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Savani Financial Directors Report, Savani Financia Reports by Directors
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Savani Financial

BSE: 511577|ISIN: INE304E01010|SECTOR: Finance - Leasing & Hire Purchase
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Directors Report Year End : Mar '14    Mar 13
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
Source : Dion Global Solutions Limited
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