Mas Financial Services Ltd.
You can view full text of the latest Director's Report for the company.
ISIN No INE348L01012 52Wk High (Rs.) 637 BV (Rs.) 131.69 FV (Rs.) 10.00
Bookclosure 23/11/2018 52Wk Low (Rs.) 368 EPS (Rs.) 19.17 P/E (X) 29.13
Mkt Cap. (Rs. Cr.) 3,052.60 P/BV (X) 4.24 Div Yield (%) 0.66 Mkt Lot 1
2018-03

To,

The Members,

MAS FINANCIAL SERVICES LTD

Ahmedabad

The Directors are happy to present the 23rd ANNUAL REPORT of your Company together with the Audited Accounts drawn for the year ended on 31st March 2018.

FINANCIAL RESULTS:

(Rs. in Lakhs)

Standalone

Consolidated

Particulars

Year Ended on 31st March 2018

Year Ended on 31st March 2017

Year Ended on 31st March 2018

Year Ended on 31st March 2017

Revenue from Operations

42,618.94

34,063.15

45,302.10

36,374.62

Other Income

168.31

88.56

194.15

95.57

Total Income

42,787.25

34,151.71

45,496.25

36,470.19

Total Expenditure

26,981.89

23,844.55

29,353.29

25,871.29

Profit Before Tax

15,805.36

10,307.16

16,142.96

10,598.90

Provision for Taxation (Including Current tax, Deferred Tax & Income Tax of earlier Years)

5,467.94

3,569.93

5,561.07

3,666.98

Net Profit

10,337.42

6,737.23

-

-

Net Profit after profit attributable to minority shareholders

-

-

10,480.97

6,853.28

Profit Brought Forward

8,166.76

5776.84

8,455.75

5,988.62

Profit Available for Appropriation

18,504.18

11,377.69

18,914.53

11,705.52

APPROPRIATIONS:

Transfer to Statutory Reserve

2,067.48

1,347.45

2,114.15

1, 386.31

Interim Dividend on Equity Shares

819.93

1,250.01

819.93

1,250.01

Interim Dividend on Preference Shares

13.14

299.57

13.14

299.56

Dividend on Preference Shares

28.95

-

28.95

-

Dividend distribution tax on Preference Shares

8.57

59.38

8.57

59.38

Dividend distribution tax on Equity Shares

166.95

254.52

168.00

254.51

Surplus Balance carried to Balance Sheet

15,399.16

8,166.76

15,761.79

8,455.75

BUSINESS PERFORMANCE:

In the year 2017-18 the Company crossed Rs.4,000 crore AUM, registering a robust growth of 30.36% on YoY basis. Asset under Management is Rs.4,114.45 Crore (Previous year Rs.3,156.14 Crore).

The gross income realized by the company is Rs.427.87 Crore (Previous year Rs.341.51 Crore) comprising of income from operations and other income. Net Profit after tax is Rs.103.37 Crore (Previous year Rs.67.37 Crore), registering a robust growth of 25.29% and 53.44% respectively over the previous year. The Earning per share is Rs.20.94 (Previous year Rs.15.85)

PROSPECTS AND DEVELOPMENTS:

There is a very huge market to be served, which needs an efficient last mile delivery of credit, thus creating enormous opportunity for all the financial institutions and NBFCs in special.

The company continues to pursue the strategy of being multi product and multi locational, thus giving the distinct edge from the risk management and scalability perspective. The focus across the product is of catering to the lower and the middle income segment, which is the key driver of our economy.

SMALL AND MEDIUM ENTERPRISE LOAN:

Introduction of machinery and working capital loans to the SME from the last year has shown lot of promise. We are in the process of understanding the segment and are keen to add value to all such small and medium enterprises by extending the most efficient financial services.

In consonance to our policy of building up quality assets, we are confident of creating inroads in this market too. The focus remains on states of operation namely Gujarat and Maharashtra. We intend to expand our reach to Madhya Pradesh and Rajasthan from this year.

TWO WHEELER AND COMMERCIAL VEHICLE FINANCING:

We continue to focus on Two wheeler and Commercial Vehicle financing and we adopt such business models which generates required return on assets and the quality portfolio. While the company is keen to increase this portfolio, the endeavor will be to balance between yields, asset quality and growth. We are confident that as we spread to newer geographies within our distribution network, we will be achieving the desired objective.

HOUSING FINANCE:

MRHMFL (MAS Rural Housing & Mortgage Finance Ltd. -subsidiary of MFSL) aims at serving the middle income and the lower income sector of the economy, especially in the semi urban and rural areas, which are reckoned to be the key drivers of the sector in the coming decades. Full-fledged efforts are on to execute efficiently, as per the detail planning. Being aware of the challenges involved in serving this class of the society, a very cautious approach is adopted in building up volumes. Nevertheless, Company is quite confident of building substantial volumes in the near future. The Company’s rural initiative will also start yielding results shortly.

The company has 69 branches Pan India as on 31st March 2018. It is worth mentioning that despite of credit worthy customer class, ascertaining the title of the property remains a challenging job. The company is actively involved with all the stake holders to smoothen the process and is assertive in getting the right set of documents.

We will endeavour relentlessly and are confident of creating a quality portfolio and add value to the ecosystem we work in.

DISTRIBUTION NETWORK:

In continuation of our last year’s efforts the process of expanding its operations in the region of Rajasthan, Maharashtra, besides Gujarat is in progress. The Company has expanded its operations in Madhya Pradesh beyond Indore to Bhopal, Gwalior and Jabalpur and also started operations at four other locations namely Ratlam, Guna, Sagar, and Satna. In Tamilnadu it operates through its Chennai and Coimbatore branches and Karnataka through its Bengaluru (Bangalore) and Hubli branches, taking the tally of the branches to 77 and the total centers covered are more than 3,300 in numbers.

PARTNERING WITH REGIONAL NBFCS AND NBFC-MFIS:

Over the period of last 8 years of our working with this sector, our belief is further strengthened, that financial inclusion in a country like India is a function of efficient last mile delivery of credit, for which a very robust value chain has to be nurtured and developed. NBFCs in special play a pivotal role in this value chain.

Partnering with regional NBFCs and NBFC-MFIs for distribution of various products and providing them the line of credit also remains one of the major business plans. We firmly believe that the players having proximity to the region are the most potential organization in the last mile delivery of credit. We not only fund them but also share with them the domain expertise, which the company possesses through its vintage of more than two decades. we continue to get encouraging response from our entire partner NBFCs and are keen to leverage the relationships for mutual benefits. Currently we have very strong relationships with more than 100 such organizations.

RESOURCES:

HUMAN RESOURCE MANAGEMENT AT MAS:

Human Resource Management plays a very important role in realizing the Company’s objective. The Company is managed by the active involvement of the promoters along with strategic inputs from a well-diversified and competent board.

The articulation and implementation of the strategies is carried on by the core team along with Team MAS. Core team at MAS is a group of dedicated and competent team of personnel, associated with the company almost since its inception and have always extended unstinting support besides, having identified and aligned their career objective with the company.

I trust with all the above qualities accompanied by the determination to excel, this team forms a formidable second line of management at MAS.

Your company will always strive to strengthen this most important resource in its quest to have enabling human capital.

CAPITAL MANAGEMENT:

I am delighted to share with you the stupendous success of the Initial Public Offering of your company. As shared with you the last time the offer was of Rs.460.04 crore. After the pre IPO placement of Rs.135 crore. The issue was subscribed close to 129 times and got listed at the premium of more than 40%. This was the most humbling experience and the respect accorded to the company by the investors across all the categories to say the least. The company in tandem with its philosophy of pursuing the mission of Excellence through Endeavours will strive to maximize the shareholders’ value.

The company continues to pursue an efficient capital management policy, which aims at maximizing the return on capital employed and at the same time adhering to the prudential guidelines laid down by RBI from time to time.

The Company by virtue of its performance over the years enjoys very good relationships with many leading banks and financial institutions. The Company could raise the required resources from various banks and financial institutions comfortably. We anticipate the same response from all our lending partners for the coming years too. The Company anticipates credit lines from few more banks and financial institutions besides the existing ones.

Your Company continues to command the respect and the confidence of Bankers as their extended channel in their task of providing efficient delivery of credit. The company acknowledges the constructive support of the Investors and consortium member banks.

EXTRACT OF ANNUAL RETURN AS PER SECTION 92 (3) OF COMPANIES ACT 2013:

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

BOARD MEETINGS HELD DURING THE YEAR:

The Company had fourteen Board Meetings during the financial year under review.

Sr. No.

Date on which board Meetings were held

Total Strength of the Board

No of Directors Present

1

17.05.2017

6

6

2

21.06.2017

6

6

3

07.07.2017

6

5

4

29.07.2017

6

6

5

24.08.2017

6

6

6

12.09.2017

6

6

7

13.09.2017

6

6

8

21.09.2017

6

6

9

25.09.2017

6

6

10

11.10.2017

6

6

11

08.11.2017

6

5

12

06.12.2017

6

5

13

24.01.2018

6

6

14

26.02.2018

6

6

DIRECTORS’ RESPONSIBILITY STATEMENT

In terms of Section 134(5) of the Companies Act, 2013, the directors would like to state that:

a) In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanations relating to material departure.

b) The directors had selected such accounting policies and applied them consistently and made judgments and estimates that were 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 and 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 this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

d) The directors had prepared annual accounts on a going concern basis.

e) The directors had laid down internal financial controls to be followed by the Company and 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 were in place and were adequate and operating effectively.

COMPANY’S POLICY RELATING TO DIRECTORS APPOINTMENT, PAYMENT OF REMUNERATION AND DISCHARGE OF THEIR DUTIES:

The Company’s Policy relating to appointment of Directors, payment of Managerial remuneration, Directors’ qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 is furnished as attached to this report. “Annexure - B”

SECRETARIAL AUDIT REPORT:

Pursuant to Section 204 of the Act, the Secretarial Audit Report for the Financial Year ended 31st March 2018 given by Ravi Kapoor & Associates, Practicing Company Secretary is annexed to this Report. The Secretarial Audit Report for the year under review is self-explanatory and does not contain any qualification. “Annexure - C”

A STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER SUBSECTION (6) OF SECTION 149:

The Company has received declarations from Mr. Bala Bhaskaran, Mr. Chetan Shah, and Mr. Umesh Shah that they meet with the criteria of independence as prescribed under Sub-section (6) of Section 149 of the Companies Act, 2013.

MATTERS AS PRESCRIBED UNDER SUBSECTIONS (1) AND (3) OF SECTION 178 OF THE COMPANIES ACT, 2013:

The Company constituted its Nomination Committee on 23rd December 2010 and the nomenclature of the Nomination committee was changed to “Nomination and Remuneration Committee” on 20th March 2015 pursuant to Section 178 of the Companies Act, 2013 and Rule 7 of the Companies (Meetings of Board and its Powers) Rules, 2014, by way of resolution passed in accordance with, provisions of the Companies Act, 2013. The Nomination & Remuneration Committee consists of three independent directors and one whole time director. The powers and function of the Nomination and Remuneration Committee is stated in the Nomination and Remuneration Committee Charter of MAS FINANCIAL SERVICES LIMITED. The copy of Nomination and Remuneration policy is available at the Website of the Company i.e. www.mas.co.in/policy.html

EXPLANATIONS OR COMMENTS BY BOARD ON EVERY QUALIFICATION, RESERVATION OR ADVERSE REMARK OR DISCLAIMER MADE:

(i) By the auditor in his report;

There is no qualification, reservation or adverse remark or disclaimer in audit report issued by the auditors of the Company.

(ii) By the company secretary in practice in his secretarial audit report;

There is no qualification, reservation or adverse remark or disclaimer in secretarial audit report issued by the company secretary in practice.

PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186:

Since the Company is Non-Banking Financial Company registered with the RBI, the disclosures pertaining to Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are not applicable.

PARTICULARS CONTRACTS OR arrangements with RELATED PARTIES REFERRED TO IN SUB-SECTION (1) OF SECTION 188:

All Contracts / Arrangements / Transactions entered by the Company during the financial year with related parties were in ordinary course of business and on arm’s length basis except execution of Amenities Agreement with the Subsidiary Company. Particulars of such related party transactions described in Form AOC-2 which is annexed herewith as “Annexure - D”.

The board has approved a policy for related party transactions which has been hosted on the web Site of the Company. The web-link for the same is https://mas.co.in/policy.html. The related party transactions, wherever necessary are carried out by company as per this policy. There were no materially significant related party transactions entered into by the company during the year, which may have potential conflict with the interest of the company at large. There were no pecuniary relationship or transactions entered into by any Independent Director with the company during the year under review.

STATUTORY RESERVE:

During the year under review Rs.20.67 crore transferred to statutory reserve under Section 45 IC of RBI Act, 1934.

DIVIDEND

The company has paid Interim Dividend on 400 - 9.75% Compulsory Convertible Cumulative Preference Share having face value of Rs.1,00,000/- aggregating to Rs.13,14,245/-(Rupees Thirteen Lakh Fourteen Thousand Two Hundred and Forty Five only) during the year.

The Company has also paid an interim dividend of Rs.1.50/-(One Rupee Fifty Paise only) per share on 5,46,62,043 Equity Shares of Rs.10/- fully paid up aggregating to Rs.8,19,93,064.5 (Rupees Eight Crore Nineteen Lakh Ninety Three Thousand Sixty Four Rupees and Fifty Paise only).

The Board of Directors of the Company has proposed a Final Dividend of Rs.2.16/- (Two Rupee Sixteen Paise Only) per share on 5,46,62,043 Equity Shares of Rs.10/- fully paid up aggregating to Rs.11,80,70,012.88 (Rupees Eleven Crore Eighty Lakh Seventy Thousand Twelve Rupees and Eighty Eight Paise only)

MATERIAL CHANGES AND COMMITMENTS AFFECTING FINANCIAL POSITION OF THE COMPANY:

There are no material changes and commitments, that would affect financial position of the Company from the end of the financial year of the Company to which the financial statements relate and the date of the directors report.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO:

- Conservation of Energy and Technology Absorption:

Since the Company is operating in service sector, the provisions of Section 134(3)(m) of the Companies Act, 2013 regarding conservation of energy and Technology Absorption is not applicable.

- Foreign Exchange earnings and outgo

The Company has no Foreign Exchange earnings and outgo.

RISK MANAGEMENT

Financing activity is the business of management of risks, which in turn is the function of the appropriate credit models and the robust systems and operations. Your Company continues to focus on the above two maxims, and is always eager to improve upon the same.

Your Company continues to give prime importance to the function of receivables management, as it considers this the ultimate reflection of the correctness of marketing strategy as well as appraisal techniques. The Net NPA of the Company is 0.91% of Asset under Management.

The Company has formulated and implemented Risk Management policy. In the opinion of the Board there is no element of Risk which threatens the existence of the Company. The web-link for the same is https://mas.co.in/ policy.html

CSR POLICY

As a part of CSR initiative, the CSR Committee has decided to identify the eligible students to whom the company can support in pursuing their higher studies. The Committee has already identified 162 bright students from 30 Schools who have completed their 8th Standard and wish to pursue their higher studies but are financially challenged and cannot afford basic requirements. The Company has and would sponsor their fees, school bags, stationeries, and uniforms for undergoing higher studies. Company is trying to add more and more students to ensure that benefits reaches directly to the needed students and the process is likely to take some more time to enable the Company to spend the entire required amount to be spend for CSR as per the provisions of Companies Act, 2013.

The board has approved a policy for related party transactions which has been hosted on the web Site of the Company. The web-link for the same is https://mas.co.in/policy.html

The CSR Report pursuant to Rule 8(1) of the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended, is annexed as “Annexure - E” to this Report.

FORMAL EVALUATION OF THE PERFORMACE OF THE BOARD, COMMITTEES OF THE BOARD AND INDIVIDUAL DIRECTORS

Pursuant to the provisions of Section 134(3)(p) the Companies Act, 2013 the Board has carried out the annual performance evaluation of its own performance, the Directors individually as well as the evaluation of the working of its Committees. A structured questionnaire was prepared after taking into consideration inputs received from the Directors, covering various aspects of the Board’s functioning such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance.

Criteria adopted for evaluation:

The Board shall evaluate the roles, functions, duties of Independent Directors (ID’s) of the Company. Each ID shall be evaluated by all other directors’ not by the Director being evaluated. The board shall also review the manner in which ID’s follow guidelines of professional conduct.

(i) Performance review of all the Non-Independent Directors of the company on the basis of the activities undertaken by them, expectation of board and level of participation;

(ii) Performance review of the Chairman of the company in terms of level of competence of chairman in steering the company;

(iii) The review and assessment of the flow of information by the company to the board and manner in which the deliberations take place, the manner of placing the agenda and the contents therein;

(iv) The review of the performance of the directors individually, its own performance as well as evaluation of working of its committees shall be carried out by the board;

(v) On the basis of performance evaluation, it shall be determined by the Nomination and Remuneration Committee and the Board whether to extend or continue the term of appointment of ID subject to all other applicable compliances.

SUBSIDIARIES, ASSOCIATES AND JOINT VENTURES COMPANIES:

The Company has only one subsidiary company i.e. Mas Rural Housing and Mortgage Finance Limited. Pursuant to the provision of Section 129(3) of the Companies Act, 2013, the performance and financial position of Subsidiaries, Associates and Joint Venture companies are described in Form AOC-1 which is annexed herewith as “Annexure - F”. Further the Company does not have any Joint Venture or Associate Company.

PARTICULARS OF EMPLOYEES:

The information required under section on 197 of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 are mentioned as per Annexure - G.

THE CHANGE IN NATURE OF BUSINESS:

There are no material changes and commitments, that would affect financial position of the Company from the end of the financial year of the Company to which the financial statements relate and the date of the directors report.

PUBLIC DEPOSITS

The Company has not accepted deposit from public during the year and there was no deposit outstanding on 31st March 2018.

CAPITAL

During the year the company have raise fund via Initial Public Offering of 1,00,39,277 Equity Shares (comprising of Fresh issue of 50,92,829 Equity Shares and Offer for sale of 49,46,448 Equity Shares) of face value of Rs.10 each.

The Net worth of the Company as on 31st March 2018 is Rs.713.92 crore inclusive of Rs.54.66 crore Equity Share Capital.

STATUTORY COMPLIANCE:

The Company has made necessary provisions towards nonperforming assets, fully complying with the provisioning requirement of the Prudential Norms prescribed by Reserve Bank of India. The company has also complied with the directions issued by Reserve Bank of India regarding Capital Adequacy, Asset classification and provisioning norms.

MATERIAL ORDER PASSED REGULATORS / COURTS / TRIBUNALS

There was no material order passed by Regulators / Courts / Tribunals during the year under review.

ADEQUACY OF INTERNAL FINANCIAL CONTROL

The Companies Act, 2013 read with Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 re-emphasizes the need for an effective Internal Financial Control system in the Company which should be adequate and shall operate effectively. The Company has devised proper system of internal financial control which is commensurate with size and nature of Business. Even, the Board has appointed M/s. Arijeet Gandhi & Associates, Chartered Accountants as an Internal Auditor of the Company pursuant to provisions of Section 138 of the Companies Act, 2013 in order to ensure proper internal financial control.

INSURANCE:

The assets of your Company have been adequately insured.

AUDITORS:

The term of M/s. Deloitte Haskins & Sells, Statutory Auditors of the Company is expiring at the ensuing Annual General Meeting of the Company and therefore the Company has appointed M/s. B S R & Co. LLP, Chartered Accountants, Ahmedabad as the Statutory Auditors of the Company till the ensuing Annual General Meeting of the Company subject to the approval of the Members of the Company.

The Resolution for their appointment has been mentioned in the Notice of the Annual General Meeting.

The Board placed appreciation of M/s. Deloitte Haskins & Sells for their work during their tenure.

DIRECTORS AND KMP:

Pursuant to the provisions of Section 196, 197 read with Schedule V of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification or re-enactment thereof for the time being in force) Mr. Kamlesh Gandhi, Managing Director of the Company is liable to retire by rotation at the ensuing AGM and being eligible offers himself for reappointment.

Subject to the approval of the members in the annual general meeting, the Board of Directors recommends re-appointment of Mr. Kamlesh Gandhi, as director liable to retire by rotation.

During the year under review, the appointment of Mrs. Darshana Pandya, Director & Chief Operating Officer and Mr. Umesh Shah, Independent Director of the Company was regularized at the 22nd Annual General Meeting of the Company held on 21st June 2017.

Further, during the year Mr. Nirav Patel, Company Secretary and Compliance Officer of the Company resigned from his office w.e.f. 26th February 2018 and Ms. Riddhi Bhayani was appointed as the Company Secretary and Compliance Officer of the Company w.e.f. 26th February 2018.

REPORTS ON MANAGEMENT DISCUSSION ANALYSIS AND CORPORATE GOVERNANCE:

As required under the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, management discussion and analysis and corporate governance report are annexed as “Annexure - H” and “Annexure - I” respectively to this Report.

SEXUAL HARASSMENT OF wOMEN AT wORKPLACE:

To foster a positive workplace environment, free from harassment of any nature, we have institutionalized the Anti-Sexual Harassment Initiative (ASHI) framework, through which we address complaints of sexual harassment at the all workplaces of the Company. Our policy assures discretion and guarantees non-retaliation to complainants. We follow a gender-neutral approach in handling complaints of sexual harassment and we are compliant with the law of the land where we operate.

We have also constituted a Special Complaints Committee to consider and address sexual harassment complaints in accordance with the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013. During the year under review, there were no incidences of sexual harassment reported. The web-link for the same is https://mas.co.in/policy.html

DISCLOSURE OF COMPOSITION OF AUDIT COMMITTEE AND PROVIDING VIGIL MECHANISM:

The Audit Committee consists of the following members:

a) Mr. Bala Bhaskaran (Independent Director) - Chairman

b) Mr. Chetan Shah (Independent Director)- Member

c) Mr. Umesh Shah (Independent Director)- Member

The Company has established a vigil mechanism and overseas through the Committee, the genuine concerns expressed by the employees and other Directors. The Company has also provided adequate safeguards against victimization of employees and Directors who express their concerns. The Company has also provided direct access to the Chairman of the Audit Committee on reporting issues concerning the interests of employees and the Company. The board has approved a policy for related party transactions which has been hosted on the website of the Company. The web-link for the same is https://mas.co.in/policy.html

DISCLOSURES PURSUANT TO RBI MASTER DIRECTION:

The disclosures pursuant to Non-Banking Financial Company - Systemically Important Non-Deposit taking Company and Deposit taking Company (Reserve Bank) Directions, 2016, is annexed herewith as “Annexure-J”

ACKNOWLEDGEMENT

The Directors place on record their appreciation to all those people, who have so willingly placed their trust in the company & management and to more than one million customers across all area under our operation, who have given the company an opportunity to serve them.

It is worth mentioning that, working with many NBFC-MFIs, NBFCs and HFCs has been a very encouraging experience especially in being catalyst to their sustainability and growth. The company looks forward to further strengthening the synergies.

The entire MAS Team deserves the appreciation for their sincere efforts and determination to excel. The core team of MAS plays a pivotal role in articulating and implementing the strategic decisions and thus contributing to the development of the company. I take this opportunity to express my heartfelt appreciation for their continuous support, hard work and dedication.

I trust this journey will continue to be a pleasant one with their support, aware of the fact that we have “Miles to go.... with the confidence that “Together We Can and We Will.”

For and on behalf of the Board of Directors of

MAS Financial Services Limited

Mukesh C. Gandhi Kamlesh C. Gandhi

Whole time Director & CFO Chairman and

(DIN: 00187086) Managing Director

(DIN: 00044852)

Place : Ahmedabad

Date : 28th May 2018