23rd Annual Report 2009-10 - Corporate stockHolding

STOCK HOLDING CORPORATION OF INDIA LIMITED

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CONTENTSCONTENTSCONTENTSCONTENTSCONTENTS

Mission Statement ................................................................................ 3

Board of Directors .............................................................................. 4

Performance Highlights ....................................................................... 5

Directors’ Report ................................................................................ 6

Report of Corporate Governance ........................................................ 12

Statement Pursuant to section 212 of The Companies Act, 1956 ........... 18

Auditors’ Report ................................................................................. 19

Annexure to Auditors’ Report .............................................................. 20

Balance Sheet .................................................................................... 22

Profit and Loss Account ...................................................................... 23

Cash Flow Statement .......................................................................... 24

Schedules .......................................................................................... 25

Balance Sheet Abstract ....................................................................... 44

Subsidaries ........................................................................................ 45

Branches/Facilitation Centres .............................................................. 111

23rd Annual Report 2009-10

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THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK


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“““““TTTTTo be a worldo be a worldo be a worldo be a worldo be a world

class technologyclass technologyclass technologyclass technologyclass technology

driven and clientdriven and clientdriven and clientdriven and clientdriven and client

focused marketfocused marketfocused marketfocused marketfocused market

leader in financialleader in financialleader in financialleader in financialleader in financial

and technicaland technicaland technicaland technicaland technical

servicesservicesservicesservicesservices”””””

MISSION STMISSION STMISSION STMISSION STMISSION STAAAAATEMENTTEMENTTEMENTTEMENTTEMENT


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BOARD OF DIRECTORS (AS ON AUGUST 06, 2010)

B. Ravindranath Non-Executive Chairman

A. R. Sekar

Sushant Kumar

Prakash P. Mallya

S. B. Mainak

Shashi Sharma

G. Anantharaman

R. C. Razdan Managing Director & CEO

Shashikant L. Nayak Company Secretary

Statutory Auditors M/s. Kalyaniwalla & Mistry

Internal Auditors M/s. Chaturvedi & Company

Other Auditors

System Auditors M/s. Chaturvedi & CompanyM/s. Miel-e Securities P. Ltd.,M/s. IDBI Intech Limited

GoI Bonds M/s.Pravin Chandak & Associates

SEBI audit M/s.Desai Rajendra & Co.

Physical Verification of M/s.Devdhar Joglekar & Srinivasanfixed assets

Registered Office: 301, Centre Point, Dr. Babasaheb Ambedkar Road, Parel, Mumbai- 400012.Tel: 022-61779400-09 / Fax: 022-61779045

Web: www.shcil.com


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Performance Highlights

(Rs. in lakhs)

2009-10 2008-09 2007-08

Earnings:

Income from Operations 22,000 15,600 18,840Interest & Dividend Income 2,150 2,810 3,350Other Income 29,610 4,350 270Total Income 53,760 22,760 22,460

Expenses:

Operating Expenses 14,360 12,650 11,200Interest & Financial Charges 50 120 140Profit before Depreciation 39,350 9,990 11,120Depreciation 1,250 970 1,020Profit before Tax 38,100 9,020 10,100Provision for Tax 9,530 2,600 3,280Provision for Deferred Tax 130 (220) (120)Profit after Tax 28,440 6,640 6,940

Assets Employed:

Net Fixed Assets 12,740 3,230 3,670Capital Work-in-Progress 1,030 2,440 2,440Investments 10,370 2,120 13,650Current Assets, Loans & Advances 39,180 47,510 35,020Deferred Tax Asset/ (Liability) 760 890 680Current Liabilities & Provisions 26,330 23,840 25,680Total Assets 37,750 32,350 29,780

Financed by:

Share Capital 2,110 2,110 2,110Reserves & Surplus 35,640 30,240 27,670Secured loans - - -Total Funds 37,750 32,350 29,780

Key Indicators

EPS (Rs.) 135.06 31.52 32.85Dividend (%) 935.00 165.00 50.00Networth 37,750 32,350 29,780Book Value per Share (Rs.) 179.30 153.66 141.44


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DIRECTORS’ REPORT

The Directors are pleased to present the twenty thirdAnnual Report of the Corporation along with the AuditedStatement of Accounts for the financial year endedMarch 31, 2010.

ECONOMIC SCENARIO & CAPITAL MARKETDEVELOPMENTS

Global recovery was witnessed during 2009-10 withmost of the G20 countries exhibiting positive growthin the second half of the year. While US recordedgrowth of 2.2% during the third quarter of 2009compared to contraction of 0.7% in the second quarter,growth in Euro area returned to positive territory afterwitnessing contraction for over five consecutivequarters. Asia continued to spearhead the globalrecovery, largely contributed by India and China.Though global crisis was averted, key concerns likegrowing unemployment in advanced countries, highinflation and large public debts more particularly inselect European countries post a threat to boost therecovery. As a result, global financial market showedconsiderable volatility from the beginning of 2010 afterremaining stable during the year 2009.

India continued to maintain a leading position with anestimated GDP growth of 7.2% during the year withmajority of the sectors / sub sectors of the economyrecording higher growth rates. Deficient southwestmonsoon in 2009 resulted in drought like situation inseveral states impacting growth of agriculturalproduction. As against contraction of 0.2% inagriculture, services sector continued to remain robustshowing a growth of 8.5% supported by financing,insurance, real estate and business services growingby 9.9%. A major concern during 2009-10, especiallyin the second half was emergence of high double-digitfood inflation due to supply constraints on account ofshortfall in agricultural production. Indian Rupee onthe back of continuous capital inflows and positivegrowth outlook strengthened throughout the yearappreciating from Rs.50.70 to Rs.44.92 against USdollar. Another highlight of the financial market in Indiaduring the year was the prevalence of comfortableliquidity condition in money market accompanied byrelatively low rate of interest.

The Indian capital market witnessed a spectacular growthdespite uncertainty leading to volatility during the yearas BSE Sensex rose in a secular way from 9,746 to17,526 witnessing a rise of 77%. The market witnessedlarge net inflow of FII funds to the extent of Rs.1,10,220crore. Turnover of the cash segments in both theexchanges (i.e. BSE and NSE) grew by 43.22% duringthe year while the turnover of the derivative segmentrose by 60.25%.

FINANCIAL PERFORMANCE

During the year, SHCIL earned Profit Before Tax (PBT)of Rs.38,100 lakh as against Rs.9,020 lakh in theprevious year recording increase by 322%. Profit AfterTax (PAT) recorded growth of 329% toRs.28,440 lakh after making a provision for tax ofRs.9,660 lakh as against PAT of Rs. 6,640 lakh in 2008-09. The Board of Directors has approved theappropriation of net profit as given under.

(Rs. in lakh)

Particulars March 31, March 31,2010 2009

Profit before Depreciation 39,350 9,990

Depreciation 1,250 970

Profit before Tax 38,100 9,020

Provision for tax 9,400 2,600

Provision for Deferred Tax 130 (220)

Adjustment for previous years 130 —

Profit after Tax 28,440 6,640

Surplus Brought Forward 20,890 19,020

Profit available for Appropriation 49,330 25,660

Interim Dividend at Rs.90 per share 18,950 2,740

Proposed Final Dividendat Rs.3.50/- per share 740 740

Tax on Dividend 3,340 590

Transferred to General Reserves 3,000 700

Surplus Carried Forward 23,300 20,890


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The Corporation recorded a total income of Rs.53,760 lakh, up 136% from 2008-09.

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Net Profit After Tax (Rs. lakh)

Financial Year

3820 45206940 6640

28440

The earnings per share (EPS) works out atRs. 135.06, up 329% from 2008-09.

The Net worth as on March 31, 2010 increased toRs. 37,750 lakh as against Rs. 32,350 lakh as onMarch 31, 2009.

The Book value per share increased fromRs. 153.66 as on March 31, 2009 to Rs. 179.32as on March 31, 2010.

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Total Income (Rs. lakh)

Financial Year

14190 1668022460 22760

53760

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Earning per share Rs.

Financial Year

18.78 23.1732.85 31.52

135.06

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Net Worth (Rs. lakh)

Financial Year

2045024090

2978032350

37750

DIVIDEND

The Board of Directors recommended a finaldividend of Rs.3.50 per share (35%). Total dividendfor the year together with interim dividend wouldbe Rs.93.50 (935%) for the year 2009-10 asagainst Rs.16.50 per share (165%) for the year2008-09. This dividend shall be subject to dividenddistribution tax to be paid by the Corporation, butwill be tax free in the hands of the shareholders.

Operations Review

During the financial year 2009-10, your Corporationhad shown good growth in Institutional segment, sub-broking & Relief / Savings bond. There was an increasein custodial business on account of several new schemeslaunched by existing Insurance Companies and MutualFunds, besides new custodial relationship for anInsurance Company. With effect from 1st December2009, SEBI had mandated that all trades in corporatebonds by Mutual Funds, FIIs, Venture Capital funds andRBI- regulated entities should be reported in the platformprovided by the exchanges or FIMMDA andcorresponding trades settled by the two ClearingCorporations. The Corporation has made the necessarychanges in its technology in order to implement theSEBI circular and provide this additional service to theclients, which include intra- day funds transfer.

As you are aware, the Corporation was entrusted withthe mandate to provide custodial services to the NewPension System (NPS) Trust, set up under the aegis ofPension Fund Regulatory and Development Authority(PFRDA) to provide long-term pension for governmentemployees. The NPS Trust has now extended thescheme to the general public under Tier-II category.SHCIL has also been appointed as Point of Presence(POP) under the New Pension System (NPS) ofPFRDA.

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Book Value Per Share (Rs.)

Financial Year

97.11114.42

141.44153.66

179.32


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Besides providing e-stamping services in NCT ofDelhi, Maharashtra, Gujarat, Karnataka and Assam,your Corporation has recently launched e-Stampingin Tamil Nadu on May 27, 2010 taking the totalnumber of states where e-stamping is operationalto 6. Apart from nationalized banks who act aspartners as Authorised Collection Centers (ACCs)for e-stamping, your Corporation has tied up withCo-operative Banks, in addition to Scheduled Banks,Financial Institutions, Post offices, etc. Further, inthe state of Maharashtra your Corporation has alsoappointed Marketing Agents / Lead GenerationAgents for e-Stamping. As on August 2, 2010, thereare 9 operational ACCs and 472 ACC counters ona pan India basis.

The Corporation had engaged the services ofM/s. KPMG, external risk consultant agency forrisk analysis and management. They have completedthe scope of work approved by the Board, exceptpost-implementation assistance. The Board of yourCorporation had also approved Risk Management policyand Enterprise Risk Management report of SHCIL.

Information Technology

Since its inception, your Corporation has madesubstantial investments in its technology platform andsystems, built an electronically linked branch networkusing MPLS and developed state of art software to offerits customers convenient access. SHCIL has created anew Tier III + Data Centre at Mahape – Navi Mumbaiwith modern and latest technology along with highavailability. It has converted its entire custodian softwareto a 3 tier architecture. The corporate websitewww.shcil.com provides a host of value added featuresto its clients.

Human Wealth Development

The Corporation accords significant importance to itshuman resources and their development. The endeavorhas always been to create favorable work environmentthat encourages performance and meritocracy, whichwill result in retention of talent and lower attrition rate.For the second consecutive year the attrition rate hasremained low at around 7%. Further, the Corporationhas been able to attract fresh talent in specialized fields.71 new employees/trainees including specialists at seniorlevels were recruited during the year.

The Corporation had engaged the services of HRconsultant for studying the existing organizational

structure. Based on their recommendation, ‘Customer-Focused Vertical’ model was put in place capableof delivering efficient and prompt services to bothinstitutional and retail clients.

The Corporation has been constantly rewardingexcellence in performance and motivating theemployees. In this regard, the ‘Star Performer Award’,which is one of the initiatives to motivate employees,was awarded to 105 employees. The Corporationalso introduced Group Life Insurance Cover for allits employees.

The Corporation has shifted its Corporate officepremises to Parel and its back office premises toMahape. The offices have world-class infrastructureand amenities thereby creating a highly conduciveenvironment for employees.

Empowering the existing employees with adequatetraining in both skill enhancement and behavioral aspectswere continued during the year. Besides, inductiontraining were imparted to 50 new recruits. Theemployees are encouraged to undergo recognizedcertification programs in capital market-related areas toenhance their skill sets. The Corporation also deputes itsofficers to various external training institutes,conferences, seminars and workshops with a view toupgrading their skills and providing wider exposure.During the year 3100 participants were deputed by theCorporation to participate in such programs. To fosterteam spirit, improve the internal communication system,understand the customer needs better and to boostemployee morale, Regional Managers and Branchhead’s meets are held at periodical intervals, which alsohelp in the development of human wealth of theCorporation.

Subsidiary Companies

Your Corporation has four subsidiaries, namely, SHCILServices Limited (SSL), SHCIL Projects Limited (SPL),SHCIL Commodities and Derivatives Trading Ltd., (SCDTL)–(under liquidation) and Unitec Value Solutions Pte. Ltd.,(UVS) Singapore (under winding up).

SHCIL Services Limited (SSL) is a member of BombayStock Exchange (BSE) & National Stock Exchange ofIndia Limited (NSEIL). Your Corporation is a sub-brokerof SSL on BSE. Consequent to sale of SSL shares by twoof the private shareholders, SHCIL’s holding in SSL nowstands at over 90%. The remaining one private


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shareholder of SSL has entered into Memorandumof Understanding (MoU) to sell his shares to SHCIL.On completion of formalities, SSL will be 100%subsidiary of SHCIL.

SHCIL Projects Limited (SPL), is in the business ofdigitization and document management system.

SCDTL (under liquidation) is under members’voluntary winding up, pursuant to a resolutionpassed by its shareholders at the meeting held onSeptember 9, 2009. Shri D. A. Kamat of M/s.D.A. Kamat & Co., Practicing Company Secretaries,was appointed as liquidator. As the Board ofDirectors of SCDTL ceases to exercise its powers,the accounts, the statement of assets & liabilities ason June 22, 2009 of SCDTL along with StatutoryAuditor’s certificate thereto dated July 7, 2009 isattached to the balance sheet and profit and lossaccount of SHCIL, relates to the one prepared forthe purposes of filing with the declaration ofsolvency. As a prudent measure, SHCIL has filed anapplication to the Central Government seekingexemption from compliance of provisions of section212 of the Companies Act, 1956 in respect ofSCDTL.

A decision has been taken to wind up UVS,Singapore. The winding up process is in final stages.

Board of Directors

Shri S. B. Mainak, Executive Director – LIC of Indiawas appointed as a Nominee Director of LIC by theBoard of your Corporation on November 10, 2009.Smt. Shashi Sharma, Chief General Manager – IFCILimited was appointed Nominee Director of IFCILimited on December 22, 2009. Shri G.Anantharaman was also appointed Nominee Directorof Administrator of the Specified Undertaking of UnitTrust of India (SU-UTI) on May 17, 2010.

Shri S. Viswanathan, Shri R. P. Singh and Shri S.C. Jain resigned from the Board upon withdrawalof the nominations on November 3, 2009,December 16, 2009 and May 17, 2010respectively. Their resignations were accepted bythe Board.

Shri B. Ravindranath and Shri Sushant Kumar willretire during the ensuing Annual General Meetingand being eligible offer themselves forreappointment.

Audit Committee

The Committee met 5 times during the year. Shri S.Viswanathan and Shri S. C. Jain ceased to be amember of the Committee on November 3, 2009and May 17, 2010 respectively consequent upontheir resignation from the membership of the Board.Shri S. B. Mainak and Shri G. Anantharaman wereco-opted as members of the Audit Committee onNovember 10, 2009 and May 17, 2010respectively. The Audit Committee comprises threeDirectors, viz., Shri Prakash P. Mallya, Shri S. B.Mainak and Shri G. Anantharaman.

Remuneration Committee

The Committee met 2 times during the year. Shri S.Viswanathan and Shri S. C. Jain ceased to be amember of the Committee on November 3, 2009and May 17, 2010 respectively consequent upontheir resignation from the membership of the Board.Shri S. B. Mainak and Shri G. Anantharaman wereco-opted as members of the Remuneration Committee ofthe Board on November 10, 2009 and May 17, 2010respectively. The Remuneration Committee comprises threeDirectors, viz, Shri Sushant Kumar, Shri S. B. Mainak andShri G. Anantharaman.

Risk Management Committee

Shri G. M. Ramamurthy and Shri R. P. Singh ceased tobe a member of the Committee on September 25, 2009and December 16, 2009 respectively consequent upontheir retirement / resignation from the membership ofthe Board. Smt. Shashi Sharma was co-opted as memberof the Risk Management Committee on February 5,2010. The Risk Management Committee comprises threeDirectors, viz., Shri Prakash Mallya, Shri A. R. Sekarand Smt. Shashi Sharma.

Committee for Transfer of Shares

Shri G. M. Ramamurthy and Shri R. P. Singh ceased tobe a member of the Committee on September 25, 2009and December 16, 2009 respectively consequent upontheir retirement / resignation from the membership ofthe Board. Smt. Shashi Sharma was co-opted as memberof the Committee for Transfer of Shares on February 5,2010. The Committee for Transfer of Shares consists ofShri Sushant Kumar, Shri A. R. Sekar and Smt. ShashiSharma, Director(s) as members.


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Corporate Social Responsibility

As a responsible Corporate citizen, SHCIL accordssignificant importance to Corporate Social Responsibility(CSR). The CSR activities were undertaken through it’sTrust - SHCIL Foundation with the objective of making ameaningful impact in the lives of people, which wouldlead to sustainable development. The thrust areas forCSR were health, education, and public welfare. Duringthe year 2009-10, SHCIL donated to the charitableorganizations such as Brain Tumour Foundation -Mumbai, Vasantha Memorial Trust- Chennai,Hitaishini - Kolkata, Shelter Don Bosco - Mumbai,Kripa Foundation - Mumbai, Indian Association ofBlood Cancer & Allied Diseases - Kolkata, KottakaraiHabitat for Rural Poor - Pondicherry, Ambapali -Patna, Cankids Kidscan-Delhi, The UnitedEducational & Social Welfare Trust - Coimbatore,St Joseph’s Leprosy Patients Society - Chennai,National Society for the Prevention of Blindness -Delhi , to name a few. SHCIL employees volunteeredin the charitable activities to add human touch &care.

Auditors

The present statutory auditors of the Corporation,M/s Kalyaniwalla and Mistry, retire at the ensuingAnnual General Meeting and are eligible forreappointment.

The Corporation has an elaborate internal auditsystem. Internal Audit is carried out by a reputedfirm of Chartered Accountants.

Transfer to Reserves

It is proposed to transfer an amount of Rs.3000 lakh tothe general reserve.

Fixed Deposits

The Corporation has not accepted any fixed depositsfrom the public. Hence, no information is required to beappended to this report.

Buy Back of Shares

During the financial year 2009-10, the Corporationhas not announced any scheme of buy back of itsshares from its shareholders. Accordingly, therequirement as to disclosure of reasons for failure tocomplete the buy back within the time specified undersection 77 A of the Companies Act, 1956 does notarise.

Particulars of Employees u/s 217 (2A)

Since none of the employees of the Corporation earnedincome in excess of the amount specified under theprovisions of Section 217(2A) of the Companies Act,1956 read with the Companies (Particulars ofEmployees) Rules, 1975, the relevant provisions arenot applicable.

Companies (disclosure of particulars in thereport of the board of directors) rules 1988

a) As the Corporation does not carry on manufacturingactivities, particulars required to be disclosed withrespect to conservation of energy and technologyabsorption in terms of Section 217 (1) (e) of theCompanies Act, 1956, read with Companies(Disclosure of Particulars in the Report of the Boardof Directors) Rules, 1988 are not applicable.

b) Foreign exchange earning and outgo during theyear under review:

Foreign Exchange earnings - Rs.nil (Previous yearRs.nil)

Foreign Exchange outgo – Rs.414 lakh (previousyear – Rs.440 lakh)

Directors Responsibility Statement

Pursuant to the provisions of the Section 217 (2AA) ofthe Companies Act, 1956, your Directors confirm:

(i) that in the preparation of annual accounts, theapplicable accounting standards had been followedalong with proper explanation relating to materialdepartures;

(ii) that the Directors have selected such accountingpolicies and applied them consistently and madejudgements and estimates that are reasonable andprudent, so as to give a true and fair view of thestate of affairs of the Corporation at the end of thefinancial year and of the profit of the Corporationfor that period;

(iii) that the Directors have taken proper and sufficientcare for the maintenance of adequate accountingrecords, in accordance with the provisions of thisAct, for safeguarding the assets of the Corporationand for preventing and detecting fraud and otherirregularities ;

(iv) that the Directors have prepared the annualaccounts on a going concern basis.


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Acknowledgements

The Board places on record its appreciation forthe valuable patronage, cooperation and faith ofthe customers, Banks and other financial institutions.The Board also expresses its sincere thanks to theCentral and State Governments, Registrar ofCompanies, Reserve Bank of India, Securities andExchange Board of India, Insurance Regulatoryand Development Authority, Pension FundRegulatory Development Authority, National StockExchange of India Limited, Bombay Stock ExchangeLimited, National Securities Depository Limited,Central Depository Services Limited, Clearing

Corporation of India Limited, Association of MutualFunds, Clients and the shareholders for theircooperation and support in various spheres of theCorporation’s activities. The Board of Directors alsowishes to place on record its appreciation of thededication and hard work of the staff and officersof the Corporation.

For and on behalf of the Board of Directors

B. RavindranathAugust 6, 2010 Non Executive Chairman

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REPORT ON CORPORATE GOVERNANCE

(forming part of Directors’ Report for the period ended March 31, 2010)

Corporation's philosophy on code of Governance

The Corporation is not a listed entity. Nevertheless, it endeavours to comply with Corporate Governance norms asspecified under clause 49. The Corporation's philosophy on corporate governance recognizes the accountability ofthe Board & Officers and the importance of decisions to all constituents, including customers, employees, investors,business associates, regulatory authorities and the Community at large. The Corporation believes that all its operationsand actions must serve the underlying goal of enhancing overall shareholder value over a period of time.

The Corporation has a Code of Conduct for its Employees and Directors. The objective of this Code is to ensureobservance of high ethical standards by the Directors and the Employees of the Corporation, and their commitment tothe task of enhancing fairness and integrity of the system both in letter and in spirit.

Board of Directors

The Board sets the strategic goals for the Corporation, defines its policies, and oversees the implementation of thesepolicies to enable actions that would lead to the attainment of the goals. The Board consists of eight members, ofwhich one is an independent director. The day-to-day management of the Corporation vests in the hands of theManaging Director and CEO.

The composition of the Board as on August 6, 2010 is as follows:

1. Shri B. Ravindranath, Nominee Director of IDBI Bank Limited & Non-Executive Chairman

2. Shri A. R. Sekar, Nominee Director of General Insurers' (Public Sector) Association (GIPSA) member companies& the GIC

3. Shri Sushant Kumar, Nominee Director of ICICI Bank Limited

4. Shri Prakash P. Mallya, Independent Director

5. Shri S. B. Mainak, Nominee Director of LIC of India

6. Smt Shashi Sharma, Nominee Director of IFCI Limited

7. Shri G. Anantharaman, Nominee Director of SU-UTI

8. Shri R. C. Razdan, Managing Director & CEO

Details of the Board Meeting and Attendance

The Board of Directors meets atleast once in every three months. Six meetings were held during the financial year2009-10. Details of Board Meetings held are as follows:

Sr. No. Date of the Board Meeting Board Strength No. of Directors present

1 April 29, 2009 9 7

2 May 30, 2009 9 7

3 August 1, 2009 9 6

4 September 25, 2009 9 8

5 November 10, 2009 8 7

6 February 5, 2010 8 7


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Attendance of Directors during 2009-10 at each of above meetings is as follows :

Sr. Name of the No. of meetings No. of meetings Date of Date ofno. Director held attended appointment resignation

1 Shri S. C. Jain 6 6 (6) June 12, 2006 May 17, 2010

2 Shri S. Viswanathan 6 4 (4) October 19, 2006 November 3, 2009

3 Shri G.M.Ramamurthy 6 4 (4) May 3, 2007 September 25, 2009

4 Shri A. R. Sekar 6 3 (6) July 25, 2007 N.A.

5 Shri R. C. Razdan 6 6 (6) September 4, 2007 N.A.

6 Shri Sushant Kumar 6 2 (6) February 22, 2008 N.A.

7 Shri B. Ravindranath 6 6 (6) June 1, 2008 N.A.

8 Shri R. P. Singh 6 2 (5) September 1, 2008 December 16, 2009

9 Shri Prakash P. Mallya 6 6 (6) September 22, 2008 N.A.

10 Shri S. B. Mainak 6 2 (2) November 10, 2009 N.A.

11 Smt. Shashi Sharma 6 1 (1) December 22, 2009 N.A.

(The figure in the bracket indicates the meetings held during the tenure of the Director)

The details of Directorships held by the Directors in other companies are as follows:

Shri B. Ravindranath

Sr. No. Name of company / Institution Nature of interest

1 Lloyds Steel Industries Limited Nominee Director2 Asset Reconstruction Company (India) Ltd., Nominee Director

Shri R. C. Razdan


1 SHCIL Services Ltd., Non-Executive Chairman (Nominee Director)2 SHCIL Projects Ltd., Non-Executive Chairman (Nominee Director)

Shri A. R. Sekar


1 The New India Assurance Co. Ltd., Director2 NIA (Trinidad & Co., Tobago) Ltd., Port of Spain Director3 The United Insurance Co. Ltd., Jordan Director4 SVC Superchem Ltd., Mumbai Nominee Director5 Saudi Indian Cooperative Insurance, Saudi Arabia Director

Shri Prakash P. Mallya


1 IFCI Ltd., Non-Executive Chairman2 Bank of India Shareholders' Director

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Shri S. B. MainakSr. No. Name of company / Institution Nature of interest

1 National Stock Exchange of India Ltd., Director2 UTI Venture Capital Investment Committee Member

Shri G. AnantharamanSr. No. Name of company / Institution Nature of interest

1 Sriram General Insurance Co. Ltd., Director2. Tata Reality & Infrastructure Ltd. Director

Details of Audit Committee, Composition and the attendance

The scope of internal audit covers audit of Custodial operations, Depository Participant Operations, Derivatives, SGL,GOI bonds, Sub-broking activities, e-Stamping activities, other Products, Administration, Human Wealth Development,IT, e-Stamping, etc.As mandated, the Corporation conducts a yearly Custodial Audit and reports to SEBI under Regulation 14(2) of theSEBI Custodial Regulations 1996. The Corporation also conducts audit of its depository activities and reports to SEBIunder Regulation 46 of SEBI (Depository Participant) Regulation 1996 and Clause 10.3.1 of byelaws of NSDL andClause 16.3 of byelaws of CDSL.The Audit Committee met 5 times during the year. The details of attendance of the Directors at the Audit Committeemeeting are as follows :Sr. No. Name of the Director No. of No. of meetings

meetings held attended

1 Shri S. Viswanathan* 5 3 (3)2 Shri S. C. Jain** 5 5 (5)3 Shri R. P. Singh*** 5 1 (4)4 Shri Prakash P. Mallya 5 5 (5)5 Shri S. B. Mainak**** 5 1 (1)

* resigned on November 3, 2009; ** resigned on May 17, 2010;*** resigned on December 16, 2009; **** joined the Board on November 10, 2009;(The figure in the bracket indicates the meetings held during the tenure of the Director.)Details of Remuneration Committee, Composition and the attendance

The Remuneration Committee reviews the compensation package and other benefits payable to the employees atvarious levels, including the Directors, from time to time and recommends changes/ modifications in the same to theBoard for its consideration and approval.The Remuneration Committee met 2 times during the year. The details of attendance of the Directors at theRemuneration Committee meeting were as follows:Sr. No. Name of the Director No. of No. of meetings

meetings held attended

1 Shri S. Viswanathan* 2 1 (1)2 Shri S. C. Jain** 2 2 (2)3 Shri Sushant Kumar 2 2 (2)4 Shri S. B. Mainak*** 2 1 (1)

* resigned on November 3, 2009; ** resigned on May 17, 2010;*** joined the Board on November 10, 2009(The figure in the bracket indicates the meetings held during the tenure of the Director.)


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Details of Risk Management Committee, Composition and the attendance

Risk Management Committee reviews various risks the Corporation is exposed to and considers the mitigationsteps suggested by the business heads / departmental heads.

Shareholding PatternThe share holding pattern of your Corporation is as under :

Equity Shareholders Number of % of totalequity shares of equity shares

face value Rs 10/-

IDBI Bank Ltd 39,90,000 18.95

ICICI Bank Limited 35,70,000 16.96

IFCI Ltd 35,70,000 16.96

Administrator of the specified undertaking of the Unit Trust of India 35,70,000 16.96

Life Insurance Corporation of India 31,50,000 14.97

General Insurance Corporation of India 6,30,000 2.99

New India Assurance Company Limited 6,30,000 2.99

United I ndia Insurance Company Limited 6,30,000 2.99

Oriental Insurance Company Limited 6,30,000 2.99

National Insurance Company Limited 6,30,000 2.99

Others 54,400 0.25

Total 2,10,54,400 100

General Meetings

Annual General Meeting (AGM) & Extraordinary General Meeting (EGM) of the Corporation are held at Mumbaiand the details for the past three years are as under :

General 20th AGM 21th AGM 3rd EGM 22nd AGMMeeting

Year 2006-07 2007-08 2007-08 2008-09

Venue 44/1, Kalicharan 44/1, Kalicharan 224, Mittal Court, 44/1, KalicharanMehra Estate, Mehra Estate, ‘B’ Wing, 2nd Floor, Mehra Estate,Nr. Vikhroli Station Nr. Vikhroli Station Nariman Point, Nr. Vikhroli StationVikhroli West, Vikhroli West, Mumbai 400 021. Vikhroli West,Mumbai 400 079. Mumbai 400 079. Mumbai 400 079.

Date and September 3, 2007 August 4, 2008 September 8, 2008 September 25, 2009Day of Monday Monday Monday FridayMeeting

16

SP. BLUE SP. GREEN


The special resolutions passed during the last four General Meetings, were as under :Meeting no. Resolution No. Particulars of Resolution

AGM

20 4 Appointment of M/s. Kalyaniwalla & Mistry as Statutory Auditors ofthe Company


21 9 Appointment of Shri G. M. Ramamurthy as a part-time Legal Advisor21 10 Amendment of Articles of Association of the Company - to substitute

existing Article no. 180 w.r.t. Common SealEGM

3 1 Amendment of Articles of Association of the Company - inclusion ofArticle 60(A) Preemptive rights

AGM


22 8 Amendment of Articles of Association of the Company -- replacing theexisting Article no.24 (buy back of shares)

22 9 Amendment of Articles of Association of the Company -- inclusion of asub-clause no.10 to the existing Article no.60(A) Preemptive rights

Disclosures

There were no transactions of the Corporation of material nature with its Directors or relatives etc. that may havepotential conflict with the interest of the Corporation at large.

Communication

The accounts of the Corporation are audited every quarter and the audited quarterly financial results are placedbefore the Audit Committee for recommendation and the Board for approval.The audited financial results for the financial year ended March 31, 2010 were published in leading newspapers.

Dividend history

Dividend History of last five yearsSr. no. Financial year Rate of dividend Date of declaration (AGM)

1 2004-05 25% August 31, 2005

2 2005-06 30% September 4, 2006

3 2006-07 50% September 3, 2007

4 2007-08 50% August 4, 2008

5 2008-09 165% September 25, 2009

Pursuant to section 205C of the Companies Act, 1956, dividends that are unclaimed for a period of seven years gettransferred to the Investors' Education and Protection Fund administered by the Central Government.


17

SP. BLUE SP. GREEN

Shareholder Information

a) Annual General Meeting

Date, time & Venue of the September 27, 2010 at 1.00 p.m.Annual General Meeting at Ballroom-1, Ground Floor,

ITC Grand Central,Dr, Babasaheb Ambedkar Road, Parel,Mumbai 400 012.

b) Date of Book closure / record dateBook closure date September 27, 2010

c) Dividend payment dateDividend after September 27, 2010 but within the statutory time limit

d) Listing on Stock ExchangeThe Corporation's shares are not listed on any stock exchange.

e) Share Transfer SystemThe Corporation has received one request for transfer of shares during the last three years.

f) Distribution of shareholding as on March 31, 2010.The promoter institutions viz., IDBI Bank Limited, Administrator of the Specified Undertaking of UnitTrust of India, ICICI Bank Limited, IFCI Ltd., LIC of India, General Insurance Company of India, TheOriental Insurance Company Limited, The New India Assurance Company Limited, United IndiaInsurance Company Limited, and National Insurance Company Limited hold 99.75% out of21,054,400 equity shares of Rs.10 each issued and subscribed, the balance 0.25% of the sharesare held by others.

g) Address for correspondence

The Company SecretaryStock Holding Corporation of India Limited301, Centre Point,Dr. Babasaheb Ambedkar RoadParel, Mumbai 400 012.

Dated: August 6, 2010.

18

SP. BLUE SP. GREEN


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19

SP. BLUE SP. GREEN

AUDITORS’ REPORT

TO THE MEMBERS OF

STOCK HOLDING CORPORATION OF INDIALIMITED

1. We have audited the attached Balance Sheet ofStock Holding Corporation of India Limited as atMarch 31, 2010 and also the Profit and LossAccount and Cash Flow statement of the Companyfor the year ended on that date, both annexedthereto. These financial statements are theresponsibility of the Company’s management. Ourresponsibility is to express an opinion on thesefinancial statements based on our audit.

2. We conducted our audit in accordance with auditingstandards generally accepted in India. ThoseStandards require that we plan and perform theaudit to obtain reasonable assurance about whetherthe financial statements are free of materialmisstatement. An audit includes examining, on atest basis, evidence supporting the amounts anddisclosures in the financial statements. An audit alsoincludes assessing the accounting principles usedand significant estimates made by management, aswell as evaluating the overall financial statementpresentation. We believe that our audit provides areasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report)Order, 2003, issued by the Central Government ofIndia in terms of section 227 (4A) of the CompaniesAct, 1956, we give in the Annexure a statement onthe matters specified in paragraphs 4 and 5 of thesaid Order.

4. We report that:

a) We have obtained all the information andexplanations which to the best of ourknowledge and belief were necessary for thepurposes of our audit.

b) In our opinion, proper books of account asrequired by law, have been kept by theCompany so far as appears from ourexamination of such books.

c) The Balance Sheet and Profit and Loss Accountdealt with by this report are in agreement withthe books of account.

d) In our opinion, the Balance Sheet, Profit andLoss Account and Cash Flow Statement complywith the Accounting Standards referred to insub-section (3C) of section 211 of theCompanies Act, 1956.

e) In our opinion and to the best of our informationand according to the explanations given to us,the said accounts read with the other notesthereon, give the information required by theCompanies Act, 1956 in the manner sorequired and give a true and fair view inconformity with the accounting principlesgenerally accepted in India:

i) in the case of the Balance Sheet, of thestate of affairs of the Company as at March31, 2010;

ii) in the case of the Profit and Loss Account,of the profit of the Company for the yearended on that date; and

iii) in the case of the Cash Flow Statement, ofthe cash flows of the Company for the yearended on that date.

5. On the basis of the written representations receivedfrom the directors, other than nominee directorsappointed by public financial institutions, as onMarch 31, 2010, and taken on record by the Boardof Directors, we report that none of the directors isdisqualified as on March 31, 2010, from beingappointed as a director in terms of clause (g) ofsub-section (1) of section 274 of the CompaniesAct, 1956.

For and on behalf of

KALYANIWALLA & MISTRYCHARTERED ACCOUNTANTS

FIRM REG. No. 104607W

Viraf R. MehtaPARTNER

M. No.: 32083

Mumbai:Dated: May 17, 2010


20

SP. BLUE SP. GREEN

ANNEXURE TO AUDITORS’ REPORT

Referred to in paragraph (3) of our report of even dateon the accounts of Stock Holding Corporation of IndiaLimited for the year ended March 31, 2010.

1. (a) The Company is maintaining proper recordsshowing full particulars, including quantitativedetails and situation of fixed assets.

(b) The Company has a program for physicalverification of fixed assets at periodic intervals.In our opinion, the period of verification isreasonable having regard to the size of theCompany and nature of its assets. Thediscrepancies reported on such verification werenot material and have been properly dealt within the books of account.

(c) In our opinion, the fixed assets disposed offduring the year do not affect the going concernassumption.

2. The Company does not have any inventory to whichthe provisions of the said clause are applicable.

3. (a) The Company has not granted any loans,secured or unsecured, to companies, firms orother parties listed in the register maintainedunder section 301 of the Companies Act, 1956.

(b) The Company has not taken any loans, securedor unsecured, from companies, firms, or otherparties listed in the register maintained undersection 301 of the Companies Act, 1956.

4. In our opinion and according to the informationand explanations given to us, there are adequateinternal control procedures commensurate with thesize of the Company and the nature of its business,for the purchases of fixed assets and sale of services.In our opinion and according to the informationand explanations given to us, there is no continuingfailure to correct major weaknesses in the internalcontrol system.

5. According to the information and explanationsprovided by the management, there are no contractsor arrangements during the year that need to beentered in the register required to be maintainedunder section 301 of the Companies Act, 1956.

6. In our opinion and according to the informationand explanations given to us, the company has notaccepted any deposits from the public within the

meaning of section 58A and 58AA or any otherrelevant provisions of the Act and the rules framedthereunder.

7. The Company has an internal audit system,which in our opinion, is commensurate with thesize of the Company and nature of its business.

8. In our Opinion and according to the informationand explanations given to us, the CentralGovernment has not prescribed for maintenance ofthe cost records under section 209(1)(d) of theCompanies Act, 1956 in respect of the activitiescarried on by the Company.

9. (a) According to the records examined by us, theCompany is generally regular in depositingundisputed statutory dues including ProvidentFund, Investor Education and Protection Fund,Employees’ State Insurance, Income tax,Wealth tax, Custom duty, Excise duty, cess andother statutory dues applicable to it with theappropriate authorities.

(b) According to the information and explanationsgiven to us, there are no dues of Sales tax,Income tax, Customs duty, Wealth tax, Exciseduty, Service tax or cess outstanding on accountof any dispute, other than those statedhereunder:Name of Nature of Amount Period to Forum where

Statute Dues (In Lac) which the dispute is

amount pending

relates

Navi Mumbai Municipal 733.38 1998-2010 Civil Court,Municipal Taxes ThaneCorporation

Income Tax Income Tax 544.00 2002-2003 to CIT(A)Act, 1961 2003-04 &

2005-06

10. The Company does not have accumulated losses asat the end of the financial year and it has notincurred any cash losses in the current andimmediately preceding financial years.

11. According to the information and explanations givento us, and based on the documents and recordsproduced to us, the Company has not defaulted inrepayment of dues to a financial institution, bank ordebenture holders.

12. According to the information and explanations givento us, the Company has not granted loans andadvances on the basis of security by way of pledgeof shares, and other securities.


21

SP. BLUE SP. GREEN

13. In our opinion and according to the informationand explanations given to us, the nature of activitiesof the Company does not attract any special statuteapplicable to the chit fund and nidhi / mutual benefitfund / societies.

14. In our opinion, the Company has maintained properrecords of transactions and contracts in respect ofinvestments purchased and sold during the yearand timely entries have been made therein. Theinvestments made by the Company are held in itsown name except to the extent of the exemptionunder section 49 of the Act.

15. According to the information and explanations givento us and the records examined by us, the Companyhas not given any guarantee for loans taken byothers from banks or financial institutions.

16. As per the records examined by us, no term loanswere obtained by the Company from banks orfinancial institutions.

17. On the basis of overall examination of the balancesheet and cash flows of the Company andinformation and explanations given to us, we reportthat the company has not raised any funds on shortterm basis.

18. The Company has not made any preferentialallotment of shares to parties or companies coveredin the register maintained under section 301 of theCompanies Act, 1956.

19. The Company has not issued any debentures.

20. The Company has not raised any money through apublic issue.

21. Based upon the audit procedures performed andinformation and explanations given by themanagement, we report that no fraud on or by theCompany has been noticed or reported during theyear.


KALYANIWALLA & MISTRY

CHARTERED ACCOUNTANTS

FIRM REG. No. 104607W

Viraf R. Mehta

PARTNERM. No.: 32083

Mumbai:Dated: May 17, 2010


22

SP. BLUE SP. GREEN

BALANCE SHEET AS AT MARCH 31, 2010

(Rs. in lakhs)

Schedules As at As atMarch 31, 2010 March 31, 2009

SOURCES OF FUNDS :Shareholders’ FundsShare Capital 1 2,105 2,105Reserves and Surplus 2 35,649 30,241

37,754 32,346

APPLICATION OF FUNDS :Fixed Assets 3Gross Block 21,877 12,479Less: Depreciation 9,133 9,252Net Block 12,744 3,227Capital Work In Progress 1,028 2,436

13,772 5,663Deferred Tax Asset 763 892Investments 4 10,374 2,116Current Assets, Loans and AdvancesInventories 5 30 *Sundry Debtors 6 5,282 2,548Cash and Bank Balances 7 27,353 26,067Other Current Assets 8 781 360Loans and Advances 9 5,728 18,574

39,174 47,549Less: Current Liabilities and ProvisionsCurrent Liabilities 10 23,659 21,411Provisions 11 2,670 2,463

26,329 23,874Net Current Assets 12,845 23,675

37,754 32,346

* denotes amounts less than Rs 1 lakh

SIGNIFICANT ACCOUNTING POLICIES 15NOTES TO ACCOUNTS 16The Schedules referred to above forman integral part of the Balance SheetAs per our report of even dateFor and on behalf ofKALYANIWALLA & MISTRYChartered AccountantsViraf R. MehtaPartner

Place : MumbaiDate : May 17, 2010

Signatures to Balance Sheetand Schedules 1 to 11, 15 and 16

For and on behalf of the BoardB. RavindranathChairman

Shashikant L. Nayak R. C. RazdanCompany Secretary Managing Director & CEO

L. Viswanathan Prakash P. MallyaExecutive Vice President S. B. Mainak(Finance) Directors


23

SP. BLUE SP. GREEN

PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010

(Rs. in lakhs)

Year ended Year endedSchedules March 31, 2010 March 31, 2009

INCOME :Income from Operations 12 21,995 15,600Other Income 13 31,762 7,163

53,757 22,763EXPENDITURE:Operating Expenses 14 14,413 12,769Depreciation 1,247 969

15,660 13,738PROFIT BEFORE TAXATION 38,097 9,025Provision for Taxation

- Current Tax 9,400 2,550- Deferred Tax 129 (217)- Fringe Benefit Tax - 56- Adjustment for previous years 131 -

PROFIT AFTER TAXATION 28,437 6,636Surplus brought forward 20,894 19,022Amount available for appropriation 49,331 25,658

APPROPRIATIONS:Interim Dividend 18,949 2,737Proposed Final Dividend 737 737Tax on distributed profits 3,343 590Transfer to General Reserve 3,000 700Balance carried forward 23,302 20,894

49,331 25,658

Earnings per share (Basic & Diluted) in Rupees. 135.06 31.52

SIGNIFICANT ACCOUNTING POLICIES 15NOTES TO ACCOUNTS 16The Schedules referred to above forman integral part of the Profit and Loss AccountAs per our report of even dateFor and on behalf ofKALYANIWALLA & MISTRYChartered AccountantsViraf R. MehtaPartner


Signatures to Profit and Loss Accountand Schedules 12 to 16





24

SP. BLUE SP. GREEN

CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2010

(Rs. in lakhs)

Year ended Year endedMarch 31, 2010 March 31, 2009

A CASH FLOW FROM OPERATING ACTIVITIESNet Profit before Tax 38,097 9,025Adjusted for :Depreciation 1,247 969(Profit)/loss on sale of investments (29,520) (4,019)(Profit)/Loss on sale of fixed assets 256 8Dividend Income (835) (782)Interest Income (1,319) (2,025)Bad debts written off 262 381Provision for diminution in investment/(written back) 7 (28)Provision for doubtful debts (53) -Provision for claims 235 196Operating Profit before working capital changes 8,377 3,725Adjustment for :Trade and other receivables 3,660 (6,010)Trade Payables 683 (2,758)Cash generated from / (used in) operations 12,720 (5,043)Direct Taxes paid (8,653) (2,970)Net Cash from / (used in) operating activities 4,067 (8,013)

B CASH FLOW FROM INVESTING ACTIVITIESPurchase of fixed assets (9,791) (535)Proceeds from sale of fixed assets 100 5Proceeds from sale of investments 3,218,523 1,692,481Purchase of Investments (3,197,268) (1,676,904)Interest received 977 2,042Dividend received 835 782Money lent on repo transactions (451,772) (565,589)Money received back on repo transactions 458,646 558,715Net Cash from / (used in) investing activities 20,250 10,997

C CASH FLOW FROM FINANCING ACTIVITIESDividend Paid (19,686) (3,790)Tax on Distributed Profit (3,345) (644)Net cash used in financing activities (23,031) (4,434)Net increase / (decrease) in cash and cash equivalents 1,286 (1,431)Cash and cash equivalents (Opening Balance) 26,067 27,498Cash and cash equivalents (Closing Balance) 27,353 26,067

Note :(1) Cash and cash equivalents include bank deposits which are under lien towards security and margin money - Rs 10,563

lakhs (31.03.09 -Rs 7,912 lakhs)

As per our report of even dateFor and on behalf ofKALYANIWALLA & MISTRYChartered AccountantsViraf R. MehtaPartner






25

SP. BLUE SP. GREEN

SCHEDULES FORMING PART OF ACCOUNTS

(Rs. in lakhs)

As at As atMarch 31, 2010 March 31, 2009

SCHEDULE 1SHARE CAPITALAuthorised50,000,000 Equity shares of Rs. 10/- each 5,000 5,000

Issued, Subscribed and Paid-up21,054,400 Equity shares of Rs.10/- eachfully paid up 2,105 2,105

2,105 2,105

SCHEDULE 2RESERVES & SURPLUSSecurities Premium AccountBalance as per last Balance Sheet 527 527General ReserveBalance as per last Balance Sheet 8,711 8,011Transfer from Profit and Loss account 3,000 700

11,711 8,711Staff Welfare FundBalance as per last Balance Sheet 109 110Welfare expenditure incurred during the year - (1)

109 109Profit and Loss AccountSurplus as per account annexed 23,302 20,894

35,649 30,241

SCHEDULE 3(Rs. in lakhs)

FIXED ASSETS :GROSS BLOCK DEPRECIATION NET BLOCK

Particulars As at Additions Deductions As at Up to For the On Up to As at As at1.04.2009 31.03.2010 1.04.2009 Year Deductions 31.03.2010 31.03.2010 31.03.2009

Tangible AssetsLeasehold Land 168 - - 168 29 2 - 31 137 139Buildings * * 1,568 6,688 - 8,256 377 244 - 621 7,635 1,191Plant & Machinery 1,550 1,680 805 2,425 1,143 92 673 562 1,863 407Computers 6,072 1,221 137 7,156 5,145 508 137 5,516 1,640 927Furniture & Fixtures 870 594 407 1,057 740 80 374 446 611 130Office Equipment 588 185 217 556 420 39 178 281 275 168Vehicles 208 39 4 243 132 22 4 150 93 76Intangible AssetsComputer Software 1,455 561 - 2,016 1,266 260 1,526 490 189

Total 12,479 10,968 1,570 21,877 9,252 1,247 1,366 9,133 12,744 3,227

Previous Year Total 12,046 535 102 12,479 8,371 969 88 9,252 - -Capital Work in progress (net of impairment provision Rs nil, as at 31.03.09- Rs 846 lakhs) 1,028 2,436

13772 5,663

Note: 1) Deductions include assets retired from active use and held for disposal, Original cost Rs 656 lakhs, Written Down Value Rs 86 lakhs* * 2) Buildings includes Rs.408/- being the cost of 8 shares held in a Co-op Housing society.


26

SP. BLUE SP. GREEN


SCHEDULE 4INVESTMENTS

Face Value Number Amount (Rs in lakhs)

As at Acquired Sold As at As at As at(Rs) 01.04.09 during during 31.03.10 31.03.10 31.03.09

the year the year

Long Term InvestmentsTradeEquity Shares in Subsidiary CompaniesUnquotedSHCIL Projects Ltd. 10 1,750,000 7,000,000 - 8,750,000 875 175SHCIL Commodities and Derivatives Trading Ltd. 10 50,000 1 - 50,001 5 5Unitech Value Solutions Ltd. SGD 1 100,000 - - 1,00,000 29 29SHCIL Services Ltd. 10 2,839,995 330,003 - 3,169,998 317 284

1,226 493Preference Shares in Subsidiary CompaniesUnquotedSHCIL Services Ltd. 10 - 1,886,250 - 1,886,250 189 -Equity Shares in Other CompaniesUnquotedNational Stock Exchange of India Ltd. 10 3,084,798 - 834,798 2,250,000 394 540Bombay Stock Exchange Ltd. 1 - 87,000 - 87,000 300 -Investor Services of India Ltd. 10 1,000,001 - 249,900 750,101 75 100

769 640Non TradeEquity Shares in CompaniesQuotedBHEL 10 375 1,000 - 1,375 28 5HDFC Ltd. 10 335 910 - 1,245 27 5Hindalco Ltd 1 10,375 - - 10,375 5 5Hindustan Unilever 1 - 20,950 - 20,950 50 -NTPC 10 - 35,975 - 35,975 75 -Reliance Industries Ltd 10 - 4,000 - 4,000 41 -Reliance Power Ltd 10 - 16,800 - 16,800 24 -State Bank of India 10 460 2,390 - 2,850 50 5Tata Steel Ltd. 10 2,790 - - 2,790 5 5Tata Tea Ltd. 10 - 4,300 - 4,300 32 -Government SecuritiesQuoted6.35% Govt. of India 2020 100,000,000 - - - - 918 -

1,255 25Current InvestmentsNon TradeGovernment SecuritiesQuoted6.85% Govt. of India 2012 6,000 - - - - * *6.20% Maharashtra SDL 2015 10,000 - - - - * *6.05% Govt. of India 2019 50,000,000 - - - - 467 -364 days Treasury Bill maturing 29/01/10** 100,000,000 - - - - - 958(Matured during the year)182 days Treasury Bill maturing 23/07/10** 100,000,000 - - - - 980 -**(deposited as margin with CCIL)

1,447 958Less - Provision for diminution 7 -

1,440 958Mutual FundsUnquotedICICI Prudential Liquid Super Instituitional Plan 10 - 8,326,168,831 8,320,675,204 5,493,627 5,495 -

10,374 2,116

Aggregate Book Value of InvestmentsQuoted 2,695 983Unquoted 7,679 1,133

10,374 2,116Market Value of Quoted Investments 2,744 988* denotes amounts less than Rs 1 lakh


27

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(Rs. in lakhs)


SCHEDULE 5INVENTORIESStock-in-trade(At lower of cost and net realisable value)Stock of securities 30 *

30 *

SCHEDULE 6SUNDRY DEBTORS(Unsecured)Outstanding for a period over six monthsConsidered good 853 463Considered doubtful 774 920

1,627 1,383Other debtsConsidered good 4,429 2,085Considered doubtful 100 18

4,529 2,103

6,156 3,486Less : Provision for doubtful debts 874 938

5,282 2,548

SCHEDULE 7CASH AND BANK BALANCESCash and stamps in hand 188 78Balances with scheduled banks- In current accounts 11,390 8,694- In deposit accounts 15,775 17,295

27,353 26,067

SCHEDULE 8OTHER CURRENT ASSETSAccrued income 702 360Fixed Assets held for disposal 79 -

781 360

* denotes amounts less than Rs 1 lakh


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(Rs. in lakhs)


SCHEDULE 9LOANS AND ADVANCES(Unsecured and considered good, unless stated otherwise)Money lent on Repo transactions - 6,874(secured by the underlying securities)Advances to subsidiary companies 71 5Advances recoverable in cash or in kind 481 219(net of provision for doubtful advances Rs.17 lakh31.03.09 - Rs 5 lakhs )Amounts recoverable from Reserve Bank of India (net) - 1,503Staff loans 620 692Advance payment of tax and taxes deducted at source 1,657 1,137(net of provision for taxation Rs 18,216 lakhs ,31.03.09-Rs 10,083 lakhs)Security and other deposits 2,899 8,144(including Rs 63 lakhs ,31.03.09 - Rs 63 lakhs with a subsidiary)(net of provision for doubtful deposits Rs. 3 lakhs31.03.09 - Rs 3 lakhs)

5,728 18,574

SCHEDULE 10CURRENT LIABILITIESSundry creditors-Total outstanding dues of Micro Enterprises & Small Enterprises - -- Dues of other Creditors 6,569 3,070Dues to subsidiary companies 15 9Investor Education and Protection Fund - -(Unclaimed amounts shall be transferred to the fund when due)Unclaimed dividend 3 2Amount due on settlement (net) 7,195 7,446Amounts due to Reserve Bank of India (net) 1,752 -Advances and deposits 6,784 9,539Advance depository participant charges 1,341 1,345

23,659 21,411

SCHEDULE 11PROVISIONSProposed final dividend 737 737Tax on distributed profits 122 125Provision for retirement benefits 857 782Provision for claims 954 819

2,670 2,463


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(Rs. in lakhs)


SCHEDULE 12

INCOME FROM OPERATIONS

Custodial Services 293 400Depository Services 16,651 12,376Commission and brokerage (net) 4,556 2,267Derivatives clearing services 435 507Others 60 50

21,995 15,600

SCHEDULE 13

OTHER INCOME

Interest ( Gross)- Govt. securities & bonds 77 84- Repos & deposits with banks 1,218 1,917- Others 24 24Dividend on long term investments 380 328Dividend on current investments 455 454Profit on sale of current investments (net) 6 7Profit on sale of long term investments (net), 29,513 4,012an exceptional itemProvisions for diminution in investments written back - 28Provisions for doubtful debts written back 53 -Miscellaneous income 36 309

31,762 7,163


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(Rs. in lakhs)


SCHEDULE 14

OPERATING EXPENSES

Salaries, allowances & bonus 6,061 5,236Contribution to provident fundand other funds 437 561Staff welfare expenses 308 300Outsourcing expenses 273 275Depository/custodian fees 512 454Software expenses 234 220Rent 1,328 1,203Rates and taxes (includes arrears of muncipal taxes -Rs 207 lakhs) 509 310Electricity 581 495Insurance 145 157Repairs and maintenance- Buildings 139 147- Plant & machinery 336 304- Others 41 29Travelling & conveyance 284 214Postage & courier 234 227Telephone & communication 509 486Printing & stationery 223 205Legal & professional 205 104Technical know-how fees 396 427Claims paid 6 4Bad debts written off 262 381Provision for doubtful debts/ advances - 19Provision for claims 235 196Provision for diminution in investments 7 -Loss from trading in securities (net) - 66Loss on sale/discarded fixed assets (net) 256 8Loss due to exchange rate flunctuation - 18Advertisement & publicity 192 42Commission and brokerage to selling agents 309 203Miscellaneous expenses 391 478

14,413 12,769


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SCHEDULE 15

SIGNIFICANT ACCOUNTING POLICIES

a) System of Accounting

The financial statements are prepared under the historical cost convention, on the accrual basis of accounting,in accordance with the generally accepted accounting principles in India and the accounting standards issuedby the Institute of Chartered Accountants of India.

b) Use of estimates

The preparation of financial statements in conformity with generally accepted accounting principles requiresmanagement to make estimates and assumption that affects the reported balances of assets and liabilities as ofthe date of the financial statement and reported amounts of income and expenses during the period. Managementbelieves that the estimates used in the preparation of financial statements are prudent and reasonable. Actualresults could differ from estimates.

c) Fixed Assets

Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost includes expenses related toacquisition and installation of the concerned asset.

d) Investments

Long term investments are stated at cost of acquisition. Provision for diminution if any, in the value of each long-term investment is made to recognise a decline, other than of temporary nature. Current investments are carriedat lower of cost and net realisable value.

e) Stock-in-trade

Securities held for trade and those devolved on the Corporation in the process of settlement are held as stock-in-trade . Securities are valued at lower of cost and net realisable value.

f) Computer Software

Computer software which forms an integral part of the related hardware is capitalised along with the hardwareas fixed asset. Softwares which are not an integral part of computer hardware and from which future economicbenefits are expected are treated as intangible assets and are amortised over their estimated useful life, namelythree years. Costs related to development, upgradation and maintenance of existing software are charged torevenue.

g) Securities on Deposit

Securities on deposit and in the process of transfer are not recorded in the accompanying financial statements.

h) Corporate Actions

Benefits on securities and redemption money collected on behalf of clients are recorded in the financialstatements on actual receipt.

i) Revenue Recognition

Custodial fees are accrued monthly on the basis of daily/ weekly average holdings in custody on the net assetvalue of holding in the electronic segment.

Service charges received are recognised as income on completion of post-trading operations. A post tradingoperation is treated as complete on settlement under the electronic segment and on lodgement/delivery ofsecurities under the paper segment. Service charges for incomplete operations are treated as Advance ServiceCharges.

SCHEDULE FORMING PART OF ACCOUNTS


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The annual maintenance charges received from beneficiary account holders / clearing members for depositoryservices are amortised on time basis over the period of contract.

j) Depreciation

Depreciation is provided on the written down value method at the rates specified in Schedule XIV to theCompanies Act, 1956. Depreciation on assets acquired / disposed during the year is provided on pro ratabasis from/upto the month of acquisition/ disposal. Computer software, an intangible asset, is amortised over itsestimated useful life, namely, three years.

Leasehold land is amortised on a straight line basis over the lease period.

k) Asset Impairment

The Corporation reviews the carrying values of tangible and intangible assets for any possible impairment ateach balance sheet date. An impairment loss is recognized when the carrying amount of an asset exceeds itsrecoverable amount. The recoverable amount is the greater of the assets net of selling price and value in use. Inassessing the value in use, the estimated future cash flows are discounted to their present value based onappropriate discount rate.

l) Employee Benefits

1. Defined Contribution Plan:

Employee Benefits in the form of Provident Fund, Family Pension Fund and Superannuation Fund areconsidered as defined contribution plans and the contributions are charged to profit and loss account of theyear when the respective contributions are due.

2. Defined Benefit Plan:

Retirement benefit in the form of gratuity is considered as defined benefit obligation and is provided for on thebasis of an actuarial valuation using the projected unit credit method, as at the date of the balance sheet.

3. Compensated Absences:

Long term compensated absences are provided for on the basis of an actuarial valuation using theprojected unit credit method as at the date of the balance sheet. Actuarial gains/losses, if any, areimmediately recognised in the profit & loss account. Short term compensated absences are provided basedon estimates.

m) Taxation

Provision for current income tax is made on the basis of the assessable income under the Income Tax Act, 1961.

Deferred income tax on account of timing differences between taxable income and accounting income for theyear is accounted for by applying the tax rates and laws enacted or substantially enacted on the balance sheetdate. Deferred tax assets other than unabsorbed depreciation and carried forward losses, subject to theconsideration of prudence are recognised and carried forward only to the extent there is reasonable certaintythat sufficient taxable income will be available in future, against which the deferred tax assets can be realised.

n) Provision and Contingent Liabilities

Provisions are recognised in the accounts in respect of present probable obligations, the amount of which canbe reliably estimated.

Contingent Liabilities are disclosed in respect of possible obligations that arise from past events but theirexistence is confirmed by the occurrence of one or more uncertain future events not wholly within the control ofthe Company.


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SCHEDULE 16

NOTES TO ACCOUNTS

1. Background

Stock Holding Corporation of India Ltd. (SHCIL) was promoted by the public financial institutions and incorporatedas a limited company on July 28, 1986. SHCIL provides custodial and depository services to institutional investors,mutual funds and retail investors. SHCIL is a depository participant having 203 offices/facilitation centers acrossthe country.

2. Contingent Liabilities

(Rs. in lakhs)


A) Claims against the Company not acknowledged as debts

i) Income Tax demand against which theCompany has preferred appeals 544 735

ii) Income Tax matters decided in favour of the companyagainst which the Income Tax department haspreferred appeals 781 753

iii) Claims by a bank in respect of cheques issued underthe cash on payout scheme, refer to note 6 below 2,445 2,445

iv) Other claims not acknowledged 270 315B) Bank Guarantees

i) provided to stock exchanges (backed by counterguarantees, cash collateral and securities) 4,150 16,400

ii) other Bank Guarantees 531 526

3. Estimated amount of contracts to be executed on capital account, not provided for – Rs. 2,733 lakhs. (As atMarch 31, 2009- Rs. 4,820 lakhs).

4. Staff loans includes housing loan to the Company Secretary - Rs 5 Lakhs as on 31-Mar-10 (As at March 31, 2009- Rs.5.45 lakhs). Maximum balance outstanding during the period is .Rs 5.45 lakhs

5. Security and other deposits include deposits of Rs 790 lakhs (as at March 31, 2009 - Rs. 790 lakhs) placed withthe licensors of premises taken on leave and licence basis. The said deposits are secured by way of mortgage bydeposit of the title deeds of the said premises with the Corporation.

6. The Company had during the year 2000-01 undertaken a transaction of Rs.2,445 lakhs with a client through theCalcutta Stock Exchange (CSE) under the ‘Cash on Payout’ scheme for the sale of 7,20,000 equity shares of DSQIndustries Limited. The said transaction was confirmed by CSE based on which post dated cheques were issued.The cheques were stopped for payment before their due date by the Company as the underlying trade transactionwas contended to be non-bonafide and disallowed by CSE. A Bank, which had granted financial assistanceagainst the said cheques, has issued a notice of demand against the Company under Section 138 of the NegotiableInstrument Act, 1881. The Company has disputed the claim of the Bank and the matter is subjudice. The Bank’sapplication to the Debt Recovery Tribunal for recovery of the amount from the Company has been dismissed.


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7. The movement in provision for claims is as under :

(Rs. in lakhs)


Opening Balance 819 773

Additions during the year 135 196

Reversed during the year - 150

Closing balance 954 819

8. Deferred Tax

The major components of deferred tax assets and liabilities arising on account of timing differences areas under:

(Rs. in lakhs)


Deferred Tax Assets

Provision for doubtful debts/advances 304 322

Provision for claims 358 278

Retirement benefits 291 266

Municipal taxes 215 198

1,168 1,064

Deferred Tax Liabilities

Depreciation 405 172

Net Deferred Tax Asset 763 892

9. Balances with scheduled banks in deposit accounts includes fixed deposits with banks aggregating to Rs 2,789lakhs (As at March 31, 2009- Rs. 4,724 lakhs) against which lien has been marked by the banks as security forguarantees issued on behalf of the Company. It also includes fixed deposits with banks aggregating to Rs 7,774lakhs (As at March 31, 2009 - Rs. 3,188 lakhs) deposited with the exchanges against margin.


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10 Balances with Co-operative Banks :

(Rs. in lakhs)

As at March 31, 2010 As at March 31, 2009

Name of the Bank Outstanding Bal Max Bal Outstanding Bal Max Bal

Veraval People Co-op Bank 0.84 0.94 0.34 0.94

11 There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small, Medium EnterprisesDevelopment Act 2006, to whom the Company owes dues on account of principal amount together withinterest and accordingly no additional disclosures have been made. The above information regarding Micro,Small and Medium Enterprises has been determined to the extent such parties have been identified on the basisof information available with the Company. This has been relied upon by the auditors.

12 Amount due on settlement (net) represents amounts payable to Govt Of India, Clearing house, Clients andBrokers, as under:

(Rs. in lakhs)

As at March 31, 2010 As at March 31,2009

Due to Due From Due to Due From

Clearing House 22,083 21,059 4,126 572GOI-Stampduty 3,252 0 559 -Clients 2,290 6 35,021 35,450Brokers 1,071 * 3,762 -Others 0 435

28,696 21,501 43,468 36,022Net Payable 7,195 7,446

* denotes amounts of less than Rs 1 lakh

13 Employee Benefits:

The company has recognised the following amounts in the profit and loss Account for the year:(Rs. in lakhs)

A) Defined Contribution Plan As at As atMarch 31, 2010 March 31, 2009

Contribution to Employees’ Provident Fund 264 279Contribution to Employees’ Superannuation Fund 56 39

B) Defined Benefit Plans & other Long Term Employee Benefit

Valuations of the defined benefit obilgation on account of gratuity has been carried out by an independentactuary as at the Balance sheet date based on the following assumptions

Actuarial Assumptions: Year ended Year endedMarch 31, 2010 March 31, 2009

a) Discount Rate 7.50% 7.50%b) Rate of Return on Plan Assets 8.00% 8.00%c) Salary Escalation 5.00% 5.00%



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i) Change in Benefit Obligation

Liability at the beginning of the year 52,130,128 32,400,253Interest Cost 4,311,593 2,772,015Current Service Cost 7,611,464 4,548,695Benefit Paid (4,507,381) (4,597,514)Actuarial (gain)/loss on obligations (2,591,535) 17,006,678

Liability at the end of the year 56,954,269 52,130,128

ii) Fair value of Plan Assets

Fair Value of Plan Assets at the beginning of the year 12,512,440 8,487,696Expected Return on Plan Assets 1,121,168 1,132,648Contributions 3,755,856 7,969,167Benefit Paid (4,507,381) (4,597,514)Actuarial gain/(loss) on Plan Assets (136,465) (479,557)

Fair Value of Plan Assets at the end of the year 12,745,618 12,512,440

Total Actuarial Gain/(Loss) to be recognised 2,455,069 (17,486,235)

iii) Actual Return on Plan Assets

Expected Return on Plan Assets 1,121,168 1,132,648Actuarial gain/(loss) on Plan Assets (136,465) (479,557)

Actual Return on Plan Assets 984,703 653,091

iv) Amount Recognised in the Balance Sheet :

Liability at the end of the year 56,954,269 52,130,128Fair Value of Plan Assets at the end of the year 12,745,618 12,512,440Difference (44,208,651) (39,617,688)Unrecognised Past Service Cost - -

Unrecognised Transition Liability - -

Amount Recognised in the Balance Sheet (44,208,651) (39,617,688)

v) Expenses Recognised in the Income Statement :

Current Service Cost 7,611,464 4,548,695Interest Cost 4,311,593 2,772,015Expected Return on Plan Assets (1,121,168) (1,132,648)Recognition of Transition Liability - -Acturial Gain or Loss (2,455,069) 17,486,235

Expense Recognised in P& L 8,346,820 23,674,297




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vi) Basis used to determine expected rate of return on assets :

Expected rate of return on investments is determined based on the assessment made by the Company atthe beginning of the year for returns over the entire life of the related obligation. The gratuity scheme isinvested in a group gratuity cum assurance policy offered by Life Insurance Corporation of India

vii) General descriptions of significant defined plans

Gratuity is payable to all eligible employees of the Company on superannuation, death and resignationin terms of provisions of the payment of Gratuity Act or as per the Company’s scheme whichever ismore beneficial. Benefit would be paid at the time of separation based on the last drawn base salary.

C) Other Long Term Employee Benefits

The long term employee benefits in the form of leave encashment have been determined using the projectedunit credit method as at the Balance Sheet date on the basis of an actuarial valuation

14 Disclosure in respect of Operating Leases :-

The Company has taken various premises on leave and licence basis . The leave and license agreementsare not cancellable and range between 1 year to 5 years and are renewable by mutual consent.Leave and license agreements being similar in substance to operating leases , the particulars of thesignificant leasing arrangements are as under :

(Rs.in lakhs)


i) Total of minimum lease payments for a periodnot later than 1 year - 231later than 1 year and not later than 5 years - -

ii) Lease payments recognised in profit and loss for the period 784 713

In absence of any agreements for license fees for the Mittal Court/BSE premises, the same have beenincluded only in (ii) above.

(Rs.in lakhs)


15 Managerial Remuneration

Salary and allowances 12 9

Contribution to provident fundand other funds 1 1

Perquisites (estimated monetary value) 16 11

29 21

16 Miscellaneous Income includes provisions no longer required written back Rs nil , previous yearRs 230 lakhs.



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17 Particulars of Stock- in- trade

Number of Units Amount (Rs in lakhs)Holdings Face As on As on As on As on

Value 31.03.10 31.03.09 31.03.10 31.3.09

Cairn India Ltd. 10 500 - 1.37 -CIPLA LTD. 2 1,000 - 3.25 -HDFC Ltd 10 100 - 2.58 -Hindustan Unilever 1 3,000 - 7.16 -Power Grid Corporation of India Ltd 10 5,300 - 5.68 -Reliance Industries Ltd 10 602 176 3.06 -Reliance Infrastructure Ltd 10 713 13 6.99 -ABB Ltd. 2 - - - -Larsen & Toubro Limited 2 - - - -Reliance Capital 10 8 8 - *Reliance Communication Ventures Ltd. 5 176 176 - *Reliance Natural Resources Ltd 5 176 176 - *

11,575 549 30 *


18 Particulars of securities purchased and sold during the year

(Rs.in lakhs)


Mutual Fund Units

Liquid/Money Market Schemes

HDFC Liquid Fund Cash Plan 2,036,322,618 182,084 66,781,169 7,103

Reliance Liquid Fund 241,956,515 36,988 - -

Birla Sunlife Cash Plus 1,318,757,915 132,133 - -

IDFC Cash Fund 45,892,301 4,590 - -

Kotak Liquid Inst. Premiun Plan 48,049,243 5,876 - -

LIC Mutual Fund 8,809,286,717 967,268 - -

UTI Mutual Fund 43,569,380 444,166 - -

UTI Money Market Fund 291,680,671 48,095

12,543,834,690 1,773,106 358,461,840 55,198



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Other Schemes

HDFC Index Fund Sensex Plan 41,973 55 92,222 154

HDFC Index Fund Nifty Plan - - 2,357,542 840

Canara Robeco Nifty Index Fund - - 321,587 77

Birla Index Fund Growth - - 60,244 32

41,973 55 2,831,595 1,103

Government Securities

7.38% Govt. Securities 2015 - - - 960

6.57% Govt. Securities 2011 - - - 1,439

8.24% Govt. Securities 2018 - - - 463

7.59% Govt. Securities 2016 - - - 490

- - - 3,352

19 Auditor’s Remuneration ( excluding service tax)

(Rs.in lakhs)


Audit fees 21 19

Tax Audit fees 2 2

Taxation matters 3 5

Certification charges 1 *

Reimbursement of out of pocket expenses - *

27 26


(Rs.in lakhs)




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20 Expenditure in foreign currency

(Rs.in lakhs)


Travelling expenses 8 3

Technical know-how fees 396 427

Others 10 10

Total 414 440

21 Earnings Per Share


Weighted average number of shares outstandingduring the period (Nos) 21,054,400 21,054,400

Net profit (Rs. in lakhs) 28,437 6,636

Basic and diluted earnings per share of Rs 10/- each (Rs.) 135.06 31.52

22 Segment Reporting

The Corporation’s main business is to provide custodial and depository participant services to its clients. Allother activities of the Corporation revolve around the main business. As such, there are no separate reportablesegments, as per the Accounting Standard on ‘Segment Reporting (AS 17) issued by the Institute of CharteredAccountants of India.

23 Related Parties

a. List of Related Parties

Subsidiary Companies

SHCIL Services LimitedSHCIL Projects LimitedSHCIL Commodities and Derivatives Trading Ltd. (under liquidation)Unitec Value Solutions Pte Ltd., Singapore

Associates

IDBI Bank Ltd

IFCI Ltd

ICICI Bank Ltd.

UTI 1 (Administrator of the Specified Undertaking of Unit Trust of India)

Life Insurance Corporation of India

General Insurance Corporation of India and its erstwhile subsidiaries

Key Management Personnel

R. C. Razdan - Managing Director and CEO



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b. Transactions with Related Parties during the year

(Rs.in lakhs)

Year ended March 31, 2010 Year ended March 31, 2009Key Key

Particulars Subsidiaries Associates management Subsidiaries Associates managementpersonnel personnel

Service charges received 45 10,633 - 19 5,323 -Rent & Maintenance paid 77 457 - 76 412 -Reimbursement of office expenses 86 - - 14 - -Sitting Fees paid - 3 - - 5 -Insurance Premium paid - 143 - - 153 -Gift Card Puchased - 65 - - 72 -Dividends paid - 19,635 - - 3,780 -

Technical know-how fees - - - 237 - -

Managerial Remuneration - - 29 - - 21

Brokerage received 2,621 - - 871 - -

Brokerage paid 18 - - 4 - -

License fees paid for sub-brokingterminals 10 - - 10 - -

Purchase of Fixed Assets 19 - - 6 - -

Sale of Assets and ClientInfrastructure for Loan DocumentationBusiness 55 - - - - -

Investments made 922 - - 110 - -

Deposits repaid 1,500 - - 500 - -

Deposit placed 1,500 - - - - -

Outstanding balances

Trade and other Receivables ** 774 19,241 - 89 884 -

Trade and other Payables 84 13,825 - - - -

Deposits placed 63 - - 63 - -


c. The Significant Related Party Transaction are as under : (Rs.in lakhs)

As at As atNature of Transaction March 31, 2010 March 31, 2009

Service Charges received

LIC 8,204 3,914

SHCIL Services Ltd 45 19

GICI & its subsidiaries 1,366 1,138



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Rent & Maintainance paid

IDBI Bank Ltd 457 412

SHCIL Services ltd 77 76

Reimbursement of office expenses

SHCIL Services ltd 61 14

SHCIL Projects Ltd 25 -

Sitting Fees paid

NIA * 2

IFCI * 1

IDBI Bank Ltd * 1

ICICI Bank Ltd * 1

LIC 1

Insurance Premium paid

NIA 143 153

Gift Cards Purchased

IDBI Bank Ltd 65 72

Dividends Paid

LIC 2,945 568

ICICI Bank Ltd 3,338 643

UTI 1 3,338 643

GICI & its Subsidiaries 2,945 567

IFCI Ltd 3,338 643

IDBI Bank Ltd 3,731 698

Technical know-how fees

Unitech Value Solutions Pte Ltd. - 237

Managerial Remuneration

R. C. Razdan 29 21

Brokerage received

SHCIL Services Ltd 2,621 871

Brokerage paid


(Rs.in lakhs)




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License fees paid for sub-broking terminals


Purchase of Fixed Assets


Sale of Assets and Client Infrastructure for

Loan Documentation Business


Investments made

SHCIL Projects Ltd 700 100


Deposits Repaid

SHCIL Services Ltd 1,500 500

Deposits placed

SHCIL Services Ltd 1,500 -

Outstanding Balances

Trade & other Receivable **

LIC 18,598 755

GICI & its Subsidiaries 0 82


SHCIL Services Limited 665 84

Trade & other Payables

LIC 9,883 -


SHCIL Services Limited 45 -

Deposit Placed


* denotes amounts of less than Rs 1 lakh** trade and other receivables also includes Rs 15,503 lakhs due from associates on account of settlement of

trade transactions done on stock exchanges and received on April 5, 2010 , the settlement date.

24 Figures for the previous year have been regrouped wherever necessary, so as to make them comparable withthose of the current year.

(Rs.in lakhs)




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BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE AS PER SCHEDULEVI PART (IV) OF THE COMPANIES ACT, 1956

I Registration Details

Registration Number 40506

State Code 11

Balance Sheet Date 31.03.10

II Capital Raised during the year (Amount in Rs. Lakhs)

Public issue Nil

Right issue Nil

Bonus issue Nil

Private Placement Nil

III Position of mobilisation and deployment of Funds (Amount in Rs. Lakhs)

Total Liabilities 37,754

Total Assets 37,754

Sources of Funds

Paid Up Capital 2,105

Reserves and Surplus 35,649

Secured Loans Nil

Unsecured Loans Nil

Application of Funds

Net Fixed Assets 13,772

Investments 10,374

Net current Asset 12,845

Deferred Tax Asset 763

Miscellaneous Expenditure Nil

Accumulated Losses Nil

IV Performance of the Company (Amount in Rs. Lakhs)

Turnover 53,757

Total Expenditure 15,660

Profit Before Tax 38,097

Profit After Tax 28,437

Dividend Rate % 935%

V Generic Names of Three Principal Products / Custody and Depository ServicesServices of the Company(as per monetary Terms)

SHCIL SERVICES LIMITED

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SUBSIDIARIES


SHCIL PROJECTS LIMITED

SHCIL COMMODITIES AND DERIVATIVES TRADING LIMITED

UNITEC VALUE SOLUTIONS PTE. LIMITED, SINGAPORE

15th Annual Report 2009-10

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Board of Directors

R. C. Razdan Non-Executive Chairman

P. H. Kutumbe

M. Ramaprasad

V. S. Nair

Vineet Potnis(w.e.f. 19.11.2009)

Dinesh Shah Whole Time Director(upto 30.11.2009)

Nitin Jog Managing Director & CEO(w.e.f. 01.12.2009)

Mitul Palankar Company Secretary

Statutory Auditors M/s. Kalyaniwalla & Mistry

Internal Auditors M/s. Shah Gupta & Co

Compliance Auditors M/s. Kailashchand Jain & Co

Bankers

Corporation BankAxis Bank Ltd.HDFC Bank Ltd.IDBI Bank Ltd.ICICI Bank Ltd.

Registered Office : SHCIL House, P-51, T.T.C. Industrial Area, MIDC, Mahape,Navi Mumbai - 400 710

Tel : 91- 22 6177 8600 Fax : 91-22 6177 8609Web : www.shcilservices.com


47

SP. BLUE SP. GREEN

DIRECTORS’ REPORT

The Directors have the pleasure in presenting theirFifteenth Report on the business and operations of theCompany and the Financial Accounts for the year endedon March 31, 2010.

BUSINESS:

The Company is in the business of Stock Brokingand member of BSE Cash Segment. The Companyhas obtained membership from National StockExchange (NSE) for trading in Cash and F & OSegment. The Stock Broking service is offered toindividual investors and institutional clients.

OPERATIONS:

During the year, the company has earned a profitbefore tax of Rs. 28,156,233/-. The profit after taxis Rs. 14,471,684/-. The financial results aresummarized below:

Particulars 2009-10 2008-09Rs. Rs.

Total Income 367,801,156 190,413,723

Profit/ (Loss)Before Tax 28,156,233 28,673,485

Profit/ (Loss) AfterTax 14,471,684 12,414,233

(Profit after Tax for F.Y.2009-10 is on the basis ofbrokerage sharing ratio of 75:25 vis-à-vis brokeragesharing ratio of 50:50 in the previous year.)

DIVIDEND:

With a view to conserving resources for business/expansion, your Directors do not recommend anydividend for Financial Year 2009-10.

DIRECTORS:

Shri. P. H. Kutumbe, Director, retires by rotation atthe ensuing Annual General Meeting and beingeligible, offers himself for re-appointment.

Shri. Dinesh Shah demitted his office of Directorand Whole Time Director of the Company witheffect from the closure of working hours of November30, 2009 on his date of superannuation.

During the period under review, Statutory Auditorshave observed that the Company has paid the

remuneration to the then Whole Time DirectorShri. Dinesh Shah in excess of the limits specifiedunder Section 198 and 309 read with the ScheduleXIII of the Companies Act, 1956, therefore yourCompany will make the waiver application toCentral Government after 15th Annual GeneralMeeting.

Shri. Nitin Jog has been appointed as ManagingDirector and CEO of the Company with effect fromDecember 1, 2009

Shri. Vineet Potnis who was appointed as anAdditional Director on November 19, 2009 wasconfirmed as a Director in the 14th Annual GeneralMeeting held on December 22, 2009.

The present Board of Directors comprise of thefollowing:

Name of Director Category

1. Shri. R.C. Razdan Non Executive Chairman(Nominee of SHCIL)

2. Shri. P. H. Kutumbe Independent

3. Shri. M. Ramaprasad Independent

4. Shri. V. S. Nair Independent

5. Shri. Vineet Potnis Nominee of SHCIL

6. Shri. Nitin Jog Managing Director & CEO(Nominee of SHCIL)

AUDIT COMMITTEE:

Your Company has constituted an Audit Committee,which consists of Shri. P. H. Kutumbe, Shri. Vineet Potnisand Shri. V. S. Nair as Members. The Audit Committeehad three meetings during the financial year 2009-10.

STATUTORY AUDITORS:

M/s. Kalyaniwala & Mistry, Chartered Accountants werethe Statutory Auditors of the Company for the financialyear 2009-10.

PARTICULARS OF THE EMPLOYEES UNDERSECTION 217(2A):

None of the employees of the Company were inreceipt of remuneration exceeding the limits(i.e. Rs. 24,00,000/- per annum if employedthroughout the financial year or Rs. 2,00,000/- per


48

SP. BLUE SP. GREEN

month if employed for part of the financial year) inrespect of whom the particulars are required to begiven in the Directors’ Report u/s 217 (2A) of theCompanies Act, 1956 read with Companies(Particulars of Employees) Rules, 1975.

FIXED DEPOSITS:

The Company has not accepted any Fixed Depositsfrom the Public during the financial year 2009-10.

BUY BACK OF SHARES:

During the financial year 2009-10, the Companyhas not announced any scheme for buy back of itsshares from its shareholders. Accordingly, therequirement as to disclosure of reasons for failureto complete the buy back within the time specifiedunder Section 77A of the Companies Act, 1956does not arise.

STATUS ON OUT OF COURT SETTLEMENT:

During the financial year 2009-10, the Companyand Stock Holding Corporation of India Limited(SHCIL) entered into Memorandum of Understanding(MoU) with Private shareholders namely E-VenturesCapital Pte. Limited, Singapore and Vaishnav Group.Pursuant to the MoU, SHCIL has purchased at facevalue 3,30,000 equity shares and 18,86,250 7%non cumulative convertible Preference Shares fromE-Ventures Capital Pte. Limited. As per MoU, inpursuance to mutual consent Vaishanv Group haveagreed to sell and SHCIL has agreed to buy3,30,000 Equity Shares at face value.

CONSERVATION OF ENERGY, TECHNOLOGYABSORPTION, FOREIGN EXCHANGEEARNINGS AND OUTGO:

Information required under section 217(1)(e) of theCompanies Act, 1956 read with the Companies(Disclosure of Particulars in the Directors’ Report) Rules1988.

A) Conservation of Energy: Nil

B) Technology Absorption: Nil

C) Research & Development: Nil

D) Foreign Exchange Earnings & Outgo: Nil

DIRECTOR’S RESPONSIBILITY STATEMENT:

Pursuant to sub-section (2AA) of Section 217 of theCompanies Act, 1956, the Board of Directors ofthe Company hereby state and confirm that:

(i) in the preparation of Annual Accounts, theapplicable accounting standards had beenfollowed along with proper explanation relatingto material departures.

(ii) the Directors had selected such accountingpolicies and applied them consistently and madejudgments and estimates that are reasonableand prudent so as to give a true and fair viewof the state of affairs of the company at theend of the financial year and of the profit orloss of the company for that period;

(iii) the Directors had taken proper and sufficientcare for the maintenance of adequateaccounting records in accordance with theprovisions of the Companies Act, 1956 forsafeguarding the assets of the Company andfor preventing and detecting fraud and otherirregularities;

(iv) the Directors had prepared the annual accountson a going concern basis.

ACKNOWLEDGEMENTS:

The Board places on record its appreciation of thevaluable patronage, cooperation and goodwill ofSecurities and Exchange Board of India, StockHolding Corporation of India Ltd., Bombay StockExchange Ltd., National Stock Exchange Ltd.,Clients, Banks & Financial Institutions and the staffand officers of the Company.

For and on behalf of theBoard of Directors

Sd/- Sd/-

Nitin Jog Vineet PotnisManaging Director & CEO Director

Place: MumbaiDate: July 15, 2010


49

SP. BLUE SP. GREEN

AUDITORS’ REPORT

TO THE MEMBERS OFSHCIL SERVICES LIMITED

1. We have audited the attached Balance Sheetof SHCIL Services Limited as at March 31,2010, the Profit and Loss Account and CashFlow Statement of the Company for the yearended on that date, annexed thereto. Thesefinancial statements are the responsibility of theCompany’s management. Our responsibility isto express an opinion on these financialstatements based on our audit.

2. We conducted our audit in accordance withthe Auditing Standards generally accepted inIndia. Those Standards require that we planand perform the audit to obtain reasonableassurance about whether the financial statementsare free of material misstatement. An auditincludes examining, on a test basis, evidencesupporting the amounts and disclosures in thefinancial statements. An audit also includesassessing the accounting principles used andsignificant estimates made by management, aswell as evaluating the overall financial statementpresentation. We believe that our audit providesa reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report)Order, 2003, issued by the Central Governmentin terms of Section 227(4A) of the CompaniesAct, 1956, we give in the Annexure a statementon the matters specified in paragraphs 4 and5 of the said Order.

4. Further to our comments in the Annexure referredabove, we report that:a) We have obtained all the information and

explanations which to the best of ourknowledge and belief were necessary forthe purpose of our audit.

b) In our opinion, proper books of account asrequired by law have been kept by theCompany so far as it appears from ourexamination of the books.

c) The Balance Sheet, Profit and Loss Accountand Cash Flow Statement dealt with by thisreport are in agreement with the books ofaccount.

d) In our opinion, the Balance Sheet, Profitand Loss Account and Cash Flow Statementcomply with the Accounting Standardsreferred to in sub-section (3C) of section211 of the Companies Act, 1956, whereapplicable.

e) Reference is invited to note 12 of schedule 18Notes to accounts regarding payment ofremuneration to Whole Time Director for theperiod April 1, 2009 to November 30, 2009which is in excess of limits prescribed inSchedule XIII of the Companies Act, 1956 byRs 8.82 lac and we are informed that thecompany proposes to apply to the CentralGovernment for obtaining approval forpayment of remuneration in excess of the limitsprescribed in Schedule XIII to Whole TimeDirector.

f) In our opinion and to the best of our informationand according to the explanations given to us,the said accounts subject to paragraph (e)above, and read with the notes thereon, givethe information required by the Companies Act,1956, in the manner so required and give atrue and fair view in conformity with theaccounting principles generally accepted inIndia:i) in the case of the Balance Sheet, of the

state of affairs of the Company as atMarch 31, 2010, and

ii) in the case of the Profit and LossAccount, of the profit for the year endedon March 31, 2010.

iii) in the case of the Cash Flow Statement, ofthe cash flows for the year ended on March31, 2010.

5. On the basis of the written representations receivedfrom the directors as on March 31, 2010 and takenon record by the Board of Directors, we report thatnone of the directors of the Company is disqualifiedas on March 31, 2010 from being appointed as adirector in terms of clause (g) of sub-section (1) ofsection 274 of the Companies Act, 1956.


Kalyaniwalla and Mistry

Chartered AccountantsFirm Regn. No. 104607 W

Vinayak M. Padwal

PartnerM. No. 49639

Place : MumbaiDate : May 18, 2010.


50

SP. BLUE SP. GREEN

ANNEXURE TO THE AUDITORS’ REPORT

Referred to in paragraph (3) of our report of even dateon the accounts of SHCIL Services Limited for theyear ended March 31, 2010.

1) (a) The Company is maintaining proper recordsshowing full particulars, including quantitativedetails and situation of fixed assets.

(b) The fixed assets have been physically verifiedby the Company during the year. In ouropinion, the period of verification is reasonablehaving regard to the size of the Company andthe nature of its assets. No discrepancies werereported on such verification.

(c) In our opinion and according to the informationand explanations given to us, a substantial partof fixed assets have not been disposed of bythe Company during the year which could affectthe going concern assumption.

2) (a) The Company has not granted any loans,secured or unsecured to a company listed inthe register maintained under Section 301 ofthe Companies Act, 1956.

(b) The Company has not taken any loans, securedor unsecured, from companies, firms or otherparties listed in the register maintained undersection 301 of the Companies Act, 1956.

3) In our opinion and according to the informationand explanations given to us, the internal controlprocedures are commensurate with the size of theCompany and the nature of its business, for thepurchase of fixed assets and sale of services.

4) (a) Based on the audit procedures applied by usand according to the information andexplanations provided by the management, weare of the opinion that the particulars of all thecontracts or arrangements referred to in section301 of the Act have been entered in the registerrequired to be maintained under that section.

(b) In our opinion and according to the informationand explanation given to us, the transactionsrecorded in register maintained under section301 of the Companies Act, 1956 have beenmade at prices which are reasonable havingregard to the prevailing market prices at therelevant time.

5) In our opinion and according to the informationand explanations given to us, the Company has notaccepted any deposits from the public within themeaning of section 58A and 58AA or any otherrelevant provisions of the Act and the rules framedthereunder.

6) The Company has an internal audit system, which iscommensurate with the size and nature of itsbusiness.

7) In our opinion and according to the informationand explanations given to us, the CentralGovernment has not prescribed for maintenance ofcost records under section 209(1) (d) of theCompanies Act, 1956 in respect of the activitiescarried on by the Company.

8) (a) According to the records examined by us, theCompany is generally regular in depositingundisputed statutory dues including ProvidentFund, Investor Education and Protection Fund,Employees’ State Insurance, Income Tax,Wealth Tax, Customs Duty, Excise Duty, cessand other statutory dues applicable to it withthe appropriate authorities.

(b) According to the information and explanationsgiven to us, there are no dues of Sales Tax,Income Tax, Customs Duty, Wealth Tax, ExciseDuty, Service Tax or cess outstanding onaccount of any dispute.

9) The Company does not have accumulated losses,as at the end of the financial year, and it has notincurred cash losses in the current financial year.Also, it has not incurred any cash losses inimmediately preceding financial year.

10) According to the information and explanations givento us and based on the documents and recordsproduced to us, the Company has not defaulted inrepayment of dues to a financial institution, bank ordebenture holders.

11) According to the information and explanations givento us, the Company has not granted loans andadvances on the basis of security by way of pledgeof shares and other securities.

12) In our opinion and according to the informationand explanations given to us, the nature of activitiesof the Company does not attract any special statuteapplicable to chit fund and nidhi/ mutual benefitfund/ societies.


51

SP. BLUE SP. GREEN

13) In our opinion, the Company has maintained properrecords of the transactions and contracts in respectof investments purchased and sold during the yearand timely entries have been made therein. Theinvestments made by the Company are held in itsown name.

14) According to the information and explanations givento us and the records examined by us, the Companyhas not given any guarantee for loans taken byothers from banks or financial institutions.

15) As per the records examined by us, no term loanswere obtained by the Company from banks orfinancial institutions.

16) On the basis of an overall examination of thebalance sheet and cash flows of the Company andthe information and explanations given to us, wereport that the Company has not utilized the fundsraised on short-term basis for long-term investment.

17) The Company has not made any preferentialallotment of shares to parties or companies coveredin the register maintained under section 301 of theCompanies Act, 1956.

18) The Company did not issue any debentures duringthe year.

19) The Company has not raised any money througha public issue during the year.

20) Based on the audit procedures performed andthe information and explanations given by themanagement, we report that no fraud on or bythe Company has been noticed or reportedduring the year.


Kalyaniwalla and Mistry

Chartered AccountantsFirm Regn. No. 104607 W

Vinayak M. Padwal

PartnerM. No. 49639

Place : MumbaiDate : May 18, 2010.


52

SP. BLUE SP. GREEN

Balance Sheet As at March 31, 2010

Schedule As at As atMarch 31, 2010 March 31, 2009

Rs. Rs.

SOURCES OF FUNDS:SHAREHOLDERS’ FUNDSShare Capital 1 53,862,500 53,862,500Reserves and Surplus 26,252,294 11,780,610

80,114,794 65,643,110

APPLICATION OF FUNDS:FIXED ASSETS 2Gross Block 54,189,079 64,369,744Less: Accumulated Depreciation 46,836,643 42,990,162Net Block 7,352,436 21,379,582Add: Capital Work-In-Progress 312,000 500,000

7,664,436 21,879,582INVESTMENTS 3 400,000 750,000DEFERRED TAX ASSETS 4 3,795,421 1,442,596CURRENT ASSETS, LOANS AND ADVANCESStock In Trade 5 21,546 76,214Sundry Debtors 6 63,006,525 21,638,973Cash and Bank Balances 7 630,460,551 547,080,140Other Current Assets 8 3,512,392 2,440,683Loans and Advances 9 41,760,459 28,124,000

738,761,473 599,360,010LESS: CURRENT LIABILITIES AND PROVISIONSCurrent Liabilities 10 665,475,984 551,931,642Provisions 11 5,030,552 5,857,436

670,506,536 557,789,078NET CURRENT ASSETS 68,254,937 41,570,932

80,114,794 65,643,110

SIGNIFICANT ACCOUNTING POLICIES 17NOTES ON ACCOUNTS 18

The Schedules referred to above forman integral part of the Balance Sheet

As per our report of even date

For and on behalf ofKALYANIWALLA & MISTRYChartered Accountants

Vinayak M. PadwalPartner Mitul PalankarMembership No. 49639 Company Secretary

Place : Mumbai Maya SawantDate : May 18, 2010 Head - Finance

Signatures to Balance Sheetand Schedules 1 to 11,17 and 18For and on behalf of the Board

R.C.RazdanNon-Executive Chairman

Nitin JogManaging Director & CEO

P.H.KutumbeM.RamaprasadV.S.NairVineet PotnisDirectors


53

SP. BLUE SP. GREEN

The schedules referred to above are an integral partof the Profit & Loss Account





Signatures to Profit & Loss Accountand Schedules 12 to 18For and on behalf of the Board




Profit And Loss Account For the year ended March 31, 2010

Schedule Year ended Year endedMarch 31, 2010 March 31, 2009

Rs. Rs.

INCOME :

Income From Operations 12 355,394,185 178,951,676Other Income 13 12,406,971 11,462,047

367,801,156 190,413,723

EXPENDITURE:

Employee Cost 14 23,803,219 21,317,132Sub - Brokerage Expenses 262,000,780 87,180,089Other Operating & Administrative Expenses 15 41,926,743 33,897,754Interest & Financial Charges 16 179,738 393,197Depreciation 11,734,443 18,952,065

339,644,923 161,740,237

PROFIT/(LOSS) BEFORE TAXATION 28,156,233 28,673,486Provision For Taxation

Current Tax 16,000,000 12,500,000Fringe Benefit Tax - 245,000Deferred Tax (2,352,825) 4,054,716

PROFIT/(LOSS) FOR THE YEAR 14,509,058 11,873,770Excess/(Short) Provision For IT Of Earlier Years (37,374) 540,464

PROFIT/(LOSS) AFTER TAXATION 14,471,684 12,414,233Balance Brought Forward 11,780,610 (633,624)

PROFIT/(LOSS) CARRIED FORWARD 26,252,294 11,780,610

Earning Per Share Before & After Extraordinary Items(Basic & Diluted) In Rs. 4.13 3.55SIGNIFICANT ACCOUNTING POLICIES 17NOTES ON ACCOUNTS 18


54

SP. BLUE SP. GREEN





For and on behalf of the Board





(Rs.) (Rs.)

A. CASH FLOWS FROM OPERATING ACTIVITIESNet Profit / (Loss) Before Tax 28,156,233 28,673,487Adjustments for :

Depreciation 11,734,443 18,952,065

Loss on Sale/Discard of Fixed Assets 2,195,279 125,313

(Profit) / Loss on Sale of Investment - (3,545)

Income from Dividend (2,530,179) (397,302)

Interest Earned (8,254,827) (6,160,514)

Interest Expense - 17,175

Provision for Doubtful Debts 320,430 (77,091)

Bank and Financial Charges - 376,022

Writeback of Excess Provision Stock in Trade (111,921) -

Provision for Difference in Bank Reconciliation (1,299,000) 4,464,000

OPERATING PROFIT BEFORE WORKING CAPITAL CHANGES 30,210,458 45,969,610

Adjustments for :

Trade & Other Receivables (52,867,088) 7,139,554

Trade Payables 116,523,598 83,275,983

Cash Generated / (used) from Operations 93,866,968 136,385,147

Direct Taxes (Paid)/Refund (18,328,138) (3,880,682)

NET CASH GENERATED FROM/(USED IN) OPERATING ACTIVITIES (A) 75,538,830 132,504,465

B. CASH FLOW FROM INVESTING ACTIVITIESPurchase of Fixed Assets (4,472,754) (165,614)Proceeds on Sale of Fixed Assets 2,063,040 799,704Capital Advance 188,000 (500,000)Purchase of Investments (5,263,445,914) (490,333,323)Proceeds from Sale of Investments 5,263,795,912 491,086,869Dividend Received 2,530,179 397,302Interest Earned 7,183,118 6,160,514

NET CASH GENERATED FROM/(USED IN) INVESTING ACTIVITIES (B) 7,841,581 7,445,452

C. CASH FLOW FROM FINANCING ACTIVITIESProceeds from Issue of Share Capital - -Interest Expense - (17,175)Bank and Finance Charges - (376,022)

NET CASH GENERATED FROM/(USED IN) FINANCING ACTIVITIES (C) - (393,197)

NET INCREASE/(DECREASE) IN CASHAND CASH EQUIVALENTS (A+B+C) 83,380,411 139,556,720CASH AND CASH EQUIVALENTS ATTHE BEGINNING OF THE YEAR 547,080,140 407,523,420CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 630,460,551 547,080,140

Cash Flow Statement for the year ended March 31, 2010


55

SP. BLUE SP. GREEN

Schedules forming part of Balance Sheet as at March 31, 2010


Rs. Rs.

SCHEDULE 1 : SHARE CAPITAL

Authorised

5,000,000 (previous year 5,000,000) Equity Shares of Rs.10/- each 50,000,000 50,000,000

5,000,000 (previous year 5,000,000)7% Non - Cumulative Convertible Preference Share of Rs. 10/- each 50,000,000 50,000,000

100,000,000 100,000,000

Issued, Subscribed and Paid-up

3,500,000 (previous year ended 31.03.09 - 3,500,000)Equity Shares of Rs.10/- each fully paid up.(Of the above, 3,170,000 Equity Shares are held by SHCIL,the Holding Company, out of which 7 Equity Shares are heldby nominees of SHCIL) 35,000,000 35,000,000

1,886,250 (previous year ended 31.03.09 -1,886,250)During the year 7% Non-Cumulative Convertible PreferenceShares of Rs.10/- each had been acquired by SHCIL,the Holding Company from E Venture Capital Pte Ltd. 18,862,500 18,862,500

53,862,500 53,862,500


56

SP. BLUE SP. GREEN

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57

SP. BLUE SP. GREEN


SCHEDULE 3 : INVESTMENT

Number Amount Rs.

Scrip Name Face As at Acquired Sold As at As at As at

Value April 1, during during March 31, March 31, March 31,

(Rs.) 2009 the the 2010 2010 2009

period period

Long Term Investment At Cost

Unquoted

G K Management Services (I) Ltd. 10 75,000 - 35,000 40,000 400,000 750,000

Mutual Fund

Birla Sun Life Cash Plus Fund - 8,985,360 8,985,360 - - -

Birla Sun Life Savings Fund - 3,503,187 3,503,187 - - -

Canara Liquid Fund - 38,553,071 38,553,071 - - -

Canara Treasury Fund - 14,078,891 14,078,891 - - -

ICICI Prudential Mutual Fund - - - - - -

LIC Income Plus - 62,238,997 62,238,997 - - -

LIC Liquid Fund - 352,833,796 352,833,796 - - -

UTI Liquid Fund - 78,505 78,505 - - -

400,000 750,000

Current Investment - -

Total 400,000 750,000

Aggregate Book Value Of Investment

Quoted - -

Unquoted 400,000 750,000

400,000 750,000

Market Value of Quoted Investment - -


58

SP. BLUE SP. GREEN



Rs. Rs.

SCHEDULE 4 : DEFERRED TAX ASSETSDeferred tax assetsProvision for difference in bank reconciliation 1,075,250 1,541,786Provision for doubtful debts / advances 1,179,251 1,097,762Provision for gratuity 156,634 -Provision for diminution in value of investments 8,633 46,875Provision for leave encashment 358,823 385,227

2,778,591 3,071,650Deferred tax liabilitiesDifference in net block (1,016,830) 1,629,054

3,795,421 1,442,596

SCHEDULE 5 : STOCK IN TRADE

Number Amount Rs.

Scrip Name Face As at Acquired Sold As at As at As at

Value April 1, during during March 31, March 31, March 31,

(Rs.) 2009 the the 2010 2010 2009

year year

AIA Engineering Ltd. 2 500 - 500 - - 169,074Alstom Projects India Ltd. 10 - 50 50 - - -Aztecsoft Ltd.** 3 100 - 100 - - 10,186Cadila Healthcare Ltd. 5 - 15 15 - - -Dhanalakshmi Bank Ltd. 10 100 100 200 - - 9,773Great Offshore Ltd. 10 - 32 32 - - -Hindustan ConstructionCompany Ltd. 1 - 100 100 - - -Housing DevelopmentFinance Corporation Ltd. 10 - 60 60 - - -Indiabulls Retail Services Ltd. 10 - 195 195 - - -Kothari Petrochemicals Ltd. 10 - 1 - 1 13 -Larsen and Tubro Ltd. 2 - 30 30 - - -Mindtree Ltd.** 10 - 58 58 - - -Piramal Healthcare Ltd. 2 - 343 343 - - -Reliance Industries Ltd. 10 - 8 8 - - -Reliance Natural Resources Ltd. 5 96 250 - 346 47,521 22,093Saint Gobain Sekurit India Ltd. 10 - 31 31 - - -Satyam Computer Services Ltd. 2 - 50 50 - - -SRF Ltd. 10 15 - 15 - - 2,997Steel Strips Wheels Ltd. 10 - 1,215 1,215 - - -Suzlon Energy Ltd. 2 - 200 200 - - -Tata Steel Ltd. 10 - 200 200 - - -Unichem Laboratories Ltd. 5 - 75 75 - - -Unitech Ltd. 2 - 200 200 - - -

47,534 214,123Less : Provision For Diminution 25,988 137,909

21,546 76,214

Total 21,546 76,214

** Pursuant to the Scheme of Amalgamation Between Aztech Soft Ltd. and Mindtree Ltd.,

we had received 18 shares of MindTree Ltd against 100 shares of Aztech Soft Ltd.


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Rs. Rs.

SCHEDULE 6 : SUNDRY DEBTORS(Unsecured)Outstanding for a period over 6 monthsConsidered good - 579,820Considered doubtful 2,489,619 2,606,192

2,489,619 3,186,012Other debtsConsidered good 63,006,525 21,059,152Considered doubtful 1,060,470 623,468

66,556,614 24,868,632Less : Provision for doubtful debts 3,550,089 3,229,659

63,006,525 21,638,973

SCHEDULE 7 : CASH AND BANK BALANCESBalances with scheduled banks

In current account 505,453,644 478,074,611In deposit account 125,000,000 69,000,000

Cash on hand 6,907 5,529

630,460,551 547,080,140

SCHEDULE 8 : OTHER CURRENT ASSETSAccrued income - 195,960Accrued interest on fixed deposit 3,512,392 2,244,723

3,512,392 2,440,683


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Rs. Rs.

SCHEDULE 9 : LOANS AND ADVANCES(Unsecured and considered good, unless stated otherwise)Advance payment of taxes (net of provisions fortaxes Rs.30,195,000/-; previous year Rs.14,345,000/-) 1,529,712 (761,052)Advances recoverable in cash or in kind 1,016,479 962,742Base capital deposit - BSE 16,000,000 16,000,000Base capital deposit - NSE Cash & F&O 16,000,000 -Other advances 2,533,747 4,861,906PMS - 2,472,383Security deposit - premises and utilities 4,680,521 4,588,021

41,760,459 28,124,000

SCHEDULE 10 : CURRENT LIABILITIESDeposits 6,300,000 6,300,000PMS - 2,472,383Sundry Creditors

Total outstanding dues of micro,small & medium enterprises - -Dues to client 584,354,657 517,587,542Dues to sub brokers 58,722,758 9,940,159Dues to other creditors 16,098,569 15,631,558

665,475,984 551,931,642

SCHEDULE 11 : PROVISIONSProvision for

Difference in bank reconciliation 3,237,000 4,536,000Employee benefits 1,793,552 1,321,436

5,030,552 5,857,436


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Schedules forming part of Profit and Loss Account for the year March 31, 2010


Rs. Rs.

SCHEDULE 12 : INCOME FROM OPERATIONSBrokerage 351,724,723 175,838,008Account opening charges 349,046 137,567Cheque dishonour charges 534,400 590,300Demat charges from client 2,681,800 1,871,500ODIN charges 98,821 171,137PMS - management fees 5,395 343,164

355,394,185 178,951,676

SCHEDULE 13 : OTHER INCOMEDividend from mutual funds & others 2,530,179 397,302Interest on fixed deposits(TDS : CY - Rs.8,71,665/- , PY - Rs.12,61,324/-) 8,254,827 6,160,514Misc income 211,044 440,231Write back of excess provision of last year 1,410,921 4,464,000

12,406,971 11,462,047


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Schedules forming part of Profit and Loss Account for the year March 31, 2010


Rs. Rs.

SCHEDULE 14 : EMPLOYEE COSTSalaries, allowance & bonus 21,467,629 18,914,400Contribution to provident fund and other funds 1,308,199 1,286,970Staff welfare expenses 1,027,391 1,115,762

23,803,219 21,317,132

SCHEDULE 15 : OTHER OPERATING EXPENSESAdvances / bad debts written off 341,872 29,753Advertisement 24,531 6,998BSE expenses 672,309 617,658Connectivity charges 2,878,493 3,026,236Depository charges 5,879,191 2,967Directors sitting fees 165,000 185,000Electricity 866,762 1,261,771Franking charges 9,891 (1,549,247)Insurance 599,584 190,680Legal fees (1,729,695) 112,483Loss on sale of shares 98,295 22,491Loss on sale/written off of assets 2,195,279 125,313Members Subscription - BSE / NSE 60,274 7,000Miscellaneous expenses 873,583 918,455NSE expenses 265,096 -Office expenses 1,055,255 1,074,236Outsourcing expenses 1,344,422 1,436,337Postage & courier 1,312,481 355,058Printing & stationery 1,339,427 853,021Professional fees 2,476,549 1,915,394Provision for diminution in value of investments - 100,867Provision for doubtful debts 320,430 (77,091)Rent & taxes 15,020,331 20,343,656Repairs & maintenance 4,792,050 1,826,134Telephone & communication 462,462 560,762Travelling & conveyance 602,871 551,822

41,926,743 33,897,754

SCHEDULE 16 : INTEREST & FINANCIAL CHARGESBank & financial charges 179,738 376,022Interest - 17,175

179,738 393,197


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SCHEDULE 17

SIGNIFICANT ACCOUNTING POLICIES

a) Accounting Convention:

The financial statements are prepared under the historical cost convention, on the accrual basis of accounting,in accordance with the generally accepted accounting principles in India and the Accounting Standards issuedby the Institute of Chartered Accountants of India.

b) Use of Estimates:

The presentation of financial statements, in conformity with the generally accepted accounting principles,requires estimates and assumptions to be made that affect the reported amount of assets and liabilities on thedate of the financial statements and the reported amount of revenues and expenses during the reportingperiod. Difference between the actual result and estimates are recognized in the period in which the results areknown / materialized.

c) Revenue Recognition:

Amount receivable/payable from/to clients/exchanges on account of broking transactions are accounted in thebooks on the date of settlement instead of on the date of transaction. All other transactions/income/expensesare accounted in the books on accrual basis.

d) Fixed Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost includes expenses related toacquisition and installation of the concerned asset.

e) Depreciation:

Depreciation is provided on the straight line method at rates specified in the Schedule XIV of the CompaniesAct, 1956 except leasehold improvements, computer hardware, and software. The leasehold improvements areamortized over the period of lease and computer hardware is written off over the period of three years.Depreciation on assets acquired / disposed during the year is provided on pro rata basis from / upto the dateof acquisition/ disposal. Computer software, an intangible asset, is amortized over its estimated useful lifenamely, of three years.

f) Asset Impairment:

The Company reviews the carrying value of the tangible and intangible assets for any possible impairment ateach balance sheet date. An impairment loss is recognized when carrying amount of an asset exceeds itsrecoverable amount. In assessing the recoverable amount, the estimated future cash flows are discounted totheir present value based on appropriate discount rate.

g) Investments:

Investments are classified into current and long term investments. Current investments are stated at lower of costor market value. Long terms investments are stated at cost. Provisions, if any, in the value of each long terminvestment is made to recognize a decline, other than of temporary nature.

h) Stock-in-trade:

Securities held for trade and those devolved on the Company in the process of settlement of transactions areheld as stock-in-trade. Securities are valued at lower of cost and net realisable value.

i) Taxation:

Provision for current income tax is made on the basis of the assessable income under the Income Tax Act, 1961.


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Deferred income tax on account of timing difference between taxable income and accounting income for theyear is accounted for by applying the tax rates and laws enacted or substantially enacted on the balance sheetdate. Deferred tax assets subject to the consideration of prudence are recognised and carried forward only tothe extent there is reasonable certainty that sufficient taxable profits will be available in future against which thedeferred tax assets can be realised.

j) Provision & Contingent Liabilities:

Provisions are recognised in the accounts in respect of present probable obligations, the amount of which canbe reliably estimated. Contingent liabilities are disclosed in respect of possible obligations that arise from pastevents but their existence is confirmed on the occurrence of one or more uncertain future events not within thecontrol of the Company.

k) Securities on Deposit:

Securities on deposit and in the process of transfer to / from client / exchange are not recorded in theaccompanying financial statements.

l) Employee Benefits:


Employee Benefits in the form of Provident Fund, Family Pension Fund and Superannuation Fund areconsidered as defined contribution plans and the contributions are charged to Profit and Loss Account ofthe year when the respective contributions are due.


Retirement benefit in the form of Gratuity is considered as defined benefit obligation and is provided for onthe basis or an actuarial valuation using the projected unit credit method, as at the date of the BalanceSheet.

3. Other long term benefits:

Long term compensated absences are provided for on the basis of an actuarial valuation using theprojected credit unit method as at the date of the balance sheet. Actuarial gains/losses, if any, areimmediately recognised in Profit & Loss Account.


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SCHEDULE 18

NOTES ON ACCOUNTS

1. Background

SHCIL Services Limited (formerly National Depository Corporation of India Ltd.) was incorporated on14th February, 1995 and is engaged in the business of broking and advisory services. The Companyhas no branches / offices across the country.

2. Estimated amount of contracts remaining to be executed on capital account Rs.25,194,000/- (PreviousYear - Rs.2,080,000/-).Rs 25,000,000/- pertains to furnishing work in progress in Mahape Office.

3. Fixed Deposits

Fixed Deposits amounting to Rs. 32,500,000/- (Previous Year - Rs. 32,500,000/-) have been placedas collateral with the Corporation Bank towards Overdraft facility availed from the Bank.

4. Amount receivable/payable from/to clients/exchanges on account of broking transactions are accountedin the books on the date of settlement instead of on the date of transaction.

5. The bank accounts, client accounts, and sub-broker accounts balances are subject to reconciliation,adjustments, and confirmation.

6. Earning Per Share

Particulars Year ended Year ended March 31, 2010 March 31, 2009

Number of shares at the beginning of the year 3,500,000 3,500,000

Number of shares at the end of the year 3,500,000 3,500,000

Weighted average of shares outstanding during the year 3,500,000 3,500,000

Net Profit / (Loss) for the year ended (Rs.) 14,471,684 12,414,233

Less : Preference dividend on non-cumulative shares provided for (Rs.) - -

Net Profit / (Loss) available for equity shareholders (Rs.) 14,471,684 12,414,233

Basic & Diluted Earning Per Share (Rs.) 4.13 3.55

7. Based on the information available with the Company, the amount overdue to the suppliers as definedunder the “Micro, Small, and Medium Enterprises Development Act 2006” as on March 31, 2010 onaccount of principal amount together with interest aggregates to Rs. NIL.

8. Auditor’s Remuneration (Excluding Service Tax)


(Rs.) (Rs.)

Audit Fees 400,000 400,000

Tax Audit Fees 100,000 100,000

Other Services - -

Total 500,000 500,000


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9. Disclosure pursuant to Accounting Standard –15 (Revised) ‘Employee Benefits’

a. Effective from April 1, 2007, the company has adopted Accounting Standard 15(revised 2005) on ‘EmployeeBenefits’ issued by ICAI.

b. The Company has recognized the following amounts in the Profit and Loss Account for the year:

A)

Particulars As at As at March 31, 2010 March 31, 2009

(Rs.) (Rs.)

Contribution to Employees’ Provident Fund 720,042 661,822

Contribution to Employees’ Superannuation Fund 108,339 107,698

Contribution to Employees’ Pension Scheme 358,925 384,851

B) Defined Benefit Plans & other Long Term Employee Benefit valuations in respect of Gratuity have beencarried out by an independent actuary as at the Balance sheet date based on the following assumptions:

Actuarial Assumption As at As at March 31, 2010 March 31, 2009

(%) (%)

a Discount Rate 8.25 7.50

b Rate of Return on plan Assets 8.00 8.00

c Salary Escalation 5.00 5.00

i) Change in Benefit Obligation


(Rs.) (Rs.)

Liability at the beginning of the year 555,532 235,209

Interest Cost 67,871 35,157

Current Service Cost 349,420 204,251

Actuarial (gain)/loss on obligations (501,283) 80,915

Liability at the end of the year 471,540 555,532


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ii) Fair value of Plan Assets


(Rs.) (Rs.)

Fair Value of Plan Assets at the beginning of the year 467,940 294,719

Expected Return on Plan Assets 51,926 34,772

Contributions 181,141 139,933

Actuarial Gain/(Loss) on Plan Assets (51,926) (1,484)

Fair Value of Plan Assets at the end of the year 649,081 467,940

Total Actuarial Gain/(Loss) to be recognised 449,357 (82,399)

iii) Actual Return on Plan Assets


(Rs.) (Rs.)

Expected Return on Plan Assets 51,926 34,772

Actuarial gain/(loss) on Plan Assets (51,926) (1,484)

Actual Return on Plan Assets - 33,288

iv) Amount Recognised in the Balance Sheet


(Rs.) (Rs.)

Liability at the end of the year 471,540 555,532

Fair Value of Plan Assets at the end of the year 649,081 467,940

Difference 177,541 (87,592)

Unrecognised Past Service Cost - -

Unrecognised Transition Liability - -

Amount Recognised in the Balance Sheet 177,541 (87,592)

v) Expenses Recognised in the Income Statement


(Rs.) (Rs.)

Current Service Cost 349,420 204,251

Interest Cost 67,871 35,157

Expected Return on Plan Assets (51,926) (34,772)

Acturial Gain or Loss (449,357) 82,399

Expense Recognised in P& L (83,992) 287,035


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vi) Basis used to determine expected rate of return on assets

Expected rate of return on investments is determined based on the assessment made by theCompany at the beginning of the year on the return expected on its existing portfolio since theseare generally held to maturity, along with the estimated incremental investments to be madeduring the year.

vii) General descriptions of significant defined plans

Gratuity is payable to all eligible employees of the company on superannuation, death, andresignation in terms of provisions of the payment of Gratuity Act or as per the Company’s schemewhichever is more beneficial. Benefit would be paid at the time of separation based on the lastdrawn base salary.

10. Related Parties

List of Related Parties

a. Holding Company

Stock Holding Corporation of India Limited

b. Fellow Subsidiary

SHCIL Projects Limited

c. Key Management Personnel

Dinesh Shah - Whole Time Director till 30th November, 2009

Nitin Jog – Managing Director & CEO from 1st December, 2009

d. Associate/Firm

G.K.Management Services (I) Ltd.

Transactions with related party during the year ended March 31, 2010(Amt in Rs.)

Holding Company Fellow Subsidiary Associate / Firm Key Managerial Personnel

Nature of Transaction Year ended Year ended Year ended Year ended Year ended Year ended Year ended Year endedMarch 31, March 31, March 31, March 31, March 31, March 31, March 31, March 31,

2010 2009 2010 2009 2010 2009 2010 2009

Service Charges Received 2,910,824 670,528 - - - - - -

Sub - Brokerage Paid 215,497,445 97,745,906 - - - - - -

Reimbursement of Expenses (Net) 14,661,896 10,063,338 186,597 7,500 - 87,495 - -

Deputation Cost of Employees 4,090,105 2,223,880 - - - - 38,947 -

Sale of Fixed Assets 385,701 574,108 - - - - - -

Placement of Deposits 150,000,000 - - - - - - -

Repayment of Deposits 150,000,000 50,000,000

Outstanding Balances

Trade and Other Receivable/(Payable) (56,476,960) (9,939,905) 538,738 61,032 - - - -

Deposits Receivable/(Payable) (6,300,000) (6,300,000) - - - - - -


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11. Leases

The Company’s significant leasing agreements are in respect of operating lease for office premises. This leasehas been terminated by both the parties with mutual consent on 31.03.2010. The particulars of the leasepayments during the Financial Year 2009-10 charged to Profit and Loss account as rent and taxes are as under:


(Rs.) (Rs.)

Lease payments recognised in profit & loss for the period 15,020,331 20,343,656

12. Managerial Remuneration

Managerial Remuneration paid /payable to Directors for the year ended is as follows:


(Rs.) (Rs.)

Salary & Allowances 2,091,360 1,809,644

Contribution to Provident Fund 59,203 51,671

Contribution to Retirement Benefit 178,466 92,989

Telephone / Newspaper 38,947 15,109

Total 2,367,976 1,969,413

The Managerial Remuneration paid by the Company to Whole Time Director for the period April 2009 toNovember 2009 is in excess of the provision of Schedule XIII by Rs. 882,453. The company proposes to applyto the Central Government for obtaining approval for payment of remuneration to Whole Time Director.

13. Segment Reporting

The Company’s main business is to provide broking services to its clients. As such, there are no separatereportable segments, as per the Accounting Standard on “Segment Reporting” (AS 17) issued by ICAI.

14. Additional information required under Schedule VI, Part II of the Companies Act, 1956 to the extent notapplicable has not been given.

15. Figures for the corresponding previous year have been regrouped, recast and rearranged to conform to thoseof current year.


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Balance Sheet Abstract And Company’s General Business Profile As per Schedule VI, Part IV ofThe Companies Act, 1956I Registration Details

Registration No. 85602State Code 11Balance Sheet Date 3/31/2010

II Capital Raised During The Year (Amount in Rs. Lacs)Public Issue NILRights Issue NILBonus Issue NILPrivate Placement NIL

III Position of Mobilisation And Deployment of Funds (Amount in Rs. Lacs)Total Liabilities 801Total Assets 801Sources of FundsPaid-Up Capital 539Reserves & Surplus 262Secured Loans NILUnsecured Loans NILApplication of FundsNet Fixed Assets 74Capital Work in Progress 3Investments 4Net Current Assets 682Deferred Tax Assets 38Accumulated Losses NIL

IV Performance of Company (Amount in Rs. Lacs)Total Income 3678Total Expenditure 3396Profit/Loss(-) Before Tax 282Profit/Loss(-) After Tax 145Earnings Per Share In Rs. 4.13Dividend Rate (%) NIL

V Generic Names of Three Principal Products/Services of Company(As Per Monetary Terms)Item Code No. (ITC Code) *** N.A.Product Description Stock Broking*** No item code has been assigned to “Stock Broking” under Indian Trade Classification.

Mitul PalankarCompany Secretary






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Board of Directors

(as on July 16th , 2010)

R.C. Razdan Non-Executive Chairman

G.S.P. Sinha Director

K.S. Iyengar Director

Umesh Punde Director

Pankaj Inamdar Director

Jagdish Thakur Director

Sanjeev Vivrekar Managing Director & CEO

Statutory Auditors M/s PKF Sridhar & Santhanam

Internal Auditors M/s N D Kapur & Company

Registered Office : SHCIL House, P-51, T.T.C. Industrial Area, MIDC, Mahape,Navi Mumbai - 400 710

Tel : 91- 22 6177 8702 Fax : 91-22 6177 8705Web : www.shcilprojects.com


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DIRECTORS’ REPORT

The Directors are pleased to present the Fourth AnnualReport of your Company along with the audited Statementof Accounts for the F.Y. ended March 31, 2010.

AUDITED FINANCIAL RESULTS (Rs Lakh)

Particulars March March31,2010 31,2009

Income from operations 112.72 15.00Other income 8.40 1.91Expenditure 197.07 31.25Loss before Tax (75.95) (14.34)Provision for FBT & Deferred Tax 9.51 1.52Loss after Tax (85.46) (15.86)

OPERATIONS

During the year, the Company started buildingOrganisation structure and undertook recruitment for itsvarious departments viz marketing, operations,information technology.

Company is developing infrastructure of bins storage,vaults & carton storage at its Mahape premises taken onlease from SHCIL.

The Company took over business of Physical custody ofnon-security documents from SHCIL w.e.f Oct 01, 2009.

The Company has shifted its Registered office and alloperations in Mumbai from 224, Mittal Court, “B” Wing,2nd Floor, Nariman Point, Mumbai-400021 to Plot No. P-51, T.T.C., Industrial Area, MIDC, Mahape, Navi Mumbai- 400701 on February 15, 2010.

DIVIDEND

In view of loss of Rs 85.46 lakhs, the Directors have notrecommended any dividend for the F.Y. ended March31,2010.

BOARD OF DIRECTORS

SHCIL has nominated Shri R.C. Razdan, Shri K.S. Iyengar,Shri Umesh Punde, and Shri Pankaj Inamdar on the Boardas Additional Director w.e.f. October 1st,2009. ShriJagdish Thakur was also nominated on the Board by SHCILon December 16,2009. Shri R.C. Razdan was alsoappointed as Non-executive Chairman by the Board onOctober 01st,2009.

Present Composition of the Board of Directors is asunder :

Shri R.C. Razdan - Non Executive ChairmanShri Sanjeev Vivrekar - MD & CEOShri G.S.P. Sinha - Independent DirectorShri K.S.Iyengar - DirectorShri Umesh Punde - DirectorShri Pankaj Inamdar - DirectorShri Jagdish Thakur - Director

Shri G.S.P. Sinha, Director will retire at the ensuing AnnualGeneral Meeting and is eligible for re-appointment.

Shri L.Viswanathan, Shri R.H.Mewawala and ShriManoj Borkar submitted their resignation from theDirectorship of the Company w.e.f. October 01,2009.

STATUTORY AUDITORS

The present Statutory Auditors of the Company M/sPKF Sridhar & Santhanam, Chartered Accountantsretire at the ensuing Annual General Meeting andare eligible for re-appointment.

TRANSFER TO RESERVES

As the Company has incurred a loss, transfer of anyamount to general reserve is not envisaged.

FIXED DEPOSITS

The Company has not accepted any fixed depositsfrom public.

BUY BACK OF SHARES

During the financial year 2009-10, the Company hasnot announced any scheme of buy back of its sharesfrom its shareholders. Accordingly the requirementas to disclosure of reasons for failure to complete thebuy back within the time specified under Section 77Aof the Companies Act, 1956 does not arise.

PARTICULARS OF EMPLOYEES UNDER SECTION217(2A)

Since none of the employees of the Company earnedincome in excess of the amount specified under theprovisions of Section 217(2A) of the Companies Act,1956 read with the Companies (Particulars ofEmployees) Rules, 1975, the relevant provisions arenot applicable.


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COMPANIES (DISCLOSURE OF PARTICULARS INTHE REPORT OF THE BOARD OF DIRECTORS) -RULES 1988

a) As the Company does not carry out manufacturingactivities, particulars required to be disclosed withrespect to conservation of energy and technologyabsorption in terms of Section 217(1) (e) of theCompanies Act, 1956 read with Companies(Disclosure of Particulars in the Report of the Boardof Directors) Rules, 1988 are not applicable.

b) Foreign Exchange earning and outgoing during theyear under review:

Foreign Exchange earnings- NIL

Foreign Exchange outgo- NIL

DIRECTOR’S RESPONSIBILITY STATEMENT

In accordance with the provisions of Section 217(2AA)of the Companies Act, 1956, Directors state that,

• In the preparation of annual accounts the applicableaccounting standards have been followed;

• Accounting policies selected were appliedconsistently. Reasonable and prudent judgementsand estimates were made so as to give a true andfair view of the state of affairs of the Company as atthe end of March 31, 2010 and of the Company forthe period ended on that date;

• Proper and sufficient care has been taken for themaintenance of adequate accounting records inaccordance with the provisions of the Companies Act,1956 for safeguarding the assets of the Companyand for the preventing and detecting frauds and otherirregularities;

• The annual accounts of the Company have beenprepared on going concern basis.

ACKNOWLEDGEMENTS

The Board places on record its appreciation of thevaluable cooperation and goodwill of the Customers& Bankers. The Board also expresses its sincere thanksto the Central and State Governments and to the StockHolding Corporation of India Ltd for their cooperationand support in various spheres of the Companiesactivities. The Board of Directors also wishes to placeon record its appreciation of the dedication and hardwork of the staff and officers of the Company.

For and on behalf of theBoard of Directors

Place: Navi Mumbai Sanjeev Vivrekar G.S.P. SinhaDate : July 16th, 2010 Director Director


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AUDITORS’ REPORT

To The Members ofSHCIL Projects Limited

1. We have audited the attached Balance Sheetof SHCIL Projects Limited, as at 31st March,2010 and the Profit and Loss Account and theCash Flow statement for the year ended on thatdate, annexed thereto. These financialstatements are the responsibility of theCompany’s Management. Our responsibility isto express an opinion on these financialstatements based on our audit.

2. We conducted our audit in accordance withauditing standards generally accepted in India.Those standards require that we plan andperform the audit to obtain reasonable assuranceabout whether the financial statements are freeof material misstatement. An audit includesexamining, on a test basis, evidence supportingthe amounts and disclosures in the financialstatements. An audit also includes assessing theaccounting principles used and significantestimates made by Management, as well asevaluating the overall financial statementpresentation. We believe that our audit providesa reasonable basis for our opinion.

3. As required by the Companies (Auditor’s Report)Order, 2003 issued by the Central Governmentof India in terms of sub-section (4A) of section227 of the Companies Act,1956 (the Act )andon the basis of the checks of the books andrecords of the Company as we consideredappropriate and according to the informationand explanations given to us, we set out in theannexure a statement on the matters specifiedin paragraphs 4 and 5 of the said Order.

4. Further to our comments in the annexure referredto in paragraph ( 3 ) above, we report that :

a) We have obtained all the information andexplanations, which to the best of ourknowledge and belief were necessary forthe purposes of our audit;

b) In our opinion, proper books of Account asrequired by law have been kept by theCompany so far as appears from ourexamination of the books;

c) The Balance Sheet, the Profit and LossAccount and the Cash Flow Statement dealtwith by this report are in agreement withthe books of account;

d) In our opinion, the Balance Sheet, the Profitand Loss Account, the Cash Flow Statementand the schedules thereon dealt with by thisreport comply with the accounting standardsreferred to in sub – section (3C ) of Section211 of the companies Act, 1956;

e) On the basis of the representations receivedfrom the Directors as on 31st March, 2010 andtaken on record by the Board of Directors, noneof the Directors is disqualified as on 31st March,2010 from being appointed as a Director interms of Clause ( g ) of sub – section ( 1 ) ofsection 274 of the Companies Act, 1956.

5. In our opinion, and to the best of our informationand according to the explanations given to us, thesaid financial statements together with notes thereongives the information required by the CompaniesAct, 1956, in the manner so required and give atrue and fair view in conformity with the accountingprinciples generally accepted in India.

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

b) In the case of the Profit and Loss Account,of the loss for the year ended on that date;

c) In the case of the Cash Flow Statement, ofthe cash flows of the Company for the yearended on that date.

For PKF SRIDHAR & SANTHANAMChartered Accountants,

R. SuriyanarayananPartner

Membership No : 201402Firm’s registration no : 003990S

Mumbai, May 18, 2010


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Annexure to the Auditors’ Report

[Referred to in paragraph ( 3 ) of our report]

(i) a) The company is maintaining properrecords for all major assets showing fullparticulars, including quantitative detailsand situation of fixed assets.

b) The fixed assets have been physicallyverified by the management at the periodicintervals; no material discrepancies werenoticed on such verification.

c) The company has not sold or disposed offany asset during the year.

(ii) The Company has not granted / taken anyloans, secured or unsecured to companies,firms or other parties covered in the registermaintained under section 301 of the Act.

(iii) There is adequate internal control procedurecommensurate with the size of the Companyand the nature of its business for the purchaseof fixed assets; and for sale of goods andrendering services. During the course of ouraudit, we have not observed any continuingfailures to correct major weaknesses in internalcontrols.

(iv) According to the information and explanationgiven to us that there are no transactions madethat need to be entered in the registermaintained under section 301 of theCompanies Act, 1956.

(v) In our opinion the company, has an internalaudit system to commensurate with its sizeand nature of its business.

(vi) a) The Company is regular in depositing withappropriate authorities undisputedstatutory dues including Provident Fund,Professional Tax, Investor EducationProtection fund, Employees’ StateInsurance, Income tax, Sales tax, Wealthtax, Service tax, Custom duty, Excise Duty,Cess and other material statutory duesapplicable to it.

b) According to the information andexplanations given to us, no undisputedamounts payable in respect of Income tax,Sales tax, Wealth tax, Service tax, CustomDuty, Excise Duty and Cess were in

arrears, as on 31.03.2010 for a periodof more than six months from the datethey become payable.

c) There are no dues of Income Tax, SalesTax, Wealth tax, Service tax, Custom duty,Excise Duty and Cess which have not beendeposited on account of any dispute.

(vii) The Company has not given any loan duringthe year.

(viii) According to the information and explanationgiven to us, the Company has not given anyguarantee for Loans taken by others from bankor financial institutions.

(ix) The Company has not taken any term loansduring the year.

(x) On an overall examination of the BalanceSheet of the Company funds raised on shortterm have not been used for long-terminvestment.

(xi) During the year, the company has not madeany preferential allotment of shares to partiesand companies covered in the registermaintained under section 301 of theCompanies Act,1956.

(xii) According to the information and explanationsgiven to us, the Company has not issued anydebentures, during the year .

(xiii) The Company has not raised any money bypublic issues during the year.

(xiv) According to the information and explanationsprovided to us, no fraud on or by the Companyhas been noticed or reported during the year.

Clauses ( ii ), ( vi ), ( viii ), ( x ), ( xi ), ( xiii ),and ( xiv ) of the Companies (Auditor’s Report)order, 2003 are not applicable to theCompany during the period under review.

For PKF SRIDHAR & SANTHANAMChartered Accountants,

R. SuriyanarayananPartner

Membership No : 201402Firm’s registration no : 003990S

Mumbai, May 18, 2010


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BALANCE SHEET AS AT MARCH 31, 2010

Amt in RupeesSchedule As at As at

31-Mar-10 31-Mar-09

SOURCES OF FUNDSShareholders’ fundShare capital 1 87,500,000 17,500,000Deferred Tax liability (net) 1,044,472 152,090

88,544,472 17,652,090

APPLICATION OF FUNDSFixed assetsGross block 2 26,574,884 3,264,148Less: Accumulated depreciation / amortisation 3,713,039 567,111Net block 22,861,845 2,697,037Add : Capital work in progress 10,906,060 -

33,767,905 2,697,037Investments 3 - 867,535Current assets, loans and advancesCash and bank balances 4 42,261,243 10,146,381Loans and advances 6 3,124,601 1,416,021Sundry Debtors 5 6,597,463 353,778

51,983,307 11,916,180

Less: Current liabilities and provisionsCurrent liabilities 7 7,021,861 456,344Other liabilities 8 2,164,548 881,674Provisions 9 76,179 -

9,262,588 1,338,018

Net current assets 42,720,719 10,578,163Profit & Loss Accounts 12,055,848 3,509,354

88,544,472 17,652,089

SIGNIFICANT ACCOUNTING POLICES 13NOTES TO ACCOUNTS

The Schedules referred to above forman integral part of the Balance SheetAs per our report of even date

For PKF Sridhar & SanthanamChartered Accountants

R. Suriyanarayanan Jyoti KatiraPartner Head FinanceMembership No: 0201402Firm Registration no: 003990S

Navi MumbaiDate : May 18, 2010

Signatures to Balance Sheetand Schedules 1 to 9 & 13


Sanjeev VivrekarM D & CEOG. S. P. SinhaJagdish ThakurUmesh PundeDirectors



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PROFIT AND LOSS ACCOUNT FOR THE YEAR ENDED MARCH 31, 2010

Amt in RupeesYear Ended Year Ended

Particulars Sch. Mar-10 Mar-09

Income

Income from operations 10 11,272,850 1,500,646Other income 11 839,989 191,112Total Income (A) 12,112,839 1,691,757

Expenditure

Operating Expenses 12 16,561,619 2,612,911Depreciation / amortisation 2 3,145,928 512,554Total Expenditure (B) 19,707,547 3,125,465

Profit Before Tax (A - B = C) (7,594,708) (1,433,708)

Provision for taxation

Current tax (relating to earlier year) 59,403 -

Fringe benefit tax - 15,937Deferred tax 892,382 137,309Profit After Tax (8,546,493) (1,586,954)

(Loss) brought forward from previous period (3,509,355) (1,922,402)

(12,055,848) (3,509,355)Less: Appropriations - -

Balance c/f to balance sheet (12,055,848) (3,509,355)

Earnings per share before extraordinary items(Basic & Diluted) in Rupees (2.14) (2.06)

SIGNIFICANT ACCOUNTING POLICES 13

NOTES TO ACCOUNTS

The Schedules referred to above forman integral part of the Profit & Loss AccountAs per our report of even date




Signatures to Profit & Loss Accountand Schedules 10 to 13





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CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2010

(Currency: Indian Rupees)Year Ended Year Ended

March 31, 2010 March 31, 2009Cash flows from operating activities :Profit before tax (7,594,708) (1,433,707)Adjusted for:Depreciation/amortisation 3,145,928 512,554Short provision of tax for AY 07-08 (59,403) -Interest income 446,626 (191,112)Dividend income from mutual funds

3,533,152 321,442Operating Profit / (loss) before working capital changes (4,061,556) (1,112,265)Changes in working capital(Increase )/ Decrease in Current assets (7,952,265) (1,206,785)Increase / (Decrease) in Current Liabilities 7,924,570 955,649

(27,695) (251,136)Cash generated from operations (4,089,251) (1,363,401)Taxes paid - (15,937)Net cash generated from operating activities (4,089,251) (1,379,338)Cash flows from investing activities :Purchase of fixed assets including capital work in progress (34,216,796) (3,127,978)Sale/Redemption of Investments 867,535 4,458,888Interest received (446,624) 191,112Net cash generated from / (used in) investing activities (33,795,885) 1,522,022Cash flows from financing activities :Proceeds of issue of capital 70,000,000 10,000,000Net cash (used in) financing activities 70,000,000 10,000,000Net (decrease) / increase in cash and cash equivalents 32,114,863 10,142,683Cash and cash equivalents, beginning of the year 10,146,381 3,698Cash and cash equivalents, end of year 42,261,244 10,146,381Note: Cash and cash equivalents include the following :Cash balance 4,898 -Balance with scheduled banks:- in current accounts 596,967 10,146,381- in deposit accounts 41,659,378

42,261,243 10,146,381

Note: Cash Flow Statement is prepared under Indirect MethodAs per our report attached








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SCHEDULES TO THE FINANCIAL STATEMENTS

Amt in RupeesAs at As at

Mar-10 Mar-09SCHEDULE 1SHARE CAPITALAuthorised50,00,000 preference shares of Rs 10 each - 50,000,0001,00,00,000 ( 2009: 50,00,000) equity shares of Rs 10 each 100,000,000 50,000,000

100,000,000 100,000,000

Issued, subscribed and paid-up87,50,000 (2009: 17,50,000) equity shares of Rs 10 each,fully paid-up 87,500,000 17,500,000The entire paid up share capital is held by Stock HoldingCorporation of India and its Nominees

87,500,000 17,500,000

SCHEDULE 2FIXED ASSETS :

(Amt in Rupees)

GROSS BLOCK (At Cost) DEPRECIATION NET BLOCK

Particulars As at As at As at On For the As at As at As at1.04.2009 Additions Deductions 31.03.2010 1.04.2009 Deductions Year 31.03.2010 31.03.2010 31.03.2009

Tangible assets

Computers/printeres 136,170 1,849,678 - 1,985,848 87,202 - 272,283 359,485 1,626,363 48,968

Scanners 3,127,978 3,126,349 - 6,254,327 479,909 - 2,134,333 2,614,241 3,640,086 2,648,069

Motor vehicles - 1,004,385 - 1,004,385 - - 168,132 168,132 836,253 -

Office equipments - 75,537 - 75,537 - - 2,793 2,793 72,744 -

Plant and Machinery - 15,780,417 - 15,780,417 - - 436,472 436,472 15,343,945 -

Total 3,264,148 21,836,366 - 25,100,514 567,111 - 3,014,013 3,581,124 21,519,390 2,697,037

Intangible assets

Bought out softwares - 205,400 - 205,400 - - 68,467 68,467 136,933 -

Internally developed software - 1,268,970 - 1,268,970 - - 63,448 63,448 1,205,522 -

Grand Total 3,264,148 23,310,736 - 26,574,884 567,111 - 3,145,928 3,713,039 22,861,845 2,697,037

Previous Year Total 136,170 3,127,978 - 3,264,148 54,557 - 512,554 567,111 2,697,037 81,613

Particulars As at As at As at On For the Upto As at As at1.04.2009 Additions Deductions 31.03.2010 1.04.2009 Deductions Year 31.03.2010 31.03.2009

Capital work in Progress

Internally developed software - - - - - - - - 2,236,362 -

Others - - - - - - - - 8,669,698 -

Total - - - - - - - - 10,906,060 -

Grand Total 3,264,148 23,310,736 - 26,574,884 567,111 - 3,145,928 3,713,039 33,767,905 2,697,037


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SCHEDULES TO THE FINANCIAL STATEMENTS


Mar-10 Mar-09

SCHEDULE 3INVESTMENTS -Current investments ( unquoted non trade)Mutual funds ( at lower of cost or NAV)IDFC Liquid fund plan ( daily dividend) - 867,535(Earlier known as Standard Chartered Liquidity management)(Dividend reinvested Rs. 20,236)

- 867,535SCHEDULE 4CASH AND BANK BALANCESCash balance 4,898 -Balance with scheduled banks:- in current accounts 596,967 10,146,381- in deposit accounts 41,659,378 -

42,261,243 10,146,381

SCHEDULE 5SUNDRY DEBTORSOutstanding over six monthsUnsecured and considered doubtful 84,640 -Less: Provision for doubtful debts (84,640) -

- -Unsecured and considered good 1,045,252Total 1,045,252 -Outstanding for less than 6 months 5,552,211 353,778Unsecured and considered good

6,597,463 353,778

SCHEDULE 6LOANS AND ADVANCESAdvances recoverable in cash or in kind 1,734,577 115,260Surplus in Gratuity insurance fund 108,891Advance tax payments and TDS 125,246 482,497Security & other deposits 72,500 13,000Accrued income 1,083,387 805,264

3,124,601 1,416,021


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Mar-10 Mar-09

SCHEDULE 7CURRENT LIABILITIESSundry creditorsDue To Micro & Small Enterprises - -Due To Holding Company 7,021,861 456,344

7,021,861 456,344

SCHEDULE 8OTHER CURRENT LIABILITIESStatutory liabilities 1,245,707 146,519Other liabilities 918,841 735,155

2,164,548 881,674

SCHEDULE 9PROVISIONSCurrent tax - -Provision for Leave Encashment 76,179 -

76,179 -


Mar-10 Mar-09

SCHEDULE 10INCOME FROM OPERATIONS

Physical custody income 8,023,090 -Income from digitization of documents 2,949,760 1,500,646Income from sale of software 300,000 -

11,272,850 1,500,646

SCHEDULE 11OTHER INCOME

Dividend income from mutual funds 21,662 191,112Interest on fixed deposit (2010:TDS Rs.19,106; 2009 TDS: Nil) 782,492 -Interest on income tax refund 35,835 -

839,989 191,112


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Mar-10 Mar-09

SCHEDULE 12OPERATING EXPENSES

Salaries 5,725,714 1,128,988Contribution to PF & Superannuation fund 241,023 -Staff Welfare 472,924 -Outsourcing Expenses 2,629,318 554,304Traveling & Conveyance 796,593 369,365Repairs & Maintenance 422,117 95,902Postage, Printing & Stationery 322,299 44,034Director’s Sitting Fees 210,000 155,000Telephone & Telecommunication 171,175 20,236Commission 685,037 40,883Rent Rates & Taxes 1,264,164 42,500Legal & Professional Charges 299,382 94,292Audit Fee 136,500 35,000Insurance 52,538 15,945Bank Charges 12,694 230Software Expenses 838,364 -Physical Custody Expenses 1,101,127 -Security Expenses 389,745 -Provision for Doubtful Debts 84,640 -Other Expenses 706,264 16,231

16,561,619 2,612,911


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SCHEDULE 13

SIGNIFICANT ACCOUNTING POLICIES AND NOTES TO ACCOUNTS

1 Significant Accounting Policies

A) System of Accounting

The financial statements have been prepared on accrual basis under the historical cost convention, inaccordance with the accounting principles generally accepted in India and comply with the AccountingStandards (AS) notified by the Central Government under the Companies (Accounting Standards)Rules, 2006 and with the relevant provisions of the Companies Act, 1956, to the extent applicable.

B) Use of Estimates

The preparation of the financial statements in conformity with generally accepted accounting principlesrequires management to make estimates and assumptions that affect the reported amount of assets andliabilities as of the Balance Sheet date, reported amounts of revenues and expenses for the year endedand disclosure of contingent liabilities as of the Balance Sheet date. The estimates and assumptionsused in these financial statements are based upon management’s evaluation of the relevant facts andcircumstances as on the date of the financial statements. Actual results may differ from those estimates.Any revision to accounting estimates is recognized prospectively.

C) Revenue recognition

Service revenue is recognized on percentage completion method.

Dividend income from investment is recognized as and when right to receive the income is established.

Interest income is recognized on time proportion basis.

D) Fixed Assets

Tangible Assets:

Fixed assets are stated at cost of acquisition less accumulated depreciation. Cost includes expensesrelated to acquisition and installation of the concerned asset.

Intangible Assets:

Software bought out is capitalized at acquisition price. Software developed internally is recognized asan asset at cost when significant economic benefits are expected to accrue in future. Cost comprises ofall expenditure that can be directly attributed for creation, production and making the software readyfor its intended use.

E) Investments

Current investments are stated at cost of acquisition or market value which ever is lower.

F) Depreciation

Tangible Assets:

Depreciation is provided on the written down value method at the rates specified in Schedule XIV tothe Companies Act, 1956. Depreciation on additions/disposal during the year is calculated on pro-rata basis from / upto the date of acquisition/disposal.

Intangible Assets:

Software both bought out and internally developed is amortized on straight line method at lower of theestimated life of the product and ten years.


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G) Impairment of assets

The Company assesses at each Balance Sheet date whether there is any indication that any asset maybe impaired. If any such indication exists, the carrying value of such assets is reduced to its recoverableamount and the impairment loss is recognized in the Profit and Loss Account. If at the Balance Sheetdate there is any indication that a previously assessed impairment loss no longer exists, then such lossis reversed and the asset is restated to that extent.

H) Accounting of Operating Leases (as a lessee)

Where lease rentals are so structured that the rental is higher in the later years, lease rentals havebeen recognized as an expense in the statement of Profit and Loss Account on straight line basis overthe term of the lease. The difference between the equated rent and the rent as per the agreement istransferred to Provision for Lease Equalization account to be adjusted over the period of the lease.

In other cases, lease rentals are accounted as per the terms of the lease contract.

I) Employee Benefits


All employees of the company are entitled to receive benefits under the Provident Fund which is adefined contribution plan. Both the employee and the employer make monthly contribution to theplan at a predetermined rate (presently 12%) of the employee’s salary. These contributions aremade to the fund administered and managed by the Government of India.

Certain employees are entitled to receive benefits under the Superannuation Fund , which is also adefined contribution plan. Company provides 15% of basic salary towards contribution toSuperannuation Fund and is charged to Profit & Loss account.


Retirement benefit in the form of gratuity is considered as Defined Benefit Obligation and isprovided for on the basis of an actuarial valuation using the projected unit method, at the end ofeach financial year in accordance with Accounting Standard 15.

3. Compensated Absences:

Long term compensated absences are provided on actuarial valuation. The actuarial valuation isdone at the end of the financial year on Projected Unit Credit Method. Actuarial gains/losses ifany are immediately recognized in the Profit and Loss Account. Short term compensated absencesare provided on estimated availment pattern.

J) Taxation

Current tax

The Company provides for income tax on the basis of taxable income for the current accountingperiod in accordance with the provisions of the Income Tax Act, 1961.

Deferred tax

Deferred tax assets and liabilities are recognised for the future tax consequences attributable to timingdifferences between the accounting income as per the Company’s financial statements and the taxableincome for the year.

Deferred tax charge or credit and the corresponding deferred tax liabilities or assets are recognisedusing the tax rates that have been enacted or substantively enacted by the Balance Sheet date.


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Deferred tax assets are recognised only to the extent there is reasonable certainty that the assets canbe realised in future, however, where there is unabsorbed depreciation or carried forward loss undertaxation laws, deferred tax assets are recognised only if there is virtual certainty of realization of suchassets.

Deferred tax assets are reviewed as at each Balance Sheet date and appropriately adjusted to reflectthe amount that is reasonably/virtually certain to be realised.

K) Provision and Contingent Liabilities

A provision is recognized when the company has a present obligation as a result of past event; it isprobable that an outflow of resources will be required to settle the obligation, in respect of which areliable estimate can be made. Provisions are not discounted to their present value and are determinedbased on best estimate required to settle the obligation at the Balance Sheet date. These are reviewedat each Balance Sheet date and adjusted to reflect the current best estimates.

Contingent losses arising from claims other than insurance claims, litigation, assessment, fines, penalties,etc. are recorded when it is probable that a liability has been incurred and the amount can bereasonably estimated.

A disclosure for a contingent liability other than those under accounting policies is made when there isa possible obligation or a present obligation that may, but probably will not require an outflow ofresources.

When there is a possible obligation or a present obligation in respect of which the likelihood ofoutflow of resources is remote, no provision or disclosure is made.

Contingent assets are not disclosed.

NOTES TO ACCOUNTS

1 During the year the company has issued 7,000,000 equity shares of Rs. 10 each to its holdingcompany, Stock Holding Corporation of India Limited, at par.

2 Contingent Liabilities (Amt in Rs)

As at As atParticulars March 31, 2010 March 31, 2009

Estimated amount of contract to be executed oncapital account (net of advances) 20,390,534 -

Bank Guarantee - -

20,390,534 -

3 The Company is a signatory to the Memorandum and Articles of Association of Hannobe TechnologiesPrivate Limited (HTPL) including therein a subscription of 40,000 shares of Rs.10/- each (Rs.400,000/-)on 2nd January 2007. HTPL was incorporated on 22nd February 2007. However as per BoardResolution passed on 25th June 2007, the Company decided not to subscribe these shares and henceno payments were made towards the same.

4 The Company has acquired the document storage business, primarily consisting of the fixed assets ofthe business and a few customer contracts from SHCIL, with effect from October 01, 2010, for aconsideration of Rs.5,502,276/-. Considering that the business primarily consisted of Fixed Assets, theentire consideration has been allocated to Fixed Assets.


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5 Payment of Managerial Remuneration: (Amt in Rs)


Managerial Remuneration

Salary and Allowances 1,356,713 -

Contribution to PF and other Funds 125,708 -

Perquisites (As per Income Tax Rules) 18,900 -

1,501,321 -

Note: Excludes towards gratuity and leave accrued determined actuarially, by Holding CompanyStock Holding Corporation of India Limited, on an overall basis, the amount whereof is not ascertainable.

6 Payment to Auditors (excluding Service Tax)(Amt in Rs)

Particulars For the year For the yearended ended

31.03.2010 31.3.2009

Statutory Audit Fees 105,000 35,000

Tax Audit Fees 31,500 -

TOTAL 136,500 35,000

7 Deferred Tax

The major components of deferred tax assets and liabilities arising on account of timing differences areas under:-

(Amt in Rs)As at As at

March 31, 2010 March 31, 2009Deferred Tax LiabilitiesDepreciation 1,068,011 152,090Deferred Tax AssetsProvision for Gratuity - -Provision for Leave Encashment 23,539 -

Net Deferred Tax Liability 1,044,472 152,090

8 Related Partiesa. List of Related Parties

Holding Company

Stock Holding Corporation of India LimitedFellow Subsidiary

SHCIL Services LimitedKey Management Personnel

Sanjeev Vivrekar – MD & CEO


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b. Transactions with related parties for the year ended March 31, 2010.(Amt in Rs)

For the year ended 31st March 2010 For the year ended 31st March 2009

Particulars Holding Fellow Key Total Holding Fellow Key TotalCompany Subsidiary Managerial Company Subsidiary Managerial

Personnel Personnel

Reimbursementof Expenses 3,393,770 170,946 - 3,564,716 415,895 - - 415,895

Rent 1,228,464 25,000 - 1,253,464 - 30,000 - 30,000

ManagerialRemuneration - - 1,501,321 1,501,321 - - - -

Purchase ofBusiness 5,502,276 - - - - - - -

Subscription toShare Capital 70,000,000 - - 70,000,000 10,000,000 - - 10,000,000

Commission 685,037 - - 685,037 40,449 - - 40,449

Sitting Fees Paid 210,000 - - 210,000 120,000 - - 120,000

c. Balance with related parties as at March 31, 2010As at As at

March 31, 2010 March 31, 2009Holding Company

Stock Holding Corporation of

India Limited -7,021,861 - 456,344

Fellow Subsidiaries

SHCIL Services Limited 575,811 -

9 Earning per Share

For the year For the yearended ended

31.3.2010 31.3.2009

Number of shares at the beginning of the period 1,750,000 750,000

Number of shares at the end of the period 8,750,000 1,750,000

Weighted average number of sharesoutstanding during the year 4,002,055 770,000

Net Profit/(Loss) for the period (Rs.) -8,546,492 -1,586,953

Net Profit/(Loss) available forequity shareholders (Rs.) -8,546,492 -1,586,953

Basic & Diluted Earning per share (Rs.) -2.14 -2.06


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10 Operating Leases

Lease Payments As at As atMarch 31, 2010 March 31, 2009

Not later than one year 1,101,480 -

Later than one year but not later than 5 years 2,202,960 -

Later than 5 years - -

Total 3,304,440 -

Minimum Lease rental charged to Profit and Loss Account 1,253,464 -

11 Disclosure pursuant to Accounting standard – 15 ‘Employee Benefits’

a) Defined Contribution plan

Contribution to provident fund and superannuation fund aggregating to Rs. 261,123 (Nil for FY08-09) is recognized as an expense and included in “Personnel costs”.

b) Defined benefit plan

The Company is statutorily required to provide for gratuity a defined benefit retirement plancovering eligible employees. Gratuity plan provides for a lump sum payment to employees onretirement, death, incapacitation, termination of employment, of amounts that are based on salariesand tenure of the employees.

The gratuity liability is funded by the company through contributions made to LIC

Present Liability of Gratuity is accounted based on actuarial valuation done by a professionalactuary.

(Amt in Rs)

I. Actuarial assumptions : 2009-10 2008-09

Discount Rate 8.25% -

Rate of Return on Plan Assets * 8.00% -

Future Salary Rise** 5.00% -

Attrition Rate Current Year 2.00% -

* This is based on expectation of the average long term rate of return expected on investmentsof the Fund during the estimated term of the obligations.

** The Estimates of future salary increases considered in actuarial valuation, take account ofinflation, seniority, promotion and other relevant factors such as supply and demand factors inemployments markets

II. Table showing change in Benefit Obligation:

Liability at the beginning of the year - -

Interest cost - -

Current service cost 57,488 -

Liability at the end of the year 57,488 -


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III. Fair Value of Plan Assets*** :

Fair value of plan assets at the beginning of the year - -

Expected Return on plan assets - -

Contributions 166,379 -

Fair value of plan assets at the end of the year 166,379 -

Total Actuarial (Gain) / Loss to be recognized - -

*** The fair value of the plan assets does not include the Company’s own financial instruments.

IV. Recognition of Transitional Liability - NIL

V. Actual Return on Plan Assets : NIL

VI. Amount Recognised in the Balance Sheet :

Liability at the end of the year 57,488 -

Fair value of plan assets at the end of the year 166,279 -

Difference (108,891) -

Unrecognized past service cost - -

Unrecognized Transition Liability - -

Amount recognised in the Balance SheetLiability / (Assets) (108,891) -

VII. 100% of the Plan assets has been invested in Insured Managed Funds

VIII. Expenses Recognised in the Income Statement:

Current service cost 57,488 -

Interest cost - -

Expense recognised in P & L 57,488 -

IX. Balance Sheet Reconciliation

Opening net liability - -

Expense as above 57,488 -

Employers contribution (166,379) -

Amount recognised in Balance Sheet (108,891) -

IX. Expected Employer’s Contribution in next year is Rs. NIL (Actual Contribution in Current Year166,379)

X. Experience Adjustments – Not Applicable

c) Compensated Absences for Employees

The Company permits encashment of leaves accumulated by its employees on retirement, separationand during the course of service. The liability for unexpired leave is determined and provided onthe basis of actuarial valuation at the Balance Sheet date. The compensated absences liability isnot funded.


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i. Actuarial Assumptions at the Valuation date

Particulars 2009 – 2010 2008 – 2009

Discount Rate 8.25% p.a. -

Salary Escalation Rate 5.00% p.a. -

Mortality Published notes under the LIC(1994 – 96) Mortality Tables

ii. Amount recognized in Balance Sheet and movements in net liability:

(Amt in Rs)

Particulars 2009 – 2010 2008 – 2009

Opening Balance of Compensated Absences (X) - -

Present value of Compensated Absences (As peractuary valuation) (Y) as on 31.03.2010 76,179 -

Unfunded / (Excess) liability of CompensatedAbsences recognised in the Profit andLoss account for the year (Y – X) 76,179 -

12 Details of Investments

Name of Scheme Face Value As at March 31st 2010 As at March 31st 2009Rupees No of Units Rupees No of Units Rupees

IDFC Mutual Fund 1000 - - 687.63 687,771

Total - - 687.63 687,771

13 As per the definitions of ‘business segment’ and ‘geographical segment’, contained in accountingStandard - 17 (AS-17) “Segment Reporting”, the Management is of the opinion as the company isoperating in document storage business, there is neither more than one reportable business segmentnor more than one reportable geographical segment, and, therefore, segment information as perAS-17 is not required to be disclosed.

14 Based on the information available with the Company, the amount overdue in case of suppliers asdefined under the “Micro, Small and Medium Enterprises Development Act, 2006” as on March 31,2010 on account of principal together with interest is NIL.

15 There are no foreign currency exposures that are not hedged by a derivative instrument or otherwise.The company has no derivatives.

16 Figures for the previous period have been regrouped wherever necessary, so as to make themcomparable with those of the current year.


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BALANCE SHEET ABSTRACT AND COMPANY’S GENERAL BUSINESS PROFILE AS PER SCHEDULEVI PART (IV) OF THE COMPANIES ACT, 1956

I Registration Details

Registration Number 163728

State Code 11

Balance Sheet Date 31.03.2010

II Capital Raised during the year (Amt in Rs. Thousands)

Public Issue -

Right Issue -

Bonus Issue -

Private Placement 70,000

III Position of mobilization and deployment of Funds

(Amt in Thousands)

Total Liabilities 88,544

Total Assets 88,544

Sources of Funds

Paid Up Capital 87,500

Reserves & Surplus -

Secured & Unsecured Loans -

Deferred Tax Liability 1,044

Application of Funds

Net Fixed Assets 33,768

Investments -

Net Current Assets 42,721

Profit and Loss Account 12,055

IV Performance of the Company (Amt in Rs Thousands)

Turnover 12,112

Total Expenditure 19,707

Loss Before Tax (7,595)

Loss After Tax and extraordinary items (8,546)

Dividend Rate % -

V Generic Names of Three Principal Products/ Document ManagementSystem and Services of the Company Service, Project facilitation

Service


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BALANCE SHEET AS AT JUNE 22, 2009

Schedule As at As at

June 22, 2009 March 31, 2009(Rupees) (Rupees)

SOURCES OF FUNDS:

Shareholder’s Funds

Share Capital 1 500,070 500,070

500,070 500,070

APPLICATION OF FUNDS:

Currents Assets,Loans and Advances

Cash and Bank Balance 2 140,261 170,843

Less: Current Liabilities and Provisions

Current Liabilities 3 89,530 -

Net Current Assets 50,731 170,843

Profit & Loss Account 449,339 329,227

500,070 500,070

NOTES TO ACCOUNTS 4

The Schedules referred to above form Signatures to the Balance Sheetan integral part of the Balance Sheet and Schedules 1 to 4

As per our Report of even date

For and on behalf ofKALYANIWALLA & MISTRY For and on behalf of the BoardCHARTERED ACCOUNTANTS

Manoj BorkarUmesh PundeR. Anand

Vinayak M. Padwal DirectorsPartnerMumbaiDate : August 04, 2009

SHCIL COMMODITIES AND DERIVATIVES TRADING LIMITED(Formerly INDIAN SECURITIES DEPOSITORY NOMINEE COMPANY LIMITED)

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PROFIT AND LOSS ACCOUNT FOR THE PERIOD ENDED JUNE 22, 2009

Period Year ended01-Apr-09 March 31,2009

to 22-Jun-09Schedules (Rupees) (Rupees)

INCOME :

Income from Operations - -

Other Income - -

- -

EXPENDITURE:Professional & Legal fees 118,884 50,868

Audit Fees 1,103 6,618

Bank Charges 125

120,112 57,486

LOSS FOR THE YEAR 120,112 57,486

Loss brought forward from previous year 329,227 271,741

449,339 329,227

Notes to Accounts 4

The Schedules referred to above form Signatures to the Profit & Loss Accountan integral part of the Profit & Loss Account and Schedule 4

As per our Report of even date

For and on behalf ofKALYANIWALLA & MISTRY For and on behalf of the BoardCHARTERED ACCOUNTANTS

Manoj BorkarUmesh PundeR. Anand

Vinayak M. Padwal DirectorsPartnerMumbaiDate : August 04, 2009


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As at As atJun 22,2009 March 31,2009

(Rupees) (Rupees)

SCHEDULE 1

SHARE CAPITAL

Authorised

900,000 Equity shares of Rs 10/- each 9,000,000 9,000,000

100,000 Unclassified shares of Rs 10/- each 1,000,000 1,000,000

10,000,000 10,000,000

Issued, Subscribed and Paid-up

50,007 Equity shares of Rs 10/- each fully paid up 500,070 500,070

500,070 500,070

SCHEDULE 2

CASH & BANK BALANCES

Cash on hand 2,414 2,414

Balance with schedule bank in current account 137,847 168,429

140,261 170,843

SCHEDULE 3

CURRENT LIABILITIES

Sundry Creditors 89,530 -

89,530 -


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SCHEDULE 4

NOTES TO ACCOUNTS

1. Background

SHCIL Commodities And Derivatives Trading Limited (formerly Indian Securities Depository NomineeCompany Limited) was incorporated in the year 1995. The Company is yet to commence operations.

2. Significant Accounting Policies

a. Accounting Convention

The Financial Statements are prepared under the historical cost convention, on the accrual basis ofaccounting and in accordance with the generally accepted accounting principles in India and theaccounting standards issued by ICAI to the extent applicable.

3. Other information required to be given under part II of Schedule VI to the Company’s Act, 1956 to theextent not applicable has not been given.

4. Figures for the previous year have been regrouped wherever necessary, so as to make them comparablewith those of the current year.

5. The company has decided to voluntary wind up.


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Statement as at June 22, 2009 showing assets at estimated realizable values and liabilities expected to rank.

ASSETS BOOK ESTIMATED TOVALUE REALISE

1. Balance at Bank 137,847 137,8472. Cash in hand 2,414 2,4143. Marketable Securities NIL NIL4. Bills Receivable NIL NIL5. Trade Debtors NIL NIL6. Loans & Advances NIL NIL7. Unpaid Calls NIL NIL8. Stock in trade NIL NIL9. Work in progress. viz., NIL NIL10. Freehold Property NIL NIL11. Leasehold Property NIL NIL12. Plant & Machinery NIL NIL13. Furniture, fittings, utensils, etc. NIL NIL14. Patents, Trade Marks, etc. NIL NIL15. Investments other than Marketable Securities NIL NIL16. Other property, viz… NIL NIL

TOTAL 140,261 140,261

LIABILITIES Estimated to rank for payment (to the nearest rupee)1. Secured on specific assets, viz, NIL NIL2. Secured by floating charge(s), viz., NIL NIL3. Estimated cost of liquidation and other 89,530 89,530

expenses including interest accruing untilpayments of debts in full

4. Unsecured creditors NIL NIL(amounts estimated to rank for payment)(a) Trade accounts NIL NIL(b) Bills payable NIL NIL(c) Accrued Expenses NIL NIL(d) Other liabilities NIL NIL(e) Contingent Liabilities:- NIL NILTOTAL 89,530 89,530

Total estimated value of assets 140,261 140,261Total estimated value of Total liabilities 89,530 89,530Estimated surplus after paying debts in full 50,731 50,731NOTE:Particulars Rs.

Winding up expenses 80,000Audit Fess 1,103Fees for E - Filing of Return of Income for AY 09-10 8,427TOTAL 89,530

Dated 04/08/2009 Manoj Borkar Umesh Punde R. AnandDirector Director Director


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To,

Board of Directors

SHCIL Commodities & Derivatives Trading Ltd.Mittal court, B wing Second floor, 224Nariman Point, Mumbai 400 021

We have reviewed the statement of affairs of M/s. SHCIL Commodities & Derivatives Trading Ltd. (TheCompany) having its registered office at Mittal court, B wing Second floor, 224, Nariman Point, Mumbai400 021 as on June 22, 2009. The same has been prepared by the management of the company. Onbasis of review of the books of accounts as produced before us and the basis of the information andexplanation furnished to us, we hereby certify that the Company is having adequate assets to discharge itsliabilities and shall be in a position to pay all its liabilities as on June 22, 2009 in full within a period notexceeding three years from the date of commencement of the winding up.


Kalyaniwalla & MistryChartered Accountants

Vinayak M. PadwalPartnerM. No. 49639

Mumbai July 07, 2009


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BOARD OF DIRECTORS (AS ON JUNE 30, 2010)

Venkataraman Srinivasan

Shreekant Gopal Patwardhan

Statutory Auditors MGI N RAJAN ASSOCIATESCertified Public Accountants,Singapore

UNITEC VALUE SOLUTIONS PTE. LTD.(Incorporated in the Republic of Singapore)

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DIRECTORS’ REPORT

The Directors submit their report together with the audited financial statements of the company for the yearended 31 MARCH 2010.Directors:

The directors in office at the date of this report are:-Venkataraman SrinivasanShreekant Gopal PatwardhanArrangements to enable directors to acquire shares or debentures:

Neither at the end of nor at any time during the financial year was the company a party to anyarrangement whose object is to enable the directors of the company to acquire benefits by means of theacquisition of shares or debentures of the company or any other body corporate.Directors’ Interest in Shares or Debentures:

No director had an interest in any shares or debentures of the Company or related corporations either atthe beginning (or date of appointment, if later) or the end of the financial year.Directors’ contractual benefits:

During the year, no director has received or become entitled to receive a benefit by reason of a contractmade by the company or by a related corporation with the director or with a firm of which he is a memberor with a company in which he has a substantial financial interest other than those disclosed in thefinancial statements.Options granted:

During the year, there were no options to take up unissued shares of the Company.Options exercised:

During the year, no shares have been issued by virtue of the exercise of options granted.Options outstanding:

There were no shares options outstanding as at 31 MARCH 2010.Independent Auditor:

The Independent auditor, MGI N Rajan Associates has expressed its willingness to accept re-appointment.Venkataraman Srinivasan Shreekant Gopal PatwardhanDirector DirectorSingaporeDate: June 30, 2010


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STATEMENT BY DIRECTORS

In our opinion,

a) the accompanying balance sheet, statement of comprehensive income, statement of changes in equityand statement of cash flows together with the notes thereon, are drawn up so as to give a true and fairview of the state of affairs of the company for the year ended 31 MARCH 2010 and of the results andchanges in equity and cash flows of the business of the Company for the year then ended and

b) at the date of this statement there are reasonable grounds to believe that the company will be able topay its debts as and when they fall due.

Venkataraman Srinivasan Shreekant Gopal Patwardhan

Director Director

Signed at Singapore,Date: June 30, 2010


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INDEPENDENT AUDITOR’S REPORT TO THE MEMBER OF

UNITEC VALUE SOLUTIONS PTE. LTD.

(Incorporated in the Republic of Singapore)

We have audited the accompanying financialstatements of the company, which comprise thebalance sheet of the Company as at 31 MARCH2010, statement of comprehensive income, statementof changes in equity and statement of cash flowsfor the year then ended, and a summary ofsignificant accounting policies and other explanatorynotes.

Management’s Responsibility for the FinancialStatements

Management is responsible for the preparation andfair presentation of these financial statements inaccordance with the provisions of the SingaporeCompanies Act, Cap.50 (the “Act”) and SingaporeFinancial Reporting Standards. This responsibilityincludes:

(a) devising and maintaining a systems ofinternal accounting controls sufficient to provide areasonable assurance that assets are safeguardedagainst loss from unauthorized use or disposition;and transactions are properly authorized and thatthey are recorded as necessary to permit thepreparation of true and fair profit and loss accountsand balance sheets and to maintain accountabilityof assets;

(b) Selecting and applying appropriate accountingpolicies; and

(c) Making accounting estimates that arereasonable in the circumstances.

Auditor’s Responsibility

Our responsibility is to express an opinion on thesefinancial statements based on our audit. Weconducted our audit in accordance with SingaporeStandards on Auditing. Those Standards requirethat we comply with ethical requirements and planand perform the audit to obtain reasonableassurance about whether the financial statementsare free of material misstatement.

An audit involves performing procedures to obtainaudit evidence about the amounts and disclosuresin the financial statements. The procedure selecteddepends on the auditor’s judgment, including theassessment of the risks of material misstatement ofthe financial statements, whether due to fraud orerror. In making those risk assessments, the auditorconsiders internal control relevant to the entity’spreparation and fair presentation of the financialstatements in order to design audit procedures thatare appropriate in the circumstances, but not forthe purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An auditalso includes evaluating the appropriateness ofaccounting policies used and the reasonablenessof accounting estimates made by management, aswell as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for ouraudit opinion.

Opinion

In our opinion:-

(a) the financial statements are properly drawn up inaccordance with the provisions of the Act andSingapore Financial Reporting Standards so as togive a true and fair view of the state of affairs ofthe company as at 31 MARCH 2010 and of theresults, changes in equity of the company and cashflows of the company for the year ended on thatdate; and

(b) the accounting and other records required by theAct to be kept by the Company have been properlykept in accordance with the provisions of the Act.

MGI N RAJAN ASSOCIATES

PUBLIC ACCOUNTANTS AND CERTIFIED

PUBLIC ACCOUNTANTS

SINGAPORE

Date: June 30, 2010


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BALANCE SHEET AS AT 31 MARCH 2010

Note 2010 2009S$ S$

Current Assets

Cash and cash equivalents 5 182,405 194,732Total Assets 182,405 194,732

LIABILITIES AND EQUITY

Current Liabilities

Trade and other payables 6 7,680 73,008

Due to holding company 7 65,523 13,523

Provision for taxation 108 1,54773,311 88,078

Equity

Issued capital 8 100,000 100,000

Retained profits 9,094 6,654

Shareholders equity

109,094 106,654

Total Liability and Equity 182,405 194,732

The annexed notes form an integral part of and should be read in conjunction with thesefinancial statements


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STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 MARCH 2010

Note 2010 2009S$ S$

REVENUE 3 - 672,170

Cost of sales - (583,333)Gross Profit - 88,837Add: Other income-excess provisionreturn back 10,258 280

10,258 89,117Less: ExpensesAdministrative expenses - 3,830Other operating expenses 7,710 15,000

7,710 18,830Profit for the year before tax 2,548 70,287Tax expense 4 108 1,547Profit for the year after tax 2,440 68,740Other comprehensive income - -Total comprehensive income 2,440 68,740



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STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 MARCH 2010

Issued Accumulated TotalCapital (Losses)

S$ S$ S$

Balance at 31 March 2008 100,000 (62,086) 37,914

Total comprehensive income for the year - 68,740 68,740Balance at 31 March 2009 100,000 6,654 106,654

Total comprehensive income for the year - 2,440 2,440Balance at 31 March 2010 100,000 9,094 109,094



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CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2010

Note 2010 2009S$ S$

Cash flows from operating activitiesNet Profit for the year before tax 2,548 70,287Adjustment for:Excess provision written back - (280)

Operating profit/(Loss ) before reinvestment of capital 2,548 70,007(Increase)/Decrease in trade receivables - 704,604Increase/(Decrease) in due to holding company 52,000 -Increase/(Decrease) in accruals (12,540) 5,799Increase/(Decrease) in trade payables (52,788) (703,816)

Cash generated from /(used in) operations (10,780) 76,594Tax (paid) (1,547) -Tax refund - -

Net Cash flows from /(used in) operating activities (12,327) 76,594

Cash flows from investing activities - -

Cash flows from financing activitiesSecurity deposit pledged representing net cash used infinancing activities - -

Net Cash flows from financing activities - -

Net Increase/(decrease) in cash &cash equivalents (12,327) 76,594Cash & cash equivalents at the beginning of the year 194,732 118,138

Cash & cash equivalents at the end of the year 5 182,405 194,732

The annexed notes form an integral part of and should be read in conjunction with these financial statements


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1. GENERAL INFORMATION

The financial statements of the company for the year ended 31 MARCH 2010 were authorised forissue in accordance with a resolution of the directors on the date of the Statement by Directors.

The company is incorporated as a limited liability company and domiciled in the Republic ofSingapore.

The principal activity of the company is that of investment holding and provision of computer systemsintegration services.

The company’s registered office is located at 10, Anson Road, #03-09, International Plaza,Singapore -079903.

The company is a wholly-owned subsidiary of Stock Holding Corporation of India Limited, incorporated inIndia.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2.1 Basis of preparation

The financial statements have been prepared in accordance with Singapore Financial Reporting Standards(“FRS”). The financial statements have been prepared under the historical cost convention, except asdisclosed in the accounting policies below.The preparation of these financial statements in conformitywith FRS requires management to exercise its judgements in the process of applying the Company’saccounting policies. It also requires the use of certain critical accounting estimates and assumptions. TheCompany has assessed that there are no estimates or judgements used that have a significant risk ofcausing a material adjustment to the carrying amounts of assets and liabilities within the next financialyear.

New Accounting Standards and FRS Interpretations not yet adopted:

The Company has not applied the following accounting standards which are relevant (including theirconsequential amendments) and interpretations that have been issued as of the balance sheet date butare not yet effective:

Reference Description Effective for annual yearsbeginning on or after

FRS 1 Presentation of Financial Statements 1 January 2009Revised presentation

FRS 23 Borrowing costs 1 January 2009

2.2 Revenue recognition

Revenue is recognized to the extent that it is probable that the economic benefits will flow to thecompany and the revenue can be reliably measured. The following specific recognition criteriamust also be met before revenue is recognized.

Revenue from granting of license is generally recognized from the acceptance and commencementof the license under the agreement entered into by the licensee over the period of the licensegranted.

2.3 Income taxes

The liability method of tax effect accounting is adopted by the company. Current taxation isprovided at the current taxation rate based on the tax payable on the income for the financial

NOTES TO THE FINANCIAL STATEMENTS - 31 MARCH 2010


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year that is chargeable to tax. Deferred taxation is provided at the current taxation rate on alltemporary differences existing at the balance sheet date between the tax bases of assets andliabilities and their carrying amounts in the financial statements.

Deferred tax liabilities are recognized for all taxable temporary differences (unless the deferredtax liability arises from goodwill or the initial recognition of an asset or liability in a transactionthat is not a business combination and at the time of the transaction, affects neither theaccounting profit nor taxable profit or loss).

Deferred tax assets are recognized for all deductible temporary differences to the extent that itis probable that future taxable profit will be available against which the deductible temporarydifferences can be utilized (unless the deferred tax asset arises from goodwill or the initialrecognition of an asset or liability in a transaction that is not a business combination and, at thetime of the transaction, affects neither the accounting profit nor taxable profit or loss). Thestatutory tax rates enacted at the balance sheet date are used to determine deferred income tax.

2.4 Financial Assets

Loans and receivablesLoans and receivables include “cash and cash equivalents”, “trade and other receivables” in thebalance sheet.These financial assets are initially recognized at fair value plus transaction cost and subsequently carriedat amortised cost using the effective interest method.The Company assesses at each balance sheet date whether there is objective evidence that thesefinancial assets are impaired and recognises an allowance for impairment when such evidenceexists. Allowance for impairment is calculated as the difference between the carrying amountand the present value of estimated future cash flows, discounted at the original effective interestrate.

2.5 Trade and other payables

Trade payables, accruals and payables to holding company are carried at fair value, andsubsequently measured at amortized at cost, using the effective interest rate method.

2.6 Related party

For the purpose of these financial statements, parties are considered to be related to thecompany if the company has the ability, directly or indirectly, to control the party or exercisesignificant influence over the party in making financial and operating decisions, or vice versa,or where the company and the party are subject to common control or significant influence.Related parties may be individuals or other entities.

2.7 Cash and cash equivalents

Cash and cash equivalents comprise balances with bank.

2.8 Share Capital

Proceeds from issuance of ordinary shares are recognized as share capital in equity.

2.9 Fair Value Estimation of financial assets and liabilities

The fair values of current financial assets and liabilities carried at amortised cost approximatetheir carrying amounts.


2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Contd.)


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3. REVENUE

2010 2009S$ S$

Licence fee — 672,170

672,170

4. TAX EXPENSE

2010 2009S$ S$

Current tax 108 1,547

The tax expense on the results of the financial year varies from the amount of income tax determinedby applying the Singapore statutory rate of income tax on company’s profit/ (loss) as a result of thefollowing:

2010 2009S$ S$

Profit before tax 2,548 70,287

Tax on above @ 17% (2009:17%) 433 11,949

Tax on non deductibles — 2,550

Utilisation of deferred tax assets not recognized Earlier — (10,555)

Partial tax exemption (325) (2,397)

108 1,547

5. CASH AND CASH EQUIVALENTS

2010 2009S$ S$

Cash at bank 182,405 194,732

182,405 194,732

6. TRADE PAYABLES

2010 2009S$ S$

Trade payables:

Trade payable — 52,788

Other payables:

Accrued expenses 7,680 20,220

7,680 73,008



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7. DUE TO HOLDING COMPANY

The non-trade amount is unsecured, interest-free and repayable on demand.

8. SHARE CAPITALNo. of 2010 No. of 2009shares S$ shares S$

Issued & fully paid up Ordinary sharesWith no par value

At beginning of year 100,000 100,000 100,000 100,000

Allotment of shares - - - -

At end of the year 100,000 100,000 100,000 100,000

9. CAPITAL MANAGEMENT

The Board’s policy is to maintain a strong capital base so as to maintain creditor and marketconfidence and to sustain future development by issuing or redeeming equity and debts instrumentswhen necessary.

The board of directors monitors its capital based on net debt and total capital. Net debt calculatedas borrowing plus trade and other payables less cash and bank deposits. Total capital is calculatedas equity plus net debt.

The company is not subject to any externally imposed capital requirements.

2010 2009S$ S$

Net debt (109,202) (108,201)

Total equity 109,094 106,654

Total capital (108) (1,547)

10. RELATED PARTY TRANSACTIONS

2010 2009S$ S$

INCOME

Sales to holding company — 672,170

11. FINANCIAL RISK MANAGEMENT

The company does not have any written financial risk management policies and guidelines. Thecompany does not hold or issue derivative financial instruments for trading purposes or to hedgeagainst fluctuations, if any, in interest rates and foreign exchange. The company’s exposure tofinancial risks associated with financial instruments held in the ordinary course of business includes:



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(a) Price risk

i) Currency risk

Currency risk is the risk that the value of a financial instrument will fluctuate due tochanges in foreign exchange rates. The company is not exposed to currency risk as thepayables are in Singapore dollar.

ii) Interest rate risk

Interest rate risk is the risk that the value of a financial instrument will fluctuate due tochanges in market interest rates.

The company has no interest-bearing financial instruments, hence, is not exposed to anymovements in market interest rates.

iii) Market risk

Market risk is the risk that the value of a financial instrument will fluctuate due to changesin market prices whether those changes are caused by factors specific to the individualsecurity or its issuer or factors affecting all securities traded in the market.

The company does not hold any quoted or marketable financial instrument, hence, is notexposed to any movements in market prices.

(b) Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligationand cause the other party to incur a financial loss.

The company is not exposed to any credit risk.

Cash is held with financial institutions of good standing.

(c) Liquidity risk

Liquidity or funding risk is the risk that an enterprise will encounter difficulty in raising funds tomeet commitments associated with financial instruments. Liquidity risk may result from an inabilityto sell a financial asset quickly at close to its fair value. The company ensures that there areadequate funds to meet all its obligations in a timely and cost-effective manner.

(d) Cash flow risk

Cash flow risk is the risk that future cash flows associated with a monetary financial instrumentwill fluctuate in amount.

The company is not exposed to any cash flows risk as it does not have any monetary financialinstruments with variable interest rates.


111111


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WESTERN

Mumbai

1 CENTER POINT 022-61779400-09 301, Center Point, Dr. Babasaheb Ambedkar Road,Parel, Mumbai - 400012

2 MAHAPE 022-61778100-09 SHCIL House, P-51, T.T.C. Industrial Area, MIDC, Mahape,Navi Mumbai - 400710

3 ANDHERI 022-26230910 Shop No. 4, Parsian Apartments, V.P. Road,Next to Zoroastrian Co-op. Bank, Off. S.V. Road, Andheri (West),Mumbai - 400058

4 BORIVALI 022-28332104, Shop No. 10, Ground Floor, Madhumilan C.H.S., Mangal Kunj,28332085 S. V. Road, Borivali (West), Mumbai - 400092

5 CHEMBUR 022-25288358, Basaveshwar Bhavan, 1st Floor, Basaveshwar Chowk,25290542 D. K. Sandhu Marg, Chembur, Mumbai - 400071

6 DADAR 022-24151722, 24151706 169/C, Neelkanth Niwas, Dr. Ambedkar Road, Dadar TT,Mumbai - 400014

7 DOMBIVILI 0251-2861199/2660751 C/o Dombivli Nagri Sahakari Bank, Guruprasad Building,Manpada Road, Near Shivaji Statue, Dombivli (East) - 421201

8 FORT 022-22622677, 12/14, UTI Building, Bank Street Cross Lane, Near Old Custom House,22675960, 22622336 Fort, Mumbai - 400023

9 GHATKOPAR 022 -25137653 Vishwa C.H.S., Ground Floor, Junction of R. B. Mehta Road Hingwala Lane,Ghatkopar (East), Mumbai - 400077

10 GOREGOAN 022-28787336, G-2, Unique Towers, Gr. Flr., Opp. Kamath Club, Off. S. V. Road,28787341 Goregaon (West), Mumbai - 400062

11 KALYAN 0251-2315421-24 Gala No. 110, Vasant Vihar Complex, Chandulal Joshi CompoundOpp. Railway Station, Kalyan (West) - 421301

12 MAHALAXMI 022-23538225 Rewa Apartments, ‘B’ Wing, Gr. Floor, Behind BOI,Opp. Cadbury House, Bhulabhai Desai Road, Mahalaxmi,Mumbai - 400026

13 MULUND 022-25907618 Koteshwar Bhavan, R.H.B. Road, Near Maharaja Textiles,Opp. Shamrao Vitthal Co-op. Bank, Mulund (West), Mumbai - 400080

14 THANE 022-25451752, No.1, Crystal Court, 1st Floor, Near Thane Janata Sahakari Bank,B. Cabin Road, Shivaji Nagar, Naupada, Thane (West) - 400602

15 VASHI 27897167, 27897170 11/12, Thakker Towers, Ground Floor, Sector - 17,Vashi, Navi Mumbai - 400703

16 VIKHROLI 022-25779282, 25, Ground Floor, Hazari Baug, Station Road, Vikhroli (West),Mumbai - 400083

17 VILE PARLE 022-26161092, Shyamkamal, ‘A’ Wing, 1st Floor, 104, Opp. Vile Parle Rly. Stn.,Vile Parle (East), Mumbai - 400057

18 NARIMAN POINT 022-22844247, Raheja Chambers, Office No. 1522884685 Ground Floor, Nariman Point - 400021

19 BANDRA KURLA COMPLEX 022-26591252/54 M1 Keshava, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051

Maharashtra

20 AMRAVATI 0721-6522774 Block No. 82, Gulshan Market, Mofussil Plots, Nr. Panchsaheel Talkies,Jaistambh Chowk, Amravati - 444601

21 AURANGABAD 0240-2453631/33 Ragbhir Chambers, Above IDBI Bank, 1st Floor, Vidyanagar,Jalna Road, Aurangabad - 431005

BRANCHES/FACILITATION CENTRES

SR. NO. REGION / LOCATION TELEPHONE ADDRESS

112112


SP. BLUE SP. GREEN

22 CHINCHAWAD 020-27654837 218/219, Kohinoor Arcade, Sector No. 24, b,Bay Pune Road,Nigdi-Chinchwad, Pune - 411044

23 CHANDRAPUR 07172-270302, 562162 2nd Floor, Raghuwanshi Complex, Near Azad Garden, Main RoadChandrapur - 442702

24 JALGAON 0257-2222690 C/o Shree Mahavir Sahakari Bank Ltd.87/ Polan Peth, Dana Bazar, Jalgaon - 425001

25 KOLHAPUR 0231-2663123/3180/3124 Ayodhya Towers, 4th Floor, 511 KH ‘E’ Ward,Near Dabholkar Corner, Station Road, Kolhapur - 416001

26 NAGPUR 0712-2443561, 3rd Floor, Saraf Court, Opp. Yeshwant Stadium,6611595, 6612258 Dhantoli, Nagpur - 440012

27 NASHIK 0253-2571869 F-8, First Floor, Suyojit Sankul, Adjacent to Rajiv gandhi bhavan (NMC),Sharanpur Road, Nashik - 422002

28 PUNE 020-25520418, Sneh Leela Appartment, 1st Floor, Apte Road, Deccan Gymkhana,25521842/43 Pune - 411004

29 SANGLI 0233-2623252 Gomtesh Padmavati, 111/112, Mahavir Nagar, Sangli - 416416

30 YAVATMAL 07232-244884 Shop No. 18, 19, 20, 12, First Floor, Super Bazar, SBI Square,Yavatmal - 445001

31 WARDHA 07152-251925 Sun Complex, Rajkala Road, Wardha - 442001

32 JAYSINGPUR 02322-227552/3 CTS NO 1504/A, Ashish Enterprises, 1st Floor, 11th Lane,Jaysingpur - 416101

33 ICHALKARANJI 0230-2421595 545/1, Murgunde Building, Shahu Corner Road,Ichalkaranji - 416115

GOA

34 PANJIM 0832-2421497 2nd Floor, Tamba Building, Dr A B Road, Panaji, Goa - 403001

GUJARAT

35 AHMEDABAD-1 079-26467032 304-306, Sears Towers, 3rd Floor, Gulbai Tekra, Panchawati,Ahmedabad - 380006

36 KALUPUR 079-22166953/54 A-17, Shree Ghantakarna Mahavir Commercial Market,Near New Cloth Market, Sarangpur Kalupur Road,Ahmedabad - 380002

37 MANINAGAR 079-25462717 F-1, 1st Floor, Parkland Avenue Complex, Near Old Railway Crossing,Maninagar (West), Ahmedabad - 380008

38 AMRELI 02792-225241/42 Shop No. 12 & 13, First Floor, Mona Arcade, Opp. Hirak Baug,Bus Station Road, Amreli - 365601

39 ANAND 02692-266611 204, Nathwani Chambers, Near Patel Market, Sardar Gunj,Anand - 388001

40 VADODRA 0265-2361062, 2363516 305-308, 3rd Floor, Paradise Complex,/419 Sayajiganj, Vadodara - 390005

41 BHARUCH 02642-268633 Off. No14-15, 1st Floor, Amardeep Complex, Fulshrutinagar,Bharuch - 392001

42 BHAVNAGAR 0278-2471113/4 F-1, Gangotri Plaza, First Floor, Opp Dakshinamurti High School,Waghawadi Road, Bhavnagar - 364002

43 GANDHIDHAM 02836-226585/6 Office No. 206, Sindhu - II, Plot No. 302, Ward 12-B,Gandhidham - 370201

44 GANDHINAGAR 079-23248579 Plot No. 447, Second Floor, Sector 16, GH - 5,Near Pragna Petrol Pump, Gandhinagar - 382016





113113


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45 JAMNAGAR 0288-2770125, 2533125 Office No. 6, 7 & 8, Madhav Darshan Complex, Off Cricket Bunglow,Gurudwara Road, Jamnagar - 361001

46 JUNAGARH 0285-2629748 301, Puneet Shoping Complex, Ranavav Chownk, M G Road,Junagarh - 362001

47 KHAMBHAT 02698-222283 4, Raj Darshan Complex, Station Road, Khambhat - 388620

48 MEHSANA 02762-232622/23 Om Complex, 2nd Floor, Radhanpur Cross Road,Near Petrol Pump, Mehsana - 384002

49 NAVSARI 02637-249403/425 2288/101, 1st Floor, Nanuvishnudham, Kansarwad, Navsari - 396445

50 PATAN 02766-222920/21 55, 56, 57, 2nd Floor, Shreedev Complex, Station Road, Patan - 384265

51 PORBANDER 0286-2215884 Ground Floor, Purusharth, B/H Aroon Photo Studio, M G Road,Porbander - 360575

52 RAJKOT 0281-2478004/06 Shree Sadguru Complex, 1st Floor, Opp Tirupati Petrol Pump,Kalawad Road, Rajkot - 360007

53 SURAT 0261-2321281/83 311, Shree Shyam Chambers, Opp. Sub Jail, Ring Road,Surat - 395002

54 SURENDRANAGAR 02752-228237/220075 First Floor, Above Himanshu Textorium, Jawahar Road, Derasar Chowk,Surendra Nagar - 363001

55 VERAVAL 02876-244202 1st Floor, Swastik Complex, Bus Stand Road, Veraval - 362265

56 VISNAGAR 02765-227610/20 48, Sukhnivas Complex, 1st Floor, Station Road, Visnagar - 384315

57 VYARA 02626-220436, 220145 206-208 Citi Mall Shopping Centre, Sneh Kunj Colony, Vyara - 394650

58 ANKLESHWAR 02646-223174 113, Anmol Plaza 2, GIDC Road, Opp. Bus Depot, Ankleshwar - 393001

59 ELLORA PARK 0265-2393384 G-3, Siddhivinayak Complex, Near Bank of India, Ellora Park - 390023

60 HARNI WARASIA RING 0265-2531029/2531039 FF-2, Ananya Avenue, Motinagar Char Rasta, Warasia Ring Road,ROAD Vadodara - 390006

61 MOTERA 079-27502790/ 209, 2nd Floor, Shukan Mall, Near Visat Petrol Pump,27571390 Motera, Sabarmati, Ahmedabad - 380005

62 SADAR BAZAR 0281-2474959 Orbit Complex, Ground Floor, Near Sadar Police Chowki,Sadar Bazar, Rajkot - 360001

CENTRAL

63 INDORE 0731-2432061/71 201-202, 2nd Floor, D.M.Towers, Above Standard Chartered Bank,Race Course Road, Janjirwala Square, Indore - 452003

64 BHILAI 0788-2290454, 2295355 Room No. 8, Second Floor, Chauhan Estate, G.E. Road Supela,Bhilai - 490020

65 BHOPAL 0755-4221321 First Floor, Alankar Complex, Plot No. 11, Zone - II,M P Nagar, Bhopal - 462011

66 BILASPUR 07752-412039 Shop No. B-2, Vrindavan Parisar, Telipara Road, Bilaspur - 495001

67 GWALIOR 0751-4077783 1st Floor, Sharma Mansion, Near Archies Gallary, Old High Court Road,Jayendra Ganj, Lashkar, Gwalior - 474009

68 JABALPUR 0761-4014944 7, Ankita Complex, 2nd Floor, Opp Prabhu Vandana Talkies,Civic Centre, Jabalpur - 482002

69 RAIPUR 0771-2534212/4034155 222-223, Rishabh Complex, M G ROAD, Behind Hotel All Near,Raipur - 492001



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70 RATLAM 07412-231100, 409348 Building No. 38, 1st Floor, New Road, Opposite Gujarati School,Ratlam - 457001

71 UJJAIN 0734-4014174 Office No. 4, 1st Floor, Siddhivinayak Trade Centre,Opposite Shaheed Park, Freeganj, Ujjain - 456010

NORTH EAST

72 GUWAHATI 0361-2460587/88 Blue Dart Complex, Maniram Dewan Lane, G.S. Road Ulubari,Guwahati - 781007

73 AGARTALA 0381-2314220 72, Hari Ganga Basak Road, Melar Math, Opp SBI Main Branch,Agartala - 799001

74 JORHAT 0376-2300368 Kay Dee Building, 1st Floor, Rupahi Ali, Garali, Jorhat - 785001

75 TINSUKIA 0374-2336010 Shyam Kunj Complex, Opp Hero Honda Show RoomChirwayaPatty Road, Tinsukia - 786125

76 SILCHAR 03842-230120/26 N.N. Dutta Road, Near Guruduwara, Cachar, Silchar - 788001

NORTH WEST

77 CHANDIGARH 0172-2542807, 2702545 2nd Floor, SCO 154 & 155, Deepak Towers, Sector 17-C,Chandigarh - 160017

78 AMRITSAR 0183-2402227/5029103 33, 34, Deep Complex, Opp Doaba Automobiles, Court Road,Amritsar - 143001

79 BHATINDA 0164-2253846 MC 4373, 1st Floor, Opp Indian Overseas Bank, Kikar Bazar,Bhatinda - 151005

80 JALANDHAR 0181-2453076, 2243974 304, 305, 2nd Floor Alpha Estate, Opp Bus Stand, G T Road,Jalandhar - 144001

81 JAMMU 1 0191-2455058, 2454473 83, A/d Extn Near Police Lines, Gandhi Nagar, Jammu - 180004

82 JAMMU 2 0191-2565236/2565197 No. 12, Red Cross Road, Kachi Chawani, Jammu - 180001

83 LUDHIANA 0161-2422157, 3017701, Cabin No. 501, 5th Floor, SCO -18, Feroze Gandhi Market,Opp L.S.E., Ludhiana - 141001

84 MOGA 01636-223896 NIFD Campus, 531/9, New Town, Opp DM College, Moga - 142001

85 MOHALI 0172-2272123/4655065 SCF-33, 1st Floor, Phase 5, Mohali - 160059

86 PANCHKULA 0172-4639064 SCO 64, 1st Floor, Sec-11, Panchkula - 134109

87 PATIALA 0175-2201890, 2304678 No. 6 & 7, Leela Bhavan Market, Patiala - 147001

88 PHAGWARA 01824-262725/262981 1st Floor, SCF 31, Near Arjun Mall, Guru Hargobind Nagar Market,Phagawara - 144401

89 SHIMLA 0177-2803737/2804747 201, P.C. Chambers, Ridge, Ritz Cinema Road, Near Mall Road,Shimla - 171001

90 BATALA 01871-220111 Shop No. 1, 1st Floor, Ghuman Complex, Jallandhar Road,Batala - 143505

NORTHERN

91 NEHRU PLACE 011-26425334/35 2nd Floor, 3, Vardman Trade Centre, DDA Complex, Nehru Place,New Delhi - 110019

92 BHIKAJI CAMMA 011-26193385/84 Ground Floor, Shop GF 13, Building No. 3, Ansal Chambers I,Bhikaji Cama Place, New Delhi - 110066

93 JANAKPURI 011-25507314/16 103, 1st Floor, Facing Main Road, Suneja Tower - I, Janakpuri District,New Delhi - 110058

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94 JANPATH 011-41616623/ 68/2, IInd Floor, Above Mehra Sons Jewellers, Janpath,23324909, 23324901 New Delhi - 110001

95 MILAP 011-23359517/18 8A, Milap building, Ground Floor, Bahadur Shah Zafar Marg,New Delhi - 110002

96 PITAMPURA 011-27357135/37 504, 5th Floor, B - 08 GD-ITL Tower, Netaji Subhash Place,Opp. Wazirpur Depot, Pitampura, New Delhi - 110034

97 KARKARDOOMA 011-22375744/47 401, Fourth Floor, Ashish Corporate Tower Community Centre,Karkarduma, New Delhi - 110092

98 AGRA 0562-2524126/2520325 6, Awagarh House, M.G. Road, Civil Lines, Agra - 282001

99 AJMER 0145-2431290 2nd Floor, 711/4, K C Complex, Opp. Daulat Baug, Ajmer - 305001

100 ALLAHABAD 0532-2560088/2560178 LDA Centre Ground Floor, 2, S.P. Marg, Civil Lines, Allahabad - 211001

101 ALWAR 0144-2348459 1st Floor, 38A, Lajpat Nagar, Scheme No. 2, Alwar - 301001

102 AMBALA 0171-2645358 5502, Nicholson Road, 1st Floor, Opp Nigar Cinema,Surya Tower, Ambala - 133001

103 BIKANER 0151-2540131 Chugh Mansion, 1st Floor, Opp. DRM Office, Near Railway Station,Bikaner - 334001

104 GHAZIABAD 0120-2796097/99 301-302 3rd Floor, Hans Plaza, A-11, Ambedkar Road,Ghaziabad - 221001

105 GORAKHPUR 0551-2341809 Office No. 16, 17, 18, 3rd Floor, The Mall Cross Road,Bank Road, Gorakhpur - 273001

106 GURGAON 0124-2387959 Shop No. 251, Central Arcade, 1st Floor, Opposite Sahara Mall,DLF Phase II, Gurgaon - 122002

107 HARIDWAR 01334-265941 Shop No.7, II Floor, Royal Plaza, Chandr Acharya Chowk,Ranipur More, Haridwar - 249401

108 DEHRADUN 0135-2652558/2710215 19, Windlass Shopping Complex, Rajpur Road, Dehradun - 248001

109 JAIPUR 1 0141-2729047/48/49 300A, 2nd Floor, Jsel Building, Jawaharlal Nehru Marg,Malviya Nagar, Jaipur - 302017

110 JAIPUR 2 0141-2387276 Sangam Tower, 2nd Floor, Office No. 213, Church Road,Jaipur - 302001

111 JODHPUR 0291-2636609 1st Floor, 54 Gulab Bhavan, Chopasni Road, Near Kankariya Building,Jodhpur - 342003

112 KANPUR 1 0512-2306092 Ground Floor Krishna Tower, 15/63, Civil Lines, Kanpur - 208001

113 KANPUR 2 0512-2653687 Ground Floor, 124/1, C Block, Bhatia Complex, Govind Nagar,Kanpur - 208006

114 KARNAL 0184-2262734 1st Floor, 16, Mahila Asharam Complex, Above Gift Gallery,Behind Main Bus Stand, Karnal - 132001

115 KOTA 0744-2360863 Mewara Plaza, 344, Shopping center, Rawat Bhata, Guman Pura Road,Kota - 324007

116 LUCKNOW 1 0522-2286193/195 Sri Ram Tower, 1st Floor, Office No. 103/104, Ashok Marg,Hazaratganj, Lucknow - 226001

117 LUCKNOW 2 0522-2652263 1st Floor, 215/27A, Subhash Marg, Lucknow - 226003.

118 MEERUT 0121-2655167/2656274 T-306, Ganga Plaza, Begum Bridge Road, Meerut - 250002

119 NOIDA 0121-2516368/69 P-5, 203, First Floor, Ocean Plaza Sector 18, Noida - 201301

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120 SHRIGANGANAGAR 0154-2429992 21A, Bhardwaj Bhavan, 1st Floor, Ravindrapath,Shri Ganganagar - 335001

121 UDAIPUR 0294-5101866 101, Anand Plaza, Nr. Ayad Bridge, University Road, Udaipur - 313001

122 VARANASI 1 0542-2226818 Kuber Complex 4th Floor, D 58/2, Rathyatra, Varanasi - 221010

123 VARANASI 2 0542-2455732 Shop No. 7, Kashiraj Apartement, Kamachha, Varanasi - 221010

EASTERN

124 KOLKATA 1 033-22262081 125/1, Park Street, A G Towers, 6th Floor, Kolkata - 700017

125 KOLKATA 2 033-22107584 RNM House, 3B Lal Bazar Street, 3rd Floor, Kolkata - 700001

126 ANGUL 06764-232456/57 2nd Floor, M R Tower, Main Road, Angul - 759122

127 BERHAMPUR 0680-2220754 House No. 12274, 1st Floor, 1st Lane, Gandhinagar,Berhampur - 760001

128 BHAGALPUR 0641-2409406, 2300416 2nd Floor, Angar Complex, Patal Babu Road, Bhagalpur - 812001

129 BHUBANESWAR 0674-2391713/2391773 3rd Floor, Plot No. 111, Varaha Complex, Station Square, Unit 3,Kharvel Nagar, Bhubaneswar - 751001

130 BOKARO STEEL CITY 06542-231960 C-12 & C-13, 1st Floor (Above Nokia Care), City Centre, Sector 4,Main Market, Bokaro Steel City - 827004

131 CUTTACK 0671-2411837 1st Floor Plot No. 3027/3401, Opp. Kedarson, Dolamundai,Cuttack - 753001

132 DHANBAD 0326-2300185 201, Shanti Bhawan, Bank More, Dhanbad - 826001

133 HALDIA,MIDNAPORE 03224-272067 Akash Ganga Commercial Complex, Unit No. 3/17, 3rd Floor,Haldia, Midnapore - 721602

134 HAZARIBAGH 06546-222847/222674 Above Central Bank of India, Malviya Marg, Bodom Bazar,Hazaribagh - 825301

135 HOWRAH 033-22262564 10, Burnt Salt Gola Lane, Dobson Road, Howrah - 711101

136 JAMSHEDPUR 0657-2420437/2420438 Shantiniketan Building, 2nd Floor, I.S.B. Shop Area, Bistupur Main RoadJamshedpur - 831001

137 BARRACKPORE 033-25452634/ 4(2), S. N. Bannerjee Road, Barrackpore Shopping Arcade, 2nd Floor,25452633 Kolkata - 700120.

138 MUZAFFARPUR 0621-2246422/222 Domapokhar, Bank Road, Near Sutapatty, Shyam Mandir Marg,Muzaffarpur - 842001

139 NAIHATI 033-25023080/3076 56, Shyam Road, 1st Floor, Post Naihati,Dist 24 Parganas (North) - 743165

140 PATNA 0612-2231167/ 301-305 Ashiana Plaza, Budh Marg, Patna - 8000012201129/3292768

141 ROURKELA 0661-2500056 Plot No. 133, Opp to SBI ATM Main Road, Udit Nagar, Rourkela - 769102

142 RANCHI 0651-2331632 5, Arjan Place, 3rd Floor, Main Road, Ranchi - 834001

143 PORT BLAIR 03192-242885, 245652 No.100, J.N.Road, TCI XTS Building, Delanipur, Haddo(po),Port Blair - 744102

SOUTH - I

144 AMEERPET 040-66664667 G6-G10, Ground Floor, Swarna Jayanti Commercial Complex,Next to HUDA Maitrivanam, Ameerpet, Hyderabad - 500038

145 DILSUKHNAGAR 040-24151203 Shop No 7 & 8, 2nd Floor, Dno: 17-85/C/106,Annapurna Shopping Complex, Main Road,Dilsukhnagar, Hyderabad - 500060

146 HIMAYATNAGAR 040-23261526/7 3-6-269, G6 & G7 MYM Money Centre, Opp Telugu Academy,Himayatnagar, Hyderabad - 500029



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147 DR A S RAO NAGAR 040-27133205/ H.No.1 1 238/2/4, 1st Floor, Vertex Plaza, Commercial Building,27133206 E.C.I.L., Opp. Radhika Theater, Beside LIC Office, Dr A S Rao Nagar,

Hyderabad - 500062

148 MEHADIPATNAM 040-23300160/163 Shop No. 7, 10-4-3, Afia Plaza, Masab Tank, Mehadipatnam,Hyderabad - 500028

149 ANANTAPUR 08554-275273/74/78 DNo: 11-170 A, Ground Floor, Meda Ramaiah Mansion,Subash Road, Ananthapur - 515001

150 BHIMAVARAM 08816-226005/08 D No: 27-2-9, Opp Water Tank, J P Road, Bhimavaram - 534202

151 GUNTUR 0863-6642898 2nd Floor, Raghu Mansions, 4th Line, First Cross Road, Brodipet,Guntur - 522002

152 KUKATPALLY 040-2391713 Kalyan Sri Sai Niketan, Plot No. 138, Behind Margadarsi Chit Fund,Bhagyanagar Colony, Opp KPHB Colony, Kukatpally - 500072

153 KAKINADA 0884-2347773/75 DNO: 5-1-61/1, 2nd Floor, Ayyappa Towers, Main Road,Suryarao Peta, Kakinada - 533001

154 ONGOLE 08592-222205, 222206 Shop No: 11 & 12, Srinivasa Complex, Kurnool Road,Opp RTC Bus Stand, Ongole - 523002

155 NIZAMABAD 08462-232233/55 Block E, 1st Floor, Kavita Complex, Godown Road,Nizamabad - 503001

156 NELLORE 0861-2343480/2302735 HNO:16/1102, Ground Floor, Moon Land Apartments,KV Agraharam, Pogathota, Nellore - 524001

157 PRODDATUR 08564-243340 Shop No: 1 & 2, 1st Floor, Dr. Narayana Reddy Building,Opp. Watertank, YMR Colony, Proddatur - 516360

158 RAJAHMUNDRY 0883-2439476/2476761 7-28-32, 2nd Floor, Jupudy Complex, T Nagar, Rajahmundry - 533101

159 SECUNDERABAD 040-27803394/95/ Juloori Bhavan, First Floor, 8-1-11/7, Opp Passport Office,66260147/64509445 Market Street, Secunderabad - 500003

160 TIRUPATI 0877-2220202 Flat No. 10, 1st Floor, Sridevi Complex, Tilak Road, Tirupati - 517501

161 VIJAYAWADA 0866-6666898/2579004 D No. 24-14-47, Opp: Buckingham Post Office, Rajagopalachari Street,Governerpet, Vijayawada - 520002

162 VISAKHAPATNAM 0891-2752070/2716577 30-15-58, IInd Floor, Silver Willow, Dabha Gardens,Visakhapatnam - 530020

163 WARANGAL 0870-6565113/2553318 Ist Floor, Shop No. 16, H No. 5-9-36/37, Mayuri BVSS Complex,Opp Public Garden, Hanamkonda Main Road, Warangal - 506001

164 KURNOOL 08518-278738/39 Flat No. A10 & 11, 1st Floor, 40-383, Bhupal Residency,Park Road, Kurnool - 518001

165 ELURU 08812-221996, 221997 22B/6/8, Korrapati Steet, Powerpet, Eluru - 534002

166 BANGALORE - J C ROAD 080-22995236/46/49 Bangalore Stock Exchange Ltd., Stock Exchange Towers 51,1st Cross, J C Road Branch, Bangalore - 560027

167 MALLESHWARAM 080-23461225/ 13, Vasant Milan, 1st Cross, Malleshwaram, Bangalore - 56000323560525

168 JAYANAGAR 080-26991062/ Shop No. 7, First Floor, 44, 33rd Cross, 4th T Block, Jayanagar,26991060 Bangalore - 560011

169 KORAMANGALA 080-25529149/50 1st Floor, 103, MIGHKHB Colony, 17th Main, 5th Block,Koramangala, Bangalore - 560034

170 BELGAUM 0831-2469817/2432101 Basavakrupa 1, Club Road, Opp: Civil Hospital,Near Hansraj Supermarket, Belgaum - 590002



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171 BELLARY 08392-257660, 257664 Door No : 342 /1, A/1, Chiranjivi Nilaya, Shubha Mahal,Gandhi Nagar, Bellary - 583101

172 DAVANGERE 08192-236964/236965 Door No. 280, 2nd Floor, Aradhya Arcade,3rd Main 9th Cross, P J Extension, Davanger - 577002

173 DHARWAD 0836-2435635/ No. CTS 91/1 C/D, 1st Floor, Shankar Plaza,2435636 P B Road, Dharwad - 580001

174 GULBARGA 08472-279710/279711 G1 & G2, Ground Floor, Shrusti Arcade, Opp: St. Mary’s Church,Court Road, Off S B Temple Road, Gulbarga - 585102

175 HASSAN 08172-232117-118 1st Floor, Lakshmi Complex, Opp. Bsnl Bhavan, B.M. Road,Hassan - 573201

176 HUBLI 0836-2253110/112/106 1st Floor, Varsha Complex, Next to Corpn Bank, Behind Bhavani Arcade,Opp. Basava Vana, Near Old Bus Stop, Hubli - 580029

177 KUNDAPUR 08254-234557/58 Door No. 433/1/5, 1st Floor, Near Manjunath Nursing Home,Mastikatte, Main Road, Kundapur - 576201

178 KARKALA 08258-234650/51 Door No. 385/W3, Ground Floor, Tukaram Bldg.,Anant Shayana Road, Karkala - 574104

179 MANGALORE 0824-2494986/ Shop No. 6 & 7, 2nd Floor, Manasa Tower, M G Road,2495220/2495224 Kodialbail, Mangalore - 575003

180 MYSORE 0821-2333926 Lakshman Plaza, 442/3 & 4, 1st Floor, Near Ramaswami Circle,Chamaraja Double Road, Mysore - 570024

181 RAICHUR 08532-225049/50 11/2/59/A-1, Shreyansh Towers, 1st Floor, Above Bank of Maharashtra,M.G. Road, Raichur - 584101

182 SHIMOGA 08182-227785/86 1st Floor, Sangappa Complex, Garden Area, 3rd Cross,Beside State Bank of Hyderabad, Shimoga - 577201

183 UDIPI 0820-2535404/ Shriram Arcade, 3rd Floor, Opp. Head Post Office, Udipi - 5761012535405

SOUTH - 2

184 CHENNAI-1 044-25340725 Justice Basheer Ahmed Sayeed Bldg., 3rd Floor, 45, Moore Street,Second Line Beach, Chennai - 600001

185 CHENNAI-2 044-24328380 202, II Floor, Challa Malli, 11/11/A, Sir Theagaraya Road,T. Nagar - Chennai - 600017

186 CHENNAI-3 044-26280154/ W-101, First Floor, Second Avenue, Anna Nagar, Near Round Ana,42051772 Chennai - 600040

187 CHENNAI-4 044-24420602/ Gokul Arcade, 1st Floor, No. 2, Sardar Patel Road,45504085 Adyar (Near Adyar Signal Stop), Chennai - 600020

188 MYLAPORE 044-24986972, Shop No. 1B, Ground Floor, 4/180, TNHB complex,43536409 Luz Corner, Mylapore, Chennai - 600004

189 TAMBARAM 044-22260569 Shop No. 8 & 9, No. 68/22A, Kakkan Street,Tambaram West, Chennai - 600045

190 PORUR 044-22520191/ Plot No. 2 & 9, Arut Jothi Towers, 1st Floor, Shakthi Nagar,22542014 Mount Poonamalle High road, Porur, Chennai - 600114

191 CALICUT 0495-2300373 1st Floor, Metro Towers, 19/2084 - B/20, P V Swami Road,Chalappuram, P O Calicut - 673002

192 COIMBATORE 0422-2241606 A-108, 1st Floor, Raheja Centre, 1073-74, Avinashi Road,Coimbatore - 641018



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193 ERODE 0424-2213823 R.K. Samy Building, 1st Floor, 110/4, Sathy Road,Near Bus Stand, Erode - 638003

194 KOLLAM 0474-2768158 E-2-24/25, 2nd Floor, Commercial Complex,East Block Bishop Jerome Nagar, Chinnakada, Kollam - 691001

195 KANNUR 0497-2712323 2nd Floor, KVR Towers, South Bazar, Kannur - 670002

196 KARAIKUDI 04565-232180 Meenakshi Towers, 1st Floor, Door No.14/22, 100 Feet Road,Near Periyar Statue, Karaikudi - 630001

197 KARUR 04324-240528/ 128-A, Vanitha Towers, 1st Floor, Kovai Road,240438 Karur - 639002

198 KOCHI 0484-2397402 4th Floor, Kurian Towers, Opp. Saritha Theatre,Banerji Road, Ernakulam, Kochi - 682018

199 KOTTAYAM 0481-2303670 2nd Floor, Korattiyil Complex, Opp. Public Library,Sashtri Road, Kottayam - 686001

200 MADURAI 0452-2350178, 2342174 C-1, 3rd Floor, A. R . Plaza, 16-17, North Veli Street,Madurai - 625001

201 NAGARKOIL 04652-228955/66 30/4, Sundram Arcade, 1st Floor, State Bank Road,Nagarkoil - 629001

202 NAMAKKAL 04286-230680/82 Kirupa complex (1st floor), 106/1, Kavignar Ramalingam Street,Namakkal - 637001

203 PALGHAT 0491-2510851 1st Floor, Fort Centre Complex, Fort Maidan Stadium Bye-Pass Road,Palakkad - 678001

204 PONDICHERRY 0413-2331751 201, Mission Street, 1st Floor, Above Bharat Oversaes Bank,Pondicherry - 605001

205 SALEM 0427-2318648 19-A/27, Shop 26 & 27, 1st Floor, Sixer Shoping Complex,Saradha College Road, Salem - 636007

206 TRICHUR 0487-2445657 Pooma Complex, 3rd Floor, M G Road, Trichur - 680001

207 TRICHY 0431-2750927 A-1, Shairshti Court, Ground Floor, Opp. Rockfort School Salai Road,Woraiyur, Trichy - 620003

208 TRIVANDRUM 0471-2338032 Jayalayam 1st Floor, TC-14/2072, Punnen Road,Palayam, Trivandrum - 695034

209 TUTICORIN 0461-2327638 Anbu Medical Complex, 1st Floor, 285/8D, W.G.C. RoadTuticorian - 628002

210 VELLORE 0416-2221894, 95 Nexus Towers, 3rd Floor, No.6, Officers Line,(Opp. to Voorhees School) Vellore - 632001

211 KUMBAKONAM 0435-2422912/13 1st Floor, Opp to Kasi Theatre, 104 & 105 THSS Road,Kumbakonam - 612001

212 TIRUNELVELI 0462-2335509 Door No.25 B2/1, 1st Floor, SRC Complex,S.N. High Road, Tirunelveli - 627001



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NOTES

23rd Annual Report 2009-10 - Corporate stockHolding

Documents

Transcript of 23rd Annual Report 2009-10 - Corporate stockHolding