Directors Report of Rishab Financial Services Ltd.

Mar 31, 2013

The Board of Directors herein present the "Twenty Second Annual Report" of the Company together with the Audited Accounts for the year ended 31st March 2013.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial results for the year ended 31 st March 2013 are as follows:

Year ended Year ended 31.03.2013 31.03.2012 PARTICULARS (Rs. In lakhs)

FINANCIAL RESULTS

Profit /Loss before Depreciation and Tax 9.99 15.47

Add/Less: Depreciation on Fixed Assets (1.52) (1.27)

Provision for Non-Performing

Assets 20.18 (35.90)

Contingent Provision for

Standard Assets (0.82) 0.35

Profit/Loss Before Tax 27.84 (21.35)

Provision for Current Tax (2.28) (4.60)

Provision for Deferred Tax (0.44) (0.09)

Profit/Loss after Tax 25.12 (26.05)

Less : Transfer to Statutory Reserve

Add : Balance brought forward from previous Years (182.82) (186.78)

Deficit carried to Balance Sheet (157.70) -(182.82)

Theirs have decided not to recommend any dividend in view of the accumulated losses.

PERFORMANCE

funds that had been disbursed earlier.

FIXED DEPOSITS

Your Company has not accepted any deposits from the shareholders/ public during the year under review.

The Company does not have any Pubiicde positsat the endof the year.

DIRECTORS for appointment, offers himself for appointment.

The Board of Directors recommends his appointment.

AUDITORS

aS of the Company till the next Annual General Meefng.

RBI GUIDELINES

The Company continues to follow the prudential norms prescribed by the Reserve Bank of India for NBFCs.

Since your Company is not accepting deposits, your company has received Category B Certificate from RBI.(i.e. a Company not accepting Public Deposits) on 03.12.2002.

ENERGY, TECHNOLOGY, FOREIGN EXCHANGE. INFORMATION REQUIRED U/S 217(1) (e) OF THE COMPANIES ACT, 1956.

Your Company has no activity relating to conservation of energy / technology absorption. The Company does not have any foreign exchange earnings or outgo.

DISCLOSURE U/S 217 <2A) OF THE COMPANIES ACT, 1956.

During the year under review, the Company has no employee who is in receipt of remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as prescribed under the amended Listing Agreement of the Stock Exchanges on which the Company is listed are complied with.

A separate report on Corporate Governance is included in the Annual Report, a declaration signed by the CEO that Code of Conduct has been complied on an annual basis is annexed and forms part of the Director''s Report.

RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors, report that:

(i) In the preparation of Annual Accounts, the applicable accounting standards have been generally followed ;

(ii) appropriate accounting policies have been selected and applied consistently and have 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 31st March, 2013 of the Profit of the Company for that year;

(iii) the Directors have 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 and

(iv) the annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT

Your Directors record their appreciation and their sincere thanks to the Company''s Bankers, Customers and all others for their valuable support and co-operation. Your Directors also thank all the employees of the Company for their dedicated service and support.

For and on behalf of the Board of Directors

MANGALCHAND C SURANA

Chairman

Place : Chennai

Date : 31.05.2013

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Mar 31, 2011

The Board of Directors herein present the "Twentieth Annual Report" of the Company together with the Audited Accounts for the year ended 31st March 2011.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial results for the year ended 31st March 2011 are as follows:

Year ended Year ended PARTICULARS 31.03.2011 31.03.2010

FINANCIAL RESULTS

Profit/Loss before Depreciation and Tax 15.01 16.58

Add/Less: Depreciation on Fixed Assets (1-72) (2.33)

Provision for Non-Performing

Assets (19-12) 17.17

Contingent Provision for

Standard Assets (0.59) —

Profit /Loss Before Tax (6.42) 31.42

Provision for Current Tax (4.55) (5.17)

Provision for Deferred Tax 0.10 (0.23)

Profit/Loss after Tax (10.87) 26.02

Less : Transfer to Statutory Reserve — (5.20)

Add : Balance brought forward

from previous Years (145.91) (166.73)

Deficit carried to Balance Sheet (156.78) (145.91)

DIVIDEND

The directors have decided not to recommend any dividend in view of the accumulated losses.

PERFORMANCE

The Company conducted fresh business to the extent of Rs.136.20 Lacs, during the year. The Company has continued the recovery process of funds that had been disbursed earlier.

FIXED DEPOSITS

Your Company has not accepted any deposits from the shareholders/ public during the year under review.

The Company does not have any Public deposits at the end of the year.

DIRECTORS

Shri Yeswant Chopra, being eligible for appointment, offers himself for appointment.

For the kind perusal of the shareholders, a brief resume of the Directors being appointed, nature of their expertise and the names of the companies in which they hold the directorship and the details of the membership of the committees of the Board, are mentioned in the Explanatory Statement. The Board of Directors recommends their appointments.

AUDITORS

M/s. Bhandari & Keswani, Chartered Accountants, Chennai, retire at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors of the Company till the next Annual General Meeting.

RBI GUIDELINES

The Company continues to follow the prudential norms prescribed by the Reserve Bank of India for NBFCs.

Since your Company is not accepting deposits, your company has received Category B Certificate from RBI (i.e. a Company not accepting Public Deposits) on 03.12.2002.

ENERGY, TECHNOLOGY, FOREIGN EXCHANGE, INFORMATION REQUIRED U/S 217(1) (e) OF THE COMPANIES ACT, 1956.

Your Company has no activity relating to conservation of energy / technology absorption. The Company does not have any foreign exchange earnings or outgo.

DISCLOSURE U/S 217 (2A) OF THE COMPANIES ACT, 1956.

During the year under review, the Company has no employee who is in receipt of remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as prescribed under the amended Listing Agreement of the Stock Exchanges on which the Company is listed are complied with.

A separate report on Corporate Governance is included in the Annual Report, a declaration signed by the CEO that Code of Conduct has been complied on an annual basis is annexed and forms part of the Director's Report.

RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors, report that:

(i) In the preparation of Annual Accounts, the applicable accounting standards have been generally followed;

(ii) appropriate accounting policies have been selected and applied consistently and have 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 31st March, 2011 of the Loss of the Company for that year;

(iii) the Directors have 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 and

(iv) the annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT

Your Directors record their appreciation and their sincere thanks to the Company's Bankers, Customers and all others for their valuable support and co-operation. Your Directors also thank all the employees of the Company for their dedicated service and support.

For and on behalf of the Board of Directors

MANGALCHAND C SURANA

Chairman Place : Chennai

Date : 31.05.2011

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Mar 31, 2010

Dear Members,

The Board of Directors herein present the·"Nineteenth Annual Report" of the Company together wi.th the Audited Accounts for the year ended 31st March 2010.

FINANCIAL RESULTS AND APPROPRIATIONS

The financial results for the year ended 31st March 2010 are as follows:

Year ended Year ended PARTICULARS 31.03.2010 31.03.2009 (Rs. in lakhs) (Rs. in lakhs)

FINANCIAL RESULTS

Profit fLoss before Depreciation and Tax 16.58 17.44

Add/Less: Depreciation on Fixed Assets (2.33) (3.48)

Provision for Non-Performing Assets 17.17 -

Profit fLoss Before Tax 31.42 13.96

Fringe Benefit Tax - (0.11)

Provision for Current Tax (5.17) (4.18)

Provision for Deferred Tax (0.23) (0.14)

Profit fLoss after Tax 26.02 9.51

Add: Excess provision for Diminution in the Value of Investments relating to earlier years - 30.96

Less: Transfer to Statutory Reserve (5.20) (1.90)

Add: Balance brought forward from previous Years (166.73) (205.30)

Deficit carried to Balance Sheet (145.91) (166.73)



DIVIDEND

The directors have decided not to recommend any dividend in view of the accumulated losses, although the same has decreased by almost 12 %.

PERFORMANCE

The Company conducted fresh business to the extent of Rs.86. 79 Lacs, during the year. The Company has continued the recovery process of funds that had been disbursed earlier.

FIXED DEPOSITS

Your Company has not accepted any deposits from the shareholders/public during the year under review. The Company does not have any Public deposits at the end of the year.

DIRECTORS

Shri N.K Surana, being eligible for appointment, offers himself for appointment. For the kind perusal of the shareholders, a brief resume of the Directors being appointed, nature of their expertise and the names of the companies in which they hold the directorship and the details of the membership of the committees of the Board, are mentioned in the Explanatory Statement. The Board of Directors recommends their appointments.

AUDITORS

M/s. Bhandari & Keswani, Chartered Accountants, Chennai, retire at the ensuing Annual General Meeting and are eligible for re-appointment as Auditors of the Company till the next Annual General Meeting.

RBI GUIDELINES

The Company continues to follow the prudential norms prescribed by the Reserve Bank of India for NBFCs.

Since your Company is not accepting deposits, your company has received Category B Certificate from RBI (i.e.a Company not accepting Public Deposits) on 03.12.2002.

ENERGY, TECHNOLOGY, FOREIGN EXCHANGE, INFORMATION

REQUIRED U/S 217(1) (e) OF THE COMPANIES ACT, 1956. Your Company has no activity relating to conservation of energy / technology absorption. The Company does not have any foreign exchange earnings or outgo.

DISCLOSURE U/S 217 (2A) OF THE COMPANIES ACT, 1956.

During the year under review, the Company has no employee who IS In receipt of remuneration attracting the provisions of Section 217(2A) of the Companies Act, 1956.

CORPORATE GOVERNANCE

Your Company has taken adequate steps to ensure that all mandatory provisions of Corporate Governance as prescribed under the amended Listing Agreement of the Stock Exchanges on which the Company is listed are complied with.

A separate report on Corporate Governance is included in the Annual Report, a declaration signed by the CEO that Code of Conduct has been complied on an annual basis is ann.exed and forms part of the Director's Report .

RESPONSIBILITY STATEMENT OF THE BOARD OF DIRECTORS

Pursuant to Section 217(2AA) of the Companies Act, 1956, the Board of Directors, report that:

(i) In the preparation of Annual Accounts, the applicable accounting standards have been generally followed;

(ii)appropriate accounting policies have been selected and applied consistently and have 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 31st March, 2010 of the Profit of the Company for that year;

(iii) the Directors have 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 and

(iv) the annual accounts have been prepared on a going concern basis.

ACKNOWLEDGEMENT

Your Directors record their appreciation and their sincere thanks to the Company's Bankers; Customers and all others for their valuable support and co-operation. Your Directors also thank all the employees of t.he Company for their dedicated service a.nd support.

For and on behalf of the Board of Directors

Place : Chennai Date 30.06.2010 MANGALCHAND C SURAN Chairman