IFL Promoters Ltd Management Discussions.



Global economy broadly strengthened during the year with much of the Impetus coming from advanced economies with key drivers of growth being a reduction in fiscal tightening and highly accommodative monetary conditions. The growth rates of most emerging market economies were a bit disappointing, owing to a less favorable external financial environment even though they still continued to contribute more than two-thirds of global growth.

In advanced economies, risks to activity associated with very low inflation have come to the fore, especially in the euro area, where large output gaps have contributed to low inflation. More monetary easing, including unconventional measures, may be necessary to sustain activity and help achieve price stability objective, thus lowering risks of very low inflation or even deflation. In the euro area, repairing bank balance sheets in the context of a credible asset quality review and recapitalizing weak banks will be critical if confidence is to improve and credit is to revive with growth expected to be positive but varied, being weaker in countries with high debt and financial fragmentation. In Japan, implementation of the structural reforms find fiscal consolidation 3re essential to achieve the inflation target and higher sustained growth.

The increase in financial volatility during the year highlighted the challenges for emerging market economies posed by the changing external environment and weak market fundamentals. Although market pressures were relatively broadly based, countries with higher inflation and wider current account deficits were generally more affected. With prospects of improved returns in advanced economies, investor sentiment became less favorable toward emerging market risks. In view of possible capital flow reversals, risks related to sizable external funding needs and disorderly currency depreciations are a concern in emerging markets. In response to the changing external environment, some emerging market economies have tightened macroeconomic policies to shore up confidence and strengthen their commitment to policy objectives.


During FY 2017-18, the economic activity in India remained subdued as the economic slowdown bottomed out due to pressure on exchange rate and continuous spell of global financial turbulence caused by capital outflows. However, strong policy measures helped the currency to stabilize, rebuild reserves, and narrow the excessive current account deficit. The Indian economy remains week due 10 persistent inflation, fiscal imbalances, bottle necks to investment, and inefficiencies that require structural reforms. Without a systemic resolution to these, growth is forecasted to pick up modestly.

Economic recovery would have to be led by improved investment and consumption, but elevated inflation; a Tight monetary stance, and a weak currency will continue to constrain spending. Further fiscal austerity is likely to be an additional drag on growth. The Cabinet Committee on Investments efforts towards clearing stalled projects is likely to provide some traction to growth, t he new and stable government formed at Centre is likely to give a fresh impetus to actions that would bolster capital expenditure and attract investment in the economy. A revival in the manufacturing sector is likely to stimulate credit growth in the economy. Better growth prospects in the US and the euro area are likely to bolster external demand. Improved global prospects are likely to boost tradable services such as finance, communication, and information technology and business services.

Infrastructure deficiencies, especially for power and transport and a difficult regulatory environment for manufacturing loom large and are factors responsible for holding back manufacturing The government is transforming major transport corridors into economic corridors and promoting greater industrial activity along them.


Commercial Credit Markets:

Indian banking sector growth slowed during FY18 (non-food credit at -5%), as capex cycle is yet to pick up and incrementally Financing is shifting from banks to financial markets - commercial paper, corporate bond markets etc., which will keep corporate credit growth subdued Additionally, asset quality pressure continues unabated. While large pan of NPA recognition seems to have been done, the resolution is still a missing link. Hence, the profitability of PSU banks continued to be under strain and will recover only gradually over the medium term.

NBFC Industry:

While commercial banks continued to remain dominant source of credit in India, NBFCs are gaining significant ground. While the banking sector was beset with worsening asset quality in FY17, NBFCs could restrict the impact in their portfolios due to their ability to respond quickly as well as availability of a higher collateral cover. The growing relevance and interconnectedness of the NBFC sector also highlights the importance of risk management in the sector. Going ahead, comfortable capitalisation levels and conservative liquidity management will continue to support the credit profile of NBFCs. India has a diversified financial sector undergoing rapid expansion, both in terms of strong growth of existing financial services firms and new entities entering the market.

The sector comprises commercial banks, insurance companies, non-banking financial companies, co-operatives, pension funds, mutual funds and other smaller financial entities. NBFCs would continue to expand in small ticket loans, where banks are dearly less efficient because of their high operating cost structures and somewhat rigid processes would find it difficult to significantly penetrate these segments. Additionally, NBFCs flexibility of loan structuring provides an advantage to them In this segment.

The Government of India has introduced several reforms to liberalise, regulate and enhance this industry. The Government a and Reserve Bank of India (RBI) have taken various measures to facilitate easy access to finance for Micro, Small and Medium Enterprises (MSMts). The governments drive to integrate informal economy into the formal segment and reduce unaccounted income, and digital push, if followed through, can significantly change operating dynamics for NBFC’s. Recently, both the regulator and Government have been maintaining a favorable stance towards the sector: starting with the latest announcement where SME loans up to INR20 million by NBFCs will be covered under the CGTMSE guarantee and the government notification, covering systemically important NBFCs under the SARFAESI Act. These measures would strengthen the NBFCs ability to lend and mitigate loss given default while speeding up recovery timelines


As pet the requirement of listing agreement Companies required to represent the segment wise- financial data whenever they are required to do so. Presently company is working in single segment

only so data are present as per normal segment reporting.


Every business is inherent with the risk and the profit is outcome of the risk taken In business. The opening up and expansion of the economy, rising income levels of all the groups of the people and changing behavior of the investors and consumers have led to an Increase Inflow of funds.

This represents a tremendous opportunity for your Company in investment and working


The internal control system of company is well commensurate with the policies and functions of the company. The company has very warm and cordial relations with the employee of the company and if any mis-conducting is found at any place or any level this taken as very urgent and resolved as soon as possible. Company has taken all the adequate measure to keep the business spirit high and meet the standard of calm and healthy atmosphere.


As per the current statement of affairs of the company, the financial position of the company has not been as per the expectation of the company management.


The industrial relation is very cordial and peaceful. The Implementation of Corporate Governance in the Company it show in various measures to provides more scope for development of human resource there by allowing the employee better opportunities to achieve higher performance and efficiency in their respective assignments and employment


Statement in the management discussion and analysis describing the company objective projection and estimates may be forward looking statement with the meaning of applicable securities laws and regulation. Actual result could differ materially from those expressed or implied.

For & on behalf of the Board of Directors of IFL PROMOTERS LIMITED

Director, (DIN: 07974818) Director. (DIN: 07005298)
Place: Delhi
Date: 05/09/2018

Certification by the Chief Executive Officer and Chief Financial Officer of the Company pursuant to Regulation 17(8) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

I, Pankaj Dogra, CEO and Navneet Vlshnoi, Chief Finance officer of IFL Promoters Limited certify that:

a) We have reviewed the financial statement and the cash flow statement of IFL Promoters Limited (the company) for the year ended March 31, 2018 and to the best of my knowledge and belief:

l) these statements do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;

ii) these statements together present a true and fair view of the companys affairs and are in compliance with existing accounting standards, applicable laws and regulations.

b) There are, to the best of our knowledge and belief, no transactions entered into by the company during the year which are fraudulent, Illegal or violative of the companys code of conduct.

c) We accept the responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated the effectiveness of internal control systems of the company pertaining to financial reporting. There are no deficiencies In the design or operation of such internal control.

d) We have indicated to the auditors and the Audit committee that there are no:

significant changes in internal control over financial reporting during the year;

ii. significant changes in accounting policies during the year and that the same have been disclosed in the notes to the financial statements;

iii. instances of significant fraud of which we have become aware and the Involvement therein, if any, of the management or an employee having a significant role in the companys internal control system over financial reporting.

e) We further declare that all Board members and senior managerial personnel have affirmed compliance with the Code of Conduct for the financial year 2016-17.

On behalf of the Board of Directors For IFL PROMOTERS LIMITED

Place: Delhi
Date:- 05 September, 2018




We have examined the attached cash flow statement of IFL PROMOTERS LTD. for the year ended 31 March, 2018. The statement has been prepared by the Company in accordance with requirements of regulation 34 of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and is in agreement with corresponding Statement of Profit & Loss and Balance Sheet of the Company.

For G S Goel & Co. Chartered Accountants

FRN No. 001415N


CA G.S. Goel Partner, M.No. 014428

Place: Delhi Date: 30^ May 2018

DECLARATION OF COMPLIANCE OF CODE OF BUSINESS CONDUCT AND ETHICS (Under Schedule V(D) of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements),Regulations,2015 )

As per the affirmations received from the Directors and Senior Executives of the Company, the Directors and Senior Executives have complied with the provisions of the Code of Business Conduct and Ethics applicable to Directors and Senior Executives of the Company for the financial year ended 31st March. 2018