355 697,616

SCHEDULE 7: Loans & Advances

unsecured, considered goods advance recoverable in cash or in kind or for value to

be received and/or to be adjusted 212,583 100,000 Advance 30,890,035 31,890,163 Less : Provision for doubtful Debts 425,080 425,080

30,677,538 31,565,083

SCHEDULE 8: CURRENT LIABILITIES Others 302,100 228,067 Outstanding Expenses - 1,395,323

302,100 1,623,390

SCHEDULE 9: PROVISIONS

Provision for Taxation 125,261 71,825 Provision for FBT 80,410 80,410

205,671 152,235


PAGE - 29

Particulars 2009-2010 2008-2009

SCHEDULE 10: INCOME FROM OPERATIONS Finance Charges received 2,981,015 4,657,533 Profit on Sale of Vehicle 51,099 -

Brokerage and Commission Received 900,000 - Other Incomes 22,280 21,500

3,954,394 4,679,033

SCHEDULE 11: SALARIES AND AMENITIES Salaries & Wages 1,382,481 1,528,141 Staff Welfare 284,871 328,211

1,667,352 1,856,352

SCHEDULE 12: ADMINISTRATIVE EXPENSES Rent, Rates & Taxes 147,267 175,797

Postage, Telegram & Telephone 104,596 143,457 Electricity Charges 178,547 186,254

Printing & Stationery 104,841 125,411 Directors Remuneration 180,000 180,000

Traveling & Conveyance 193,652 225,526

Bank Charges 939 1,375 Vehicle Maintenance 236,105 164,961

Repairs & Maintenance 99,388 161,371 Remuneration to Auditors 28,060 28,060 Insurance 130,802 132,794 Advertisement & Business Promotional Exp 101,406 105,986

Legal Exp 10,000 5,500 Brokerage & Commission 48,241 57,381

Directors Meeting Expenses 68,709 62,514 Loss on Sale of Vehicle - 3,825 Miscellaneous Expenses 93,805 128,697

1,726,359 1,888,909


PAGE - 30

SCHEDULE 13: SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO THE ACCOUNTS

1. SIGNIFICANT ACCOUNTING POLICIES

AS 1: Disclosure of accounting policies

The financial statements are prepared under the historical cost convention under the accrual method of accounting as a going concern, in accordance with the Generally Accepted Accounting Principles (GAAP) prevalent in

India and the Mandatory Accounting Standards issued by the Institute of Chartered Accountants of India (ICAI) and according to the provisions of

the Companies Act, 1956

AS 2: Valuation of Inventories

Not Applicable

Contingencies and Events occurring after the Balance Sheet date

There are no contingencies and events after the Balance Sheet date that

Effect the financial position of the Company.

AS 6: Depreciation accounting

Depreciation on fixed assets in provided on Written down Value method at the rates and in the manner prescribed in Schedule XIV of the Companies

Act.

AS 9: Revenue Recognition

(a) Income and expenditure are accounted on a going concern basis.

(b) Interest Income is recognized on a time proportion basis taking into

account the amount of outstanding and the rate applicable

AS 10: Accounting for Fixed Assets

Fixed Assets are stated at cost of acquisition.

AS 11: Accounting for effects in foreign exchange rates

Not Applicable

AS 13:Accounting for Investments

Investments are stated at cost.

AS 15: Accounting for retirement benefit

No provision has made towards gratuity to employees. However payments as and when made are charged off in the accounts

AS 16: Borrowing Cost

All borrowing costs are charged to revenue except they are attributable to qualifying assets, which are capitalized. During the year there was no

borrowing attributable to qualifying assets and hence no borrowing cost was capitalized.


PAGE - 31

AS 20: Earnings per Share

Disclosure is made in the Profit and Loss account as per the requirements of the standard.

AS 22: Accounting for taxes on income

The deferred tax liability on account of timing difference relating to

depreciation amounts to ` 151098/-

31.03.2010 31.03.2009

2. A Value of imports Nil Nil

(Calculation on CIF Basis)

B Expenditure in foreign currency Nil Nil

3. Expenditure on employees

A Employed throughout the year and were

In receipt of remuneration of not less than Nil

` 24 lakhs p.a

B Employed for a past year and were in

Receipt of remuneration of not less than 2 lakhs p.m Nil

4. Figures are rounded off to the nearest rupee. 5. Previous year’s figures are regrouped wherever necessary to correspond with

current year figures.

6. Schedule 1 to 13 form part of Balance Sheet and Profit and Loss Account.


for VNG NATH Associates

Chartered Accountants Firm Regn No. 7159S

Sd/- Vaidynathan.M.S Partner

Sd/- P. Virendramal Jain Managing Director

Sd/- D. Mahaveer

Director

Membership No.14393

Chennai, 31, August 2010


PAGE - 32

CASH FLOW STATEMENT FOR THE YEAR ENDED 31.03.2010

Particulars 2009-2010 2008-2009

` `

A. CASH FLOW FROM OPERATING ACTIVITIES

Net profit before tax 197,046 602,231

Add : Financial expenses (Interest) 411 13,595

197,456 615,826

Adjustments for :

Depreciation 363,227 317,946

Share issue expenses written off - -

Profit on sale of fixed assets (51,100) -

Operating profit before working capital changes 509,583 933,773

Adjustments for :

(Increase) Decrease in Loans & Advances 887,545 674,887

Increase (Decrease) in current liabilities (1,321,290) (249,080)

Cash generated from operations 75,838 1,359,580

Financial expenses (Interest) 411 13,595

Net Cash flow from Operations(A) 75,428 1,345,985

B. CASH FLOW FROM INVESTING ACTIVITIES

Purchase of fixed assets - (629,329)

Sale of fixed assets 515,000 15,000

Net cash used in investing activities (B) 515,000 (614,329)

C. CASH FLOW FROM FINANCING ACTIVITIES

Increase/(Decrease) in Term Borrowings (46,689) (269,005)

Increase/(Decrease) in fixed Deposits - -

Increase/(Decrease) in Borrowings - -

Increase/(Decrease) in Caution Deposit - -

Net Cash from financing activities( C ) (46,689) (269,005)

Net increase in cash and cash equivalents (A)+(B)+(C ) 543,739 462,651

Cash and cash equivalents - Opening balance 697,616 234,965

Cash and cash equivalents - Closing balance 1,241,355 697,616

for and on behalf of the Board

Sd/- Sd/-

Place : Chennai P. VIRENDRAMAL JAIN D.MAHAVEER

Date : 31st August 2010 Managing Director Director

AUDITORS CERTIFICATE

We have examined the above cash flow statement of M/s.Arihant Finance (India) Limited for the year

ended 31st March 2010. The Statement has been prepared by the company in accordance with

requirements of listing agreement clause 32 with Madras Stock Exchange and is based on and in

agreement with the corresponding Profit and Loss Account and Balance Sheet of the Company for the year

ended 31st March 2010.

For and on behalf of VNG NATH ASSOCIATES


Firm Regn No.7159S Sd/-

Place : Chennai Date : 31.08.2010 VAIDYNATHAN M.S

Partner

Membership No. 14393


PAGE - 33

Part IV – Balance Sheet Abstract and Company’s General Business Profile

Registration Details

Registration Number 25005

Balance Sheet Date 31.03.2010

State Code 18

Capital raised during the year (Amount in `’ 000.)

Public Issue Nil Rights Issue Nil

Bonus Issue Nil Private Placement Nil

Position of Mobilisation and Deployment of

Funds (Amount in ` ' 000.)

Total Liabilities 32,268 Total Assets 32,268

Sources of Funds

Paid up Capital 29,650 Reserves and Surplus 2,618

Secured Loans - Unsecured Loans -

Deferred Tax Liability [NET] -

Application of Funds

Net Fixed Assets 843 Investments 5

Net Current Assets 31,420 Misc. Expenditure 94

Deferred Tax Asset (9)

Accumulated Losses

Performance of the Company (Amount in ` ' 000.)

Turnover 3,954 Total Expenditure 3,757

Profit/Loss before Tax 197 Profit/Loss After Tax and Deferred Tax

295

Earnings per share 0.10 Dividend Rate % -

Generic Names of Three principal Products /Services of the Company (As per Monetary Terms)

Item Code No. (ITC Code) Product Description

Hire Purchase NA

Leasing NA



Firm Regn No.7159S

Sd/- Sd/- Sd/-

Vaidynathan.M.S. P.Virendramal Jain D.Mahaveer


Membership No.14393


Documents

AFI - 17th Annual Report210.18.179.137:8080/arihantweb/afireports/AnnualReports...Notice is hereby given that the Seventeenth Annual General Meeting of the Company will be held at