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Sai Jeevadhara Finance Ltd. Nine Months RESULTS
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You can view full text of the latest Director's Report for the company.
Market Cap. (Rs.) - P/BV - Book Value (Rs.) -
52 Week High/Low (Rs.) - FV/ML - P/E(X) -
Bookclosure - EPS (Rs.) - Div Yield (%) -
Year End :2014-03 
Dear Members,

The Directors hereby submit the Twenty Fifth Annual Report with Audited Accounts for the year ended 31st March 2014.

                                                    (Rupees in Lakhs)

FINANCIAL RESULTS                                2013-14      2012-13
                                                 

Profit/(Loss) before Interest, Depreciation,
Tax, Bad Debts and Provision for Non-
Performing Assets                                 (3.90)       (2.84)

Less: Depreciation                                  0.55         0.60

Profit/(Loss) before Tax, Bad Debts &
Other Provisions                                  (4.45)       (3.44)

Less: Bad Debts Written off                            -            -

Provision for Diminution in Investments           (0.60)       (1-30)

Provision for Non-Performing Assets                    -            -

Profit / (Loss) after Tax                         (3.85)       (2.14)
APPROPRIATION

Transfer to Special Reserve Fund 
(As per RBI Act)                                       -            -

Balance carried to Balance Sheet                       -            -
BUSINESS OUTLOOK

Your Company's strategy, as in the past will be to focus on profitable growth, leveraging its intimate knowledge of the market and customer relationships that have been built on a strong foundation of personalized service.

DEPOSITS

All the outstanding Public Deposits as on 15th September 2004 Rs. 10.25 Lakhs and their accrued interest upto 31st March 2004, Rs.20.47 Lakhs was transferred to an Escrow Account on 22nd September, 2004 with M/s.City Union Bank Limited, Madurai. As on 31st March 2014 balance out-standing in the Escrow Account was Rs.0.38 Lakhs.

The Company has not accepted any fixed deposit during the year under review.

DIVIDEND

Your Directors regret their inability to recommend dividend in view of accumulated losses.

ADVANCES

Total disbursements during the year under Hire Purchase Loan was Rs.NIL.

MANAGING DIRECTOR'S REMUNERATION

The Managing Director has not received any remuneration during the current year.

PARTICULARS OF EMPLOYEES IN TERMS OF SECTlON 217 (2A) OF THE COMPANIES ACT, 1956.

None of the employees fall within the purview of the above Section and the Rules framed there under.

COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF THE BOARD OF DIRECTORS) RULES, 1988.

Parts A, B and C of the above rules does not apply to the Company.

DIRECTORS

Sri. R.Milton Amalraj, Sri.M.K.Balaji, Sri.M. Vijayakumar and Sri. J.Moses Edward have resigned from the directorship on 16.06.2014.

Sri. A.Rajkumar, retires by rotation and being eligible, offers himself for re-election.

Smt.Sweda Rajkumar retires by rotation and being eligible, offers herself for re-election.

RESPONSIBILITY STATEMENT

Pursuant to the provisions of Section 217 (2AA) of the Companies Act, 1956 the Directors confirmed that:

a) in the preparation of the annual accounts for the year ended 31st March 2014 applicable accounting standards have been followed with no material departure.

b) your Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March 2014 and the loss for the year ended on that date

c) your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities and

d) the accounts for the year ended 31st March 2014 have been prepared on a going concern basis.

CORPORATE GOVERNANCE

A detailed report on corporate governance together with a certificate from the Statutory Auditors, in compliance with clause 49 of the Listing Agreement, is attached as part of this report.

AUDITORS

M/s. P.T.Ponnaiah & Co., Chartered Accountants, Chennai retires at this Annual General Meeting and are eligible for re-appointment.

REPLY TO AUDITOR'S REPORT

The qualification in the Auditor's Report are considered and the Directors are taking steps to improve the position.

However Company's strategy, has been thwarted by the steps taken by Income Tax Department by freezing the Company's funds, kept in their accounts and recovering the same, in spite of the fact that the cases relating to Income Tax matters are pending with Honorable High Court, Madras and the cases have been decided in favour of the Company. The Income Tax Department has recovered a sum of Rs.46.31 lacs so far from the Company and the Company is entitled to received the Refund. This recovery has affected financial liquidity of the Company and its earnings.

ACKNOWLEDGEMENT

Your Directors thank the Bankers, Shareholders and Customers for their continued support and co-operation to the Company. Your Directors also appreciate the employees of the Company for their good work.

                           For and on behalf of the Board of Directors

Place: Chennai                                           R.ALAGHENTREN
Date : 15th July, 2014                                        Chairman

 
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