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Notes to Accounts of Savani Financials Ltd.

Mar 31, 2013

A The Company has unabsorbed depreciation and carried forward losses under tax laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognized by way of prudence in accordance with Accounting Standard (AS - 22) "Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India.

B The Company does not have foreign currency exposures

C In the opinion of the management the company is engaged only in the business of providing financials services and accordingly there are no separate reportable segments as per Accounting Standard-17 dealing with segment reporting.

D Related Party Disclosure:

a) Relationships:

1 Associate Concerns

Savani Transport Private Limited (till 11th May, 2012)

E Previous year figures have been regrouped/reclassified wherever necessary to conform to the current years'' presentation

Signatures to the Notes to the Financial Statements which form an integral part of the Financial Statements.


Mar 31, 2012

A. In the opinion of the management the company is engaged only in the business of providing financials services and accordingly there are no separate reportable segments as per Accounting Standard-17 dealing with segment reporting.

B. Related Party Disclosure:

a) Relationships:

1. Associate Concerns

Savani Transport Private Limited Savani Holdings Private Limited

No amount has been provided as doubtful debts or advances/written off or written back in the year in respect of debts due from/to above related party

C. The Central Government vide notification NO. 447 (E) dated February 28, 2011, has revised the Schedule VI under the Companies Act, 1956 and the same has become applicable for the Financial Statements to be prepared for the financial year commencing on or after April 1, 2011. Accordingly, the Company has reclassified the previous year figures to conform to this year's classification. The adoption of the revised Schedule VI does not impact the recognition and measurement principles followed for the presentation of the Financial Statements.

Signatures to the Notes to the Financial Statements which form an integral part of the Financial Statements.

Notes:

1. As defined in Paragraph 2(1) (xii) of the Non-Banking Financial Companies Acceptance of Public Deposits (Reserve Bank) Directions, 1998.

2. Provisioning norms shall be applicable as prescribed in the Non-Banking Financial Companies Prudential Norms (Reserve Bank) Directions, 1998.

3. All Accounting Standards and Guidance Notes issued by ICAI are applicable including for valuation of investments and other assets as also assets acquired in satisfaction of debt. However, market value in respect of quoted investments and break up/fair value/NAV in respect of unquoted investments should be disclosed irrespective of whether they are classified as long term or current in column (5) above.


Mar 31, 2011

1. Contingent Liabilities not provided for :

Current Year Previous Year

(a) Uncalled liability on partly paid shares Rs. Nil Rs. 2,625

2. The Company has unabsorbed depreciation and carried forward losses under tax laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognised by way of prudence in accordance with Accounting Standard (AS - 22) "Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India.

3. In the opinion of the management, the Current Assets, Loans and Advances have been considered as good and fully recoverable.

4. In the opinion of the management the company is engaged only in the business of providing financials services and accordingly there are no separate reportable segments as per Accounting Standard-17 dealing with segment reporting.

5. Disclosures in respect of related parties as defined in Accounting Standard 18 with whom transactions have taken place during the year are given below:

A) Related parties with whom transactions have taken place during the year:

i) Associate concerns:

Savani Transport Pvt. Ltd.

Savani Holdings Pvt. Ltd.

6. Additional information pursuant to Previous to the Current Year Previous Year provisions of paragraphs 3 and 4 of Part II of Schedule Nil Nil VI to the Companies Act, 1956 to the extent applicable.

7. Previous years' figures have been regrouped / reclassified, wherever necessary.


Mar 31, 2010

1. Contingent Liabilities not provided for :

Current Year Previous Year

(a) Uncalled liability on partly paid shares Rs. 2,625 Rs. 2,625

2. The Company has unabsorbed depreciation and carried forward losses under tax laws. In absence of virtual certainty of sufficient future taxable income, net deferred tax asset has not been recognised by way of prudence in accordance with Accounting Standard (AS - 22) "Accounting for Taxes on Income" issued by Institute of Chartered Accountants of India.

3. In the opinion of the management, the Current Assets, Loans and Advances have been considered as good and fully recoverable. A provision of Rs.Nil (previous year Rs.1,00,000) is made in the Accounts in accordance with the guidelines issued by the Reserve Bank of India.

4. In the opinion of the management, the company is engaged only in the business of providing financials services and accordingly there are no separate reportable segments as per Accounting Standard-17 dealing with segment reporting.

5. Disclosures in respect of related parties as defined in Accounting Standard 18 with whom transactions have taken place during the year are given below:

A) Related parties with whom transactions have taken place during the year: i) Particulars of Associate concerns: Savani Transport Pvt. Ltd.

Note : No amount has been provided on doubtful debts or advances written off other than book in the year in respect of debts due from/to above parties.

6. Additional information pursuant to Previous to the Current Year PreviousYear provisions of paragraphs 3 and 4 of Part II of Schedule Nil Nil VI to the Companies Act, 1956 to the extent applicable.

7. Previous years figures have been regrouped / reclassified, wherever necessary.

 
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