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Interactive Financial Services Ltd.

BSE: 539692 Sector: IT
NSE: N.A. ISIN Code: INE064T01018
BSE 00:00 | 24 Apr 2020 Interactive Financial Services Ltd
NSE 05:30 | 01 Jan 1970 Interactive Financial Services Ltd

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OPEN 20.30
PREVIOUS CLOSE 19.35
VOLUME 1
52-Week high 26.70
52-Week low 11.35
P/E 13.10
Mkt Cap.(Rs cr) 6
Buy Price 17.60
Buy Qty 50.00
Sell Price 18.40
Sell Qty 1964.00
OPEN 20.30
CLOSE 19.35
VOLUME 1
52-Week high 26.70
52-Week low 11.35
P/E 13.10
Mkt Cap.(Rs cr) 6
Buy Price 17.60
Buy Qty 50.00
Sell Price 18.40
Sell Qty 1964.00

Interactive Financial Services Ltd. (INTERACTIVEFIN) - Director Report


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Company director report

To

The Members

Interactive Financial Service Limited Ahmedabad

1. COMPANY SPECIFIC INFORMATION:

1.1 FINANCIAL RESULTS:

The Board of Directors hereby submits the report of the business and operations of yourcompany along with the audited financial statements for the financial year ended March31 2019.

Particular 2018-2019 2017-2018
Revenue from Operation 41161882 25461492
Other Income 1694956 2036716
Profit/loss before Depreciation Finance Costs Exceptional items and Tax Expenses 10712360 6941144
Less: Depreciation/ Amortisation/ Impairment (29820) (29820)
Profit/loss before Finance Costs Exceptional items and Tax Expenses 10682540 6911324
Less: Finance Costs (124180) (280509)
Profit/loss before Exceptional items and Tax Expenses 10558360 6630815
Add/Less: Exceptional items - -
Profit/loss before Tax Expenses 10558360 6630815
Less: Tax Expenses (Current & Deferred) (2469719) (1668845)
Profit/loss for the Year (1) 8088641 4961970
Total Comprehensive Income/Loss(2) (17166149) 11665236
Total (1+2) (9077508) 16627206

1.2 REVIEW OF OPERATION:

The Total income from the operations is Rs. 41161882and the expenditure incurredduring the year is Rs. 32298478 which is quite higher than the previous year. FurtherNet Loss of the company is Rs. 9077508 which is fallback for the company as in previousyear company earned profit of Rs. 16627206.

1.3 TRANSFER TO RESERVES:

The Board of Directors of your Company has decided not to transfer any amount to theReserves for the year under review except for the Profit earned during the year which hasbeen transferred to the Surpluses Head of the Reserves & Surpluses.

1.4 DIVIDEND:

The Board of Directors of your Company after considering holistically the relevantcircumstances and keeping in view the company's dividend distribution policy has decidedthat it would be prudent not to recommend any Dividend for the year under review.

1.5 MAJOR EVENTS OCCURRED DURING THE YEAR

a) STATE OF THE COMPANY'S AFFAIR:

Business Overview and Outlook:

The company has continued its growth during the first three quarters of the financialyear 2018-19 at the same rate as that of the last couple of years. Sticking to yourcompany's core competencies in the domain of healthcare the operations expanded at animpressive pace. Interactive Financial Services Limited has built a strong foundation ofthe global delivery model for providing revenue cycle consulting and softwareimplementation services.

State Of affairs of the Company:

Interactive Financial Services Limited is an enterprise IT solutions provider servingcustomers globally with its excellence in software engineering cloud computing mobileand wearable and AI powered analytics. We enable our clients to leverage IFSL'spartnership as a strategic business advantage and deliver winning products and value-addedservices that are innovative disruptive and game-changers. We enable enterprises tounlock their potential and take the digital leap.

Future Outlook:

IFSL has preferred to remain focused on building core competencies of developinghealthcare domain based software implementation and revenue cycle consulting services as astrategy which showed impressive initiation of high-potential growth in last three years.

b) CHANGE IN THE NATURE OF BUSINESS IF ANY

During the year there was no change in the nature of the business of the Company

c) MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OF THE COMPANY:

There have been no material changes and commitments if any affecting the financialposition of the Company which have occurred between the end of the financial year of theCompany to which the financial statements relate and the date of the report

2. GENERAL INFORMATION:

Interactive Financial Services Limited (IFSL) is an enterprise IT solutions providerserving customers globally with its excellence in software engineering. The company isbasically into providing medical related software in the United States which enables thepatients to connect to the medical advisory person swiftly which help them to resolve theissue and get treatment quickly.

We prefer specializing in verticals such as healthcare; yet have been expanding ouroperations through horizontal outreach as well. Our commitment to delight our customersand work through long-term partnerships has enabled us to deliver the best in-class andcost effective solutions to our client.

3. CAPITAL AND DEBT STRUCTURE:

During the year under review the company has neither issued nor bought back shares.The Capital of the company remains same as under.

Authorized Share Capital Rs.80000000 divided into 8000000 shares of Rs. 10 each
Issued Share Capital Rs.30131000 divided into 3013100 shares of Rs. 10 each
Paid Up share Capital Rs. 30131000 divided into 3013100 shares of Rs. 10 each

The Capital of the Company consist only Equity shares and no debenture or any otherdebt securities issued by the company.

4. CREDIT RATING

During the year the company has not issued any securities and not raised any loan whichrequires credit rating hence credit rating provisions not applicable on company and hasnot obtained any credit rating during the year.

5. INVESTOR EDUCATION AND PROTECTION FUND

The Company has not declared any dividend hence not transferred any amount to Investoreducation and Protection Fund.

6. MANAGEMENT:

6.1 Directors and Key Managerial Personnel:

Board Composition:

The constitution of the Board (as on 31/03/2019) and the attendance of the Directorsare given below:

Name of the Directors Category of the Director (NE/E/ID) Designation No. of Directorship No. of Meetings attended Details of committee Presence in previous AGM
Chairman Member
Ms. Sejalben Mandavia Non Executive Director Director 1 7 1 1 Yes
Mr. Udayan Mandavia Executive Director Managing Director 1 6 - 2 Yes
Mr. Saurabh Gangadia Independent Director Director 1 7 1 3 Yes
Mr. Kishor Vekariya Independent Director Director 2 7 2 1 Yes

Directors:

1. Appointments

There was no appointment of any director in the company during the year under review.

2. Change in Designation

There was no change in designation of any director during the year under review.

3. Resignation:

There was no resignation of the director from the company during the year under review.

4. Retirement

Ms. Sejalben Mandavia (DIN: 03468579) Director who retires by rotation and beingeligible offers herself for re-appointment.

5. Disclosure of relationship between directors inter se:

None of the directors are being related to each other except for Ms. Sejalben MandaviaDirector of the Company being Sister of Mr. Udayan Mandavia who is Managing Director ofthe Company

Key managerial person:

1. Appointment:

There was appointment of Mrs. Shraddha Varunkumar Parikh as Company Secretary andcompliance officer by way of Board Resolution passed on 22nd January 2019(w.e.f 22/01/2019) in the company during the year under review.

2. Resignation:

There was resignation of Mr. Anant Bhatt from the post of the Company Secretary andcompliance officer with effect from 01/01/2019 and the board has considered hisresignation in the board meeting dated 31/12/2018.

6.2 Independent Director:

Disclosure for justification of appointment of ID

There was no appointment of Independent Director during the year under review.

6.3 Independent director's declaration:

The company has received necessary declarations from each Independent Director underSection 149(6) and 149(7) of the companies Act 2013 and regulation 16(1)(b) andregulation 25(8) of SEBI (Listing Obligations and Disclosures Requirements) Regulations2015 that they meet the criteria of independence laid down thereunder.

As on 31st March 2019 half of the Board Members consist of Independent Directors onCompany's Board having rich experience in their fields and they will add value to themanagement of the company. An enlightened Board consciously creates a culture of Boardleadership to provide a long-term vision and policy thinking in order to improve thequality of governance. The Board's actions and decisions are aligned with the Company'sbest interests.

Independent directors of the company meet 1 (One) time in the year 2018-2019 datedThursday 7th February 2019 without executive directors of the company.

Familiarization Programme:

As per the provisions of the Companies Act 2013 and SEBI (Listing Obligations andDisclosure Requirements) Regulations 2015 the company has taken necessary steps andformed the policy on the Board's Familiarization and Remuneration Policy to get the newDirectors (including Non Executive Directors and Independent Directors) Key ManagerialPersonnel and Senior Management familiarize habituated and their acquaintance with theatmosphere and working of the Company. The same can be finding at the website ofwww.ifinservices.com

6.4 Board Meetings:

During the period under review 7 (Seven) Board Meeting were held by the Board ofDirectors to transact various business items. During the Year 2018-2019 Seven BoardMeetings were held as mention below

Sr. No Date and Day of the Board Meeting
1 Wednesday 30th May 2018
2 Tuesday 14th August2018
3 Monday 12th November 2018
4 Monday 24th December 2018
5 Monday 31stDecember 2018
6 Tuesday 22ndJanuary 2019
7 Thursday 14thFebruary 2019

6.5 Committees:

1. Audit Committee:

a) Brief Description

The primary object of the Audit Committee is to monitor and provide an effectivesupervision of the Management's financial reporting process to ensure accurate and timelydisclosures with the highest levers of transparency integrity and quality of financialreporting. The committee oversees the work carried out in the financial reporting processby the Management the internal auditor the statutory auditor and notes the processes andsafeguards employed by each of them.

b) Constitution and Composition of Audit Committee

The Company has in accordance with the Section 177 constituted the Audit Committee. TheAudit Committee constituted and re constituted from time to time to comply with statutoryrequirement. The Audit Committee met 4 (Four) times during the last financial year on thefollowing dates:

Sr. No. Date and Day of the Meeting
1. Tuesday 29thMay 2018
2. Monday 13thAugust 2018
3. Monday 12thNovember 2018
4. Wednesday 13th February 2019

The constitution of the Committee (as on 31/03/2019) and the attendance of each memberof the Committee are given below:

Name of the Member Type of Director Category No. of Meetings Attendance
Mr. Kishor Vekariya Independent Director Chairman 4 4
Mr. Udayan Mandavia Managing Director Member 4 3
Mr. Saurabh Gangadia Independent Director Member 4 4

2. Nomination & Remuneration Committee

a) Constitution & Composition of Nomination & Remuneration Committee:

The Company has in accordance with the Section 178(1) constituted the Nomination &Remuneration Committee. The main function of the Nomination & Remuneration Committeeis to formulation and recommendation of the policy for the appointment removalperformance evaluation of the directors & the consideration to be paid to them andother matters as may be determined by the committee and the prevailing provisions forformulation of criteria for evaluation of Independent Directors and Board. Further torecommend/review remuneration of Directors based on their performance and carry outfunctions as mandated by Board from time to time.

The Nomination & Remuneration Committee met 2 (two) times during the last financialyear on the following dates:

Sr. No. Date and Day of the Meeting
1. Monday 31st December 2018
2 Friday 18thJanuary 2019

The constitution of the Committee as on 31/03/2019 is as under:

Name of the Member Type of Director Category No. of Meetings Attendance
Mr. Kishor Vekariya Independent Director Chairman 2 2
Ms. Sejalben Mandavia Non Executive Director Member 2 2
Mr. Saurabh Gangadia Independent Director Member 2 2

3. Stakeholders Relationship Committee:

The Company has formulated the Stakeholders Relationship Committee in accordance withthe Section 178(5) of the Companies Act 2013 and SEBI (Listing Obligations andDisclosures Requirements) Regulations 2015 as entered into by the Company. The functionof the Stakeholders Relationship Committee is to look into complaints if any and redressthe same expeditiously. Besides the committee approves allotment transfer &Transmission of shares Debentures issue of any new certificates on split / consolidation/ renewal etc. as may be referred to it. During the relevant financial year 5 (Five )Committee Meetings were held on following dates:

Sr. No. Date and Day of the Meeting
1. Monday 2ndApril 2018
3. Monday 3rd September 2018
5. Wednesday 13th February 2019
2. Friday 01stJune 2018
4. Monday 17thDecember 2018

The constitution of the Committee as on 31/03/2019 is as under:

Name of the Member Type of Director Category No. of Meetings Attendance
Ms. Sejalben Mandavia Non-Executive Director Chairman 4 4
Mr. Udayan Mandavia Managing Director Member 4 3
Mr. Saurabh Gangadia Independent Director Member 4 4

Company has not received Complain from shareholders of the Company during the year ofreview which is yet pending. However the Company has taken necessary reply as and whenrequired.

The details of the Compliance Officer and the details of complaints received / solved /unsolved during the year are as follows:

Compliance Officer:

*Mr. Anant Bhatt Company Secretary (Upto 01/01/2019)

Mail Id: info@ifinservices.com

Contact No.:9106730883

Mrs. Shraddha Parikh (W.e.f 22/01/2019)

Mail id: Compliance@ifinservices.com

Contact No.: 8849445077

Compliant received during the year* Compliant solved during the year Compliant pending during the year*
0 0 0

Note: The Company had not received the investor complaint.

4. Independent Directors' Meeting:

The Independent Directors of the Company met during the year on Thursday 7thFebruary 2019 without the attendance of non Independent Directors and members of theBoard. The Independent Directors reviewed the performance of the non-independent Directorsand Board as whole. the performance of the Chairman taking into account the views ofexecutive Directors and non-executive Directors and assessed the quality quantity andtimeline of flow of information between company management and Board.

6.6 Recommendation of Audit Committee:

There are no transactions which are recommended by the audit committee and not acceptedby the board of the directors of the company.

6.7 Company's Policy on Directors appointment and remuneration:

The current policy is to have an appropriate mix of executive and independent directorsto maintain the independence of the board and separate its functions of governance andmanagement. The policy of the Company on directors' appointment and remunerationincluding the criteria for determining qualifications positive attributes independenceof a director and other matters as required under sub-section (3) of Section 178 of theCompanies Act 2013 is available at registered office for review.

There has been no change in the policy since last fiscal. We affirm that theremuneration paid to the directors is as per the terms laid out in the Nomination andRemuneration Policy of the Company

Code of conduct:

The Company has already implemented a Code of Conduct for all Board Members and SeniorManagements of the company in compliance with SEBI (Listing Obligations and DisclosuresRequirements) Regulations 2015 (earlier Listing Agreement). But since the operations ofthe Company were not much the application of the code of conduct was limited to thatextent. The code of conduct of the company can be found on the website of the company atwww.ifinservices.com

6.8 Board Evaluation:

During the year the Board adopted a formal mechanism for evaluating its performanceand as well as that of its Committees and individual Directors including the Chairman ofthe Board.

The evaluation framework for assessing the performance of Directors (includingIndependent Directors) comprises of the following key areas:

• Attendance and participation in the Meetings and timely inputs on the minutes ofthe meetings.

• Adherence to ethical standards & code of conduct of Company and disclosureof non independence as and when it exists and disclosure of interest.

• Raising of valid concerns to the Board and constructive contribution toresolution of issues at meetings.

• Interpersonal relations with other directors and management.

• Objective evaluation of Board's performance rendering independent unbiasedopinion.

• Understanding of the Company and the external environment in which it operatesand contribution to strategic direction.

• Safeguarding interest of whistle-blowers under vigil mechanism and Safeguard ofconfidential information.

The evaluation involves Self-Evaluation of the Board Member and subsequently assessmentby the Board of Directors. A member of the Board will not participate in the discussion ofhis / her evaluation.

1. Observations of board evaluation carried out for the year:

2. Previous year's observation s and actions taken.

3. Proposed actions based on current year observations

6.9 Remuneration of Directors and Employees of Listed companies:

Pursuant to the Sub Rule (2) of the Rule 5 of the Companies (Appointment &Remuneration or Managerial Personnel) Rules 2014 and Amendment rules 2016 read withSection 197 of the Act no employees was in receipt of the remuneration in aggregate toRs. One crore Two Lakhs per annum or Rs. Eight Lakh Fifty Thousand per month or at a ratein excess of that drawn by the Managing Director / Whole time director of Manager andholds himself or along with his spouse & dependent children no less than two percentof the equity shares of the Company. Further the information required pursuant to Section197 read with Rule 5 of the Companies (Appointment and Remuneration of ManagerialPersonnel) Rules 2014 in respect of employees of the Company will be provided uponrequest.

In terms of Section 136 of the Act the Report and Accounts are being sent to theMembers and others entitled thereto excluding the information on employees' particularswhich is available for inspection by the Members at the Registered Office of the Companyduring the business hours on working days of the Company up to the date of the ensuingAnnual General Meeting. If any Member is interested in obtaining a copy thereof suchMember may write to the Company Secretary in this regard.

As per the provisions of Section 197(12) of the Companies Act 2013 read with Rule 5of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014 thedetails of the ratio of the remuneration of each director to the median employee'sremuneration are described in the "Annexure – I" to thisreport.

Further in pursuance to the Rule 5(2) of the Companies (Appointment and Remunerationsof Managerial Personnel) Rules 2014 the details of the employees employed throughout thefinancial year or part thereof was in receipt of remuneration in that year which in theaggregate or as the case may be at a rate which in the aggregate is in excess of thatdrawn by the Managing Director or Whole Time Directors or Manager and holds by himself oralong with his spouse and dependent children not less than two per cent of the equityshares of the company is not being feasible for the company as the company currentlypays sitting fees to the director of the company.

6.10 Remuneration received by Managing Director/ Whole time Director from holding orsubsidiary company:

There is no such amount received by the Managing Director/ Whole time Director As thecompany does not have any holding company or subsidiary company.

6.11 Director's responsibility statement

Pursuant to the provisions of Section 134(5) of the Companies Act 2013 the board ofdirectors to the best of their Knowledge and ability confirm and state that

I. In the preparation of the annual accounts the applicable accounting standards havebeen followed along with proper explanation relating to material departures;

II. The Directors had selected such accounting policies and applied them consistentlyand made judgments and Estimates that are reasonable and prudent so as to give a true andfair view of the state of affairs of the Company at the end of the financial year and ofthe loss of the company for that period;

III. The Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of this Act for safeguardingthe assets of the Company and for preventing and detecting fraud and other irregularities;

IV. The Directors had prepared the annual accounts on a ‘going concern' basis;

V. The Directors had laid down internal financial controls to be followed by theCompany and that such internal financial controls are adequate and were operatingeffectively; and

VI. The Directors had devised proper systems to ensure compliance with the provisionsof all applicable laws and that such systems were adequate and operating effectively.

6.12 Internal Financial Controls:

The Company has an adequate system of internal control procedures which is commensuratewith the size and nature of business. Detailed procedural manuals are in place to ensurethat all the assets are safeguarded protected against loss and all transactions areauthorized recorded and reported correctly. The internal control systems of the Companyare monitored and evaluated by internal auditors and their audit reports are periodicallyreviewed by the Audit Committee of the Board of Directors. The observations and commentsof the Audit Committee are also generally placed before the Board. Some key features ofthe company's internal controls systems have been provided in the Management discussionand Analysis Report as Annexure V which being annexed to this report.

6.13 Frauds reported by the Auditor:

In pursuance to the Section 134(3)(ca) of the Companies Act 2013 ("theAct") there has been no reported frauds being detected by the Auditor of the Companyin accordance with the Section 143(12) of the Act.

7. DISCLOSURES RELATING TO SUBSIDIARIES ASSOCIATES AND JOINT VENTURES:

The Company does not have any Subsidiary Associates Company or Joint Venture.

8. DETAILS OF DEPOSITS:

The Company has not invited or accepted deposit within the meaning of section 73 of theact read with rules made there under from the public neither does have any unpaid orunclaimed deposits along with interest during the year. Further the company has not madeany default in repayment of deposits or payment of interest thereon as no deposits havebeen invited or accepted by the Company during the year. Furthermore there are no suchdeposits which are not in compliance with the requirements of Chapter V of the Act.

9. PARTICULARS OF LOANS GUARANTEES OR INVESTMENTS:

The Details of loan guarantees or investment as per section 186 of the act areprovided in the notes to the financial Statement. Further the company has made followinginvestments during the year compare to the last year.

Particulars 2018-2019 2017-2018
Investment in Equity Instrument of Other Listed Companies 34946659 53167796
Investment in Mutual Funds 6158633 -
Total 41105292 53167796

10. CONTRACT OR ARRANGEMENT WITH RELATED PARTIES:

Particulars of contracts or arrangements with related Parties referred to in Section188(1) of the Companies 2013 in the prescribed form AOC-2 is appended as "Annexure-II"of the Board's report.

11. CORPORATE SOCIAL RESPONSIBILITY (CSR) INITIATIVES:

Your company is not falling under the criteria mention as per Section 135 (1) of theCompanies Act 2013 and the companies (Corporate Social Responsibilities) Rules 2014.Hence the company has not developed and implemented any corporate Social Responsibilitiesinitiatives.

12. CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGO: Conservation of Energy and Technology Absorption:

During the year under review there are no manufacturing activities undertaken by thecompany. However the company has made necessary endeavor to conserver the non-renewableresources and Energy and has taken utmost care to use the latest technology to conservethe energy Foreign Exchange Earnings : 41161882 (Previous Year: 25461492/-) ForeignExchange Expenditure: NIL (Previous Year: 247873/-)

13. RISK MANAGEMENT:

Considering the present condition of the company the company has formulated the riskmanagement policy. The board is being regularly provided with information which may havepotential threat of risk as and when required. The detailed policy can be find out at thewebsite of the company www.ifinservices.com

14. DETAILS OF WHISTLE BLOWER POLICY & VIGIL MECHANISM:

The Company has established a "Whistle Blower and Vigil Mechanism Policy" forDirectors and employees to report the genuine concerns as per the provisions of Section177 (9) of the Companies Act 2013. However the Section is not applicable to the Companybut the company has formed the policy as a part of good governance.

15. SIGNIFICANT AND MATERIAL ORDERS PASSED BY THE REGULATORY:

There have been no material changes and commitments affecting the financial positionof the company which have occurred between the end of the financial year of the company towhich the financial statements relate and the date of the report.

16. AUDIT REPORTS AND AUDITORS:

Internal Auditor:

In pursuance to the provisions of Section 138 of the Companies Act 2013 your Companyhas appointed Akshat S Shah Chartered Accountants to conduct internal audit of theCompany.

Statutory Auditor:

The statutory auditor of the company M/s KPND Chartered Accountants Mumbai (havingFirm's registration Number:133861W) who was appointed as the auditors of the Company tohold office for a term of 5 years with effect from 1st April 2017 to 31stMarch 2022 subject to ratification of the appointment by the members at every interveningAnnual General Meeting held after this Annual General Meeting.

The observations and comments if any marked in the Auditors' Report areself-explanatory and therefore do not call for any further comments.

Secretarial Auditor:

Mrs. Kajal Ankit Shukla Proprietor of M/s. K. A Shukla & Associates PracticingCompany Secretaries has been appointed for the purpose of conducting Secretarial Audit ofthe Company. The Secretarial Audit Report is appended to this report as "AnnexureIV".

As company have claimed exemption under the regulation 15 of SEBI Listing Obligation(Disclosure & Requirements) Regulations 2015 for Corporate Governance the provisionsof Annual secretarial compliance report as per circular dated 08th February2019 is not applicable on the Company.

Cost Audit Report:

As per section 148 of the Companies Act 2013 read with the Companies (Audit andAuditors) Rules 2014 Company is in Business related to software developement and theCompanies (Cost Records and Audit) Amendment Rules 2014 (the Rules) are applicable to theCompany but company does not fall under the criteria mentioned in the Rules.

17. SECRETARIAL AUDIT REPORT:

The Secretarial Audit Report is appended to this report as "Annexure IV

18. EXPLANATIONS IN RESPONSE TO AUDITORS QUALIFICATIONS:

Explanation to the observations given in the Secretarial Audit report:

1. In respect to the qualification given by the secretarial Auditor in the report withregards to point (i) the company has already given letters to all the physicalshareholders through the RTA of the company to update their KYC and also requested to allthe physical shareholders to dematerialized their shares.

2. In respect to the observation made by the secretarial Auditor in the report withregards to point (i) the company had already started process for change of name but dueunavailability of proper name the company could not take further steps for change of name.The Management will take necessary steps as soon as possible to comply with theregulation.

19. COMPLIANCE WITH SECRETARIAL STANDARDS:

The Directors state that applicable Secretarial Standards i.e. SS-1 and SS-2 relatingto ‘Meetings of the Board of Directors' and ‘General Meetings 'respectively havebeen duly followed by the Company.

20. EXTRACT OF THE ANNUAL RETURN:

The Extract of Annual Return in Form MGT-9 as provided under Section 92 (3) of theCompanies Act 2013 is annexed herewith as "Annexure –III"

21. CORPORATE GOVERNANCE REPORT:

As per the criteria mention in the regulation 15 of SEBI Listing Obligation (Disclosure& Requirements) Regulations 2015 company is not falling under the same and thecompany has claimed exemption from Stock Exchange. Hence company has not submittedcorporate governance report with the stock exchange for the period under review. Thecompany has claimed exemption under regulation 15(2) of SEBI Listing Obligation(Disclosure & Requirements) Regulations 2015 vide letter dated 30th May2019 to BSE.

22. MANAGEMENT DISCUSSION & ANALYSIS REPORT:

The Management Discussion and Analysis Report as per the Regulation 34 of the SEBIListing Obligation (Disclosure & Requirements) Regulations 2015 is part of the AnnualReport as "Annexure-V".

23. ANNUAL SECRETARIAL COMPLIANCE REPORT:

As per the clarification issued by BSE dated 9th May 2019 the company neednot to comply with the submission of Annual Secretarial Compliance report as does notfalling under the criteria mentioned under regulation 15 of SEBI Listing Obligation(Disclosure & Requirements) Regulations 2015. The company has claimed exemption underregulation 15(2) of SEBI Listing Obligation (Disclosure & Requirements) Regulations2015 vide letter dated 30th May 2019 to BSE.

24. EQUAL OPPORTUNITY EMPLOYER:

The Company has always provided a congenial atmosphere for work to all employees thatare free from discrimination and harassment including sexual harassment. It has providedequal opportunities of employment to all without regard to their caste religion colormarital status and sex. The Company has also framed a Policy on "Prevention of SexualHarassment" at the workplace. There were no cases reported under the said Policyduring the year.

25. APPRECIATION:

Your Directors place on record their appreciation and gratitude for the excellentsupport the Company has received from its workers employees customers vendors andshareholders. They also express their sincere thanks to the Bankers and various StateGovernments for the valuable support extended to the Company.

26. LISTING AT STOCK EXCHANGES:

The Equity shares of your company are listed on BSE (Bombay Stock Exchange). TheListing fees for the Year 2018-2019 have been paid to the Stock Exchanges.

28. DISCLOSURE OF TRANSACTIONS OF COMPANY WITH PROMOTER/ PROMOTER GROUP:

Sr. no. Name of Promoter Nature of Transaction Amount
1. Mr. Udyan Mandvia Remuneration 1594800

27. DISCLOSURE OF DEMAT SUSPENSE ACCOUNT / UNCLAIMED SUSPENSE ACCOUNT With theadvent of the new Securities & Exchange Board of India (Listing Obligations andDisclosure Requirements) Regulations 2015 the listed entities are required to makedisclosure in the Annual Report about the details of share in Demat Suspence Account /Unclaimed Suspense Account. The details of the same is mentioned below:

Aggregate number of shareholders and the outstanding shares in the Suspense Account lying at the beginning of the year NIL
Number of shareholders who approached listed entity for transfer of shares from suspense account during the year NIL
Number of shareholders to whom shares were transferred from suspense account during the year Nil
Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year Nil
The voting rights on these shares shall remain frozen till the rightful owner of such shares claims the shares Not Applicable
Date: 30/05/2019 For Interactive Financial Services Limited
Place: Ahmedabad
SD/-
Mr. Udayan Mandavia
Chairman& Managing Director
DIN: 00740615


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