IFL Enterprises Ltd Management Discussions.


Your Directors are pleased to present the Management Discussion and Analysis Report for the year ended 31st March, 2022.

The Management Discussion and Analysis have been included in consonance with the Code of Corporate Governance as approved by The Securities and Exchange Board of India (SEBI). Investors are cautioned that these discussions contain certain forward looking statements that involve risk and uncertainties including those risks which are inherent in the Companys growth and strategy. The company undertakes no obligation to publicly update or revise any of the opinions or forward looking statements expressed in this report consequent to new information or developments, events or otherwise. The main business of the Company is trading in all types of products primarily in papers.

Industry Structure & Development

Paper Business: The Paper industry in India traditionally, after agriculture, is the only industry that has generated huge employment for both skilled and unskilled labour. Even today, papers sector is one of the largest contributors to India’s exports. India is the second largest exporter of papers and. However, the market pickup to improve export performance is still to happen. Our focus remains on value added products and new product development to cater to the niche segment of the market.

Opportunities and Threats

Paper Business: Positive steps taken by the Central Government for the paper industry, from allocation of funds to give extra rebate to exporters (mainly on made-ups) and various other benefits, are expected to improve investment in this sector and provide more business opportunities in the near future. With increasing capacities of man-made fibres as compared to cotton, the preferred shift of the consumer to use products of man-made fibres i.e. viscose, polyester, polyamide, acrylic, etc. and its blends, is expected.

We believe that the principal factors affecting competition in our business include client relationships reputation, the abilities of employess, market focus and the liquidity on the Balance Sheet.


Service Offering Business: We face competition from various other financial intermediaries operating in this segment. Further, we also face competition from sales teams of Banks and FIs who could approach clients directly.

We believe that relations are of key importance and hence our focus on delegating debt syndication services to small and Medium Enterprises that will enable us to generate future revenue and also open up possibilities for new business through cross references. This will enhance our ability to effectively compete with our competitors and create niche for us in the market.

Risk and Concerns

Papers Business: Risk Management forms an integral part of your Company’s operations. Your Company continues to focus on a system based approach to business risk management. It broadly involves identification & potential risks, their analysis and impact as also risk mitigation initiatives to address the same. The Board of Director of the Company oversees the risk management Process.


The outlook for industry and the Company in the near term can be viewed with cautious optimism. The Indian government has come up with a number of export promotion policies for the papers sector.

The trend in India is also shifting towards use of man-made paper products. In order to satisfy the taste of customers in future, we have developed innovative products with man-made paper products and its blends which have been appreciated and approved by the customers. We are also initiating the launch of own brand for home products in time to come. With the above and focus on cost optimization, we expect the outlook to be satisfactory. The future for the Indian paper industry looks promising, by both strong domestic consumption as well as export demand. With consumerism and disposable income on the rise, the retail sector has experienced a rapid growth in the past decade with the entry of several international players.

Adequacy of Internal Control System

The Company has adequate internal control systems for the business processes in respect of all operations, financial reporting, compliance with laws and regulations etc. The management information system forms an effective and sound tool for monitoring and controlling all operating parameters. Regular internal audits ensure that responsibilities are executed effectively. The Audit Committee reviews the adequacy of internal controls on regular basis.

Human Resources Development/Industrial Relations

Human resources are valuable assets for any organization. The employees of the Company have extended a very productive cooperation in the efforts of the management to carrying the Company to greater heights. The Company is giving emphasis to upgrade the skills of its human resources and continuous training down the line is a normal feature in the Company to upgrade the skills and knowledge of the employees of the Company.

Cautionary Statement

The Statement in this Management Discussion and Analysis report, describing the Company’s outlook, projections, estimates, expectations or predictions may be "Forward looking Statements" within the meaning of applicable securities laws or regulations. Actual results could differ materially from those expressed or implied.

For and on behalf of the Board of Directors
IFL Enterprises Limited
Sd/- Sd/-
Dolar Kirit Shah Vinaben Kanaiyalal Joshi
Managing Director Director
DIN: 09515662 DIN: 07900014
Place: New Delhi
Date: 15th July 2022




The Members,

IFL Enterprises Limited

C-110 G/F, Bhola Nath Nagar, Shahdara Delhi 110032

1.We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of M/s IFL Enterprises Limited (CIN: L74100DL2009PLC186958) and having its registered office at C-110 G/F, Bhola Nath Nagar, Shahdara, Delhi-110032 (heremafter referred as "the Company’), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. We have obtained all the information and explanations which are to the best of our knowledge and belief were necessary for the purpose of certification.

2. As on 31st March, 2022 the Board of Directors of the Company comprised of:

S. No. Name of Director Designation DIN Date of Appointment
1. Samad Ahmed Khan Independent Director 09527456 05.03.2022
2. Dolar Kirit Shah Managing Director 09515662 24.03.2022
3. Faizan Ajmerwala Independent Director 09527629 05.03.2022
4. Vibhaben Jagdipkumar Vora* Director 09519229 05.03.2022

3. In our opinion and to the best of our information & according to the verification and examination of the disclosures/ register under section 184/189, 170, 164, 149 of the Companies Act, 2013 (the Act) and DIN based search on MCA Portal (www.mca.gov.in), we certify that None of the above named Directors on the Board of the Company have been debarred or disqualified from being appointed or continuing as directors of companies by the Securities and Exchange Board of India / Ministry of Corporate Affairs or any such statutory authority for the Financial Year ended 31" March, 2022.

By the Order of the Board
For IFL Enterprises Limited
Dolar Kirit Shah
Place: New Delhi Chief Financial Officer
Date: 15th July 2022 PAN- BFQPS1236E