Mar 31, 2013
The Members of SAVANI FINANCIALS LIMITED
1. The Directors herewith present the Twenty Ninth Annual Report of
your Company together with the Audited Accounts for the financial year
2012-2013
2. FINANCIAL RESULTS
(Rs. in lacs)
Year ended Year ended
31st March,
2013 31st March,
2012
Gross ProfitV(Loss) after interest
but before depreciation, taxation
and exceptional item 7.98 (0.26)
Depreciation
Net Profit /(Loss) before tax 7.98 (0.26)
Less : Income Tax 1.46
Net Profit/(Loss) 6.52 (0.26)
Add : Balance brought forward (576.81) (576.55)
Balance Carried Forward (570.29) (576.81)
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 31s1 March, 2013.
5. OPERATIONS
During the year, the Company continued with thrust on recoveries, cost
efficiency, and loss monitoring and recovered Rs.0.10 lacs (as against
Rs.0.30 lacs) towards compensation for legal settlements. Further
during the year, the Company has earned interest income on its
investments aggregating to Rs. 12.09 lacs (as against Rs. 3.61 lacs).
The Company has registered net profit after tax of Rs. 6.52 lacs as
against net loss after tax of Rs.0.26 lacs in the previous year. 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. 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 a subsidiary. Hence the provisions of Section
212 of the Companies Act, 1956 are not applicable to the Company for
the year under review.
8. SECRETARIAL COMPLIANCE REPORT
Secretarial Compliance Report pursuant to the provisions of Section
383A (1) issued by a Company Secretary in whole-time practice is
enclosed herewith.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, as amended by the Companies (Amendment) Act, 2000, 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 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, 2013 on a going concern basis.
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
There is no change in the Board of Directors for the year under review.
Smt Deepa Tracy retires by rotation at the forthcoming Annual General
Meeting and being eligible offers herself for reappointment.
14. CORPORATE GOVERNANCE
A Separate report on Corporate Governance along with the Auditors
certificate of its compliance is given in a separate annexure.
15. AUDITORS
M/s. P. P. Bhandari and Company, Chartered Accountants, retire at the
ensuing Annual General Meeting and are eligible for reappointment. The
Auditors comments are duly explained in the Notes on Account and do not
call for any further comments.
16. 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
Director
Place : Mumbai
Date : 27th May, 2013
Mar 31, 2012
To The Members of SAVANI FINANCIALS LIMITED
1. The Directors herewith presents the Twenty Eight Annual Report of
our Company together with the Audited Accounts for the financial year
2011-2012
2. FINANCIAL RESULTS (Rs. in lacs)
Year ended Year ended
31st March, 2012 31st March, 2011
Gross Profit/(Loss) after
interest but before
depreciation, taxation
and exceptional item (0.26) 9.49
Depreciation - 0.10
Net Profit before
exceptional items (0.26) 9.39
Add: Exceptional Item - Profit
on Sale of Premises - 24.06
Net profit before tax (0.26) 33.45
Less : Income Tax - -
Net Profit (0.26) 33.45
Add: Balance brought forward (576.55) (610.00)
Balance Carried Forward (576.81) (576.55)
3. TRANSFER TO RESERVES
The losses incurred during the year have been transferred to the
Balance sheet.
4. DIVIDEND
In view of accumulated losses your Directors are unable to recommend a
dividend for the year ended 31st March, 2012.
5. OPERATIONS
During the year, the Company continued with thrust on recoveries, cost
efficiency, and loss monitoring and recovered Rs. 0.30 lacs (as against
Rs. 14.10 lacs) towards compensation for legal settlements. Further
during the year, the Company has earned interest income on its
investments aggregating to Rs. 3.61 lacs. The Company has registered
net loss after tax of Rs. 0.26 lacs as against net profit of 33.45 lacs
in the previous year. 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. CHANGE IN THE MANAGEMENT AND CONTROL OF THE COMPANY
In terms of the Public Announcement dated 21st October, 2011 and
pursuant to the SEBI (Substantial Acquisition of Shares and Takeovers)
Regulations, 1997 ("SEBI Regulations"), the Acquirers viz. Mrs. Deepa
Tracy and Mr. Manish Chaudhari have acquired 17,19,590 (42.99%) of the
equity shares which was originally held by the erstwhile promoters of
the Company and 3,71,460 (9.29%) equity shares, which were tendered by
the other shareholders of the Company in the Open Offer.
Consequent to the above transfers of Equity shares in the Company, as
approved by the Board of Directors in the meeting held on 11th May,
2012, the Acquirers now hold 20,91,050 (52.28%) equity shares in the
Company. Further, consequent to the above transfers of Equity Shares
in favour of Mrs. Deepa Tracy and Mr. Manish Chaudhari, the day to day
operations and management of the Company is now vested with the above
new promoters.
7. DEPOSITS
Your Company has not invited or accepted any deposits from the public
during the year under review.
8. SUBSIDIARY COMPANIES
The Company does not have a subsidiary. Hence the provisions of Section
212 of the Companies Act, 1956 are not applicable to the Company for
the year under review.
9. SECRETARIAL COMPLIANCE REPORT
Secretarial Compliance Report pursuant to the provisions of Section
383A (1) issued by a Company Secretary in whole-time practice is
enclosed herewith.
10. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, as amended by the Companies (Amendment) Act, 2000, 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 31a March, 2012 on a going concern basis.
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 during the Current Financial Year.
13. DIRECTORS
Smt. Deepa Tracy, Shri. Manish J.Chaudhari and Shri. Suresh Mhatre
joined the Board on 11th May 2012.
Shri. Nayant M. Savani, Shri. Rasiklal V. Savani and Shri. Manoj Kumar
Shah stepped down from the Board on 11th May 2012.
The Board wishes to place on record their sincere appreciation for the
contribution made by Shri. Nayant M.Savani, Shri. Rasiklal V. Savani
and Shri. Manoj Kumar Shah for the growth and development of the
company.
Shri Samir R. Mehta retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for reappointment.
14. CORPORATE GOVERNANCE
A Separate report on Corporate Governance along with the Auditors
certificate of its compliance is given in a separate Annexure.
15. AUDITORS
M/s. P. P. Bhandari and Company, Chartered Accountants, retire at the
ensuing Annual General Meeting and are eligible for reappointment. The
Auditors comments are duly explained in the Notes on Account and do not
call for any further comments.
16. 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
Director
Place : Mumbai
Date : 29th May, 2012
Mar 31, 2011
The Members
SAVANI FINANCIALS LIMITED
1.The Directors herewith presents the Twenty Seventh Annual Report
of our Company together with the Audited Accounts for the financial
year 2010 - 2011.
2. FINANCIAL RESULTS
(Rs. in lacs)
Year ended Year ended
31st March, 2011 31st March, 2010
Gross Profit/(Loss) after
interest but before 9.49 4.31
bad debts, prudential
provisions, depreciation, taxation
and exceptional item - -
Less : Prudential Provisions
(as per RBI Guidelines) Bad Debts - -
Depreciation 0.10 0.14
Net Profit before exceptional items 9.39 4.17
Add : Exceptional item - Profit on
sale of premises 24.06 -
Net Profit before tax 33.45 4.17
Add : Income Tax refunds of earlier years - 14.87
Net profit 33.45 19.04
Add: Balance brought forward (610.00) (629.04)
Balance Carried Forward (576.55) (610.00)
3. TRANSFER TO RESERVES
The profits earned during the year have been utilized to absorb the
accumulated losses. Hence the Board does not propose to transfer any
amount to the reserves.
4. DIVIDEND
In view of accumulated losses your Directors are unable to recommend a
dividend for the year ended 31s1 March, 2011.
5. OPERATIONS
During the year, the Company continued with thrust on recoveries, cost
efficiency, and loss monitoring and recovered Rs.14.10 lacs towards
compensation for legal settlements. Further during the year, the
Company has also disposed off all its long term defunct investments and
also non-revenue generating premises and encashed amount aggregating to
Rs. 24.60 lacs. Accordingly , the Company has registered net profit
after tax of Rs. 33.45 lacs as against net profit of 19.04 lacs in the
previous year. 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. 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 a subsidiary. Hence the provisions of Section
212 of the Companies Act, 1956 are not applicable to the Company for
the year under review.
8. SECRETARIAL COMPLIANCE REPORT
Secretarial Compliance Report pursuant to the provisions of Section
383A (1) issued by a Company Secretary in whole-time practice is
enclosed herewith.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, as amended by the Companies (Amendment) Act, 2000, 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 judgements 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, 2011 on a going concern basis.
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 during the Current Financial Year.
13. DIRECTORS
Shri Nayant M. Savani retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for reappointment.
14. CORPORATE GOVERNANCE
A Separate report on Corporate Governance along with the Auditors
certificate of its compliance is given in a separate annexure.
15. AUDITORS
M/s. P. P. Bhandari and Company, Chartered Accountants, retire at the
ensuing Annual General Meeting and are eligible for reappointment. The
Auditors comments are duly explained in the Notes on Account and do not
call for any further comments.
16. 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
Nayant M. Savani
Chairman
Place : Mumbai
Date : 30th May, 2011
Mar 31, 2010
1. The Directors herewith presents the Twenty Sixth Annual Report of
our Company together with the Audited Accounts for the financial year
2009 - 2010.
2. FINANCIAL RESULTS
(Rs. in lacs)
Year ended Year ended
31st March, 2010 31st March, 2009
Gross ProfitV(Loss) after interest
but before 4.31 (0.19)
bad debts, prudential provisions,
depreciation, taxation
Less : Prudential Provisions
(as per RBI Guidelines) - 0.21
Bad Debts - 1.25
Depreciation 0.14 0.14
Net Profit / (Loss) before tax 4.17 1.79
Add / (Less): Income Tax refunds of
earlier years 14.87 -
Net Profit/(Loss) 19.04 (1.79)
Add: Balance brought forward (629.04) (627.25)
Balance Carried Forward (610.00) (629.04)
3. TRANSFER TO RESERVES
In view of the inadequate profits for the year under review, there are
no transfers to the Reserves.
4. DIVIDEND
In view of accumulated losses your Directors are unable to recommend a
dividend for the year ended 31sl March, 2010.
5. OPERATIONS
During the year, the Company continued with thrust on recoveries, cost
efficiency, and loss monitoring and recovered Rs.14.87 lacs towards
refunds of income tax of earlier years. The Company has registered net
profit after tax of Rs. 19.04 lacs as against net loss of 1.79 lacs in
the previous year. 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. 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 a subsidiary. Hence the provisions of Section
212 of the Companies Act, 1956 are not applicable to the Company for
the year under review.
8. SECRETARIAL COMPLIANCE REPORT
Secretarial Compliance Report pursuant to the provisions of Section
383A (1) issued by a Company Secretary in whole-time practice is
enclosed herewith.
9. DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirement under section 217 (2AA) of the Companies
Act, 1956, as amended by the Companies
(Amendment) Act, 2000, 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 Companys 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 judgements 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, 2010 on
a going concern basis.
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 during the Current Financial Year.
13. DIRECTORS
Shri Rasiklal V. Savani retires by rotation at the forthcoming Annual
General Meeting and being eligible, offers himself for reappointment.
14. CORPORATE GOVERNANCE
A Separate report on Corporate Governance along with the Auditors
certificate of its compliance is given in a separate annexure.
15. AUDITORS
M/s. P. P. Bhandari and Company, Chartered Accountants, retire at the
ensuing Annual General Meeting and are eligible for reappointment. The
Auditors comments are duly explained in the Notes on Account and do not
call for any further comments.
16. 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
Nayant M. Savani
Place: Mumbai Chairman
Date : 29th May, 2010
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