PNB Gilts LTD For FY 2014 15

OUR MISSION
To be a leader in the
Primary Dealer Business
and
to be known a Knowledge Based, Research Oriented
and
Quality Conscious Company maximising wealth for
Shareholders
Chairman's Letter to Shareholders .......................................................................... 2

Board's Report ......................................................................................................... 4
Management Discussion and Analysis .................................................................. 31
Report on Corporate Governance ......................................................................... 36
Financial Review ................................................................................................... 49
Independent Auditors' Report and Comments of the C&AG of India...................... 50
Balance Sheet ................................................................................................. ...... 56
9ZGZKSKTZUL6XUZGTJ2UYY ................................................................................. 57
9OMTOIGTZ'IIU[TZOTM6UROIOKYGTJ4UZKYZU'IIU[TZY .......................................... 58
Cash Flow Statement ............................................................................................ 87
9INKJ[RKZU(GRGTIK9NKKZULG4UT*KVUYOZZGQOTM
4UT(GTQOTM,OTGTIOGR)USVGT_ .......................................................................... 89
Proxy Form ............................................................................................................ 92
Financials at a Glance ........................................................................................... 93
4+)93GTJGZK,UXS ............................................................................................ 94
+)USS[TOIGZOUT8KMOYZXGZOUT,UXS .................................................................... 95
Annual Report 2014-15
Chairmans Letter to Shareholders

Dear Shareholders,
I extend my greetings to all of you. It is indeed a matter of both pride and
pleasure to unveil the Annual Report of your Company for the Financial Year
2014-15. I call it pride because your Company has surpassed the feat that it
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time, it is a matter of great pleasure for us as your contribution has been
instrumental in the growth of your Company.
The year 2014-15 has been a year of transition. While the global pessimism
still continues, India has managed to emerge as a favorable economy amidst
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year has been revised to 2011-12 from the past base of 2004-05 and GDP is
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As per the new methodology, the GDP stands at 7.3 per cent, which has
transformed India into the fastest growing economy driven largely by services
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GTJ)6/OTGZOUTGZZNKKTJULZNKTGTIOGR_KGX]GYGZSGTGMKGHRKRK\KRY
of 5.25 per cent, a sharp decline from the last couple of years. Falling prices
of global crude oil which form a substantial part of our imports coupled
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investment climate favorable throughout the year. Since then, the Rupee
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VUYOZO\K KT\OXUTSKTZ ZNK 8KYKX\K (GTQ UL /TJOG NGY JOYVRG_KJ G ZXKTJ UL
lowering the policy rates to help credit growth in the economy. The ten year
Government security yield which hovered above 8 per cent have come
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UVZOSOYSOTZNKSGXQKZY]OZNXKMGXJZUZNKXGZKI[ZY:NOYOTZ[XTNGYGJJKJ
to the positivity in the macro-economic environment of the country. Since,
Government Securities are the main area of our operations; the good news
has translated into a positive effect on the earnings as well.
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of your Company has been in line with our expectations. The Company
maintained a composition mix of securities with an aim to maximize arbitrage
income and also to have better trading opportunities with a judicious use of
2
the sources of borrowings. The Company has well developed systems,

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SGXQKZ XOYQ GTJ GRR UZNKX IGZKMUXOKY UL XOYQ ]NOIN NG\K QKVZ ZNK XOYQ
VXURKOTINKIQ:NOYGMOROZ_GTJKLIOKTI_UTU[XVGXZRKJZUGOTIXKGYK
OTZNK6XUZ(KLUXK:G^M[XKZU` 133.89 crore in FY 2014-15 vis-vis ÌXUXKOT,?:NK4KZ=UXZNUL_U[X)USVGT_NGY
increased by nearly 8 per cent to ` 718.06 crore as on March 31, 2015
as against ` 662.53 crore in the previous year. Also, your Company
is adequately capitalized at a Capital Adequacy Ratio of 65.07 per
cent as on March 31, 2015 against RBIs minimum stipulation of 15
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ensure a motivating environment for the employees.
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to our capabilities and strategic orientation, the effectiveness of our
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employees. Incessant support of all our shareholders has been our
driving force. We are immensely grateful to you for your cooperation
and support which has helped us handle troubles all these years.
Way forward
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well as the global environment will bring its own challenges and
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VUYOZO\K]OZNXKMGXJZUZNK-XKKQIXOYOYGTJGMXGJ[GROTIXKGYKOTZNK
oil prices again. The recent policy rate cut to 7.25 per cent has not
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NG]QOYNK^VKIZGZOUTYOTZNKSGXQKZ.U]K\KXZNK)USVGT_OYG]GXK
of the changes happening in the environment and is in line with its
competitors. Having said that, we shall continue to realign our strategies
and resources in order to ensure the best returns for our shareholders
and sustain those returns in the long term. Your Companys pro-active
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will ensure that the performance is strengthened in the forthcoming
year.
We value your partnership as we position the Company to lead into
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us and providing their support. I assure that the Company will continue
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Date : June 27, 2015
Yours Sincerely,
(Gauri Shankar)
Chairman
*/4
BOARDS REPORT
Dear Members,
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YZGZKSKTZYULZNKIUSVGT_LUXZNKTGTIOGR_KGXKTJKJ3GXIN
1. RESULTS OF OUR OPERATIONS AND STATE OF AFFAIRS
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(` in lacs)
Total Income
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Profit/(loss) Before Tax
Less : Provision for Income Tax (including deferred tax)
Profit /(loss) After Tax
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Less : Adjustment for depreciation for Fixed Assets as per Schedule II
of the Companies Act, 2013
Amount available for Appropriation
Proposed Appropriations
Transfer to Statutory Reserve
General Reserve
Capital Reserve
Amount spent on CSR activities
Proposed Dividend
Dividend Distribution Tax
Balance carried forward
For the year

For the year
ended 31.3.2015 ended 31.3.2014
41001.18
34626.38
27611.92
25556.06
13389.26
9070.32
4427.85
2932.13
8961.41
6138.19
10103.02
8271.51
24.95
19039.48
14409.70
1792.28
1072.52
134.71
2700.15
552.85
12786.97
1227.64
1183.62
1620.09
275.33
10103.02
*[XOTM,?_U[X)USVGT_L[RRRKJGRROZYUHROMGZOUTYGYG6XOSGX_*KGRKXOTHUZNVXOSGX_GTJYKIUTJGX_
SGXQKZ =OZN XKMGXJ ZU :XKGY[X_ (ORRY IUSSOZSKTZ ZNK )USVGT_ KÎKKJKJ ZNK YZOV[RGZKJ Y[IIKYY XGZOU UL
40 per cent, achieving 42.92 per cent and 49.60 per cent in H1 and H2 respectively. In G-sec category, Company
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JKRO\KXKJMUUJVKXLUXSGTIKJ[XOTMZNK_KGXH_GYZ[ZKR_JKXO\OTMGJ\GTZGMKLXUS\URGZORK-YKISGXQKZIUTJOZOUT
GTJP[JOIOU[YJKVRU_SKTZULL[TJYOTNOMN_OKRJOTMGYYKZY:NKZUZGR6XUZ(KLUXK:G^LUX,?YZGTJYGZ
` 13389.26 lacs as against ` 9070.32 lacs in FY 2013-14. During the year, the net revenue from operations of
your Company increased by 45.07 per cent, from ` 9990.01 lacs to `RGIY6XUZ'LZKX:G^YZUUJGZ
` 8961.41 lacs vis--vis `RGIYOTZNKVXK\OU[YYIGRXKMOYZKXOTMGMXU]ZNULVKXIKTZ
:NKVXUZGHOROZ_]GYHUUYZKJH_ZXGJOTMVKXLUXSGTIKGTJP[JOIOU[YR_ZGQOTMGJ\GTZGMKULGXHOZXGMKUVVUXZ[TOZ_H_
the Company. During FY 2014-15, Company posted trading income of ` 7585.27 lacs as against ` 3140.78 lacs
OTRGYZYIGROKXKMOYZKXKJMXU]ZNULVKXIKTZ:NK-U\KXTSKTZ9KI[XOZOKY_OKRJYXGRROKJYNGXVR_J[KZU
YNGXVLGRROTIX[JKVXOIKYSUJKXGZOUTOTOTGZOUT[RZXGGIIUSSUJGZO\KSUTKZGX_KGYOTMOTZNKK[XUÙTKGTJ
0GVGTXKIKJOTMLKGXYULOSSOTKTZTUXSGRO`GZOUTUL;9SUTKZGX_VUROI_GTJYZXUTM,//JKSGTJLUX-U\KXTSKTZ
9KI[XOZOKY8GZKI[ZYH_8KYKX\K(GTQUL/TJOG8(/OTZ]UZXGTINKYH_HGYOYVUOTZYKGINGRYUGOJKJZNK
MU\KXTSKTZHUTJYSGXQKZGTJZNK_OKRJYLKRRL[XZNKX'SOJZNKYKLGIZUXYZNK_OKRJUT_KGXHKTINSGXQVGVKX
closed the year at 7.74 per cent as against 8.80 per cent as on March 31, 2014.
4
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GLLKIZZNKTGTIOGRVUYOZOUTULZNK)USVGT_
Capital Adequacy
Capital adequacy ratio as on March 31, 2015 stood at 65.07 per cent as against the RBI stipulation of
15 per cent.
Dividend
?U[X(UGXJNGYXKIUSSKTJKJGTGRJO\OJKTJUL ` 1.50 (i.e. 15 per cent) per equity share (last year ` 0.90 per
KW[OZ_YNGXKLUXZNKTGTIOGR_KGXKTJKJ3GXINY[HPKIZZUGVVXU\GROTZNKKTY[OTM'TT[GR-KTKXGR
3KKZOTM:NKZUZGRU[ZU]UTGIIU[TZULYGOJJO\OJKTJYNGRRHK ` 3253 lacs (including Dividend Distribution Tax
of ` 552.85 lacs).
Transfer to Reserves
Your Company proposes to transfer ` 1792.28 lacs in Statutory Reserve as required under the provisions of
9KIZOUT/)ULZNK8KYKX\K(GTQUL/TJOG'IZ ` 1072.52 lacs is proposed to be transferred in Capital
8KYKX\KOTZKXSYUL8(/M[OJKROTKYLUX6XOSGX_*KGRKXY,[XZNKXOTZKXSYULZNKXYZVXU\OYUZU9KIZOUTUL
the Companies Act, 2013, the Company proposes not to transfer any sum in General Reserve.
2. CORPORATE GOVERNANCE
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GTJLGOXTKYYOTGRRGXKGYULUVKXGZOUTY5[X]UXQLUXIKOYIUSSOZZKJZU]GXJYZNKVXUZKIZOUTULZNKOTZKXKYZULZNK
YZGQKNURJKXYOTIR[JOTMYNGXKNURJKXYIXKJOZUXYOT\KYZUXYI[YZUSKXYKSVRU_KKYKZI5[XVUROIOKYIUTYOYZKTZR_
[TJKXMUOSVXU\KSKTZYQKKVOTMOTSOTJU[XMUGROKSGÔSO`GZOUTUL\GR[KULGRRZNKYZGQKNURJKXY
=KIUSVR_]OZNZNK9+(/GTJ8(/M[OJKROTKYUTIUXVUXGZKMU\KXTGTIK=KNG\KJUI[SKTZKJU[XOTZKXTGRIUJK
UT )UXVUXGZK -U\KXTGTIK OT IUSVROGTIK UL 9+(/ GTJ 8(/ M[OJKROTKY :NK )UXVUXGZK -U\KXTGTIK VXGIZOIKY
LURRU]KJH_ZNK)USVGT_GXKMO\KTOTZNK'TT[GR8KVUXZ'IKXZOIGZKLXUS3Y1GVUUX:GTJUT)U,OXS8KM
4U)9ZGZ[ZUX_'[JOZUXULZNK)USVGT_XKMGXJOTMIUSVROGTIKULIUTJOZOUTYUL)UXVUXGZK-U\KXTGTIK
YZOV[RGZKJ H_ 9ZUIQ +ÎNGTMKY OY KTIRUYKJ ]OZN ZNK q8KVUXZ UT )UXVUXGZK -U\KXTGTIKr LUXSOTM VGXZ UL ZNK
Boards Report.
Number of meetings of the Board
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TGTIOGRSGZZKXYHKYOJKYRG_OTMJU]TVUROIOKYGTJVXUIKJ[XKYLUXUVKXGZOUTGRSGTGMKSKTZULZNK)USVGT_:NK
JKZGORYULY[INSKKZOTMYGXKMO\KTOTZNKq8KVUXZUT)UXVUXGZK-U\KXTGTIKrZNGZLUXSYVGXZULZNOY'TT[GR8KVUXZ
Directors and Key Managerial Personnel
During the year 2014-15, the members in their Annual General Meeting held on August 30, 2014 approved
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GTJ9N666GXKKQ*/4 GY/TJKVKTJKTZ*OXKIZUXYLUXGZKXSUL\K_KGXY]OZNKLLKIZ
from August 30, 2014.
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GY=NURKZOSK*OXKIZUX]OZNJKYOMTGZOUTq+^KI[ZO\K*OXKIZUXGTJ),5rKLLKIZO\KLXUS0[TK
to August 31, 2017.
:NKSKSHKXYGRYUGVVXU\KJXKGVVUOTZSKTZUL9N91*[HK_*/4 GY3GTGMOTM*OXKIZUXLUXG
VKXOUJLXUS,KHX[GX_ZU0[TK,[XZNKXUTZNKXKIUSSKTJGZOUTUL4USOTGZOUTGTJ8KS[TKXGZOUT
)USSOZZKKZNK(UGXJOTOZYSKKZOTMNKRJUT'VXORXKGVVUOTZKJ9N91*[HK_GY3GTGMOTM*OXKIZUX
for a period effective from July 1, 2015 to June 30, 2016, subject to the shareholders approval in the ensuing
Annual General Meeting.
*[XOTMZNK_KGX9N181GSGZN*/4 4UT+^KI[ZO\K*OXKIZUXGTJ)NGOXSGT[VUTIUSVRKZOUT
ULNOYZKXSGY)NGOXSGTGTJ3GTGMOTM*OXKIZUXUL6[TPGH4GZOUTGR(GTQXKYOMTKJLXUSZNK*OXKIZUXYNOVGTJ
)NGOXSGTYNOVULZNK)USVGT_]OZNKLLKIZLXUS5IZUHKX:NK(UGXJGVVXKIOGZKGTJZNGTQNOSLUXNOY
vision, leadership and guidance, enabling your Company to reach another standard of excellence.
9N613UNGVGZXG*/4 ]NU]GYGVVUOTZKJGYG4UT+^KI[ZO\K*OXKIZUXOTZNK'TT[GR-KTKXGR
3KKZOTM NKRJ UT'[M[YZ GRYU JKSOZZKJ ULIK KLLKIZO\K LXUS 3GXIN :NK (UGXJ VRGIKY UT
record its appreciation for the services rendered by him during his tenure in the Company.
*[XOTMZNK_KGXUTXKIUSSKTJGZOUTUL4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKKZNK(UGXJNGYGVVUOTZKJv
G 9N1<(XGNSGPO8GU*/4 +^KI[ZO\K*OXKIZUXv6[TPGH4GZOUTGR(GTQGY'JJOZOUTGR4UT

+^KI[ZO\K*OXKIZUX]KL4U\KSHKX
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Further, in accordance with the provisions of the Companies Act, 2013 and the Articles of Association of the
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and is eligible for reappointment.
Performance Evaluation
The Company has devised a policy for performance evaluation of Board of its own performance, Independent
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provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement. The evaluation of all the
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by the Board. Copy of said policy, inter-alia, containing the process and criteria for evaluation is available at
)USVGT_rY]KHYOZKGZZNKROTQNZZV VTHMORZYIUSJGZGMU\KXTKTIKVJL
Familiarization programme
The details of programme for familiarization of Independent Directors with the company, their roles, rights,
responsibilities in the company, nature of industry in which the company operates, business model of the company
GTJXKRGZKJSGZZKXYGXKVRGIKJGZ)USVGT_rY]KHYOZKGZZNKROTQNZZV VTHMORZYIUSJGZGMU\KXTKTIK
pdf.
Quarterly updates on relevant statutory changes are also circulated to the Directors.
Policy on Directors appointment and Remuneration etc.
The policies of the Company on Directors appointment and Remuneration including criteria for determining
W[GROIGZOUTYVUYOZO\KGZZXOH[ZKYOTJKVKTJKTIKULGJOXKIZUXGTJUZNKXSGZZKXYVXU\OJKJ[TJKX9[HYKIZOUT
of Section 178 of the Companies Act, 2013 is appended as Annexure A to the Boards Report.
Declaration by Independent Directors
The Company has received declaration pursuant to Section 149(7) of the Companies Act, 2013 from each
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Act, 2013 and Clause 49 of the Listing Agreement.
3. OTHER DISCLOSURES
Audit Committee
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Name of Director
Position
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Chairman
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Member
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Member
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Member
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Member
Resigned from the directorship of the company w.e.f. March 24, 2015.
All the recommendations made by the Audit Committee during the year were accepted by the Board.
Corporate Social Responsibility (CSR) Committee
The CSR Committee was constituted by the Board before enactment of the Companies Act, 2013. After
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The composition of the Committee is as under Name of Director
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Position
1
Chairman
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Member
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Member
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Member
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as member.
The CSR policy of the Company, duly recommended by the CSR Committee and approved by the Board, is
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Company is carried out as per the instructions of the Committee and Board. During the year, the Company has
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:NKGTT[GRXKVUXZUTU[X)98LUXZNKTGTIOGR_KGXOTZNKVXKYIXOHKJLUXSGZOYVXKYKTZKJGZ'TTK^[XK
B to the Boards Report.
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forming part of the Boards Report.
Whistle Blower Policy (including Vigil Mechanism)
Your Company believes in conducting its affairs in a fair and transparent manner by adopting highest standards
of professionalism, honesty, integrity and ethical behaviour. Your Company is committed to develop a culture
where it is safe for all employees to raise concerns about any wrongful conduct.
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concern about serious irregularities within the Company. The Audit Committee reviews the functioning of this
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GIIKYYKJUTZNK)USVGT_rY]KHYOZKGZZNKROTQNZZV VTHMORZYIUSJGZGMU\KXTKTIKVJL
Contracts and Arrangements with Related Parties

All the contracts/ arrangements/transactions entered by the company are in ordinary course of business and
generally at arms length. Further during the year, the company had not entered into any contract/arrangement/
transaction with related parties, which could be considered material in accordance with the Companys Policy/
9ZGTJGXJ5VKXGZOTM6XUIKJ[XKY956UT8KRGZKJ6GXZ_:XGTYGIZOUTY:NKYGOJ6UROI_956IGTHKGIIKYYKJ
GZZNK)USVGT_rY]KHYOZKGZZNKROTQNZZV VTHMORZYIUSJGZGYNGXKNURJKXVJL
4KIKYYGX_JOYIRUY[XKOTVXKYIXOHKJLUXS'5)OYGTTK^KJGZ'TTK^[XK)
Subsidiaries
The Company, being a RBI regulated Primary Dealer, is prohibited to form any subsidiary. As such, the Company
NGYTUZLUXS[RGZKJGT_VUROI_LUXJKZKXSOTOTMqSGZKXOGRrY[HYOJOGXOKY[TJKX)RG[YKUL2OYZOTM'MXKKSKTZ
Further, since the Company is not having any subsidiary or associate or joint venture, it is not required to
IUTYUROJGZKZNKTGTIOGRYZGZKSKTZYOTZKXSYUL9KIZOUTULZNK)USVGTOKY'IZXKGJ]OZN8[RKUL
ZNK)USVGTOKY'IIU[TZY8[RKY.U]K\KXZNKTGTIOGRYZGZKSKTZYULZNK)USVGT_LUX,?NGJ
GRXKGJ_HKKTIUTYOJKXKJH_OZYVGXKTZHGTQOK6[TPGH4GZOUTGR(GTQLUXIUTYUROJGZOUT
Directors Responsibility Statement
6[XY[GTZZUZNKXKW[OXKSKTZYUL9KIZOUTIULZNK)USVGTOKY'IZ_U[X*OXKIZUXYIUTXSZNGZ
(a) in the preparation of the annual accounts for the year ended March 31, 2015, the applicable accounting
standards read with the requirements set out under the Schedule III to Companies Act, 2013, have been
followed and there are no material departures from the same;
(b) the Directors had selected such accounting policies and applied them consistently and made judgements
and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the
)USVGT_GYGZ3GXINGTJULZNKVXUZGTJRUYYULZNKIUSVGT_LUXZNK_KGXKTJKJUTZNGZJGZK!
I ZNK*OXKIZUXYNGJZGQKTVXUVKXGTJY[LIOKTZIGXKLUXZNKSGOTZKTGTIKULGJKW[GZKGIIU[TZOTMXKIUXJYOT
accordance with the provisions of the 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;
K ZNK*OXKIZUXYNGJRGOJJU]TOTZKXTGRTGTIOGRIUTZXURYZUHKLURRU]KJH_ZNK)USVGT_GTJZNGZY[INOTZKXTGR
TGTIOGRIUTZXURYGXKGJKW[GZKGTJ]KXKUVKXGZOTMKLLKIZO\KR_!GTJ
(f) 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.
Human Resource Management
Your Company treats its human resources as one of its most important assets. To ensure good human resource
management in the Company, the Company focuses on all the aspects of employee lifecycle. During their tenure
OT ZNK )USVGT_ KSVRU_KKY GXK SUZO\GZKJ ZNXU[MN \GXOU[Y YQORR JK\KRUVSKTZ GTJ \UR[TZKKXOTM VXUMXGSSKY
Recreational programmes are also conducted on regular basis so as to create stress-free environment. All the
]NORKZNK)USVGT_GRYUIXKGZKYKLLKIZO\KJOGRUM[KYZNXU[MN\GXOU[YIUSS[TOIGZOUTINGTTKRYROQKLGIKZULGIK
OTZKXGIZOUTYYUGYZUKTY[XKZNGZLKKJHGIQXKGINZNKXKRK\GTZZKGSY/TNU[YKSKKZOTMYGTJZXGOTOTMYKYYOUTY
are also arranged to engage and develop the employees and to gather ideas around innovation.
The information required to be disclosed under Rule 5(2) of the Companies (Appointment and Remuneration
UL 3GTGMKXOGR 6KXYUTTKR 8[RKY HK ZXKGZKJ GY 4/2 GY TUTK UL ZNK KSVRU_KKY UL ZNK )USVGT_ JXG]Y
remuneration in excess of `RGIYVS4UKSVRU_KKOYXKRGZKJZUGT_*OXKIZUXULZNK)USVGT_
8
The information required to be disclosed under Section 197(12) and Rule 5 (1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules, 2015 is provided at Annexure D.
*[XOTMZNK_KGXZNKXK]KXKTUIGYKYRKJV[XY[GTZZUZNK9K^[GR.GXGYYSKTZUL=USKTGZ=UXQVRGIK
(Prevention, Prohibition and Redressal) Act, 2013.
Particulars of Loans given, investment made, guarantees given and securities provided
The information required to be disclosed under Section 134(3)(g) of the Companies Act, 2013 may be treated
GYq4ORrGYZNK)USVGT_OYK^KSVZKJ[TJKX9KIZOUTULZNK)USVGTOKY'IZ
Extract of the Annual Return
+^ZXGIZUL'TT[GR8KZ[XTULZNK)USVGT_OYGTTK^KJNKXK]OZNGY'TTK^[XK+ZUZNOY8KVUXZ
Deposits
During the year ended March 31, 2015, the Company has not accepted any deposits from the public within the
SKGTOTMULZNKVXU\OYOUTYULZNK4UT(GTQOTM,OTGTIOGR)USVGTOKY8KYKX\K(GTQ*OXKIZOUTYGTJ8(/rY
TUZOIGZOUTTU*,)*-96:JGZKJ0GT[GX_
Risk Management
/T ZKXSY UL 8(/ M[OJKROTKY LUX 4(,)Y G 8OYQ 3GTGMKSKTZ )USSOZZKK IUTYZOZ[ZKJ GZ SGTGMKSKTZ RK\KR
NGY HKKT KTZX[YZKJ ]OZN ZNK XKYVUTYOHOROZ_ H_ ZNK (UGXJ OT RG_OTM JU]T VXUIKJ[XKY LUX XOYQ GYYKYYSKTZ GTJ
minimization. The Committee also reviews these procedures periodically to ensure that executive management
OYOSVRKSKTZOTMGTJIUTZXURROTMZNKXOYQYZNXU[MNSKGTYULGVXUVKXR_JKTKJXOYQLXGSK]UXQ
:NK'[JOZ)USSOZZKKUTVKXOUJOIHGYOYU\KXYKKYGRRZNKXOYQYZNGZGIUSVGT_LGIKYY[INGYYZXGZKMOITGTIOGR
SGXQKZROW[OJOZ_YKI[XOZ_VXUVKXZ_/:RKMGRXKM[RGZUX_GTJUZNKXOJKTZOKJXOYQYGRUTM]OZNZNKOSVRKSKTZGZOUT
ULXOYQSGTGMKSKTZVUROI_:NKXKOYGTGJKW[GZKXOYQSGTGMKSKTZOTLXGYZX[IZ[XKOTVRGIKIGVGHRKULGJJXKYYOTM
ZNKVUYYOHRKXOYQY
8OYQ 3GTGMKSKTZ 6UROI_ OY XK\OK]KJ GTT[GRR_ H_ ZNK'[JOZ )USSOZZKK GTJ UT ZNK HGYOY UL ZNK )USSOZZKKrY
recommendation, the Board approves the same.
Significant and material orders
:NKXKGXKTUYOMTOIGTZGTJSGZKXOGRUXJKXYVGYYKJH_ZNKXKM[RGZUXYUXIU[XZYUXZXOH[TGRYOSVGIZOTMZNKMUOTM
concern status and Companys operations in future.
Issue of Shares
There was no issue of shares during the year neither with differential rights as to dividend, voting or otherwise
nor to employees of the company.
Management Discussion and Analysis
3GTGMKSKTZ*OYI[YYOUTGTJ'TGR_YOYIUSVXOYOTMGTU\KX\OK]ULZNKTGTIOGRXKY[RZYUVKXGZOUTYVKXLUXSGTIK
and future aspects form part of this Annual Report.
4. AUDITORS, INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Statutory Auditor
:NK)USVZXURRKXGTJ'[JOZUX-KTKXGRUL/TJOGNGJGVVUOTZKJ3Y1GVUUX:GTJUT)U)NGXZKXKJ'IIU[TZGTZY
,OXS8KM4U)GYZNK9ZGZ[ZUX_'[JOZUXULZNK)USVGT_LUXZNKTGTIOGR_KGXKTJKJ3GXIN
The report of the auditor is self-explanatory and do not call for any further comments. The Auditors Report does
TUZIUTZGOTGT_W[GROIGZOUTXKYKX\GZOUTUXGJ\KXYKXKSGXQ
Secretarial Auditor
:NK(UGXJNGJGVVUOTZKJ3Y6XGTG\1[SGX'YYUIOGZKY)USVGT_9KIXKZGXOKYZUIUTJ[IZZNK9KIXKZGXOGR
'[JOZLUXZNKTGTIOGR_KGX:NK9KIXKZGXOGR'[JOZ8KVUXZLUXZNKTGTIOGR_KGXKTJKJ3GXIN
OY GTTK^KJ GY 'TTK^[XK , ZU ZNOY 8KVUXZ :NK 9KIXKZGXOGR '[JOZ 8KVUXZ JUKY TUZ IUTZGOT GT_ W[GROIGZOUT
XKYKX\GZOUTUXGJ\KXYKXKSGXQ
Internal control systems and their adequacy
:NK)USVGT_IUTYOJKXYZNKOTZKXTGRIUTZXURY_YZKSYZUHKG\KX_YOMTOIGTZVGXZULOZY)UXVUXGZK-U\KXTGTIK
VXGIZOIKY?U[X(UGXJNGYGJUVZKJZNKVUROIOKYGTJVXUIKJ[XKYLUXKTY[XOTMZNKUXJKXR_GTJKLIOKTZIUTJ[IZ
of its business, including adherence to the Companys policies, the safeguarding of its assets, prevention and
detection of frauds etc. As a part of this control system, your Board appoints Internal Auditor as well. For the
_KGXZNK(UGXJGVVUOTZKJ3Y+XTYZ?U[TM226GYZNK/TZKXTGR'[JOZUXULZNK)USVGT_:NKYIUVK
of Internal Audit included audit of treasury transactions on a monthly basis and reporting to the Audit Committee
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8KYKX\K (GTQ UL /TJOG GTJ UZNKX YZGZ[ZUX_ G[ZNUXOZOKY (KYOJKY ZNK YGOJ XS GRYU G[JOZKJ GTJ XK\OK]KJ ZNK
XKRGZKJVGXZ_ZXGTYGIZOUTYUTSUTZNR_HGYOYGTJQK_H[YOTKYYVXUIKYYKYOTIR[JOTM/:Y_YZKSYULZNK)USVGT_
on quarterly basis. All the reports of the Internal Auditors were submitted to the Audit Committee.
5. DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

EARNINGS AND OUTGO
a) Part A pertaining to the conservation of energy is not applicable to the Company.
With regard to Part B pertaining to technology absorption, the Company has installed the integrated treasury
SGTGMKSKTZYULZ]GXKGTJ8(/rY4KMUZOGZKJ*KGROTM9_YZKS]OZNZNKNKRVUL:NK/TYZOZ[ZKLUX*K\KRUVSKTZ
GTJ 8KYKGXIN OT (GTQOTM:KINTURUM_ /*8(: GTJ XKV[ZKJ /: IUSVGTOKY:NK )USVGT_ XKIUMTO`KY ZNK
growing importance of Information Technology in the emerging business environment. The Company has
also implemented Business Continuity Plan (BCP) and Disaster Recovery Plan (DRP) with the help of IDRBT
IUTY[RZGTZY LUX OSVRKSKTZGZOUT UL ()6 GTJ *86 ZU OJKTZOL_ GTJ XKJ[IK XOYQ K^VUY[XKY GTJ VXUGIZO\KR_
manage any contingencies.
b) Foreign Exchange earnings and outgo:
The Company has neither used nor earned any foreign exchange during the year under review.
Acknowledgements
?U[X*OXKIZUXYZNGTQZNK-U\KXTSKTZUL/TJOG8KYKX\K(GTQUL/TJOG9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG
4GZOUTGR 9ZUIQ +ÎNGTMK UL /TJOG 2ZJ (9+ 2ZJ 6GXKTZ (GTQ )USSKXIOGR (GTQY )UUVKXGZO\K 8KMOUTGR
8[XGR(GTQY,OTGTIOGR/TYZOZ[ZOUTY6,:X[YZY6[HROI9KIZUX;TJKXZGQOTMY6XO\GZK9KIZUX)UXVUXGZK(UJOKYGTJ
UZNKX\GR[KJIROKTZYLUXZNKOX]NURKNKGXZKJY[VVUXZ=KGIQTU]RKJMKZNKYOTIKXKGTJJKJOIGZKJKLLUXZYV[ZOTH_
the employees of the Company at all levels.
5THKNGRLUL(UGXJUL*OXKIZUXY

6RGIK 4K]*KRNO
10
(Gauri Shankar)
)NGOXSGT
*/4
Annexure A
REMUNERATION POLICY
:NK6UROI_XKKIZYZNK)USVGT_rYUHPKIZO\KYLUXMUUJIUXVUXGZKMU\KXTGTIKGY]KRRGYY[YZGOTKJRUTMZKXS\GR[K
IXKGZOUT LUX YNGXKNURJKXY :NK 8KS[TKXGZOUT 6UROI_ OY GVVROIGHRK ZU /TJKVKTJKTZ *OXKIZUXY 4UT/TJKVKTJKTZ
*OXKIZUXY 1K_ 3GTGMKXOGR 6KXYUTTKR YKTOUX SGTGMKSKTZ GTJ UZNKX KSVRU_KKY .8 6UROI_ OTIR[JOTM 9KX\OIK
Regulations, increment policy etc. of the Company is a part of this Policy.
Purpose and Basic Principles
:NK 8KS[TKXGZOUT 6UROI_ YKKQY ZU KTY[XK GJKW[GZK XKS[TKXGZOUT OT XKIUMTOZOUT UL ZNKOX JKJOIGZOUT GTJ ZNK
XKYVUTYOHOROZ_ GYY[SKJ GTJ OT GIIUXJGTIK ]OZN ZNK XKS[TKXGZOUT VGOJ OT ZNK SGXQKZ H_ VKKX MXU[V ZGQOTM OTZU
account the long term interest of all the shareholders.
:NKM[OJOTMVXOTIOVRKOYZUULLKXXKS[TKXGZOUTY_YZKSYZNGZSGQKOZVUYYOHRKZUGZZXGIZXKZGOTGTJSUZO\GZKZNKSUYZ
outstanding professionals in order to enable the company to attain its strategic objectives within the increasingly
competitive environment in which the Company operate.
The Remuneration Policy seeks to:
y +TY[XKZNGZZNKXKS[TKXGZOUTOTZKXSYULYZX[IZ[XKGTJZUZGRGSU[TZOYOTROTK]OZNHKYZVXGIZOIKYGY]KRRGY
competitive vis--vis that of comparable entities.
y +YZGHROYNZNKXKS[TKXGZOUTOTGIIUXJGTIK]OZNUHPKIZO\KYZGTJGXJYHGYKJUTOTJO\OJ[GRVKXLUXSGTIKGTJUT
the achievement of the business objectives of the Company.
y /TIR[JKGYOMTOIGTZGTT[GR\GXOGHRKIUSVUTKTZZOKJZUVKXLUXSGTIKGTJZUZNKGINOK\KSKTZULYVKIOIVXK
KYZGHROYNKJ W[GTZOGHRK UHPKIZO\KY OT ROTK ]OZN ZNK IUXVUXGZK OTZKXKYZ GTJ YZXGZKMOI MUGRY UL ZNK )USVGT_
The foregoing should be understood to be without prejudice to the possibility of considering other objectives,
especially in the area of corporate governance and corporate social responsibility.
y
Foster and encourage the attainment of the strategic goals of the Company through the inclusion of long-term
incentives, strengthening continuity in the competitive development of the company, of its directors, and of its
management team, and generating a motivating effect that acts as a driving force to ensure the loyalty and
retention of the best professionals.
Set appropriate limits to any short-term or long-term variable remuneration, and establish suitable mechanisms
to reconsider the implementation and payment of any deferred variable remuneration when a reformulation
occurs that has a negative effect on the Companys annual accounts, including the potential total or partial
cancellation of the payment of deferred variable remuneration if there is a correction of the annual accounts
upon which such remuneration was based.
Competent Bodies
:NK(UGXJUL*OXKIZUXYGZZNKVXUVUYGRULZNK4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKKOYZNKHUJ_]OZNG[ZNUXOZ_
to determine the remuneration of directors within the overall limit established in the Act.
Limit on Directors Remuneration
Pursuant to the provisions of the Act and rules made thereunder, the Directors Remuneration shall be within the
U\KXGRRROSOZYJKTKJ[TJKX9KIZOUTGTJUZNKXGVVROIGHRKVXU\OYOUTYULZNK)USVGTOKY'IZGTJ9INKJ[RK<
of the Act and Rules made thereunder. The terms of service, including remuneration matters, of Managing Director,
+^KI[ZO\K *OXKIZUX UZNKX 1K_ 3GTGMKXOGR 6KXYUTTKR YKTOUX SGTGMKSKTZ GTJ UZNKX KSVRU_KKY YNGRR HK Y[HPKIZ
ZU9KX\OIK8KM[RGZOUTYULZNK)USVGT_]NOINOYHKOTMXK\OK]KJH_4USOTGZOUT8KS[TKXGZOUT)USSOZZKKGTJ
approved by the Board on annual basis.
11
Structure of remuneration of Managing Director, Executive Director, Key Managerial Personnel and other
employees
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executive duties at the Company is structured as follows:
a) Fixed Remuneration/CTC
(i) Fixed Remuneration/CTC of Managing Director and Executive Director
:NOYVUXZOUTULZNKXKS[TKXGZOUTYNGRRHKOTROTK]OZNZNKXKS[TKXGZOUTVGOJOTZNKSGXQKZH_IUSVKZOTMIUSVGTOKY
;TJKXUXJOTGX_IOXI[SYZGTIKYOZOTIR[JKYXKS[TKXGZOUTH_]G_ULYGRGX_VKXW[OYOZKYGTJGRRU]GTIKY:NK
4USOTGZOUT8KS[TKXGZOUT)USSOZZKKXKIUSSKTJYY[OZGHRKVGIQGMKZUZNK(UGXJLUXGVVXU\GR]NOINOY
Y[HPKIZZUYNGXKNURJKXYrGVVXU\GRGTJROSOZYYVKIOKJ[TJKX9INKJ[RK<ULZNK)USVGTOKY'IZ
(ii) Fixed Remuneration/CTC of Key Managerial Personnel, Senior Management and other employees Remuneration of employees largely consists of salary, perquisites, and allowances. The detailed components
ULZNK^KJXKS[TKXGZOUTGXKJKTKJOTZNKYKX\OIKXKM[RGZOUTYULZNKIUSVGT_'TT[GROTIXKSKTZYGXKMO\KT
KGIN_KGXOTROTKOTGIIUXJGTIK]OZNZNKVKXLUXSGTIKVGXGSKZKXYJKTKJOTZNKOTIXKSKTZVUROI_
b) Variable Remuneration
In order to strengthen employees commitment to the Company, to retain and promote a better performance of their
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VGXZZUZNKGINOK\KSKTZULYVKIOIGTJVXKKYZGHROYNKJVXUZZGXMKZYGTJUZNKXUHPKIZO\KYGYG6XOSGX_*KGRKX
ZNGZGXKW[GTZOGHRKGTJGROMTKJ]OZNZNKIUXVUXGZKOTZKXKYZGTJ]OZNZNKYZXGZKMOIUHPKIZO\KYULZNK)USVGT_:NK
4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKK]ORRGYYKYYZNKGINOK\KSKTZUL)USVGT_rYUHPKIZO\KY\OY\OYOTJO\OJ[GR
VKXLUXSGTIK:NK)USSOZZKKSG_YKKQZNKGJ\OIKULOTJKVKTJKTZVXULKYYOUTGRYOTZNOYXKMGXJ:NKVXUVUYGRZNKXKUL
shall be submitted to the Board of Directors for approval on annual basis. While assessing the performance of the
KSVRU_KKZNK)USSOZZKK(UGXJGRYUHXUGJR_ZGQKYOTZUGIIU[TZZNKVXUZYKGXTKJH_ZNK)USVGT_LUXZNK_KGX
:NKXKIUSSKTJOTMG[ZNUXOZ_S[YZKTY[XKGVVXUVXOGZKHGRGTIKHKZ]KKT^KJGTJ\GXOGHRKXKS[TKXGZOUT
Structure of remuneration of Non-Executive / Independent Directors
8KS[TKXGZOUTUL4UT+^KI[ZO\K/TJKVKTJKTZ*OXKIZUXYOYY[HPKIZZUZNKVXU\OYOUTYUL9KIZOUTULZNK)USVGTOKY
Act, 2013 & Rules made thereof and Articles of Association of the Company.
:NK(UGXJGVVXU\KYZNKYOZZOTMLKKVG_GHRKZU4UTK^KI[ZO\K/TJKVKTJKTZ*OXKIZUXY'ZVXKYKTZ4UT+^KI[ZO\K
Independent Directors are entitled to sitting fee of ` 10000/- for attending each meeting of the Board and ` 5000/- for
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by them in connection with performance of duties as a Director are also reimbursable.
Principle of Full Transparency
The Board of Directors assumes the commitment to enforce the principle of the fullest transparency of all the items
of remuneration received by all directors, providing clear and adequate information as much in advance as required
GTJ OT ROTK ]OZN ZNK MUUJ MU\KXTGTIK VXGIZOIKY MKTKXGRR_ XKIUMTOYKJ OT /TJOGT SGXQKZY OT ZNK GXKG UL JOXKIZUX
remuneration.
For such purpose, the Board of Directors establishes the Remuneration Policy and ensures the transparency of
JOXKIZUXXKS[TKXGZOUTH_OTIR[JOTMOTZNK)USVGT_rYXKVUXZGJKZGORKJHXKGQ[VGIIUXJOTMZUVUYOZOUTYGTJYZGZ[YUL
all remuneration received by the directors, whether as such, in their capacity as executives, if applicable, or in any
other capacity. The Companys Remuneration Policy shall be published suitably in the Directors report or Annual Report.
General
Any or all provisions of this Policy would be subject to revision/amendment in accordance with the guidelines etc.
on the subject as may be issued by Government/regulatory bodies etc., from time to time.
12
ELIGIBILITY CRITERIA OF DIRECTORS AND POLICY ON BOARD DIVERSITY

Introduction
In pursuance of the provisions of Section 178 of the Companies Act, 2013 and Rules made thereunder read with
)RG[YKULZNK2OYZOTM'MXKKSKTZGTJ8(/M[OJKROTKYLUX4(,)YZNK4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKK
UL ZNK (UGXJ ZNK s)USSOZZKKt OY XKYVUTYOHRK LUX K\GR[GZOTM ZNK W[GROIGZOUTY UL KGIN JOXKIZUX IGTJOJGZK GTJ UL
those directors who are to be nominated for election by shareholders at each annual general meeting and for
XKIUSSKTJOTM J[R_ W[GROKJ JOXKIZUX TUSOTKKY ZU ZNK L[RR (UGXJ LUX KRKIZOUT :NK W[GROIGZOUT IXOZKXOG YKZ LUXZN
herein are designed to describe the qualities and characteristics desired for the Board as a whole and for Board
members individually.
Director Qualification Review Procedures
:NK)USSOZZKKYNGRRK\GR[GZKKGINJOXKIZUXGTJJOXKIZUXIGTJOJGZK[TJKXZNK*OXKIZUX7[GROIGZOUT)XOZKXOGYKZLUXZN
herein and recommend to the Board for their appointment accordingly.
Director Qualification Criteria
:NK)USSOZZKKNGYTUZKYZGHROYNKJYVKIOIKJ[IGZOUTGTJ_KGXYULH[YOTKYYK^VKXOKTIKUXYVKIOIZ_VKYULYQORRY
LUX(UGXJSKSHKXYH[ZOTMKTKXGRK^VKIZYW[GROKJJOXKIZUXYZUNG\KGSVRKK^VKXOKTIKGTJGVXU\KTXKIUXJUL
professional success, leadership and the highest level of personal and professional ethics, integrity and values.
/TK\GR[GZOTMZNKY[OZGHOROZ_ULOTJO\OJ[GR(UGXJSKSHKXYZNK)USSOZZKKZGQKYOTZUGIIU[TZSGT_LGIZUXYOTIR[JOTM
general understanding of the Companys business dynamics, global business and social perspective, educational
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candidate and each director possess the following:y
y
y
y
y
y
y
y
High level of personal and professional ethics, reputation, integrity and values;
An appreciation of the Companys mission and purpose, and loyalty to the interests of the Company and its
shareholders;
:NKGHOROZ_ZUK^KXIOYKUHPKIZO\OZ_GTJOTJKVKTJKTIKOTSGQOTMOTLUXSKJJKIOYOUTY!
The ability to communicate effectively and collaborate with other Board members to contribute effectively to the
diversity of perspectives that enhances Board and Committee deliberations, including a willingness to listen and
respect the views of others; and
:NKYQORRYQTU]RKJMKGTJK^VKXZOYKXKRK\GTZZUZNK)USVGT_rYH[YOTKYY]OZNK^ZKTYO\KK^VKXOKTIKGZGYKTOUX
leadership level in a comparable company or organization, including, but not limited to relevant experience in
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*OXKIZUXY S[YZ VUYYKYY K^VKXOKTIKIGVGHOROZ_ GZ VUROI_SGQOTM GTJ UVKXGZOUTGR RK\KRY OT RGXMKSOJRK\KR
UXMGTO`GZOUTY ZNGZ ]ORR OTJOIGZK ZNKOX GHOROZ_ ZU SGQK SKGTOTML[R IUTZXOH[ZOUTY ZU ZNK (UGXJrY JOYI[YYOUT GTJ
JKIOYOUTSGQOTMOTZNKGXXG_ULIUSVRKÔYY[KYLGIOTMGTGTIOGRIUTMRUSKXGZK!
*OXKIZUXYYNU[RJHKGHRKZUHGRGTIKZNKRKMOZOSGZKOTZKXKYZYGTJIUTIKXTYULGRRZNK)USVGT_rYYZGQKNURJKXYOT
arriving at decisions; and
Directors shall abide with Code of Conduct for Directors and Senior Management
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KLLKIZO\KR_ :NK_ S[YZ NG\K ZNK GVZOZ[JK ZU IXOZOIGRR_ K\GR[GZK SGTGMKSKTZrY ]UXQOTM GY G VGXZ UL G ZKGS OT GT
environment of collegiality and trust.
The Committee evaluates each individual with the object of having a group that best enables the success of the
Companys business.
Qualifications and tenure of Directors as per Companies Act, 2013
:NK'IZ NGY GRYU VXKYIXOHKJ IKXZGOT IXOZKXOG LUX W[GROIGZOUT UL JOXKIZUXY ]NOIN NGY YOTIK HKKT GJUVZKJ H_ ZNK
Company i.e.:
Section 196 and Schedule V (Part-I) (for the appointment of Managing Director, Whole Time Director and Manager),
13
Section 149 (for appointment of Independent Directors) and any other applicable provisions of Companies Act, 2013
and Rules made thereunder.
,[XZNKXG*OXKIZUXYNU[RJTUZHKJOYW[GROKJOTZKXSYUL9KIZOUTULZNK'IZ
What constitutes independence for Directors
For a Director to be considered Independent, the Board determines that the Director does not have any direct
or indirect material pecuniary relationship with the company. The Board has adopted guidelines to determine
independence, which are in line with the applicable legal requirements as stated in Section 149 of the Companies
Act, 2013 and the Rules made thereunder read with Clause 49 of the Listing Agreement.
Apart from the provisions laid down under the Companies Act, 2013 and Listing Agreement, the Board also considers
all relevant facts and circumstances, not merely from the standpoint of the Directors but also from that of persons or
UXMGTO`GZOUTY]OZN]NOINZNKJOXKIZUXNGYGTGLROGZOUTOTLUXSOTMGTUVOTOUTUTZNKOTJKVKTJKTIKULZNKIUTIKXTKJ
director(s).
The criteria of independence are provided in the Section 149 of the Companies Act, 2013 and Listing Agreement.
:NK )USVGT_ GRYU UHZGOTY GT GTT[GR JKIRGXGZOUT LXUS GRR /TJKVKTJKTZ *OXKIZUXY IUTXSOTM ZNGZ ZNK_ SKKZ ZNK
requirements of an Independent Director as per the Listing Agreement and the Companies Act, 2013.
Succession Planning
A planned programme of recruitment and retirement amongst Board members and senior management is of
YOMTOIGTZOSVUXZGTIK
/ZOYGTOSVUXZGTZVGXZULZNK(UGXJrY]UXQZUKTY[XKZNGZZNKXKOYGJKW[GZKSGTGMKSKTZJK\KRUVSKTZGTJY[IIKYYOUT
planning particularly at the top levels. Succession planning also involves an assessment of the challenges and
UVVUXZ[TOZOKYLGIOTMZNKIUSVGT_GTJGTK\GR[GZOUTULZNKYQORRYGTJK^VKXZOYKZNGZ]ORRHKTKKJKJOTZNKL[Z[XK
:NK 4USOTGZOUT GTJ 8KS[TKXGZOUT )USSOZZKK OY ZU VXU\OJK Y[VVUXZ UT ZNOY (UZN K^KI[ZO\K GTJ TUTK^KI[ZO\K
requirements shall be considered. The Committee shall satisfy itself that processes and plans are in place for
orderly succession for appointments to the Board and to senior management to maintain an appropriate balance of
YQORRYUTZNK(UGXJGTJOTZNKIUSVGT_
In addition, the annual appraisal assessment process for all the employees including the senior management
VKXYUTTKRNGYY[IIKYYOUTVRGTTOTMGTJKSVRU_KKVXUMXKYYOUTGYUTKULZNKQK_GZZXOH[ZKY
:NKVXUIKYYOYOTYZOZ[ZOUTGRO`KJOTZNK)USVGT_rY.8LXGSK]UXQGTJH_JKYOMTOZOYZNKXKYVUTYOHOROZ_ULZNKY[VKXOUXY
ZU OJKTZOL_ ZNK Y[IIKYYOUT VGZN GTJ Y[MMKYZ ZNK ZXGOTOTM GTJ JK\KRUVSKTZ UL YQORR TKIKYYGX_ LUX ZNK IUSVGT_
executives or suggest new recruitment wherever gaps exist.
Board Diversity
In accordance with the requirements of Clause 49 of Listing Agreement, atleast half of the Board shall comprise of
Independent Directors. Further, atleast one woman director should also be there.
:NK)USSOZZKKGRUTM]OZNZNK(UGXJXK\OK]YUTGTGTT[GRHGYOYGVVXUVXOGZKYQORRYINGXGIZKXOYZOIYGTJK^VKXOKTIK
required of the Board as a whole and its individual members. The objective is to have a Board with diverse
HGIQMXU[TJGTJK^VKXOKTIKOTH[YOTKYYMU\KXTSKTZGIGJKSOIYZKINTURUM_GTJOTZNKGXKGYZNGZGXKXKRK\GTZLUX
the Companys operations.
:N[YZNK)USSOZZKKYNU[RJYZXO\KLUXGJO\KXYOKJ(UGXJIUTYOYZOTMULK^KI[ZO\KGTJTUTK^KI[ZO\KSKSHKXYSUXK
of non-executive). At present, the Board consists of 2 executive members and 6 non-executive members.
:NK (UGXJ UL ZNK )USVGT_ GR]G_Y YZXO\KY ZU SGOTZGOT KW[OROHXO[S HKZ]KKT ZNK /TJKVKTJKTZ *OXKIZUXY GTJ 4UT
Independent Directors.
General
Any or all provisions of this Policy would be subject to revision/amendment in accordance with the guidelines etc.
on the subject as may be issued by Government/regulatory bodies etc., from time to time.
14
Annexure B
REPORT ON CSR ACTIVITIES/ INITIATIVES
[Pursuant to Section 135 of the Act & Rules made thereunder]
1. A brief outline of the companys CSR policy, including overview of the projects or programmes proposed
to be undertaken and reference to the web-link to the CSR Policy and projects or programmes
'YG8KYVUTYOHRK)UXVUXGZK)OZO`KT64(-ORZY2ZJKTJKG\U[XYZUKTY[XKGTOTIXKGYKJIUSSOZSKTZGZGRRRK\KRY
in the organization to operate its business in an economically and socially sustainable manner, while recognising
ZNKOTZKXKYZYULGRROZYYZGQKNURJKXYGTJJOXKIZR_UXOTJOXKIZR_ZGQOTM[VVXUMXGSSKYZNGZHKTKZZNKYUIOKZ_GZRGXMK
:NKLUI[YGXKGUL)98GIZO\OZ_ULZNK)USVGT_OYKJ[IGZOUTUXXKYKGXINOTZNKKRJULTGTIKJKHZSGXQKZYGTJ
]UXQOTMOTZNKKRJULKJ[IGZOUTLUXKIUTUSOIGRR_]KGQKXYKIZOUTY
The Company can also pool funds with the group companies, peer companies in Primary Dealer industry or
,O^KJ/TIUSK3UTK_3GXQKZGTJ*KXO\GZO\KY'YYUIOGZOUTUL/TJOG,/33*'/ZIGTPUOTZNKKROMOHRKOTOZOGZO\KY
UL )98 H_ GT_ UXMGT UL VGXKTZ HGTQ GTJ IGT GRYU SGQK IUTZXOH[ZOUT ZU ZNK 6XOSK 3OTOYZKXrY 4GZOUTGR 8KROKL
,[TJKZI,UXSUXKOTLUXSGZOUTVRKGYKXKLKX)98VUROI_ULZNK)USVGT_GZZNKROTQNZZV VTHMORZYIUSJGZG
governence/1433236913.pdf
2. Composition of the CSR Committee

The composition of the Committee is as under Name of Director
9N1<(XGNSGPO8GU
Position
1
Chairman
*X1GSGR-[VZG
Member
9N91*[HK_
Member
9N613UNGVGZXG
Member
/TJ[IZKJGY)NGOXSGTUT4U\KSHKX:ORRNOYOTJ[IZOUT*X1GSGR-[VZGGIZKJGY)NGOXSGTGTJ9N613UNGVGZXGGIZKJ
as member.
'\KXGMK4KZ6XUZULZNK)USVGT_LUXRGYZTGTIOGR_KGXY ` 6735.50 lacs

6XKYIXOHKJ)98K^VKTJOZ[XKVKXIKTZULGSU[TZv` 134.71 lacs
*KZGORYUL)98YVKTZJ[XOTMZNKTGTIOGR_KGX
G :UZGRGSU[TZZUHKYVKTZJ[XOTMZNKTGTIOGR_KGXv` 134.71 lacs
H 'SU[TZ[TYVKTZOLGT_4OR
15
I 3GTTKXOT]NOINZNKGSU[TZYVKTZJ[XOTMTGTIOGR_KGXOYJKZGORKJHKRU]
9X4U CSR project/

activity
OJKTZOKJ
Sector in Projects/
which the Programmes
Project is
covered
Amount outlay
(budget)
project/
programme
wise
Amount spent
on the project/
programme
Sub-heads:
1. Local area/
others-
1.Direct
expenditure
on project/
programme
2. Specify the
state /district
5\KXNKGJY
Cumulative
spend upto
the reporting
period
Amount spent:
Direct/ through
implementing
agency
` 134.71 lacs
*OXKIZv
` 134.71 lacs
4GSKULZNK
District/s, State/s
where project/
programme was
[TJKXZGQKT
Contribution
to Prime
Ministers
4GZOUTGR8KROKL
Fund
` 134.71 lacs
` 134.71 lacs
(Direct)
/TIGYKZNKIUSVGT_NGYLGORKJZUYVKTJZNKVKXIKTZULZNKG\KXGMKTKZVXUZULZNKRGYZTGTIOGR_KGXYUX
GT_VGXZZNKXKULXKGYUTYLUXTUZYVKTJOTMZNKGSU[TZOTOZY(UGXJ8KVUXZv4UZ'VVROIGHRK
7. Responsibility Statement by the CSR Committee
=KNKXKH_GLXSZNGZ)98VUROI_GYGVVXU\KJH_ZNK(UGXJNGYHKKTOSVRKSKTZKJGTJZNK)98)USSOZZKK
monitors the implementation of the CSR projects and activities in compliance with CSR objectives and policy of
the Company.
*GZK 0[TK
6RGIK 4K]*KRNO
16
91*[HK_
3GTGMOTM*OXKIZUX
*/4
1<(XGNSGPO8GU
)NGOXSGT)98)USSOZZKK
*/4
Annexure C
Disclosure of particulars of contracts/arrangements entered into by the Company with related parties referred to in
Sub-section (1) of Section 188 of the Companies Act, 2013 including certain arms length transactions under third
proviso thereto:
*KZGORY UL IUTZXGIZY UX GXXGTMKSKTZY UX ZXGTYGIZOUTY KTZKXKJ OTZU J[XOTM ZNK TGTIOGR _KGX KTJKJ 3GXIN
2015, which were not at arms length basis
1
2
3
4GSKYULZNKXKRGZKJVGXZ_
6[TPGH4GZOUTGR(GTQ64(VGXKTZHGTQ
and nature of relationship
4GZ[XKULIUTZXGIZYGXXGTMKSKTZYZXGTYGIZOUTY Leasing of property (business and residential premises)
Duration of the contracts / arrangements/ 1. ([YOTKYY VXKSOYKY LXUS 64( ZGQKT UT RKGYK XKTZ
transactions
YNGXOTMGXXGTMKSKTZv
a. 8KMOYZKXKJ5LIKGZ*KRNO 6XKYKTZR_ZNKYGSKOY
under lease for 11 months w.e.f. 20.03.2014 and
64(IGTK^ZKTJZNKZKTGTI_LUXL[XZNKXVKXOUJUL
11 months each, if requested by the Company
[TZOR JKIOJKJ H_ 64( +\KT OL ZNK )USVGT_
JUKYTUZTUZOL_OZYUVZOUTZU64(ZNKTOZYNGRRHK
presumed that the Company has opted to remain
in possession of premises, for said period.
b. 3[SHGO(XGTIN5LIK 'ZVXKYKTZZNKRKGYKLUX
years is effective from September, 2011, renewable
GLZKXK\KX_\K_KGXY
c. )NKTTGO (XGTIN 5LIK :NK VXKSOYKY NGY HKKT
provided under a mutual rent sharing arrangement
H_ 64( YOTIK UT ZNK HGYOY UL GXKG
UII[VOKJ :NK YGOJ VXKSOYKY NGY HKKT ZGQKT
H_ 64( UT RKGYK LXUS :GSOR 4GJ[ 1NGJO GTJ
<ORRGMK/TJ[YZXOKY(UGXJ:GSOR4GJ[9ZGZK-U\Z
Department) for a period of 5 years (subject to
IUTZOT[GZOUTULZNKOXULIKGZZNOYVRGIK
2. 8KYOJKTZOGR ,RGZY UL ZNK )USVGT_ ZU 64( ULIKXY GY
VKXZNKOXKTZOZRKSKTZOT64(LUXGVKXOUJULSUTZNY
with two/more extensions.
Salient terms of the contracts or arrangements
a. *KRNO(XGTIN5LIK 8KTZGZVXKYKTZOY` 283600/or transactions including the value, if any
p.m. plus service tax.
b. 3[SHGO (XGTIN 5LIK 8KTZ GZ VXKYKTZ OY
` 218750/- p.m. plus service tax and the same is
subject to increase @ 25 per cent at the time of
renewal of lease.
c. )NKTTGO (XGTIN 5LIK 8KTZ GZ VXKYKTZ OY
` 21030/- p.m. plus taxes. The same is subject to
enhancement as may be done by above said State
Govt Department
d. Residential premises: Rent is as per the lease
KTZOZRKSKTZUL64(ULIKXYOT64(
17
6
7
8
0[YZOIGZOUTLUXKTZKXOTMOTZUY[INIUTZXGIZYUX :NK )USVGT_ GTJ VGXKTZ HGTQ GXK KTZKXOTM OTZU ZNKYK
arrangements or transactions
transactions due to its parent-subsidiary relationship.
As a matter of policy, the Company does not enter such
property related transactions with outside parties.
Further, the Company will also be able to get their
XKYOJKTZOGRGZY\GIGZKJGZGT_ZOSKZNK_TKKJZNKYGSK
LUXZNKOXULIKXYYGRK
Date(s) of approval by the Board
29.01.2015
Amount paid as advances, if any
4OR
Date on which the special resolution was 4UZXKW[OXKJGYZNKYGSKOYHKRU]ZNKROSOZYVKIOKJ[TJKX
passed in general meeting as required under XYZ VXU\OYOU ZU 9KIZOUT UL ZNK )USVGTOKY'IZ
XYZVXU\OYUZU9KIZOUTULZNK'IZ
and Rules made thereunder.
*KZGORYULSGZKXOGRIUTZXGIZYUXGXXGTMKSKTZUXZXGTYGIZOUTYGZGXSrYRKTMZNHGYOYv
:NKXK]KXKTUSGZKXOGRIUTZXGIZYUXGXXGTMKSKTZUXZXGTYGIZOUTYKTZKXKJOTZUJ[XOTMZNKTGTIOGR_KGXKTJKJ
March 31, 2015.

6RGIK 4K]*KRNO
18
(Gauri Shankar)
Chairman
*/4
Annexure D
Particulars of Employees
Pursuant to the Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, the information is furnished below:
a. The ratio of the remuneration of each director to the median remuneration of the employees of the company for
ZNKTGTIOGR_KGX
(` in Lacs)
Sl. No Name of Director
Directors
Remuneration
Employee Median
Remuneration
Ratio
(No. of Lines)
9.06
0.03
9N181GSGZN
0.30
9N-G[XO9NGTQGX
0.10
0.01
9N1<(XGNSGPO8GU
0.65
0.08
*X56)NG]RG
1.30
0.15
*X1GSGR-[VZG
3.00
0.35
9N919UTO
3.35
0.39
9N666GXKKQ
0.80
0.09
9N613UNGVGZXG
0.80
0.09
9N91*[HK_
29.40
3.25
10
Smt. Sunita Gupta
23.92
2.64
YOZZOTMLKKVGOJLUXVGXZULZNK_KGX
4UZKY *OXKIZUXYGZ9R4UZUGXK4UT+^KI[ZO\K*OXKIZUXYGTJUTR_YOZZOTMLKKNGYHKKTVGOJZUZNKSUX

their institution.
5[ZULVUIQKZK^VKTYKYOTI[XXKJH_ZNKSLUXGZZKTJOTMZNKSKKZOTMYTUZZGQKTOTZUGIIU[TZ
H :NK VKXIKTZGMK OTIXKGYK OT XKS[TKXGZOUT UL KGIN *OXKIZUX )NOKL ,OTGTIOGR 5LIKX )NOKL +^KI[ZO\K 5LIKX
)USVGT_9KIXKZGX_UX3GTGMKXOLGT_OTZNKTGTIOGR_KGX
Sl. No
Name of Director and Key Managerial Personnel
% increase in remuneration
9N181GSGZN
9N-G[XO9NGTQGX
9N1<(XGNSGPO8GU
*X56)NG]RG
100.00
*X1GSGR-[VZG
9.10
9N919UTO
28.80
9N666GXKKQ
14.30
9N613UNGVGZXG
9N91*[HK_
29.65
10
Smt. Sunita Gupta
18.03
11
9SZ3UTOQG1UINGX
14.95
*KZGORYTUZMO\KTGYZNK_]KXKJOXKIZUXYUTR_LUXVGXZULZNKTGTIOGR_KGX
XKIKO\KJUTR_YOZZOTMLKKJ[XOTMZNK_KGX
19
I /TZNKTGTIOGR_KGXZNKXK]GYGTOTIXKGYKULVKXIKTZOTZNKSKJOGTXKS[TKXGZOUTULKSVRU_KKY
d.
Total number of employees of the Company as on March 31, 2015 was 35 (including 4 employees on deputation
LXUSVGXKTZHGTQ:NK)USVGT_NGYSGOTZGOTKJVKGIKL[RGTJNGXSUTOU[YXKRGZOUTY]OZNGRROZYKSVRU_KKY
e. The explanation on the relationship between average increase in remuneration and company performance:
:NK6XUZHKLUXK:G^LUXZNKTGTIOGR_KGXOTIXKGYKJH_VKXIKTZ]NKXKGYZNKG\KXGMKOTIXKGYKOTXKS[TKXGZOUT
was 16.11 per cent. The average increase in remuneration was in line with the performance of the Company
L )USVGXOYUTULZNKXKS[TKXGZOUTULZNK1K_3GTGMKXOGR6KXYUTTKRGMGOTYZZNKVKXLUXSGTIKULZNKIUSVGT_
:NK:UZGR8KS[TKXGZOUTUL136YOTIXKGYKJH_VKXIKTZLXUS` 52.58 lacs in 2013-14 to ` 64.40 lacs in

]NKXKGY ZNK 6XUZ (KLUXK :G^ OTIXKGYKJ H_ VKX IKTZ LXUS ` 9070.32 lacs in 2013-14 to
` 13389.26 lacs in 2014-15.
M O :NK SGXQKZ IGVOZGRO`GZOUT OTIXKGYKJ H_ VKX IKTZ ZU ` 54003.04 lacs as of March 31, 2015 from
` 30871.74 lacs as at March 31, 2014.
OO :NK 6XOIK +GXTOTMY 8GZOU ]GY GY UL 3GXIN ]NOIN ]GY GT OTIXKGYK UL VKX IKTZ GY
compared to March 31, 2014.
OOO :NK)USVGT_IGSKU[Z]OZNGTOTOZOGRV[HROIULLKX/65OTZNK_KGX6UYZ/65ZNKIUSVGT_OYY[KJ
Bonus shares in the year 2013 in ratio of 1:3. An amount of ÒT\KYZKJOTZNK/65]U[RJHK]UXZN` 40
(adjusted for bonus issue) as on March 31, 2015 indicating a compounded growth rate of 2 per cent. This is
excluding the dividend paid/accrued thereon.
h. Average percentile increase already made in the salaries of employees other than the managerial personnel in
2014-15 was 17.59 per cent whereas the increase in managerial remuneration was 20.88 per cent. This was
HGYKJUTZNKXKIUSSKTJGZOUTYUL4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKKHGYKJUTOTJ[YZX_HKTINSGXQY
and the respective employee's performance and contribution. The Companys remuneration philosophy is to
ensure that it is competitive in the PD industry in which it operates, for attracting and retaining the best talent
O )USVGXOYUTULZNKKGINXKS[TKXGZOUTULZNK1K_3GTGMKXOGR6KXYUTTKRGMGOTYZZNKVKXLUXSGTIKULZNKIUSVGT_
Name of Key Managerial Personnel
Remuneration
(` in lacs)
Ratio of remuneration to
Profit Before Tax
9N91*[HK_
29.40
0.002
Smt. Sunita Gupta
23.92
0.002
9SZ3UTOQG1UINGX
11.08
0.001
P :NKQK_VGXGSKZKXYLUXZNK\GXOGHRKIUSVUTKTZULXKS[TKXGZOUTG\GORKJH_ZNKJOXKIZUXYGXKIUTYOJKXKJH_ZNK
(UGXJHGYKJUTZNKXKIUSSKTJGZOUTULZNK4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKKGYVKXZNK8KS[TKXGZOUT
6UROI_ULZNK)USVGT_LUX*OXKIZUXY1K_3GTGMKXOGR6KXYUTTKRGTJUZNKXKSVRU_KKY
Q :NKXGZOUULZNKXKS[TKXGZOUTULZNKNOMNKYZVGOJJOXKIZUXZUZNGZULZNKKSVRU_KKY]NUGXKTUZJOXKIZUXYH[Z
XKIKO\KXKS[TKXGZOUTOTKÎKYYULZNKNOMNKYZVGOJJOXKIZUXJ[XOTMZNK_KGXv4OR
R /ZOYNKXKH_GLXSKJZNGZZNKXKS[TKXGZOUTVGOJOYGYVKXZNK8KS[TKXGZOUTVUROI_ULZNK)USVGT_

6RGIK 4K]*KRNO
20
(Gauri Shankar)
Chairman
*/4
Annexure E
,UXS4U3-:
+>:8'):5,'44;'28+:;84
GYUTZNKTGTIOGR_KGXKTJKJUT3GXIN
of
64(-/2:92/3/:+*
[Pursuant to Section 92(1) of the Companies Act, 2013 and rule 12(1) of the Companies
(Management and Administration) Rules, 2014]
I.
Registration and other details:

i)
)UXVUXGZK/JKTZOZ_4[SHKX)/4
L 7 8 9 9 D L 1 9 9 6 P L C 0 7 7 1 2 0
ii) Registration Date
March 13, 1996
iii) 4GSKULZNK)USVGT_
64(-ORZY2OSOZKJ
iv) Category / Sub-Category of the Company Public Limited Company

v) 'JJXKYYULZNK8KMOYZKXKJ5LIKGTJ
contact details :
9GTYGJ3GXM4K]*KRNO/TJOG6/4v
Tel : 011-23325759, 233257779
Fax : 011-23325751, 23325753
+SGOR SQUINGX&VTHMORZYIUS]KHYOZK ]]]VTHMORZYIUS
vi) =NKZNKXROYZKJIUSVGT_?KY4U
Yes
vii) 4GSK'JJXKYYGTJIUTZGIZJKZGORYUL
Registrar & Transfer Agents (RTA)
MCS Limited
;TOZ 64(-ORZY
,YZ,RUUX5QNRG/TJ[YZXOGR'XKG6NGYK/
4K]*KRNO/TJOG6/4
:KR ,G^4U
+SGOR NKRVJKYQJKRNO&SIYXKMOYZXGXYIUS
website: www.mcsregistrars.com
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

All the business activities contributing 10 per cent or more of the total turnover of the company is as under:Sl. No. Name and Description of main
products / services
1.
Dealing in Government
Securities
NIC Code of the Product/

service
% to total turnover of the

company
66110 - Security dealing

GIZO\OZOKYGYVKX4/)
96.48
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES S. No. Name and Address
of the company
1.
6[TPGH4GZOUTGR
(GTQ
CIN/GLN
Holding / Subsidiary /
Associate
6;4(
Holding
% of shares held Applicable Section

74.07
2(46)
21
IV. SHARE HOLDING PATTERN (Equity Share Capital Breakup as percentage of Total Equity)
(i) Category-wise Share Holding
Category of Shareholders
No. of Shares held at the beginning of the

year (31.03.2014)
Demat
A PROMOTERS
(1) Indian
(a) /TJO\OJ[GR.;,
(b) Central Govt
(c) State Govt (s)
(d) Bodies Corp.
(e) (GTQY,/
(f) 'T_5ZNKXi
Sub-total (A) (1):(2) Foreign
(a) 48/Y/TJO\OJ[GRY
(b) 5ZNKXv/TJO\OJ[GRY
(c) Bodies Corporate
(d) (GTQY,/
(e) 'T_5ZNKXi
Sub-total (A) (2):TOTAL SHAREHOLDING
OF PROMOTER (A) =(A)
(1)+(A)(2)
B. PUBLIC SHAREHOLDING
(1) Institutions
(a) Mutual Funds
(b) (GTQY,/
(c) Central Govt
(d) State Govt(s)
(e) <KTZ[XK)GVOZGR,[TJY
(f) Insurance Companies
(g) FIIs
(h) ,UXKOMT<KTZ[XK)GVOZGR
Funds
(i) 5ZNKXYYVKIOL_
Sub-total (B)(1):(2) Non-Institutions
(a) Bodies Corporate
(i) Indian
(ii) 5\KXYKGY
(b) Individuals
(i) Individual shareholders
holding nominal share
capital upto `RGQN
(ii) Individual shareholders
holding nominal share
capital in excess of `
RGQN
(c) 5ZNKXY
(i) Trusts and Foundations
(ii) 4UT8KYOJKTZ
Individuals
(iii) Directors and their
relatives
Sub-total (B)(2):Total public shareholding
(B)=(B)(1)+(B)(2)
C. Shares held by custodian
for GDR's and ADR's
Grand total (A+B+C)
22
Physical
Total
No. of Shares held at the end of the year

(31.03.2015)
% of total
shares
Demat
Physical
Total
% of
change
during the
year
% of total
shares
0
0
0
0
133333333
0
133333333
0
0
0
0
0
0
0
0
0 133333333
0
0
0 133333333
0
0
0
0
0
0
0
0
74.07 133333333
0
0
74.07 133333333
0
0
0
0
0
0
0
0
0 133333333
0
0
0 133333333
0
0
0
0
74.07
0
74.07
0
0
0
0
0
0
0
0
0
0
0
0
0
133333333
0
0
0
0
0
0
0
0
0
0
0
0
0 133333333
0
0
0
0
0
0
0
0
0
0
0
0
74.07 133333333
0
0
0
0
0
0
0
0
0
0
0
0
0 133333333
0
0
0
0
0
0
74.07
0
0
0
0
0
0
0
13546
4282465
0
0
0
2055289
743373
0
0
0
0
0
0
0
0
0
13546
4282465
0
0
0
2055289
743373
0
0.01
2.38
0
0
0
1.14
0.41
0
12065
897723
0
0
0
1108622
1000
0
0
0
0
0
0
0
0
0
12065
897723
0
0
0
1108622
1000
0
0.01
0.50
0
0
0
0.62
0
0
0
1.88
0
0
0
0.52
0.41
0
0
7094673
0
0
0
7094673
0
3.94
0
2019410
0
0
0
2019410
0
1.12
0
2.81
11078347
0
174392
0
11252739
0
6.25
0
7910921
0
174392
0
8085313
0
4.49
0
12488481
348447
12836928
7.13
17666722
338460
18005182
10
1.76
0
0
-2.87
13069347
34665
13104012
7.28
15772757
34665
15807422
8.78
-1.5
10865
2375053
0
932
10865
2375985
0.01
1.32
11965
2745244
0
932
11965
2746176
0.01
1.53
0
-0.21
1599
1599
1333
1333
39023692
46118365
558436
558436
39582128
46676801
21.99
25.93
44108942
46128352
548449
548449
44657391
46676801
24.81
25.93
-2.82
0
548449 180010134
100.00
179451698
558436 180010134
100.00 179461685
(ii) Shareholding of Promoters

Sl No. Shareholders
Name
1.
6[TPGH4GZOUTGR
(GTQ
Shareholding at the beginning of the year

No. of Shares
% of total
% of Shares
shares of the
Pledged /
company
encumbered
to total
shares
133333333
74.07
0
Share holding at the end of the year

% change In
No. of
% of total
% of Shares share holding
during the
Shares
shares of the
Pledged /
year
company
encumbered
to total
shares
133333333
74.07
0
0
(iii) Change in Promoters Shareholding

Sl. Particulars
No.
At the beginning of the year

Date wise Increase / Decrease
in Promoters Share holding
during the Year specifying the
reasons for increase / decrease
(e.g.allotment / transfer / bonus/
sweat equity etc)
At the end of the year
Shareholding at the beginning of

the year
No. of shares
% of total
shares of the
company
133333333
74.07
Cumulative Shareholding
during the year
No. of shares
% of total
shares of the
company
133333333
74.07
4/2
133333333
74.07
133333333
74.07
(iv) Shareholding Pattern of top ten Shareholders (other than Directors, Promoters and Holders of GDRs and ADRs):
Details of Top 10 Shareholders (other than Directors, promoters and holders of GDRs and ADRs)
Sl. Name
Shareholding
Date
Increase/
Reason
Cumulative
No.
(Decrease) in
Shareholding during
shareholding
the year (01-04-14 to
31-03-15)
No of Shares at % of total
No of
% of total
the Beginning
shares
Shares
shares
of the
of the
(01-04-14)/end
of the year
Company
Company
(31-03-15)
1 -OXJNGXORGR<2GQNO
1414252
0.79
01/04/2014
0
4OR
1414252
0.79
31/03/2015
1414252
0.79
2 Mala Rajan
0
0.00
01/04/2014
Bharvani
27/03/2015
1345208
Transfer
1345208
0.75
1345208
0.75
31/03/2015
1345208
0.75
3 1UZNGXO/TJ[YZXOGR
1014000
0.56
01/04/2014
Development
02/05/2014
(242000)
Transfer
772000
0.43
Corporation Ltd
23/05/2014
(30000)
Transfer
742000
0.41
06/06/2014
(135000)
Transfer
607000
0.34
20/06/2014
(47000)
Transfer
560000
0.31
23/01/2015
(22000)
Transfer
538000
0.30
30/01/2015
(38000)
Transfer
500000
0.28
500000
0.28
31/03/2015
500000
0.28
4 *OROVQ[SGX2GQNO
749689
0.42
01/04/2014
06/02/2015
(3706)
Transfer
745983
0.41
745983
0.41
31/03/2015
745983
0.41
5 3GTOYN2GQNO
767326
0.43
01/04/2014
767326
0.43
31/03/2015
0
4OR
767326
0.43
6 )NOXGM*OROVQ[SGX
588438
0.33
01/04/2014
2GQNO
588438
0.33
31/03/2015
0
4OR
588438
0.33
7 ;YNG2GRG
402266
0.22
01/04/2014
402266
0.22
31/03/2015
0
4OR
402266
0.22
23
8 :NK5XOKTZGR
Insurance
Company Limited
9 )GTGXG(GTQ
Mumbai
10 /TTG,OTGTIK
Private Ltd
11 ICICI Lombard
General Insurance
)USVGT_2ZJ
12 /*(/(GTQ2ZJ
13 Mala Rajan
(NGX\GTO
14 5XOKTZGR(GTQUL
)USSKXIK
24
690866
630866
853693
853693
1546043
368610
3476722
2128866
0.38
0.35
0.47
0.47
0.86
0.20
1.93
1.18
1345208
0.7473
1285893
0.71
01/04/2014
12/12/2014
19/12/2014
31/03/2015
01/04/2014
31/03/2015
01/04/2014
06/06/2014
13/06/2014
19/12/2014
31/12/2014
30/01/2015
06/02/2015
13/02/2015
31/03/2015
01/04/2014
06/06/2014
13/06/2014
18/07/2014
25/07/2014
19/12/2014
31/12/2014
09/01/2015
16/01/2015
06/02/2015
13/02/2015
01/04/2014
23/05/2014
30/05/2014
06/06/2014
13/06/2014
30/06/2014
04/07/2014
25/07/2014
01/08/2014
22/08/2014
12/09/2014
19/09/2014
30/09/2014
24/10/2014
31/10/2014
07/11/2014
14/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
01/04/2014
27/03/2015
01/04/2014
30/05/2014
06/06/2014
13/06/2014
20/06/2014
30/06/2014
01/08/2014
22/08/2014
12/09/2014
19/09/2014
(25000) Transfer
(35000) Transfer
665866
630866
630866
0.37
0.35
0.35
0 4OR
853693
0.47
(187433)
(100000)
(190000)
(150000)
(100000)
(350000)
(100000)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
1358610
1258610
1068610
918610
818610
468610
368610
368610
0.75
0.70
0.59
0.51
0.45
0.26
0.20
0.20
(117737)
(100467)
(81796)
(200000)
(375000)
(250000)
(969318)
(382404)
(838000)
(162000)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
3358985
3258518
3176722
2976722
2601722
2351722
1382404
1000000
162000
0
1.87
1.81
1.76
1.65
1.45
1.31
0.77
0.56
0.09
0.00
(50000)
(25000)
(75000)
(100000)
(93998)
(25000)
(149947)
(62843)
(126904)
(120174)
(300000)
(828)
(10000)
(115093)
(94459)
(193234)
(118918)
(66398)
(251070)
(62969)
(87031)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
2078866
2053866
1978866
1878866
1784868
1759868
1609921
1547078
1420174
1300000
1000000
999172
989172
874079
779620
586386
467468
401070
150000
87031
0
1.15
1.14
1.10
1.04
0.99
0.98
0.89
0.86
0.79
0.72
0.56
0.56
0.55
0.49
0.43
0.33
0.26
0.22
0.08
0.05
0.00
(1345208)
Transfer
0.00
(241000)
(325000)
(330000)
(25000)
(115000)
(21300)
(140000)
(40000)
(48593)
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
1044893
719893
389893
364893
249893
228593
88593
48593
0
0.58
0.40
0.22
0.20
0.14
0.13
0.05
0.03
0.00
15 General Insurance
Corporation of
/TJOG
790801
630866
0.44
0.35
01/04/2014
12/12/2014
19/12/2014
23/01/2015
30/01/2015
12/12/2014
19/12/2014
31/03/2015
(200000)
(90801)
(50000)
(150000)
365866
(35000)
0
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
590801
500000
450000
300000
665866
630866
630866
0.33
0.28
0.25
0.17
0.37
0.35
0.35
4UZOTZNKROYZULZUVYNGXKNURJKXYGYUT
(v). Shareholding of Directors and Key Managerial Personnel:

Sl. Name
No.
1
2

Shareholding
No. of Shares at % of total shares

the beginning of the Company
(01-04-14) / end
of the year
(31-03-15)
Sh. P. P.
1333
0
6GXKKQ*OXKIZUX
1333
0
Smt. Sunita
266
0
-[VZG+^KI[ZO\K
0
0
Director and
),5136
Date
Increase/
(Decrease) in
shareholding
Reason
Cumulative shareholding
during the year (01-04-14 to
31-03-15)
No. of Shares
01/04/2014
31/03/2015
01/04/2014
31/03/2015
0
(266)
4/2
Transfer
% of total
shares of the
Company
1333
0.00
0.00
:NKLURRU]OTM*OXKIZUXYGTJ1K_3GTGMKXOGR6KXYUTTKR136JOJTUZNURJGT_YNGXKYJ[XOTMZNKTGTIOGR_KGXv
G 9N181GSGZNv)NGOXSGT1
H 9N-G[XO9NGTQGXv*OXKIZUX1
I 9N1<(XGNSGPO8GUv*OXKIZUX1
J *X56)NG]RGv*OXKIZUX
K *X1GSGR-[VZGv*OXKIZUX
L 9N919UTOv*OXKIZUX
M 9N613UNGVGZXGv*OXKIZUX1
N 9N91*[HK_v3GTGMOTM*OXKIZUX136
O 9SZ3UTOQG1UINGXv)USVGT_9KIXKZGX_136
1
directorship held for part of year
V. INDEBTEDNESS
Indebtedness of the Company including interest outstanding/accrued but not due for payment
(` in lacs)
Particulars
Secured Loans
Unsecured
Deposits
Total
excluding
Loans
Indebtedness
deposits
Indebtedness at the
beginning of the financial
year
i)
Principal Amount
255028.14
121720.43
376748.57
ii) Interest due but not paid
iii) Interest accrued but not
199.90
24.25
224.15
due
Total (i+ii+iii)
255228.04
121744.68
376972.72
Change in Indebtedness
during the financial year
u
Addition
45879915.17
23050564.34
68930479.51
u
Reduction
45873748.15
23047688.82
68921436.97
Net Change
6167.02
2875.52
9042.54
25
(` in lacs)
Indebtedness at the end of the
financial year
i)
Principal Amount
ii) Interest due but not paid
iii) Interest accrued but not
due
Total (i+ii+iii)
261195.16
42.17
124595.95
17.44
385791.11
59.61
261237.33
124613.39
385850.72
VI. REMUNERATION OF DIRECTORS AND KEY MANAGERIAL PERSONNEL

A. Remuneration to Managing Director, Whole-time Directors and/or Manager:
Sl. Particulars of Remuneration
No.
1.
2.
3.
4.
5.
26
Name of MD/WTD/Manager
Sh. S. K. Dubey,
Smt. Sunita Gupta,
Managing Director Executive Director
& CFO
(` in lacs)
Total Amount
Gross salary
(a) Salary as per provisions
20.02
16.04
36.06
contained in Section 17(1) of
the Income-tax Act,1961
(b) <GR[KULVKXW[OYOZKY[TJKX9KIZOUT
0.18
0.18
17(2) Income-tax Act, 1961
(c) 6XUZYOTROK[ULYGRGX_[TJKX
Section 17 (3) of the Income
Tax Act, 1961
9ZUIQ5VZOUT
9]KGZ+W[OZ_
Commission
a) GYULVXUZ
b) others
5ZNKXY
a) Companys contribution to
1.34
1.34
Provident Fund
b) Medical facilities
0.15
0.15
0.30
c) Child education allowance
0.01
0.01
d) <GXOGHRKVG_6KXLUXSGTIK
8.75
5.10
13.85
2OTQKJ/TIKTZO\K
e) Leave travel concession
0.48
1.10
1.58
Total (A)
29.40
23.92
53.32
Ceiling as per the Act
`RGIYHKOTMVKXIKTZULZNKTKZVXUZYULZNK)USVGT_
calculated as per Section 198 of the Companies Act, 2013)
4UZK -XGZ[OZ_TUZOTIR[JKJGYZNKYGSKOYY[HPKIZZUZNK6G_SKTZUL-XGZ[OZ_'IZ
4UZK 2KG\KZXG\KRIUTIKYYOUTOYVKXSOYYOHRKUTIKOYZ]U_KGXY]OZNOT/TJOG
B. Remuneration to other directors:

(` in lacs)
Particulars of Remuneration
Name of Director
Dr. O. P.
Dr. Kamal
Chawla
Gupta
Sh. S. K.
Soni
Sh. P. P.
Pareek
Sh. P. K.
Mohapatra4
Total
Amount
Sh. K. R.
Kamath1
Sh. Gauri
Shankar2
Sh. K. V.
Brahmaji
Rao3
Fee for attending Board/

Committee meetings
1.30
3.00
3.35
0.80
Commission
5ZNKXY
1.30
3.00
3.35
0.80
8.45
0.30
0.10
0.65
0.80
1.85
-
1. Independent Directors
u
Total (1)
8.45
2. 5ZNKX4UT+^KI[ZO\K
Directors
u
Fee for attending Board /

Committee meetings
Commission
5ZNKXY
Total (2)
0.30
0.10
0.65
0.80
1.85
Total (B)=(1+2)
0.30
0.10
0.65
1.30
3.00
3.35
0.80
0.80
10.30
Total Managerial
8KS[TKXGZOUT
5\KXGRR)KOROTMGYVKXZNK'IZ
63.62
`RGIYHKOTMULZNKTKZVXUZYULZNK)USVGTOKY'IZIGRI[RGZKJGYVKX9KIZOUTULZNK)USVGTOKY
Act, 2013)
ZUZGRXKS[TKXGZOUTZUSGTGMOTM*OXKIZUX=NURKZOSK*OXKIZUXGTJUZNKX*OXKIZUXYHKOTMZNKZUZGRUL'GTJ(
,UXZNKVKXOUJLXUS'VXORZU5IZUHKX6GOJZU64(GYVKXOTYZX[IZOUTYXKIKO\KJ
2.
,UXZNKVKXOUJLXUS3GXINZU3GXIN6GOJZU64(GYVKXOTYZX[IZOUTYXKIKO\KJ
3.
,UXZNKVKXOUJLXUS4U\KSHKXZU3GXIN6GOJZU64(GYVKXOTYZX[IZOUTYXKIKO\KJ
4.
,UXZNKVKXOUJLXUS'VXORZU3GXIN6GOJZU64(GYVKXOTYZX[IZOUTYXKIKO\KJ
1.
C. REMUNERATION TO KEY MANAGERIAL PERSONNEL OTHER THAN MD / MANAGER/WTD

(` in lacs)
Sl. Particulars of Remuneration
No.
Key Managerial Personnel

CEO
2
3
4
Gross salary
4UZ'VVROIGHRK
(a) Salary as per provisions
contained in Section
17(1) of the Income-tax
Act, 1961
(b) <GR[KULVKXW[OYOZKY
under Section 17(2) of
the Income-tax Act, 1961
(c) 6XUZYOTROK[ULYGRGX_
under Section 17(3) of
the Income-tax Act, 1961
9ZUIQ5VZOUT
9]KGZ+W[OZ_
Commission
(a) GYULVXUZ
(b) others
Total
Smt. Monika CFO
Kochar, Company
Secretary
Smt. Sunita
6.87
-[VZG+^KI[ZO\K 6.87
Director is also
),5.KTIK
disclosed in A
0.62
0.62
above
27

5ZNKXY
a) Companys contribution
to Provident Fund
b) Medical facilities
c) Child education allowance
d) <GXOGHRKVG_6KXLUXSGTIK
2OTQKJ/TIKTZO\K
e) Leave travel concession
Total
0.58
0.58
0.15
1.87
0.15
1.87
0.99
11.08
0.99
11.08
4UZK -XGZ[OZ_TUZOTIR[JKJGYZNKYGSKOYY[HPKIZZUZNK6G_SKTZUL-XGZ[OZ_'IZ
4UZK 2KG\KZXG\KRIUTIKYYOUTOYVKXSOYYOHRKUTIKOYZ]U_KGXY]OZNOT/TJOG
VII. PENALTIES / PUNISHMENT/ COMPOUNDING OF OFFENCES:

Type
Section of the
Brief
Companies Act Description
A. COMPANY
Penalty
Punishment
Compounding
B. DIRECTORS
Penalty
Punishment
Compounding
C. OTHER
OFFICERS IN
DEFAULT
Penalty
Punishment
Compounding
Details of
Penalty /
Punishment/
Compounding
fees imposed
Authority [RD/ Appeal made,

NCLT / COURT] if any (give
Details)
4/2

6RGIK 4K]*KRNO
28
(Gauri Shankar)
Chairman
*/4
Annexure F
,UXS4U38
9+)8+:'8/'2';*/:8+658:
,58:.+,/4'4)/'2?+'8+4*+*ST MARCH, 2015
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration Personnel) Rules, 2014]
To,
The Members,
64(-ORZY2OSOZKJ
9GTYGJ3GXM4K]*KRNO
We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to
MUUJIUXVUXGZKVXGIZOIKYH_64(-ORZY2OSOZKJNKXKOTGLZKXIGRRKJZNK )USVGT_ 9KIXKZGXOGR'[JOZ]GYIUTJ[IZKJ
in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
(GYKJUTU[X\KXOIGZOUTULZNK)USVGT_ YHUUQYVGVKXYSOT[ZKHUUQYLUXSYGTJXKZ[XTYRKJGTJUZNKXXKIUXJY
SGOTZGOTKJH_ZNK)USVGT_GTJGRYUZNKOTLUXSGZOUTVXU\OJKJH_ZNK)USVGT_OZYULIKXYGMKTZYGTJG[ZNUXO`KJ
representatives during the conduct of secretarial audit, we hereby report that in our opinion, the Company has,
J[XOTMZNKG[JOZVKXOUJIU\KXOTMZNKTGTIOGR_KGXKTJKJUTst March, 2015 complied with the statutory provisions
listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the
extent, in the manner and subject to the reporting made hereinafter:
=KNG\KK^GSOTKJZNKHUUQYVGVKXYSOT[ZKHUUQYLUXSYGTJXKZ[XTYRKJGTJUZNKXXKIUXJYSGOTZGOTKJH_ZNK
)USVGT_LUXZNKTGTIOGR_KGXKTJKJUTst March, 2015, according to the provisions of:
(i). The Companies Act, 2013 (the 'Act') and the Rules made thereunder;
(ii). The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the Rules made thereunder;
(iii). The Depositories Act, 1996 and the Regulations and Bye-laws framed thereunder;
O\,UXKOMT +ÎNGTMK 3GTGMKSKTZ'IZ GTJ ZNK 8[RKY GTJ 8KM[RGZOUTY SGJK ZNKXK[TJKX ZU ZNK K^ZKTZ UL
,UXKOMT*OXKIZOT\KYZSKTZ5\KXYKGY*OXKIZOT\KYZSKTZGTJ+^ZKXTGR)USSKXIOGR(UXXU]OTMY4UZGVVROIGHRKZU
the Company during the audit period);
\:NK LURRU]OTM 8KM[RGZOUTY GTJ -[OJKROTKY VXKYIXOHKJ [TJKX ZNK 9KI[XOZOKY GTJ +ÎNGTMK (UGXJ UL /TJOG'IZ
9+(/'IZ !
G :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJULRTJOG9[HYZGTZOGR'IW[OYOZOUTULYNGXKYGTJ:GQKU\KXY8KM[RGZOUTY
2011;
H :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJULRTJOG6XUNOHOZOUTUL/TYOJKX:XGJOTM8KM[RGZOUTY!
I :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG/YY[KUL)GVOZGRGTJ*OYIRUY[XK8KW[OXKSKTZY8KM[RGZOUTY
4UZGVVROIGHRKZUZNK)USVGT_J[XOTMZNKG[JOZVKXOUJ!
J :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG+SVRU_KK9ZUIQ5VZOUT9INKSKGTJ+SVRU_KK9ZUIQ6[XINGYK
9INKSK -[OJKROTKY ! GTJ ZNK 9KI[XOZOKY GTJ +ÎNGTMK (UGXJ UL /TJOG 9NGXK (GYKJ +SVRU_KK
(KTKZY8KM[RGZOUT4UZGVVROIGHRKZUZNK)USVGT_J[XOTMZNKG[JOZVKXOUJ!
K :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG/YY[KGTJ2OYZOTMUL*KHZ9KI[XOZOKY8KM[RGZOUTY4UZ
applicable in the Company during the audit period);
29
L :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG8KMOYZXGXYZUGT/YY[KGTJ9NGXK:XGTYLKX'MKTZY8KM[RGZOUTY
1993 regarding the Companies Act and dealing with client;
M :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG*KROYZOTMUL+W[OZ_9NGXKY8KM[RGZOUTY4UZGVVROIGHRK
to the Company during the audit period); and
N :NK9KI[XOZOKYGTJ+ÎNGTMK(UGXJUL/TJOG([_HGIQUL9KI[XOZOKY8KM[RGZOUTY4UZGVVROIGHRKZUZNK
Company during the audit period).
\O8KYKX\K(GTQUL/TJOG'IZGTJM[OJKROTKYSGJKZNKXK[TJKX
\OO8(/-[OJKROTKYLUX9_YZKSOIGRR_/SVUXZGTZ4UT*KVUYOZZGQOTM4UT(GTQOTM,OTGTIOGR)USVGT_4(,)4*9/
and Primary Dealers.
We have also examined compliance with the applicable clauses of the following
G :NK2OYZOTM'MXKKSKTZYKTZKXKJOTZUH_ZNK)USVGT_]OZNZNK9ZUIQ+ÎNGTMKY
H 9KIXKZGXOGR 9ZGTJGXJY OYY[KJ H_ ZNK /TYZOZ[ZK UL )USVGT_ 9KIXKZGXOKY UL RTJOG TUZ TUZOKJ OT ,?
Therefore, not applicable to the Company during the audit period)
During the period under review, the Company has complied with the provisions of the Act, Rules, Regulations,
Guidelines, Standards etc. mentioned above.
We further report that
:NK(UGXJUL*OXKIZUXYULZNK)USVGT_OYJ[R_IUTYZOZ[ZKJ]OZNVXUVKXHGRGTIKUL+^KI[ZO\K*OXKIZUXY4UT+^KI[ZO\K
*OXKIZUXYGTJ/TJKVKTJKTZ*OXKIZUXY:NKINGTMKYOTZNKIUSVUYOZOUTULZNK(UGXJUL*OXKIZUXYZNGZZUUQVRGIKJ[XOTM
the period under review were carried out in compliance with the provisions of thc Act.
Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda
]KXKYKTZGZRKGYZYK\KTJG_YOTGJ\GTIKGTJGY_YZKSKÔYZYLUXYKKQOTMGTJUHZGOTOTML[XZNKXOTLUXSGZOUTGTJ
IRGXOIGZOUTYUTZNKGMKTJGOZKSYHKLUXKZNKSKKZOTMGTJLUXSKGTOTML[RVGXZOIOVGZOUTGZZNKSKKZOTM
All decisions at Board Meetings and Committee Meetings were carried out unanimously as recorded in the minutes
of the meetings of the Board of Directors or Committee(s) of the Board as the case may be.
We further report thatThere are adequate systems and processes in the Company commensurate with the size and operations of the
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
For Pranav Kumar & Associates,
Company Secretaries
Arpita Saxena
(Partner)
34U
)64U
6RGIK -NGÒGHGJ;6
Date: May 27, 2015
30
MANAGEMENT DISCUSSION AND ANALYSIS

MACROECONOMIC REVIEW: 2014-15
Domestic Overview
The Indian economy grew at 7.30 per cent during 2014-15 as economic activity expanded at a faster pace in the
March quarter, led largely by services and manufacturing sectors. The industrial sector shrugged off stagnation
GTJMXK]LUXZNKYKIUTJIUTYKI[ZO\K_KGXZNOYYIGR:NKKIUTUS_]GYXKROK\KJLXUSZNKY[HVKXIKTZMXU]ZN
VKXYOYZKTZOTGZOUTKRK\GZKJYIGRJKIOZGTJUYIORRGZOTM\GR[KULZNKX[VKK
/TGZOUTXKZXKGZKJJ[XOTMZNK_KGXOTGTKT\OXUTSKTZULSGIXUKIUTUSOIGTJVUROZOIGRYZGHOROZ_/TGZOUTOTZKXSYUL
ZNK'RR/TJOG)UTY[SKX6XOIK/TJK^)6/)USHOTKJ8[XGR;XHGTJKIROTKJZUVKXIKTZOT3GXINLXUS
GNOMNULVKXIKTZOT3GXIN:NKG\KXGMK)6/OTGZOUTYZUUJGZVKXIKTZJ[XOTMIUSVGXKJ
ZUVKXIKTZOT+ÎR[JOTMLUUJGTJL[KRYKMSKTZYZNK)6/OTGZOUT]GYGXU[TJVKXIKTZUTGIIU[TZ
of the slump in the international crude oil prices feeding through into domestic prices of petrol and diesel that are
included under the category transport and communication.
Forex Market
:NK/TJOGT8[VKKGLZKXHKOTMSUXK\URGZORKGTJ]KGQ
I[XXKTI_J[XOTMSUYZULZNKVXK\OU[YYIGRSGTGMKJ
to lose only 4.35 per cent of its value against dollar
ZNOY YIGR :NK VXKJUSOTGTZ LGIZUX LUX ZNK X[VKK
SU\KSKTZNGYHKKTXUH[YZIGVOZGRU]YZNGZYZGXZKJ
from March, 2014. The sizeable jump of 24 per cent
in foreign exchange reserves of RBI contained the
volatility in the rupee.
Rupee Movement
`;9*
70
68
66
64
62
60
58
56
54
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
Apr
The rupee which slipped to its yearly low of 63.75 52

VKX ;9* UT J[K ZU YVORRU\KXY LXUS ZNK 50
Russian currency crisis, month end purchases by
UOR SGXQKZOTM IUSVGTOKY VXUZ HUUQOTM H_ ,UXKOMT
6UXZLUROU/T\KYZUXYGTJG]KGQXKGJOTMUTOTJ[YZXOGRU[ZV[ZXKMGOTKJOZYGVVXKIOGZOTMHOGYH_ZNKYKIUTJ]KKQUL
January, 2015. For the residual part of the year, the rupee traded in a narrow range with modest gains following
the dovish comments from the Fed in March regarding the timeframe for raising its policy rate. Rupee closed the
FY 2014-15 at `VKX;9*GYGMGOTYZVXK\OU[YYIGRIRUYKUL`VKX;9*
Current Account Balance
/TJOG YI[XXKTZGIIU[TZJKIOZJKIROTKJLXUSVKXIKTZUL-*6OTZUVKXIKTZUL-*6OTUT
GIIU[TZULGTOTIXKGYKOTOT]GXJXKSOZZGTIKYGTJ,*/U]Y=KGQK^ZKXTGRJKSGTJGTJZNKYULZTKYYOTOTZKXTGZOUTGR
IUSSUJOZ_VXOIKYZUUQGNKG\_ZURRGY/TJOGrYSKXINGTJOYKK^VUXZMXU]ZN]KGQKTKJYZKGJOR_YOTIK0[R_GTJ
KTZKXKJOTZUIUTZXGIZOUTLXUS0GT[GX_ZNXU[MNZNKKTJULZNKYIGR:NKYIGR_KGXKTJKJ]OZNZUZGRK^VUXZYUL;9*
HORROUTRU]KXZNGTZNK;9*HORROUTZGXMKZ/SVUXZYUTZNKUZNKXNGTJIUTZXGIZKJH_GSUJKYZVKXIKTZJ[XOTM
ZNK_KGXRKG\OTMGZXGJKJKIOZUL;9*HORROUTYROMNZR_NOMNKXZNGTZNKVXK\OU[Y_KGXrYM[XKUL;9*HORROUT
Government Borrowings
:NK-U\KXTSKTZXKJ[IKJOZYSGXQKZHUXXU]OTMVXUMXGSSKGYGYW[KK`KOTK^VKTJOZ[XKROSOZKJZNK-U\KXTSKTZrY
requirement for additional funds. The gross borrowing during the year was ` 5, 92,000 crore as against budgeted
estimate of ` 6,00,000 crore. In addition to this, State Governments also raised funds to the tune of ` 2,40,307 crore
ZNXU[MNSGXQKZHUXXU]OTMYGYGMGOTYZ` 1,96,660 crore during the previous year.
31
Fiscal Deficit
:NKYIGRIUTYUROJGZOUTVXUIKYY]NOINNGJXKY[SKJOTZNXU[MNSOJ_KGXIU[XYKIUXXKIZO\KSKGY[XKY]GY
IUTZOT[KJOT.U]K\KXZNKVKXIKTZZGXMKZNGYTU]HKKTV[YNKJHGIQH_G_KGXZU,?:NKMU\KXTSKTZ
NGYIUTZGOTKJZNKYIGRJKIOZGZVKXIKTZUL-*6OTGMGOTYZVKXIKTZH_I[ZZOTMJU]TUTOZYVRGTTKJ
K^VKTJOZ[XKGYZG^XK\KT[KY]KXKRKYYZNGTH[JMKZKJGTJI[XXKTZK^VKTJOZ[XKYVXU\KJZUUYZOIQ_
Monetary Policy & Liquidity Situation
11
MSF Rate
10
9
Repo Rate
8
7
6
Reverse Repo Rate
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Jul
Jun
Aug
5
May
2OW[OJOZ_]GYIUSLUXZGHRKOTGRRYKMSKTZY!XKKIZKJ
H_ G VOIQ[V OT Z[XTU\KX YULZKTOTM UL OTZKXKYZ
rates and appreciating bias in the exchange rate
of the rupee. During the year, an average daily
net liquidity injection of ` 93,115 crore was seen
ZNXU[MN 2', 39, ZKXS XKVUY GTJ XKTGTIK
facility.
Policy Rates Under LAF (2014-15)
in %
Apr
The Monetary policy stance was focused around

GINOK\KSKTZ UL )6/ OTGZOUT ZGXMKZ GZ UX HKRU]
8 percent during the year. The RBI reduced the
repo rate twice by 25 basis points each in view
UL YOMTOIGTZ XKJ[IKJ SUSKTZ[S UL ZNK XKZGOR
OTGZOUTGYZXUTMX[VKKXKRGZO\KZUOZYVKKXYGTJ
YZORR]KGQOTJOIGZUXYULVXUJ[IZOUT
Treasury Bill Market

During FY 2014-15, the borrowings through Treasury bills stood at ` 7, 68,000 crore higher than announced in the
Annual Budget by ÌXUXK:NK_OKRJYUTZXKGY[X_HORRYOTVXOSGX_SGXQKZKGYKJYOMTOIGTZR_GYIUSLUXZGHRK
liquidity persisted for most of the year. The cut-off yield on 91DTB eased from 8.94 percent in the beginning of the
FY to 8.27 per cent in the end, cut-off yield on 182 DTB fell from 8.97 per cent in April beginning to 8.14 per cent in
March and the cut-off yield on 364 DTB closed the year at 7.98 per cent against 9.02 per cent as on March 31, 2014.
Government Dated Securities
Primary Market
Secondary Market
Month-Wise G-sec Auction Quantum (2014-15)

90000
84000
80000
70000
69000
68000
58000 60000
60000
(` crore)
During FY 2014-15, the gross borrowings through

dated issuances stood at ` 5,92,000 crore, while
the net borrowings stood at ` 4,53,205 crore. The
weighted average maturity of issuances stood at
14.69 years vis-a-vis 14.50 years in the previous
year. The weighted average yield of dated
securities issued during FY 2014-15 remained
the same as compared to FY 2013-14 at 8.51 per
cent.
50000
58000
45000
46000
42000
36000
40000
26000
30000
20000
10000
32
Mar
Feb
Jan
Dec
Nov
Oct
Sep
Aug
Jul
Jun
May
*[XOTMZNK_KGXGSOJYZMRUHGRROW[OJOZ_GTJXOYQUT
XOYQULL[IZ[GZOUTYOTOT\KYZUXGVVKZOZKTGTIOGR
Apr
10-yr movement (2014-15)

9.50
9.00
8.50
8.00
7.50
7.00
Ma
r-1
4
Fe
b-1
4
Ja
n-1
4
De
c-1
4
No
v-1
4
Oc
t-1
4
Se
p-1
4
Au
g-1
4
Ju
l-1
4
Ju
n-1
4
Ma
y-1
4
6.50
Ap
r-1
4
SGXQKZYXGRROKJYZXUTMR_Y[VVUXZKJH_OSVXU\KSKTZ
in domestic macroeconomic conditions. The
MU\KXTSKTZ HUTJ SGXQKZ YVKIOIGRR_ ]OZTKYYKJ
an uptrend throughout the year with the yield on
ZKT_KGX HKTINSGXQ LGRROTM H_ HGYOY VUOTZY ZU
close at 7.74 per cent. Buoyant investor sentiment
IUTJOZOUTKJH_ZNKUTMUOTM]KGQKTOTMULOTGZOUTUT
domestic front and expectation of monetary policy
KGYOTMNKRVKJZNKSGXQKZZUYNX[MULLZNKOSVGIZUL
the Federal Reserve completely exiting Quantitative
+GYOTM OT 5IZUHKX 9ULZTKYY OT OTZKXTGZOUTGR IX[JK
UORVXOIKYGTJGLGRROT;9ZXKGY[X__OKRJYGOJKJZNK
decline in domestic yields.
COMPANY PERFORMANCE
Primary Market
(` crore)
/TVXOSGX_SGXQKZZNK)USVGT_IUTZOT[KJZUIUSVR_
Performance in Treasury Bills Auctions (2014-15)
90000
with all the regulatory requirements of bidding
80674
80000
[TJKX 3OTOS[S ;TJKX]XOZOTM )USSOZSKTZY 3;)
GTJ 'JJOZOUTGR )USVKZOZO\K ;TJKX]XOZOTM ');
70000
for Primary Dealers. During the year, due to high
60000
52360
demand of the government securities, the Company
50000
earned an underwriting commission of ` 1.42 crore as
40000
against previous years commission of ` 14.51 crore.
30000
24237
/T ZXKGY[X_ HORR G[IZOUTY J[XOTM ZNK XYZ NGRL -5/
20000
raised ` 3,71,000 crore as against ` 3,92,000 crore
10000
OT ZNK IUXXKYVUTJOTM VKXOUJ UL RGYZ YIGR /T ZNK
0
YKIUTJ NGRL -5/ XGOYKJ GTUZNKX ` 3,77,000 crore
Bidding Commitment
Bids Made
Bids Accepted
through T-bills as against ` 2,99,000 crore raised in
IUXXKYVUTJOTMVKXOUJULRGYZYIGR:NKIUSVGT_Y[HSOZZKJHOJYGMMXKMGZOTMZU` 80,674 crore against the commitment
of ÌXUXKHKOTMVKXIKTZULTUZOKJGSU[TZ5[ZULZNOYHOJYGSU[TZOTMZU` 24,237 crore were accepted.
,[RRROTMOZYVXOSGX_SGXQKZIUSSOZSKTZ)USVGT_GINOK\KJY[IIKYYXGZOUULVKXIKTZGTJVKXIKTZOT.
and H2 respectively of FY 2014-15 against RBI stipulation of 40 per cent in each half year.
Secondary Market
Turnover Ratios
600
508
500
(In times of portfolio size)
*[XOTM,?ZUZGRYKIUTJGX_SGXQKZU[ZXOMNZ
turnover stood at ` 4,70,845 crore as against
`3,08,978 crore in FY 2013-14 The total turnover
during the current FY stood at ` 5,11,329 crore. The
Central Government security segment recorded the
maximum turnover of ` 4, 23,638 crore followed by
Treasury bill segment which registered turnover
of ` 22,056 crore. Companys total turnover ratio
YKIUTJGX_SGXQKZYZGTJYGZZOSKYLUXZXKGY[X_
bills and 508 times for government-dated securities
as on March 31, 2015 against the minimum RBI
stipulation of 10 times and 5 times respectively.
432
400
300
200
120
93
100
G-sec 2013-14
2014-15
T Bill
33
Portfolio Size and Composition

Portfolio size and composition is a function of arbitrage opportunities and tradability. Company maintained high
NURJOTMULZXKGY[X_HORRYOT\OK]ULVUYOZO\KGXHOZXGMKGTJSOTOSGRXOYQ*GOR_G\KXGMKNURJOTMOT:XKGY[X_(ORRYJ[XOTM
the year stood at ÌXUXK]NKXKGYZNKVKGQNURJOTMOT:HORRYYZUUJGZ` 2,558 crore. Daily average holding
of Central Government Security during FY 2014-15 stood at ` 1,132 crore as against ` 1,015 crore in FY 2013-14.
Liability Mix
During the year, the Company judiciously utilized
different sources of borrowings viz. Call Money,
)URRGZKXGRO`KJ (UXXU]OTM GTJ 2KTJOTM 5HROMGZOUT
Repo, LAF, etc. for active fund management. The
average borrowings from all sources amounted to
` 3,234 crore as against ` 2,891 crore in FY 201314. The average leverage during the year was
4.60 times against 4.43 times in FY 2013-14, while
the maximum leverage for the year stood at 6.11
ZOSKY ZNK 45,:NK G\KXGMK IUYZ UL L[TJY J[XOTM
ZNK YIGR ZNXU[MN )GRR )(25 KZI YZUUJ GZ
per cent, lower than 8.16 per cent during the last
year and the same was about 9 basis points lower
ZNGT ZNK G\KXGMK 49+ U\KXTOMNZ 3/(58 UL
per cent during the year.
Liability Mix
3GXQKZ8KVU
28%
Call Money
31%
8KTGTIK
10%
LAF
18%
)(25
13%
Trading Stance and Risk Management

*[XOTM,?ZNK_OKRJUTZNKHKTINSGXQZKT_KGXYKI[XOZ_JKIXKGYKJH_HGYOYVUOTZYGTJZNK)USVGT_
posted trading income of ` 75.85 crore. Company maintained a balanced composition of securities with an aim to
SGÔSO`KGXHOZXGMKOTIUSKGTJGRYUZUNG\KHKZZKXZXGJOTMUVVUXZ[TOZOKY8OYQSGTGMKSKTZOYGIXOZOIGRKRKSKTZUL
)USVGT_rYZXGJOTMH[YOTKYY:NK)USVGT_rYSOJULIKOYVXOSGXOR_XKYVUTYOHRKLUXLUXS[RGZOTMGTJOSVRKSKTZOTM
ZNK XOYQ SGTGMKSKTZ VUROIOKY <GR[KGZ8OYQ <G8 6<(6 ROSOZY YKTYOZO\OZ_ GTGR_YOY GTJ I[ZRUYY VUROIOKY LUXS
ZNK IUXK UL SGXQKZ XOYQ SGTGMKSKTZ Y_YZKS )U[TZKXVGXZ_ K^VUY[XK ROSOZY GTJ OTYZX[SKTZ]OYK K^VUY[XK ROSOZY
]KXKZNKVXOSGX_ZUURY[YKJLUXSGTGMOTMZNKIXKJOZXOYQOTZNKH[YOTKYY9OSORGXR_]KRRKYZGHROYNKJY_YZKSYGTJ
VXUIKJ[XKYVXU\OJKGJKW[GZKJKLKTYKGMGOTYZZNKUVKXGZOUTGRXOYQ
Financial Performance
*[XOTMZNK_KGXZNK)USVGT_rY6XUZ(KLUXK:G^XUYKZU` 133.89 crore as against ` 90.70 crore in the previous
_KGX:NKVXUZGHOROZ_]GYOSVXU\KJH_P[JOIOU[YR_ZGQOTMGJ\GTZGMKULGXHOZXGMKUVVUXZ[TOZOKYH_ZNK)USVGT_GTJ
improved trading performance. During the year, the Company registered trading income of ` 75.85 crore.
:NK4KZ=UXZNULZNK)USVGT_OTIXKGYKJH_TKGXR_VKXIKTZZU` 718.06 crore as on March 31, 2015 as against
` 662.53 crore in previous year. The Company is adequately capitalized with Capital Adequacy Ratio of 65.07 per cent
GYUT3GXINGMGOTYZ8(/rYSOTOS[SYZOV[RGZOUTULVKXIKTZ(KYOJKYXUH[YZXOYQSGTGMKSKTZY_YZKSY
QKVZZNK)USVGT_rYXOYQVXURKOTINKIQZNXU[MNU[ZZNK_KGX
Human Resource Development
Human resource development is given high weightage and company employs the best HR practices to ensure a
NKGRZN_GTJSUZO\GZOTM]UXQKT\OXUTSKTZLUXOZYKSVRU_KKY+SVRU_KKYQORRYGXKIUTYZGTZR_[VMXGJKJH_VXU\OJOTM
ZXGOTOTM Y[OZGHRK ZU OTJO\OJ[GR XKW[OXKSKTZY (KYOJKY /TNU[YK RKIZ[XKY GTJ ]UXQYNUVY GXK GRYU IUTJ[IZKJ UT G
regular basis to stimulate healthy exchange of ideas.
34
Internal Control Systems

:NK )USVGT_ IUTYOJKXY ZNK OTZKXTGR IUTZXUR Y_YZKSY ZU HK G \KX_ YOMTOIGTZ VGXZ UL OZY )UXVUXGZK -U\KXTGTIK
VXGIZOIKY?U[X(UGXJNGYGJUVZKJZNKVUROIOKYGTJVXUIKJ[XKYLUXKTY[XOTMZNKUXJKXR_GTJKLIOKTZIUTJ[IZULOZY
business, including adherence to the Companys policies, the safeguarding of its assets, prevention and detection
of frauds etc. As a part of this control system, your Board appoints Internal Auditor as well. For the year 2014-15,
ZNK(UGXJGVVUOTZKJ3Y+XTYZ?U[TM226GYZNK/TZKXTGR'[JOZUXULZNK)USVGT_:NKYIUVKUL/TZKXTGR'[JOZ
included audit of treasury transactions on a monthly basis and reporting to the Audit Committee of the Board that the
IUSVGT_NGYUVKXGZKJ]OZNOTZNKROSOZYUL\GXOU[YXOYQVGXGSKZKXYRGOJJU]TH_ZNK(UGXJ8KYKX\K(GTQUL/TJOG
GTJUZNKXYZGZ[ZUX_G[ZNUXOZOKY(KYOJKYZNKYGOJXSGRYUG[JOZKJGTJXK\OK]KJZNKXKRGZKJVGXZ_ZXGTYGIZOUTYUT
SUTZNR_HGYOYGTJQK_H[YOTKYYVXUIKYYKYOTIR[JOTM/:Y_YZKSYULZNK)USVGT_UTW[GXZKXR_HGYOY'RRZNKXKVUXZY
of the Internal Auditors were submitted to the Audit Committee.
SWOT analysis
Strengths and Weaknesses
:NK )USVGT_ OY ZNK UTR_ ROYZKJ 6XOSGX_ *KGRKX OT ZNK IU[TZX_ GTJ NGY IUTYOYZKTZR_ JOYVRG_KJ YZXUTM TGTIOGR
NKGRZN J[XOTM VXK\OU[Y _KGXY :NK VXUZ LUX ,? YZUUJ GZ ` 133.89 crores as against ` 90.70 crore in
FY 2013-14 which is 48 per cent higher than the previous year. The Capital Adequacy Ratio of the company is 65.07
VKXIKTZSUXKZNGTZNK8(/YZOV[RGZOUTULVKXIKTZ]NOINXKKIZYYU[TJTKYYGTJY[YZGOTGHOROZ_ULZNKIUSVGT_
U\KXRUTMZKXS:NK)USVGT_NGYXUH[YZXOYQSGTGMKSKTZGTJXKYKGXINJKVGXZSKTZXKYVUTYOHRKLUXSUTOZUXOTM
analysis and compliance. A strong compliance culture prevails across the organization, pursuant to its strategic
MUGRYULZXGTYVGXKTI_GTJZX[YZGSUTMGRROZYYZGQKNURJKXY
The Company is actively involved in trading in government securities, corporate bonds and equity products; although
its share of trading in corporate bonds, equity and equity derivatives is relatively lower.
Opportunities and Threats
2UUQOTMGNKGJZNKSGIXUKIUTUSOIKT\OXUTSKTZOT,?OYK^VKIZKJZUOSVXU\K]OZNYIGRVUROI_MKGXOTMZU
an investment-led growth strategy and monetary policy using available room for accommodation. Large decline in
IUSSUJOZ_VXOIKYGTJZNKHKTOMTOTGZOUTU[ZRUUQLUXZNKTKGXZKXSYNU[RJVXU\OJKGHUUYZZUMXU]ZN)USLUXZGHRK
ROW[OJOZ_IUTJOZOUTYYNU[RJKTGHRKHGTQYZUZXGTYSOZZNKXKIKTZXKJ[IZOUTYOTZNKVUROI_XGZKOTZUZNKOXRKTJOTMXGZKY
ZNKXKH_OSVXU\OTMTGTIOTMIUTJOZOUTYLUXZNKVXUJ[IZO\KYKIZUXYULZNKKIUTUS_!:NKYKLGIZUXYYNGRRL[XZNKXVXU\OJK
IUTJKTIKZUVXO\GZKOT\KYZSKTZGTJZUMKZNKX]OZNZNKIUTJ[IO\KU[ZRUUQUTOTGZOUTJKRO\KXXKGROTIUSKMGOTYZU
IUTY[SKXYGTJRU]KXOTV[ZIUYZGJ\GTZGMKYZUIUXVUXGZKY(KYOJKYZNKYIGRU[ZRUUQUZNKXLGIZUXYOTIR[JOTMVXO\GZK
IXKJOZULLZGQKIGVOZGRU]YGTJZNKOTZKXKYZXGZKI_IRKOSVGIZZNKMU\KXTSKTZSGXQKZHUXXU]OTMVXUMXGSSK:NK
TKZSGXQKZHUXXU]OTMULZNKIKTZXGRMU\KXTSKTZLUX,?NGYHKKTH[JMKZKJGZ` 4,56,406 crore, as against
ÌXUXKJ[XOTMZNKRGYZYIGR_KGX8(/rYYZGTIKGTJZNKSUTKZGX_VUROI_K^VKIZGZOUTYIUTYZOZ[ZKZNKXUUZ
ULK\KX_YZXGZKM_LUXS[RGZKJZUZXGJKOTHUTJSGXQKZY.U]K\KXVUROI_KGYOTM]U[RJHKJKVKTJKTZUTIUTZOT[OTM
JOYOTGZOUTGX_ VXKYY[XKY Y[YZGOTKJ NOMN W[GROZ_ YIGR IUTYUROJGZOUT GY ]KRR GY YZKVY ZGQKT ZU U\KXIUSK Y[VVR_
IUTYZXGOTZY:NKSUJKXGZOUTOTOTGZOUTSG_HKNGSVKXKJJ[KZU[TYKGYUTGRXGOTY+R4OTUK^VKIZGZOUT9NUXZLGRROT
monsoon and increase in commodity prices. At the liquidity front, RBI shall ensure comfortable liquidity conditions
ZNXU[MNVXUGIZO\KROW[OJOZ_SGTGMKSKTZOTIR[JOTMTKZ[TOTMUVKXGZOUTYUT]KKQJG_YGTJGIIKYYZUZNK39,
:NKIUSVGT_VXUVUYKYZUHKTOSHRKLUUZKJOTZXGJOTMGTJGRYURUUQLUXSUXKYZGHRKG\KT[KYULXK\KT[KZUSGOTZGOT
IUTYOYZKTI_OTZNKXKZ[XTYZUZNKYZGQKNURJKXY

6RGIK 4K]*KRNO
(Gauri Shankar)
Chairman
*/4
35
REPORT ON CORPORATE GOVERNANCE
CQORCP[U 2JKNQUQRJ[ QP CQFG QH CQTRQTCVG )QXGTPCPEG
)UXVUXGZK-U\KXTGTIKLUXZNK)USVGT_SKGTYGINOK\OTMNOMNRK\KRULGIIU[TZGHOROZ_KLIOKTI_XKYVUTYOHOROZ_
GTJ LGOXTKYY OT GRR GXKGY UL UVKXGZOUT 5[X ]UXQLUXIK OY IUSSOZZKJ ZU]GXJY ZNK VXUZKIZOUT UL ZNK OTZKXKYZ UL
ZNKYZGQKNURJKXY\O`YNGXKNURJKXYIXKJOZUXYOT\KYZUXYI[YZUSKXYKSVRU_KKYKZI5[XVUROIOKYIUTYOYZKTZR_
[TJKXMUOSVXU\KSKTZYQKKVOTMOTSOTJU[XMUGROKSGÔSOYGZOUTUL\GR[KULGRRZNKYZGQKNURJKXY
|
CWTV^P[XbPRWXTeTScWa^dVW)
Infusion of best expertise in the Board.
Consistent monitoring and improvement of the human and physical resources.
/TZXUJ[IOTMXKM[RGXINKIQYG[JOZYGTJIUTZOT[U[YOSVXU\KSKTZYOT]KRRJKTKJY_YZKSYGTJVXUIKJ[XKY
(UGXJ)USSOZZKKSKKZOTMYGZXKM[RGXOTZKX\GRYZUQKKVZNK(UGXJOTLUXSKJULZNKXKIKTZNGVVKTOTMY
$QCTF QH &KTGEVQTU
The Board of Directors is the apex body constituted by shareholders for overseeing the Companys overall
functioning. The Board provides and evaluates the Companys strategic direction, management policies and their
effectiveness, and ensures that shareholders long term interests are being served. The Board has constituted
\K)USSOZZKKYGZ(UGXJRK\KRTGSKR_'[JOZ)USSOZZKK4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKK)UXVUXGZK
9UIOGR8KYVUTYOHOROZ_)USSOZZKK9ZGQKNURJKXYr8KRGZOUTYNOV)USSOZZKKGTJ9NGXK:XGTYLKX/YY[KUL*[VROIGZK
9NGXK)KXZOIGZKY)USSOZZKK:NK(UGXJOYG[ZNUXO`KJZUIUTYZOZ[ZKGJJOZOUTGRL[TIZOUTGR)USSOZZKKYLXUSZOSK
to time, depending on business needs. The Companys internal guidelines for Board and its Committee meetings
LGIOROZGZKZNKJKIOYOUTSGQOTMVXUIKYYGZOZYSKKZOTMYOTGTOTLUXSKJGTJKLIOKTZSGTTKX
1. Composition of the Board

The composition of the Board of Directors is an optimum combination of executive and non- executive directors
]NOINL[RRRYZNKXKW[OXKSKTZGYYZOV[RGZKJH_ZNK)RG[YKULZNK2OYZOTM'MXKKSKTZOK)UXVUXGZK-U\KXTGTIK
:NK(UGXJUL*OXKIZUXYNGYZUZGRKOMNZJOXKIZUXYU[ZUL]NOINZ]UGXK+^KI[ZO\K*OXKIZUXYGTJYO^TUT+^KI[ZO\K
Directors (including four Independent Directors).
:NKSKSHKXYULZNK(UGXJGXKLXUSJO\KXYKHGIQMXU[TJ]OZNXKW[OYOZKYQORRYGTJK^VKXOKTIKOTIXOZOIGRGXKGY
ROQK TGTIK ZXKGY[X_ N[SGT XKYU[XIK RKMGR MKTKXGR SGTGMKSKTZ KZI :NK (UGXJ XK\OK]Y OZY YZXKTMZN GTJ
composition from time to time to ensure that it remains aligned with the statutory as well as business requirements.
As on March 31, 2015, the composition of the Board was as follows Sh. Gauri Shankar */4 3GTGMOTM *OXKIZUX )NOKL +^KI[ZO\K 5LIKX v 6[TPGH 4GZOUTGR (GTQ
64(OYZNK4UT+^KI[ZO\K*OXKIZUXULZNK)USVGT_+GXROKXNK]GY-KTKXGR3GTGMKX]OZN(GTQUL/TJOG.K
NGY_KGXYULXOINK^VKXOKTIKOT(GTQOTM/TJ[YZX_.OYLUXZKNGYHKKTTGTIKYZXGZKM_VRGTTOTMGTJ.8
JK\KRUVSKTZ.KNGYGRYU]UXQKJOTZNKIGVGIOZ_UL),5UL(GTQUL/TJOG.KOYGRYU)NGOXSGTUL64(.U[YOTM
,OTGTIK2ZJGTJ64(/T\KYZSKTZ9KX\OIKY2ZJGTJ*OXKIZUXUTZNK(UGXJUL64(3KZ2OLK/TJOG/TY[XGTIK)U
2ZJGTJ09)9(64(1G`GQNGYZGT
Sh. K. V. Brahmaji Rao1*/4 +^KI[ZO\K*OXKIZUXv64(OY4UT+^KI[ZO\K*OXKIZUXULZNK)USVGT_
6XOUXZUNOYGYYOMTSKTZOT64(NK]GYZNK-KTKXGR3GTGMKXUL<OPG_G(GTQ.KOYNG\OTM_KGXYK^VKXOKTIK
OT ZNK HGTQOTM OTJ[YZX_ ]OZN YVKIOGRO`GZOUT OT /TZKMXGZKJ 8OYQ 3GTGMKSKTZ 3GTGMKSKTZ'J\OYUX_ 9KX\OIKY
:XKGY[X_,OTGTIKKZI.KOY*OXKIZUXUTZNK(UGXJUL64(/T\KYZSKTZ9KX\OIKY2ZJ
GRYUQTU]TGY9N1<(XGNSGPKK8GU
36
Dr. O. P. Chawla*/4 /TJKVKTJKTZ*OXKIZUXOYGTGIGJKSOIOGT.K]GYKGXROKX*OXKIZUXUL4GZOUTGR

/TYZOZ[ZKUL(GTQ3GTGMKSKTZ6[TK.KOY*OXKIZUXUTZNK(UGXJUL9NXKK8GS;XHGT/TLXGYZX[IZ[XK2ZJ
Dr. Kamal Gupta*/4 /TJKVKTJKTZ*OXKIZUXOYGW[GROKJ)NGXZKXKJ'IIU[TZGTZ.K]GYKGXROKX
Technical Director of the Institute of Chartered Accountants of India. Besides, he is also holding the position as a
*OXKIZUXOT8GPGYZNGT9VOTTOTM=KG\OTM3ORRY2ZJ.+-2ZJ3GXGR5\KXYKGY2ZJ3GRGTG6U]KX)USVGT_
2ZJ'*._JXU6U]KX2ZJGTJ(NOR]GXG+TKXM_2ZJ
Sh. S. K. Soni*/4 /TJKVKTJKTZ*OXKIZUXOYNG\OTMXOINK^VKXOKTIKUL_KGXYOTHGTQOTMOTJ[YZX_
.KXKZOXKJLXUS5XOKTZGR(GTQUL)USSKXIKGY)NGOXSGTGTJ3GTGMOTM*OXKIZUX.KOY*OXKIZUXUTZNK(UGXJUL
;ZZGS<GR[K9ZKKRY2ZJ
Sh. P. P. Pareek*/4 /TJKVKTJKTZ*OXKIZUXOYGVXGIZOYOTM)NGXZKXKJ'IIU[TZGTZ.KOYGYKTOUX
partner of M/s S. Bhandari & Co. for the last 32 years. He was member of Central Council and Standing
)USSOZZKKYROQK+^KI[ZO\K)USSOZZKKGTJ+^GSOTGZOUT)USSOZZKKULZNK/TYZOZ[ZKUL)NGXZKXKJ'IIU[TZGTZYUL
/TJOG6XKYKTZR_NKOY*OXKIZUXUL0GS[TG*XKGS+YZGZKY6\Z2ZJGTJ8GPGYZNGT9ZGZK3OTKY3OTKXGRY2ZJ
Sh. S. K. Dubey */4 OY ZNK 3GTGMOTM *OXKIZUX UL )USVGT_ YOTIK ,KHX[GX_ 6XOUX ZU ZNOY
GYYOMTSKTZNKNKGJKJZNK:XKGY[X_*O\OYOUTGTJ/TZKXTGZOUTGR(GTQOTM*O\OYOUTUL6[TPGH4GZOUTGR(GTQ.K
OYNG\OTMGXOINK^VKXOKTIKULGXU[TJ_KGXYOT\GXOU[YYKTOUXIGVGIOZOKYOTZNK64(MXU[V.KOY*OXKIZUXUT
the Board of Primary Dealers Association of India.
Smt. Sunita Gupta*/4 OYZNK+^KI[ZO\K*OXKIZUXGTJ),5ULZNK)USVGT_9NKOYNG\OTM\GYZ
K^VKXOKTIKOTZXKGY[X_UVKXGZOUTY9NKYKX\KJGYGT+IUTUSOYZOT64(LUXGXU[TJ_KGXYGTJOYNG\OTMGT
experience of 16 years in the Company in various senior capacities.
Other information regarding the Board as on March 31, 2015 is given below:
Name of the
Directors
1.
Category
No. of other Directorships and Committee Memberships/

Chairmanships1
Directorships
Committee
Memberships
Committee
Chairmanships
9N-G[XO9NGTQGX
4UT+^KI[ZO\K
4UT/TJKVKTJKTZ
9N1<(XGNSGPO8GU
4UT+^KI[ZO\K
4UT/TJKVKTJKTZ
*X56)NG]RG
4UT+^KI[ZO\K
Independent
*X1GSGR-[VZG
4UT+^KI[ZO\K
Independent
9N919UTO
4UT+^KI[ZO\K
Independent
9N666GXKKQ
4UT+^KI[ZO\K
Independent
9N91*[HK_
+^KI[ZO\K
Smt. Sunita Gupta
+^KI[ZO\K
In terms of Clause 49 of the listing agreement, only two committees viz. the Audit Committee and the Shareholders Grievance Committee
of public limited companies are considered for this purpose.
'
YUT3GXINTUTKULZNK*OXKIZUXYKÎKVZ9N666GXKKQ]NUNURJYYNGXKYULZNK)USVGT_
holds any shares / convertible instruments of the Company.
37
There are no inter-se relationships between the Directors.

2. Meetings of the Board
During the year 2014-15, seven Board Meetings were held on April 26, 2014, June 26, 2014, July 26, 2014,
4U\KSHKX0GT[GX_,KHX[GX_GTJ3GXIN
Attendance record of the Directors in the above meetings and last AGM is as under:
Names of Directors
No. of Board Meetings attended
Attended last AGM held on

August 30, 2014
4'
4'
*X56)NG]RG
*X1GSGR-[VZG
9N919UTO
9N181GSGZN1
9N-G[XO9NGTQGX
9N1<(XGNSGPO8GU
9N666GXKKQ
9N613UNGVGZXG4
9N91*[HK_
Smt. Sunita Gupta
8KYOMTKJLXUSZNK*OXKIZUXYNOVGTJ)NGOXSGTYNOVULZNK)USVGT_]OZNKLLKIZLXUS5IZUHKX
Appointed as an Additional Director on March 25, 2015.
3
'VVUOTZKJGYGT'JJOZOUTGR*OXKIZUXUT4U\KSHKX
4
Resigned from the Directorship of the Company with effect from March 24, 2015.
5
'VVUOTZKJGY=NURKZOSK*OXKIZUX]OZNJKYOMTGZOUTGY+^KI[ZO\K*OXKIZUX),5UT0[TK
2
3. Committees of the Board

(A) Audit Committee
The Audit Committee formed in pursuance of Clause 49 of the Listing Agreement, and Section 177 of the
)USVGTOKY'IZGTJ8(/M[OJKROTKYOYOTYZX[SKTZGROTU\KXYKKOTMZNKTGTIOGRXKVUXZOTMHKYOJKY
XK\OK]OTM ZNK W[GXZKXR_ NGRL_KGXR_ GTT[GR TGTIOGR XKY[RZY UL ZNK )USVGT_ :NK ZKXSY UL XKLKXKTIK
of the Committee are as per Clause 49 of the Listing Agreement and Section 177 of the Companies
Act, 2013 and Rules made thereunder. Pursuant to the terms of reference the Audit Committee shall
XK\OK] )USVGT_rY TGTIOGR GTJ XOYQ SGTGMKSKTZ VUROIOKY GTJ ZNK OTZKXTGR IUTZXUR Y_YZKSY OTZKXTGR
audit systems, etc. through discussions with internal/external auditors and management.
During the year 2014-15, six meetings of the Committee were held. The composition and attendance of
Members is as under:
Names of Directors
Position held in the

Committee
No. of Committee Meetings

attended
*X1GSGR-[VZG
Chairman
*X56)NG]RG
Member
9N919UTO
Member
Member
Member
9N666GXKKQ
9N613UNGVGZXG
1
38
Ceased to be member on March 24, 2015.
3Y3UTOQG1UINGX)USVGT_9KIXKZGX_GIZYGYZNK9KIXKZGX_ZUZNK)USSOZZKK
(B) Share Transfer and Issue of Duplicate Share Certificates Committee

During the year 2014-15, twenty seven meetings of the said Committee were held.
:NK IUSVUYOZOUT UL 9NGXK :XGTYLKX GTJ /YY[K UL *[VROIGZK 9NGXK )KXZOIGZKY )USSOZZKK GTJ ZNK
attendance record of the Members is as under:
Names of the Directors

Committee
No. of Committee
Meetings attended
Chairman
26
*X1GSGR-[VZG
Member
27
9N91*[HK_
Member
25
9N919UTO
:NK)USVROGTIK5LIKXLUXZNKYGOJ)USSOZZKKOY3Y3UTOQG1UINGX)USVGT_9KIXKZGX_
(C) Stakeholders Relationship Committee

During the year 2014-15, twelve meetings of the Committee were held.
:NKIUSVUYOZOUTUL9ZGQKNURJKXY 8KRGZOUTYNOV)USSOZZKKGTJZNKGZZKTJGTIKXKIUXJYULZNK3KSHKXY
is as under:

Committee
No. of Committee
Meetings attended
Chairman
11
*X1GSGR-[VZG
Member
12
9N91*[HK_
Member
11
9N919UTO
The Company attends to investor grievances/correspondence expeditiously and usually reply is sent
within a period of 5 to 7 days of receipt, except in the cases that are constrained by disputes or legal
impediments.
*[XOTM ZNK _KGX ZNK )USVGT_ NGJ XKIKO\KJ IUSVRGOTZY SUYZR_ OT ZNK TGZ[XK UL qW[KX_r LXUS ZNK
shareholders / investors. All the complaints have been redressed to the satisfaction of the complainants.
4UYNGXKNURJKXOT\KYZUXIUSVRGOTZ]GYVKTJOTMGYUT3GXIN
:NK)USVROGTIK5LIKXLUXZNKYGOJ)USSOZZKKOY3Y3UTOQG1UINGX)USVGT_9KIXKZGX_
(D) Nomination and Remuneration Committee

:NK 4USOTGZOUT )USSOZZKK ]GY IUTYZOZ[ZKJ H_ ZNK (UGXJ HKLUXK KTGIZSKTZ UL ZNK )USVGTOKY 'IZ
'LZKXKTGIZSKTZZNK(UGXJOTOZYXYZSKKZOTMNKRJUT'VXORINGTMKJZNKTUSKTIRGZ[XK
ULYGOJ)USSOZZKKZU4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKKOTGIIUXJGTIK]OZNZNKYGOJ'IZ:NK
Committee was also reconstituted in the same meeting.
:NK )USSOZZKK OY OTYZX[SKTZGR OT OJKTZOL_OTM VKXYUTY W[GROKJ ZU HKIUSK *OXKIZUXY UX VGXZ UL YKTOUX
management in accordance with the criteria laid down by the Board, to carry out evaluation of every
Directors performance, to recommend to the Board a policy, relating to the remuneration for the Directors,
QK_SGTGMKXOGRVKXYUTTKRGTJUZNKXKSVRU_KKYGTJ(UGXJ*O\KXYOZ_KZI:NKZKXSYULXKLKXKTIKULZNK
Committee are as per the provisions of the Companies Act, 2013, Clause 49 of the Listing Agreement
and RBI guidelines. Pursuant to the terms of reference, the said Committee deals with matter of the
appointment / reappointment of Directors and their remuneration etc and submits its recommendations to
the Board for approval. The appointment of such directors is subsequently approved by the shareholders
at the Annual General Meeting.
39
During the year 2014-15, seven Committee meetings were held. The composition of Committee and
attendance of the Members is as under:
*X56)NG]RG
No. of Committee
Meetings attended
Chairman
9N1<(XGNSGPO8GU1
Member
9N919UTO
Member
Member
9N613UNGVGZXG
1
Position held in
the Committee
/TJ[IZKJGYGSKSHKXUT4U\KSHKX
Ceased to become member on March 24, 2015
The details relating to remuneration of Directors and disclosure regarding Remuneration Policy, as
required under Clause 49 of the Listing Agreement, have been given under a separate section, viz.
q*OXKIZUXYr8KS[TKXGZOUTrOTZNOYXKVUXZ
(E) Corporate Social Responsibility (CSR) Committee

During the year 2014-15, four CSR Committee meetings were held. The composition of the Committee
and attendance of the Members is as under:

Committee
No. of Committee
Meetings attended
9N1<(XGNSGPO8GU1
Chairman
Member
9N91*[HK_
Member
9N613UNGVGZXG
Member
*X1GSGR-[VZG
/TJ[IZKJGY)NGOXSGTUT4U\KSHKX:ORRNOYOTJ[IZOUT*X1GSGR-[VZGGIZKJGY)NGOXSGTGTJ9N613UNGVGZXG
acted as member.
The terms of reference of the CSR Committee are as per the provisions of the Companies Act, 2013.
II
&KTGEVQTU RGOWPGTCVKQP
:NK )USVGT_rY 8KS[TKXGZOUT 6UROI_ LUX *OXKIZUXY 1K_ 3GTGMKXOGR 6KXYUTTKR GTJ UZNKX KSVRU_KKY OY
annexed as Annexure A to the Boards Report. Further, the Company has devised a policy for performance
evaluation of directors, Board and Committees.
The Companys remuneration policy is directed towards rewarding performance based on achievement of
results and attracting and retaining the best talent
40
3GZZKXY UL XKS[TKXGZOUT UL 3GTGMOTM *OXKIZUX GTJ +^KI[ZO\K *OXKIZUX GXK IUTYOJKXKJ H_ ZNK (UGXJ UL
Directors of the Company, with the Interested Directors not participating. The terms of remuneration of these
Directors are approved by the shareholders at the general body meeting. The details of remuneration paid
ZUZNK3GTGMOTM*OXKIZUXGTJ+^KI[ZO\K*OXKIZUXOTZNKTGTIOGR_KGXGXKGY[TJKX
(` in lacs)
Sh. S. K. Dubey
Managing Director**
Smt. Sunita Gupta

Executive Director & CFO
Salary
20.02
16.04
Perquisites and allowances
0.63
1.44
Companys Contribution to PF
4OR
1.34
6KXLUXSGTIK2OTQKJ/TIKTZO\K
8.75
5.10
VGOJGYVKXZNKVKXLUXSGTIKK\GR[GZOUTIXOZKXOGRGOJJU]TUTZNKXKIUSSKTJGZOUTULZNK4USOTGZOUTGTJ8KS[TKXGZOUT)USSOZZKK
and approved by the Board.
(KOTMGTK^KSVRU_KKUL64(NKGRYUXKIKO\KYVKTYOUTLXUS64(
:NKZKT[XKULULIKUL3GTGMOTM*OXKIZUX]GY[VZU0[TKGTJZNKYGSKNGYHKKTK^ZKTJKJ[VZU
June 30, 2016 by the Board in its meeting held on April 29, 2015. The said extension is subject to approval
of the shareholders at the ensuing Annual General Meeting.
:NKZKT[XKULULIKUL+^KI[ZO\K*OXKIZUXGTJ),5OY[VZU'[M[YZ
Service conditions of both these Directors are governed by the service regulations of the Company. As per
Regulation 15(iii) of the service regulations, their services can be terminated by a notice period of 3 months.
4UUZNKXYK\KXGTIKLKKYOYVG_GHRK
:NK )USVGT_ VG_Y YOZZOTM LKKY ZU OZY 4UT+^KI[ZO\K *OXKIZUXY LUX GZZKTJOTM ZNK (UGXJ )USSOZZKK GTJ
other Meetings. Sitting fee payable for attending the meetings of Board and its Committee is ` 10000/- per
Board meeting and `VKX)USSOZZKKUZNKXSKKZOTMXKYVKIZO\KR_:NKYGSKOY^KJH_ZNK(UGXJGTJ
is within the limits prescribed under the Companies Act, 2013 and Rules made thereunder. In addition, the
)USVGT_GRYUVG_YU[ZULVUIQKZK^VKTYKYOTI[XXKJH_ZNKSLUXGZZKTJOTMY[INSKKZOTMY
:NKJKZGORYULYOZZOTMLKKYVGOJZU4UT+^KI[ZO\K*OXKIZUXYJ[XOTMZNKTGTIOGR_KGXOYGY[TJKX
(in `)
Sitting Fees**
9N181GSGZN
30000/-
9N-G[XO9NGTQGX
10000/-
9N1<(XGNSGPO8GU
65000/-
*X56)NG]RG
130000/-
*X1GSGR-[VZG
300000/-
9N919UTO
335000/-
9N666GXKKQ
80000/-
9N613UNGVGZXG
80000/-
9OZZOTMLKKVG_GHRKZUZNKYKVXUSUZKXJOXKIZUXYNGYHKKTVGOJZU6[TPGH4GZOUTGR(GTQ]NUOYZNKVXUSUZKXULZNK)USVGT_GYVKX
ZNKOTYZX[IZOUTYXKIKO\KJLXUSYGOJHGTQJOXKIZUXY
'VVROIGHRKYKX\OIKZG^VGOJK^ZXG
4UUZNKXXKS[TKXGZOUTUXYZUIQUVZOUTOYOTVRGIK
III RGUWOG QH &KTGEVQTU 2TQRQUGF VQ DG ARRQKPVGF RG-ARRQKPVGF

The brief resume of Directors to be appointed or re-appointed is given in the explanatory statement/annexure
to the notice conveying the Annual General Meeting.
41
IV CQFG QH CQPFWEV HQT &KTGEVQTU CPF 5GPKQT MCPCIGOGPV

The Code of Conduct for Directors and Senior Management of the Company has been posted at the
Companys website (www.pnbgilts.com). All the Board Members and Senior Management Personnel have
GLXSKJZNKIUSVROGTIKULZNKYGOJ)UJKJ[XOTMZNK_KGX'JKIRGXGZOUTUL3*)+5ZUZNOYKLLKIZOY
also appended to this report.
CEOC(O CGTVKECVKQP
:NK3*GTJ),5ULZNK)USVGT_NGJY[HSOZZKJXKW[OXKJIKXZOIGZOUTZUZNK(UGXJGRUTM]OZNZNKGTT[GR
TGTIOGRYZGZKSKTZYGYVKXZNKVXU\OYOUTYUL)RG[YKUL2OYZOTM'MXKKSKTZ
VI )GPGTCN $QF[ MGGVKPIU

Location and time of last three Annual General Meetings (AGM) are as under:
Financial year
Venue
Date and time
2013-14
6[TPGH4GZOUTGR(GTQ'[JOZUXO[S)KTZXGR9ZGLL)URRKMK
;TJKX.ORR8UGJ)O\OR2OTKY*KRNO
August 30, 2014

at 1100 hrs.
2012-13
June 22, 2013

at 1100 hrs.
2011-12
July 28, 2012

at 1230 hrs.
During last year, no special resolution was passed through postal ballot.
4U YVKIOGR XKYUR[ZOUT ]GY VGYYKJ J[XOTM RGYZ ZNXKK'-3Y KÎKVZ ZNK UTK ]NOIN ]GY VGYYKJ OT ZNK RGYZ
AGM held on August 30, 2014 regarding borrowing powers of the Company under Section 180(1)(c) of the
Companies Act, 2013 and Rules made thereunder.
VII MCPCIGOGPV &KUEWUUKQP CPF APCN[UKU

Management Discussion and Analysis has been given separately in the Annual Report.
VIII &KUENQUWTGU
*[XOTMZNK)USVGT_JOJTUZNG\KGT_qSGZKXOGRR_YOMTOIGTZXKRGZKJVGXZ_ZXGTYGIZOUTYr]NOINOY
IUTYOJKXKJZUNG\KVUZKTZOGRIUTOIZ]OZNZNKOTZKXKYZYULZNK)USVGT_GZRGXMK4UTKUL*OXKIZUXOYXKRGZKJ
to each other.
:NKXK NGY TUZ HKKT GT_ TUTIUSVROGTIK VKTGRZOKY UX YZXOIZ[XKY OSVUYKJ UT ZNK )USVGT_ H_ ZNK 9ZUIQ
+ÎNGTMKY9+(/UXGT_UZNKXYZGZ[ZUX_G[ZNUXOZ_UTGT_SGZZKXXKRGZOTMZUZNKIGVOZGRSGXQKZYJ[XOTMZNK
last three years.
:NK)USVGT_NGYV[ZOTVRGIKZNK=NOYZRK(RU]KX6UROI_OTIR[JOTM<OMOR3KINGTOYS:NK'[JOZ)USSOZZKK
on time-to time basis reviews the functioning of the same and no employee / director has been denied
access to the Audit Committee.
The Company is complying with all the mandatory requirements as given under Clause 49 of Listing Agreement.
Compliance with respect to non-mandatory requirement(s) under the said clause is also given in this report.
I: MGCPU QH EQOOWPKECVKQP
Print
42
:NK)USVGT_V[HROYNKY[TG[JOZKJW[GXZKXR_TGTIOGRXKY[RZYGTJNGRL_KGXR_TGTIOGRXKY[RZYXK\OK]KJH_
9ZGZ[ZUX_'[JOZUXGTJG[JOZKJGTT[GRTGTIOGRXKY[RZYOTUTKTGZOUTGRTK]YVGVKXGTJUTKXKMOUTGRRGTM[GMK
TK]YVGVKX-KTKXGRR_ZNKYKGXKV[HROYNKJOT,OTGTIOGR+^VXKYYGTJ0GTYGZZG(KYOJKYTUZOIKULZNK(UGXJ
Meetings for approval of the aforesaid results and other notices / communications are also published in the
same newspapers.
Internet
,UXZNKTGTIOGRXKY[RZYGTJUZNKXOTLUXSGZOUTYNGXKNURJKXYSG_RUMUTZUZNK]KHYOZKULZNK)USVGT_]]]
pnbgilts.com.
)GPGTCN 5JCTGJQNFGT IPHQTOCVKQP

1. Annual General Meeting

<KT[K
Financial Year
September 19, 2015 at 11:00 a.m.

April 1, 2014 to March 31, 2015
*GZKUL(UUQ)RUY[XK
9KVZKSHKXZU9KVZKSHKX
(both days inclusive)
*O\OJKTJ6G_SKTZ*GZK
5IZUHKX
2. Listing on Stock Exchanges
Listed in September, 2000
(9+2ZJ
Phiroze Jeejeebhoy Towers,
*GRGR9ZXKKZ3[SHGOv

4GZOUTGR9ZUIQ+ÎNGTMKUL/TJOG2ZJ
+ÎNGTMK6RG`Gth,RUUX6RUZ4U)
-(RUIQ(GTJXG1[XRG)USVRK^
(GTJXG+3[SHGO
'TT[GRROYZOTMLKKULZNKGHU\KSKTZOUTKJ9ZUIQ+ÎNGTMKYNGYHKKTVGOJOTZOSK
3. Market Price Data: .OMNRU]YNGXKVXOIKJGZGOTKGINSUTZNJ[XOTMUT4GZOUTGR9ZUIQ+ÎNGTMK

is given as under :
20.55
Aug-14
23.60
20.75
Sep-14
24.00
21.00
5IZ
25.65
20.80
4U\
29.80
23.65
Dec-14
31.80
27.40
Jan-15
35.00
27.60
Feb-15
36.00
31.30
Mar-15
34.20
28.40
27
8500
22
7500
17
12
)4>4OLZ_
23.20
6500
64(-ORZY
Mar-14
July-14
32
Dec-14
21.05
4U\
24.65
5IZ
Jun-14
Sep-14
17.80
Jul-14
23.40
Aug-14
May-14
Stock Price Performance:

PNB Gilts Vs S&P CNX Nifty
Jun-14
Low (`)
17.00
Apr-14
High (`)
21.40
May-14
Month
Apr-14
Share Price (`) at the close of

the month
Feb-14

Jan-14
Date and time
)4>4OLZ_
Source : NSE website
43
Information on the daily share prices::NKW[UZKYIGTHKQTU]TLXUSGT_TGTIOGRJGOR_ROQK+IUTUSOI

:OSKY,OTGTIOGR+^VXKYY([YOTKYY9ZGTJGXJKZI:NK)USVGT_NGYHKKTSGXQKJ[TJKXMXU[V(H_
(9+

The Stock Code at BSE and NSE is as under:

(9+
49+ 64(-/2:9
4. Registrar and Share Transfer Agents:

MCS Share Transfer Agent Limited

F-65, 1st Floor
5QNRG/TJ[YZXOGR'XKG
6NGYK/4K]*KRNO
:KR4U
,G^4U
+SGOR NKRVJKYQJKRNO&SIYXKMOYZXGXYIUS
5. For the shareholders holding shares in physical form: Investors queries/requests for change in
GJJXKYYHGTQJKZGORYZXGTYLKXZXGTYSOYYOUTOYY[KULJ[VROIGZKYNGXKIKXZOIGZKYXKMOYZXGZOUTULKSGOR
IDs etc. may please be sent directly to MCS Share Transfer Agent Limited at the above address.
6. For the shareholders holding shares in dematerialised form: Shareholders holding shares in
KRKIZXUTOIJKSGZKXOGROYKJSUJKYNU[RJGJJXKYYGRRZNKOXIUXXKYVUTJKTIKROQKINGTMKULGJJXKYYHGTQ
details, registration of e-mail IDs etc. to their respective depository participants (DPs). The updation of
particulars in the records of the DP shall result in automatic updation of records of the Company.
7. Share Transfer / Dematerialisation System: The shares of the Company are traded compulsorily in
demat mode. Hence, most of the transfers are executed electronically. However, a few cases of transfer/
transmission are received by the Company/Registrar in physical mode. For transfer of shares in physical
SUJKZNK9NGXK:XGTYLKXGTJ/YY[KUL*[VROIGZK9NGXK)KXZOIGZKY)USSOZZKKSKKZK\KX_LUXZTOMNZ
,[XZNKXOTV[XY[GTIKUL9+(/rYIOXI[RGX8KIUTIOROGZOUTUL9NGXK)GVOZGR'[JOZOYGRYUHKOTMIUTJ[IZKJ
regularly on a quarterly basis. During the course of secretarial audit, no discrepancy in updation /
maintenance of the Register of Members or processing of the demat requests was found and the capital
held in physical mode and demat mode tallied with the issued capital.
&KUVTKDWVKQP QH 5JCTGJQNFKPI CU QP MCTEJ 1 2015

No. of equity
shares held
% of
Shareholders
No. of shares
held
% of
Shareholding
;VZU
25868
73.77
3730225
2.07
501-1000
4332
12.35
3356012
1.86
1001-2000
2362
6.74
3556303
1.98
2001-3000
717
2.04
1886621
1.05
3001-4000
358
1.02
1320331
0.73
4001-5000
327
0.93
1558107
0.87
5001-10000
557
1.59
4101725
2.28
543
1.56
160500810
89.16
35064
100.00
180010134
100.00
10001 and above

Total
44
No. of
Shareholders
5JCTGJQNFKPI RCVVGTP CU QP MCTEJ 1 2015

Particulars
No. of shares held
% of Shareholding
6XUSUZKX64(
133333333
74.07
,OTGTIOGR/TYZOZ[ZOUTY5ZNKX(GTQY3[Z[GR,[TJY;:/
and Insurance Companies
2018410
11.21
Bodies Corporates, Trust & Foundations
8097278
4.50
33813937
18.78
Indian Public and Directors

48/YGTJ,//Y
Total
|
2747176
1.53
180010134
100.00
)NCPEG CV ESWKV[ *KUVQT[ QH VJG CQORCP[

Date
Particulars of Issue
Number of
Shares
Total Number
of shares
Nominal value of
Shares (` lacs)
July, 1996
/TOZOGR+W[OZ_(GYK
50000000
50000000
5000.00
August, 1999
Issue of Bonus shares

in the ratio of 1:2
25000000
75000000
7500.00
September, 1999
Issue of Right shares

in the ratio of 1:3
25000000
100000000
10000.00
July, 2000
/TOZOGR6[HROI5LLKX
35007600
135007600
13500.76
June, 2013
Issue of Bonus shares

in the ratio of 1:3
44992534
180000134
18000.01
&GOCVGTKCNKUCVKQP QH UJCTGU
The shares of the Company are traded compulsorily in demat mode. At present (as on March 31, 2015)
99.70 per cent of the shareholding is held in demat mode.
There are no outstanding GDRs/ADRs/warrants or any convertible instruments.
7PENCKOGFWPRCKF FKXKFGPF
;TJKX9KIZOUT'ULZNK)USVGTOKY'IZZNKGSU[TZULJO\OJKTJXKSGOTOTM[TIRGOSKJLUX
GVKXOUJULYK\KT_KGXYLXUSZNKJGZKULZXGTYLKXULJO\OJKTJZUZNK;TVGOJ*O\OJKTJ'IIU[TZYNGRRHK
ZXGTYLKXXKJZUZNK/T\KYZUX+J[IGZOUTGTJ6XUZKIZOUT,[TJ/+6,4UIRGOSYNGRRROKGMGOTYZZNK)USVGT_
or the said Fund in respect of dividend amounts that remain unclaimed for a period of seven years from
ZNK JGZK UL ZXGTYLKX ZU ZNK ;TVGOJ *O\OJKTJ'IIU[TZ /T V[XY[GTIK UL GHU\K [TVGOJ[TIRGOSKJ TGR
JO\OJKTJLUXZNK_KGXOTZKXOSGTJTGRJO\OJKTJLUXZNK_KGXOTZKXOSGTJTGRJO\OJKTJ
LUXZNK_KGXOTZKXOSGTJTGRJO\OJKTJLUXZNK_KGXGTJOTZKXOSJO\OJKTJLUXZNK_KGX
NG\KGRXKGJ_HKKTZXGTYLKXXKJH_ZNK)USVGT_ZUZNK/T\KYZUX+J[IGZOUT6XUZKIZOUT,[TJ
The shareholders, who have not received or claimed the below mentioned dividends till now, are
XKW[KYZKJ ZU SGQK ZNK IRGOS GZ ZNK KGXROKYZ :NK LURRU]OTM JO\OJKTJ GSU[TZ XKSGOT [TIRGOSKJ GY GZ
March 31, 2015:
45
Financial Year
2007-08
(Final Dividend)
2008-09
(Final Dividend)
2009-10
(Final Dividend)
2010-11
(Final Dividend)
2011-12
(Final Dividend)
2012-13
(Final Dividend)
2013-14
(Final Dividend)
Amt of Unclaimed Dividend

dividend
as on 31.03.2015
(` Lacs)
(` Lacs)
2025.11
7.87
Unclaimed
dividend
Percentage
0.39
Last date for

Last date for
making claim* making transfer
to IEPF
1st Dec 2015
1st4U\
1080.06
4.94
0.46
20th Sep 2016
20th5IZ
1350.07
4.78
0.35
5th Sep 2017
5th5IZ
1620.09
5.96
0.37
31st Jul 2018
30th Aug 2018
1350.07
4.95
0.37
30th Aug 2019
29th Sep 2019
1350.08
5.28
0.39
23rd Jul, 2020
22nd Aug 2020
1620.09
7.14
0.44
1st5IZ
31st5IZ
:NK)USVGT_OYXKM[RGXR_YKTJOTMOTJO\OJ[GRGJ\OIKRKZZKXYGRUTM]OZNLUXSGZULOTJKSTOZ_HUTJZUYNGXKNURJKXY
for claiming their dividend(s) not claimed by them. It is hereby once again requested to shareholders who have
not yet claimed the said dividend(s), to lodge their claim with the Company by submitting an application and an
OTJKSTOZ_HUTJUTUXHKLUXKZNKRGYZJGZKLUXSGQOTMIRGOS'LUXSGZULOTJKSTOZ_HUTJOTZNOYXKYVKIZOYGRYU
G\GORGHRKGZZNK)USVGT_rY]KHYOZK]]]VTHMORZYIUS1OTJR_TUZKZNGZTUIRGOSYNGRRROKGMGOTYZZNK)USVGT_
UXZNK/+6,GLZKXZNKGLUXKSKTZOUTKJRGYZJGZKLUXSKKOTMIRGOS
Shareholders holding shares under more than one Folio/ Client ID: This is in the interest of the shareholders
who are holding shares under more than one Folio/Client ID that they get their holding consolidated under a
single Folio/Client ID. This leads to a better follow-up on their grievances. Further, this will also help in avoiding
multiple mailing of the Annual Reports, dividend instruments and other communication(s) to single person.
)UTYUROJGZOUTGRYUVXU\OJKYIUT\KTOKTIKOTSGOTZGOTOTMZNKZXGIQULYNGXKYOTHKYZGTJKGYOKYZSGTTKX
NQP-MCPFCVQT[ RGSWKTGOGPVU WPFGT VJG .KUVKPI AITGGOGPV: 1. The Board

)NGOXSGTULZNK(UGXJJUKYTUZSGOTZGOTNOYULIKGZZNKK^VKTYKULZNK)USVGT_
2. Shareholder Rights
:NKTGTIOGRXKY[RZYGXKG\GORGHRKUTZNK]KHYOZKULZNK)USVGT_]]]VTHMORZYIUS,[XZNKXZNKXKY[RZY
NGJGRYUHKKTV[HROYNKJOT,OTGTIOGR+^VXKYYGTJ0GTYGZZG
3. Audit Qualifications
:NK)USVGT_rYTGTIOGRYZGZKSKTZYGXKY[HPKIZZU9ZGZ[ZUX_GTJ)'-'[JOZGTJHUZNZNKG[JOZXKVUXZYGXK
[TW[GROKJ
4. Separate post of Chairman and Managing Director / CEO
The Company appoints separate persons to post of (a) Chairman; and (b) Managing Director.
5. Reporting of Internal Auditor
The Internal Auditor reports to Audit Committee through top management of the Company. The Internal
Auditors participate and discuss freely in each meeting of the Audit Committee and the reports submitted by
them, are discussed by the Audit Committee.
46
Compliance Officer and contact address

3Y3UTOQG1UINGX
)USVGT_9KIXKZGX_GTJ'YYU<OIK6XKYOJKTZ
64(-ORZY2ZJ
5, Sansad Marg
4K]*KRNO
Tel : 011-23325759/ 23325779
Fax : 011-23325751
+SGOR VTHMORZY&VTHMORZYIUSSQUINGX&VTHMORZYIUS

6RGIK 4K]*KRNO
5THKNGRLULZNK(UGXJUL*OXKIZUXY
(Gauri Shankar)
)NGOXSGT
*/4
47
DECLARATION
To
The Members of
64(-ORZY2ZJ
5, Sansad Marg
4K]*KRNOv
Dear Member,
/Z OY NKXKH_ IKXZOKJ ZNGZ GY VKX )RG[YK UL 2OYZOTM'MXKKSKTZ ZNK )UJK UL )UTJ[IZ LUX *OXKIZUXY GTJ 9KTOUX
Management Personnel has already been laid down and also posted on companys website (www.pnbgilts.com).
(GYKJUTZNKGLXSGZOUTYXKIKO\KJLXUS*OXKIZUXYGTJ9KTOUX3GTGMKSKTZ6KXYUTTKRGYIU\KXKJ[TJKXZNKYGOJ
)UJK/91*[HK_NKXKH_JKIRGXKZNGZGRRZNK*OXKIZUXYGTJ9KTOUX3GTGMKSKTZ6KXYUTTKRULZNKIUSVGT_NG\K
complied with the Companys Code of Conduct for Directors and Senior Management during the year 2014-15.
For and on behalf of Board
Dated : April 22, 2015
6RGIK 4K]*KRNO
(S. K. Dubey)
3GTGMOTM*OXKIZUX
*/4
AUDITOR'S CERTIFICATE
:NK3KSHKXYUL64(-ORZY2ZJ
5. Sansad Marg.
4K]*KRNO
=KNG\KK^GSOTKJZNKIUSVROGTIKULIUTJOZOUTYUL)UXVUXGZK-U\KXTGTIKH_64(-ORZY2ZJLUXZNK_KGXKTJKJ
31st3GXINGYYZOV[RGZKJOT)RG[YKULZNK2OYZOTM'MXKKSKTZULZNKYGOJIUSVGT_]OZNYZUIQKÎNGTMKY
:NKIUSVROGTIKULIUTJOZOUTYUL)UXVUXGZK-U\KXTGTIKOYZNKXKYVUTYOHOROZ_ULZNKSGTGMKSKTZ5[XK^GSOTGZOUT
was limited to procedures and implementation thereof adopted by the company for ensuring the compliance of
ZNK IUTJOZOUTY UL ZNK )UXVUXGZK -U\KXTGTIK /Z OY TKOZNKX GT G[JOZ TUX GT K^VXKYYOUT UL UVOTOUT UT ZNK TGTIOGR
statements of the company.
In our opinion and to the best of our information and according to the explanations given to us we certify that the
company has complied with the conditions of Corporate Governance as stipulated in the above mentioned Listing
Agreement.
We state that no investor grievance(s) is pending for a period exceeding one month against the company as per the
XKIUXJYSGOTZGOTKJH_ZNK9ZGQKNURJKXY8KRGZOUTYNOV)USSOZZKK
We further state that such compliance is neither an assurance as to the future viability of the company nor the
KLIOKTI_UXZNKKLLKIZO\KTKYY]OZN]NOINZNKSGTGMKSKTZNGYIUTJ[IZKJZNKGLLGOXYULZNKIUSVGT_
*GZKJ 'VXOR
6RGIK 4K]*KRNO
,UX1GVUUX:GTJUT)U
)NGXZKXKJ'IIU[TZGTZY
,84 )
(Himanshu Kapoor)
Partner
3KSHKXYNOV4U
48
FINANCIAL REVIEW
INDEPENDENT AUDITORS REPORT

To
The Members of the PNB Gilts Ltd.,
Report on the Financial Statements
=KNG\KG[JOZKJZNKGIIUSVGT_OTMTGTIOGRYZGZKSKTZYUL3Y64(-ORZY2ZJsZNK)USVGT_t]NOINIUSVXOYKZNK
(GRGTIK9NKKZGYGZ3GXINZNK9ZGZKSKTZUL6XUZGTJ2UYYGTJZNK)GYN,RU]9ZGZKSKTZLUXZNK_KGXZNKT
KTJKJGTJGY[SSGX_ULZNKYOMTOIGTZGIIU[TZOTMVUROIOKYGTJUZNKXK^VRGTGZUX_OTLUXSGZOUT
Managements Responsibility for the Financial Statements
:NK)USVGT_rY3GTGMKSKTZOYXKYVUTYOHRKLUXZNKVXKVGXGZOUTULZNKYKTGTIOGRYZGZKSKTZYZNGZMO\KGZX[KGTJ
LGOX \OK] UL ZNK TGTIOGR VUYOZOUT TGTIOGR VKXLUXSGTIK GTJ IGYN U]Y UL ZNK )USVGT_ OT GIIUXJGTIK ]OZN ZNK
'IIU[TZOTM9ZGTJGXJYXKLKXXKJZUOT9KIZOUTULZNK)USVGTOKY'IZsZNK'IZt:NOYXKYVUTYOHOROZ_OTIR[JKY
ZNKJKYOMTSGOTZKTGTIKULOTZKXTGRIUTZXURXKRK\GTZZUZNKVXKVGXGZOUTGTJVXKYKTZGZOUTULZNKTGTIOGRYZGZKSKTZY
ZNGZMO\KGZX[KGTJLGOX\OK]GTJGXKLXKKLXUSSGZKXOGRSOYYZGZKSKTZ]NKZNKXJ[KZULXG[JUXKXXUX
Auditors Responsibility
5[X XKYVUTYOHOROZ_ OY ZU K^VXKYY GT UVOTOUT UT ZNKYK TGTIOGR YZGZKSKTZY HGYKJ UT U[X G[JOZ =K IUTJ[IZKJ U[X
G[JOZOTGIIUXJGTIK]OZNZNK9ZGTJGXJYUT'[JOZOTMOYY[KJH_ZNK/TYZOZ[ZKUL)NGXZKXKJ'IIU[TZGTZYUL/TJOG:NUYK
9ZGTJGXJYXKW[OXKZNGZ]KIUSVR_]OZNZNKKZNOIGRXKW[OXKSKTZYGTJVRGTGTJVKXLUXSZNKG[JOZZUUHZGOTXKGYUTGHRK
GYY[XGTIKGHU[Z]NKZNKXZNKTGTIOGRYZGZKSKTZYGXKLXKKLXUSSGZKXOGRSOYYZGZKSKTZ
'TG[JOZOT\UR\KYVKXLUXSOTMVXUIKJ[XKYZUUHZGOTG[JOZK\OJKTIKGHU[ZZNKGSU[TZYGTJZNKJOYIRUY[XKYOTZNK
TGTIOGRYZGZKSKTZY:NKVXUIKJ[XKYYKRKIZKJJKVKTJUTZNKG[JOZUXrYP[JMSKTZOTIR[JOTMZNKGYYKYYSKTZUL
ZNKXOYQULSGZKXOGRSOYYZGZKSKTZULZNKTGTIOGRYZGZKSKTZ]NKZNKXJ[KZULXG[JUXKXXUX/TSGQOTMZNUYKXOYQ
GYYKYYSKTZYZNKG[JOZUXIUTYOJKXYZNKOTZKXTGRIUTZXURXKRK\GTZZUZNK)USVGT_rYVXKVGXGZOUTGTJLGOXVXKYKTZGZOUT
UL ZNK TGTIOGR YZGZKSKTZY OT UXJKX ZU JKYOMT G[JOZ VXUIKJ[XKY ZNGZ GXK GVVXUVXOGZK OT ZNK IOXI[SYZGTIKY'T
G[JOZ GRYU OTIR[JKY K\GR[GZOTM ZNK GVVXUVXOGZKTKYY UL GIIU[TZOTM VUROIOKY [YKJ GTJ ZNK XKGYUTGHRKTKYY UL ZNK
GIIU[TZOTMKYZOSGZKYSGJKH_ZNK3GTGMKSKTZGY]KRRGYK\GR[GZOTMZNKU\KXGRRVXKYKTZGZOUTULZNKTGTIOGR
YZGZKSKTZY
=KHKROK\KZNGZZNKG[JOZK\OJKTIK]KNG\KUHZGOTKJOYY[LIOKTZGTJGVVXUVXOGZKZUVXU\OJKGHGYOYLUXU[XG[JOZUVOTOUT
Opinion
/TU[XUVOTOUTGTJZUZNKHKYZULU[XOTLUXSGZOUTGTJGIIUXJOTMZUZNKK^VRGTGZOUTYMO\KTZU[YZNKTGTIOGRYZGZKSKTZY
MO\KZNKOTLUXSGZOUTXKW[OXKJH_ZNK'IZOTZNKSGTTKXYUXKW[OXKJGTJMO\KGZX[KGTJLGOX\OK]OTIUTLUXSOZ_]OZNZNK
GIIU[TZOTMVXOTIOVRKYGIIKVZKJOT/TJOG
G /TZNKIGYKULZNK(GRGTIK9NKKZULZNKYZGZKULGLLGOXYULZNK)USVGT_GYGZ3GXIN
H /TZNKIGYKULZNK9ZGZKSKTZUL6XUZ2UYYULZNKVXUZULZNK)USVGT_LUXZNK_KGXKTJKJUTZNGZJGZK
and
I /TZNKIGYKULZNK)GYN,RU]9ZGZKSKTZULZNKIGYNU]YLUXZNK_KGXKTJKJUTZNGZJGZK
50
Report on Other Legal and Regulatory Requirements

'Y XKW[OXKJ H_ ZNK )USVGTOKY '[JOZUXrY 8KVUXZ 5XJKX sZNK 5XJKXt OT ZKXSY UL Y[HvYKIZOUT UL
9KIZOUTULZNK'IZ]KMO\KOTZNK'TTK^[XKGYZGZKSKTZUTZNKSGZZKXYYVKIOKJOTVGXGMXGVNYGTJUL
ZNK5XJKX

'YXKW[OXKJH_9KIZOUTULZNK'IZ]KXKVUXZZNGZ
G =KNG\KUHZGOTKJGRRZNKOTLUXSGZOUTGTJK^VRGTGZOUTY]NOINZUZNKHKYZULU[XQTU]RKJMKGTJHKROKL]KXK
TKIKYYGX_LUXZNKV[XVUYKYULU[XG[JOZ
H /TU[XUVOTOUTVXUVKXHUUQYULGIIU[TZYGYXKW[OXKJH_RG]NG\KHKKTQKVZH_ZNK)USVGT_YULGXGYOZ
GVVKGXYLXUSU[XK^GSOTGZOUTULZNUYKHUUQY
I :NK(GRGTIK9NKKZZNK9ZGZKSKTZUL6XUZGTJ2UYYGTJ)GYN,RU]9ZGZKSKTZJKGRZ]OZNH_ZNOY8KVUXZ
GXKOTGMXKKSKTZ]OZNZNKHUUQYULGIIU[TZYGTJXKZ[XTY
J /TU[XUVOTOUTZNK,OTGTIOGR9ZGZKSKTZYIUSVR_]OZNZNK'IIU[TZOTM9ZGTJGXJYXKLKXXKJZUOT9KIZOUT
ULZNK'IZ
K 5TZNKHGYOYULZNK]XOZZKTXKVXKYKTZGZOUTXKIKO\KJLXUSZNK*OXKIZUXYGYUT3GXINGTJZGQKT
UTXKIUXJH_ZNK(UGXJUL*OXKIZUXYOTSKKZOTMNKRJUT'VXORTUTKULZNK*OXKIZUXYOYJOYW[GROKJ
GYUT3GXINLXUSHKOTMGVVUOTZKJGYGJOXKIZUXOTZKXSYUL9[Hv9KIZOUTUL9KIZOUTUL
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ÒTRGIY
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Year
Amount
involved
Forum where dispute is

pending
Reason for pendency
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,84 )
(Himanshu Kapoor)
6GXZTKX
3KSHKXYNOV4U

Annexure to the Auditors Report

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52
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\OO :UZNKHKYZULU[XQTU]RKJMKGTJGIIUXJOTMZUOTLUXSGZOUTK^VRGTGZOUTYMO\KTZU[YZNK)USVGT_OYXKM[RGXOT
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ÒTRGIY
Assessment Year
Amount involved
Forum where dispute is pending
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ZXGTYLKXXKJ]OZNOTZOSK

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UT UX H_ ZNK IUSVGT_ TUZOIKJ UX XKVUXZKJ J[XOTM ZNK _KGX TUX NG\K ]K HKKT OTLUXSKJ UL Y[IN IGYK H_ ZNK
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*GZKJ 'VXOR
6RGIK 4K]*KRNO

,84 )
(Himanshu Kapoor)
6GXZTKX
3KSHKXYNOV4U

54
PNB Gilts Limited

/TZKXSYUL8KYKX\K(GTQUL/TJOG*KVGXZSKTZUL,OTGTIOGR)USVGTOKY4UZOIGZOUT4U*4(96*))4Uv
JGZKJ0[R_]KXKVUXZZNGZv
O
The Company is engaged in the business of NonBanking Financial Institution. The Company has received Registration
Certicate as provided in 6ection I$ of the Reserve Bank of India $ct of from Reserve Bank of India on
February .
OO
The Company is entitled to continue to hold Certicate of Registration in terms of its assetIncome pattern as on 0arch .
OOO
$ resolution for nonacceptance of any public deposits Zas passed in the meeting of the Board held on $pril .
O\
The Company has not accepted any public deposits during the year ended 0arch .
\
The Company has complied Zith the prudential norms relating to income recognition accounting standards assets
classication and provisioning for bad and doubtful debts as applicable to it.
\O
The Company has correctly arrived at the Capital $deTuacy Ratio as disclosed in the return submitted to Reserve Bank of
India Form NB6 and this ratio is in compliance Zith the minimum CR$R prescribed.
\OO The Company has furnished the annual statement of Capital Fund Risk $ssets([posure and Risk $sset Ratio NB6
Zithin stipulated period to Reserve Bank of India.
\OOO The 3rot /oss account for the year ended 0arch of the company alongZith Note and has disclosed the problem
e[posures and also the effect of valuation of portfolio as per instructions issued by Reserve Bank of India from time to time.
*GZKJ 'VXOR
6RGIK 4K]*KRNO


,84 )
(Himanshu Kapoor)
6GXZTKX
3KSHKXYNOV4U
Comments of the Comptroller and Auditor General of India

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6RGIK 4K]*KRNO
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(Tanuja S. Mittal)
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55
BALANCE SHEET AS AT MARCH 31, 2015

Note
ÒTRGIY
As at
31.03.2014
As at
31.03.2015
I. EQUITY & LIABILITIES

1. Shareholders Funds
G 9NGXK)GVOZGR

H 8KYKX\KY9[XVR[Y

G 9NUXZ:KXS(UXXU]OTMY

H :XGJK6G_GHRKY

I 5ZNKX)[XXKTZ2OGHOROZOKY

J 9NUXZ:KXS6XU\OYOUTY

2. NonCurrent Liabilities
G 2UTM:KXS6XU\OYOUTY
3. Current Liabilities
TOTAL

475997.84

455663.52
II. ASSETS
1. NonCurrent Assets
G ,O^KJ'YYKZY

v:GTMOHRK'YYKZY
v/TZGTMOHRK'YYKZY

H 4UT)[XXKTZ/T\KYZSKTZY

I *KLKXXKJ:G^'YYKZY4KZ

J 2UTM:KXS2UGTY'J\GTIKY

G /T\KTZUXOKY

H )GYN(GTQ(GRGTIKY

I 9NUXZ:KXS2UGTY'J\GTIKY

J 5ZNKX)[XXKTZ'YYKZY

2. Current Assets
TOTAL

475997.84

455663.52
45:+ v 9
OMTOIGTZ'IIU[TZOTM6UROIOKYGTJ45:+v4UZKYZU'IIU[TZY(UZNGXKLUXSOTMVGXZUL(GRGTIK9NKKZGTJ
9ZGZKSKTZUL6XUZGTJ2UYY
(Gauri Shankar)
*OXKIZUX
*/4
((K.V. Brahmaji Rao)

*OXKIZUX
*/4
(O.P. Chawla)
*OXKIZUX
*/4
(S.K. Dubey)
3GTGMOTM*OXKIZUX
*/4
(Sunita Gupta)
+^KI[ZO\K*OXKIZUX),5
*/4
(Monika Kochar)
)USVGT_9KIXKZGX_
3KSHKXYNOV4U,

(S.K. Soni)
*OXKIZUX
*/4
(P.P. Pareek)
*OXKIZUX
*/4
/TZKXSYULU[XXKVUXZULK\KTJGZK

(Himanshu Kapoor)
*GZK 'VXOR
6RGIK 4K]*KRNO

6GXZTKX
3KSHKXYNOV4U,84 )
STATEMENT OF PROFIT AND LOSS FOR THE PERIOD ENDED MARCH 31, 2015
4UZK
As at
31.03.2015
ÒTRGIY
As at
31.03.2014
I.
Revenue From Operations

G *OYIU[TZ/TIUSK

H /TZKXKYZ/TIUSK

I :XGJOTM/TIUSK

J 5ZNKX5VKXGZOUTGR/TIUSK

II Other Income
'

III. Total Revenue (I+II)
41001.18
34626.38
IV. Expenses
G /TZKXKYZ+^VKTYKY

H 5VKXGZOTM)UYZY

I +SVRU_KKY(KTKZY+^VKTYKY

J *KVXKIOGZOUT'SUXZO`GZOUTUT,O^KJ'YYKZY

K 5ZNKX+^VKTYKY

V. Profit Before Exceptional & Extraordinary

Items & Tax (IIIIV)
VI. Exceptional Items
v
v
VII. Profit Before Extraordinary Items & Tax (VVI)

VIII.Extraordinary Items
v
v
IX. Profit Before Tax (PBT) (VIIVIII)

X. Tax Expenses
G )[XXKTZ:G^

H *KLKXXKJ:G^'JP[YZSKTZ

I 'JP[YZSKTZLUXKGXROKX_KGXY
v

v

XI. Profit (Loss) for the period from Continuing

Operations (IXX)
XII. Profit (Loss) from Discontinuing Operations
v
v
XIII.Tax Expenses for Discontinuing Operations
v
v
XIV.Profit (Loss) for the period from Discontinuing
v
v
Operations (XIIXIII)
XV. Profit (Loss) for the period(XI+XIV)

XVI.Earning per Equity (in `)
G (GYOI

H *OR[ZKJ

:NKXKGXKTUVUZKTZOGRKW[OZ_YNGXKYU[ZYZGTJOTM.KTIKZNKXKOYTUJOR[ZOUT
45:+v9OMTOIGTZ'IIU[TZOTM6UROIOKYGTJ45:+v4UZKYZU'IIU[TZY(UZNGXKLUXSOTMVGXZUL(GRGTIK9NKKZGTJ
9ZGZKSKTZUL6XUZGTJ2UYY
(Gauri Shankar)
*OXKIZUX
*/4

*OXKIZUX
*/4
(O.P. Chawla)
*OXKIZUX
*/4
(S.K. Dubey)
3GTGMOTM*OXKIZUX
*/4
(Sunita Gupta)
*/4
(Monika Kochar)
)USVGT_9KIXKZGX_
3KSHKXYNOV4U,

(S.K. Soni)
*OXKIZUX
*/4
(P.P. Pareek)
*OXKIZUX
*/4

(Himanshu Kapoor)
*GZK 'VXOR
6RGIK 4K]*KRNO
6GXZTKX
3KSHKXYNOV4U,84 )
57
NOTE 1
SIGNIFICANT ACCOUNTING POLICIES
1.1. Method of Accounting
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HGYOYOTGIIUXJGTIK]OZNMKTKXGRR_GIIKVZKJGIIU[TZOTMVXOTIOVRKYGTJ8KYKX\K(GTQUL/TJOGM[OJKROTKYGY
GVVROIGHRKZUZNK6XOSGX_*KGRKXY
1.2. 9GRKY6[XINGYKYUL:XKGY[X_(ORRYOTIR[JOTM)GYN3GTGMKSKTZ(ORRYGTJ-U\KXTSKTZ*GZKJ9KI[XOZOKYGY
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M[OJKROTKY
1.3. Revenue Recognition
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OYGVVUXZOUTKJUTZOSKHGYOY:NKGHU\KOYXKIUMTOYKJGYGIIX[KJOTIUSKGTJOTIR[JKJOTZNKIGXX_OTM
IUYZULZNKYKI[XOZOKY
OO
/TZKXKYZGIIX[KJUT-U\KXTSKTZ*GZKJ9KI[XOZOKY,O^KJ*KVUYOZYGTJ)UXVUXGZK(UTJYGTJ*KHKTZ[XKY
OYXKIUMTOYKJGZOZYIU[VUTXGZKGTJZNGZUL,RUGZOTM8GZK(UTJYOYXKIUMTOYKJUTZNK_OKRJULOTYZX[SKTZY
ZU]NOINZNKYKGXKROTQKJ
OOO
6[XINGYKGTJYGRKVXOIKUL,O^KJ/TIUSK9KI[XOZOKYOYHOL[XIGZKJOTZUIUYZGTJGIIX[KJOTZKXKYZVGOJUX
XKGROYKJ'IIX[KJOTZKXKYZVGOJUTV[XINGYKGTJXKIKO\KJUTYGRKOYTKZZKJGTJXKIQUTKJGYK^VKTYKOTIUSK
O\
6XUZRUYY UT YGRK UL YKI[XOZOKY OY GIIU[TZKJ UT ]KOMNZKJ G\KXGMK IUYZ SKZNUJ GTJ OY XKIUMTOYKJ UT
YKZZRKSKTZJGZK6XUZUTYGRKULYKI[XOZOKYOYTKZZKJ]OZNRUYYUTYGRKULYKI[XOZOKY
\
(XUQKXGMKGTJLXUTZvKTJLKKXKIKO\KJUTY[HYIXOVZOUTULYKI[XOZOKYOYJKJ[IZKJOTGXXO\OTMGZZNKIUYZUL
XKRK\GTZYKI[XOZOKY;TJKX]XOZOTMLKKKGXTKJOYXKJ[IKJLXUSZNKIUYZULYKI[XOZOKYJK\UR\KJGRRUZZKJGTJ
ZNKXKSGOTOTMGSU[TZOYJOXKIZR_XKIUMTOYKJGYOTIUSK
\O
,UX IUTZOT[OTM UX RUTM ZKXS J[XGZOUT GIZO\OZOKY KM 3[Z[GR ,[TJ *OYZXOH[ZOUT ZNK LKK OY GIIX[KJ
VXUVUXZOUTGZKR_GYVKXVKXLUXSGTIK6XUVUXZOUTGZK)USVRKZOUT3KZNUJ:NKXK\KT[KOYXKIUMTO`KJUTR_
OLZNKXKOYTUYOMTOIGTZ[TIKXZGOTZ_XKMGXJOTMZNKGSU[TZULIUTYOJKXGZOUT
\OO ,UX3[Z[GR,[TJ3,/T\KYZSKTZOTIGYKUL*GOR_*O\OJKTJ8KOT\KYZSKTZ6RGTZNKOTIUSKJO\OJKTJOY
GIIU[TZKJHGYKJUTZNKJO\OJKTJJKIRGXGZOUTH_ZNK3[Z[GR,[TJ/TIGYKULMXU]ZNVRGTZNKOTIUSKOY
GIIU[TZKJJGOR_UTZNKHGYOYULIRUYOTM4'<JKIRGXKJH_3[Z[GR,[TJ
1.4. Expenses Recognition
:NKHXUQKXGMKVGOJOTIUTTKIZOUT]OZNGIW[OYOZOUTULYKI[XOZOKYOYGJJKJZUZNKIUYZULGIW[OYOZOUTGTJUTYGRKUL
YKI[XOZOKYOZOYINGXMKJZU9ZGZKSKTZUL6XUZGTJ2UYY/TZKXKYZGTJUZNKXK^VKTYKYGXKGIIU[TZKJUTGIIX[GR
HGYOY
1.5. Valuation of Inventories / Investment
a.

Inventories
O
'RRYKI[XOZOKYKÎKVZYKI[XOZOKY[TJKX.:3IGZKMUX_IRGYYOKJGY4UTv)[XXKTZ/T\KYZSKTZOT]NOIN
ZNK)USVGT_JKGRYGXKXKMGXJKJGY/T\KTZUX_9ZUIQvOTv:XGJKGTJMXU[VKJGYNKJMKJGTJTUTv
NKJMKJVUXZLUROU
OO
:NK YZUIQ UL )KTZXGR -U\KXTSKTZ 9KI[XOZOKY :XKGY[X_ (ORRY OTIR[JOTM )GYN 3GTGMKSKTZ (ORRY
9ZGZK*K\KRUVSKTZ2UGTYGTJ69;)UXVUXGZK(UTJY*KHKTZ[XKYGTJ+W[OZ_9NGXKYGXK\GR[KJGZ
]KOMNZKJG\KXGMKIUYZUXSGXQKZ\GR[K]NOINK\KXOYRU]KXKÎKVZYKI[XOZOKY[TJKX.:3IGZKMUX_GY
VKX8(/IOXI[RGX3GXQKZ<GR[KOYJKZKXSOTKJH_ZNKVXOIKYJKIRGXKJH_,O^KJ/TIUSK3UTK_3GXQKZ
GTJ *KXO\GZO\KY'YYUIOGZOUT UL /TJOG ,/33*' GY UT 3GXIN KÎKVZ LUX +W[OZ_ 9NGXKY
3GXQKZ\GR[KUL+W[OZ_9NGXKYOYJKZKXSOTKJH_ZNKIRUYOTMXGZKYVXU\OJKJH_ZNKYZUIQKÎNGTMKY
GYUT3GXIN,UXZNOYV[XVUYKZNKYKI[XOZOKYOTKGINIGZKMUX_GXKIUTYOJKXKJYIXOVv]OYK
GTJZNKIUYZGTJSGXQKZ\GR[KGMMXKMGZKJLUXGRRYKI[XOZOKYOTKGINIGZKMUX_4KZJOSOT[ZOUTOLGT_
LUX KGIN IGZKMUX_ UL YKI[XOZOKY OY VXU\OJKJ LUX GTJ INGXMKJ ZU 9ZGZKSKTZ UL 6XUZ GTJ 2UYY 4KZ
GVVXKIOGZOUT OL GT_ OY OMTUXKJ:NK JOSOT[ZOUT OT UTK IGZKMUX_ UL YKI[XOZOKY OY TUZ YKZ ULL GMGOTYZ
GVVXKIOGZOUTOTGTUZNKXIGZKMUX_
OOO
)KXZOIGZKYUL*KVUYOZ)USSKXIOGR6GVKXY(ORRY8KvJOYIU[TZKJGTJ@KXU)U[VUT(UTJYNKRJUT
ZNK(GRGTIK9NKKZJGZKGXK\GR[KJGZIGXX_OTMIUYZ
O\
/TIGYKUL[TOZYUL3[Z[GR,[TJ\GR[GZOUTOYJUTKUTZNKHGYOYULIRUYOTM4'<JKIRGXKJH_ZNK3[Z[GR
,[TJ
\
/T IGYK UL .KJMOTM )UTZXGIZY ZNK JOSOT[ZOUTGVVXKIOGZOUT UL NKJMKJ GYYKZY ]ORR HK TKZZKJ ]OZN
JOSOT[ZOUTGVVXKIOGZOUTULNKJMOTMY]GVYGTJTKZJOSOT[ZOUTOLGT_OYINGXMKJZU9ZGZKSKTZUL6XUZ
GTJ2UYYGTJTKZGVVXKIOGZOUTOLGT_OYOMTUXKJ
b.
NonCurrent Investments
:NKYKI[XOZOKY[TJKX.:3IGZKMUX_YNGRRHK\GR[KJGYVKXZNKM[OJKROTKYOYY[KJH_8(/LXUSZOSKZUZOSK
GTJOSVUXZGTZVXU\OYOUTYGXK[TJKX
1.6
9KI[XOZOKYIRGYYOKJ[TJKX.:3IGZKMUX_TKKJTUZHK3GXQKJvZUv3GXQKZGTJ]ORRHKIGXXOKJU[ZGZ
ZNK\GR[KGZ]NOINZNK_]KXKZXGTYLKXXKJZU.:3VUXZLUROU
:XGTYLKXZULXUS.:3IGZKMUX_YNGRRHKJUTKGZZNKGIW[OYOZOUTIUYZHUUQ\GR[KSGXQKZ\GR[KUTZNK
JGZKULZXGTYLKX]NOINK\KXOYZNKRKGYZGTJZNKJKVXKIOGZOUTOLGT_UTY[INZXGTYLKXYNGRRHKL[RR_
VXU\OJKJLUX
/T\KYZSKTZYIRGYYOKJ[TJKX.:3]ORRHKIGXXOKJGZGIW[OYOZOUTIUYZ[TRKYYOZOYSUXKZNGTZNKLGIK
\GR[KOT]NOINIGYKZNKVXKSO[SYNU[RJHKGSUXZO`KJU\KXZNKXKSGOTOTMVKXOUJZUSGZ[XOZ_:NK
HUUQ \GR[K UL ZNK YKI[XOZ_ YNU[RJ IUTZOT[K ZU HK XKJ[IKJ ZU ZNK K^ZKTZ UL ZNK GSU[TZ GSUXZO`KJ
J[XOTMZNKXKRK\GTZGIIU[TZOTMVKXOUJ
:NKVXUZUTYGRKULYKI[XOZOKYOLGT_LXUS.:3IGZKMUX_YNGRRXYZHKZGQKTZUZNK9ZGZKSKTZUL6XUZ
GTJ2UYYGTJZNKXKGLZKXHKGVVXUVXOGZKJZUZNK)GVOZGR8KYKX\K'IIU[TZTKZULZG^2UYYUTYGRK
YNGRRHKXKIUMTO`KJOTZNK9ZGZKSKTZUL6XUZGTJ2UYY:NKHGRGTIKOTZNKXKYKX\KGIIU[TZYNGRRHK
[ZORO`KJYZXOIZR_GYVKXZNKXKM[RGZUX_M[OJKROTKY
Accounting for Repo Transactions

/TIUTLUXSOZ_]OZN8(/M[OJKROTKYYKI[XOZOKYYURJ[TJKX8KVUZXGTYGIZOUTYGXKTUZKÎR[JKJLXUSYZUIQvOTvZXGJK
GTJZNKYKI[XOZOKYV[XINGYKJ[TJKX8K\KXYK8KVUGXKTUZOTIR[JKJOTZNKYZUIQvOTvZXGJK)UTZXGNKGJYGXK
[YKJZUXKKIZZNKZXGTYLKXULYKI[XOZOKY
8KVUYKRRKXIUTZOT[KYZUGIIX[KIU[VUTJOYIU[TZUTYKI[XOZOKYGYZNKIGYKSG_HKK\KTJ[XOTMZNKXKVUVKXOUJ
]NORKZNKXKVUH[_KXYNGRRTUZGIIX[KZNKYGSK
1.7
Interest Rate Swaps (IRS)

'YYKZYGTJ2OGHOROZOKYOTXKYVKIZULTUZOUTGRVXOTIOVGRGSU[TZUL/89GXKT[RROKJ:NKXKRGZKJOTZKXKYZOYXKIUMTO`KJ
UTGIIX[GRHGYOY
i)
Trading Swaps
:XGJOTM/TZKXKYZXGZKY]GVYU[ZYZGTJOTMGZHGRGTIKYNKKZJGZKGXK3GXQKJvZUv3GXQKZGTJZNKXKY[RZGTZ

RUYYOLGT_OYXKIUXJKJOT9ZGZKSKTZUL6XUZGTJ2UYY'T_UZNKXINGXMKYXKRGZOTMZU:XGJOTM/TZKXKYZ8GZK
9]GVYGXKINGXMKJZU9ZGZKSKTZUL6XUZGTJ2UYY
ii)
Hedge Swaps
.KJMK9]GVYGXKGIIU[TZKJLUXUTGIIX[GRHGYOY'NKJMKY]GVJKYOMTGZKJZUGTGYYKZROGHOROZ_OYIGXXOKJ
GZSGXQKZ\GR[K:NKXKY[RZOTM3GXQKJvZUv3GXQKZRUYYMGOTUTY]GVOYXKIUXJKJGYGTGJP[YZSKTZZUZNK
SGXQKZ\GR[KULJKYOMTGZKJ'YYKZ2OGHOROZ_-GOTYUXRUYYKYUTZNKZKXSOTGZOUTXKJKYOMTGZOUTULNKJMK
Y]GVYOYXKIUMTO`KJGMGOTYZZNKULLYKZZOTMMGOTUXRUYYXKIUMTO`KJUTZNKJKYOMTGZKJ'YYKZUX2OGHOROZ_
5TXKJKYOMTGZOUTULGNKJMKY]GVLXUSUTKOZKSULGYYKZROGHOROZ_ZUGTUZNKXOZKSUL'YYKZ2OGHOROZ_ZNK
3GXQKJvZUv3GXQKZVXUZRUYYULZNKNKJMKY]GVUTZNKJG_ULXKJKYOMTGZOUTOYGSUXZO`KJU\KXZNKYNUXZKX
ULZNKXKSGOTOTMROLKULZNKY]GVUXZNKXKSGOTOTMROLKULZNK'YYKZ2OGHOROZ_
1.8. Accounting for Future and Options Transactions

O
/TOZOGR3GXMOTVG_GHRKGZZNKZOSKULKTZKXOTMOTZU,[Z[XK)UTZXGIZYGRKUL5VZOUTOYGJP[YZKJGMGOTYZZNK
JKVUYOZY]OZNZNKKÎNGTMKYOTZNKLUXSUL^KJJKVUYOZYIGYNJKVUYOZYGTJYKI[XOZOKY
OO
:XGTYGIZOUTYOT,[Z[XK)UTZXGIZYGXKGIIU[TZKJGY6[XINGYKYGTJ9GRKYGZZNKTUZOUTGRZXGJK\GR[KULZNK
IUTZXGIZ:NKUVKTOTZKXKYZOTL[Z[XKYGYGZZNK(GRGTIK9NKKZJGZKOYTKZZKJH_OZYTUZOUTGR\GR[K
OOO
:NKJOLLKXKTIKOTZNKYKZZRKSKTZVXOIKUXKÎNGTMKIRUYOTMVXOIKULZNKVXK\OU[YJG_GTJKÎNGTMKIRUYOTM
VXOIK UL ZNK Y[HYKW[KTZ JG_ VGOJ ZU UX XKIKO\KJ LXUS ZNK KÎNGTMK OY ZXKGZKJ GY 3GXQKJvZUv3GXQKZ
3GXMOT:NKHGRGTIKOTZNK3GXQKJvZUv3GXQKZ3GXMOT'IIU[TZXKVXKYKTZYZNKTKZGSU[TZVGOJUXXKIKO\KJ
UTZNKHGYOYULSU\KSKTZOTZNKVXOIKYULUVKTOTZKXKYZOT,[Z[XKY)UTZXGIZYZORRZNK(GRGTIK9NKKZJGZK
4KZJKHOZHGRGTIKOTZNK3GXQKJvZUv3GXQKZ3GXMOT'IIU[TZOYINGXMKJULLZUXK\KT[K]NKXKGYTKZIXKJOZ
HGRGTIKOYYNU]T[TJKX)[XXKTZ2OGHOROZOKY
O\
6XKSO[SVGOJUXXKIKO\KJUTV[XINGYKGTJYGRKUL5VZOUTYGTJZNKJOLLKXKTIKVGOJUXXKIKO\KJUTK^KXIOYK
UL5VZOUTYOYGIIU[TZKJGY6[XINGYKYUX9GRKY/TIGYKULUVKTOTZKXKYZOT5VZOUTYYURJGYUTZNK(GRGTIK
9NKKZJGZKVXU\OYOUTOYSGJKLUXZNKGSU[TZH_]NOINVXKSO[SVXK\GOROTMUTZNK(GRGTIK9NKKZJGZK
KÎKKJY ZNK VXKSO[S XKIKO\KJ LUX ZNUYK 5VZOUTY :NK KÎKYY UL VXKSO[S XKIKO\KJ U\KX ZNK VXKSO[S
VXK\GOROTMUTZNK(GRGTIK9NKKZJGZKOYTUZXKIUMTO`KJ9OSORGXR_OTIGYKUL5VZOUTYHU[MNZVXU\OYOUTOY
SGJKLUXZNKGSU[TZH_]NOINZNKVXKSO[SVGOJLUXZNK5VZOUTKÎKKJYZNKVXKSO[SVXK\GOROTMUTZNK
(GRGTIK9NKKZJGZKGTJZNKKÎKYYULVXKSO[SVXK\GOROTMUTZNK(GRGTIK9NKKZJGZKU\KXZNKVXKSO[S
VGOJOYOMTUXKJ/TIGYKULS[RZOVRKUVKTVUYOZOUTYVXU\OYOUTOYSGJKUXKÎKYYVXKSO[SYGXKOMTUXKJGLZKX
TKZZOTMULLZNKHGRGTIKOTH[_GY]KRRGYYKRRVUYOZOUTY
1.9. Investment
2UTM:KXS/T\KYZSKTZOTJKHZOY\GR[KJGZIGXX_OTMIUYZ.U]K\KXVXU\OYOUTLUXJOSOT[ZOUTOYSGJK]NKTZNKXK
OYGJKIROTKUZNKXZNGTZKSVUXGX_OTZNK\GR[KULRUTMvZKXSOT\KYZSKTZ
1.10. Deferred Tax
*KLKXXKJZGÔYXKIUMTO`KJOTGIIUXJGTIK]OZNZNKVXU\OYOUTYUL'IIU[TZOTM9ZGTJGXJOYY[KJH_/TYZOZ[ZKUL
)NGXZKXKJ'IIU[TZGTZYUL/TJOGUTs'IIU[TZOTMLUX:G^KYUT/TIUSKt
1.11 Depreciation
*KVXKIOGZOUTUT,O^KJ'YYKZYOYINGXMKJGYVKXZNK[YKL[RROLKVXKYIXOHKJOT9INKJ[RK//ULZNK)USVGTOKY'IZ
UT=XOZZKT*U]T<GR[K=*<HGYOY8KYOJ[GR\GR[KUL2GTJ([ORJOTMGTJ<KNOIRKYOYZGQKTGYVKXIKTZ
ULZNKUXOMOTGRIUYZ]NKXKGYLUXGYYKZYUZNKXZNGTZNUYKYVKIOKJGHU\KZNKXKYOJ[GR\GR[KOYZGQKTGY8Kv
1.12 Preliminary Expenses
6XKROSOTGX_K^VKTYKYGXK]XOZZKTULLOTZNK_KGXOT]NOINZNKYKGXKOTI[XXKJ

1.13 Share Issue Expenses

9NGXKOYY[KK^VKTJOZ[XKOYINGXMKJZU9ZGZKSKTZUL6XUZGTJ2UYYOTZNK_KGXULUII[XXKTIK
1.14 Tax on Dividend
*O\OJKTJ*OYZXOH[ZOUT:G^VG_GHRKUTJO\OJKTJJKIRGXKJOTZKXSYUL9KIZOUTv5ULZNK/TIUSK:G^'IZ
OYGIIU[TZKJLUXOTZNK_KGXZU]NOINZNKJO\OJKTJXKRGZKY
1.15 Retirement Benefits Provident Fund, Gratuity & Leave Liability (As per Accounting Standard 15)
O
-XGZ[OZ_ IUTZXOH[ZOUT SGJK [TJKX ZNK +SVRU_KK -XU[V -XGZ[OZ_ I[S ROLK OTY[XGTIK YINKSK UL 2/) OY
INGXMKJZUXK\KT[K
OO
2KG\K2OGHOROZ_OYGIIU[TZKJLUXUTGIZ[GXOGR\GR[GZOUTIGXXOKJGZ_KGXvKTJ
OOO
)UTZXOH[ZOUTZUXKIUMTOYKJVXU\OJKTZL[TJOYINGXMKJZUXK\KT[K
1.16 Operating Cycle

'YZNK)USVGT_OYGZXGJKXOT-U\KXTSKTZGTJ,O^KJ/TIUSK9KI[XOZOKYZNK)USVGT_H[_YGTJYKRRYYKI[XOZOKY
JKVKTJOTM [VUT ZNK SGXQKZ IUTJOZOUT :NKXK OY TU TUXSGR ^KJ VKXOUJ LUX YGRK UL YZUIQ .U]K\KX LUX ZNK
V[XVUYK UL VXKVGXOTM (GRGTIK 9NKKZ GTJ 9ZGZKSKTZ UL 6XUZ GTJ 2UYY GY VKX ZNK XK\OYKJ M[OJKROTKY ZNK
)USVGT_GYY[SKYUTK_KGXOYZNKUVKXGZOTMI_IRKVKXOUJ.
1.17 Fixed Assets
:GTMOHRK,O^KJ'YYKZYGXKYZGZKJGZZNKOXIUYZULGIW[OYOZOUTUXIUTYZX[IZOUTGRUTM]OZNZNKUZNKXJOXKIZR_XKRGZKJ
IUYZYOTI[XXKJOTGIW[OXOTMZNKZGTMOHRK^KJGYYKZYGTJSGQOTMOZXKGJ_LUXOZYOTZKTJKJ[YKRKYYJKVXKIOGZOUT
GTJOSVGOXSKTZ/TZGTMOHRKGYYKZYGXKGSUXZO`KJU\KXG[YKL[RROLKULZNKGYYKZ:NK[YKL[RROLKULOTZGTMOHRKGYYKZ
NGYHKKTZGQKTGY_KGXY/TZGTMOHRKGYYKZYGXKYZGZKJGZIUYZULGIW[OYOZOUTUXIUTYZX[IZOUTGRUTM]OZNZNKUZNKX
JOXKIZR_XKRGZKJIUYZYOTI[XXKJOTGIW[OXOTMZNKOTZGTMOHRK^KJGYYKZYRKYYJKVXKIOGZOUTGTJOSVGOXSKTZ
1.18 Impairment of Assets
:NK SGTGMKSKTZ VKXOUJOIGRR_ GYYKYYKY ]NKZNKX ZNKXK OY GT_ OTJOIGZOUT ZNGZ GT GYYKZ SG_ HK OSVGOXKJ'T
OSVGOXSKTZRUYYOYXKIUMTO`KJ]NKXK\KXZNKIGXX_OTM\GR[KULZNKGYYKZKÎKKJYOZYXKIU\KXGHRKGSU[TZ:NK
IGXX_OTMGSU[TZULZNKGYYKZOYOTIXKGYKJZUOZYXK\OYKJXKIU\KXGHRKGSU[TZVXU\OJKJZNGZZNOYGSU[TZJUKY
TUZ KÎKKJ ZNK IGXX_OTM GSU[TZ ZNGZ ]U[RJ NG\K HKKT JKZKXSOTKJ TKZ UL GT_ GII[S[RGZKJ GSUXZO`GZOUT UX
JKVXKIOGZOUTNGJTUOSVGOXSKTZRUYYHKKTXKIUMTO`KJLUXZNKGYYKZOTVXOUX_KGXY

NOTE : 2
NOTES TO ACCOUNTS FOR THE PERIOD ENDED MARCH 31, 2015
As at
31.03.2015
ÒTRGIY
As at
31.03.2014
NOTE 2.1
SHARE CAPITAL
Authorised :
+W[OZ_9NGXKYUL`vKGIN
6XK\?KGX +W[OZ_9NGXKYUL`vKGIN

Issued, Subscribed and Paid Up:

+W[OZ_9NGXKYUL`vKGINL[RR_VGOJ[V
6XK\?KGX +W[OZ_9NGXKYUL`vKGIN
:UQTU]ZNK+W[OZ_NOYZUX_VRKGYKYKK8KVUXZUT)UXVUXGZK-U\KXTGTIKOTVXK\OU[YVGMKY
Promoter (Holding Company)
6[TPGH4GZOUTGR(GTQvYNGXKYUL`vKGIN
6XK\?KGX YNGXKYUL`vKGIN
9NGXKNURJOTM

4OR

Shareholding more than 5% details

6[TPGH4GZOUTGR(GTQvYNGXKYUL`vKGIN
6XK\?KGX YNGXKYUL`vKGIN
9NGXKNURJOTM
Reconciliation of the Number of Shares:
5VKTOTM4[SHKXULYNGXKY,GIK<GR[K`VGOJ[V
'JJ 'JJOZOUTY*[XOTMZNK?KGX
2KYY 8KJ[IZOUT*[XOTMZNK?KGX
)RUYOTM4[SHKXULYNGXKY,GIK<GR[K`VGOJ[V
4OR
4OR

Rights, preferences and restrictions attaching to each class of shares including restrictions on the distribution of
dividends and the repayment of capital:
:NK)USVGT_NGYUTR_UTKIRGYYULKW[OZ_YNGXKYNG\OTMGVGX\GR[KUL ` VKXYNGXK+GINNURJKXULKW[OZ_YNGXKYOY
KTZOZRKJZUUTK\UZKVKXYNGXK*O\OJKTJJOYZXOH[ZOUTOYLUXGRRKW[OZ_YNGXKNURJKXY]NUGXKKROMOHRKLUXJO\OJKTJGYUTXKIUXJ
JGZK/TZNKK\KTZULROW[OJGZOUTULZNK)USVGT_ZNKNURJKXYULKW[OZ_YNGXKY]ORRHKKTZOZRKJZUXKIKO\KXKSGOTOTMGYYKZY
ULZNKIUSVGT_GLZKXJOYZXOH[ZOUTULGRRVXKLKXKTZOGRGSU[TZY:NKJOYZXOH[ZOUT]ORRHKOTVXUVUXZOUTZUZNKT[SHKXULKW[OZ_
YNGXKYNKRJH_ZNKYNGXKNURJKXY
Shares reserved for issue under options and contracts/commitments for the sale of shares/disinvestment, including
the terms and amounts: 4OR6XK\?KGX 4OR
For the period of five years immediately preceding the date as at which the Balance Sheet is prepared:
(a) Aggregate number and class of shares allotted as fully paidup pursuant to contract(s) without payment
being received in cash: 4OR6XK\?KGX 4OR
(b) Aggregate number and class of shares allotted as fully paidup by way of bonus shares: 4OR
6XK\?KGX KW[OZ_YNGXKYUL ` KGIN
(c) Aggregate number and class of shares bought back : 4OR6XK\?KGX 4OR
Terms of any securities convertible into equity/preference shares issued along with the earliest date of conversion
in descending order starting from the farthest such date : 4OR6XK\?KGX 4OR
Calls unpaid (showing aggregate value of calls unpaid by Directors and Officers) 4OR6XK\?KGX 4OR
Forfeited shares 4OR6XK\?KGX 4OR

ÒTRGIY
As at
31.03.2015
As at
31.03.2014
NOTE 2.2
RESERVES AND SURPLUS
General Reserves
5VKTOTM(GRGTIK

:XGTYLKXLXUS9ZGZKSKTZUL6XUZGTJ2UYY

Statutory Reserves (Created pursuant to Section 45IC of

Reserve Bank of India Act, 1934)
5VKTOTM(GRGTIK


Share Premium Account

5VKTOTM(GRGTIK

2KYY 'SU[TZ)GVOZGRO`KJ(UT[Y9NGXKYOYY[KJ

Market Fluctuation Reserve Account (Created pursuant to

Board Resolution dated 9th January 2003)

Capital Reserve Account

5VKTOTM(GRGTIK


Surplus
5VKTOTM(GRGTIK
2KYY 'JP[YZSKTZLUX*KVXKIOGZOUTUL,O^KJ'YYKZYGYVKX
9INKJ[RK//ULZNK)USVGTOKY'IZ1OTJR_XKLKX4UZK4U
'JJ )[XXKTZ?KGX6XUZ
Amount Available for Appropriation

19039.48
14409.70
'VVXUVXOGZOUTY
v)GVOZGR8KYKX\K

v9ZGZ[ZUX_8KYKX\K,[TJ

v-KTKXGR8KYKX\K
v'SU[TZYVKTZUT)98'IZO\OZOKY
v6XUVUYKJ*O\OJKTJ
v*O\OJKTJ*OYZXOH[ZOUT:G^
Balance Carried Forward to next year
TOTAL

54100.08
48551.33
' Y[S UL ` RGIY VKX IKTZ UL 6XUZ'LZKX :G^ NGY HKKT ZXGTYLKXXKJ ZU 9ZGZ[ZUX_ 8KYKX\K ,[TJ GY VKX 8(/
-[OJKROTKY
4KZ6XUZGLZKXZG^ZNXU[MNYGRKULYKI[XOZOKYLXUS.:3IGZKMUX_GSU[TZOTM`RGIYNGYHKKTZXGTYLKXXKJZU)GVOZGR
8KYKX\K'IIU[TZGYVKX8(/M[OJKROTKY:NKYGSK]ORRHK[ZORO`KJGYVKXZNKVXU\OYOUTYULZNK)USVGTOKY'IZ
:NK(UGXJUL*OXKIZUXYOTOZYSKKZOTMNKRJUT0GT[GX_NGJJKIOJKJZUH[ORJ[V3GXQKZ,R[IZ[GZOUT8KYKX\KU\KXG
VKXOUJULZOSK]OZNZNKIGVKW[GRZUVGOJ[VIGVOZGRULZNKIUSVGT_'ZZNKZOSKULGJUVZOUTULGTT[GRGIIU[TZYKGIN_KGXZNK
(UGXJSG_JKIOJKZNKW[GTZ[SULGSU[TZZUHKZXGTYLKXXKJZUZNOY8KYKX\KOLTKIKYYGX_,UXZNKTGTIOGR_KGXv
(UGXJUL*OXKIZUXYNGJJKIOJKJTUZZUGVVXUVXOGZKGT_GSU[TZZUZNOYXKYKX\KGTJZNKHGRGTIKU[ZYZGTJOTMGYUT3GXIN
OTZNOYXKYKX\KOY`RGIY

)USVGT_ NGY JUTGZKJ ` RGIY ZU 6XOSK 3OTOYZKXrY 4GZOUTGR 8KROKL ,[TJ [TJKX )UXVUXGZK 9UIOGR 8KYVUTYOHOROZ_
GIZO\OZOKY
:NK)USVGT_NGYVXUVUYKJGTGRJO\OJKTJUL`VKXYNGXKLUX,?vY[HPKIZZUZNKGVVXU\GRULYNGXKNURJKXY
OT'TT[GR-KTKXGR3KKZOTMGSU[TZOTMZU`RGIY'IIUXJOTMR_GVXU\OYOUTUL*O\OJKTJ*OYZXOH[ZOUT:GÛL`
RGIYNGYHKKTSGJK
4KZ U]TKJ ,[TJY GLZKX JKJ[IZOTM *KLKXXKJ :G^ GTJ /TZGTMOHRK'YYKZY UL ZNK )USVGT_ YZGTJY GZ ` RGIY GY
GMGOTYZ ZNK SOTOS[S YZOV[RGZKJ IGVOZGR UL ` RGIY 8KZ[XT UT 4KZ =UXZN LUX ZNK _KGX v YZGTJY GZ
VKXIKTZ
)GVOZGR'JKW[GI_8GZOUYGYUT0[TK9KVZKSHKX*KIKSHKXGTJ3GXIN]KXK
VKXIKTZVKXIKTZVKXIKTZGTJVKXIKTZXKYVKIZO\KR_GYGMGOTYZ8(/YZOV[RGZOUTULVKXIKTZ
ÒTRGIY
As at
31.03.2014
As at
31.03.2015
NOTE 2.3
LONG TERM PROVISIONS
6XU\OYOUTLUX+SVRU_KK(KTKZY

*KZGORYULVXU\OYOUTLUXKSVRU_KKHKTKZYGXKMO\KTOTTUZK
ÒTRGIY
NOTE 2.4
SHORT TERM BORROWINGS
LOAN REPAYABLE ON DEMAND
From Banks
(a) Secured Loans (Secured by Govt. Securities)
Borrowings from RBI
v2',(UXXU]OTM

v:KXS8KVU(UXXU]OTM
,GIK<GR[K`RGIYGTJ(UUQ<GR[K`
RGIY6XK\?KGX,GIK<GR[K`RGIYGTJ(UUQ
<GR[K`RGIY
Refinance from RBI
<GR[K`RGIY

(b) Unsecured Loans

)GRRGTJ4UZOIK3UTK_(UXXU]OTM
From Others
(a) Secured Loans (Secured by Govt. Securities)
CBLO Borrowings from CCIL

<GR[K`RGIY

Repo Borrowing
<GR[K`RGIY


ÒTRGIY
As at
31.03.2015
As at
31.03.2014

TOTAL LOANS REPAYABLE ON DEMAND
385791.11
376748.57
TOTAL SECURED LOAN
261195.16
255028.14
TOTAL UNSECURED LOAN
124595.95
121720.43
LOANS AND ADVANCES FROM RELATED PARTIES

(a) Secured Loans 9KI[XKJH_6RKJMKUL,O^KJ*KVUYOZY
,XUS6[TPGH4GZOUTGR(GTQ
(b) Unsecured Loans 2OTKUL)XKJOZ
,XUS6[TPGH4GZOUTGR(GTQ
*[XOTMZNK_KGX4KZ'\KXGMKGTJ6KGQHUXXU]OTMYOT)GRRSUTK_GSU[TZKJZU`RGIYGTJ`RGIYXKYVKIZO\KR_.
6XK\OU[Y?KGX4KZ'\KXGMKGTJ6KGQHUXXU]OTMYv`RGIYGTJ`RGIYXKYVKIZO\KR_
,UXZNK_KGXG\KXGMKGTJVKGQRK\KXGMKXGZOUYZGTJYGZGTJZOSKYXKYVKIZO\KR_6XK\OU[Y?KGX G\KXGMKGTJVKGQ
YZGTJYGZGTJZOSKYXKYVKIZO\KR_
ÒTRGIY
NOTE 2.5
TRADE PAYABLES
9ZGRK)NKW[KY

(XUQKXGMK6G_GHRK

9KZZRKSKTZ)NGXMKY6G_GHRK

:NKXKGXKTUJ[KYU[ZYZGTJOTMZUUXMGTO`GZOUTYIU\KXKJ[TJKX
393+
TOTAL
46.34
49.85
ÒTRGIY
NOTE 2.6
OTHER CURRENT LIABILITES
9[TJX_+YZGHROYNSKTZv:NKXKGXKTUJ[KYU[ZYZGTJOTMZU
UXMGTO`GZOUTYIU\KXKJ[TJKX393+

;TIRGOSKJ*O\OJKTJ

:*96G_GHRK

/TZKXKYZ'IIX[KJH[ZTUZJ[KUT9NUXZ:KXS(UXXU]OTM

9ZGRK)NKW[KY
;TIRGOSKJ(UT[Y,XGIZOUTGR+TZOZRKSKTZ6G_GHRK

TOTAL

111.27
278.84
ÒTRGIY
NOTE 2.7
SHORT TERM PROVISIONS
6XUVUYKJ*O\OJKTJOTIR[JOTM*O\OJKTJ*OYZXOH[ZOUT:G^
6XU\OYOUTYv,UX+SVRU_KK(KTKZY
v5ZNKX6XU\OYOUTYLUXK^VKTYKY
6XU\OYOUTYLUX/TIUSK:G^

TOTAL

*KZGORYULVXU\OYOUTLUXKSVRU_KKHKTKZYRKG\KROGHOROZ_GXKMO\KTOTZNKTUZK

ÒTRGIY
Note 2.8 FIXED ASSETS AND DEPRECIATION
Gross Block
S.No Description
'YGZ
vv
Depreciation
Net Block
Addition 'JP[YZSKTZY
'YGZ
'YGZ *KVJ[XOTM
'SZ Accumulated
during the *KJ[IZOUTY vv vv
the year charged to
*KV5T
year
during the
Retained
JKJ[IZOUTY
year
+GXTOTM
'YGZ
vv
'YGZ
vv
'YGZ
vv

Tangible Assets
1
([ORJOTMY

5LIK+W[OVSKTZY

)USV[ZKXY

,[XTOZ[XK,O^Z[XKY

<KNOIRKY

Intangible Assets

/TZGTMOHRKY9ULZ]GXK
Total
1247.08
6.52
16.47
1237.13
837.00
92.59
@24.95
13.82
940.72
296.41
410.08
Previous Year
1240.22
41.80
34.94
1247.08
803.57
55.26
21.83
837.00
410.08
436.65
&*[XOTMZNK_KGXZNK)USVGT_OTROTK]OZNZNK9INKJ[RK//UL)USVGTOKY'IZNGYXKvIGRI[RGZKJZNKJKVXKIOGZOUTLUXGRRZNK^KJGYYKZY'YGXKY[RZ
ZNK)USVGT_NGYVXU\OJKJLUXKÎKYYJKVXKIOGZOUTUL`RGIYUTZNKGYYKZY]NUYK[YKL[RRO\KYNG\KGRXKGJ_KRGVYKJGYUT3GXIN:NKKÎKYY
JKVXKIOGZOUTVXU\OJKJNGYHKKTGJP[YZKJLXUS8KZGOTKJ+GXTOTMYOTGIIUXJGTIK]OZNZNKVXU\OYOUTYUL9INKJ[RK//
ÒTRGIY
As at
31.03.2015
As at
31.03.2014

NOTE 2.9
NON CURRENT INVESTMENTS GZ(UUQ<GR[K
a) Quoted Investments
-U\KXTSKTZ9KI[XOZOKYv.KRJ:U3GZ[XOZ_.:3IGZKMUX_
3GXQKZ\GR[KULZNKGHU\KYZUIQGYUT3GXIN]GY `RGIY6XK\?KGX `2GIY,UXHGYOYUL

\GR[GZOUTXKLKXZUTUZKH:NKZXGTYGIZOUTYJ[XOTMZNK_KGXGXKMO\KTHKRU]
ÒTRGIY
201415
201314
5VKTOTM9ZUIQ
'JJ 9[HYIXOVZOUT
:XGTYLKXZU.:3
2KYY 9GRKGTJGSUXZO`GZOUT
,GIK<GR[K
(UUQ<GR[K
,GIK<GR[K
(UUQ<GR[K

320910.32
320442.38
208576.62
204608.82

:XGTYLKXLXUS.:3

)RUYOTM9ZUIQ
32459.00
32760.61
69362.42
69537.94
9KI[XOZOKYGSU[TZOTMZU,GIK<GR[K`RGIY]KXKYURJJOXKIZR_LXUSZNK.:3IGZKMUX_6XK\?KGX`RGIY
GTJZNKIUSVGT_KGXTKJGMXUYYVXUZUL`RGIY6XK\?KGX`RGIY(GRGTIKVXUZGLZKXZG^GSU[TZOTMZU
`RGIYNGYHKKTZXGTYLKXXKJZU)GVOZGR8KYKX\K'IIU[TZOTGIIUXJGTIK]OZN8(/M[OJKROTKY6XK\?KGX`
RGIY
'SUXZO`GZOUTUL `RGIYUTZNK.:3IGZKMUX_GYUT3GXINNGYHKKTYKVGXGZKR_VXU\OJKJOTTUZKTU
XKRGZOTMZUUZNKXK^VKTYKY6XK\?KGXM[XKYULGSUXZO`GZOUTOT.:3IGZKMUX_GYUT3GXINOY`RGIY

ÒTRGIY
As at
31.03.2014
As at
31.03.2015
b)
Unquoted Investments
)GRR2KTJOTMZU33)(2IUT\KXZKJOTZU,O^KJ*KVUYOZ
2KYY 6XU\OYOUTLUX*OSOT[ZOUTOT/T\KYZSKTZ
TOTAL (A + B)

32760.61

69537.94
'TGSU[TZUL`RGIY]GYRKTZOT)GRR3UTK_ZU3GJNG\V[XG3KXIGTZORK)UvUVKXGZO\K(GTQ2ZJ33)(2OT3GXIN
]NOINHKIGSKU\KXJ[KGYUT3GXIN:NK)USVGT_]GYOTLUXSKJH_33)(2ZNGZZNK-U\KXTSKTZUL/TJOG3OTOYZX_
UL'MXOI[RZ[XK*KVGXZSKTZUL'MXOI[RZ[XKGTJ)UvUVKXGZOUT4K]*KRNOOTIUTY[RZGZOUT]OZN8(/NGYLUXSKJ8KIUTYZX[IZOUT
9INKSKGTJZNKGSU[TZ]U[RJHKVGOJGIIUXJOTMR_.U]K\KXZNKXKVG_SKTZ]GYTUZJUTKH_ZNKSGYVKXZNKYINKSKGTJ
\OJK-U\KXTSKTZrYTUZOIGZOUTYOTYZX[IZKJZNGZGRRVG_SKTZYH_HGTQOTIR[JOTMOTYZGRRSKTZULXKVG_SKTZJ[KOT'[M[YZ
'[M[YZGTJ'[M[YZZUZGROTMZU`RGIYGMGOTYZ]NOIN`RGIYVXU\OYOUT]GYU[ZYZGTJOTMGTJVG_SKTZY
ULOTZKXKYZGTJZNKJKVUYOZGSU[TZ]KXKJKLKXXKJZORR'[M[YZ8(/IGTIKRRKJZNKROIKTYKUL33)(2ZUIGXX_UTHGTQOTM
H[YOTKYYOT/TJOGGTJ2OW[OJGZUX]GYGVVUOTZKJ:NK)USVGT_NGYGRXKGJ_RUJMKJZNKIRGOS]OZNZNK2OW[OJGZUXGYVKXZNKLUXSGZ
GJ\KXZOYKJH_ZNKSOTZNKTK]YVGVKXYGTJG]GOZOTMXKYVUTYKLXUSZNKS
As at
31.03.2015
ÒTRGIY
As at
31.03.2014
Annexure to Note 2.9 Details of Government

Securities HTM Category
S. No. Nomenciature
(Book Value)
(Book Value)
A . State Government Securities

6;40'(
(/.'8
./3').'268'*+9.
'4*.8'68'*+9.

1'84':'1'

1+8'2'

'4*.8'68'*+9.

4'-'2'4*

5681.51
5580.14
-5/

-5/

-5/

-5/

-5/

-5/

Sub Total (A)

B . Central Government Securities
-5/

-5/

-5/

-5/

-5/

Sub Total (B)
27079.10
63957.80
TOTAL (A + B)
32760.61
69537.94

ÒTRGIY
NOTE 2.10
DEFERRED TAX ASSETS
,UX6XU\OYOUTGMGOTYZ/T\KYZSKTZY
,UX6XU\OYOUTGMGOTYZ2KG\K2OGHOROZ_
,UX6XU\OYOUTGMGOTYZ,O^KJ'YYKZY

292.79
276.54
Less : Deferred Tax Liabilities

,UX,O^KJ'YYKZY

NET DEFERRED TAX ASSETS

*KLKXXKJ:G^'JP[YZSKTZ
292.79

292.79

252.37
252.37

ÒTRGIY
NOTE 2.11
I.
LONG TERM LOANS & ADVANCES

a)
Secured and considered good

Loans to Staff
)UTY[SKX2UGTZUYZGLL

.U[YOTM2UGTZU9ZGLL
OTIR[JKYRUGTZU+^KI*OXKIZUX),5`
RGIY6XK\_KGX`RGIY
<KNOIRK2UGTZU9ZGLL
OTIR[JKYRUGTZU)USVGT_9KIXKZGX_`RGIY
6XK\?KGX` RGIY
b)

Unsecured and considered good

Security Deposit
9KI[XOZ_*KVUYOZ]OZN))/2

,53GXMOT3UTK_*KVUYOZ

/8,3GXMOT3UTK_*KVUYOZ

9KI[XOZ_*KVUYOZ]OZNUZNKXY

TOTAL
856.41

894.33
645.24
685.13
ÒTRGIY
NOTE 2.12
INVENTORIES
STOCKINTRADE (UUQ<GR[K
Quoted Non Hedged
-U\KXTSKTZ9KI[XOZOKY
:XKGY[X_(ORRYvJG_Y

:XKGY[X_(ORRYvJG_Y

:XKGY[X_(ORRYvJG_Y


)KXZOIGZKUL*KVUYOZYGTJ)USSKXIOGR6GVKXY

)UXVUXGZK(UTJY*KHKTZ[XKY

+W[OZ_9NGXKY/T\KYZSKTZ


ÒTRGIY
As at
31.03.2014
As at
31.03.2015
Quoted Hedged
2KYY 6XU\OYOUTLUX*OSOT[ZOUTUL9ZUIQY
)UTYZOZ[KTZ/T\KYZ'IIU[TZ

383628.42
339044.34

383553.79
338719.42

2KYY )UTYZOZ[KTZ9KI[XOZOKY'IIU[TZ
TOTAL

v
383553.79

v
338719.42
,UXHGYOYUL\GR[GZOUTVRKGYKXKLKXGIIU[TZOTMVUROI_TUZKG*KZGORYULYKI[XOZOKYGXKMO\KTOT'TTK^v
9ZUIQvOTv:XGJK OTIR[JKY NKJMKJ YKI[XOZOKY (UUQ \GR[K v ` RGIY GTJ ZNK SGXQKZ \GR[K UL ZNK YGSK OY
`RGIY6XK\OU[Y_KGX(UUQ\GR[K `RGIYGTJ3GXQKZ\GR[K `RGIYGTJZNKXKOYGTKZVXU\OYOUT
UL `RGIYLUXJOSOT[ZOUTGLZKXGJP[YZOTMZNKJKVXKIOGZOUTOT9]GVYUL `RGIY6XK\OU[Y?KGXTKZVXU\OYOUT]GY
`RGIY
As at
31.03.2015
ÒTRGIY
As at
31.03.2014
Annexure to Note 2.12 Details of StockinTrade

S. No. Nomenclature
I.
TREASURY BILLS
A.
91 Days (maturing on)
v'VXv
Book Value
Book Value

v'VXv

v'VXv

v'VXv

v3G_v

v3G_v

v3G_v

v3G_v

v3G_v

v0[Tv

v0[Tv

v'VXv

v'VXv

v3G_v

v3G_v

v0[Tv

v0[Tv

57291.13
120021.71

v3G_v

v0[Tv

TOTAL (A)
B.
v'VXv

ÒTRGIY
S. No. Nomenclature
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value
v0[Tv

v3G_v

v0[Tv

v0[Rv

v0[Rv

v0[Rv

v'[Mv

v'[Mv

101893.99
22312.39
TOTAL (B)
C.
v'VXv
v

v'VXv
v

v3G_v
v

v0[Tv
v

v'[Mv
v

v5IZv

v*KIv

v'VXv

v0[Rv

v9KVv

v9KVv

v5IZv

v5IZv

v4U\v

v3G_v
v0GTv

TOTAL (C)
52773.27
48224.58
TOTAL (A + B+ C)
211958.39
190558.68
*KTG(GTQ)*vvv

/*(/(GTQ)*vvv

9_TJOIGZK(GTQ)*vvv

'RRGNGHGJ(GTQ)*vvv

/*(/(GTQ)*vvv

;TOUT(GTQUL/TJOG)*vvv

'TJNXG(GTQ)*vvv

9ZGZK(GTQUL._JKXGHGJ)*vvv

5XOKTZGR(GTQUL)USSKXIK)*vvv

<OPG_G(GTQ)*vvv

II.
MONEY MARKET INSTRUMENTS
A . CERTIFICATE OF DEPOSITS
70
ÒTRGIY
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value
5XOKTZGRHGTQUL)USSKXIK)*vv

)KTZXGR(GTQUL/TJOG)*vvv

5XOKTZGR(GTQUL)USSKXIK)*vvv

<OPG_G(GTQ)*vvv

(GTQUL(GXUJG)*vvv

)UXVUXGZOUT(GTQ)*vv

6[TPGH9OTJ(GTQ)*vv

9_TJOIGZK(GTQ)*vv

)UXVUXGZOUT(GTQ)*vv

22040.51
79814.21

0.00
0.00
22040.51
79814.21
-5/vv

-5/vv

S. No. Nomenclature
TOTAL (A)
B . COMMERCIAL PAPERS
TOTAL (B)
TOTAL (A + B)
III. GOVERNMENT DATED SECURITIES
A . CENTRAL GOVERNMENT SECURITIES
-5/vv
v

-5/vv
v

-5/vv

v
-5/vv
v

-5/,8(vv
v

-5/vv

-5/vv

-5/vv

v
-5/vv
-5/vv

-5/vv

-5/vv

v
-5/vv

v
-5/vv

v
-5/vv
v

-5/vv

v
-5/vv

-5/vv

-5/vv

-5/vv

v
-5/vv
v

71
ÒTRGIY
S. No. Nomenclature
-5/vv
-5/vv
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value

57340.05
33083.75
1+8'2'vv

'6vv

3'.'8'9.:8'vv

-;0'8':vv

'6vv

36vv

6;40'(vv

:'3/24'*;vv

6;40'(vv

1+8'2'vv

1'84':'1'vv

TOTAL (A)
B . STATE GOVERNMENT SECURITIES
1'84':'1'vv
3'.'8'9.:8'vv
6;40'(vv

v
;6vv

3'.'8'9.:8'vv

=(vv

-;0'8':vv

;6vv

(/.'8vv

'6vv
v

36vv
v

'6vv
v

=(vv

1+8'2'vv

:4vv

'6vv

6;40'(vv
:'3/24'*;vv
.'8?'4'vv

v

v

v
'6vv

v
6;*;).+88?vv

v
:+2'4-'4'vv

v
-;0'8':vv

v
.'8?'4'vv

v
:'3/24'*;vv

v
.6vv

v
72
ÒTRGIY
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value
36vv

v
3+-.'2'?'vv

v
6;40'(vv

v
;6vv

v
3'.'8'9:8'vv

v
-;0'8':vv

v
1'84':'1'vv

v
8'0'9:.'4vv

v
S. No. Nomenciature
'6vv

v
3'4/6;8vv

v
3+-.'2'?'vv

v
9/11/3vv

v
:'3/24'*;vv

v
:+2'4-'4'vv

v
;6vv

=+9:(+4-'2vv

TOTAL (B)
18271.15
6678.66
TOTAL (A + B)
75611.20
39762.41
IV. CORPORATE BONDS & DEBENTURES

A.
PSU TAXABLE BONDS
(5/vv

;4/54('41vv

</0'?'('41vv

4.6)vv

6,)vv

6,)vv

6,)vv

6-)2vv

6,)vv

6,)vv

8+)vv

4.6)vv

6-)2vv

4:6)vv

8+)vv

6-)2vv

64(vv

6-)2vv

46)2vv

46)2vv


ÒTRGIY
S. No. Nomenclature
46)2vv
6-)2vv
TOTAL (A)
B.
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value

29312.80
7384.19

PSU TAX FREE
/8,)vv:G^,XKK

/8,)vv:G^,XKK

/8,)vv:G^,XKK

/8,)vv:G^,XKK

/8,)vv:G^,XKK

4000.00
5999.67
2/).,vv

2/).,vv

6,)vv:G^,XKK

TOTAL (B)
C.
DEBENTURES & OTHERS
.*,)vv4)*

/*,)vv4)*

.*,)vv4)*

.*,)vv4)*

8+)vv

8+2/'4)+)'6/:'22:*vv

4)62vv

4)62vv

4)62vv

4)62vv

4)62vv

*<)vv

TOTAL (C)
20204.63
8014.15
TOTAL (A+B+C)
53517.43
21398.01
.OTJ[YZGT;TORK\KX2ZJ
v

/TLUY_Y:KIN
v

:GZG3UZUXY
v

*X8KJJ_2GH2ZJ

v
/TLUY_Y2ZJ

v
/:)2ZJ

v
2;6/42ZJ

v
3'.+9..?*+8'65=+8)5864

</0'?'('41vv4)
:':')'6.5;,/42:*vv
V.
74
EQUITY SHARES
ÒTRGIY
S. No. Nomenclature
8KROGTIK/TJ[YZXOKY2ZJ
As at
31.03.2015
As at
31.03.2014
Book Value
Book Value

:KIN3GNOTJXG2ZJ
v

v
176.86
107.09

v

6;40'(vv

-;0'8':vv

TOTAL
VI. HEDGED SECURITIES
a.
Central Govt. Securities
-5/vv

b.
State Govt. Securities
-;0'8':vv
6;40'(vv

8'0'9:.'4vv

6;40'(vv

v
TOTAL
20324.03
7403.94
TOTAL (I + II + III + IV+ V +VI)
383628.42
339044.34

383553.79*
338719.42*
2KYY *OSOT[ZOUTOT3GXQKZ<GR[K
STOCKINTRADE
*:NK GMMXKMGZK IGXX_OTM \GR[K GTJ SGXQKZ \GR[K GY GZ 3GXIN OY ` RGIY GTJ ` RGIY 6XK\ ?KGX `
RGIYGTJ`RGIYXKYVKIZO\KR_
O -U\Z9KI[XOZOKYVRKJMKJLUXG\GOROTM2',:KXS8KVUv,GIK<GR[K`RGIYv(UUQ<GR[K`RGIY6XK\?KGX,GIK
<GR[K`RGIYGTJ(UUQ\GR[K`RGIY
OO -U\Z9KI[XOZOKYVRKJMKJLUXG\GOROTM)(25HUXXU]OTMv,GIK<GR[K `RGIYv(UUQ\GR[K `RGIY6XK\?KGX
,GIK<GR[K`RGIYGTJ(UUQ\GR[K`RGIY
OOO -U\Z9KI[XOZOKYVRKJMKJLUXG\GOROTM8(/8KTGTIKv,GIK<GR[K`RGIYv(UUQ<GR[K`RGIY6XK\?KGX,GIK
<GR[K`RGIYGTJ(UUQ\GR[K`RGIY
:NKYKI[XOZOKYSKTZOUTKJOTOOOGTJOOOGHU\K]KXKTUZG\GORGHRKLUXZXGJOTMGYUT3GXIN
ÒTRGIY
As at
31.03.2014
As at
31.03.2015
NOTE 2.13
CASH AND BANK BALANCES
Cash and Cash Equivalents
(GRGTIKY]OZN(GTQY
(GRGTIK]OZN8KYKX\K(GTQUL/TJOG

(GRGTIK]OZN64()[XXKTZ'IIU[TZY

Other Bank Balances

(GRGTIK]OZN6[TPGH4GZOUTGR(GTQOT,O^KJ*KVUYOZY
SGZ[XOTM]OZNOTSUTZNY
'RR,O^KJ*KVUYOZYGXKVRKJMKJ]OZNZNKHGTQLUX
G\GOROTMU\KXJXGLZLGIOROZOKY'YUT3GXIN
G\GORSKTZULU\KXJXGLZGMGOTYZZNK^KJJKVUYOZYOY
`RGIY6XK\?KGX`RGIY6RKGYK
YKKTUZK
(GRGTIK]OZN5ZNKX(GTQY(NGXGZO_G3GNORG(GTQOT
,O^KJ*KVUYOZYSGZ[XOTM]OZNOTSUTZNY

75
ÒTRGIY
As at
31.03.2015
(GRGTIK]OZN9INKJ[RKJ(GTQYKGXSGXQKJZU]GXJY
;TIRGOSKJ*O\OJKTJY
;TIRGOSKJ(UT[Y,XGIZOUTGR+TZOZRKSKTZ6G_GHRK

TOTAL
As at
31.03.2014

39167.10

31809.70
ÒTRGIY
NOTE 2.14
SHORT TERM LOANS & ADVANCES
8KRGZKJ6GXZOKY
5ZNKXY [TYKI[XKJGTJIUTYOJKXKJMUUJ
3:3,5]OZN9.)/2

3:3/8,]OZN9.)/2

,KYZO\GR2UGTYZU9ZGLL

TOTAL

51.08

11.68
ÒTRGIY
NOTE 2.15
OTHER CURRENT ASSETS
A) INTEREST ACCRUED BUT NOT DUE ON
-U\KXTSKTZ*GZKJGTJ'VVXU\KJ9KI[XOZOKY

(UTJYGTJ*KHKTZ[XKY

,O^KJ*KVUYOZY]OZN9INKJ[RKJ(GTQY

B) OTHERS
6XKVGOJ+^VKTYKY

/TZKXKYZ'IIX[KJGTJ*[K

8KTZ8KIKO\GHRKY

'IIX[GRUT9]GVY

/TIUSK:G^VGOJ
TOTAL

18981.73

14237.20
ÒTRGIY
NOTE 2.16
DISCOUNT INCOME
a) Certificate of Deposits
9GRKY8KJKSVZOUT

'JJ )RUYOTM9ZUIQ

2KYY 6[XINGYKY

2KYY 5VKTOTM9ZUIQ


ÒTRGIY
As at
31.03.2015
As at
31.03.2014
b) Treasury Bills / Cash Management Bills

9GRKY8KJKSVZOUT

'JJ )RUYOTM9ZUIQ

2KYY 6[XINGYKY

2KYY 5VKTOTM9ZUIQ

TOTAL

&

16385.16
16188.31
5VKTOTMGTJ)RUYOTM9ZUIQGXKGJP[YZKJLUXJOSOT[ZOUTOTSGXQKZ\GR[KULYKI[XOZOKYGZZNK_KGXKTJOLGT_
&:NOYOTIR[JKY*OYIU[TZ/TIUSKUTNKJMKJ:(ORRY` 4ORRGIY6XK\?KGX`RGIY
ÒTRGIY
NOTE 2.17
INTEREST INCOME
)GRR4UZOIK3UTK_2KTJOTM
9NUXZ:KXS2KTJOTM&
-U\KXTSKTZ*GZKJ9KI[XOZOKY

)UXVUXGZK(UTJY*KHKTZ[XKY

,O^KJ*KVUYOZY

TOTAL
16905.82
14224.26
& v /TZKXKYZ UT 9NUXZ :KXS RKTJOTM OTIR[JKY OTZKXKYZ LXUS )(25 2KTJOTM UL ` RGIY 6XK\ ?KGX ` RGIY 2',
2KTJOTM ` 4OR RGIY 6XK\ ?KGX ` RGIY GTJ 3GXQKZ 8K\KXYK 8KVU 2KTJOTM UL ` RGIY 6XK\ ?KGX ` RGIY

v/TIR[JKYOTZKXKYZOTIUSKUL`RGIYUTNKJMKJYKI[XOZOKYY]GVY6XK\?KGX`RGIY
ÒTRGIY
NOTE 2.18
TRADING INCOME
a) Government Securities
9GRKY8KJKSVZOUT

'JJ )RUYOTM9ZUIQ

2KYY 6[XINGYKY
2KYY 5VKTOTM9ZUIQ

4KZULJOSOT[ZOUTUL`RGIYUTNKJMKJYKI[XOZOKY6XK\?KGX`RGIY
b) Corporate Bonds & Debentures
9GRKY8KJKSVZOUT
'JJ )RUYOTM9ZUIQ
2KYY 6[XINGYKY
2KYY 5VKTOTM9ZUIQ


77
ÒTRGIY
As at
31.03.2015
As at
31.03.2014
c) Equity Shares
9GRKY

'JJ )RUYOTM9ZUIQ

2KYY 6[XINGYKY

2KYY 5VKTOTM9ZUIQ

d) Mutual Fund Units

9GRKY8KJKSVZOUT

'JJ )RUYOTM9ZUIQ
2KYY 6[XINGYKY
v

2KYY 5VKTOTM9ZUIQ
v

v
v
e) Derivatives
/TZKXKYZ8GZK9]GVY:XGJOTM
/TZKXKYZ8GZK,[Z[XKY

,[Z[XKY5VZOUTY

TOTAL (a+b+c+d+e)

7585.27

3140.78
9KI[XOZOKYGXK\GR[KJGYVKXGIIU[TZOTMVUROI_TUZKG
5VKTOTMGTJ)RUYOTM9ZUIQGXKGJP[YZKJLUXJOSOT[ZOUTOTSGXQKZ\GR[KULYKI[XOZOKYGZZNK_KGXKTJOLGT_
ÒTRGIY
NOTE 2.19
OTHER OPERATIONAL INCOME
;TJKX]XOZOTM,KKY

)USSOYYOUTGTJ5ZNKX,KKY

*O\OJKTJ/TIUSKLXUS+W[OZ_

5ZNKXY

TOTAL

103.26

1024.33
ÒTRGIY
NOTE 2.19A
OTHER INCOME
Rent

3OYIKRRGTKU[Y/TIUSK

TOTAL


21.67

48.70
ÒTRGIY
As at
31.03.2014
As at
31.03.2015
NOTE 2.20
INTEREST EXPENSES
)GRRGTJ4UZOIKGTJ9NUXZ:KXS(UXXU]OTM

)(25(UXXU]OTM

8KVU(UXXU]OTM

8(/(UXXU]OTM

5\KXJXGLZ(UXXU]OTM

/)*(UXXU]OTM

TOTAL

&

26050.96

24266.65
&v:NOYOTIR[JKY/TZKXKYZK^VKTYKYGRRUIGZKJZUNKJMKJYKI[XOZOKYOT\KYZSKTZ`RGIY6XK\?KGX`RGIY
ÒTRGIY
NOTE 2.21
OPERATING COSTS
(XUQKXGMKUT9KI[XOZOKY,OTGTIOGR/TYZX[SKTZY

5VKXGZOTM+^VKTYKYLUX,[Z[XKY5VZOUTY

5VKXGZOTM+^VKTYKYUT+W[OZ_

5VKXGZOTM+^VKTYKYUT/8,

,OTGTIOGR/TLUXSGZOUT9KX\OIKY
:XGTYGIZOUT)NGXMKYKZI
(GTQ)NGXMKY

TOTAL

457.74
369.72
ÒTRGIY
NOTE 2.22
EMPLOYEE BENEFIT EXPENSES
9GRGXOKY'RRU]GTIKY
)UTZXOH[ZOUTZU6,-XGZ[OZ_,[TJ
9ZGLL=KRLGXK+^VKTYKY
9ZGLL8KIX[OZSKTZ:XGOTOTM
TOTAL

502.33
397.44
ÒTRGIY
NOTE 2.23
OTHER EXPENSES
8KTZUT([YOTKYY6XKSOYKY

6UYZGMK:KRKMXGS)U[XOKXYGTJ:KRKVNUTK

:XG\KRROTM)UT\K_GTIKGTJ3UZUX)GX+^VKTYKY

6XOTZOTMGTJ9ZGZOUTKX_

8KVGOXYZU([ORJOTM

8KVGOXYGTJ3GOTZKTGTIKv5ZNKXY

/TZKXTGR'[JOZ,KKYGTJ+^VKTYKY

2KMGRGTJ6XULKYYOUTGR+^VKTYKY


ÒTRGIY
As at
31.03.2014
As at
31.03.2015
2OYZOTM,KKY

(UUQYGTJ6KXOUJOIGRY

=UXQYNUVYGTJ([YOTKYY3KKZ

=GZKXGTJ+RKIZXOIOZ_+^VKTYKY

/TY[XGTIK+^VKTYKY
*OXKIZUXYr9OZZOTM,KKY
'[JOZUXrY8KS[TKXGZOUT
v9ZGZ[ZUX_'[JOZ,KKY

v:G^'[JOZ,KKY

v)KXZOIGZOUT,KKY

2UYYUT9GRKUL,O^KJ'YYKZY4KZ

9NGXK:XGTYLKX,KKY

)UXVUXGZK3KSHKXYNOV

'J\KXZOYKSKTZ6[HROIOZ_

(UGXJ9ZGZ[ZUX_3KKZOTM+^VKTYKY

3OYIKRRGTKU[Y+^VKTYKY
v6KTGRZOKY&
v5ZNKXY

'SUXZO`GZOUTUL.:36UXZLUROU

TOTAL
508.30
466.99
&6KTGRZ_OSVUYKJH_8(/))/2OY`4/26XK\?KGXvVKTGRZ_OSVUYKJH_))/2LUXYNUXZGMKULSGXMOTSUTK_UT0[R_
`RGIYJ[KZUY_YZKSYN[ZJU]THKIG[YKUL]GZKXRUMMOTMOTZNKIUSVGT_VXKSOYKY
/TIR[JKY(UT[Y9NGXKOYY[KK^VKTYKYUL`RGIY)[XXKTZ?KGXv4OR

ÒTRGIY
NOTE 2.24 SEGMENT INFORMATION

8KVUXZGHRK9KMSKTZYOTXKYVKIZULH[YOTKYYUVKXGZOUTYULZNKIUSVGT_NG\KHKKTOJKTZOKJUTZNKHGYOYUL\GXOKJXOYQGTJ
XKZ[XTVXURKGZZGINKJZUKGINH[YOTKYYYKMSKTZ]NOINOYZNKVXOSGX_XKVUXZOTMLUXSGZGTJ]NOINGXKOTZKXSYUL'IIU[TZOTM
9ZGTJGXJvUT9KMSKTZ8KVUXZOTM:NKIUSVGT_JUKYTUZNG\KGT_MKUMXGVNOIGRYKMSKTZYGYY[INZNKXKOYTUYKIUTJGX_
XKVUXZOTMLUXSGZ
FY 201314
9KMSKTZ8K\KT[K
:UZGR'RRUIGHRK
+^VKTYKY
9KMSKTZ8KY[RZY
TBills /CP/
CD
Corp.
Bonds &
Debentures
Govt.
Securities
Derivatives
Fixed
Deposits
Mutual Unallocated
Fund
(incl. Equity
Comm.
Shares)
Total

2KYY ;TGRRUIGHRK
+^VKTYKY

6XUZ(KLUXK:G^

9KMSKTZ'YYKZY

9KMSKTZ2OGHOROZOKY

Derivatives
Fixed
Deposits
FY 201415
TBills/ CP/
CD
9KMSKTZ8K\KT[K
:UZGR'RRUIGHRK
+^VKTYKY
9KMSKTZ8KY[RZY
Corp.
Govt.
Bonds &
Securities
Debentures
Mutual Unallocated
Fund
(incl. Equity
Comm.
Shares)
Total

2KYY ;TGRRUIGHRK
+^VKTYKY

6XUZ(KLUXK:G^

9KMSKTZ'YYKZY

9KMSKTZ2OGHOROZOKY

6XU\OYOUT LUX *OSOT[ZOUT UL ` RGIY UT -U\KXTSKTZ 9KI[XOZOKYOTIR[JOTM NKJMKJ YKI[XOZOKY ` 4/2 RGIY UT
:XKGY[X_ (ORRY ` 4/2 RGIY UT +W[OZ_ /T\KYZSKTZY GTJ ` 4/2 RGIY UT )UXVUXGZK (UTJY GY UT 3GXIN
NGY HKKT VXU\OJKJ LUX GTJ OTIR[JKJ OT YKMSKTZ ROGHOROZOKY 6XK\ ?KGX ` RGIY UT -U\KXTSKTZ 9KI[XOZOKY
`RGIYUT:XKGY[X_(ORRY`RGIYUT+W[OZ_/T\KYZSKTZYGTJ`RGIYUT)UXVUXGZK(UTJYGTJ*KHKTZ[XKY
,O^KJ*KVUYOZYVRGIKJH_ZNKIUSVGT_GXKL[TJKJU[ZULZNK4KZ5]TKJ,[TJYGTJZN[YNG\KTUZHKKTGVVUXZOUTKJGT_
IUYZY)UTYKW[KTZR_ZNKZUZGRGRRUIGHRKK^VKTYKYNG\KHKKTGRRUIGZKJZUGRRUZNKXYKMSKTZY,OM[XKYULZNK6XK\?KGX
NG\KHKKTXKMXU[VKJGTJXKGXXGTMKJGIIUXJOTMR_
NOTE 2.25 RELATED PARTY INFORMATION

'YVKX6GXGULZNK'IIU[TZOTM9ZGTJGXJUT8KRGZKJ6GXZ_*OYIRUY[XKYZNK)USVGT_HKOTMGYZGZKIUTZXURRKJKTZKXVXOYK
OYTUZXKW[OXKJZUSGQKJOYIRUY[XKYULXKRGZKJVGXZ_XKRGZOUTYNOVY]OZNUZNKXYZGZKIUTZXURRKJKTZKXVXOYKYGTJZXGTYGIZOUTY]OZN
Y[INKTZKXVXOYKY5ZNKXOTLUXSGZOUTGYVKXZNK9ZGTJGXJOYGY[TJKX
:NKU\KXGRRY[VKX\OYOUTGTJIUTZXURULZNKIUSVGT_\KYZY]OZNZNK(UGXJUL*OXKIZUXY:NK3GTGMOTM*OXKIZUXGTJ+^KI[ZO\K
*OXKIZUXGTJ),5ULZNKIUSVGT_GVVUOTZKJH_ZNK(UGXJUL*OXKIZUXYGXK]UXQOTML[RRZOSK]OZNZNKIUSVGT_

ÒTRGIY
5[ZULZNKZUZGR+OMNZ*OXKIZUXYUTZNK(UGXJULZNKIUSVGT_GYGZ3GXINLU[XGXKOTJKVKTJKTZ*OXKIZUXY5TR_
ZNK4UTv+^KI[ZO\K*OXKIZUXYGXKHKOTMVGOJYOZZOTMLKKYLUXZNK(UGXJ)USSOZZKK3KKZOTMY:NKYOZZOTMLKKYLUXGZZKTJOTM
ZNK(UGXJ3KKZOTMOY`vVKXSKKZOTMGTJLUX)USSOZZKK3KKZOTMYOZZOTMLKKVG_GHRKOY`vVKXSKKZOTM*[XOTM
ZNK_KGXZNK)USVGT_NGYVGOJGY[SUL`RGIYZU]GXJYYOZZOTMLKKOTIR[JOTMYKX\OIKZG^6XK\?KGX`RGIY
5ZNKXOTLUXSGZOUTOTZNOYXKMGXJOYG\GORGHRKOT)UXVUXGZK-U\KXTGTIK8KVUXZGTJ(UGXJrYXKVUXZ
ÒTRGIY
NOTE 2.26 DISCLOSURES ON INTEREST RATE SWAPS

Hedging Swaps

Trading Swaps

4UZOUTGR6XOTIOVGR

4/2
4/2
3GXQKJZU3GXQKZ6UYOZOUTY

4/2
4/2

4/2
4/2

4/2
4/2
3GÛL6<UHYKX\KJJ[XOTMZNK_KGX
3OTUL6<UHYKX\KJJ[XOTMZNK_KGX
3GXQKZ8OYQ
/TZNKK\KTZULHGYOYVUOTZYGJ\KXYKSU\KSKTZOTOTZKXKYZXGZK
ZNKXK]ORRHKGTKMGZO\KOSVGIZUL`RGIY6XK\?KGX`
RGIYUT.KJMOTM9]GVYOT9]GV(UUQ
:NK RUYYKY ]NOIN ]U[RJ HK OTI[XXKJ OL IU[TZKX VGXZOKY LGOR ZU L[RRR
ZNKOXUHROMGZOUTY]UXQYU[ZZU`4ORRGIY6XK\?KGX`4ORRGIY
:NK )USVGT_rY +^VUY[XK ]OZN XKMGXJ ZU U[ZYZGTJOTM Y]GV
ZXGTYGIZOUTYOYROSOZKJZUHGTQYGTJ6XOSGX_*KGRKXY
)URRGZKXGR
4U)URRGZKXGROYOTYOYZKJ[VUTLXUSIU[TZKXVGXZ
)XKJOZ8OYQ)UTIKTZXGZOUT
`RGIY6XK\?KGX`RGIY
ÒTRGIY
NOTE 2.27 ISSUER COMPOSITIONS OF INVESTEMENTS IN NONGOVERNMENT SECURITIES

'YUT3GXINZNKZUZGRYZUIQUL`RGIY(UUQ<GR[KIUSVXOYKYUL
-U\Z9KI[XOZOKYOTIR[JOTM:(ORRY
`RGIY6XK\?KGX`RGIY
+W[OZ_/TYZX[SKTZY
`RGIY6XK\?KGX`RGIY
3UTK_3GXQKZOTYZX[SKTZY
`RGIY6XK\?KGX`RGIYGTJ
)UXVUXGZK(UTJYGTJ*KHKTZ[XKY
`RGIY6XK\?KGX`RGIY
:NK(UUQ<GR[KHKLUXKVXU\OJOTMJOSOT[ZOUTUL4UTv-U\KXTSKTZ8GZKJ9KI[XOZOKYIUSVXOYKYUL
AAA rated
` RGIY6XK\?KGX`RGIY
''XGZKJHUTJY
`RGIY6XK\?KGX`RGIY
'XGZKJ(GTQ)*Y
` RGIY6XK\?KGX`RGIY
:NKXKOYTUSOMXGZOUTJKIROTKOTXGZOTMYULZNKYK(UTJYJ[XOTMZNK_KGXv
S.
No.
Issuer
Amount
(Book Value)
Extent of
Private
Placement
Extent of Below
Investment
Grade Securities
Extent of
Unlisted
Securities
Extent of
Unrated
Securities
69;Y

4'
4'
4'
4'
,/Y

4'
4'
4'
4'
(GTQY

4'
4'
4'
4'
5ZNKX6*Y
4/2
4'
4'
4'
4'

ÒTRGIY
S.
No.
Issuer
6XO\GZK)UXVUXGZKY
9[HYOJOGXOKY0UOTZ<KTZ[XKY
Amount
(Book Value)
Extent of
Private
Placement
Extent of Below
Investment
Grade Securities
Extent of
Unlisted
Securities
Extent of
Unrated
Securities

4'
4'
4'
4'
4/2
4'
4'
4'
4'
5ZNKXY
4/2
4'
4'
4'
4'
6XU\OYOUTNKRJZU]GXJYJOSOT[ZOUT
4/2
4'
4'
4'
4'
75557.94
4'
4'
4'
4'
Total
NOTE 2.28 CRAR AND RELATED INFORMATION

Sl. No. Particulars
Current Year
Prev. Year
O
)8'8

OO
)8'8v:OKX/)GVOZGR

OOO
)8'8v:OKX//)GVOZGR
4'
4'
Forward Rate Agreement / Interest Rate Swaps

Sl. No. Particulars
ÒTRGIY
Current Year
Prev. Year

O
:NK4UZOUTGR6XOTIOVGRULY]GVGMXKKSKTZY
OO
2UYYKY]NOIN]U[RJHKOTI[XXKJOLIU[TZKXVGXZOKYLGORZUL[RRRZNKOX
UHROMGZOUTY[TJKXZNKGMXKKSKTZY
OOO
)UTIKTZXGZOUTULIXKJOZXOYQGXOYOTMLXUSZNKY]GVY
O\
:NKLGOX\GR[KULZNKY]GVHUUQ

Quantitative Disclosures for Financial Year 201415 are as under:

Sl. No. Particulars
O
Current Year
Prev. Year

*KXO\GZO\KY4UZOUTGR6XOTIOVGR'SU[TZ
G,UX.KJMOTM
H,UX:XGJOTM
OO
ÒTRGIY
3GXQKJZU3GXQKZ6UYOZOUTY

H2OGHOROZ_v
G'YYKZ
OOO
)XKJOZ+^VUY[XKY
O\
2OQKR_OSVGIZULUTKVKXIKTZGMKINGTMKOTOTZKXKYZXGZK6<

G5T.KJMOTM*KXO\GZO\KY
H5T:XGJOTM*KXO\GZO\KY
\
3GÔS[SGTJ3OTOS[SUL6<UHYKX\KJ
G5T.KJMOTM*KXO\GZO\KY
H5T:XGJOTM*KXO\GZO\KY
NOTE 2.29 REAL ESTATE EXPOSURES

+^VUY[XK ZU 8KGR +YZGZK 9KIZUX JOXKIZ GTJ OTJOXKIZ OY 4/2 HUZN OT I[XXKTZ GTJ 6XK\ ?KGX GY OZ OY TUZ GVVROIGHRK ZU ZNK
IUSVGT_

ÒTRGIY
NOTE 2.30 ASSET LIABILITY MANAGEMENT

1 day to
one month
Over one
month to
2 months
Over 2
months
to 3
months
Over 3
months
to 6
months
Over 6
months
to one
year
Over
1year to
3 years
Over 3
years to
5 years
Over 5
years
Total
(UXXU]OTMY
LXUS(GTQY

3GXQKZ
(UXXU]OTMY

Liabilities
Assets
'J\GTIKY
/T\KYZSKTZY
NOTE 2.31 PROVISION FOR EMPLOYEE BENEFITS

6XU\OYOUTLUXRKG\KROGHOROZ_NGYHKKTJUTKOTGIIUXJGTIK]OZNZNKXKW[OXKSKTZUL'9vGYVKX'IZ[GXOGR<GR[GZOUTLUXZNK_KGX
vUT3GXINGYVKXZNK6XUPKIZKJ;TOZ)XKJOZ3KZNUJ6;)3JKZGORYLUX]NOINGXKMO\KTNKXK[TJKX
a)
201415
201314
'ZZXOZOUT8GZKVKXGTT[S

/SV[ZKJ8GZKUL/TZKXKYZVKXGTT[S

/'2v
;RZOSGZK
/'2v
;RZOSGZK
The Principal Assumptions used in actuarial valuation are as under:
9GRGX_8OYKVKXGTT[S
8KSGOTOTM=UXQOTM2OLKOT_KGXY
3UXZGROZ_8GZK
b)
Changes in the present value of the Long Term Obligations

6XKYKTZ<GR[KULUHROMGZOUTYGZZNKHKMOTTOTMULZNK/<6
/TZKXKYZ)UYZ
ÒTRGIY

)[XXKTZ9KX\OIK)UYZ

(KTKZY6GOJ

'IZ[GXOGR-GOT2UYYUTUHROMGZOUT
6XKYKTZ<GR[KULUHROMGZOUTYGZZNKKTJULZNK/<6

ÒTRGIY
c)
Short Term Obligations
d)
Fair Value of Plan Assets:

ÒTRGIY
,GOX<GR[KUL6RGT'YYKZYGZZNKHKMOTTOTMULZNK/<6
4/2
4/2
'IZ[GR8KZ[XTUL6RGT'YYKZY
4/2
4/2
)UTZXOH[ZOUT
4/2
4/2

4/2
4/2

(KTKZY6GOJ
,GOX<GR[KULUHROMGZOUTYGZZNKKTJULZNK/<6
6XKYKTZ<GR[KUL2UTM:KXSUHROMGZOUTYGZZNKKTJULZNK/<6
,[TJKJ9ZGZ[Y

201415
e)
Amount to be recognized in the Balance Sheet:
201314
ÒTRGIY
6XKYKTZ<GR[KUL2UTM:KXSUHROMGZOUTGZZNKKTJULZNK/<6
,GOX<GR[KULZNK'YYKZYGZZNKKTJULZNK/<6
)UTZXOH[ZOUT
,[TJKJ9ZGZ[Y
;TXKIUMTO`KJ'IZ[GXOGR-GOT2UYYGZZNKKTJULZNK/<6
4KZ'YYKZ2OGHOROZ_8KIUMTO`KJOTZNK(GRGTIK9NKKZ

4/2
4/2
4/2
4/2

4/2
4/2

*including short term liability of `8.94lacs (Prev. Year ` 3.68 lacs) as given in (c)
f)
Expenses Recognized in the Statement of Profit and Loss:
ÒTRGIY
)[XXKTZ9KX\OIK)UYZ

/TZKXKYZ)UYZ

(KTKZY6GOJ

4/2
4/2
+^VKIZKJ8KZ[XTUL6RGT'YYKZY
'IZ[GXOGR-GOT2UYYXKIUMTO`KJOTZNK/<6

9NUXZ:KXS2OGHOROZ_'JJOZOUTGR

+^VKTYKYXKIUMTO`KJOTZNK9ZGZKSKTZUL6XUZGTJ2UYY2:v'JJOZOUTGR
NOTE 2.32 OTHERS

u
:G^JKJ[IZKJGZYU[XIKUTZNKOTZKXKYZSOYIKRRGTKU[YOTIUSKGTJIUSSOYYOUTGTJLKKYJ[XOTMZNKTGTIOGR_KGXv
amounted to `RGIY6XK\?KGX`RGIY
u
:NK)USVGT_JUKYTUZNG\KGT_LUXKOMTI[XXKTI_ZXGTYGIZOUTY]NKZNKXH_]G_ULOSVUXZYK^VUXZYUXGT_K^VKTJOZ[XK
:NKXKLUXKTUK^VKTJOZ[XKNGYHKKTOTI[XXKJOTLUXKOMTI[XXKTI_OTZNKI[XXKTZ_KGXGY]KRRGYOTZNK6XK\?KGX
u
(KOTMG2K\KRvKTZKXVXOYKGRRZNKGIIU[TZOTMYZGTJGXJYGXKGVVROIGHRKZUZNKIUSVGT_.U]K\KXUTZNKHGYOYULUVKXGZOUTY
IGXXOKJU[ZH_ZNK)USVGT_'9v'9v'9v'9v'9v'9v'9v'9v'9vGTJ'9vJUTUZGVVR_
u
:NKXKGXKTUOSVGOXSKTZRUYYKY:NKXKLUXKZNKIUSVGT_NGYTUZGIIU[TZKJLUXGT_OSVGOXSKTZRUYYKY
u
4UK^VKTJOZ[XKUTXKYKGXINGTJJK\KRUVSKTZNGYHKKTOTI[XXKJH_ZNKIUSVGT_
u
6XU\OYOUTYZUZNKK^ZKTZQTU]TGTJXKGYUTGHRKNG\KHKKTVXU\OJKJOTZNKHUUQYULGIIU[TZY
u
:NKXKGXKTUIUTZOTMKTZROGHOROZOKY
u
:NKXKGXKTUZXGJKXKIKO\GHRKYGYUT3GXINGTJGRYUGYUT3GXIN
u
,OM[XKYLUXZNK6XK\?KGXNG\KHKKTXKMXU[VKJGTJXKGXXGTMKJ]NKXK\KXIUTYOJKXKJTKIKYYGX_OTUXJKXZUSGQKZNKS
IUSVGXGHRK]OZNZNUYKULZNKI[XXKTZVKXOUJ

201415
NOTE 2.33 EARNINGS PER SHARE (EPS)

4KZ6XUZ'LZKX:G^4[SKXGZUXÒTRGIY

=KOMNZKJ'\KXGMK4[SHKXUL+W[OZ_YNGXKY*KTUSOTGZUXOTRGIY

(GYOIGTJ*OR[ZKJ+GXTOTMY6KX9NGXKOT`
,GIK<GR[K6KX9NGXKOT`
(Gauri Shankar)
*OXKIZUX
*/4
(K.V.
Brahmaji Rao)
(
*OXKIZUX
*/4
(O.P. Chawla)
*OXKIZUX
*/4
(S.K. Dubey)
3GTGMOTM*OXKIZUX
*/4
(Sunita Gupta)
*/4
(Monika Kochar)
)USVGT_9KIXKZGX_
3KSHKXYNOV4U,

201314
(S.K. Soni)
*OXKIZUX
*/4
(P.P. Pareek)
*OXKIZUX
*/4

(Himanshu Kapoor)
*GZK 'VXOR
6RGIK 4K]*KRNO

6GXZTKX
3KSHKXYNOV4U,84 )
CASH FLOW STATEMENT FOR THE YEAR ENDED MARCH 31, 2015
ÒTRGIY
PROFIT AS PER STATEMENT OF PROFIT AND LOSS
As at
31.03.2015
As at
31.03.2014
13389.26
9070.32
'JP[YZSKTZLUX
'JJ *KVXKIOGZOUTUL,O^KJ'YYKZY

'JJR2UTM:KXS6XU\OYOUTLUX+SVRU_KK(KTKZY

2UYYUT9GRKUL,O^KJ'YYKZY

Operating Profit Before changes in Operating Activity

CASH FLOW FROM THE OPERATING ACTIVITY

'JP[YZSKTZLUX)NGTMKYOT5VKXGZOTM'IZO\OZ_
*KIXKGYK/TIXKGYKOT2UTM:KXS'J\GTIKY

*KIXKGYK/TIXKGYKOT9NUXZ:KXS'J\GTIKY

*KIXKGYK/TIXKGYKOT5ZNKX)[XXKTZ'YYKZY

*KIXKGYK/TIXKGYKOT)[XXKTZ/T\KTZUX_
*KIXKGYK/TIXKGYKOT:XGJK8KIKO\GHRKY
/TIXKGYK*KIXKGYKOT:XGJK6G_GHRKY
/TIXKGYK*KIXKGYKOT)[XXKTZ2OGHOROZOKY
/TIXKGYK*KIXKGYKOT9NUXZ:KXS6XU\OYOUTY

CASH GENERATED FROM OPERATIONS

Less : Net Tax paid

:G^8KL[TJ
:G^KY6GOJ

(A) Net Cash Flow from Operating Activities
v

(36427.57)

(9441.71)
CASH FLOW FROM THE INVESTING ACTIVITY

'JP[YZSKTZLUX)NGTMKYOT/T\KYZOTM'IZO\OZ_
9GRK6XUIKKJYUL,O^KJ'YYKZY
*KIXKGYK/TIXKGYKOT4UTv)[XXKTZ/T\KYZSKTZv.:3
6[XINGYKUL,O^KJ'YYKZY

(B) Net Cash Flow from Investing Activities

36772.57

(51337.83)
CASH FLOW FROM THE FINANCING ACTIVITY

'JP[YZSKTZLUX)NGTMKYOT,OTGTIOTM'IZO\OZ_
/TIXKGYK*KIXKGYKOT9KI[XKJ;TYKI[XKJ2UGTY

*O\OJKTJ*OYZXOH[ZOUTOTIR[JOTM*O\*OYZXOH[ZOUT:G^

'SU[TZJUTGZKJZU6XOSK3OTOYZKXrY4GZOUTGR8KROKL
,[TJ[TJKX)UXVUXGZK9UIOGR8KYVUTYOHOROZ_'IZO\OZ_

(C) Net Cash Flow from Financing Activities

7012.40
CONSOLIDATED CASH FLOW DURING THE YEAR

(A+B+C)

62995.69
7357.40
2216.15
)GYNGZZNKHKMOTTOTMULZNK_KGX

CASH AT THE END Of THE YEAR
39167.10
31809.70
(GRGTIK]OZN8KYKX\K(GTQUL/TJOG

(GRGTIK]OZN64()[XXKTZ'IIU[TZY


ÒTRGIY
As at
31.03.2015
(GRGTIK]OZN6[TPGH4GZOUTGR(GTQOT,O^KJ*KVUYOZY
SGZ[XOTM]OZNOTSUTZNY(not available for use of
the company)

(GRGTIK]OZN5ZNKX(GTQY(NGXGZO_G3GNORG(GTQOT
^KJ*KVUYOZYSGZ[XOTM]OZNOTSUTZNY

;TIRGOSKJ*O\OJKTJY (not available for use of the
company)
;TIRGOSKJ(UT[Y,XGIZOUTGR+TZOZRKSKTZ6G_GHRK (not
available for use of the company)
(Gauri Shankar)
*OXKIZUX
*/4

*OXKIZUX
*/4
(O.P. Chawla)
*OXKIZUX
*/4
(S.K. Dubey)
3GTGMOTM*OXKIZUX
*/4
(Sunita Gupta)
*/4
(Monika Kochar)
)USVGT_9KIXKZGX_
3KSHKXYNOV4U,

As at
31.03.2014
(S.K. Soni)
*OXKIZUX
*/4
(P.P. Pareek)
*OXKIZUX
*/4

(Himanshu Kapoor)
*GZK 'VXOR
6RGIK 4K]*KRNO

6GXZTKX
3KSHKXYNOV4U,84 )
SCHEDULE TO THE BALANCE SHEET OF A NONDEPOSIT TAKING

NONBANKING FINANCIAL COMPANY
AGYXKW[OXKJOTZKXSYULVGXGUL4UTv(GTQOTM,OTGTIOGR4UTv*KVUYOZ'IIKVZOTMUX.URJOTM
)USVGTOKY6X[JKTZOGR4UXSY8KYKX\K(GTQ*OXKIZOUTYC
ÒTRGIY
Particulars
Liabilities Side :
(1)
Loans and advances availed by the nonbanking financial

company inclusive of Interest accrued thereon but not paid:
Amount
outstanding
Amount
overdue
H *KLKXXKJ)XKJOZY
I :KXS2UGTY
J /TZKXv)UXVUXGZKRUGTYGTJHUXXU]OTM
G *KHKTZ[XKY 9KI[XKJ

;TYKI[XKJ
5ZNKXZNGTLGRROTM]OZNOTZNKSKGTOTMULV[HROIJKVUYOZY
K )USSKXIOGR6GVKX
385791.11
12710
)(25(UXXU]OTMY

8KVU(UXXU]OTM

5\KXJXGLZ(UXXU]OTM

L 5ZNKX2UGTYYVKIOL_TGZ[XK
Secured Loans
(UXXU]OTMYLXUS8(/
Unsecured Loans
)GRR3UTK_(UXXU]OTMY
/TZKX)UXVUXGZK(UXXU]OTMY
5ZNKXY
6RKGYKYKK4UZKHKRU]
Assets Side :
(2)
Breakup of Loans and Advances including bills receivables (other

than those included in (4) below):
G 9KI[XKJ

4'
4'
G ,OTGTIOGRRKGYK
H 5VKXGZOTMRKGYK
H ;TYKI[XKJ
(3)
Break up of leased Assets and stock on hire and other assets

counting towards AFC activities
/ 2KGYKGYYKZYOTIR[JOTMRKGYKXKTZGRY[TJKXY[TJX_JKHZUXY
OO9ZUIQUTNOXKOTIR[JOTMNOXKINGXMKY[TJKXY[TJX_JKHZUXY
G 'YYKZYUTNOXK
H 8KVUYYKYYKJ'YYKZY
OOO5ZNKXRUGTYIU[TZOTMZU]GXJY',)GIZOZO\OZKY
G 2UGTY]NKXKGYYKZYNG\KHKKTXKVUYYKYYKJ
H 2UGTYUZNKXZNGTGGHU\K

ÒTRGIY
(4)
Breakup of Investments / Stockintrade :
Amount outstanding
Current investments (Stockintrade):

1.
Quoted :
/ 9NGXKY G+W[OZ_
H6XKLKXKTIK
OO *KHKTZ[XKYGTJ(UTJY
OOO ;TOZYULS[Z[GRL[TJY
O\ -U\KXTSKTZ9KI[XOZOKY
\ 5ZNKXY6RKGYKYVKIOL_)*Y
2.
v
3GXQKZ<GR[K`RGIY
3GXQKZ<GR[K`RGIY
v
/ 9NGXKY G+W[OZ_
H6XKLKXKTIK
OOO ;TOZYUL3[Z[GR,[TJY
\ 5ZNKXYVRKGYKYVKIOL_
Long Term Investments :
1.
Quoted :
/ 9NGXKY G+W[OZ_
H6XKLKXKTIK
2.
v
3GXQKZ<GR[K`RGIY
\ 5ZNKXY6RKGYKYVKIOL_
Unquoted :
/ 9NGXKY G+W[OZ_
H6XKLKXKTIK
OOO ;TOZYUL3[Z[GR,[TJY
\ 5ZNKXYVRKGYKYVKIOL_
:KXS*KVUYOZ
:5:'2
Borrower groupwise classification of Assets
financed as in (2) and (3) above :
(Please see Note 2 below)
Category
8KRGZKJ6GXZOKY
416314.40
Amount net of provisions

Secured
Unsecured
Total
G 9[HYOJOGXOKY
H )USVGTOKYOTZNKYGSKMXU[V
I 5ZNKXXKRGZKJVGXZOKY
5ZNKXZNGTXKRGZKJVGXZOKY
TOTAL

v
3GXQKZ<GR[K` RGIY
Unquoted :
OOO ;TOZYULS[Z[GRL[TJY
(5)
3GXQKZ<GR[K`RGIY
ÒTRGIY

Investor groupwise classification of all investments (current and

long term) in shares and Securities (both quoted and unquoted) :
6RKGYKYKKTUZKHKRU]
Category
Market Value/Break
up or fair value or
NAV
Book Value (Net of

Provisions)
8KRGZKJ6GXZOKY
G 9[HYOJOGXOKY

I 5ZNKXXKRGZKJVGXZOKY
H )USVGTOKYOTZNKYGSKMXU[V
5ZNKXZNGTXKRGZKJVGXZOKY

418053.94
416314.40
TOTAL
'YVKX'IIU[TZOTM9ZGTJGXJUL/)'/6RKGYKYKK4UZK
(7)
Other Information
6GXZOI[RGXY
Amount
/ -XUYY4UTv6KXLUXSOTM'YYKZY
G 8KRGZKJ6GXZOKY
H 5ZNKXZNGTXKRGZKJVGXZOKY
OO 4KZ4UTv6KXLUXSOTM'YYKZY
G 8KRGZKJ6GXZOKY
H 5ZNKXZNGTXKRGZKJVGXZOKY
OOO 'YYKZYGIW[OXKJOTYGZOYLGIZOUTULJKHZ
Notes :
1
'YJKTKJOTVGXGMXGVNÔOULZNK4UTv(GTQOTM,OTGTIOGR)USVGTOKY'IIKVZGTIKUL6[HROI*KVUYOZY8KYKX\K
(GTQ*OXKIZOUTY
6XU\OYOUTOTMTUXSYYNGRRHKGVVROIGHRKGYVXKYIXOHKJOT4UTv(GTQOTM,OTGTIOGR4UTv*KVUYOZ'IIKVZOTMUX.URJOTM
)USVGTOKY6X[JKTZOGR4UXSY8KYKX\K(GTQ*OXKIZOUTY
'RRGVVROIGHRK'IIU[TZOTM9ZGTJGXJYGYSKTZOUTKJOT4UZK4UUL,OTGTIOGR9ZGZKSKTZYGTJM[OJGTIKTUZKYOYY[KJ
H_/)'/GXKGVVROIGHRKOTIR[JOTMLUX\GR[GZOUTULOT\KYZSKTZYGTJUZNKXGYYKZYGYGRYUGYYKZYGIW[OXKJOTYGZOYLGIZOUT
ULJKHZ.U]K\KXSGXQKZ\GR[KOTXKYVKIZULW[UZKJOT\KYZSKTZYGTJHXKGQ[VLGOX\GR[K4'<OTXKYVKIZUL[TW[UZKJ
OT\KYZSKTZYYNU[RJHKJOYIRUYKJOXXKYVKIZO\KUL]NKZNKXZNK_GXKIRGYYOKJGYRUTMZKXSUXI[XXKTZOTGHU\K
(Gauri Shankar)
*OXKIZUX
*/4

*OXKIZUX
*/4
(O.P. Chawla)
*OXKIZUX
*/4
(S.K. Dubey)
3GTGMOTM*OXKIZUX
*/4
(Sunita Gupta)
*/4
(Monika Kochar)
)USVGT_9KIXKZGX_
3KSHKXYNOV4U,

(S.K. Soni)
*OXKIZUX
*/4
(P.P. Pareek)
*OXKIZUX
*/4

(Himanshu Kapoor)
*GZK 'VXOR
6RGIK 4K]*KRNO
6GXZTKX
3KSHKXYNOV4U,84 )

PROXY FORM
>3ursuant to 6ection of the Companies $ct
and Rule of the Companies 0anagement
and $dministration Rules @
PNB GILTS LTD.
CIN /'/3/C
Regd. 2fce 6ansad 0arg NeZ 'elhi
Tel
Fa[
(mail I' pnbgilts#pnbgilts.com :ebsite ZZZ.pnbgilts.com
Name of the members
Registered $ddress
(mail I'
Folio No.Client I'
'3 I'
I:e being the members of .............................. shares of the above named company hereby appoint
1.
Name: ................................................................................................................................................................................................................................
Address: .............................................................................................................................................................................................................................
E-mail ID: ...................................................................................................................... Signature: .........................................................., or failing him
2.
Name: ................................................................................................................................................................................................................................
Address: .............................................................................................................................................................................................................................
E-mail ID: ...................................................................................................................... Signature: .........................................................., or failing him
3.
Name: ................................................................................................................................................................................................................................
Address: .............................................................................................................................................................................................................................
E-mail ID: ...................................................................................................................... Signature: .......................................................... .....................
as myour pro[y to attend and vote on poll for meus and on myour behalf at the th $nnual *eneral meeting of the Company to be
held on 6aturday the th day of 6eptember at a.m. at 3unMab National Bank $uditorium Central 6taff College 8nder +ill
Road Civil /ines 'elhi and at any adMournment thereof in respect of such resolutions as are indicated beloZ
Resolution Resolutions
Number
Ordinary Business

$doption of nancial statements of the Company for the year ended 0arch and the
Reports of the 'irectors and $uditors thereon.

'eclaration of nal dividend of Rs. . per (Tuity 6hare for the year ended 0arch

$ppointment of 'irector in place of 6mt. 6unita *upta 'IN Zho retires by rotation
and being eligible offers herself for reappointment.

$uthori]ation to Board of 'irectors to [ the remuneration of the 6tatutory $uditors of the
Company as and Zhen appointed by the Comptroller and $uditor *eneral of India for F<
Special Business

$ppointment of 6h. *auri 6hankar 'IN as a 'irector liable to retire by rotation

$ppointment of 6h. .. 9. BrahmaMi Rao 'IN as a 'irector liable to retire by rotation

Reappointment of 6h. 6. .. 'ubey 'IN as 0anaging 'irector for a period effective
from .. to ..

$doption of neZ $rticles of $ssociation of the Company
6igned this .................................................. day of ..................................................
6ignature of 0ember ..................................................
6ignature of 3ro[y holders ..................................................
For
Against
$I[5HYHQXH
6WDPSQRW
OHVVWKDQ
5V
Notes:
. This form of pro[y in order to be effective should be duly stamped completed signed and deposited at the registered ofce of the Company not less than
hours before the $nnual *eneral 0eeting.
. It is optional to indicate your preference. 3lease put ; in the appropriate column against the resolution indicated in the Bo[. If you leave the For or $gainst
column blank against any or all resolutions your pro[y Zill be entitled to vote in the manner as heshe may deem appropriate.
. $ 3ro[y need not be a member of the Company.
. $ person can act as a pro[y on behalf of members not e[ceeding fty and holding in the aggregate not more than of the total share capital of the Company
carrying voting rights. $ member holding more than of the total share capital of the Company carrying voting rights may appoint a single person as pro[y and
such person shall not act as a pro[y for any other person or shareholder.
. $ppointing a pro[y does not prevent a member from attending the meeting in person if he so Zishes.
. In the case of Moint holders the signature of any one holder Zill be sufcient but names of all the Moint holders should be stated.
FINANCIALS AT A GLANCE
FINANCIAL PARAMETERS
Financial Performance
/TZKXKYZ/TIUSK:UZGR/TIUSK
:XGJOTM/TIUSK:UZGR/TIUSK
5ZNKX/TIUSK:UZGR/TIUSK
/TZKXKYZ+^VKTYK:UZGR/TIUSK
/TZKXKYZ+^VKTYK:UZGR+^VKTYK
+YZGHROYNSKTZ+^VKTYK:UZGR+^VKTYK
'JSTGTJUZNKX+^VKTYK:UZGR+^VKTYK
6(::UZGR/TIUSK
6'::UZGR/TIUSK
Human Assets
9KI[XOZ_:[XTU\KXVKXKSVRU_KKÒT)XUXK
6XUZHKLUXKZG^VKXKSVRU_KKÒT)XUXK
'\KXGMK'MKULZNKKSVRU_KKY_KGXY
Per Share Data
+GXTOTMY6KX9NGXKOT`
)GYN+GXTOTMY6KX9NGXKOT`
(UUQ<GR[K6KX9NGXKOT`
6XOIK+GXTOTMYKTJUL_KGXOT`
6XOIK)GYN+GXTOTMYKTJUL_KGXOT`
6XOIK(UUQ<GR[KKTJUL_KGXOT`
*O\OJKTJ6KX9NGXKOT`
201415
(%)
201314
(%)

Financials: Last 10 Years

ÒT)XUXK
Financials\Financial Year
INCOME
200506
127.06
200607 200708 200809 200910 201011 201112 201213 201314 201415

126.14 172.63 112.47 101.73 103.09 165.30 288.65 346.26 410.01
/ /TZKXKYZ*OYIU[TZUT9KI[XOZOKY

// 6XUZUT9GRKUL9KI[XOZOKY

///5ZNKX/TIUSK

EXPENDITURE
98.54
109.75
105.62
74.35
45.70
59.05
135.66
199.88
255.56
276.12
/ /TZKXKYZ+^VKTYKY

// 5VKXGZOTM+^VKTYKY

///*KVXKIOGZOUTUT^KJGYYKZY

/<(GJJKHZY]XOZZKTULL

6XU\'MGOTYZU\KXJ[KIGRRRKTJOTM

29.64
88.77
90.70
133.89
PROFIT BEFORE TAX
28.52
16.38
67.01
38.12
56.03
44.04
2KYY6XU\8KRKGYKLUX:G^GZOUT
PROFIT AFTER TAX

29.64
15.96
45.16
24.49
36.70
30.58
21.05
61.25
61.38
89.61
PAID UP CAPITAL
135.01
135.01
135.01
135.01
135.01
135.01
135.01
135.01
180.01
180.01
RESERVES
355.40
371.36
392.82
404.68
425.59
437.28
442.64
488.08
485.51
541.00
NET WORTH

:[XTU\KX6XOSGX_9KIUTJGX_

NECS (NATIONAL ELECTRONIC CLEARING SYSTEM) MANDATE FORM

FOR PAYMENT OF DIVIDEND ON EQUITY SHARES*
,UX9NGXKNURJKXYNURJOTMYNGXKYOT6N_YOIGR,UXS
:U
39)2ZJ
;TOZ 64(-/2:9
,YZ,RUUX5QNRG/TJ[YZXOGR'XKG6NGYK
4K]*KRNO
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at the time of feeding of information in the system, which will be done on receipt of duly signed format.
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PNB Gilts LTD For FY 2014 15

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PNB Gilts LTD For FY 2014 15

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OUR MISSION

Chairman's Letter to Shareholders .......................................................................... 2

Annual Report 2014-15

Chairmans Letter to Shareholders

Annual Report 2014-15

the sources of borrowings. The Company has well developed systems,

Date : June 27, 2015

For the year

Annual Report 2014-15

Annual Report 2014-15

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Annual Report 2014-15

Annual Report 2014-15

Contracts and Arrangements with Related Parties

Annual Report 2014-15

4. AUDITORS, INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

5. DETAILS OF CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE

Date : June 27, 2015

Annual Report 2014-15

Annual Report 2014-15

Annual Report 2014-15

ELIGIBILITY CRITERIA OF DIRECTORS AND POLICY ON BOARD DIVERSITY

Annual Report 2014-15

2. Composition of the CSR Committee

 '\KXGMK4KZ6XUZULZNK)USVGT_LUXRGYZTGTIOGR_KGXY ` 6735.50 lacs

G :UZGRGSU[TZZUHKYVKTZJ[XOTMZNKTGTIOGR_KGXv` 134.71 lacs

Annual Report 2014-15

9X4U CSR project/

Annual Report 2014-15

Annual Report 2014-15

Date : June 27, 2015

Annual Report 2014-15

Smt. Sunita Gupta

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Name of Director and Key Managerial Personnel

Smt. Sunita Gupta

Annual Report 2014-15

:NK:UZGR8KS[TKXGZOUTUL136YOTIXKGYKJH_VKXIKTZLXUS` 52.58 lacs in 2013-14 to ` 64.40 lacs in

Smt. Sunita Gupta

Date : June 27, 2015

Annual Report 2014-15

Registration and other details:

ii) Registration Date

March 13, 1996

iv) Category / Sub-Category of the Company Public Limited Company

II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

NIC Code of the Product/

% to total turnover of the

66110 - Security dealing

% of shares held Applicable Section

Annual Report 2014-15

No. of Shares held at the beginning of the

No. of Shares held at the end of the year

Annual Report 2014-15

(ii) Shareholding of Promoters

Shareholding at the beginning of the year

Share holding at the end of the year

(iii) Change in Promoters Shareholding

At the beginning of the year

Shareholding at the beginning of

Annual Report 2014-15

Annual Report 2014-15

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Dr. O. P. Chawla/4 /TJKVKTJKTZOXKIZUXOYGTGIGJKSOIOGT.K]GYKGXROKX*OXKIZUXUL4GZOUTGR

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