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Savani Financial Ltd.

BSE Live

Nov 28, 16:00
9.12 -0.46 (-4.80%)
Volume
AVERAGE VOLUME
5-Day
318
10-Day
654
30-Day
637
22
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    9.58

  • Open Price

    10.05

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    0.00 (0)

  • Offer Price (Qty.)

    0.00 (0)

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Annual Report

For Year :
2014 2013 2012 2011 2010 2009 2008 2006

Director’s Report

The Members SAVANI FINANCIALS LIMITED 1. The Directors herewith presents the Thirtieth Annual Report of your Company together with the Audited Accounts for the financial year 2013-2014 2. FINANCIAL RESULTS (Rs. in lacs) Year ended Year ended 31st March, 2014 31st March, 2013 Gross Profit after interest but before depreciation, taxation and exceptional item 9.98 7.98 Depreciation - - Net Profit before tax 9.98 7.98 Less : Income Tax (1.46) 1.46 Net Profit 11.44 6.52 Add : Balance brought forward (570.29) (576.81) Balance Carried Forward (558.85) (570.29) 3. TRANSFER TO RESERVES The management has decided to plough back the profits earned during the year back into the company. 4. DIVIDEND In view of accumulated losses your Directors do not propose any dividend for the year ended 31st March, 2014. 5. OPERATIONS During the year, the Company has earned interest income on its investments aggregating to Rs.14.59 lacs (Previous Year Rs. 12.09 lacs). The Company has registered net profit after tax of Rs. 11.44 lacs (Previous Year Rs. 6.52 lacs). The management is looking for the opportunity in the sectors to identify the niche segments in which the Company can look for the better business possibility. The management is also exploring possibility of identifying new business opportunity to augment its resources. 6. FIXED DEPOSITS Your Company has not invited or accepted any deposits from the public during the year under review. 7. SUBSIDIARY COMPANIES The Company does not have any subsidiary company. 8. SECRETARIAL COMPLIANCE CERTIFICATE Secretarial Compliance Certificate pursuant to the provisions of Section 383A of Companies Act 1956 issued by a Company Secretary in whole-time practice is enclosed. 9. DIRECTORS RESPONSIBILITY STATEMENT Pursuant to the requirement under section 134 (3) ( c) of the Companies Act, 2013, it is hereby confirmed: (i) That in preparation of the Annual Accounts, the applicable Accounting Standards have been followed to the extent applicable to the Company''s operations with proper explanations relating to material departures, if any. (ii) That the Directors have 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 as at the end of the financial year and of the profit or loss of the Company for that year. (iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. (iv) That the Directors have prepared the accounts for the financial year ended 31st March, 2014 on a going concern basis. (v) That the directors, have laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively. 10. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS / OUTGO The provisions relating to the disclosure of particulars relating to conservation of energy and technology absorption do not apply to your Company since it is engaged in the business of financial services. The Company had no foreign exchange earnings and outgo during the year. 11. RESPONSE OF THE DIRECTORS TO THE REMARKS MADE IN THE AUDITORS REPORT With regard to point No. vii to the Auditors report, the Directors wish to state that internal control procedures are adequate considering the size and nature of its business. 12. PARTICULARS OF EMPLOYEES The Company has no employees falling under the purview of Section 217(2A) of the Companies Act, 1956, during the current financial year. 13. DIRECTORS Mr. Manish Chaudhari retires by rotation at the forthcoming Annual General Meeting and being eligible offers himself for reappointment. Mrs. Deepa Tracy has been appointed as a Managing Director of the Company for a period of 5(Five) years with effect from 14th August 2014 and is not liable to retire by rotation. Mr. Samir Mehta and Mr. Suresh Mhatre independent directors retire by rotation under the erstwhile applicable provisions of the Companies Act, 1956. As per the provisions of Section 149 of the Companies Act, 2013 they shall hold office from 29th September 2014 to 31st March 2019 and shall not be liable to retire by rotation. 14. CORPORATE GOVERNANCE A Separate report on Corporate Governance along with the Auditors certificate of its compliance is given in a separate annexure. 15. GREEN INITIATIVES The company has started initiative with the aim of going green and minimizing impact on environment. Copy of the Annual Report and Notice of AGM is sent to all members whose email addresses are registered with the Company / Depository Participant. Members who have not registered their email addresses, physical copy of Annual Report and Notice are sent in the permitted mode. Members requiring physical copy can send a request to the Company Secretary. The company is providing e-voting facility to all members to enable them to cast their votes electronically on all resolutions set forth in the Notice. The instructions for e-voting are provided in the Notice. 16. AUDITORS M/s. SCA and Associates (Erstwhile P. P. Bhandari and Co.), Chartered Accountants, retire at the ensuing Annual General Meeting and as per the provisions of the Companies Act, 2013 are eligible to hold their office for next three years until conclusion of 33rd Annual General Meeting. They have confirmed their eligibility and willingness to accept office, if re-appointed. 17. AUDITORS REPORT The Auditors comments are duly explained in the Notes on Account and do not call for any further comments. 18. ACKNOWLEDGMENT Your Company is grateful to the Bankers for their co-operation and assistance and the customers for their patronage. For and on behalf of the Board Deepa Tracy Manish Chaudhari Director Director (Din 00516615) (Din 00516641) Place : Mumbai Date : 14th August, 2014

Director’s Report