Your Directors are pleased to present the 32nd Annual Report together with Audited
Accounts of your Company for the financial year ended March 31st, 2025
1. FINANCIAL RESULTS
The summarized Standalone financial performance of your Company is as below:
(Rs.in lakhs)
| Particulars |
Standalone |
|
2024-25 |
2023-24 |
| Revenue from operations |
14519.22 |
22477.65 |
| Other Income |
324.57 |
529.56 |
| Total Income |
14843.79 |
23007.21 |
| Total expenses |
14461.54 |
21809.34 |
| Profit/(Loss) before Exceptional Item and Tax |
382.25 |
1197.87 |
| Exceptional Item |
- |
- |
| Provision for Taxation |
44.79 |
353.65 |
| Transfer to Reserve |
337.46 |
461.79 |
| Profit/(Loss) carried to Balance Sheet |
337.46 |
844.22 |
| Basic Earnings per Equity Share |
4.14 |
12.37 |
| Diluted Earnings per Equity Share |
2.47 |
12.37 |
2. SHARE CAPITAL
The paid-up Equity Share Capital of the Company on 31st March, 2025 was Rs.8.96 Crores.
The Authorized Share Capital is 16 crores.
3. TRANSFER TO RESERVES
An amount of Rs. 2.53 Crores was transferred to General Reserves for the year ended
31st March, 2025.
4. DIVIDEND
No dividend has been recommended for the year under review.
5. CHANGE IN NAME OF THE COMPANY
During the Financial Year under review, the Company has not changed its name.
6. OPERATIONAL REVIEW
During the current financial year ended 31.03.2025, the Company's total turnover
amounted to Rs.148.44 Crores in comparison to Rs. 230.07 Crores in the previous financial
year 2023-24.
The total interest earned during FY 2024-25 was Rs. 6.65 Crores in comparison to
Rs.5.66 Crores in FY 2023-24.
The Company earned a profit before tax of Rs. 3.82 crores during the year under review.
7. FUTURE PROSPECTS
The company is making efforts continuously to improve its business operations. In view
of the above, prospects of the Company appear bright in the near future.
8. EXTRACT OF THE ANNUAL RETURN
As required by Section 92(3) of the Companies Act, 2013 read with Rule 12(1) of the
Companies (Management and Administration) Rules, 2014, extract of the Draft Annual Return
uploaded on the website.
9. NUMBER OF BOARD MEETINGS
10 meetings of the board were held during the year. For details of the meetings of the
board, please refer to the Corporate Governance report, which forms part of this report.
9. DIRECTORS AND KEY MANAGERIAL PERSONNEL
In accordance with Section 152(6) of The Companies Act, 2013 and the Articles of
Association of the Company. Mr. Anirban Dutta Director & CFO (DIN - 00655172) of the
Company, retires by rotation at the ensuing Annual General Meeting and being eligible
offers himself for re-appointment.
None of the Directors of the company are disqualified as per section 164 of the
Companies Act 2013. The directors have made necessary disclosures as required under
various provisions of the Act and SEBI (Listing Obligations & Disclosure
Requirements), Regulations, 2015.
Pursuant to Section 149 of the Companies Act, 2013, Ms. Ayushi Jain (DIN - 10752143)
has been appointed as an Independent Director for 5 years w.e.f the 29th day of August,
2024.
Also during the year, Mr. Arani Guha (DIN - 05134269) resigned as an Independent
Director on 6th November, 2024 due to other professional commitments.
Further, pursuant to the Provisions of Section 203 of the Companies Act 2013, the Key
Managerial Personnel of the Company are - Mr. Navin Jain - Chairman & Managing
Director, Mr. Anirban Dutta - Chief Financial Officer and Ms. Pritha Beriwal - Company
Secretary.
11. DIRECTORS' RESPONSIBILITY STATEMENT
The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of
Section 134 of the Companies Act, 2013, states that ?
(a) In the preparation of the annual accounts for the financial year ended March 31,
2025, the applicable accounting standards had been followed along with proper explanation
relating to material departures;
(b) The directors have 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 as on 31st March, 2025 and of the profit
of your company for the year ended on that date;
(c) The directors have 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 have prepared the annual accounts for the financial year ended March
31, 2025 on a going concern basis.
(e) The directors have laid down internal financial controls to be followed by the
company and that such internal financial controls are adequate and were operating
effectively.
(f) The directors have devised proper systems to ensure compliance with the provisions
of all applicable laws and that such systems were adequate and operating effectively.
12. BOARD EVALUATION
Pursuant to the provisions of the Companies Act, 2013 the Board has carried out the
annual performance evaluation of its own performance, the Directors individually including
the Chairman of the Board as well as the evaluation of the Committees of the Board. A
structured questionnaire was prepared after taking into consideration inputs received from
the Directors. The performance evaluation of the Independent Directors was also carried
out by the entire Board.
The results of the evaluation done by Independent Directors were reported to the
Chairman of the Board. It was reported that the performance evaluation of the Board,
Committee etc. was satisfactory. The Directors expressed their satisfaction over the
evaluation process.
13. PARTICULARS OF LOANS, GUARANTEES, INVESTMENTS OR SECURITIES
Your Company is exempted from the applicability of the provisions of Sec.186 of the
Companies Act, 2013 (Act) read with Rule 11 of the Companies (Meetings of Board and its
Powers) Rules, 2014 and Companies (Meetings of Board and its Powers) Amendment Rules, 2015
as your Company is engaged in the business of Long term financing and meeting the credit
needs of its Customers.
14. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the related party transactions of your Company are entered at arm's length basis
and are in compliance with the applicable provisions of the Companies Act, 2013 and SEBI
Listing Regulations, 2015. There are no materially significant transactions made by the
Company with the Promoters, Directors or Key Managerial Personnel (KMPs) which have
potential conflict with the interest of your Company at large. Members may refer to the
notes to financial statements for details of related party transactions.
All related party transactions entered into by your Company were in the ordinary course
of business and were on arm's length basis.
Moreover, your Company had also obtained shareholders approval in AGM last year for
entering into any contacts or arrangements with Related parties.
A Related Party Policy has been devised by your company for determining the materiality
of transactions with related parties and dealings with them. The said policy is available
on your Company's website www.Igfl.co.in.
15. 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
During the year under review, there are no such orders passed by the regulator / courts
/ tribunals impacting the going concern status and your Company's operations in future.
16. INTERNAL FINANCIAL CONTROL SYSTEMS
The Company has an Internal Control System, commensurate with the size, scale and
complexity of its operations. The scope of work includes review of process for
safeguarding the assets of the Company, review of operational efficiency, effectiveness of
systems and processes and assessing the internal control strengths in all areas.
17. CORPORATE SOCIAL RESPONSIBILITY
In compliance with the requirements of section 135 of the Act read with Companies
(Corporate Social Responsibility Policy) Rules, 2014, as amended from time to time, the
Board of Directors of the Company has duly constituted a Corporate Social Responsibility
(CSR) Committee. The Company remains firmly committed to sustainable development through
the implementation of a well-defined Corporate Social Responsibility (CSR) strategy. This
strategy places strong emphasis on respecting local communities and cultures, protecting
the environment, and conserving natural resources and energy.
The Company's Corporate Social Responsibility (CSR) initiatives are fully aligned with
the provisions of Section 135 of the Companies Act, 2013. A brief summary of the CSR
activities carried out during the year, along with the Company's CSR Policy, is provided
in Annexure-B of this Report, in the format prescribed under the Companies (Corporate
Social Responsibility Policy) Rules, 2014. The complete CSR Policy, as approved by the
Board of Directors, is available on the Company's website and can be accessed via the
following link: https://www.igfl.co.in/policy.php .
Further details regarding the CSR Committee, including its composition and
responsibilities, are included in the Corporate Governance Report, which forms an integral
part of the Company's Annual Report.
18. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES/ INDUSTRIAL RELATIONS FRONT, INCLUDING
NUMBER OF PEOPLE EMPLOYED
The HR function is strategically integrated with the Company's long-term vision and is
geared towards enhancing employee experience, performance, and future readiness. This
year, Sky remained committed to nurturing an inclusive and collaborative workplace culture
that encourages transparency, creativity, and mutual respect. The Company actively
promotes a learning oriented environment by investing in skill-building, leadership
development, and cross-functional exposure, ensuring employees continue to grow and thrive
within the organization.
In addition to professional growth, the Company places great value on employee
well-being and work-life balance, striving to create a healthy, engaging, and performance-
driven culture. Through various initiatives and feedback mechanisms, the Company ensures
continuous dialogue with its workforce, reinforcing its commitment to building long-term,
fulfilling relationships with employees.
To enhance team spirit and cultivate a welcoming environment, the Company also
organized various interactive sessions and team-building activities, which encouraged open
communication, collaboration, and relationship-building across departments. These
initiatives played a significant role in reinforcing team spirit and enhancing
organizational cohesion.
19. NOMINATION AND REMUNERATION POLICY
The Company has established a comprehensive Policy on Director Appointment and
Remuneration, which also encompasses Key Managerial Personnel and other employees. This
policy serves as a framework for the Nomination and Remuneration Committee to identify and
recommend individuals who possess the necessary qualifications, skills, and experience to
serve as Directors. It also lays down clear criteria for assessing the independence of
Directors in accordance with regulatory requirements and the Company's governance
standards. Furthermore, the policy ensures that the Company's remuneration strategy is
aligned with its overarching business objectives. Remuneration packages are designed to
reward individual contributions as well as overall organizational performance, while
remaining competitive and in line with industry benchmarks. This approach not only
motivates Directors and employees to deliver sustainable value but also supports the
retention of high-caliber talent.
In addition to fixed and variable pay components, the policy emphasizes transparency,
fairness, and alignment with shareholder interests. The Committee regularly reviews the
policy to adapt to changing regulatory landscapes and evolving best practices in corporate
governance. This enables the Company to maintain a balanced and performance- driven reward
system that fosters long-term growth and accountability.
The said policy has been posted on the website of the Company and the web link thereto
is https://www.igfl.co.in/policy.php
20. DISCLOSURES UNDER SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION
& REDRESSAL) ACT 2013
The Company is firmly committed to fostering a safe, respectful, and inclusive
workplace and maintains a zero-tolerance policy towards any form of discrimination or
harassment. In alignment with the provisions of the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013, the Company has implemented a
comprehensive Anti-Harassment and Grievance Redressal Policy.
To ensure proper handling of such matters, an Internal Complaints Committee (ICC) is
constituted at the Group level to address and resolve complaints related to sexual
harassment in a timely and fair manner. The policy clearly outlines the procedures, roles,
and responsibilities involved in addressing such concerns and aims to offer guidance and
support to employees across all offices of the Company.
The policy covers all women employees, including those who are permanent, temporary, or
contractual. It is introduced to all employees during their induction.
During the financial year under review, the Company has not received any complaints
pertaining to sexual harassment. The said policy has been uploaded on Company's website at
https://www.igfl.co.in/policy.php
The details of complaints reported under Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 during FY 2024-25 are as follows:
| Number of Complaints at the beginning of the financial year |
0 |
| Number of Complaints during the financial year |
0 |
| Number of Complaints at the end of the financial year |
0 |
21. ENVIRONMENT, HEALTH AND SAFETY
Your Company remains fully committed to upholding the highest standards of legal
compliance and operational excellence in all aspects of Health, Safety, and Environmental
(HSE) management.
During the year under review, the Company continued to focus on energy and water
conservation, enhanced utilization of renewable energy sources, and efforts to minimize
waste generation across operations. These initiatives are in alignment with the Company's
broader goals of sustainable development and environmental stewardship.
In line with this commitment, the management has actively fostered a culture of safety
and well-being across the organization.
The Company organizes routine fire safety drills, along with periodic health check-ups
for both permanent and contractual employees, ensuring proactive care and risk prevention
at the workplace.
The Company recognizes that safety is not a one-time initiative but an ongoing journey
of continuous improvement. Accordingly, it has outlined future plans aimed at further
enhancing the overall workforce well-being, promoting a proactive approach to health and
safety, and embedding a strong safety-first culture throughout all operational sites.
Additionally, your Company reaffirms its commitment to providing a safe, healthy, and
secure working environment across all manufacturing units and office, thereby ensuring a
responsible and people-centric approach to organizational growth.
22. AUDITORS AND AUDITORS' REPORT
(A) Statutory Auditors:
M/s. JLN US & CO., Chartered Accountants (FRN - 101543W), Statutory Auditors of the
company have expressed an unqualified opinion for the year ended March 31, 2025. The
Auditor's Report to the members does not contain any qualification or adverse remarks on
the financial reporting and disclosure of the Company. The Notes to Accounts forming part
of the financial statements are self-explanatory and need no further explanation as
required under sub-section (3) of Section 134 of Companies Act, 2013.
(B) Secretarial Auditor:
Pursuant to Section 204 of Companies Act, 2013 and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014, your Directors had appointed M/s.
Ramesh Chandra Mishra & Associates, Practicing Company Secretary as Secretarial
Auditor to conduct the Secretarial Audit for the financial year 2024-25. The Secretarial
Audit Report for the financial year ended 31st March, 2025 is annexed herewith.
23. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND
OUTGO
(A) CONSERVATION OF ENERGY AND TECHNOLOGY ABSORPTION:
The particulars of conservation of energy and technology absorption as required under:
Section 134(3)(m) of the Companies Act, 2013, read with the Companies (Accounts) Rules,
2014 are not applicable to the Company.
(B) FOREIGN EXCHANGE EARNINGS AND OUT-GO:
During the period under review there were no foreign exchange earnings or outflow.
24. MANAGERIAL REMUNERATION
(I) Particulars of Employees pursuant to section197(12) of the Companies Act, 2013 read
with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel)
Amendment Rules, 2016:
(i) The ratio of the remuneration of each Director to the median remuneration of the
employees of the company for the financial year;
| Sl. No. Name of the Directors |
Remuneration (Rs.) |
Median Remuneration of Employees (Rs.) |
Ratio (in times) |
| 1 NavinJain |
3112500 |
1250000 |
2.49 times |
| 2 Anirban Dutta |
766000 |
|
0.613 times |
| (ii) the percentage increase in remuneration of each director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or Manager, if any, in the
financial year; |
: Navin Jain - 12.20% Anirban Dutta - 12.07% PrithaBeriwal - 5.33% |
| (iii) the percentage increase in the median remuneration of employees in
the financial year; |
: There is a 4.17%increase of median remuneration of
employees. |
| (iv) the number of permanent employees on the rolls of company; |
: 9 employees as on 31.03.2025. |
| (v) the explanation on the relationship between average increase in
remuneration and company performance; |
: There was 6.82% increase in the remuneration of the
employees ofthe Company during the financial year 31st March, 2025. |
| (vi) comparison of the remuneration of the Key Managerial Personnel
against the performance of the company; |
: The remuneration of the key managerial personnel is
keeping in view the performance of the Company as aforesaid and trend of remuneration in
industry. |
(vii) variations in the market capitalization of the company, price earnings ratio as
at the closing date of the current financial year and previous financial year and
percentage increase over decrease in the market quotations of the shares of the company in
comparison to the rate at which the company came out with the last public offer;
| Particulars |
As on 31.03.2025 |
As on 31.03.2024 |
| Market Capitalization (Rs.) |
671797125 |
423869188.35 |
| Price Earning Ratio |
N.A. |
N.A. |
| Share price : BSE |
75 |
62.13 |
| (viii) average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial year and its
comparison with the percentile increase in the managerial remuneration and justification
thereof and point out if there are any exceptional circumstances for increase in the
managerial remuneration; |
: There was no variation in percentile increment made in the salaries of
the employees & the Managerial Personnel. |
(ix) comparison of the each remuneration of the Key Managerial Personnel against the
performance of the company;
The Comparison of remuneration of each of the KMP against the performance of the
Company are as under;
| Sl. No. Particulars |
Remuneration |
Net Profit |
| 1 Navin Jain |
3112500 |
33746167 |
| 2 Anirban Dutta |
766000 |
33746167 |
| 3 Pritha Beriwal |
790000 |
33746167 |
| (x) The key parameters for any variable component of remuneration availed
by the directors; |
: NIL |
(xi) the ratio of the remuneration of the highest paid director to that of the
employees who are not directors but receive remuneration in excess of the highest paid
director during the year;
| Sl. No. Particulars |
Remuneration |
Ratio |
| 1. Navin Jain |
3112500 |
0.999 times |
| Rakhi Jain |
3115000 |
|
| 2. Navin Jain |
3112500 |
0.587 times |
| Pramod Jain |
5302500 |
|
| (xii) Affirmation that the remuneration is as per the remuneration policy
of the Company; |
: The Company affirms remuneration is as per the remuneration policy of
the Company. |
(I) None of the Company's employees has drawn salary more than Rs. 60 Lacs per annum,
if employed throughout the year and more than Rs. 5 Lacs per month if employed for the
part of the year. None of the Company's employees by himself or along with his spouse and
dependent children holds 2% or more equity shares of the Company and drawing remuneration
in excess of remuneration of the Whole Time Director except Mr. Pramod Jain & Mrs.
Rakhi Jain.
Information as per Rules 5(2) & (3) of the Companies (Appointment and Remuneration
of Managerial Personnel) Rules, 2014 -
| Sr No. Name |
Designation |
Nature of Employment |
Qualification |
Experience |
Date of Commencement of employment |
Age |
Previous Employ ment |
% of shares held in the Company |
Whether related to any Director or Manager |
| (A) The name of top ten employees in terms of remuneration drawn |
|
|
|
|
|
|
|
|
|
| 1 Pramod Jain |
CIO |
Fixed |
CA |
More than 20 years |
01.04.2010 |
43 |
Hindustan Unilever Limited |
4.99 |
Yes- Mr. Navin Jain |
| 2 Rakhi Jain |
Manager |
Fixed |
MBA |
More than 20 years |
01.04.2010 |
40 |
HDFC Bank Limited |
4.61 |
Yes- Mr. Navin Jain |
| 3 Navin Jain |
Chairman & Managing Director |
Fixed |
B.Com |
More than 25 years |
11.01.2008 |
51 |
NA |
1.24 |
|
| 4 Anirban Dutta |
Executive Director & CFO |
Fixed |
B.Com |
More than 25 years |
25.06.2011 |
51 |
NA |
NA |
No |
| 5 Pritha Beriwal |
Company Secretary |
Fixed |
CS |
More than 7 years |
18.12.2017 |
34 |
None |
0.28 |
No |
(B) Personnel who are in receipt of remuneration aggregating not less than Rs.
10,200,000 per annum and employed throughout the year.
NIL
(C) Personnel who are in receipt of remuneration aggregating not less than Rs. 8,50,000
per month and employed for the part of the year:
NIL
(D) Personnel who are in receipt of remuneration aggregating in excess of that drawn by
the Managing Director and holds by himself or along with his spouse and dependent
children, not less than 2% of the equity shares of the Company and employed through the
year or part of the financial year:
| 1 Pramod Jain |
Manager |
Fixed |
CA |
More than 20 years |
01.04.2010 |
43 |
Hindustan Unilever Limited |
4.99 |
Yes- Mr. Navin Jain |
| 2 Rakhi Jain |
Manager |
Fixed |
MBA |
More than 20 years |
01.04.2010 |
40 |
HDFC Bank Limited |
4.61 |
Yes- Mr. Navin Jain |
(II) No sitting fees were paid to Independent Directors for attending meetings of the
Board for the Financial Year 2024-25.
25. COMPLIANCE WITH RBI GUIDELINES
Your Company has complied with all applicable regulations of the Reserve Bank of India.
As per Non-Banking Finance Companies RBI Directions, 1998, the Directors hereby report
that the Company did not accept any public deposits during the year and did not have any
public deposits outstanding at the end of the year.
26. CORPORATE GOVERNANCE
Your Company has taken adequate steps to ensure that the conditions of Corporate
Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 of the Stock Exchanges are complied with.
A separate Section of Corporate Governance and a certificate of the Auditors of the
Company regarding compliance of the conditions of Corporate Governance as stipulated
Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations,
2015, form part of the Annual Report.
27. MANAGEMENT DISCUSSION ANALYSIS REPORT (MDAR)
The Management Discussion and Analysis Report for the year under review as stipulated
under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015, is presented in a separate section which forms part of the Annual
Report.
28. COMPLIANCE WITH SECRETARIAL STANDARDS
The Company is following the applicable Secretarial Standards as prescribed and
formulated by the Institute of Company Secretaries of India during the financial year
2024-25, to the extent as applicable.
29. LISTING OF SHARES
The Shares of your Company is listed with The BSE Limited& CSE Limited. Your
Company has duly paid listing fees to BSE& CSE for the year ended 2024-2025.
30. ACKNOWLEDGEMENTS
Yours Directors would like to place on record their appreciation for the continued
co-operation and support received from the Company's Shareholders, Bankers and other
Business Associate.
31. CAUTIONARY STATEMENT
The statements contained in the Board's Report and Management Discussion and Analysis
Report contain certain statements relating to the future and therefore are forward looking
within the meaning of applicable securities, laws and regulations. Various factors such as
economic conditions, changes in government regulations, tax regime, other statues, market
forces and other associated and incidental factors may however lead to variation in actual
results.
| Registered Office : |
On behalf of the Board |
|
| 6B, Bentinck Street |
Sd/- |
Sd/- |
| Aloka House |
NavinJain |
Anirban Dutta |
| Kolkata - 700 001 |
Chairman & Managing Director (CMD) |
Director |
| Date : August 19, 2025 |
(DIN - 01197626) |
(DIN - 00655172) |
