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Cranes Software International Ltd Directors Report

4.95
(-4.99%)
Oct 3, 2025|12:00:00 AM

Cranes Software International Ltd Share Price directors Report

Dear Member,

The Directors of the Company have the pleasure to present this Integrated Annual Report of Cranes Software International Limited ("the Company") along with the audited financial statements for the financial year ended March 31, 2025.

The consolidated performance of the Company and its subsidiaries has been referred to wherever required.

1. Consolidated / Standalone Financial Performance:

Standalone Consolidated
Particulars Financial Year 2024-25 Financial Year 2023-24 Financial Year 2024-25 Financial Year 2023-24
(FY 2025) (FY 2024) (FY 2025) (FY 2024)
Total Income 1.14 0.03 910.48 1,033.78
Total Expense 1,994.48 1,866.58 1,200.22 1,509.87
Profit/ (loss) before extraordinary items & tax (1,993.34) (1,866.55) (289.74) (476.09)
Exceptional Items - - (1,140.00) (1,185.87)
Profit / (loss) before tax (1,993.34) (1,866.55) (1,429.74) (1,661.95)
Tax - - (6.70) (158.41)
Profit / (loss) for the period (1,993.34) (1,866.55) (1436.44) (1,820.36)

2. Consolidated / Standalone Financial Performance:

The consolidated annual revenue from operations has registered a decrease of about 11% compared with the previous year and the Company has posted a consolidated loss from operations before tax of Rs.14.36 crores as compared to loss of Rs. 18.20 crores in the previous year.

The standalone annual revenue from operations has registered an increase by Rs. 1.11 lakhs. The loss for the period before tax stands at Rs. 19.93 crores as compared with loss of Rs. 18.67 crores in the previous year.

The Company continues to improve operational effectiveness, optimize costs and increase market reach across all businesses. Barring unforeseen circumstances these initiatives will have positive impact in future.

Your Directors are continuously working on different avenues for future growth of the company.

3. Change in the nature of business, if any:

There was no change in nature of business activity during the year.

4. Change in the registered office of the Company:

There was no change in the registered office of the company during the financial year 2024-2025.

5. Dividend:

The Board did not declare any dividend for the present financial year in the absence of distributable surplus.

6. Transfer to reserves:

There was no transfer to reserves during the year.

7. Share Capital:

During the year under consideration, the Company has not changed its capital structure and the authorized and paid-up share capital as on 31st March 2025 stands as follow: The Authorized Share Capital of the Company is Rs. 39,00,00,000 (Rupees Thirty-Nine Crores Only) divided into 19,50,00,000 (Nineteen Lakhs Fifty Thousand Only) Equity Shares of Rs. 2/- each. During the F.Y. 2024-2025, the Paid-up Share capital of the Company stands as Rs. 30,39,14,450 (Rupees Thirty Crores Thirty-NineLakhs Fourteen Thousand Four Hundred Fifty Only) divided into 15,19,57,225 (Fifteen Crores Nineteen Lakhs Fifty-Seven Thousand Two Hundred and Twenty Five Only) Equity Shares of Rs. 2/- each.

8. Details of Holding Companies

The Company does not have any Holding Company.

9. Listing / Delisting:

The equity shares of the Company are listed at BSE Limited ("BSE").The Equity Shares of the Company will continue to remain listed on BSE having nationwide terminals and the shareholders of the Company shall continue to avail the benefits of listing and trading on BSE.

10. Material Changes and Commitments affecting the Financial Position of the Company which have occurred between the end of the Financial year of the Company to which the Financial Statements relate and the date of the Report

There have been no material changes and commitments affecting the financial position of the Company between the end of the financial year and the date of this report.

11. Public Deposits:

The Company has not accepted or invited any deposits falling within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014 during the year under review.

12. Details of Directors / Key Managerial Personnel:

During the period the Board was duly constituted as per the provisions of the Companies Act, 2013 and the following directors were on the board:

Sl. No. DIN Name of Director Designation Date of Appointment
1. 00104893 Asif Khader Managing Director 30/04/2002
2. 00106674 Mueed Khader Director 30/04/2002
3. 00906340 Shital Darak Mandhana Independent Director 04/07/2024
4. 07624256 Akthar Begum Independent Director 12/08/2016

Pursuant to Section 203 of the Companies Act 2013 the Key Managerial Personnel for the period were as follows:

Sl. No. DIN/ PAN Name of Key Managerial Personnel Designation Date of Appointment
1. 00104893 Asif Khader Managing Director 30/04/2002
2. ANBPM6724F Honnappa Manjunath Chief Financial Officer 08/09/2021
3. AJQPA6750Q Apeksha Nagori Company Secretary 30/05/2023

Pursuant to the provisions of Section 149 of the Act, the independent directors have submitted declarations that each of them meet the criteria of independence as provided in Section 149(6) of the Act along with Rules framed thereunder and Regulation 16(1)(b) of the SEBI Listing Regulations. There has been no change in the circumstances affecting their status as independent directors of the Company.

13. Meetings of the Board of Directors:

The Board met 6 (six) times during the financial year. The meeting details are provided in the Corporate Governance report that forms part of this Annual report. The maximum interval between any two meetings did not exceed 120 days, as prescribed in the Companies Act, 2013. The Board met on 30.05.2024 (adjourned to 04.07.2024 & thereafter to 06.07.2024), 11.06.2024, 14.08.2024, 06.09.2024, 14.11.2024 and 14.02.2025 Further all the Directors of the Company were present on the Board Meetings.

14. Committees of the Board:

As on March 31, 2025, the Board had four committees: the Audit Committee, the Nomination and Remuneration committee, Corporate Social Responsibility Committee, Stakeholder?s Relationship Committee.

A detailed note on the composition of the Board and its committees is provided in the Corporate Governance report.

15. Meeting of the Members

The Last i.e. the 39th Annual General Meeting of the Company for the financial year 2023-2024 was held on 30/09/2024 through Video conferencing/ OAVM.

16. Particulars of the Extra-Ordinary General Meeting of the Company held during the year

There was no Extra Ordinary General Meeting held during the year under consideration.

17. Policy on directors? appointment and remuneration and other details:

The Company has the policy on Directors? appointment and remuneration is in place.

18. Formal Annual Evaluation of the Board:

The guidelines for evaluating and assessing the performance of the directors were reviewed during the year. Generally, such assessment would include the decision-making abilities of individual directors, strategic and value addition contributions at the meetings, charting your company?s policy and growth and introducing risk management policies.

As per listing regulations, the directors need to carry out an annual performance evaluation of the Board, independent directors, whole-time and non-whole-time directors, committees of the Board and chairman of the Board, which was done during the year.

19. Details of significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company?s operations in future: a. The Honorable Supreme Court of India has put up a stay order in the cheque bounce case filed by Bank of India. b. Central Bureau Of Investigation (CBI) filed a charge sheet in the court of XVII Additional Chief Metropolitan Magistrate, Bangalore (Special Court for CBI cases against the Company, its Directors, erstwhile Director. The said charge sheet was taken cognizance by the Additional Chief Metropolitan Magistrate, Bangalore on 16th October 2023. On the application of the Company and Directors the Honorable High Court of Karnataka of Bangalore dated 17th November 2023 passed an interim order staying all further proceedings against the Company and its Directors. c. The winding up order against the Company by Bank of India is in admission stage.

20. Details of Non-Compliance by the Company, Penalties, and Strictures imposed on the Company by Stock Exchanges or SEBI or any Statutory Authority, on any matter related to Capital Markets, during the last three years:

The Company has complied with the requirements of the Stock Exchanges or SEBI on matters related to Capital Markets, as applicable, during the last three years. Following penalties or strictures have been imposed on the Company:

Sr. No. Financial Year Action taken by the Authority Details of violation Details of action taken E.g. fines, warning letter, debarment, etc.
1.

2024-25

Bombay Stock Exchange Regulation 34(1)- Delay in filing the Annual Return -fine of Rs 2,360/- levied Fine levied for delay in filing Annual Return
Regulation 31(1) (b) –Delay in filing the shareholding pattern for Q1 for 2-24-25 – fine of Rs 33,040/- levied Delay in filing the shareholding pattern for Q1 of FY 2024-25
Regulation 29 – Delay in intimating the Stock Ex- change with regard to the Board Meeting – fine of Rs 11,800/- levied Delay in intimation of the no- tice of the Board Meeting to the Stock Exchange
Regulation 33 (3)(d) – Delay in filing the annual audited standalone and consolidated financial results- Rs 47,200/- fine levied Delay in filing the annual au- dited standalone and consoli- dated financial results
Regulation 33(3)(a)- De- lay in filing the Quarterly Financial Results- Rs 1,71,000/- fine levied Delay in filing the quarterly fi- nancial results
Regulation 17- The Com- pany did not have the optimum combination of Directors on Board- Rs 5,54,600/- fine levied The Company did not have the optimum combination of Board of Directors
Regulation 18(1)- The Company did not have the optimum combina- tion of Audit Committee- Rs 2,14,760/- fine levied The Company did not have the optimum combination of the Audit Committee
Regulation 19(1)- The Company did not have the optimum combina- tion of Nomination & Re- muneration Committee- Rs 2,14,760/- fine levied The Company did not have the optimum combination of Nomination & Remuneration Committee
2.

2023-24

Bombay Stock Exchange Regulation 24A- Delay in filing the Annual Secre- tarial Compliance Report – Rs 40,000- fine levied Regulation 31 (1)(b)- De- lay in filing shareholding pattern for Q2 of Finan- cial year 2023-24- Rs 1,70,000- fine levied BSE levied fine for delay in fil- ingAnnual Secretarial Compli- ance Report for 2022-23
BSE levied fine for delay in fil- ing shareholding pattern for Q2 of Financial year 2023-24
Regulation 33 (3)(a)- Delay in filing Quarterly Financial Results for qtr ended March 2023, June 2023 and September 2023- Rs 6,57,100- fine levied BSE levied fine for delay in fil- ing Quarterly Financial Results for qtr ended March 2023, June 2023 and September 2023
Regulation 23(9)- Delay in filing Related Party Transactions for half year ended 30th Sep- tember 2023- Rs 1,55,000- fine levied BSE levied fine for delay in fil- ing Related Party Transac- tions for half year ended 30th September 2023.
Regulation 33 (3)(d)- Delay in filing Annual Audited Stand alone and Consolidated Financial Results for financial year ended 31st March 2023- Rs 7,70,000- fine levied BSE levied fine for delay in fil- ing Annual Audited Stand alone and Consolidated Fi- nancial Results for financial year ended 31st March 2023.
Regulation 34 (1)- Delay in filing Annual Report for the FY 2022-23 – Rs 4,720- fine levied BSE levied fine for delay in fil- ing Annual Report for the FY 2022-23.
Regulation 29- Delay in intimating the notice of the Board Meeting held on 2nd December 2023, 4th December 2023 & 8th December 2023- Rs 11,800/- fine levied BSE levied fine for Delay in intimating the notice of the Board Meeting held on 2nd December 2023, 4th Decem- ber 2023 & 8th December 2023.
3.

2022-23

Bombay Stock Exchange Regulation 23(9)- Delay in filing disclosures relat- ing to RPTs – INR 75000 + GST of 18% aggregat- ing to INR 88,500 - fine levied BSE levied fine for delay in fil- ing disclosures relating to RPTs.
Regulation 6(1)- Delay in appointing a Company Secretary of the Com- pany- INR 51,000 +GST of 18% aggregating to INR 60,180/- fine levied BSE levied fine for delay in appointing a Company Secre- tary of the Company
Regulation 34 – delay in filing Annual Report - INR 16000 + GST aggregat- ing to INR 18,880 – fine levied BSE levied fine for delay in fil- ing Annual Report
Regulation 33 – Delay in filing un-audited financial results for the quarter ended 31st December 2022- INR1,40,000 + GST fine of 18% aggre- gating to INR 1,65,200/- fines levied. BSE levied fine for delay in fil- ing un-audited financial re- sults for the quarter ended 31st December 2022
Regulation 31 – Delay in filing shareholding pat- tern of the Company for the quarter ended June 2022- INR 64,000 plus 18% GST aggregating to INR 75,520/- BSE levied fine for delay in submission of shareholding pattern for the quarter ended 30th June 2022
Regulation 31A- delay in filing the reclassification of any person as pro- moter/public- INR 84,000 plus 18% GST aggregat- ing to INR 99,120/- BSE levied fine for delay in submission of reclassification of any person as promoter/ public

21. Vigil Mechanism and Whistle Blower:

Pursuant to provisions of section 177 (9) of the Companies Act, 2013, the Company has established a "Vigil mechanism" incorporating Whistle Blower Policy in terms of the Listing Obligations and Disclosure Requirements, 2015 for employees and Directors of the Company, for expressing the genuine concerns of unethical behaviour, frauds or violation of the codes of conduct by way of direct access to the Chairman of the Audit Committee in exceptional cases. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns.

22. Names of the Companies which have become or ceased to be subsidiaries, joint ventures or associate companies.

During the year under review there is no such event which took place.

23. Internal Financial Control & Adequacy:

Your Company has in place adequate internal control systems commensurate with the size of its operations to ensure sound management of operations, safe keeping of its assets including in tangible assets and utilization of resources. However, further steps as may be advised will be implemented, if found, necessary.

24. Corporate Social Responsibility (CSR):

The provisions of Section 135 of the Act read with Companies (Corporate Social Responsibility Policy) Rules, 2014 are not applicable to the Company and therefore no report is attached under this head.

25. Disclosures under Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013

There is no such cases during the year under review.

26. Prevention of Sexual Harassment

The Company?s goal has always been to create an open and safe workplace for every employee to feel empowered, irrespective of gender, sexual preferences and other factors, and contribute to the best of their abilities. In line to make the workplace a safe environment, the Company has set up a policy on prevention of sexual harassment in line with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 ("PoSH Act"). Further, the Company has complied with the provisions under the PoSH Act relating to the framing of an anti-sexual harassment policy and the constitution of an Internal Committee.

The Company has not received any complaints of work place complaints, including complaints on sexual harassment during the year under review.

27. Maternity Benefits Provided by the Company under Maternity Benefit Act 1961

The Company declares that it has duly complied with the provisions of the Maternity Benefit Act, 1961. All eligible women employees have been extended the statutory benefits prescribed under the Act, including paid maternity leave, continuity of salary and service during the leave period, and post-maternity support such as nursing breaks and flexible return-to-work options, as applicable. The Company remains committed to fostering an inclusive and supportive work environment that upholds the rights and welfare of its women employees in accordance with applicable laws.

28. Corporate Governance:

Our corporate governance practices are a reflection of our value system encompassing our culture, policies and relationships with our stakeholders. Integrity and Transparency are key to our corporate governance practices to ensure that we gain and retain the trust of our stakeholders at all times. Corporate governance is about maximizing shareholder value legally, ethically and sustainably. We also endeavor to enhance long term shareholder value and respect minority rights in all our business decisions.

Our Corporate governance report for financial year 2025 forms part of this Annual Report as Annexure I and the Independent Company Secretary in Practice. Certificate of Compliance is attached to this report as per Annexure II.

29. Management Discussion & Analysis Report:

In terms of the provisions of regulation 34(2) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 the Management Discussion and Analysis report is set out separately and forms an integral part of this report as per Annexure – III.

30. Extract of Annual Return:

In accordance with Section 134(3)(a) read with Section 92(3) of the Act, the Annual Return in Form MGT-7 is placed on the website of the Company and same can be downloaded by clicking on the following link: http://www.cranessoftware.com/ Investor.

31. Particulars of Employees:

No remuneration was paid to Managing Director, hence the ratio of the median remuneration of the employees to the remuneration of the each of the Whole-Time Directors is Zero.

The Company had 6 employees as on March 31, 2025. The percentage increase in remuneration, ratio of remuneration of each director and Key Managerial Personnel (KMP) (as required under Companies Act, 2013) to the median of employees remuneration and the list of top 10 employees in terms of remuneration drawn as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms a part of this Board?s Report.

Disclosures pertaining to remuneration and other details as required under section 197(12) of the act read with companies (appointment and remuneration of managerial personnel) Rules, 2014 are attached to this report as per Annexure – IV.

32. Health, Safety and Environment:

Your Board is committed to highest standards of providing healthy environment for safety of its employees and your Board reviews the same from time to time.

33. Particulars of Loans, Guarantee & Investment:

Details of loans, guarantees and investments under the provisions of section 186 are given in notes to financial statements.

34. Directors? responsibility statement:

The financial statements are prepared in accordance with Indian Accounting Standards (Ind AS) under the historical cost convention on accrual basis except for certain financial instruments, which are measured at fair values, the provisions of the Companies Act, 2013 (to the extent notified) and guidelines issued by SEBI. The IND AS are prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016. Accounting policies have been consistently applied except where a newly-issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy hitherto in use.

The directors confirm that:

• In preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to material departures.

• They have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and are prudent, so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period.

• They have taken proper and sufficient care towards the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the company and preventing and detecting fraud and other irregularities.

• They have prepared the annual accounts on a going concern basis.

• They have laid down the internal financial controls to be followed by the Company and that they are adequate and were operating effectively.

• They have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

35. Statutory Auditors:

At the 38th Annual General Meeting of the Company, M/s Chaturvedi Sohan & Co,(FRN 118424W), were appointed as the Statutory Auditors of the Company for a term of 4 years from the conclusion of 38th Annual General Meeting till conclusion of the 42ndAnnual General Meeting.

The requirement for annual ratification of auditor?s appointment at the Annual General Meeting has been omitted pursuant to Companies (Amendment) Act, 2017 notified on May 7, 2018.

During the year, the Statutory Auditors have confirmed that they satisfy the Independence criteria required under Companies Act, 2013 and Code of ethics issued by Institute of Chartered Accountants of India.

36. Audit Trail Applicability (Audit and Auditors) Rules 2014- Rule 11 of the Companies Act, 2013

The Company has used accounting software for maintaining its books of account for the financial year ended March 31, 2025 which has a feature of recording audit trail (edit log) facility and the same has operated throughout the year for all relevant transactions recorded in the softwares.

37. Secretarial Auditor:

As required under Section 204 of the Companies Act, 2013 and Rules there under, the Board appointed Mr. Mehul Jain, Practicing Company Secretary, as Secretarial Auditor of the Company for financial year 2024- 25.

38. Cost Records and Cost Audit:

Maintenance of cost records and requirement of cost audit as prescribed under the provisions of Section 148(1) of the Companies Act, 2013 are not applicable for the business activities carried out by the Company.

39. Auditors Qualifications and Board?s Reply:

The Statutory auditors have qualified their report on various matters pertaining to the Company and the Board has replied to these qualifications. A detailed list containing the audit qualifications and the Board?s replies thereto have been provided as an annexure to this report, marked Annexure - V.

40. Secretarial Auditor and Board?s Reply to Secretarial Audit Qualifications:

The Secretarial audit report in prescribed Form MR-3 attached to this report marked Annexure – VI. The Secretarial auditors have qualified their report on various matters pertaining to the Company and the Board has replied to these qualifications. A detailed list containing the audit qualifications and the Board?s replies thereto have been provided as an annexure to this report, marked Annexure – VIA.

41. Related Party Transactions:

During the year under report, your Company has entered into related party transactions, which were on arm?s length basis and in the ordinary course of business. Certain material transactions as defined under section 188 of the Companies Act, 2013 read with the companies (Meetings of Board and its powers) Rules, 2014 are reported. All these transactions were previously approved by the audit committee and are being reviewed on a regular basis. Further, details of contracts and arrangements with related parties for the financial year ended March 31, 2025 are provided under note no. 35 to the audited financial statements and details pertaining to related party transactions are provided in Annexure – VII.

42. Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo:

Even though the operations of your Company are not energy-intensive, adequate measures have been taken to reduce energy consumption by using efficient equipment. Since it is a software Company, primarily dealing with scientific and engineering software products and product related projects, energy cost forms a very small part of total cost and its impact on total cost is not material.

There is no technology involved which requires to be disclosed in the Annual Report.

Foreign Exchange Earnings and Outgo:

There is no technology involved which requires to be disclosed in the Annual Report Foreign Exchange Earnings and Outgo:

a Foreign Exchange earned in terms of actual inflows during the year under Report Nil
b Foreign Exchange outgo in terms of actual outflows during the year under Report Nil

43. Research & Development Activities:

The Management of your Company has been committed to building a strong R&D culture from day one and has set clear R&D goals. In order to achieve these goals, the Company has focused on furthering the efficacies of R&D activities as well as building synergies among multiple-impact technologies.

44. Secretarial Standards:

The Directors state that applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to ‘Meetings of the Board of Directors? and ‘General Meetings?, respectively, have been duly followed by the Company.

45. Subsidiaries, Joint Ventures & Associates:

Current Subsidiaries, Joint venture & Associates have been listed in Annexure-VIII. Any substantial or material business related changes that have taken place in the subsidiary companies during the year is reflected in the Balance Sheet reported by your company and discussed in a Management Discussion and Analysis report in Annexure-III.

46. Reporting of Fraud by Auditors:

During the year under review, the Statutory Auditors have not reported under Section 143 (12) of the Companies Act, 2013, any instances of fraud committed against the Company by its officers or employees, the details of which would need to be mentioned in the Board?s Report.

47. Risk Management:

Your directors have entrusted the risk management functions to the audit and remuneration committee as the number of directors on the Board is four only. Your Company will take steps to expand its Board, if advised and found warranted, in the future.

48. The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year along with their status as at the end of the financial year:

There are no application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 during the year.

49. The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof.

There is no difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions.

50. Green Initiative:

Electronic copies of the Annual Report 2024-25 and the Notice of the Annual General Meeting are sent to all the members whose email addresses are registered with the Company.

51. Acknowledgements:

Your Directors would like to express their sincere appreciation for the assistance and co-operation received from Financial Institutions, Government Authorities, customers, vendors, members and all stakeholders of the Company during the year under review.

Further, your Directors wish to place on record their deep sense of appreciation for the committed services by the Company?s executives, staff and workers.

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