C:Documents and SettingsAdmin...Ankush Finstock Limited 2 NOTICE Notice is hereby given that the 24th Annual General Meeting of the Members of ANKUSH FINSTOCK LIMITED will be held

TO, THE DEPUTY MANAGER, DBPArnEMT OF CORPORATE SERVICES, BSE LTD P.J.TOWER, DAML STREET, MUMBAI 400 001.

DATE : 02/10/2017 1

SUB.. . . S-oof24 AndReport for~eFinan@Year2016-17. - . . th

COMPANY CODE. : 7216. SCRIP CQDE.: 531519

We hereby submitting 24a Annual Report for the Financial Year 2016-17 approved and adopted in our 24h Annual General Meeting held on 2 9 September, 2017 at 11,00 a.m., & concIuded at 01.15 p.m., at 40gt Titanium City C e n t , 100 Ft. Ring Road, SateIlite, Ahmedabad-3800 15, Gujarat, India.

Further to inform that same is also avallable on Company's website www.-

You are requested ta take the same on your records.

Thanking you,

Yaurs truly,

LIMITED

Company Secretary & Compliance Officer

-

Regd. Office : B1708, Fcrixdd House, Opp. St. Xcnrier's Girl's Hostel, Off C. G. Rmd, Ahmedabad-380 009. Tele : 65498100 Fux .: 079-26440031

Web Site : www.ankushfinst0ck.com E m d : [email protected], ankushfina4@ahoo,coCOin Grievanp Ridressal - Email D - compli~~b~e@mhshh& cck-corn

CIN. : L659 1 OGJ1993PLCO 19936

ANKUSH FINSTOCK LIMITED

24th ANNUAL REPORT

2016-2017

CIN : L65910GJ1993PLC019936

24th Annual Report 2016-17

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ANKUSH FINSTOCK LIMITEDCorporate Information

Board Of DirectorsMr. Bharat M. Shah - Chairman & Managing DirectorMr. Zalak D. Shah - DirectorMr. Vikesh B. Makvana - DirectorMr. Nishant B. Vardhmani - Director [Upto 04.05.2017)Mr. Prashant R. Sheth - DirectorMs. Indu S. Kalal - Director

Mr. Bhavin C. Soni - Company Secretary & Compliance OfficerMr. Samir P. Shah - Chief Financial Officer (CFO)

Statutory AuditorsDJNV & Co.Chartered AccountantsAhmedabad

Internal AuditorsS. R. Sanghvi & Co.

Chartered AccountantsAhmedabad

Secretarial AuditorsMukesh H. Shah & Co.Company SecretariesAhmedabad

BankersAxis Bank

Registrar & Share T ransfer AgentBigshare Services Private Limited

A-802 Samudra Complex,Near Klassic Gold Hotel, Off.

C G Road, Ahmedabad–380009, GujaratPh. No.: 079-40024135

Email: [email protected] Website: www.bigshareonline.com

Registered OfficeB/708, Fairdeal House, Opp. St. Xavier’s Ladies Hostel,

Swastik Char Rasta, Off. C.G. Road, Navrangpura,Ahmedabad- 380009, Gujarat, INDIA

Tel.: 079- 40370031 Fax: 079- 26440031E-mail: [email protected] Website: www.ankushfinstock.co.in

Contents Page Nos.

Notice 2

Directors’ Report 8

Management Discussion and Analysis 14

Independent Auditors’ Report 20

Balance Sheet 31

Statement of Profit and Loss 32

Cash Flow Statement 33

Notes Forming Part of Balance Sheet and Statement of 34Profit & Loss and Significant Accounting Policies

24TH ANNUAL GENERAL MEETING HELD ON FRIDAY, 29.09.2017AT 409, TITANIUM CITY CENTER,100 FT. RING ROAD, SATELLITE, AHMEDABAD-380015, GUJARA T, INDIA

Ankush Finstock Limited

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NOTICE

Notice is hereby given that the 24th Annual General Meeting of the Members of ANKUSH FINSTOCK LIMITED willbe held on Friday, 29th day of September, 2017 at 11.00 a.m. at 409, Titanium City Center, 100 Ft. Ring Road, Satellite,Ahmedabad-380015, Gujarat, India to transact the following business:

ORDINARY BUSINESS:

Item No.1: Adoption of Financial Statements

To receive, consider and adopt the Audited Financial Statements of the Company for the financial year ended 31stMarch, 2017, the reports of the Board of Directors and the Auditors thereon.

Item No.2: Appointment of Director

To appoint a Director in place of Mr. Zalak D. Shah [DIN: 06449920] who retires by rotation and being eligible, offershim-self for re- appointment.

Item No.3: Appointment of Statutory Auditors

To consider and if thought fit, to pass with or without modification(s) the following resolution as an OrdinaryResolution:

“RESOLVED that pursuant to the provisions of Section 139,142 and other applicable provisions, if any, of theCompanies Act, 2013 (“the Act”) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutorymodification(s) or re-enactment thereof for the time being in force), M/s. MAAK & ASSOCIATES, CharteredAccountants [FRN NO.: 135024W], ahmedabad, be and are hereby appointed as the Statutory Auditor of the Companyin place of the retiring Auditors M/s. DJNV & CO., Chartered Accountants of Ahmedabad [Firm Regn.No.115145W],to hold office for a term of five consecutive financial years, from the conclusion of this 24th Annual General Meetingof the Company till the conclusion of the 29th Annual General Meeting, subject to ratification of the appointment atevery Annual General Meeting, on such remuneration plus tax as applicable and reimbursement of out-of pocketexpenses in connection with the audit as may be mutually agreed upon by the Board of Directors and the Auditors.”

By Order of the BoardFor, ANKUSH FINSTOCK LIMITED

PLACE: AHMEDABAD.DATE: 05.09.2017

[BHARA T M. SHAH]DIN: 00064582

CHAIRMAN & MD

Registered Office :B/708, Fairdeal House,Opp. St. Xavier’s Ladies Hostel, Swastik Char Rasta,Off. C. G. Road, Navrangpura, Ahmedabad- 380009,Gujarat, INDIA.

CIN: L65910GJ1993PLC019936


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NOTES:

1. A MEMBER ENTITLED TO ATTEND AND VOTE AT THE ANNUAL GENERAL MEETING (THE “MEETING”) ISENTITLED TO APPOINT A PROXY TO ATTEND AND VOTE ON A POLL INSTEAD OF HIM-SELF/ HER-SELFAND THE PROXY NEED NOT BE A MEMBER OF THE COMPANY. THE INSTRUMENT APPOINTING THE PROXYSHOULD, HOWEVER, BE DEPOSITED AT THE REGISTERED OFFICE OF THE COMPANY NOT LESS THANFORTY-EIGHT HOURS BEFORE THE COMMENCEMENT OF THE MEETING.

A person can act as proxy on behalf of members not exceeding fifty (50) and holding in the aggregate notmore than ten percent of the total share capital of the Company. A member holding more than ten percent ofthe total share capital of the Company carrying voting rights may appoint a single person as proxy and suchperson shall not act as a proxy for any other person or shareholder.

2. The Explanatory Statement pursuant to Section 102 of the Companies Act, 2013, relating to Special Businessis annexed hereto.

3. Corporate members intending to send their authorized representatives to attend the Meeting are requested tosend to the Company a certified copy of the Board Resolution authorizing their representative to attend andvote on their behalf at the Meeting.

4. Members/ proxies are requested to bring their copies of Annual Report along with duly filed and signedattendance sheets attached with it for attending the meeting.

5. Members who are holding shares in dematerialized form are required to bring details of their BeneficiaryAccount Number for identification.

6. In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names willbe entitled to vote.

7. Members holding shares in electronic form are requested to intimate immediately any changes in their addressor bank mandates to their Depository Participants with whom they are maintaining their demat accounts.Members holding shares in physical form are requested to advise any change in their address or bankmandates immediately to the Company.

8. Members desiring any information on the Accounts are requested to write to the Company at least 10 daysbefore the meeting, so as to enable the Management to keep the information ready. Replies will be providedonly at the meeting

9. The Register of Members and the Share Transfer Register of the Company will remain closed from 22.09.2017to 29.09.2017 (both days inclusive).

10. M/s. Bigshare Services Private Limited having its office at A-802 Samudra Complex, Near Klassic Gold Hotel,Off. C G Road, Ahmedabad–380009, Gujarat is the Registrars and Share Transfer Agents of the Company.The members are requested to please ensure that their shares are converted into Demat Form.

11. Members who hold shares in physical form in multiple folios in identical names or joint holding in the same orderof names are requested to send the share certificates to Bigshare Services Private Limited, for consolidationinto a single folio.

12. Pursuant the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 in respect of theDirectors seeking appointment/re-appointment at the Annual General Meeting, forms integral part of the Notice.The Directors have furnished the requisite declarations for their appointment/re-appointment.

13. Relevant documents referred to in the accompanying Notice are open for inspection by the members at theRegistered Office of the Company on all working days, except Saturdays, between 11.00 a.m. to 1.00 p.m.up to the date of the Meeting.

14. The route map showing directions to reach the venue of the 24th AGM is annexed.

15. Members who have not registered their e-mail addresses so far are requested to register their e-mail addressfor receiving all communication including Annual Report, Notices, Circulars, etc. form the Company electronically.

16. E-voting (Voting through Electronic means):

· In compliance with the provisions of Section 108 of the Companies Act, 2013 read with Rule 20 of theCompanies (Management and Administration) Rules, 2014, substituted by the Companies (Management andAdministration) Amendment Rule, 2015 and Regulation 44 the SEBI (Listing Obligations and DisclosureRequirements) Regulations, 2015, the Company is pleased to provide members facility to exercise their right


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to vote at the 24th Annual General Meeting (AGM) by electronic means and the business may be transactedthrough e-Voting Services provided by Central Depository Services India Limited (CDSL). Members if theCompany holding shares either in the physical form or in Dematerialized form, as on cut-off date i.e. 22ndSeptember, 2017 may cast their vote by electronic means or in the Annual General Meeting (AGM). The detailedprocess instruction and manner for e-voting facility is enclosed herewith.

✦ The Company shall also arrange for the physical voting by use of ballot or polling paper at the AGM for themembers who have not cast their vote through remote e-voting.

✦ The Members who have cast their vote by remote e-voting may also attend the Annual General Meeting (AGM),but shall not be entitled to cast their vote again.

✦ The remote e-voting period commences on Tuesday, 26th September, 2017 (9:00 a.m.) and ends on Thursday,28th September, 2017 (5:00 p.m.). During this period, Members holding shares either in physical form or dematform, as on 22nd September, 2017 i.e. cut-off date may cast their vote electronically. The e-voting module shallbe disabled for voting thereafter. Once the vote on a resolution is cast by the Member, he/ she shall not beallowed to change it subsequently or cast vote again.

✦ The voting rights of Members shall be in proportion to their shares in the paid up equity share capital of theCompany as on cutoff date. A person, whose names is recorded in the register of members or in the registerof beneficial owners maintained by the depositories as on cutoff date only shall be entitled to avail facility ofremote e-voting and poll process at the venue of the Meeting.

✦ Any person, who acquires shares of the Company and becomes a Member of the Company after dispatchof the Notice and holding shares as on cutoff date, may cast vote after following the instructions for e-votingas provided in the Notice convening the Meeting, which is available on the website of the Company and CDSL.However, if you are already registered with CDSL for remote e-voting then you can use your existing UserID and password for casting your vote.

✦ The Board of Directors has appointed Mr. Mukesh H. Shah, Proprietor of M/s. Mukesh H. Shah & Co., CompanySecretaries as a Scrutinizer to scrutinize the voting and remote e-voting process in a fair and transparentmanner.

✦ The Scrutinizer shall, immediately after the conclusion of voting at the meeting, would count the votes castat the meeting, thereafter unblock the votes cast through remote e-voting in the presence of at least twowitnesses not in the employment of the Company and make, not later than three days of conclusion of themeeting, a consolidated Scrutinizer’s Report of the total votes cast in favour or against, if any, to the Chairman,who shall countersign the same.

✦ The results declared along with the Scrutinizer’s Report shall be placed on the Company’s websitewww.ankushfinstock.co.in and on the website of CDSL www.evotingindia.com immediately after the result isdeclared. The Company shall simultaneously forward the results to the BSE Limited, where the equity sharesof the Company are listed.

The instructions for members for voting electronically are as under: (EVSN- 170901063)

(i) The voting period begins on Tuesday, 26th September, 2017 (9:00 a.m.) and ends on Thursday, 28th September,2017 (5:00 p.m.). During this period Shareholders’ of the Company, holding shares either in physical form orin dematerialized form, as on the cut-off date i.e. 22nd September, 2017, may cast their vote electronically.The e-voting module shall be disabled by CDSL for voting thereafter.

(ii) Shareholders who have already voted prior to the meeting date would not be entitled to vote at the meetingvenue.

(iii) The Shareholders should Log on to the e-voting website www.evotingindia.com

(iv) Click on “Shareholders” tab.

(v) Now Enter your User ID

✦ For CDSL: 16 digits beneficiary ID,

✦ For NSDL: 8 Character DP ID followed by 8 Digits Client ID,

✦ Members holding shares in Physical Form should enter Folio Number registered with the Company

(vi) Next enter the image verification Code as displayed and Click on Login.


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(vii) If you are holding shares in Demat form and had logged on to www.evotingindia.com and casted your voteearlier for EVSN of any Company, then your existing password is to be used.

(viii) If you are a first time user follow the steps given below.

For Members holding shares in Demat Form and Physical Form

PAN Enter your 10 digit alpha-numeric *PAN issued by Income Tax Department (Applicable for bothdemat shareholders as well as physical shareholders)·

Members who have not updated their PAN with the Company/Depository Participant arerequested to use the first two letters of their name and the 8 digits of the sequence numberin the PAN Field.·

In case the sequence number is less than 8 digits enter the applicable number of 0’s beforethe number after the first two characters of the name in CAPITAL letters. Eg. If your name isRamesh Kumar with sequence number 1 then enter RA00000001 in the PAN field

DOB Enter the Date of Birth as recorded in your demat account or in the company records for thesaid demat account or folio in dd/mm/yyyy format.

Enter the Dividend Bank Details or Date of Birth in format (DD/MM/YYYY) as recorded in yourdemat account or in the company records in order to login.If both the details are not recordedwith the depository or Company please enter the member id/folio number in the Dividend Bankdetails field as mentioned in instruction (v).

(ix) After entering these details appropriately, click on “SUBMIT” tab.

(x) Members holding shares in physical form will then directly reach the Company selection screen. However,members holding shares in demat form will now reach ‘Password Creation’ menu wherein they are requiredto mandatorily enter their login password in the new password field. Kindly note that this password is to bealso used by the demat holders for voting for resolutions of any other company on which they are eligibleto vote, provided that company opts for e-voting through CDSL platform. It is strongly recommended not toshare your password with any other person and take utmost care to keep your password confidential.

(xi) For Members holding shares in physical form, the details can be used only for e-voting on the resolutionscontained in this Notice.

(xii) Click on EVSN of the Company i.e. 170901063 to vote.

(xiii) On the voting page, you will see RESOLUTION DESCRIPTION and against the same the option “YES/ NO”for voting. Select the option YES or NO as desired. The option YES implies that you assent to the Resolutionand option NO implies that you dissent to the Resolution.

(xiv) Click on the “RESOLUTIONS FILE LINK” if you wish to view the further description/ entire Resolutions.

(xv) After selecting the resolution you have decided to vote on, click on “SUBMIT”. A confirmation box will bedisplayed. If you wish to confirm your vote, click on “OK”, else to change your vote, click on “CANCEL” andaccordingly modify your vote.

(xvi) Once you “CONFIRM” your vote on the resolution, you will not be allowed to modify your vote.

(xvii) You can also take out print of the voting done by you by clicking on “Click here to print” option on the Votingpage.

(xviii)If Demat account holder has forgotten the changed password, then enter the User ID and image verificationCode click on Forgot Password & enter the details as prompted by the system.

(xix) Note for Non-Individual Shareholders and Custodians:

✦ Non-Individual shareholders (i.e. other than Individuals, HUF, NRI etc.) and Custodian are required to logon to www.evotingindia.com and register themselves as Corporates.

✦ A scanned copy of the Registration Form bearing the stamp and sign of the entity should be emailed [email protected].

✦ After receiving the login details a compliance user should be created using the admin login and password.The Compliance user would be able to link the account(s) for which they wish to vote on.

Dividend

Bank DetailsOR Dateof Birth


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✦ The list of accounts should be mailed to [email protected] and on approval of the accountsthey would be able to cast their vote.

✦ A scanned copy of the Board Resolution and Power of Attorney (POA) which they have issued in favourof the Custodian, if any, should be uploaded in PDF format in the system for the scrutinizer to verify thesame.

(xx) In case you have any queries or issues regarding e-voting, you may refer the Frequently Asked Questions(“FAQs”) and e-voting manual available at www.evotingindia.com under help section or write an email [email protected]

Contact Details:Deputy Manager, CDSL

17th Floor, P.J. Towers, Dalal Street, Fort, Mumbai - 400 001Email: [email protected] / Tel: 022-22723333/ 8588

Road Map to the 24th AGM Venue

[Venue: 409, T itanium City Center , 100 Ft. Ring Road, Satellite, Ahmedabad-380015, Gujarat, INDIA]

Titianum City Centre


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EXPLANATORY STATEMENT

UNDER SECTION 102 OF THE COMPANIES ACT, 2013

The following Statement sets out all mentioned facts relating to the Special Business mentioned in the accompanyingNotice:

Item No.3:

This Explanatory Statement is provided though strictly not required as per Section 102 of the Act.

In terms of the provisions of Section 139 of Companies Act, 2013 (the “Act”), no listed company can appoint orre-appoint an audit firm as statutory auditor for more than two terms of five consecutive years. The Act furtherprescribes that the company has to comply with these provisions within three years from the commencement ofthe Act.

M/s. DJNV & Co., Chartered Accountants, Ahmedabad, existing Statutory Auditors has been in office for more thanten years. As per second proviso to Section 139(2) of the Companies Act, 2013 (‘the Act’), a transition period ofthree years from the commencement of the Act was provided to appoint a new auditor when the existing auditfirm has completed two terms of five consecutive years. In compliance with the provisions of the Act, the Companywill have to appoint a new auditor in place of the existing Statutory Auditors by March 31, 2017.

The Board of Directors has, based on the recommendation of the Audit Committee at their meeting held on 05.09.2017,proposed the appointment of M/s. MAAK & ASSOCIATES, Chartered Accountants [FRN: 135024W], Ahmedabad asthe Statutory Auditor of the Company in place of the existing Statutory Auditors to hold office from the conclusionof this AGM until the conclusion of the 29th AGM of the Company, subject to ratification by the members at everyAGM.

M/s. MAAK & ASSOCIATES, Chartered Accountants [FRN: 135024W], Ahmedabad have consented to theirappointment as Statutory Auditors and have confirmed that if appointed, their appointment will be inaccordance withSection 139 read with Section 141 of the Act.

The Board recommends the resolution set forth for the approval of the members.

None of the Directors, Key Managerial Personnel and their relatives is, in any way, concerned or interested, financialor otherwise, in this resolution.

DETAILS OF DIRECTOR SEEKING APPOINTMENT/ RE-APPOINTMENT AT THE ANNUAL GENERAL MEETING[PURSUANT TO THE SEBI (LODR) REGULA TIONS, 2015]

Name of the Director Zalak D. Shah

Directors Identification Number [DIN] 06449920

Date of Birth 13.05.1977

Date of appointment on the Board 18.12.2012

Qualifications Graduate

Directorship held in other Public Companies Nil(excluding foreign, private and Section 8 companies)

Memberships/ Chairmanships of Committee of other Nilpublic companies (includes only Audit Committee &Stakeholders’ Relationship Committee)

Number of shares held in the Company Nil

Expertise in Specific Area Share Market & Investment

By Order of the BoardFor, ANKUSH FINSTOCK LIMITED

PLACE: AHMEDABAD.DATE: 05.09.2017 [BHARA T M. SHAH]

DIN: 00064582CHAIRMAN & MD


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DIRECTORS’ REPORT

To the Members,

Your Directors have great pleasure in presenting the24th Annual Report together with the Auditedstatements of Accounts of your Company for thefinancial year ended on 31st March 2017.

FINANCIAL SUMMARY

The Highlights of the financial performance of theCompany during the period ended March 31, 2017:

(Rupees in Lacs)

Particulars Financial FinancialYear Year

2016-17 2015-16

Revenue from operations (Gross) 14480254 67865768

Less: Excise duty 0 0

Revenue from operations (Net) 14480254 67865768

Other income 62 587

Total Revenue 14480316 67866355

Expenses(a) Purchases of traded goods 11920866 64656149

(b) Changes in inventories 114500 –5326

of traded goods

(c) Employee benefits expense 1512827 2843035

(d) Finance costs 0 0

(e) Depreciation and amortization 985 1414

expense

(f) Other expenses 749942 733526

Total Expenses 14299120 68228798

Profit/ (Loss) before tax 181196 (362443)

Tax expense:

(a) Current tax expense 25000 0

(b) Deferred tax 1372 (1515)

(c) Prior Period Adjustment

Profit / (Loss) for the year 154824 (363958)

Earnings per share (face valueRs.10/-) Basic & Diluted 0.03 -0.06

OPERATIONS REVIEW:

The Company’s total revenue from operations duringthe financial year ended 31st March 2017 wereRs.144.80 Lacs as against Rs.678.66 Lacs of theprevious year with total expenses of Rs.142.99 lacs(previous year of Rs.682.29 lacs). The Company hasincurred Net Profit of Rs.1.54 Lacs as against Loss ofRs.(3.64 Lacs) of the previous year. The EPS of theCompany for the year 2016- 2017 is Rs.0.03.

OUTLOOK:

Your Directors are pleased to inform that M/s. AnkushFinstock Limited has made profit in this year. Due todemonetization effect and unfavorable marketcondition, the Company has not generated suchrevenue from operation but the management gives

assurance to make efforts for rise revenue ofCompany.

DIVIDEND:

No dividend has been recommended in respect of thefinancial year ended 31st March, 2017.

FIXED DEPOSIT:

The Company has neither accepted nor invited anydeposit from public, falling within the ambit of Section73 of the Companies Act, 2013 and The Companies(Acceptance of Deposits) Rules, 2014.

SHARE CAPITAL:

During the year under review there is no change inshare capital of the Company. The Company’sAuthortised Share Capital as at 31st March, 2017stood at Rs. 8,50,00,000/- and the Company’s Paid-upEquity Share Capital as at 31st March, 2017 stood atRs.6,00,41,000/- (Face value Rs.10/- each).

SUBSIDIAR Y, JOINT VENTURE (JV) ANDASSOCIATES COMPANIES

During the year under review, the Company does nothave any Subsidiary, Joint Venture (JV) or AssociatesCompany.

DIRECTORS:

In terms of the provision of Section 149 of theCompanies Act, 2013 and Regulation 17(1) of the SEBI(Listing Obligations and Disclosure Requirements)Regulations, 2015, a Company shall have at least onewoman director on the Board of the Company. YourCompany has Mrs. Indu S. Kalal as a woman directoron the Board of the Company since 30.03.2015, whois presently Non-Executive Independent Director of theCompany.

As per the provisions of Section 152 of the CompaniesAct, 2013 and Articles of Association of the Company,Mr. Zalak D. Shah shall retire at the ensuing AnnualGeneral Meeting and being eligible for re-appointment.

Details of Director seeking re-appointment as requiredunder the Listing Regulations are provided in theNotice forming part of this Annual Report. Their re-appointments are appropriate and in the best interestof the Company.

All the Independent Directors have given declarationsthat they meet the criteria of Independence as laiddowns under Section 149(6) of the Companies Act,2013 and Regulation 25 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations, 2015. Theterms and conditions of the Independent Directors areincorporated on the website of the Companywww.ankushfinstock.co.in


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KEY MANAGERIAL P ERSONNEL (KMP)

Mr. Bharat M. Shah, Chairman & Managing Director, Mr.Bhavin C. Soni, Company Secretary & ComplianceOfficer and Mr. Samir P. Shah, Chief Financial Officerof the Company are the Key Managerial Personnel asper the provisions of the Companies Act, 2013.

NUMBER OF BOARD MEETINGS CONDUCTEDDURING THE YEAR UNDER REVIEW

Regular Board Meetings are held once in a quarter,inter-alia, to review the quarterly results of theCompany. During the year under review 6 (Six) BoardMeetings were convened and held on 30.05.2016,05.07.2016, 30.07.2016, 18.08.2016, 12.11.2016 and10.02.2017. The intervening gap between the twomeetings was within the period prescribed under theCompanies Act, 2013. The details of the meetings arefurnished in the Corporate Governance Report whichforming part of this Annual Report.

CONSERVATION OF ENERGY, TECHNOLOGYABSORPTION & FOREIGN EXCHANGE EARNINGSAND OUTGO

The details of conservation of energy, technologyabsorption etc. as required to be given under Section134(3)(m) of the Companies Act, 2013 is not applicableto the Company, as the Company is not engaged inmanufacturing activities.

The Foreign Exchange Earnings and Outgo on accountof the operation of the Company during the year wasRs. Nil

EXTRACT OF ANNUAL RETURN

Pursuant to sub-section 3(a) of Section 134 and sub-section (3) of Section 92 of the Companies Act, 2013read with Rule 12 of Companies (Management andAdministration) Rules, 2014 the extract of the AnnualReturn as on 31st March, 2017 in Form MGT-9 formspart of this Annual Report as Annexure-I.

CORPORATE GOVERNANCE REPORT:

A Corporate Governance Report not apply to theCompany, as the Company is not having paid up equityshare capital exceeding rupees ten crore and networth exceeding rupees twenty-five crore, as on thelast day of the previous financial year, hence a reporton Corporate Governance as per Regulation 27 of theSEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015 not given.

MANAGEMENT DISCUSSION AND ANALYSIS:

The Management Discussion and Analysis Report forthe financial year under review as stipulated under

Regulation 34 of the Securities and Exchange Boardof India (Listing Obligations and DisclosureRequirements) Regulations, 2015 is presented in theseparate section forming part of this Annual Report.

INSURANCE

Assets of your Company are adequately insuredagainst various perils.

MATERIAL CHANGES AND COMMITMENTAFFECTING FINANCIAL POSITION OF THECOMPANY

There are no material changes and commitments,affecting the financial position of the Company whichhas occurred between the end of financial year as on31st March, 2017 and the date of Director’s Report i.e.05.09.2017

LISTING WITH STOCK EXCHANGE:

The Company confirms that it has paid the AnnualListing Fees for the year 2017-18 to BSE where theCompany’s Shares are listed.

COMMITTEES OF THE BOARD OF DIRECTORS

Your Company has several Committees which havebeen established as part of the best CorporateGovernance practices and are in compliance with therequirements of the relevant provisions of applicablelaws and statutes.

The Company has following Committees of the Boardof Directors:

✦ Audit Committee

✦ Stakeholders Relationship Committee

✦ Nomination and Remuneration Committee

✦ Management Committee

✦ Transfer Committee

POLICY ON DIRECTOR’S APPOINTMENT ANDREMUNERATION

The Company has a Nomination and RemunerationCommittee. The Committee reviews and recommend tothe Board of Directors about remuneration forDirectors and Key Managerial Personnel and otheremployee up to one level below of Key ManagerialPersonnel. The Company does not pay anyremuneration to the Non-Executive Directors of theCompany including sitting fee for attending theMeetings of the Board of Directors and Committees ofthe Board. Remuneration to Executive Director/s isgoverned under the relevant provisions of the Act andapprovals.


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The Company has devised the Nomination andRemuneration Policy for the appointment, re-appointment and remuneration of Directors, KeyManagerial. All the appointment, re-appointment andremuneration of Directors and Key ManagerialPersonnel are as per the Nomination and RemunerationPolicy of the Company.

VIGIL MECHANISM

The Company has established a vigil mechanism andaccordingly framed a Whistle Blower Policy. The policyenables the employees to report to the managementinstances of unethical behavior, actual or suspectedfraud or violation of Company’s Code of Conduct.Further the mechanism adopted by the Companyencourages the Whistle Blower to report genuineconcerns or grievances and provide for adequatesafe guards against victimization of Whistle Blowerwho avails of such mechanism and also provides fordirect access to the Chairman of the Audit Committee,in exceptional cases. The functioning of vigilmechanism is reviewed by the Audit Committee fromtime to time. None of the Whistle blowers has beendenied access to the Audit Committee of the Board.The Whistle Blower Policy of the Company is availableon the website of the Companywww.ankushfinstock.co.in.

RISK MANAGEMENT POLICY

The Company is aware of the risks associated withthe business. It regularly analyses and takescorrective actions for managing/ mitigating the same.

The Company has framed a formal Risk ManagementFramework for risk assessment and risk minimizationwhich is periodically reviewed to ensure smoothoperation and effective management control. The AuditCommittee also reviews the adequacy of the riskmanagement framework of the Company, the key risksassociated with the business and measure and stepsin place to minimize the same.

SEXUAL HARRASSMENT OF WOMEN ATWORKPLACE

The Company has zero tolerance for sexualharassment at workplace and has adopted a policy onprevention, prohibition and redressal of sexualharassment at workplace in line with the provisions ofSexual Harassment of Women at Workplace(Prevention, Prohibition and Redressal) Act, 2013 andthe rules framed thereunder. During the financial year2016-17, the Company has not received anycomplaints on sexual harassment.

BOARD DIVERSITY

None of the Directors of the Company is disqualifiedfor being appointed as Director as specified in Section164(2) of the Companies Act, 2013.

BOARD EVALUATION:

Pursuant to the provisions of the Companies Act, 2013and Regulation 17 and Regulation 25 of the SEBI(Listing Obligations and Disclosure Requirements)Regulations, 2015, a structured questionnaire wasprepared after taking into consideration of the variousaspects of the Board’s functioning, Composition of theBoard and Committees, culture, execution andperformance of specific duties, obligation andgovernance.

The performance evaluation of the IndependentDirectors was completed.

During the financial year under review, theIndependent Directors met on 09.02.2017 inter-alia, todiscuss:

✦ Performance evaluation of Non IndependentDirectors and Board of Directors as a whole;

✦ Performance evaluation of the Chairman of theCompany;

✦ Evaluation of the quality of flow of informationbetween the Management and Board foreffective performance by the Board.

The Board of Directors expressed their satisfactionwith the evaluation process.

PARTICULARS OF LOANS, GUARANTEES ORINVESTMENTS:

The details of Loans, Guarantees or Investmentscovered under the provisions of section 186 of theCompanies Act, 2013 made during the year underreview are disclosed in the financial statements.

PARTICULARS OF EMPLOYEES

The information required under Section 197 of theCompanies Act, 2013 read with rule 5(1) of theCompanies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014 are as follows:


11

Remuneration Ratio of Directors/ KMP/ Employees:

Name of the KMP Designation Remuneration Paid Increase in Ratio/ TimesFY 2016- FY 2015- remuneration per median17 (Rs.) 16 (Rs.) from Pr . Employee

Year (Rs.)

Bharat M. Shah CMD 0 731228 (731228)

Samir P. Shah CFO 480000 678743 (198743) 165.51/0.00057

Shamshersingh Rana CS & 240000 499992 (259992) 82.75/0.00029(upto 18.08.16) Compliance

Officer

Bhavin C. Soni CS & 200000 0 200000 68.96/0.00024(w.e.f. 18.08.16) Compliance

Officer

The particulars of the employees who are covered bythe provisions contained in Rule 5(2) and rule 5(3) ofCompanies (Appointment and Remuneration ofManagerial Personnel) Rules, 2014 are as follows:

a) Employed throughout the year : Nil

b) Employed for part of the year : Nil

The number of permanent employees on the rolls ofCompany: 2 (two) as on 31 March, 2017.

The remuneration paid to all Key managementPersonnel was in accordance with remunerationpolicy adopted by the Company.

CONTRACTS OR ARRANGEMENTS WITH RELATEDPARTIES

All the related party transactions that were enteredduring the financial year were in the Ordinary courseof business of the Company and were on arm’s lengthbasis. There were no materially significant relatedparty transactions entered by the Company with itsPromoters, Directors, Key Managerial Personnel orother persons which may have potential conflict withthe interest of the Company.

All Related Party transactions are placed before theAudit Committee for approval, wherever applicable.Prior omnibus approval for normal businesstransactions is also obtained from the Audit Committeefor the related party transactions which are ofrepetitive nature and accordingly the requireddisclosures are made to the Committee on quarterlybasis in terms of the approval of the Committee. Thedetails of Related Party Transactions are given in thenotes to the financial statements.

The policy on Related Party Transactions as approvedby the Board of Directors is uploaded on the websiteof the Company www.ankushfinstock.co.in

INTERNAL FINANCIAL CONTROL SYSTEMS ANDTHEIR ADEQUACY

Your Company has laid down the set of standards,processes and structure which enables to implementinternal financial control across the Organization andensure that the same are adequate and operatingeffectively. To maintain the objectivity andindependence of Internal Audit, the Internal Auditorreports to the Chairman of the Audit Committee of theBoard.

The Internal Auditor monitors and evaluates theefficacy and adequacy of internal control system inthe Company, its compliance with the operatingsystems, accounting procedures and policies of theCompany. Based on the report of Internal Auditor, theprocess owners undertake the corrective action intheir respective areas and thereby strengthen theControl. Significant audit observation and correctiveactions thereon are presented to the Audit Committeeof the Board.

AUDITORS

Statutory Auditors:

M/s. DJNV & CO. Chartered Accountants Ahmedabad[Firm Regn.No.115145W], existing Statutory Auditorshas been in office for more than ten years and incompliance with the provisions of the Act, the AuditCommittee and the Board of Directors of the Companyat their meetings held on 05.09.2017, recommendedthe appointment of M/s. MAAK & ASSOCIATES,Chartered Accountants [FRN: 135024W], as theStatutory Auditors of the Company in place of theexisting Statutory Auditors to hold office from theconclusion of the forthcoming Annual General Meeting(AGM) until the conclusion of the 29th AGM of theCompany, subject to ratification by the members atevery AGM. The necessary resolution is being placedbefore the shareholders for approval.


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The new Auditors have confirmed their eligibility to theeffect that their appointment, if made, would be withinthe prescribed limits under the Act and that they arenot disqualified for appointment.

The Auditor ’s report to the shareholders on thestandalone financials for the year ended March 31,2017 does not contain any qualification, observation oradverse comment.

Internal Auditors:

M/s. S. R. Sanghvi & Co., Chartered Accountants ofAhmedabad has been appointed as Internal Auditorsof the Company. Internal Auditors are appointed by theBoard of Directors of the Company on a yearly basis,based on the recommendation of the Audit Committee.The Internal Auditor reports their findings on theInternal Audit of the Company, to the Audit Committeeon a quarterly basis. The scope of internal audit isapproved by the Audit Committee.

Secretarial Auditors:

Pursuant to the provisions of Section 204 of theCompanies Act, 2013 and The Companies(Appointment and Remuneration of ManagerialPersonnel) Rules, 2014, your Company had appointedMr. Mukesh H. Shah, Practicing Company Secretary ofAhmedabad to undertake the Secretarial Audit of theCompany for the financial year 2016-17. The Report ofthe Secretarial Audit is annexed to this Annual Reportas Annexure-II.

Statutory Auditor’s Report:

The Statutory Auditors’ Report on the accounts of theCompany for the accounting year ended 31st March,2017 is self-explanatory and do not call for furtherexplanations or comments that may be treated asadequate compliance of Section 134 of the CompaniesAct, 2013.

DIRECTORS’ RESPONSIBILITY STATEMENT:

As stipulated in Section 134(3)(c) read with subsection 5 of the Companies Act, 2013, Directorssubscribe to the “Directors’ Responsibility Statement”,and confirm that:

a) In preparation of annual accounts for the yearended 31st March, 2017, the applicableaccounting standards have been followed andthat no material departures have been made fromthe same;

b) The Directors had selected such accountingpolicies and applied them consistently and madejudgments and estimates that are reasonable andprudent so as to give a true and fair view of thestate of affairs of the Company at the end of thefinancial year and of the profit or loss of theCompany for that year;

c) The Directors had taken proper and sufficientcare for the maintenance of adequateaccounting records in accordance with theprovisions of the Companies Act, 2013, forsafeguarding the assets of the Company and forpreventing and detecting fraud and otherirregularities;

d) The Directors had prepared the annual accountsfor the year ended 31st March, 2017 on goingconcern basis.

e) The Directors had laid down the internal financialcontrols to be followed by the Company and thatsuch Internal Financial Controls are adequateand were operating effectively; and

f ) The Directors had devised proper systems toensure compliance with the provisions of allapplicable laws and that such systems wereadequate and operating effectively.

General:

Your Directors state that no disclosure or reporting isrequired in respect of the following items as therewere no transactions on these items during the yearunder review:

1. Details relating to deposits covered underChapter V of the Companies Act, 2013.

2. Issue of Equity Shares with differential rights asto dividend, voting or otherwise.

3. Issue of shares (including sweat equity shares)to employees of the Company under any schemesave and ESOS.

4. Neither the Managing Director nor the Whole-timeDirectors of the Company receive anyremuneration or commission from any of itssubsidiaries.

5. No significant or material orders were passed bythe Regulators or Courts or Tribunals whichimpact the going concern status and Company’soperations in future.


13

ACKNOWLEDGEMENT:

Your Directors would like to express their appreciation for the assistance and co-operation received from thefinancial institutions, banks, Government authorities, customers, vendors and members during the year under review.Your Directors also wish to place on record their deep sense of appreciation for the committed services by theexecutives, staff and workers of the Company.

For and on behalf of the Board,

For, ANKUSH FINSTOCK LIMITED

PLACE: AHMEDABAD

DATE: 05.09.2017

[BHARA T M. SHAH]

DIN: 00064582

CHAIRMAN & MD


14

Annexure-IFORM NO. MGT-9

EXTRACT OF ANNUAL RETURN AS ON THE FINANCIAL YEAR ENDED ON 31ST MARCH, 2017[Pursuant to Section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies

(Management and Administration) Rules, 2014]

I. REGISTRATION AND OTHER DETAILS:

i) CIN L65910GJ1993PLC019936

ii) Registration Date 04.08.1993

iii) Name of the Company ANKUSH FINSTOCK LIMITED

iv) Category / Sub-Category of the Company Company Limited By Shares/Indian Non-Government Company

v) Address of the Registered Office B/708, FAIRDEAL HOUSE, OPP. STXAVIERS LADIES HOSTEL,and contact details SWASTIK CHAR RASTA, OFF. C.G. ROAD, NAVRANGPURA,

AHMEDABAD-380009, GUJARAT

Ph.No.: 079- 40370031 Email: [email protected]: www.ankushfinstock.co.in

vi) Whether listed company Yes / No YES

vii) Name, Address and Contact details of Bigshare Services Private LimitedRegistrar and Transfer Agent, if any A-804, Samudra Complex, Nr. Klassic Gold Hotel,

Off. C.G. Road, Navrangpura, Ahmedabad-380009,Gujarat, INDIA. Ph.No. 079-40024135Email: [email protected]: www.bigshareonline.com

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY :

All the business activities contributing 10% or more of the total turn over of the company shall be stated:-

Sl. Name and Description NIC Code of the % to total turnover of

No. of main products / services Product / service the company

1. Investment, trading in Shares & Securities 663 100

III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES - NOT APPLICABLESl. Name and Address CIN / GLN Holding/ % of ApplicableNo. of the Company. Subsidiary/ Shares Section

Associate held1. N.A.

IV. SHARE HOLDING P ATTERN (Equity Share Capit al Breakup as percent age of T ot al Equity)i) Category-wise Share HoldingCategory of No. of Shares held at the No. of Shares held at % ChangeShareholders beginning of the year the end of the year during

the yearParticulars Demat Physical Total % of Demat Physical Total % of

Total TotalShares Shares

(A) Promote(1) Indian

(a) Individuals / HUF 16706 0 16706 0.28 16706 0 16706 0.28 0.00

(b) Central Govt. - - - - - - - - -

(c) State Govt. (S) - - - - - - - - -

(d) Bodies Corp. 0 0 0 0.00 0 0 0 0.00 0.00

(e) Bank / FI - - - - - - - - -

(f) Any Other - - - - - - - - -

Sub-Total (A) (1) 16706 0 16706 0.28 16706 0 16706 0.28 0.00


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(2) Foreign

(a) NRIs-Individuals - - - - - - - - -

(b) Other- Individuals - - - - - - - - -

(c) Bodies Corp. - - - - - - - - -

(d) Banks/ FI - - - - - - - - -

(e) Any other - - - - - - - - -

Sub-Total (A) (2) 0 0 0 0.00 0 0 0 0.00 0.00

Total SH of Promoter 16706 0 16706 0.28 16706 0 16706 0.28 0.00(A) = (A)(1)+(A)(2)

(B) Public Shareholding(1) Institutions

(a) Mutual Funds - - - - - - - - -

(b) Bank/ FI - - - - - - - - -

(c) Central Govt. - - - - - - - - -(d) State Govt.(s) - - - - - - - - -

(e) Venture Capital Funds - - - - - - - - -

(f) Ins. Companies - - - - - - - - -

(g) FIIs - - - - - - - - -

(h) Venture Capital Funds - - - - - - - - -

(i) Other (specify) - - - - - - - - -Sub-Total (B)(1) 0 0 0 0 0 0 0 0 0.00

(2) Non-institutionsa Bodies Corp.

i Indian 392531 0 392531 6.54 302227 0 0 5.03 -1.51

ii Overseas

b Individuals

i holding shares 1197403 84800 1282203 21.36 1372264 84800 1457064 24.27 2.91upto Rs.2 lakh

ii holding shares 4301526 0 4301526 71.64 4217166 0 4217166 70.24 -1.41above Rs.2 lakh

c Others 11134 0 11134 0.19 10937 0 10937 0.18 0.01

Sub-total (B) (2):- 5902594 84800 5987394 100.00 5902594 84800 5685167 0.18 0.01Total Public SH 5902594 84800 5987394 100.00 5902594 84800 5685167 0.18 0.01[(B)=(B)(1)+(B)(2)]

c Shares held byCustodian forGDRs & ADRs

Grand Total (A+B+C) 5919300 84800 6004100 100.00 5919300 84800 6004100 100.00 0.00

ii) Shareholding of Promoters

Sl. Shareholder’s Shareholding at the Shareholding at theNo. Name beginning of the year end of the year % Change

No. of % of % of Shares No. of % of % of Shares in shareShares total Pledged / Shares total Pledged / holding

Shares encumbered Shares encumbered Duringof the to total of the to total the yearcompany shares company shares

1 BHARAT M. SHAH 16706 0.28 0.00 16706 0.28 0.00 0.00

TOTAL 16,706 0.28 0.00 16,706 0.28 0.00 0.00


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iii) Change in Promoters’ Shareholding (please specify , if there is no change)Particulars Shareholding at the Cumulative Shareholding

beginning of the year during the year

No. of % of total No. of % of totalshares shares shares shares

At the beginning of the year 16706 0.28 16706 0.28

Date wise Decrease in Promoters 0 0 0 0.00Shareholding during the year

At the End of the year 16706 0.28 16706 0.28iv. Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders

of GDRs and ADRs)

Sl. Name of the shareholders Shareholding at the Change in shareholding Shareholding at the

No. beginning of theyear during the year end ofthe year

No. of % of total No. of % of total No. of % of total

shares shares shares shares shares shares

1 NAVJIT SINGH GREWAL 1035010 17.24 -25585 -0.43 1009425 16.81

2 RAJEEV RAJKUMAR NIROOLA 938319 15.63 3535 0.06 941854 15.69

3 RAJENDRA RATILAL SHAH 255000 4.25 -2316 -0.04 252684 4.21

4 PRIYADARSHI RAMPRASAD SHUKLA 210000 3.50 0 0.00 210000 3.50

5 DHARMENDRA BHOGILAL SALOT 0 0.00 98247 1.64 98247 1.64

6 PARULBEN PRAVINKUMAR OZA 0 0.00 89550 1.49 89550 1.49

7 RAMASWAMYREDDY PEDINEKALUVA 89188 1.49 -13654 -0.23 75534 1.26

8 KALPANA RAJENDRA SHAH 75000 1.25 0 0.00 75000 1.25

9 MEHTA EQUITIES LTD 86908 1.45 15641 0.26 102549 1.71

10 BHARGAV V JANI 101315 1.69 -28792 -0.48 72523 1.21

11 ARVIND POPATLAL SHAH 0 0.00 61150 1.02 61150 1.02

12 JAYDEEP S KANANI 0 0.00 61859 1.03 61859 1.03

13 RINKU PIYUSH JAIN 0 0.00 61365 1.02 61365 1.02

14 SHYAMSUNDER GUPTA 0 0.00 70393 1.17 70393 1.17

15 VIPASHA JAIN 0 0.00 70087 1.17 70087 1.17

v. Shareholding of Directors and Key Managerial personnel

Sl. Name of the Directors/ KMP Shareholding at the Shareholding at theNo. beginning of the year end of the year

No. of % of total No. of % of totalshares shares shares shares

1 Mr. Bharat Manubhai Shah


Date wise Increase / Decrease in 0 0 0 0.00Shareholding during the year

At the End of the year 16706 0.28 16706 0.28

2 Mr. Vikesh Bharatkumar Makvana





17

3 Mr. Prashant Ranchodlal Sheth




4 Mr. Zalak Dilipbhai ShahAt the beginning of the year 0 0.00 0 0.00


At the End of the year 0 0.00 0 0.005 Mr. Bhavin Chandubhai Soni (CS)




6 Mrs. Indu Sunilbhai Kalal




7 Mr. Samir Pramodbhai Shah [CFO]At the beginning of the year 0 0.00 0 0.00


At the End of the year 0 0.00 0 0.00V. Indebtedness (Rs.in lakhs)

Indebtedness of the Company including interest outstanding/ accrued but not due for payment

Company was not having any secured loans/unsecured loans and deposits during the financial year 2016-17.

Particulars Secured Loans Unsecured Deposits* Totalexcluding Loans Indebtednessdeposits

Indebte dness at thebeginning of thefinancial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not dueTotal (i+ii+iii)

Change in Indebtednessduring the financial yearAddition

Reduction

Net Change Indebtednessat the end of thefinancial yeari) Principal Amountii) Interest due but not paidiii) Interest accrued but not due

Total (i+ii+iii)


18

VI. Remuneration of Directors and Key Managerial PersonnelA. Remuneration to Managing Director , Whole-time Directors and/or Manager:

Sl. Particulars of Name of the MD/WTD/Manager/Director Total AmountNo. Remuneration

1 Gross S alary Mr.B.M. Shah-MD Mr. Mr.

a Salary as per provisions 0 0 0 0

contained in section 17(1) of

the Income tax Act, 1961

b Value of perquisites u/s

17(2) Income tax Act, 1961

c Profits in lieu of salary under

section 17(3) Income

tax Act, 1961

2 Stock Option

3 Sweat Equity

4 Commission

- as a % of profit

others (specify)

5 Others, please specify:

Retirement Benefits

Total (A) 0

Ceiling as per the Act

B. Remuneration to other directors:

Sl. Particulars of Name of the MD/WTD/Manager/Director Total Amount

No. Remuneration

1 Independent Directors Mr. Mr. Mr.

Fee for attending board

/committee meetings

Commission

Others, please specify

Total 1

2 Other Non Executive Directors Mr. Mr. Mr.

Fee for attending board /

committee meetings

Commission

Others, please specify

Total 2

Total (B)=(1+2)

Total Managerial Remuneration

Total Remuneration (A+B) 0

Overall Ceiling as per the Act 0


19

C. Remuneration to key managerial personnel other than MD/Manager/WTD

Sl. Particulars of Key Managerial Personnel Total Amount

No. Remuneration1 Gross Salary CEO S.P. Shah CFO Bhavin Soni-CS

w.e.f.18.08.2016

a Salary as per provisions 480000 200000 680000contained in section 17(1)of the Income tax Act, 1961

b Value of perquisites u/s17(2) Income tax Act, 1961

c Profits in lieu of salary undersection 17(3) Incometax Act, 1961

2 Stock Option

3 Sweat Equity

4 Commission

- as a % of profit

others (specify)

5 Others, please specify:Retirement Benefits

Total 480000 200000 680000

VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

There are no penalties/punishment/compouding of offences against the Company and its Directors andofficers for the year ended March 31, 2017.



PLACE: AHMEDABAD

DATE: 05.09.2017

[BHARA T M. SHAH]

DIN: 00064582

CHAIRMAN & MD


20

ANNEXURE-II

FORM MR-3

SECRETARIAL AUDIT REPORT

For the financial year ended March 31, 2017

[Pursuant to Section 204(1) of the CompaniesAct, 2013 and Rule No. 9 of the Companies(Appointment and Remuneration Personnel)Rules, 2014]

To the Members,

ANKUSH FINSTOCKLIMITED

B/708, Fairdeal House,Opp. St. Xavier’s Ladies Hostel,Off. C.G. Road, Navrangpura,Ahmedabad- 380009,Gujarat, INDIA

We have conducted the secretarial audit of thecompliance of applicable statutory provisions and theadherence to good corporate practices by AnkushFinstock Limited (hereinafter called “the Company”).Secretarial Audit was conducted in a manner thatprovided us a reasonable basis for evaluating thecorporate conducts/statutory compliancesandexpressing our opinion thereon.

Based on our verification of the Company’s books,papers, minute books, forms and returns filed andother records maintained by the Company and alsoinformation provided by the Company, its officers,agents and authorized representatives during theconduct of secretarial audit, the explanations andclarifications given to us and the representations madeby the management, we hereby report that in ouropinion, the company has, during the audit periodcovering the financial year ended on 31st March,2017, generally complied with the statutory provisionslisted hereunder and also that the Company hasproper Board processes and compliance mechanismin place to the extent,in the manner and subject to thereporting made hereinafter:

We have examined the books, papers, minute books,forms and returns filed and maintained by theCompany for the financial year ended on 31st March,2017 and made available to us according to theprovisions of:

(i) The Companies Act, 2013 (“the Act”) and therules made thereunder as applicable;

(ii) The Securities Contracts (Regulation) Act, 1956(‘SCRA) and the rules made thereunder;

(iii) The Depositories Act, 1996 and the Regulationsand Bye-laws framed thereunder;

(iv) Foreign Exchange Management Act, 1999 andthe rules and regulations made thereunder to theextent of Foreign Direct Investment, OverseasDirect Investment and External CommercialBorrowings;

(v) The following Regulations and Guidelinesprescribed under the Securities and ExchangeBoard of India Act, 1992 (‘SEBI Act’):

(a) The Securities and Exchange Board of India(Substantial Acquisition of Shares andTakeovers) Regulations, 2011 as amendedfrom time to time;

(b) The Securities and Exchange Board of India(Prohibition of Insider Trading) Regulations,1992 and 2015, as amended from time totime;

(c) The Securities and Exchange Board of India(Issue of Capital and DisclosureRequirements) Regulations, 2009 (Notapplicable to the Company during the auditperiod);

(d) The Securities and Exchange Board of India(Employee Stock Option Scheme andEmployee Stock Purchase Scheme)Guidelines, 1999 and The Securities andExchange Board of India (Share BasedEmployee Benefits) Regulations, 2014 (Notapplicable to the Company during the auditperiod);

(e) The Securities and Exchange Board of India(Issue and Listing of Debt Securities)Regulations. 2008 (Not applicable to theCompany during the audit period);

(f) The Securities and Exchange Board of India(Registrars to an Issue and Share TransferAgents) Regulations, 1993 regarding theCompanies Act and dealing with client;

(g) The Securities and Exchange Board of India(Delisting of Equity Shares) Regulations,2009 (Not applicable to the Company duringthe audit period); and

(h) The Securities and Exchange Board of India(Buyback of Securities) Regulations, 1998(Not applicable to the Company during theaudit period);

(vi) The other laws, as informed and certified by themanagement of the Company which arespecifically applicable to the Company are:


21

(a) The Employees’ Provident Fund andMiscellaneous Provisions Act, 1952, andrules made thereunder;

(b) Prevention of Money Laundering Act, 2002

We have also examined compliance with theapplicable clauses of the following:

(i) Secretarial Standards issued by The Institute ofCompany Secretaries of India;

(ii) The Provisions of the Securities and ExchangeBoard of India (Listing Obligations and DisclosureRequirements) Regulations, 2015.

During the period under review the Company hasgenerally complied with the all material aspects ofapplicable provisions of the Acts, Rules, Regulations,Guidelines, Standards, etc. mentioned above.

We further report that :

a) The Compliance by the Company of applicablefinancial laws, like direct and indirect tax laws,has not been reviewed in this Audit since thesame have been subject to review by statutoryfinancial auditor and other designatedprofessionals.

b) The Board of Directors of the Company is dulyconstituted with proper balance of ExecutiveDirectors, Non-Executive Directors andIndependent Directors. The changes in thecomposition of the Board of Directors that took

place during the period under review werecarried out in compliance with the provisions ofthe Act.

c) Adequate notice is given to all directors toschedule the Board Meetings, agenda anddetailed notes on agenda were generally sent atleast seven days in advance, and a systemexists for seeking and obtaining furtherinformation and clarifications on the agendaitems before the meeting and for meaningfulparticipation at the meeting.

d) Majority decision is carried through while thedissenting members’ views are captured andrecorded as part of the minutes.

We further report that there are adequate systemsand processes in the company commensurate withthe sizeand operations of the company to monitor andensure compliance with applicable laws, rules,regulations and guidelines.

For, MUKESH H. SHAH & CO.Company Secretaries

Place : AhmedabadDate : 05.09.2017

[MUKESH H. SHAH]PROPRIETOR

CP. NO. 2213

Note: This report is to be read with our letter of evendate which is annexed as ‘ANNEXURE A’ andforms anintegral part of this report.


22

ANNEXURE- A

To the Members,

ANKUSH FINSTOCK LIMITED

B/708, Fairdeal House,Opp. St. Xavier’s Ladies Hostel,Off. C.G. Road, Navrangpura,Ahmedabad- 380009,Gujarat, INDIA

Our report of even date is to be read along with this letter.

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibilityis to express an opinion on these secretarial records based on our audit.

2. We have followed the audit practices and processes as were appropriate to obtain reasonable assuranceaboutthe correctness of the contents of the Secretarial records. The verification was done on test basistoensure that correct facts are reflected in secretarial records. We believe that the processes and practices,wefollowed provide a reasonable basis for our opinion.

3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of thecompany.

4. Where ever required, we have obtained the Management representation about the compliance of laws, rulesandregulations and happening of events etc.

5. The compliance of the provisions of corporate and other applicable laws, rules, regulations, standards istheresponsibility of management. Our examination was limited to the verification of procedures on test basis.

6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of theefficacyor effectiveness with which the management has conducted the affairs of the Company.

Our report of even date is to be read along with this letter.

For, MUKESH H. SHAH & CO.Company Secretaries

Place : AhmedabadDate : 05.09.2017

[MUKESH H. SHAH]PROPRIETORCP. NO. 2213


23

MANAGEMENT DISCUSION AND ANALYSIS REPORT

Your Directors have pleasure in presenting the

management discussion and analysis report for the

year ended on March 31, 2017.

1. INDUSTRY STRUCTURE, DEVELOPMENT:

During the period under the review, the Company had

been operating in shares and investment.

2. OPPORTUNITIES & THREATS:

The Government is committed to encourage thehealthy growth of Capital Market for development of

the Economy. While the government seems committed

to reforms to address the challenges, political

compromises and high populist spending in an electionyear will mean that tough decisions are more likely to

be deferred. However, steps by RBI to stabilize the

exchange rate by reducing liquidity support to the

banking system will create a challenging environmentfor investments.

3. SEGMENT-WISE PERFORMANCE:

The Company’s main business activity is shares,

investment and its related activities which fall under

single reportable segment.

4. OUTLOOK:

The Company continues to explore the possibilities ofexpansion and will make the necessary investments

when attractive opportunities arise.

5. RISK & CONCERNS:

The Company is exposed to specific risks that are

particular to its business, including interest rate

volatility, economic cycle, market risk and credit risk.The management continuously assesses the risks and

monitors the business and risk management policies to

minimize the risk.

6. INTERNAL CONTROL SYSTEMS & THEIRADEQUEACY:

The Company’s operating and business controlprocedures ensure efficient use of resources and

comply with the procedures and regulatory

requirements. There are adequate internal controls to

safeguard the assets and protect them against lossesfrom unauthorized use or disposition and the

transactions are authorized, recorded and reported

correctly.

The Audit Committee periodically reviews the internal

controls systems and reports their observations to the

Board of Directors.

The Directors have appointed M/s. S. R. Sanghvi & Co,

Chartered Accountants as the Internal Auditors of the

Company for the FY 17-18.

7. DISCUSSION ON FINANCIAL PERFORMANCEWITH RESPECT TO OPERATIONAL PERFORMANCE:

During the year, the Company has recorded a turnoverof Rs.144.80 Lacs as compared to Rs. 678.66 Lacs

in the previous year. The Company has incurred net

profit of Rs.1.54 Lacs as compared to loss Rs.3.63

Lacs of the previous year after providing depreciation,tax, etc. for the year ended 31st March, 2017.

8. HUMAN RESOURCE DEVELOPMENT:

The Company believes that the human resources are

vital in giving the Company a Competitive edge in the

current business environment. The Company’s

philosophy is to provide congenial work environment,performance oriented work culture, knowledge

acquisition / dissemination, creativity and responsibility.

As in the past, the Company has enjoyed cordial

relations with the employees at all levels.

The Company continues to run an in-house training

programme held at regular intervals and aimed at

updating their knowledge about issues.

9. CAUTIONERY STATEMENT:

Statements in this report on Management Discussionand Analysis describing the Company’s objectives,

projections, estimates, expectations or predictions

may be “forward-looking statements” within the

meaning of applicable securities laws and regulations.Actual results could differ materially from those

expressed or implied.



PLACE: AHMEDABAD.

DATE: 05.09.2017

[BHARA T M. SHAH]

DIN: 00064582

CHAIRMAN & MD


24

CERTIFICATION BY CEO AND CFO OF THE COMPANY

We, Bharat M. Shah, Chairman & Managing Director and Mr. Samir P. Shah, Chief Financial Officer responsible forthe finance function certify that:

a) We have reviewed the financial statements and cash flow statement for the financial year ended 31st March,2017 to the best of our knowledge and belief:

I. These statements do not contain any materially untrue statements or omit any material facts or containstatements that might be misleading.

II. These statements together present a true and fair view of the Company‘s affairs and are in compliancewith existing accounting standards, applicable laws and regulations.

b) To the best of our knowledge and belief, no transactions entered into by the Company during the financialyear 2016-17, which are fraudulent, illegal or violate the Company’s Code of Conduct.

c) We accept responsibility for establishing and maintaining internal controls for financial reporting and haveevaluated the effectiveness of the internal control systems of the Company for such reporting. We havedisclosed to the Auditors and the Audit Committee, deficiencies, if any, in the design or operation of such internalcontrols, of which we are aware of and the steps taken and/or proposed to be taken to rectify thesedeficiencies.

d) i) Significant changes in internal control over financial reporting during the year.

ii) Significant change in accounting policies during the year requiring disclosure in the notes to the financialstatements.

iii) We are not aware of any instance during the year of significant fraud with involvement therein of themanagement or any employee having a significant role in the Company’s internal control system overfinancial reporting.

___________________ ___________________

[BHARAT M. SHAH] [SAMIR P. SHAH]

Chairman & Managing Director Chief Financial Officer

Place : Ahmedabad

Date : 05.09.2017


25

INDEPENDENT AUDITORS’ REPORT

TO THE MEMBERS OF ANKUSH FINSTOCK LIMITED

Report on the Financial Statements

We have audited the accompanying Financial

statements of ANKUSH FINSTOCK LIMITED (“the

company”),which comprise the Balance Sheet as at

31 March 2017, the Statement of Profit and Loss,

the Cash Flow Statement for the year then ended, and

a summary of significant accounting policies and other

explanatory information.

Management’s Responsibility for the Financial

Statements

The Company’s Board of Directors is responsible for

the matters stated in section 134(5) of the Companies

Act, 2013 (“the Act”) with respect to the preparation

of these Financial Statements that give a true and

fair view of the financial position, financial

performance and cash flows of the Company in

accordance with the accounting principles generally

accepted in India, including the Accounting Standards

specified under Section 133 of the Act, read with Rule

7 of the Companies (Accounts) Rules, 2014. This

responsibility also includes the maintenance of

adequate accounting records in accordance with

the provision of the Act for safeguarding of the assets

of the Company and for preventing and detecting the

frauds and other irregularities; selection and

application of appropriate accounting policies;

making judgments and estimates that are reasonable

and prudent; and design, implementation and

maintenance of adequate internal financial control, that

were operating effectively for ensuring the accuracy

and completeness of the accounting records,

relevant to the preparation and presentation of the

financial statements that give a true and fair view and

are free from material misstatement, whether due to

fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these

FinancialStatements based on our audit.

We have taken into account the provisions of the Act,

the accounting and auditing standards and matters

which are required to be included in the audit report

under the provisions of the Act and the Rules made

there under.

We conducted our audit in accordance with the

Standards on Auditing specified under section 143(10)

of the Act. Those Standards require that we comply

with ethical requirements and plan and perform the

audit to obtain reasonable assurance about whether

the financial statements are free from material

misstatement.

An audit involves performing procedures to obtain

audit evidence about the amounts and disclosures in

the financial statements. The procedures selected

depend on the auditor’s judgment, including the

assessment of the risks of material misstatement of

the financial statements, whether due to fraud or

error. In making those risk assessments, the auditor

considers internal financial control relevant to the

Company’s preparation of the financial statements that

give true and fair view in order to design audit

procedures that are appropriate in the circumstances.

An audit also includes evaluating the appropriateness

of accounting policies used and the reasonableness

of the accounting estimates made by Company’s

Directors, as well as evaluating the overall

presentation of the financial statements.

We believe that the audit evidence we have obtained

is sufficient and appropriate to provide a basis for our

audit opinion on theFinancialStatements.

Opinion

In our opinion and to the best of our information and

according to the explanations given to us, the

aforesaid financial statements, give the information

required by the Act in the manner so required and give

a true and fair view in conformity with the accounting

principles generally accepted in India:-

a) in the case of the Balance Sheet, of the state of

affairs of the Company as at 31st March, 2017;

b) in the case of the Statement of Profit and Loss,

of the Profit for the year ended on that date; and

c) in the case of the Cash Flow Statement, of the

cash flows for the year ended on that date.

Report on Other Legal and Regulatory

Requirements

1. As required by the Companies (Auditor’s Report)

Order, 2016 issued by the Central Government of

India in terms of sub-section (11) of section 143

of the Act (hereinafter referred to as the


26

“Order”), and on the basis of such checks of the

books and records of the company as we

considered appropriate and according to the

information and explanations given to us , we

give in the Annexure a statement on the matters

specified in the paragraph 3 and 4 of the Order.

2. As required by Section 143 (3) of the Act, we

report that:

(a) we have sought and obtained all the

information and explanations which to the

best of our knowledge and belief were

necessary for the purposes of our audit.

(b) in our opinion proper books of account as

required by law have been kept by the

Company so far as it appears from our

examination of those books.

(c) the Balance sheet, the Statement of Profit

and Loss and the Cash Flow Statement

dealt with by this Report are in agreement

with the books of account.

(d) in our opinion, the aforesaid Financial

Statements comply with the Accounting

Standards specified under Section 133 of

the Act, read with Rule 7 of the Companies

(Accounts) Rules, 2014.

(e) on the basis of the written representations

received from the Directors as on 31st

March 2017 and taken on record by the

Board of Directors, none of the Director is

disqualified as on 31st March 2017 from

being appointed as a Director in terms of

Section 164 (2) of the Act.

(f) With respect to the adequacy internal

financial controls over financial reporting of

the company and the operating

effectiveness of such controls, refer to our

separate report in “Annexure B”; and

(g) with respect to the other matters to be

included in the Auditor ’s Report in

accordance with Rule 11 of the Companies

(Audit and Auditors) Rules, 2014, in our

opinion and to the best of our information

and according to the explanations given to

us:

i. the Company has disclosed the

impact of pending litigations on its

financial position in its financial

statements ;

ii. In our opinion and as per the

information and explanation provided

to us the Company has not entered

into any long-term contracts including

derivatives contract, requiring

provision under applicable laws or

accounting standards, for material

foreseeable losses.

iii. the company is not required to

transfer any amount to Investor

Education and Protection Fund

iv. the company has provided requisite

disclosures in its financial statements

as to holdings as well as dealings

in Specified Bank Notes during the

period From 8 November, 2016 to 30

December,2016 and these are in

accordance with the books of

accounts maintained by the Company

, Refer Notes to accounts of its

financial statements

For DJNV & CO.

Chartered Accountants

Firm Regn. No. 115145W

Place: Ahmedabad

Date: 30.05.2017

[Jayesh Parikh]

Partner

M. No. 40650


27

ANNEXURE-A TO THE AUDITOR’S REPORT

The Annexure referred to in our report to the members of ANKUSH FINSTOCK LIMITED for the year ended on31st March, 2017, we report that:

(i) (a) In our opinion and according to the information and explanation given to us, the company is maintainingproper records showing full particulars, including quantitative details and situation of fixed assets;

(b) In our opinion, the fixed assets have been physically verified by the management atreasonable intervalshaving regard to the size of the company and the nature of it’sassets. No material discrepancies werenoticed on such verification.

(c) The company doesnot have any immovable properties in its nameand hence the Clause (i)( c ) of the orderis not applicable.

(ii) As explained to us, inventories of shares have been physically verified by the management at reasonableintervals during the year. In our opinion, the frequency of such verification is reasonable.

(iii) According to the information and explanation given to us and on the basis of our examination of books ofaccount, the company has not granted any loans, secured or unsecured to the parties covered in theregister maintained U/s 189 of the companies act, 2013. Accordingly ,clause(III) (a),(b) and (c) of the orderare not applicable.

(iv) According to the information and explanation given to us ,the company has complied with the provisions ofSection 185 and 186 whenever applicable ,in respect of loans ,investments.guarantees and securities givenby the company

(v) According to the information and explanation given to us and on the basis of our examination of books ofaccount, the company has not accepted deposits, hence the directives issued by the Reserve Bank of Indiaand the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act, 2013 and therules framed there under are not applicable,

(vi). The central government has not prescribed the maintenance of cost records under section 148(1) of theAct, in respect of any of the company’s products and hence clause VI of CARO 2016 is not applicable.

(vii) (a) According to the records of the company undisputed statutory dues including provident fund, incometax, service tax, value added tax,cess and other material statutory dues have been regularly depositedduring the year by the Company with the appropriate authorities. As explained to us, the Company didnot have any dues on account of employees’ state insurance and excise duty & custom duty.

According to the information and explanations given to us, no undisputed amounts payable in respect ofthe aforesaid dues were outstanding as at 31 March 2017 for a period of more than six months fromthe date they became payable.

(b) According to information and explanations given to us, the following disputed statutory dues have notbeen deposited by the Company on account of disputed matters pending before appropriate authorities.

Name of satute Nature of dues Amount(Rs) Period to which the Forum whereamount relates dispute is pending

Income Tax Income Tax 50,85,195/- 05-06 CIT Appeals

(viii) According to the records of the company, the company has not borrowed money from financial institutionsor banks or issued debentures till 31st March, 2017. Hence in our opinion the question of reporting on defaultsin repayment of dues to financial institutions or banks or debentures does not arise.

(ix) The company has not raised any moneys by way of initial public offer, further public offer(including debtinstruments) and term loans. Accordingly the provision of Clause 3(ix) of the order are not applicable to thecompany.

(x) During the course of our examination of the books and records of the company,carried out in accordancewith the generally accepted auditing practices in India,and according to the information and explanation givento us ,we have neither come across any instances of material fraud by the company, by its officers or


28

employees,noticed or reported during the year,nor we have been informed of any such case by themanagement.

(xi) According to the information provided , managerial remuneration has been paid in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Companies Act.

(xii) The company is not declared as Nidhi Company moreover the company doesnot function on the lines of Nidhicompany hence the said clause of the Order is not applicable.

(xiii) As per the information provided all transactions with the related parties are in compliance with sections 177and 188 of Companies Act, 2013 and the details have been disclosed in the Financial Statements etc., asrequired by the applicable accounting standards;

(xiv) The company hasnot made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and hence the clause 3(xiv) is not applicable.

(xv) The company has not entered into any non-cash transactions with directors or persons connected with himand hence the provisions of section 192 of Companies Act, 2013 are not applicable.

(xvi) The company isnot required to be registered under section 45-IA of the Reserve Bank of India Act, 1934.Hencethe clause is not applicable.

For DJNV & CO.Chartered AccountantsFirm Regn. No. 1 15145W

[Jayesh Parikh]Partner

M. No. 40650Place : AhmedabadDate : 30.05.2017


29

Annexure–B to Independent Auditors’ Report

Referred to in paragraph10(I) of the Independent Auditors’ Report of even date to the members of ANKUSHFINSTOCK LIMITED on the standalone financial statements for the year ended 31st March, 2017.

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act,2013 (“the Act”)

1. We have audited the internal financial controls over financial reporting of ANKUSH FINSTOCK LIMITED (“theCompany”) as of March 31, 2017 in conjunction with our audit ofthe standalone financial statements of theCompany for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

2. The Company’s management is responsible for establishing and maintaining internalfinancial controls based onthe internal control over financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute ofCharteredAccountants of India (the “Guidance Note”). These responsibilitiesinclude the design, implement ationand maintenance of adequate internal financial controls that we reoperatingeffectively for ensuring the orderly and efficient conduct of its business, including adherence to company’spolicies, the safeguarding of its assets, the prevention and detection offrauds and errors, the accuracy andcompleteness of the accounting records, and the timely preparation of reliable financial information, asrequiredunder the Companies Act,2013.

Auditors Responsibility

3. Our responsibility is to express an opinion on the Company’s internal financial controls over financial reportingbased on our audit. We conducted our auditin accordance with the Guidance Note and the Standards onAuditing, issued by ICAI and deemed to be prescribed under section143(10) of the Companies Act, 2013, tothe extent applicable to an audit of internal financial controls, both applicable to and audit of Internal FinancialControls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the GuidanceNote require that we comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain evidence about the adequacy of theinternalfinancial controlssystem over financial reporting and their operating effectiveness. Out audit of internal financial controls overfinancial reporting,assessingtheriskthatamaterialweaknessexists, and testing and evaluating the design andoperating effectiveness of internal controlbasedon the assessed risk. The procedure selected depend on theauditor’s judgement, including the assessment of the risks of material misstatement of the financial statements,whether due to fraud or error.

5. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for ouraudit opinion on the Company’s internal financial controls system over financial reporting.

Cleaning of Internal Financial Controls over Financial Reporting

6. ACompany’s internal financial control over financial reporting is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparationoffinancial statements for externalpurposes in accordance with generally accepted accounting principles. A company’s internal financial controlover financial reporting includes those policies and procedures that (1) pertain to the maintenance of recordsthat, in reasonable details, accurately and fairly reflect the transactions and dispositions of the assets of thecompany;(2) provide reasonable assurance that transactions are recorded as necessary to permit preparationof financial statements in accordance with generally accepted accounting principles, and that receipts andexpenditures of the company are being made only inaccordance with authorities of management and directorsof the company; and (3) provide reasonable assuranceregardingprevention or timely detection of unauthorizedacquisition, use, or disposition of the company’s assets that could have a material effect on the financialstatements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

7. Becauseoftheinherentlimitationsofinternalfinancial controlsoverfinancialreporting,includingthe possibility ofcollusion or improper management override of controls, material misstatements due to error or fraud may occur


30

and not be detected. Also, projections of any evaluation of the internal financial controls over financial reportingto future period sare subject to the risk that the internal financial control over financial reporting may becomeinadequate because of changesin conditions, or that the degree of compliance with the policies or proceduresmay deteriorate.

Opinion

8. In our opinion, the Company has, in all material respects, an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reportingwereoperating effectively as atMarch 31, 2017, based on the internal control stated in the Guidance Note on Audit of Internal Financial ControlsOver Financial Reporting issued by the Institute of Chartered Accountants of India.

For, DJNV & CO.

Chartered Accountants

FRN NO.: 115145W

Place : Ahmedabad [Jayesh Parikh]

Date: 30.05.2017 Partner

M.No:040650


31

Balance Sheet As At 31 March, 2017P a r t i c u l a r s Note No. As at As at

31 March 2017 31 March 2016(Rs.) (Rs.)

EQUITY AND LIABILITIES

1. Shareholders’ Funds :a) Share Capital 3 60,041,000 60041000b) Reserves & Surplus 4 (53,134,569) (53,289,392)

6,906,431 6,751,6082. Non-Current Liabilities :

a) Long Term Borrowings - -b) Deferred Tax Liabilities (Net) - -c) Other Long term Liabilities - -d) Long-term Provisions 5 406,045 397,718

406,045 397,7183. Current Liabilities

a) Short-term borrowings - -b) Trade Payables 6 34,937,319 65,450,578c) Other Current liabilities 7 2,975,533 2,995,881d) Short term Provisions 5 7,200 205,045

37,920,052 68,651,504TOTAL 45,232,528 75,800,829

ASSETS1. Non-C urrent Assets

a) Fixed Assetsi) Property, Plant And Equipment 8 40,313 41,298ii) Intangible Assets - -iii) Capital work In Progress - -iv) Intangible Asset Under Development - -

40,313 41,298b) Non-Current Investment 9 - 3,000,000c) Deffered Tax Assets (Net) 10 714 2,086d) Long-Term Loans and Advance 11 853,244 -e) Trade Receivable - -f) Other Non-Current Assets - -

2. Current Assetsa) Current Investment 9 - -b) Inventories 14 622,811 737,311c) Trade Receivables 12 42,251,262 70,899,525d) Cash & Cash Equivalents 15 379,684 46,814e) Short Term Loans and Advances 11 1,084,500 1,073,795f) Other Current Assets 13 - -

TOTAL 45,232,528 75,800,829Summary of Significant Accounting Policies 2 - -The accompanying notes are an integral part of the financial statements.

As per our report of even date attached herewithFor, DJNV & CO. For, ANKUSH FINSTOCK LIMITEDChartered AccountantsFirm Reg. No. 1 15145W [Bharat Shah] [Prashant Sheth][Jayesh Parikh] C&MD DirectorPartner DIN:00064582 DIN: 03385618M.No.: 40650 [Samir P. Shah] [Bhavin Soni]

CFO CS & Compliance OfficerPlace : Ahmedabad Place : AhmedabadDate : 30.05.2017 Date : 30.05.2017


32

Statement of Profit & Loss for the year ended 31st March 2017Particulars Note No. 31-Mar-17 31-Mar-16

CONTINUING OPERATIONS Amt. (Rs.) Amt. (Rs.)

INCOME

Income from Operations 16 14,480,254 67,865,768

Other Income 17 62 587

Total Revenue (i) 14,480,316 67,866,355

EXPENDITURE

Purchase of traded goods 18 11,920,866 64,656,149

(Increase)/ Decrease in inventory of Traded Goods 18 114,500 (5,326)

Employee Benefits Expense 19 1,512,827 2,843,035

Depreciation and Amortisation expense 20 985 1,414

Other Expenses 21 749,942 733,526

Total Expenses (ii) 14,299,120 68,228,798

Profit / ( Loss) before T ax [ (i) - (ii) ] 181,196 (362,443)

Tax expense:

Current Tax 25,000 0

Deferred Tax 1,372 (1,515)

Tax of earlier years 26,372 (1,515)

Profit/ (Loss) for the year from continuing operations (A) 154,824 (363,958)

DISCONTINUING OPERATIONS

Profit/ (Loss) after tax from Discontinuing Operation (B) - -

TOTAL OPERATIONS ( A + B ) 154,824 (363,958)

Profit/ (Loss) for the year 154,824 (363,958)

Basic earnings per share 24 0.03 -0.06

Summary of Significant Accounting Policies 2

The accompanying notes are an integral part of the financial statements.

As per our report of even date attached herewithFor, DJNV & CO. For, ANKUSH FINSTOCK LIMITEDChartered AccountantsFirm Reg. No. 1 15145W [Bharat Shah] [Prashant Sheth][Jayesh Parikh] C&MD DirectorPartner DIN:00064582 DIN: 03385618M.No.: 40650 [Samir P. Shah] [Bhavin Soni]



33

CASH FLOW STATEMENT FOR THE YEAR 2016-17

PARTICULARS AMT. (RS.) AMT. (RS.)

2016-17 2015-16

A. CASH FLOW FROM OPERATING ACTIVITIES:

Profit before tax 181,196 (362,443)

Non-cash adjustment to reconcile profit before tax to net cash flows

Depreciation 985 1,414

Other Adujustments on account of Depreciation 0 0

Income tax (25,000)

Accrued Interest on Gratuity - (32,789)

Operating Profit before working capital changes 157,181 -393,818

Movement in Working Capital :

Increase / (Decrease) in Trade Payables (30,513,259) 65,195,405

Increase / (Decrease) in Provisions (189,518) 60,709

Increase / (Decrease) in Other Current Liabilities (20,348) (141,584)

(Increase)/ Decrease in Trade Receivables 28,648,263 (67,713,593)

(Increase)/ Decrease in Inventories 114,500 (5,326)

Income Tax Paid 0 0

Cash generated from / (used in) operations (1,960,362) -2,604,389

Net Cash Flow From / ( Used in ) Operating Activities (A) (1,803,181) (2,998,207)

B. CASH FLOW FROM INVESTING ACTIVITIES :

(Increase) / Decrease in Property, Plant And Equipment 0

(Increase) / Decrease in Non Current investment 3,000,000 3,000,000

Proceeds of Non Current Investments

Net Cash Flow From / ( Used in ) Investing Activities (B) 3,000,000 3,000,000

C. CASH FLOW FROM FINANCING ACTIVITIES:

(Increase)/ Decrease in Loans & Advances (863,949) 31,187

Net Cash Flow From / ( Used in ) Financing Activities (C) (863,949) 31,187

Net Increase/ (Decrease) in Cash & Cash Equivalent (A+B+C) 332,870 32,980

Cash & Cash Equivalents at the beginning of the year 46,814 13,834

Cash & Cash Equivalents at the end of the year 379,684 46,814

For, DJNV & CO. For, ANKUSH FINSTOCK LIMITEDChartered AccountantsFirm Reg. No. 1 15145W [Bharat Shah] [Prashant Sheth][Jayesh Parikh] C&MD DirectorPartner DIN:00064582 DIN: 03385618M.No.: 40650 [Samir P. Shah] [Bhavin Soni]



34

Notes to financial statements for the year ended 31 March 2017

a. Basis of Accounting

These financial statements have been prepared in accordance with the generally accepted accounting

principles in India under the historical cost convention on accrual basis. These financial statements have been

prepared to comply in all material aspects with the accounting standards notified under section 133 of

Companies Act, 2013

b. Use of Estimates

The preparation of financial statements requires the management to make estimates and assumptions

considered in the reported amount of assets and liabilities (including contingent liabilities) as on the date of

financial statements and the reported income and expenses during the reporting period. Management believes

that the estimates used in the preparation of the financial statements are prudent and reasonable. Actual results

could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current

and future periods.

c. Property , Plant and Equipment

Property, Plant And Equipment are stated at cost, net of accumulated depreciation and accumulated impairment

losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly

attributable cost of bringing the assets to its working condition for the intended use. Any trade discounts

and rebates are deducted in arriving at the purchase price.

Subsequent expenditure related to an item of assets is added to its book value only if it increases the future

benefits from the existing asset beyond its previously assessed standard of performance. All other expenses

on existing assets, including day to day repairs/maintenance expenditure and cost of replacing parts, are

charged to the statement of profit and loss for the period during which such expenses are incurred.

Gains or losses arising from de recognition of assets are measured as the difference between the net

disposal proceeds and the carrying amount of the asset and are recognized in the statement of profit & loss

when the asset is de recognized.

d. Depreciation

Depreciation on Property, Plant And Equipment is provided on Written down Value Method over the useful life

of asset prescribed in Part C of schedule II of the Companies Act, 2013.

e. Investments

Non current investments are stated at cost. Current investments are stated at cost or fair value, whichever

is lower. Provision for diminution in the value of non- current investments is made only, if such a decline is

other than temporary in the opinion of the management.

f. Inventories

The company accounts for the traded shares & securities & goods remaining unsold at the end of the year

as Stock-in- Trade and the same is valued at cost or market value whichever is lower.

g. Revenue Recognition

• Revenue is recognized to the extent that it is probable that the economic benefits will flow to the company

and the revenue can be reliably measured.

• Revenue from sales is recognized on the basis of delivery of shares & securities & goods.

• Dividend income is accounted on receipt basis.

• Interest and other income are recognized on accrual basis.


35

h. Retirement Benefits

Retirement benefit in the form of provident fund is a defined contribution scheme. The contributions to the

provident fund are charged to the statement of profit & loss for the year when the contributions are due. The

Company has no obligation, other than the contribution payable to the provident fund.

Actuarial gains and losses in respect of post-employment and other long term benefits are charged to profit

and loss statement.

i. Income T ax

Provision for tax for the year comprises current income tax determined to be payable in respect of taxable

income and deferred tax being the tax effect of timing differences representing the difference between taxable

income and accounting income that originate in one period and are capable of reversal in one or more

subsequent period(s).

j. Earnings per share.

Basic earnings per share is computed by dividing the net profit after tax by the weighted average number

of equity shares outstanding during the period.

k. Provisions and Contingent liabilities

Provisions are recognized when there is a present obligation as a result of a past event, and it is probable

that an outflow of resources embodying economic benefits will be required to settle the obligation and there

is a reliable estimate of the amount of the obligation.

Contingent liabilities are disclosed when there is a possible obligation arising from past events, the existence

of which will be confirmed only by the occurrence or non- occurrence of one or more uncertain future events

not wholly within the control of the Company or a present obligation that arises from past events where it

is either not probable that an outflow of resources will be required to settle the obligation or a reliable estimate

of the amount cannot be made.

l. Cash & Cash equivalents

Cash and cash equivalents comprise cash and cash on deposit with banks and corporations. The company

considers all highly liquid investments with a remaining maturity at the date of purchase of three months or

less and that are readily convertible to known amounts of cash to be cash equivalents.

m . Related Party T ransactions

Disclosure of transactions with related parties as required by Accounting Standard-18 “Related Party

Disclosure” has been set out in a statement given herewith. Related parties as defined under clause 3 of the

Accounting Standard have been identified on the basis of representations made by key managerial personnel

and information available with the company.


36

NOTE-3 SHARE CAPITAL

PARTICULARS As at 31 March 2017 As at 31 March 2016

Number Amount (Rs.) Number Amount (Rs.)

Authorised Sh ares:

Equity Shares of Rs. 10/- each. 8,500,000 85,000,000 8,500,000 85,000,000

Issued

Equity Shares of Rs. 10/- each. 6,004,100 60,041,000 6,004,100 60,041,000

Subscribed & fully Paid up

Equity Shares of Rs. 10/- each fully paid up 6,004,100 60,041,000 6,004,100 60,041,000

TOTAL 6,004,100 60,041,000 6,004,100 60,041,000

The company has only 1 class of shares referred to as Equity shares having face value of Rs. 10 /- Each holder

of Equity share is entitled to 1 vote per share.

In the event of liquidation of the company,the holders of equity shares will be entitled to receive any of the remaining

assets of the company, after distribution of all preferential amounts. However, no such preferential amounts exists

currently. The distribution will be in proportion to the number of shares held by the shareholders.

The details of shareholders holding more than 5% shares as at 31/03/2017 and 31/03/2016 is set out below.

Name of Shareholder As at 31 March 2017 As at 31 March 2016

No. of shares % held No. of shares % held

Equity Shares with Voting Rights

- Navjit Singh Grewal 1009425 16.81% 1035010 17.24%

- Rajeev R Niroola 941854 15.69% 938319 15.63%

The Reconciliation of the number of shares outstanding and the amount of share capital as at 31/03/

2017 & 31/03/2016 is set out below

Particulars As at 31 March 2017 As at 31 March 2016

No. of shares Amt. (Rs.) No. of shares Amt. (Rs.)

Shares at the beginning 6,004,100 60,041,000 6,004,100 60,041,000

Addition - - - -

Deletion - - - -

Shares at the end 6,004,100 60,041,000 6,004,100 60,041,000

NOTE-4 RESERVE & SURPLUS

Particulars As at As at

31 March 2017 31 March 2016

Amount (Rs.) Amount (Rs.)

Surplus/(Deficit) in the Statement of Profit and LossBalance as per Last Financial Statement (52,892,645) (52,673,832)Add : Profit for the year 154,824 (363,958)Net Surplus/(Defecit) in the Statement of Profit and Loss (53,256,603) (52,897,105)Other Adjustments - (32,789)Other Adujustments on account of Depreciation - - TOTAL (53,134,568) (53,289,392)


37

NOTE - 5 PROVISIONS

Long Term Short Term

Particulars As at As at As at As at

31 March 2017 31 March 2016 31 March 2017 31 March 2016

Amount (Rs) Amount (Rs) Amount (Rs) Amount (Rs)

Provision for Employee Benefits

Salary Payable - - - -

Bonus Payable - - - 133,995

Gratuity Payable 406,045 397,718 - -

Provident Fund payable - - 7,200 71,050

TOTAL 406,045 397,718 7,200 205,045

NOTE - 6 OTHER CURRENT LIABILITIES


31 March 2017 31 March 2016


Trade Payables

a.total outstanding dues of micro enterprises and small enterprises - -

b. total outstanding dues other than micro enterprises and small enterprises - -

Micro Small and Medium Enterprises Disclosures As at As at31 March 2017 31 March 2016


a. the principal amount and interest due thereon remaining

unpaid at the end of accounting year - -b. the amount of interest paid by the buyer in terms of the section 16

of the MSME Act alongwith the amount of the payment made tothe supplier beyond the appointed day during accounting year - -

c. the amount of interest due and payable for the period of delayin making payment (which have been paid but beyond theappointed day during the year)but without adding the interestspecified under MSME act 2006. - -

d. the amount of interest accrued and remaining unpaid at theend of accounting year - -

e. the amount of further interest remaining due and payableeven in the succeeding years ,until such date when the interestdues above are actually paid to the small enterprise,for the purpose of disallowance of a deductible expenditureunder section 23 of the MSME Act,2006. - -

NOTE - 7 OTHER CURRENT LIABILITIES

Particulars As at As at31 March 2017 31 March 2016


Provision for expenses 6,182 9,866

Income Tax Payable ( 2005-06) 2,927,851 2,927,851

Other Payables 16,500 48,706

Bank balance - 9,458

Provision of Incometax 25,000

TOTAL 2,975,533 2,995,881


38

Note No - 8 TANGIBLE ASSETS

Cost of V aluation OFFICE OFFICE FURNITURE & COMPUTER TOTAL

BUILDING EQUIPMENT FIXTURES

As at 31 March 2015 12,901 33,182 2,225 48,308Addition - - - - -Disposal - - - -

Other Adjustment -As at 31 March 2016 - 12,901 33,182 2,225 48,308Addition - - - - -Disposal - - - - -Other Adjustment - - - -As at 31 March 2017 - 12,901 33,182 2,225 48,308

Depreciation OFFICE OFFICE FURNITURE & COMPUTER TOTAL

BUILDING EQUIPMENT FIXTURESAs at 31 March 2015 5,596 41,961 47,557Charge for the year 1,414 1,414Disposal - - - -

Other Adjustment 41,961 41,961As at 31 March 2016 - - 7,010 - 7,010Charge for the year - 985 985Disposal - - - - -Other Adjustment - - - -As at 31 March 2017 - - 7,995 - 7,995NET BLOCKAs at 31 March 2016 - 12,901 26,172 2,225 41,298As at 31 March 2017 - 12,901 25,187 2,225 40,313

NOTE - 9 NON - CURRENT INVESTMENTS


31 March 2017 31 March 2016


Investment in Equity Instruments (Unquoted)

Saharshi securities Pvt Ltd

60000 Equity shares of Rs 100/- each - -

30000 Equity Shares of Aqua Water Filtech Pvt LTd 3,000,000

(Rs 100/- per share)

TOTAL

Aggregate amount of Quoted Investments (Market Value) - -

Aggregate amount of Unquoted Investments - 3,000,000

Aggregate provision for dimunition in value of Investments - -


39

NOTE-10 DEFFERED TAX ASSETS/ DEFFERED TAX LIABILITIES


31 March 2017 31 March 2016


Deferred T ax Asset 2,086 3,601

Depreciation

Add: Deffered Tax Liability - Depreciation (1,372) (1,515)

TOTAL 714 2,086

NOTE-11 LOANS & ADVANCES

Long Term Short Term




(A) Security Deposit

Unsecured, considered good - - - -

(A) - - - -

(B) Loans & Advances to others 853,244 - 8,000 -

(B) 853,244 - 8,000 -

(C) Loans and Advances to Relatives - - - -

(C) - - - -

(D) Other Loans & Advances

(i) Advance Tax - - 731,495 738,682

Less : Provision - - - -

Net Income Tax - - 731,495 738,682

(ii) Balance with Statutory / Govt. Authorities - - 345,005 342,300

(D) - - 1,076,500 1,073,795

TOTAL (A+B+C+D) - - 1,084,500 1,073,795

NOTE - 12 TRADE RECEIVABLES

Non Current Current




A. Outstanding for a period exceeding

six months from the date they are

due for payment

Unsecured , Considered Good - - 28,026,292 1,425,933

(A) - - 28,026,292 1,425,933

B. Other Receivables

Unsecured , Considered Good - - 14,224,970 69,473,592

(B) - - 14,224,970 69,473,592

TOTAL (A+B) - - 42,251,262 70,899,525


40

NOTE-13 OTHER ASSETS

Non Current Current




A. Non Current Bank Balance - - - -

TOTAL - - - -

NOTE-14 INVENTORIES


31 March 2017 31 March 2016


Stock in trade (goods acquired for trading) 622,811 737,311

TOTAL 622,811 737,311

NOTE-15 CASH AND CASH EQUIVALENTS

Non Current Current




A. Cash and Cash Equivalents

Balances with Bank:

in Current Accounts - - 11,390 -

Cash on Hand - - 368,294 46,814

TOTAL (A) - - 379,684 46,814

B. Other Bank Balances

Deposits with original maturity for morethan 12 months - - - -

Deposits with original maturity for morethan 3 months but less than 12 months - -

Margin Money deposit - -

` - - - -

Less: Amount disclosed Under Non Current Assets - -

- -

TOTAL (B) - - - -

TOTAL (A + B) - - 379,684 46,814

NOTE-16 GROSS REVENUE FROM OPERATION (NON FINANCE COMPANY)


31 March 2017 31 March 2016


Trading goods 8,291,446 64,973,592

Sale of shares 5,064,153 192,176

Intraday trading (9,845) -

Profit on investments. 1,134,500 2,700,000

TOTAL 14,480,254 67,865,768


41

NOTE-17 OTHER INCOME


31 March 2017 31 March 2016


Dividend Income 146 1,224

Reliance Gen. Ins hoarding income 98 45,862

Interest on I.T. refund 343 0

TOTAL 587 293,413

NOTE - 18 INCREASE OR DECREASE IN INVENTORIES


31 March 2017 31 March 2016


Inventory a t the beginning of the year Stock In Trade 731,985 731,985

731,985 731,985Inventory at the end of the year Stock In Trade 622,811 737,311

622,811 737,311(Increase)/ Decrease in Stock 114,500 (5,326)PurchasePurchase of traded goods 7,453,206 64,417,742Purchase of shares 4,467,660 238,407

TOTAL 11,920,866 64,656,149

NOTE - 19 EMPLOYEE BENEFIT EXPENSES


31 March 2017 31 March 2016


Director’s Remuneration - 675,000

Salary and Bonus Expense 1,460,000 2,053,995

Gratuity 8,327 43,765

Contribution to Provident Fund 44,500 70,275

TOTAL 1,512,827 2,843,035

NOTE - 20 DEPRECIATION AND AMORTISATION EXPENSES


31 March 2017 31 March 2016


Depreciation of Property, Plant and Equipment 985 1,414

Amortsation of Intangible Assets - -

TOTAL 985 1,414


42

NOTE - 21 OTHER EXPENSES


31 March 2017 31 March 2016


Power & Fuel 14,710 12,220

Rates & Taxes 9,710 9,970

General Expenses 673,772 658,841

Service Tax - 970

Payment to Auditors

For Audit purpose 46,000 45,800

For Internal Audit purpose 5,750 5,725

For Taxation purpose - -

TOTAL 749,942 733,526

NOTE - 22 Contingent Liability

Particulars As at

31 March 2017

Amount (Rs.)

Income Tax (A.Y.2005-2006) 5085195

TOTAL 5085195

Note-23 : Related Party Disclosure

* Related Parties with whom transactions have taken place during the year

Bharat M shah

Harshil B. Shah

—> Remuneration to Key Managerial Personnel

Name Relationship Nature of Amount Paid (Rs.) Outstanding (Rs.)

transactions 2017 2016 2017 2016

Bharat Shah Managing Director Remuneration - 6,75,000 - -

Bonus - 56,228

Harshil B. Shah Director’s son Salary - 180,000 - -

Bharat M Shah Managing Director Deposits - 19,000 - -


43

Note 24 : Earnings Per Share

The following represents the profit and share data used in the calculation of EPS

Particulars 2017 2016

Net profit after tax 154,824 (363,958)

No of shares 6004100 6004100

EPS 0.03 -0.06

Note 25 : Dues to Micro and and small enterprises as defined under the MSMED Act, 2006

As informed to us, there are no dues to Micro & Small Enterprises as defined under the MSMED

Act, 2006

Note 26 : Segment Information for the year ended 31 March 2017

Particulars Share Trading P.L. CLOTH Other Others Total

Trading Trading income

Segment Revenue 6,188,871 8,291,446 0 14,480,317

Segment expenses 4,707,905 7,453,206 0 0 12,161,111

Unallocated expenses 0 0 0 0 2,164,381

Net Loss 154,825

Segment Assets 7,898,111 34,975,962 0 0 42,874,073

Unallocated 0 0 2,358,455

Corporate Assets

Tot al Asstes 45,232,528

Segment Liabilities 2,733 34,480,726 0 0 34,483,459

Unallocated Segment 0 0 0 0 10,749,069

Liabilities

Total Liabilities 45,232,528


44

Note 27 : ENCLOSURE - VIII - DETAILS OF SPECIFIED BANK NOTES (SBN)

Pursuant to Schedule III of the Companies Act, 2013

Particulars SBNs* Other Tot aldenomination

notes / NewCurrency Notes

Closing cash in hand as on 08.11.2016 0 563507 563507

(+) Permitted receipts 0 277025 277025

(-) Permitted payments 0 31822 31822

(-) Amount deposited in banks 3000 560000 563000

Closing cash in hand as on 30.12.2016 -3000 248710 245710

For, DJNV & CO. For, ANKUSH FINSTOCK LIMITEDChartered AccountantsFirm Reg. No. 1 15145W [Bharat Shah] [Prashant Sheth][Jayesh Parikh] C&MD DirectorPartner DIN:00064582 DIN: 03385618M.No.: 40650 [Samir P. Shah] [Bhavin Soni]

CFO CS & Compliance Officer

Place : Ahmedabad Place : AhmedabadDate : 30.05.2017 Date : 30.05.2017


45

ANKUSH FINSTOCK LIMITED[CIN: L65910GJ1993PLC019936]

Regd. Office: B/708, Fairdeal House, Opp. St. Xavier’s Girls Hostel, Off. C.G. Road, Ahmedabad-380009Phone No.: 40370031 / E-mail: [email protected] / Website: www.ankushfinstock.co.in

Proxy Form

[Pursuant to Section 105(6) of the Companies Act, 2013 and Rule 19(3) of the Companies(Management and Administration) Rules, 2014]

Name of Member (s)

Registered Address

Folio No/ Client ID DP ID

E-mail Id

I/ We, being the member(s) of ____________________ shares of the above mentioned Company, hereby appoint:

1. Name: ____________________________________________________________________________________

Address: __________________________________________________________________________________

E-mail Id : _______________________________ Signature: _________________________ or failing him/her

2. Name: ____________________________________________________________________________________

Address: __________________________________________________________________________________

E-mail Id : _______________________________ Signature: _________________________ or failing him/her

as my/ our proxy to attend and vote (on a poll) for me/ us and on my/ our behalf at the Annual General Meetingof the Company, to be held on Friday, 29th day of September, 2017 at 11.00 a.m. at 409, Titanium City Center, 100Ft. Ring Road, Satellite, Ahmedabad-380015, Gujarat and at any adjournment thereof in respect of such resolutionsset out in the Notice convening the meeting, as are indicated below:

S.No. Ordinary Business For Against

1. Adoption of audited financial statements of the Company for the financial yearended 31st March 2017

2. Appointment of Mr. Zalak D. Shah [DIN: 06449920] as a Director of theCompany who retires by rotation

3. Appointment of M/s. MAAK & Associates, Chartered Accountants as statutoryauditors of the Company

Signed this ______________________day of__________________________2017

________________________ _________________________

Signature of the Shareholder Signature of the Proxy holder(s)

Notes:1. This form of proxy in order to be effective should be duly completed and deposited at the registered office

of the Company, not less than 48 hours before the commencement of the meeting.2. Notwithstanding the above, the Proxies can vote on such other items which may be tabled at the meeting by

the members present.

AffixRe.1

RevenueStamp


46

ANKUSH FINSTOCK LIMITED[CIN: L65910GJ1993PLC019936]

Regd. Office: B/708, Fairdeal House, Opp. St. Xavier’s Girls Hostel, Off. C.G. Road, Ahmedabad- 380009Phone No.: 40370031 / E-mail: [email protected] / Website: www.ankushfinstock.co.in

ATTENDANCE SLIP

[To be handed over at the entrance of the meeting hall]

24th ANNUAL GENERAL MEETING 29.09.2017

Registered Folio No.: ———————————————— No. of Shares held: ———————————

DP ID No.*:————————————————————— Client ID No.*: ——————————————

Name of the attending Member/ Proxy: —————————————————————————————————

[IN BLOCK LETTER]

*Applicable for members holding shares in electronic form only.

I hereby record my presence at this 24th Annual General Meeting held at 409, Titanium City Center, 100 Ft. RingRoad, Satellite, Ahmedabad-380015, Gujarat on Friday, 29th day of September, 2017 at 11.00 a.m.

_________________________

Member’s/ Proxy’s Signature

Notes:

1. Please fill and sign this attendance slip and hand it over at the Attendance Verification Counter at the venue

of the Meeting.

2. Only shareholders of the Company and/or their Proxy will be allowed to attend the Meeting.

3. No Gifts Shall Be Distributed In The Annual General Meeting Or Afterwards.

E-VOTING

Users who wish to opt for e-voting may use the following login credentials:

EVSN USER ID* PASSWORD/PIN* (E-Voting Event No.)

170901063

*Note: Please follow steps for remote e-voting procedure as given in the Notice of 24th AGM by log in to

https://evotingindia.com and the same is also available on www.ankushfinstock.co.in


47

Notes


48

Notes

BOOK - POST

If Undelivered please return to :

ANKUSH FINSTOCK LIMITEDCIN: L65910GJ1993PLC019936

Regd Office :B/708, Fairdeal House, Opp. S t. Xavier's Girls Hostel, Off. C.G . Road,

Ahmedabad-380009. Gujarat. India.Tel.: +91 79 40370031

E-mail: [email protected]: ankushfinstock.co.in