Wallfort Financial Services Ltd

To,

The Shareholders

Wallfort Financial Services Limited

Dear Shareholders,

Your Directors present their Fifteenth Annual Report and the Audited Statements ofAccounts for the financial period ended on 31^st March 2010.

Financial Results

The bird eye view of the summarized financial highlights is depicted below:

(Amt.Rs.In Lakhs)

Performance and Future Prospects

The performance of the Company has been satisfactory due to good market condition. TheCompany has seen some gains from the investing/trading of shares and securities. The Stockmarkets have been showing positive signs and it is expected that the trend shall continuein future.

Dividend

To conserve the funds, the Directors do not recommend any dividend for the year2009-2010.

Directors

During the year under review, following were the changes in the Composition of Board ofDirectors:

Mr. Anil Parekh and Mr. Vijay Gaggar who retire by rotation at the ensuing AnnualGeneral Meeting are proposed to be re-appointed.

Mr. Anil Jain whose term for Managing Director ends on 18th September 2010 shall bere-appointed subject to member's approval at the ensuing Annual General Meeting.

Mr. Pramod Gupte was appointed as Additional Director, pursuant to Section 260 of theCompanies Act, 1956; he holds office upto the date of ensuing Annual General Meeting andbeing eligible offer himself for appointment.

Mr. Deepak Lahoti & Mr. Yash Golechha were appointed as Wholetime Director w.e.f.01st April 2009 and the Shareholders have approved their appointment at the Annual GeneralMeeting dated 30th September 2009.

The Board of Directors hereby confirms that:

i. that in the preparation of the Annual Accounts, the applicable accounting standardshad been followed along with the proper explanation relating to material departures;

ii. that the Directors had selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs of the Company at the and of thefinancial year and of the profit or loss of the Company for that period;

iii. that the Directors had taken proper and sufficient care for maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956,for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities;

iv. that the Directors had prepared the Annual Accounts on a going concern basis.

Auditors Report

The observation made in the Auditors Report are self explanatory and therefore nofurther comments are required under Section 217 (3) of the Companies Act, 1956.

Auditors

M/s. Kochar & Associates, Chartered Accountants appointed as the Auditors of theCompany, retire at the conclusion of this Annual General Meeting and being eligible, offerthemselves for re-appointment .The Board recommends their re-appointment .The Company hasreceived their consent pursuant to Section 224 (1B) of the Companies Act, 1956.

Particulars of Employees

During the year under review there were no employees who were in receipt of theremuneration beyond the limits prescribed under Section 217(2A) of the Companies Act, 1956and therefore no disclosures need to be made under the said section.

Corporate Governance

The amendments to the Companies Act, 1956 and the listing agreements executed with theStock Exchanges require compliance with specified Corporate Governance practices. Adetailed Report on Corporate Governance approved by the directors is annexed. Acertificate on compliance of Corporate Governance requirements issued by the StatutoryAuditors of the company in pursuance to clause 49 of the listing agreement is placed withthe report on Corporate Governance.

Conservation of Energy. Technological Absorption and Foreign Exchange Earnings andOuting

The Company is not engaged in any manufacturing activity and therefore there are noparticulars to be disclosed under the Companies (Disclosure of Particulars in the Reportof the Board of Directors) Rules, 1988. Foreign Exchange Details are as follows : Inflows:Rs. Nil Outflows: Rs. 552138/-

Acknowledgement

Your Directors take this opportunity to thank all the Employees, Shareholders, Bankersto the Company, The Securities & Exchange Board of India, Bombay Stock Exchange, otherGovernment Agencies and esteemed clients for their support and co-operation during theyear under review.