IFL Enterprises Ltd Directors Report.

To,

The Members,

Your Directors have pleasure in presenting the Eleventh Annual Report of your Company witli the Audited Financial Statements alongwith Auditors Report for the year ended 31st March, 2020.

1. BUSINESS OVERVIEW

During the year, the Company has diversified its business activities along with its main object. Your Company has obtained Direct Selling Agency (DSA) of PNB Housing Finance, Tata Capital Housing Finance Limited and 1DFC.

2. FINANCIAL PERFORMANCE

The Companys financial Performance during its Tenth year of Operations is summarized below:

Particulars Period ended 31.03.2020 Period ended 31.03.2019
Revenue from Operations 2,24,52,920 6,60,93,530
Other Income 13,75,350 27,00,270
Expenses for the period 2,11,19,940 6,83,60,720
Profit/(Loss) before tax from continuing operations 27,08,330 4,33,080
Current Income Tax for the period - (83,330)
Minimum alternate tax (4,22,500) 8,780
Deferred Tax (60,770) (40,140)
Profit/(Loss) for the period 3,18,390

3. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

In terms of the Regulation 34(2)(e) of SEBI( Listing Obligations and Disclosure Requirements)Regulations, 2015, the Managements Discussion and Analysis Report (MDAR)is set out in the Annual Report.

4. STATE OF THE COMPANY S AFFAIRS,

During the year under ended March 31, 2020,Your company has achieved reveue of Rs. 2,24,52,920compared to previous year of Rs. 6,60,93,530. The Net Profit after Tax is Rs. for tire current year22,2 5,060 as aginst Rs. 3,18,390 for the previous year.

5. DIVIDEND

The Board of Directors of the Company has decided not to recommend any dividend for the financial year under consideration due to operational losses.

6. TRANSFER TO GENERAL RESERVES

The Company has not transferred any sum to the General Reserves Account during the reporting period.

7. BUSINESS RESPONSIBILITY REPORT

As per Regulation 34(2)(f) of the SEBI (LODR) Regulations, 2015, top five hundred (500) listed entities based on market capitalization shall contain the Business Responsibility Report in their Annual Report. As the Company

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does not fall under top 500 listed Companies based on market capitalization,therefore,this regulation is not applicable to the Company.

8. CHANGES IN THE NATURE OF BUSINESS

There has been no change in the nature of business during the year under review by the Company.

9. MATERIAL CHANGES.AND COMMITMENTS

There is no material change which may affect the financial position of the Company between the financial year and up to the date of this report.

10. DETAILS IN RESPECT OF ADEQUACY OF INTERNAL FINANCIAL CONTROLS

Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and the reviews performed by management and the relevant board committees, including the audit committee, the board is of the opinion that the Companys internal financial controls were adequate and effective during the financial year 2019-2020. The details in respect of internal financial control and their adequacy are included in the Management Discussion & Analysis, which forms part of this report.

11. EUBUC.-BEP-QS1IS

During the year under review, the company has not accepted any deposit under Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014.

12. AUDITORS

a) S.TAT-U..T.QJR.Y. AU.D1T-QR

M/s V. N. Purohit & Co., Chartered Accountants (Registration No. 304040E), Statutory Auditors of the Company shall hold the office till the conclusion of the ensuing Annual General Meeting of the Company. Accordingly, the Audit Committee and the Board of Directors of the Company in their meeting held on September 05, 2020 recommended re-appointment of M/s V. N. Purohit & Co., Chartered Accountants (Registration No. 304040E) to hold office for a period of five years from the conclusion of the ensuing Annual General Meeting till the conclusion of 16lh Annual General Meeting of the Company. The Company has received written consent and certificate of eligibility in accordance with Sections 139, 141 and other applicable provisions of the Act and Rules issued thereunder (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) from M/s V. N. Purohit & Co., Chartered Accountants.

Auditors Report

The Auditors Report for financial year ended March 31, 2020, does not contain any qualification, reservation or adverse remarks. All Observations made in the Independent Auditors Report and Notes forming part of the Financial Statements are self explanatory and do not call for any further comments and also, there is no incident of fraud requiring reporting by the auditors under section 143(12) of the Companies Act, 2013 during the year. The Auditors report is enclosed with the financial statements in this Auditors Report.

b) SECRETARIAL AUDITOR

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and tire Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Ms. Megha Sharan (CP No.: 12171, FCS: 9802), Practicing Company Secretaries, to undertake the secretarial audit of the Company for the Financial Year 2019-2020.

The Secretarial Audit Report for the financial year ended 31slMarch, 2020 does not contain any qualification, reservation or adverse remark. A copy of the Secretarial Audit Report(Form MR-3) as provided by the Company Secretary in Practice has been annexed to the Report. (Annexure-I).

c) INTERNAL AUDITOR

Pursuant to provisions of Section 138, read with the rules made there under, the Board has appointed Mr. Sandeep Kumar an Internal Auditor of the Company for the financial year 2019-2020, to check the internal controls and the functioning of the activities of the Company and also recommends ways of improvement He has provided an Internal Audit Report of the Company for the Financial Year ended March 31, 2020. The Internal audit is carried out quarterly basis and the report is placed in the Audit Committee Meeting and Board Meeting for their consideration and direction.

dl COST AUDITOR

The Company has not appointed the Cost Auditor as pursuant to Section 148 of the Companies Act, 2013 read with theCompanies (Cost Records and Audit) Amendment Rules, 2014, the cost audit is not applicable to the Company.

13. SHARE CAPITAL

During the year under review, the Authorized Share Capital of the Company is Rs. 3,10,00,000 and the paid up equity share capital as on March 31, 2020 is Rs. 3,00,21,720.

A. Issue of eqml.v shares with differential riahfe

The Company has not issued any equity shares with differentia] rights so no disclosure is required as per Rule 4 (4) of the Companies (Share Capital and Debentures) Rules 2014.

B. Isj.u.ol.swfiM.e.qu-ity-sJuii:e.s

The Company has not issued sweat equity shares, so no disclosure is required as per Rule 8(13) of the Companies (Share Capital and Debentures) Rules 2014.

C. Issue of employee stock options

The Company has not issued employee stock options, so no disclosure is required as per Rule 12(9) of the Companies (Share Capital and Debentures) Rules 2014.

D. Provision of money bv company for purchase of its own share bv employees or bv trustee for the benefit of employees

The Company has not made any provision for purchase of its own share of employees or by the trustee for the benefit of employees so no disclosure is required as per Rule 16(4) of the Companies (Share Capital and Debentures) Rules 2014.

E. Issue of shares on preferential basis

The Company has not issued any share on preferential basis during the year.

14. LISTING FEES

Listing fees for financial year 2019-20 have been paid to BSE SME on which the shares of the Company are listed.

15. EXTRACT OF THE ANNUAL RETURN

The extract of annual return in Form MGT 9 as required under Section 92(3) of the Companies Act; 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014 is available on the website of the Company at www.if1enteiprises.com.

In accordance with Section 134(3)(a) of the Companies Act, 2013 an extract of the Annual Return in Form No.MGT - 9 as Annexure-IT has been enclosed with the Boards Report.

16. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The details of conservation of energy, technology absorption, foreign exchange and outgo are as follows:

A. Conservation of energy

The company is not engaged in any manufacturing or processing activity, as such particulars required to be given in terms of Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, regarding conservation of energy are not applicable.

B. Technology absorption

The company is not engaged in any manufacturing or processing activity, as such particulars required to be given in terms of Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, regarding technology absorption are not applicable.

c. Foreign exchange earnings and outgo

There has been no expenditure and/or earning in foreign exchange.

17. POLICIES

Company has the following policies:

• Policy on Preservation of Documents and Archives Management as per Regulation 9 and 30(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy for Disclosure of events/ information and Determination of materiality as per Regulation 30(4)(ii) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy on Materiality of Related Party Transactions as per Regulation 23(1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

• Policy for determining material subsidiary as per SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Above Policies are available on the website of the Company i.e. httn: //www.ifieriternrises.com/#

18. DETAILS OF SIGNIFICANT AND MATERIAL ORDERS PASSED

During the financial year 2019-20, no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and companys operations in the future.

19. CORPORATE SOCIAL RESPONSIBILITY

Pursuant to provisions of Section 135 of the Companies Act, 2013, every company having a Net Worth of Rupees Five Hundred Crore (Rs.500 Crore) or more; or Turnover of Rupees One Thousand Crore (Rs.1000 Crore) or more; or Net Profit is Rupees Five Crore (Rs.5 Crore) or more during the immediately preceding financial year, is required to constitute a Corporate Social Responsibility Committee ("CSR Committee") of the Board. But this provision is not applicable to your company; as during the immediately preceding financial year, company has not reached this limit

20. DIRECTORS AND KEY MANAGERIAL PERSONNEL

The Board of the Company was duly constituted in accordance with the provisions of the Companies Act, 2013. As of the date of the report; your company has the following Directors on its Board:

S. No. Name of Director Designation DIN Date of Appointment Date of Appointment at current designation
1 Mr. Ashok Kumar Bansal Whole Time Director 07069510 10.08.2016 02.02.2018
2 Mr. Gopal Bansal Director 01246420 01.03.2016 02.02.2018
3 Mr. Manoj Kumar Independent Director 07539741 04.09.2018 28.09.2018
4 Ms. HimanshiKashyap Independent Director 07681277 17.12.2016 29.09.2017

A. Directors

During the financial year 2019-2020, there was no appointment or resignation of director of the company. Directors retiring by Rotation

Mr. Ashok Kumar Bansal (DIN: 07069510], will be retiring by rotation at the ensuing Annual General Meeting and being eligible offer himself for re-appointment.

The Board of Directors on the recommendation of the Nomination and Remuneration Committee recommends the re-appointment of aforesaid Director to the Members of the Company at the ensuing Annual General Meeting.

B. Chief Financial Officer

There is no appointment, resignation or any other changes in the position of the Chief Financial Officer of the Company.

c. Company Secretary & Compliance Officer & Internal Auditor

During thee Financial Year 2019-20, Mr. Sandeep Kumar has resigned from the post of Company Secretary and Compliance Officerof the Companyw.e.f 03.10.2020. The Board has appointed Mr. Sandeep Kumar as Company Secretary and Compliance Officer of the Companyw.e.f. 13.01.2020.

21. REMUNERATION OF KEY MANANGERIAl PERSONNEL

• Ms. Dimple Mangal,(CFO], the Key Managerial Personnel of the Company, has been paid Gross monthly remuneration of Rs. Rs. 35,000/- (Rupees Thirty Five Thousand Only) from 01.04.2019subject to the increment as decided by the Board of Directors of the Company from time to time on the basis of her performance and policy of the Company.

• Mr. Sandeep Kumar (Company Secretary), the Key Managerial Personnel of the company be paid Gross monthly remuneration of Rs. 12,000/- (Rupees Twelve Thousand Only)for the period from 01.04.2019 to 30.09.2019 and be paid a gross onthly remuneration of Rs. 15,000 for the period 13.01.2020 to 31.03.2020 subject to the increment as decided by the Board of Directors of the Company from time to time on the basis of his performance and policy of the Company.

22. DECLARATION BY THE INDEPENDENT DIRECTOR

The Company has received declarations from all the Independent Directors of die Company confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and Listing Regulations.

23. PERFORMANCE EVALUATION

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17(10) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a separate exercise was carried out to evaluate the performance of individual Directors, including the Chairman of the Board who were evaluated on parameters such as level of engagement and contribution and independence of judgment thereby safeguarding the interest of the Company.

The performance evaluation of the Independent Directors was carried out by the entire Board. The performance evaluation of the Chairman and the Non Independent Directors was carried out by the Independent Directors. The board also carried out an annual performance evaluation of the working of its Audit, Nomination and Remuneration as well as stakeholder relationship committee. The Directors expressed their satisfaction with the evaluation process. The Board of Directors reviewed all the laws applicable to the company, prepared by the company and taking steps to rectify instances of non-compliances.

24. NUMBER OF MEETINGS OF THE BOARD

The Board of Directors duly met nine(30.05.2019, 23.07.2019, 30.07.2019, 14.08.2019, 03.09.2019, 03.10.2019, 12.11.2019, 13.01.2020 and 10.03.2020)timesduring the year, in respect of which notices were given and the proceedings were recorded and signed. The intervening gap between any two meetings was within the period prescribed by the Companies Act, 2013.The details ofBoardmeetings and the attendance of Directors in such meetings are given intheCorporate Governance Report forming part of this Annual Report.

25. COMMITTEES AND THEIR MEETINGS

A. Audit Committee

The Company has a Audit Committee of Directors in compliance with provisions of the Companies Act, 2013 and Regulation 18 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Committee comprises of:

• Ms. HimanshiKashyap (Chairman & Independent Director),

• Mr. Manoj Kumar (Member, Independent Director),

• Mr. Gopal Bansal (Member, Director) and

• Mr. Sandeep Kumar (Secretary of the Audit Committee).

The terms of reference of the Audit Committee inter alia include overseeing the financial reporting process, reviewing the financial statements and recommending the appointment of Auditors. All the recommendations made by Audit Committee were accepted.

During the year Four(30.05.2019,14.08.2019,12.11.2019and 13.01.2020) Audit Committee Meetings were held.

B. Nomination and Remuneration Committee

The Company has a Nomination & Remuneration Committee of Directors in compliance with provisions of the Companies Act, 2013 and Regulation 19 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The Committees scope of work includes nominate the directors as per their qualifications, experience and positive attributes, deciding on remuneration and policy matters related to remunerations of Directors and laying guidelines for remuneration package or compensation etc.

The Committee comprises of:

• Mr. HimanshiKashyap (Chairman & independent Director),

• Mr. Manoj Kumar (Member, Independent Director) and

• Mr. Gopal Bansal (Member, Non Executive Director).

During the year One (13.01.2020) Nomination and Remuneration Meeting was held.

Nomination and Remuneration Policy

The details of Nomination and Remuneration Policy are covered in the Corporate Governance Report. It is hereby affirmed that the remuneration paid is as per Remuneration Policy of the Company. The Nomination & Remuneration Policy is attached to this report as an Annexure III.

C. Stakeholders Relationship Committee

The Company has a Stakeholder Relationship Committee of Directors in compliance with provisions of the Companies Act, 2013 and Regulation 20 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 to look into the redressal of complaints of investors such as transfer or credit of shares, non-receipt of dividend/notices /annual reports, etc.

The Committee comprises of:

• Ms. HimanshiKashyap (Chairperson & Independent Director),

• Mr. Manoj Kumar (Member, Independent Director) and

• Mr. Ashok Kumar Bansal (Member, Whole Time Director).

The Company has a Stakeholder Relationship Committee of directors to look into the redressal of complaints of investors such as transfer or credit of shares, non-receipt of dividend/notices /annual reports, etc.

During the year one (13.01.2020) Stakeholders Relationship Committee Meetings were held.

Details of establishment of Vigil Meclianism/Wliistle Blower Policy for Directors and Employees

The Company has a well framed vigil mechanism/whistle blower policy for its directors and employees. The company believes in honesty, integrity, ethics, transparency and good conduct in its professional environment and provides such kind of environment to its employees and directors and always encourages its team to follow such standards in their activities. The directors, employees and other team members are free to report on the issues which require genuine concern. An Audit Committee of the Board of directors has the responsibility to review the functioning of vigil mechanism and the same has been performed by the committee periodically.

This policy is explained in the corporate governance report and also posted on tire website at www.iilenterprises.cnmunde.r Corporate Governance section.

26. DETAILS OF SUBSIP1ARY/I0INT VENTURE/ ASSOCIATE COMPANIES

The Company does not have any Subsidiary/ Joint Venture/ Associate Companies.

27. PERFORMANCE AND FINANCIAL POSITION OF EACH QF THE SUBSIDIARIES. ASSOCIATES AND IQINT VENTURE COMPANIES

The Company has no subsidiaries, Joint Venture Companies so there is no requirement of description of the performance of Subsidiaries and Joint Venture Companies.

28. PARTICULARS OF LOANS. GUARANTEE OK INVESTMENTS

Loans, Guarantees and Investments covered under section 186 of the Companies Act, 2013 form part of the notes to the financial statement and same is provided in this Annual Report.

29. PARTICULARS OF CONTRACTS OR ARRANGMENTS WITH RELATED PARTIES

The Company has entered into contracts and arrangements with related parties and complied with the provisions of section 188 of the Companies Act, 2013. Details of Such Contracts and Arrangements are enclosed as Annexure- IV in Form AOC-2.

30. Ci)EflEAI.LGQ.VliNA^.Li:ERIIEK:AI.E

The Company believes that the essence of Corporate Governance lies in the phrase "Your Company". The Chairman and Directors are Your" fiduciaries and trustees. Their objective is to take the business forward in such a way that it maximizes "Your" long term value. Besides, adhering to the prescribed Corporate Governance practices as per SEB1 (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company also endeavors to share information with its stakeholders openly and transparently on matters which have a bearing on its economic and reputational interest. The Corporate Governance Report is a part of this Annual report.

A certificate from Secretarial Auditors of the company regarding the compliance of the conditions of Corporate Governance by the Company as stipulated under Schedule V of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is also attached to this Annual Report.

31. HUMAN RESOURCES

The Management has a healthy relationship with the officers and the Employee.

32. PARTICULARS OF EMPLOYEES

None of the employees of the Company were in receipt of remuneration in excess of limits as prescribed under Rule 5 (2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are mentioned below:

(A) Information as per Rule 511) of the Companies (Appointment and Remuneration of Managerial Personnel) 2Q14

1. Remuneration of each Director and Key Managerial Personnel (KMP) along with particulars of increase in remuneration during the financial year, Ratio of remuneration of Directors to the Median Remuneration of employees.

Name of the Director/ and KMP Designation Remuneration (Rs.) 2019-2020 Increase (%) Ratio of Directors Remuneration to Median remuneration
Mr. Gopal Bansal Director - - -
Mr. Sandeep Kumar Company Secretary 1,11,190/- -
Ms. Dimple Mangal Chief Financial Officer 4,20,000 -
Mr. Ashok Kumar Bansal Whole Time Director - - -
Mr. Manoj Kumar Independent Director - - -
Ms. HimanshiKashyap Independent Director - - -

1. The median remuneration of the Company for all its employees is Rs. 4,20,000/-for the financial year 2019-2020

2. The Percentage increase in median remuneration of employees in the Financial Year: 11.11%

3. Number of permanent employees on the rolls of the Company: 3 (Three) (As at31stMarch, 2020).

4. Average percentile increase in managerial remuneration was NIL and average increase in the remuneration other than managerial personnel in 2019-20 is 2.12%. Remuneration increase is dependent on the performance as a whole, individual performance level; and also market benchmarks.

6. Affirmation Pursuant to Rule 5(1)(xii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, it is affirmed that the remuneration paid to the Directors, Key Managerial Personnel is as per the remuneration policy of the Company.

33. SEXUAL HARRASEMENT

The Company has a Policy on Prevention of Sexual Harassment of Women at Workplace and has complied with the provisions relating to the constitution of Internal Complaints Committee under the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013, No case was reported during the year under review.

33. RISK MANAGEMENT POLICY

The Board of Directors of the Company are of the view that currently no significant risk factors are present which may threaten the existence of the company. During the year, your Directors have an adequate risk management infrastructure in place capable of addressing those risks. The company manages monitors and reports on the principal risks and uncertainties that can impact its ability to achieve its strategic objectives. The Audit Committee and Board of Directors review these procedures periodically. The companys management systems, organizational structures, processes, standards, code of conduct and behavior together form a complete and effective Risk Management System (RMS).

34. PREVENTI0N OF INSIDER TRADING

The Company has a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and certain designated employees of the Company. The Code requires pre-clearance for dealing in the Companys shares and prohibits the purchase or sale of Company shares by the Directors and designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the trading window is closed. The Board is responsible for implementation of the Code. All Board Directors and the designated employees have confirmed compliance with the Code.

35. DISCLOSURE OF RELATIONSHIP BETWEEN DIRECTOR INTER -SE

Mr. Gopal Bansal is the nephew of Mr. Ashok Kumar Bansal 36.5ECRETAR1AL STANDARDS

Your Company complies with the Secretarial Standard on Meetings of Directors (SS-1) and Secretarial Standard on GeneralMeetings (SS-2) whenever it has applicable.Your Company will comply with the other Secretarial Standards issued by the Institute of Company Secretaries of India (ICSI)as and when they are made mandatory.

37. CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to members of the Board and all employees in the course of day to day business operations of the company. The Code has been placed on the Companys website www.iflenterprises.com.The Code lays down the standard procedure of business conduct which is expected to be followed by the directors and the designated employees in their business dealings and in particular on matters relating to integrity in the work place, in business practices and in dealing with stakeholders.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code.

38. CAIJTIONARY NOTE

The statements forming part of the Boards Report may contain certain forward looking remarks within the meaning of applicable securities laws and regulations. Many factors could cause the actual results, performances or achievements of the Company to be materially different from any future results, performances or achievements that may be expressed or implied by such forward looking statements.

39. DIRECTORS RESPONSIBILITY STATEMENT

In accordance with Clause (c) of sub-section (3) of Section 134 of the Companies Act, 2013, the Board of Directors of the company informed the members that:

( A) In the preparation of the annual accounts for the financial year ended March 31, 2020, the applicable accounting standards had been followed along with proper explanation relating to material departures;

(B) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit and loss of the company for that period;

(C) The directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;

(D) The directors had prepared the annual accounts on a going concern basis; and

(E) The directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

40 APPLICABILITY OF THE INDIAN ACCOUNTING STANPARP-S (INP AS)

The financial statements have been prepared in accordance with the Indian Accounting Standards (Ind AS) specified under section 133 of the Companies Act, 2013, read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015.

41. ACKNOWLEDGEMENT

The Board expresses its sincere gratitude to the shareholders, bankers and clients for their continued support. The Board also wholeheartedly acknowledges with thanks the dedicated efforts of all the staff and employees of the Company.

By the Order of the Board
For IFL Enterprises Limited
Sd/- Sd/-
Ashok Kumar Bansal Gopal Bansal
Date: 05.09.2020 (Whole Time Director) (Director)
Place: New Delhi DIN-07069510 DIN-01246420