ALLAHABAD BANK Directors Report

During the financial year 2016-17 (FY17), the Bank''''s global business reached the level of Rs.3,59,974 crore (Rs.3.60 lakh crore), registering a Y-o-Y growth of 0.45%. The Bank''''s international business stood at Rs.14,131 crore and recorded a Y-o-Y growth of 12.87%. Global deposits of the Bank stood at Rs.2,01,870 crore that increased by 0.61% and gross advances that grew by 0.25% and stood at Rs.1,58,103 crore as at the end of Mar''''17. Your Bank''''s continued focus on low cost deposits has resulted in a robust Y-o-Y growth of 27.15% in CASA deposits and the build-up stood at Rs.91,598 crore as on 31st Mar''''17. Subsequently, CASA share improved to 45.79% as on 31st Mar''''17 from 36.20% a year ago.


The Bank''''s operating profit decreased by 6.46% Y-o-Y on account of stress on advances portfolio and resultant reversal/ non-booking of interest. It stood at Rs.3867 crore during FY17. In terms of net profit, the quantum of losses decreased in FY17 as provisions were lower by 14.29% and there was an increase in non-interest income levels. Net loss decreased to Rs.314 crore in FY17 as compared to a net loss of Rs.743 crore a year ago. Your Bank has been able to maintain its Capital Adequacy Ratio above the regulatory requirement. The Bank''''s CRAR stood at 11.45%, which is above the prescribed limit. Owing to reduction in bulk deposits, the cost of deposits decreased to 5.94% during FY17 from 6.61% in FY16.


Against this backdrop, your Directors take pleasure in placing the Bank''''s Annual Report for 2016-17 alongwith audited annual financial statements


OUR PERFORMANCE A. FINANCIAL HIGHLIGHTS


A.1. BALANCE SHEET


( Amount Rs.in Crore)






























Parameter



31ST MAR''''16



31ST MAR''''17



Y-O-Y GROWTH %



Total Business



358352



359974



0.45



Total Deposits



200644



201870



0.61



Gross Advances



157707



158103



0.25



A.2. PROFIT


( Amount Rs. in Crore)






























Parameter



31st MAR'''' 16



31st MAR'''' 17



Y-O-Y GROWTH %



hRs-ic-mmm ±TW / Operating Profit



4134



3867



-6.46



mcitiM / Provision



4877



4180



-14.29



PWl <Hm/(£lfa) / Net Profit/(Loss)



(743)



(314)




A.3. KEY RATIOS














































Parameter



1Mar''''16



Mar''''17



Cost of Deposits



6.61



5.94



Cost of Funds



6.37



5.74



Yield on Funds



9.24



8.41



Cost of Borrowings



3.85



3.52



Net Interest Margin



2.65



2.54



Return on Assets



-0.33



-0.13



Cost to Income Ratio



47.06



51.25




B. OPERATIONAL HIGHLIGHTS


The modification of surveillance application LAMP has facilitated dynamic and quantified monitoring. In the first phase this tool will be used for all accounts greater than Rs.1.00 Crores. An account has to undergo checks at 61 points which would include almost all the Early Warning Signals proposed by RBI. Based on the score depicting the deficiency; corrective & prompt action is to be taken to restore the wellness of the account. As a result, the slippage ratio has come down from 8.93% (FY16) to 8.02% (FY17).


DeVA (Document e-Verification & Approval) is a set-up tool to ensure that irregularities mostly pertaining to documentation are taken care of. This ensures that there is full adherence to the guidelines while sanctioning the proposal and the documentation is correct and complete to ensure enforceability at a later stage, if required. Consequently, short comings would be plugged at the 1 st stage itself and it would supplement the inspection of branch.


C. ASSET QUALITY


FY17 was a challenging year for the Indian Banking Industry due to continued stress faced in asset quality on account of various macroeconomic and other factors. In the previous year, the RBI had also conducted Asset Quality Review in banks.


As on 31st Mar''''17, Gross NPA of the Bank stood at Rs.20687.83 crore (FY16: Rs.15384.57 crore) and Net NPA remained at Rs.13433.51 crore (FY16: Rs.10292.51 crore). In terms of ratio, Gross NPA Percentage and Net NPA Percentage were 13.09% (FY16: 9.76%) & 8.92% (FY16: 6.76%) respectively.


The Bank initiated various measures to arrest fresh slippage and restricted it to Rs.11417 crore for the FY17 compared to Rs.12924 crore for the FY16. Provision Coverage Ratio (PCR) also improved to 50.11% in FY17 from 48.22% in FY16.


To improve asset quality, the Bank initiated consistent recovery drive and recovered Rs.3671.69 crore with a growth of 63.70%. Of this, Cash Recovery was Rs.1611.32 crore with a growth of 72.22% due to concerted efforts, daily monitoring and account specific resolution plan. During the aforesaid period, total Reduction in NPA accounts stood at Rs.6113.74 crore.


The Bank also formulated two new OTS schemes for small NPA accounts, which resulted in accelerated settlement of Farm Sector/ Unsecured small borrowal accounts. Further, compromise/negotiated settlement through Rin Mukti Shivir and one-to-one meeting with borrowers was adopted as another vital tool to tackle NPAs.


However, recovery in big borrowal accounts above Rs.1.00 crore remained a constraint for the Bank for obvious reasons. For follow-up, monitoring and recovery in these accounts, online module "PARTH" (Portal for Asset Resolution through Hot chase) was introduced which was very useful in assuring resolution in this segment. The Bank also has 9 Asset Recovery Management Branches (ARMBs) which function exclusively for resolving NPAs.


Initiatives taken during FY17


- The Bank introduced Online Module "PARTH" for effective monitoring of big borrowal accounts having outstanding above Rs.1.00 crore. Hot chase of such borrowers and timely legal action increased our penetration rate to crack these accounts for recovery.


- Two new OTS schemes were launched for settlement of NPA accounts related to Farm sector and small unsecured loans.


- Monitoring of daily recovery was introduced with Zones/ FGMOs to improve penetration in NPA accounts.


- The Bank organized 33 Recovery Camps in the previous year involving all the branches which was very successful in terms of recovery that amounted to Rs.3157.26 crore. Services of Recovery Agencies and Banking Correspondents were properly utilized for marketing of One Time Settlement Schemes (OTS).


- The Bank participated in National Lok Adalat actively and settled 15154 cases having outstanding of Rs.148.30 crore.


- E-auctions of charged immovable & movable securities were carried out through-out the year. Special thrust was given in taking physical possession of immovable properties either with the help of Enforcement Agencies or by moving application before the concerned DM/CMM taking advantage of amended SARFAESI Act. This step had resulted into increase in the percentage of properties under physical possession of the Bank which leading to auction of properties.


were declared as Wilful Defaulter by the Bank and the number now increased to 101, a three-fold jump from Mar''''16 figure of only 32.


- For effective and better monitoring, all borrowal accounts were categorized in four broad heads, viz., (i) Below Rs.50,000 (ii) Rs.50,000 to Rs.10,00 lakhs (iii) Rs.10.00 lakhs to Rs.1.00 crore and (iv) above Rs.1.00 crore. While OTS is the main focus in first two stages, other additional options like sale under SARFAESI, declaration of willful Defaulter, restructuring, suit at DRT are followed very methodically in next two categories. Further, borrowal accounts having outstanding above Rs.1.00 crore, monthly VC meetings are held with Zonal Heads and FGMs and ''''Doable'''' accounts are identified where turnaround/recovery is expected within the quarter. These accounts are then followed-up on daily basis to ensure resolutions.


New initiates to be adopted


- Formation of a "War Room" at Head Office is under consideration wherein round the clock NPA monitoring will be undertaken in a more systematic and aggressive manner by a team of 4 dedicated executives who will have no other duty other than following up all NPA accounts above Rs.50.00 lakhs on ''''actionable parameter'''' basis.


- After being successfully implementing PARTH module for online follow up, now coverage will be extended to NPA accounts having outstanding above Rs.50 lakhs.


- Marketing of chronic NPA accounts among ARCs will be done to get better bids.


D. INDUSTRIAL RESTRUCTURING


(a) Industrial Restructuring


The total Standard Restructured advance of the Bank came down from Rs.8332 crores (as on 31st Mar''''16) to Rs.4656 crores as on 31st Mar''''17. The reduction of Rs.3676 crores has happened on account of Rs.2234 crores of slippages to NPA category and Rs.1078 crores being upgraded. The Bank had an outstanding of Rs.2466 crores under SDR and Rs.545 crores under S4A as on 31st Mar''''17. Under the 5/25 scheme, the outstanding amount stood at Rs.1187 crores.


The Bank has adopted timely restructuring for Small, Medium and for other enterprises as well. As on 31st Mar''''17, the restructuring for CDR, SME and other enterprises stood at Rs.1567 crores, Rs.383 crores & Rs.2705 crores respectively.


(b) Other Initiatives


The Bank has strengthened the monitoring system by laying emphasis on SMA 0 (Depicting over dues from Day 1 itself) level thereby arriving at a resolution at an early stage. Creating awareness about credit monitoring has been given priority through marking a slot in training programs and during interaction with field functionaries.


E. DIGITALIZATION


E1. Alternate Delivery Channels


Internet Banking:


The Bank is providing Retail Internet banking & Corporate Internet banking facility to its customers. The Internet Banking Customers of the Bank reached 8.43 lacs as on 31st March 2017. The Bank as updated its Internet Banking Services during FY17 which are as under:


- Registration of for Atal Pension Yojana (APY).


- Online registration of Mobile Banking


- Facility to link different account in Mobile Banking


- Scheduling RTGS / NEFT transactions


- Tamil Nadu & Chhattisgarh State tax payment


- Online 15G/15H submission


Mobile Banking


The Bank is providing Mobile Banking services to around 26 lakh customers. During FY17, upgraded version of the Mobile App was introduced which enables the customer do transactions with ease. The Bank has also introduced the facility to register for Mobile Banking through its network of ATMs.


Unified Payment Interface (UPI)


The Bank has launched "AllBank Unified Payment Interface", a Mobile App which allows funds transfer facility from one account to another account. Any Bank account holder after registration in the app can pay or pull funds through the application. The payments can be made to the beneficiary through four modes as under:


- Virtual address,


- Account Number & IFSC Code,


- MMID & Mobile Number


- Aadhaar Number RuPay Prepaid Card:


The Bank has launched RuPay Prepaid card. After reloading the card with a specified amount, the user can use the card at ATMs, POS machines & Online sites. A non bank customer can also purchase the card for use.


Point of Sale (PoS):


The Bank has launched merchant acquiring business through Point of Sale machines (PoS) for the merchants to accept payments from its customers through electronic means. All card (RuPay, MasterCard & VISA) are accepted in the PoS. Around 370 PoS machines have been installed as on 31.03.2017.


SMS Alert Services


- SMS alert is being sent prior to/after account becomes inoperative to the SB & Current account holders.


- Customers are being intimated through SMS regarding deduction of penal charges for fall in minimum balance.


- Customers are being intimated through SMS regarding maturity of the Term Deposit.


ATMs


The Bank has a total 1214 ATMs/CDs as on 31st Mar''''17. Out of this, 742 are under MOF project, 315 under opex and 157 under capex model.


E2. Cheque Truncation System (CTS)


CTS clearing was introduced in the Bank as per RBI guidelines. The CTS clearing of the Bank is handled by 3 Grid centres viz. New Delhi, Mumbai & Chennai.


In the Bank, inward clearing of Southern Grid (Chennai) was decentralized at four centres i.e., Kolkata, Chennai, Hyderabad and Bangalore. In order to make the CTS clearing process more time efficient, prompt and cost efficient, steps have been taken to centralize the CTS clearing of 4 centres to a single centre- Bhubaneswar.


The Branches have been advised to ensure that only CTS compliant cheque leaves are used by the customers. Non-CTS cheques will be completely withdrawn from the system w.e.f. 01.07.2017.


E3. Information Security


- The Bank has a well documented, Board approved IT security policy and an IT security procedure in place that is being reviewed annually to keep it updated as per latest trend and best practices.


- Board approved Cyber Security Policy and Cyber Crisis Management Plan has also been introduced separately apart from IT Security Policy and IT Security Procedure.


- The Bank has deployed various security tools such as firewall, Intrusion Detection System (IDS), Intrusion Prevention System (IPS), e-Mail Security Gateway, Antivirus Solution etc. to mitigate various security threats.


- The Bank has implemented Hyper Text Transfer Protocol Secure (HTTPS), Extended Validation Secure Sockets Layer (EV SSL) for internet banking.


SMS Alert Services


- SMS alert is being sent prior to/after account becomes inoperative to the SB & Current account holders.


- Customers are being intimated through SMS regarding deduction of penal charges for fall in minimum balance.


- Customers are being intimated through SMS regarding maturity of the Term Deposit.


ATMs


The Bank has a total 1214 ATMs/CDs as on 31st Mar''''17. Out of this, 742 are under MOF project, 315 under opex and 157 under capex model.


E2. Cheque Truncation System (CTS)


CTS clearing was introduced in the Bank as per RBI guidelines. The CTS clearing of the Bank is handled by 3 Grid centres viz. New Delhi, Mumbai & Chennai.


In the Bank, inward clearing of Southern Grid (Chennai) was decentralized at four centres i.e., Kolkata, Chennai, Hyderabad and Bangaluru. In order to make the CTS clearing process more time efficient, prompt and cost efficient, steps have been taken to centralize the CTS clearing of 4 centres to a single centre- Bhubaneswar.


The Branches have been advised to ensure that only CTS compliant cheque leaves are used by the customers. Non-CTS cheques will be completely withdrawn from the system w.e.f. 01.07.2017.


E3. Information Security


- The Bank has a well documented, Board approved IT security policy and an IT security procedure in place that is being reviewed annually to keep it updated as per latest trend and best practices.


- Board approved Cyber Security Policy and Cyber Crisis Management Plan has also been introduced separately apart from IT Security Policy and IT Security Procedure.


- The Bank has deployed various security tools such as firewall, Intrusion Detection System (IDS), Intrusion Prevention System (IPS), e-Mail Security Gateway, Antivirus Solution etc. to mitigate various security threats.


- The Bank has implemented Hyper Text Transfer Protocol Secure (HTTPS), Extended Validation Secure Sockets Layer (EV SSL) for internet banking.


- The Bank has ISO 27001:2013 Certification for its DC and DR site.


- The Bank has well documented, Board Approved Business Continuity Plan to provide un-interrupted Customer Services in case of exigency.


- DR Drill is conducted on a quarterly basis to keep testing DR site''''s functional preparedness in case of any emergency.


E4. Other Initiatives


- The Bank has added some new features in "on line opening of Term/Recurring Deposit" to make it more customer friendly and attractive. New functionality of opening of Savings Bank account through "Selfie" has been developed and introduced in consultation with the Project Management Office.


- The existing Cheque book issue and delivery system has been re-engineered to make it more customer friendly. As per RBI guidelines, the Bank has re-designed and introduced 10 commonly used forms with effect from 01.01.2017.


- The Documents & Record Management Policy-2016-17 has been reviewed/ updated with the addition of new reports/returns as required by RBI/other controlling authorities.


- Exceptional Transaction Reports generated by CBS has been reviewed and redesigned with the inclusion of 4 new reports in Exceptional Transaction category.


- The Bank has introduced new CIF & Account Opening Forms for the customers


- The Bank has put in place a well defined procedure for bringing about any change in the Systems and Procedures or introducing a new system. The compliance of the Systems & Procedures of the Bank by the branches/ offices is periodically audited/ verified.


- During FY17, a new department, "New Business Initiative" was opened for strategic business development. The Bank has planned to provide its employees an e-platform for learning and development and a blue print for the programme has been prepared. The Bank is reviewing some of the loan facilities provided to the employees at concessional rate.


Digitalization- New Business Buzz Word


The Bank has taken leap forward in digitization of its business processes. New IT initiatives have been put in place to improve delivery of services. New Digital products like UPI, Micro ATM and Aadhar Pay have been launched. The Bank has a strong network of more than 8250 outlets providing IT enabled online Banking Facilities with special focus on rural and remote areas of country. The Bank is focusing to innovate alternate e-delivery channels with customer friendly options.


Moving forward with Government''''s thrust on digitization of transactions and gearing up for less cash society, the Bank has introduced a number of products.


- Aadhar enabled AEPS transactions


- Allbank-Selfie'''' - Mobile app based on-line customer on-boarding


- Account opening using e-KYC facility extended by UIDAI.


- Aadhaar based payment at merchant locations replacing cash transactions.


- Prepaid Card for walk-in customers and account holders.


- On-line Home loan approval


New features have been introduced to make our existing e-products more and more convenient for our customers.


- OTP authentication for better security in e-commerce transaction


- On-line employees PF payment to EPFO


- On-line payment of customs-duty (ICEGATE)


- On-line student fee collection


a) Micro ATMs:


- Under Financial Inclusion Project, the Bank has provided Banking Facilities through Online Inter-operable Kiosk Banking Solution at 5063 Bank Mitra locations using Micro ATMs.


- The facility of RuPay Card operations (Micro ATM functionalities) has been operationalised and encouraged as a party of digital push through usage of domestic RuPay card at Bank Mitra Locations.


b) Branch-wise Vacant Locker Status: Branch-wise position of vacant locker is being displayed in the Bank''''s website.


F. MANAGEMENT INFORMATION SYSTEM (MIS)


The Bank has launched Automated Data Flow (ADF) to provide MIS to RBI seamlessly. Bank has set up a Centralized Data Repository (CDR) for maintaining accuracy and consistency in data provided to various stake holders. The MIS also provides analysis and information for preparation of Balance Sheet through new accounting system Ind AS.


Status of Implementation of Ind AS


As per RBI guidelines, banks are required to follow Indian Accounting Standards (Ind AS) from Financial Year 2018-19 with comparatives of previous year. The Bank has submitted its Proforma Ind AS Financial Statements of Sept. 2016 to RBI within stipulated timeline of 30th Nov''''16.


The Bank has formed a Steering Committee headed by Executive Director. It has also set up a separate Cell at Head Office to handle various activities relating to implementation of Ind AS. The diagnostic study has been completed to ascertain impact due to Ind AS. The I.T. changes which may be required are being studied by the Consultant. Bank is in the process of drafting Ind AS compliant Accounting Policies.


G BRANCH AND OFFICE NETWORK


Domestic Presence


The Bank has pan India presence of 3245. Out of 3245 domestic branches, 1205 are at Rural, 764 at Semi-urban, 647 at Urban and 629 in Metropolitan Centres. A total of 40 new branches have been opened during FY17, out of which 12 are at Rural, 14 at Semi Urban, 7 each at Urban and Metro centers. The rural branches include opening of 7 branches in unbanked rural centres. Further, 2 Metro and 1 each in Urban and semi-urban branches have been merged to consolidate the business of close by located centres.


International Presence


The Bank is having one overseas branch with a dealing room at Hong Kong. The business of Hong Kong has increased from Rs.12,519 crore as on 31st Mar''''16 to Rs.14,130.68 crore as on . 31st Mar''''17. The business of the branch increased by 12.87% _ on Y-o-Y basis. The total deposit as on 31st Mar''''17 stood at Rs.2535.54 crore, whereas advances stood at Rs.11595.14 crore. The Hong Kong branch has earned operating profit of Rs.112.20 crore and net profit of Rs.17.49 crore in FY17.


H. INTERNATIONAL BANKING


The Bank carries out its international business in India through its 53 authorized/ designated branches, which includes 5 : international branches & through its overseas branch at Hong Kong. The Bank also has a centralized fully equipped forex dealing room at FCTM Branch Mumbai which handles forex transactions in 9 currencies and maintains 13 Nostro accounts and 1 Vostro account. Export Credit of the Bank as on 31st Mar''''17 stood at Rs.2620.96 crore as compared to Rs.2539.80 . crore as on 31st Mar''''16. The Bank is taking all steps to increase 1 the credit flow to exporters. Exporters'''' meets are arranged at various centres to explain various facilities available to them. The Bank maintains correspondent relationship with prime banks abroad. The Bank is also catering to the needs of Nonresident Indians through its branches by providing various types of deposit & loan products e.g. FCNR, NRE & NRO deposits, Housing Loan etc. The Bank is also having an . arrangement with M/s. UAE Exchange & Financial Services Ltd. to facilitate Money Transfer Services to the domestic customers receiving remittances from their relatives residing abroad.


I. OPERATIONS DIVISION Business Processes


Business Process Re-engineering (BPR) Cell is functioning with the purpose of bringing desired changes in the existing : systems and processes, products and business processes of


- the bank on a continuous basis for maximizing performance, mainly productivity and efficiency.


J. BUSINESS DIVERSIFICATION a. Insurance Business:


i. Life Insurance:


i The Bank as a corporate agent of M/s. Life Insurance Corporation of India, mobilized premium of Rs.103.73 crore during FY17 from 27888 policies, as against total premium of Rs.111.79 crore mobilized during FY16. The Bank''''s earnings from Life-Insurance business during FY17 amounted to Rs.9.63 crore as against Rs.10.28 crore during FY16.


ii. Non Life Insurance:


The Bank as a corporate agent of M/s. Universal Sompo General Insurance Company Limited collected premium amounting to Rs.119.54 crore during FY17 from 283369 policies mobilized by the Bank, which earned revenue of Rs.11.81 crore as against Rs.11.34 crore in FY16.


The Bank has collected premium amounting to Rs.10.06 crore during FY17 from sale of 37247 customized “Allahabad Bank Health Care Plus” policies, which earned revenue of Rs.1.42 crore.


b. Mutual Funds:


The Bank is distributing the Mutual Fund schemes of 6 AMCs i.e. Reliance Nippon AMC, Principal PNB AMC, Kotak Mutual Fund AMC, UTI MF AMC, Franklin Templeton AMC and Peerless AMC through Bank branches.


The Bank has augmented commission from distribution of Mutual fund business amounting to Rs.49 lakhs during the FY17 as against Rs.46 lakhs during the FY16.


c. Depository Services:


The Bank as Depository participant of NSDL & CDSL is providing Depository services to the customers and has earned an income of Rs.82.99 lakh during FY17 as against Rs.31.89 lakh during FY16 for providing Depository Services.


d. Online Trading Account:


The Bank is providing Broking facility to the demat customers of the Bank in association with M/s. Aditya Birla Money Limited. An income of Rs. 7.82 lakh was augmented by the Bank during FY17 on account of online trading activities.


e. Applications Supported by Blocked Amount (ASBA) Services:


Being Self Certified Syndicate Bank (SCSB) for submitting of application in public issues (IPO/FPO/ Right Issue) this facility has now been made available from all the branches of the Bank.


ASBA facility is also available for Syndicate/Sub syndicate Members for processing broker bidded IPO forms at 58 designated bank branches. During FY17, the Bank processed applications of the customers for 54 IPOs.


f. Cash Management Services:


The income under Cash Management Services is Rs.3.92 crore for the financial year 2016-17 as against Rs.3.18 crore during corresponding period last year.


K. GOVERNMENT BUSINESS


For implementing the Prime Minister''''s dream for creating a pensioned society, the Bank extended the coverage for APY by enrolling 73830 individuals to address the old age income security needs of the citizen.


As a Point of Presence (POP) for National Pension System (NPS), the Bank is catering needs of two of its corporate clients i.e. Allahabad Bank and M/S Tenughat Bidyut Nigam Limited, Ranchi . Apart from these, the Bank is acting as Point of Presence Service Provider (POP SP) for old age pension need of general public through its 286 branches.


During FY17, the Bank participated in four tranches of Sovereign Gold Bond Scheme, launched by Govt. of India aiming to reduce the holding of the yellow metal and also to reduce import of Gold.


Central Government''''s decision on the recommendations of the 7th Pay Commission-Revision of pension of pre-2016 pensioners/ family pensioners has been implemented by the Bank in August 2016 to all the eligible pensioners.


During FY17, the Bank has participated in Income Declaration Scheme, 2016 and Pradhan Mantri Garib Kalyan Deposit Schme (PMGKDS).


L. TREASURY - OPERATIONAL HIGHLIGHTS Domestic Operations:


The treasury has earned a record trading profit of Rs.912.00 crores during FY 2016-17, thereby posting a Y-o-Y growth of 120.29% over FY 2015-16. Further, the Interest Income earned during FY17 is Rs.4091 crores, which is a 2.53% Y-o-Y growth over the previous period. Despite of a decrease in domestic Investment portfolio Rs.600.77 crores, i.e., from Rs.56034.13 crores in MarRs.2016 to Rs.55433.36 crores in MarRs.17, such feat could be achieved through prudent trading strategies in SLR securities and judicious investments in Non-SLR category.


Portfolio Highlights:


The global investment portfolio of the Bank as on 31.03.2017 stands at Rs.55711.96 crores, which includes domestic investment of Rs.55433.36 crores and Overseas investment by our HongKong Branch to the tune of HKD 333.85 mio, i.e., Rs.278.60 crores (converted @ 1HKD = Rs.8.3450). The portfolio of Rs.55711.96 crores is split in to HTM category carrying Rs.38526.97 crores (i.e., 69.15%) and AFS Category carrying Rs.17184.98 crores (i.e., 30.85%).


On an effective NDTL of Rs.2,03,860.00 crores as on 31.03.2017 the Bank has maintained SLR securities of Rs.47,600.00 crores which is 23.35% of NDTL against a requirement of 20.50%. Out of our SLR holdings, Rs.37,211.00 crores which is 18.25% of NDTL is held in HTM category against a limit of 20.50%.


The Bank''''s NSLR portfolio of Rs.7833.65 crores comprises mainly of Rs.2584.51 crores of CD, Rs.1361.40 crores of Bonds/ Debentures, Rs.1457.99 crores of Security Receipts and Rs.1290.87 crores of shares and Rs.855.00 crores of Special SDL Bonds received under UDAY scheme. The equity portfolio of the Bank stood at Rs.1290.87 crores includes Rs.825.63 crores of shares received through conversion of Debt under CDR/SDR/ S4A schemes.


With the Modified duration under control the bank is maintaining a good investment portfolio in dated securities. The bank has increased the trading volume many fold in the HFT category. The bank is also venturing into the interest rate futures. The bank is also investing more in good corporate bonds which will attract more yields and also invest in commercial paper considering the short term liquidity management. With the favorable market conditions bank is also trying to invest in IPOs and FPOs of good companies and churn the equity portfolio in an effective manner.


The bank is trying to increase the forex turnover in the merchant by establishing a strong relationship with the existing exporters and imports and also meeting the prospective client. The bank has also succeeded in maintaining the business of oil companies by providing best quotes and services to these entities who jointly provides the largest forex turnover in the whole industry. The interbank trading activities have also improved thus increasing the profitability to the bank.


M. CUSTOMER CARE


The Bank has formulated customer centric policies such as Customer Rights Policy, Deposit Policy, Cheque Collection Policy, and Compensation Policy and these are displayed in Bank''''s website. The Bank has adopted "The Code of Bank''''s Commitment to Customers" & "Code of Bank''''s Commitment to Micro & Small Entrprises" formulated by BCSBI. Citizen Charter is adopted by the Bank. It is available at the branches and website of the Bank. The Bank also conducts Customer Service Committee meetings at every branch and Zonal Office on monthly basis for providing better customer service.


Customer Grievance Redressal Cell


A web based Portal aimed at providing the customers with a platform to lodge their grievances against the Bank for deficiency in services has been provided on the Bank''''s website www.allahabadbank.in under customer care. Complaints received directly at Head Office are also lodged through this portal for monitoring, record & follow up. In order to priorities & expedite the redressal, all Complaints are categorized in 3 Baskets viz, A,B & C. Complaints received through MOF,DPG,RBI and VIPs are put in the Basket A for expeditious redressal . Bank has Customer Grievance Redressal Cell at Head Office. The Nodal Officer of the rank of General Manager designated by the Bank monitors the implementation of customer service and complaint handling mechanism for the entire Bank. Complaints received from customers are being redressed and suitable replies are sent to the customers.


Initiatives taken during FY17 for improvement in customer service


Several initiatives were also taken to remain customer focused by providing fast service, bringing in diversified products/ services, responding to customers'''' queries in time and redressal of customer complaints.


Customer Service committees have been formed at each and every branch and at Zonal offices. The Customer Service Committee meets once a month to study complaints/ suggestions, cases of delay, difficulties faced/ reported by customers/ members of the Committee and evolve ways and means of improving customer service. The members include a senior citizen too.


N. IMPLEMENTATION OF OFFICIAL LANGUAGE POLICY


The Bank has been leading in the area of implementation of Official Language and achieved almost all the targets in all parameters fixed by the Government of India, Ministry of Home Affairs, Department of Official Language for FY17. All the bilingual CBS and HRMS computers are under Hindi Interface. By adopting this bilingual system, implementation of Rajbhasha is increasing. In addition, the Bank is using Unicode Fonts for Hindi correspondence at all level.


During FY17, the Bank has been awarded with more than 30 awards for its excellent performance for the use of Hindi which includes regional level awards of Ministry of Home Affairs. In addition, Town Official Language Implementation Committees situated in different locations of the country have also awarded the Bank offices. The Bank is successfully convening the Town Official Language Implementation Committees constituted by the Government of India in Ranchi and Gonda.


The Draft and Evidence Committee of Parliament on Official Language inspected Allahabad Bank, Head Office on 27th May, 2016 and the third sub-committee of Committee of Parliament on Official Language visited Jammu branch on 10th June 2016, Abu Road (Mount Abu) on 19.09.2016 and Head Office on 17.01.2017. The Committee not only expressed satisfaction but also appreciated the efforts made by the Bank for progressive use of Hindi.


The Bank celebrates "Hindi Maah" in the month of September every year. Various competitions are organized at All India and Zonal levels in which staff members of all cadres participate enthusiastically. The winners are awarded with prizes in the Rajbhasha function. This year also, the Bank organized Hindi Maah and other programmes / competitions and awards and prizes were given.


O. SUBSIDIARY & JOINT VENTURE


- AllBank Finance Ltd., a wholly owned subsidiary of Allahabad Bank, engaged in Corporate Advisory Services, Project Appraisal, Issue Management, Loan Syndication, Debenture Trusteeship and Underwriting, posted a net profit of Rs.6.76 crore in FY17.


The paid up capital of our sponsored RRB is Rs.61.93 crore. Central Government, State Government and Allahabad Bank contributed in paid up capital of AUPGB in the ratio of 50:15:35, respectively. The Bank''''s contribution towards capital of this RRB was Rs.21.67 crore. The Net worth of sponsored RRB as on 31st March''''17 was Rs.789.36 crore.


During FY17, the total business of AUPGB increased from Rs.14346 crore in FY 2016 to Rs.16182 crore, showing an increase of Rs.1836 crore by 12.80%. The deposit and advances as on 31st Mar''''17 stood at Rs.9613 crore (Y-o-Y growth: 17.55%) and Rs.658 crore (Y-o-Y growth: 6.49%).


The Net Profit of our sponsored RRB as on 31.03.2017 stood at Rs.31.37 crore as against Rs.9.31 crore as on 31.03.2016, showing a Y-o-Y growth of 236.94 %. AUPGB is in profit since inception. The Gross NPAs of AUPGB increased from Rs.541 crore to Rs.607 crore (9.24% of total advances) during FY 17. All the 650 branches, 04 Extension Counters and 13 Administrative locations are at CBS. AUPGB is the only RRB in India, which is managing its own Data Center. Total no of employee were 2614 as on 31.03.2017.


Progress in opening of accounts under PMJDY as on 31.03.2017 stood at 10,87,228 accounts, out of which Rupay debit cards were issued in 7,68,051 accounts. Balance outstanding in those accounts was Rs.258.69 crore. Total number of accounts having zero balance as on 31.03.2017 stood at 78,892. AUPGB enrolled 291503 no of customers under PMJJBY and 650021 under PMSBY. Out of 28318 saving linked SHGs credit linkage was done in 22756 no of SHGs accounts with an outstanding of Rs.133.95 crore.


The RRB sponsored by the Bank is actively participating in economic development of the areas of their presence. With the implementation of Core Banking Solution (CBS), rural customers are also getting benefit of latest technology thus providing services to the rural poor under Financial Inclusion Plan at their doorsteps. CBS is running with anywhere banking and SMS alert.


In your sponsored RRB, the facility of Micro ATMs, RTGS, NEFT, Rupay ATM cards/ KCC cards, KIOSK banking Solution (KBS) under FIP, E-KYC, Aadhar Payment Bridge System (ABPS) under DBT etc is also being provided to customers by AUPGB.


Q. AWARDS AND ACCOLADES


- The Bank has been awarded by M/s. Life Insurance Corporation of India for mobilizing maximum no. of policies among 153 channel partners of M/s. LICI during FY17.


- FGMOs - Lucknow, Kolkata & Mumbai, Zonal Offices -Raipur, Bhubaneswar, New Delhi & Bhagalpur were awarded by LICI during FY17 for becoming BIMA FGMOs and Bima Zones respectively.


- The Bank was adjudged as the Best Bank in PMJDY implementation in the category of Group-Other states and bagged prestigious Prime Ministers Award for excellence in Public Administration for North 24 Parganas (West Bengal).


- Acknowledging the Financial Inclusion Landscape achieved by the Bank, it was adjudged as Runner Up in the category of Best Financial Inclusion Initiatives amongst Medium Banks -"Banking Technology Award 2017" by Indian Banks Association.


R. FUTURE BUSINESS PLAN OF THE BANK


Taking into account the optimistic outlook of the economy and its different sectors, your Bank will align its business objective to maximize its gains. The Bank shall primarily focus on aggressive recovery drive, further build-up in CASA, rebalancing of loan book with focus on SMARt loans (S: Small, M: Micro, A: Agriculture and Rt: Retail loans), thereby increasing its share to the loan book supported by technology. Further, the Bank believes that its employees are its valuable assets and therefore, up-scaling of officers by means of training shall be undertaken. The Bank will also look at different avenues to raise capital.


S. BOARD OF DIRECTORS


As on 31.03.2017, there were 10 Directors on the Board of the Bank including 3 whole time Directors i.e. One Chairman & Managing Director and two Executive Directors. The following changes took place in the composition of Board of Directors.


- Shri Rakesh Sethi completed his tenure as Chairman and Managing Director due to attaining the age of superannuation as on 30.04.2017.


- Smt. Usha Ananthasubramanian was appointed as Managing Director and CEO of the Bank w.e.f. 6th May, 2017.


- Shri Gautam Guha was appointed as Part-time Nonofficial Director on the Board of the Bank for a period of three years w.e.f. 25.04.2016. Shri Guha was Additional Deputy Comptroller & Auditor General of Govt. of India.


- Shri J. K. Singh Kharb completed his tenure as Executive Director due to attaining the age of superannuation as on 30.06.2016.


- Shri Anshuman Sharma was appointed as Government Nominee Director on the Board of the Bank w.e.f. 14.06.2016 in place of Dr. Shashank Saksena. Shri Sharma is posted as Deputy Secretary at Department of Financial Services, Ministry of Finance.


- Shri Y. P. Singh completed his 3 years tenure as Workmen Employee Director on 28.08.2016. On the same day, Shri Ajay Shukla, completed his 3 years tenure as Part Time Non Official Director.


- Shri Vivek Deep was appointed as RBI Nominee Director on the Board of the Bank w.e.f. 06.12.2016 in place of Shri A. Udgata. Shri Vivek Deep is posted at RBI Kanpur and working as Regional Director of RBI for the State of Uttar Pradesh.


- Shri Sanjeev Kumar Sharma completed his 3 years tenure as Chartered Accountant Director on 17.12.2016.


- Shri S. Harisankar was appointed as Executive Director of the Bank for a period of three years w.e.f. 18th February, 2017.


- The Board wishes to place on record its appreciation for the valuable contribution made by Shri Rakesh Sethi (Chairman and Managing Director), Shri J. K. Singh Kharb (Executive Director), Dr. Shashank Saxena, Shri A. Udgata, Shri Y. P. Singh, Shri Ajay Shukla and Shri Sanjeev Kumar Sharma (Directors).


T. DIRECTORS'''' RESPONSIBILITY STATEMENT


The Directors confirm that in the preparation of the annual accounts for the year ended March 31, 2017:


- The applicable Accounting Standards have been followed along with proper explanation relating to material departures, if any;


- The accounting policies, framed in accordance with the guidelines of the Reserve Bank of India, were consistently applied;


- Reasonable and prudent judgment and estimates were made so as to give a true and fair view of the state of affairs of the Bank at the end of the financial year and of the profit/loss of the Bank for the year ended March 31, 2017;


- Proper and sufficient care was taken for the maintenance of adequate accounting records in accordance with the provisions of applicable laws governing banks in India, and


- The accounts have been prepared on the principle of "going concern" basis.


U. ACKNOWLEDGEMENT


The Board of Directors places on record its gratitude to the Reserve Bank of India, Securities Exchange Board of India, and Government of India and other regulatory authorities and financial institutions for their co-operation, strong support and guidance. The Board acknowledges the support of shareholders and also places on record its sincere thanks to its valued clients and customers for their continued patronage. The Board also expresses its deep sense of appreciation for the commitment shown by the employees in supporting the Bank in its performance on all fronts.


For and on behalf of the Board of Directors,


Usha Ananthasubramanian


Managing Director & CEO






The Directors have pleasure in presenting the Annual Report together with audited financial statements of the Company for the year ended 31st March, 2017.


FINANCIAL RESULTS


During the year under review, your company earned total income of Rs.1330.31 lacs as against Rs.994.62 lacs in the previous year. The summary of the financial results is as follows:


(Fig. in Rs.)









































31st March, 2017



31st March, 2016



Total Income



1330.31



994.62



Total Expenses



128.47



147.00



Profit Before tax (PBT)



1201.84



847.62



Provision for tax



250.67



244.53



Income Tax Adjustment (Previous Years)



274.93



28.58



Profit after tax



676.24



574.51



DIVIDEND


Directors do not recommend any dividend for the year ended 31st March, 2017.


RESERVES


The Directors do not propose to carry any amount to any reserves.


COMPANY''''S OPERATIONS AND AFFAIRS


During the year 2016-17, your Company''''s activities have been confined mostly to Debenture / Security Trusteeship, conducting TEV study, vetting of financials besides holding shares of various companies in trust / as a pledgee for holding securities as a security trustee . During the FY 2016-17, your Company generated a total revenue of Rs.1330.31 lacs against revenue of Rs.994.62 lacs earned during the year 2015-16 out of which Investment income was Rs.1200.58 lacs for the year ended 31/03/2017against Rs.642.05 lacs earned during the year


2015-16 and the revenue earned from the other sources for the year ended 31/03/2017 was Rs.129.73 lacs as against Rs. 352.57 lacs for the year ended 31/03/2016.


OUTLOOK FOR THE CURRENT YEAR


Your company''''s top management has undergone significant changes. Some of the Directors have vacated from the office pursuant to relinquishment of office and in their place new directors were nominated on the Board of the Company by Allahabad Bank. Pursuant to superannuation of Shri J.K.SinghKharb as Executive Director, Allahabad Bank with effect from 31/5/2016 he ceased to be a Director of AllBank Finance Ltd. (ABFL) and in place of him Allahabad Bank nominated Shri Shrawan Kumar Srivastava, Chief General Manager, Allahabad Bank, as a Director of AllBank Finance Ltd. Also pursuant to the appointment of Shri A.K.Goel as


Executive Director of Union Bank of India with effect from 15/ 9/2016, he resigned from the Board of Directors of AllBank Finance Ltd. and in place of him, Allahabad Bank nominated Shri PC.Sharma, General Manager, Allahabad Bank as a Director of AllBank Finance Ltd. Shri N.K.Sahoo, Executive Director of Allahabad Bank has also been appointed as a Director of AllBank Finance Ltd. with effect from 6/12/2016.


The GOI & RBI have asked the PSU banks to close their noncore business and in view of this, in principle approval has been accorded by the respective Boards of the promoter Bank i.e. Allahabad Bank and our Company i.e. ABFL for its merger with the bank and therefore, the future business plan for the F.Y. 2017-18 has not been envisaged.


CORPORATE SOCIAL RESPONSIBILTY COMMITTEE


A Corporate Social Responsibility Committee was formed of Mr. Subir Das, Mr. Atul Kumar Goel and Mr. M.V Rao as members of the Committee which was reconstituted on appointment of Sri Atul Kumar Goel as the Executive Director of Union Bank of India and his retirement from the Board of ABFL by taking Shri PC.Sharma as one of the members of the above Committee. The annual report of CSR containing the particulars specified in the Annexure to the Companies (CSR policy) Rules, 2014 is annexed as “Annexure- B” and forms a part of this Directors report.


DEPOSITS


Your Company has not accepted any deposits and as such, no amount of principal or interest was outstanding as at March 31, 2017.


OTHER MATTERS OF EMPHASIS


Your Directors have the following views on the comments made by the Auditor in his report:


1. Comments of Auditors on Notes No.1.6 of Notes on financial statement


As per the applicable Schedule II of the Companies Act, 2013, residual value of the assets to be kept after depreciation has been prescribed up to 5% as upper limit and as there is no lower limit, your company has been considering residual value of the assets as Nil. To ensure that this is in conformity with the provisions of Schedule II of the Companies Act, 2013, opinion was sought from M/s MookherjeeBiswas&Pathak,practicing Chartered Accountants who have confirmed vide their opinion dated 9th May 2017 that the method adopted by your company is correct.


2. Comments of Auditors on Note No.2.26 of Notes on financial statement-


As explained in Note No.2.26 of Notes on Financial Statement, Deferred Tax Asset is not recognized unless there is virtual certainty that sufficient future taxable income will be available against which such deferred tax asset will be realized. Your company in its earlier years consistently followed the principle of non- recognition of net deferred tax asset( i.e. deferred tax asset net of deferred tax liability)in its books of accounts in accordance with prudential accounting principle. Moreover, in view of the proposed merger of AllBank Finance Ltd. with Allahabad Bank, it has been considered more prudent not to recognize net deferred tax asset in the financial year 2016-17.


3. Comments of Auditors on Note No.2.31 of Notes on Financial Statement


The Note 2.31 of the Audited Financial Statement on recording of shares of various companies in the book of AllBank Finance Ltd, is self-explanatory in nature.


Regarding debiting Investment and crediting Other Income with the face value of the shares, your company has followed consistently the same method in line with the previous years in similar circumstances based on opinions of Chartered Accountants and Company Secretaries.


There is no significant financial impact in the financial statements of the year 2016-17 on account of the above.


COMPLIANCE OF SEBI GUIDELINES


Your company has complied with various guidelines, directives and circulars issued by SEBI pertaining to Merchant Banking, Debenture Trusteeship and other applicable capital market related activities.


PARTICULARS OF EMPLOYEES


None of the employees are covered under section 134 of the Companies Act, 2013 read with Companies (particulars of Employees) Rules 1975.


CONSERVATION OF ENERGY, TECHNOLOGY, ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGOINGS


The company has nothing to report under this head.


BOARD OF DIRECTORS


Shri RakeshSethi, Chairman & Managing Director of Allahabad Bank resigned from The Board of Directors of ABFL on 30.04.2017 pursuant to his superannuation from Allahabad Bank on 30.4.17.


Pursuant to superannuation of Shri J.K.SinghKharb as Executive Director, Allahabad Bank with effect from 31/5/2016 he ceased to be a Director of AllBank Finance Ltd. and in place of him Allahabad Bank had nominated Shri Shrawan Kumar Srivastava, Chief General Manager, Allahabad Bank, as a Director of AllBank Finance Ltd. Also pursuant to the appointment of Shri A.K.Goel as Executive Director of Union Bank of India with effect from 15/9/2016, he resigned from the Board of Directors of AllBank Finance Ltd. and Allahabad Bank has nominated Shri P.C.Sharma, General Manager, Allahabad Bank as a Director of AllBank Finance Ltd. Shri N.K.Sahoo, Executive Director of Allahabad Bank has also been appointed as Director AllBank Finance Ltd. with effect from 6/12/2016.


None of the Directors of the Company has been disqualified under section 274(i) (g) of the Companies Act, 1956.


CORPORATE GOVERNANCE


(a) Board Meetings:


During the year 2016-17, four (4) Board meetings were held and attendance of the Board Members was as under:





























































Director



No. of meetings



Meetings attended



Shri Rakesh Sethi



4



3



Shri J. K. Singh Kharb



1



1



Shri N.K. Sahoo



1



1



Shri S.K. Srivastava



3



3



Shri M. Venkata Rao



4



4



Shri Atul Kumar Goel



2



2



Sri PC. Sharma



2



2



Shri Subir Das



4



4



Shri Vinod Kothari



4



1



Shri Ashok Vij



4



2



(a) Audit Committee:


At the beginning of the year 2016-17, Audit Committee comprised of Shri Subir Das as Chairman, Shri J.K.SinghKharb& Shri VinodKothari as Members. However, due to changes in the constitution of the Board of Directors during the year, the Audit Committee was also reconstituted. As on 31/3/2017, the Audit Committee comprised of Shri Subir Das as Chairman and ShriVinod Kothari and Shri P.C.Sharma as its members. The scope of Audit Committee is as per Section 177 of the Companies Act, 2013.


During the year 2016-17, four (4) Audit Committee Meetings were held and attendance by Audit Committee members was as under:




































Director



No. of meetings



Meetings attended



Shri Subir Das, Chairman



4



4



Shri Vinod Kothari



4



1



Shri J. K. Singh Kharb



1



1



Shri Atul Kumar Goel



1



1



Sri PC. Sharma



2



2



(c) Nomination and Remuneration Committee (U/s 178 of Companies Act 2013):


The Nomination and Remuneration Committee comprises of Shri M.V. Rao as Chairman, Shri Subir Das & Shri Vinod Kothari as Members. The scope of Nomination and Remuneration Committee is as per Section 178(1) of the Companies Act, 2013 and Rule 6 of the Companies (Meetings of Board and its Powers) Rules, 2014. During the year 2016-17, two (2) Nomination and Remuneration Committee Meeting were held and attendance by Nomination and Remuneration Committee members was as under:


























Director



No. of meetings



Meetings attended



Shri M.V Rao, Chairman



2



2



Shri Subir Das



2



2



Shri Vinod Kothari



2



0



DIRECTORS’ RESPONSIBILITY STATEMENT


Pursuant to the requirement under Section 134 of the Companies Act, 2013 with respect to Directors'''' Responsibility Statement, it is hereby confirmed that:


a) In the preparation of the annual accounts for the financial year ended 31st March, 2017, the applicable accounting standards had been followed along with proper explanation relating to departures, if any.


b) The Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit or loss of the Company for the year under review.


c) The Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.


d) The Directors had prepared the accounts for the financial year ended 31st March 2017 on a going concern basis.


e) The Directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.


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


REGARDING KEY MANAGERIAL PERSONNEL


During the year, the followings were the Key Managerial Personnel of the Company :-


Mr. M Arumugam as the Chief Executive Officer (Till 11.11.2016)


Mr. Ajai Kumar as the Chief Financial Officer


Mr. Anil Kale as the Assistant Vice President


Mr. K.S.Shenoy as the Assistant Vice President


Mrs.Melvita Lewis as the Company Secretary


Mr. Debraj Roy as the Manager and Compliance Officer


INTERNAL CONTROL SYSTEM AND ADEQUANCY


The Company has in place internal financial control policy, commensurate with the size and complexity of operations to ensure proper recording of financial and operational information and compliance of various internal controls and other regulatory and statutory compliances.


DECLARATION BY INDEPENDENT DIRECTOR


The Independent Directors of the Company have given their individual declarations under section 149 (6).


PARTICULARS UNDER SECTION 186 &188


All transaction entered into with related parties as defined under the Companies Act, 2013 during the financial year were in ordinary course of business and do not attract the provisions of Section 186 and 188 of the Companies Act, 2013. Thus disclosure in form AOC- 2 is not required. Further there are no materially significant related party transactions made by the Company with Directors, Key Managerial personnel or other designated persons which may have a potential conflict with the interest of the Company at large. Suitable disclosure as required by the Accounting Standard (AS 18) has been made in the notes to the Financial Statements.


SUBSEQUENT EVENTS


1. There are no material changes and commitments affecting the financial position of the company which have occurred between March 31, 2017 and the date of the report.


2. The GOI & RBI have asked the PSU banks to close their non-core business and in view of this, in principle approval has been accorded by the respective Boards of the promoter Bank i.e. Allahabad Bank and our Company i.e. ABFL for its merger with the bank.


AUDITORS Statutory Auditors


The provisions of Section 139 read with Section 129(4) of the Companies Act, 2013 being applicable to the Company, the Comptroller and Auditor General of India, New Delhi had appointed M/s. N. Alam& Co, Chartered Accountants as Statutory Auditors of the Company for the year 2016-17. Internal Auditor


Pursuant to Section 138 of the Companies Act, 2013, on approval of the Board of Directors, M/s M.V.Damania&Varaiya are appointed as Internal Auditor for the Company.


MANAGEMENT’S REPLY TO THE AUDITORS’ REPORT


The Auditors made no specific qualification during the course of their audit.


EXTRACT ON ANNUAL RETURN


The details forming part of the extract of the Annual Return in form MGT 9 is annexed herewith as Annexure A.


ACKNOWLEDGEMENTS


Your Directors wish to place on record their gratitude to the Comptroller and Auditor General of India for their valuable guidance.


Your Directors also wish to place on record their sincere thanks to the Bankers viz, Allahabad Bank for their assistance, support and guidance from time to time and also thankfully acknowledge contributions made and efforts put in by the company''''s employees.


For on and behalf of the Board of Directors


(P. C. Sharma) (N.K. Sahoo)


Director Chairman



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