SAVANI FINANCIALS LIMITED
1. The Directors herewith presents the Thirtieth Annual Report of
your Company together with the Audited Accounts for the financial year
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.
In view of accumulated losses your Directors do not propose any
dividend for the year ended 31st March, 2014.
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
(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
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.
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.
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.
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
(Din 00516615) (Din 00516641)
Place : Mumbai
Date : 14th August, 2014