| Dear Members
The Directors present their Thirty Sixth Annual Report along with the
Audited Accounts for the year ended 31 March 2014.
FINANCIAL RESULTS
The financial results of the Company for FY 2013-2014 are summarized
below:
Item Current Year Previous Year
(Rs.Lakhs) (Rs. Lakhs)
Income 0.28 0.01
Expenditure 13.38 11.61
Profit/(Loss) before Depreciation & Taxation (13.10) (11.50)
Add Depreciation 0.10 0.10
Provision for Taxation 0.00 0.00
Profit/(Loss) after Depreciation and Tax (13.20) (11.60)
Opening Balance of P & L Account (393.51) (381.90)
Balance Carried to Balance Sheet (406.71) (393.51)
OPERATIONS REVIEW
The operations of the company had been closed with effect from 21
October 2002. Thereafter, till the year 2004-2005, there were no
activities.
M/s Savant India Institute of Technology Pvt. Ltd. (SIIT), Chennai, had
acquired all the 1,404,800 equity shares held by the then promoters of
your company. Thereafter, in accordance with the provisions of the SEBI
(SAST) Regulations 1997, SIIT made an open offer to the shareholders,
at the end of which SIIT had a total of 1,440,600 shares, representing
42.62% of the 3,380,300 fully paid up equity shares of your company.
Consequent to these changes and to the decisions during the Extra
Ordinary General meeting held on 29 March 2005, your company had done
the following:
* Incorporated the changes in the objects clause and authorized capital
in its Memorandum of Association
* Got its name changed to SAVANT INFOCOMM LIMITED
* Got the registered office changed from Bangalore in Karnataka state
to Chennai in Tamil Nadu state
* Inducted personnel from 01 June 2005
* Commenced business operations from 01 June 2005
* Got its equity shares voluntarily de-listed from the Bangalore Stock
Exchange with effect from 24 November 2005
* Entered into an agreement with National Securities Depository
Limited, Mumbai (NSDL) to dematerialize its equity shares with NSDL in
addition to its existing arrangement with CDSL
In 2007, SIIT had sold its entire holding of 1,440,600 equity shares to
M/s Western India Steel Co. Pvt. Ltd., Mumbai, Mr. Bharat Parikh and
Mrs. Mina Parikh, who in accordance with the provisions of the SEBI
(SAST) Regulations 1997, had also made an open offer to the
shareholders for acquiring up to 20% more of the outstanding shares.
This process was completed by end-September 2007 with the acquirers
holding a total of 1,448,500 shares after which the Board of the
company was restructured.
DIVIDEND
Your Directors do not recommend any Dividend for the year under review.
DEPOSITS
The Company has not accepted any deposits within the meaning of Section
58A of the Companies Act, 1956 and the rules framed there under.
DIRECTORS
In accordance with Articles 106 and 107 of the Articles of Association
of the company, Mr. Harsh P Parikh and Mr. Aditya P. Parikh retire by
rotation. Being eligible, Mr. Harsh P Parikh offers himself for
re-appointment. Mrs. Mina Parikh, appointed as Additional Director with
effect from 28 July 2014 till the conclusion of this AGM, being
eligible, also offers herself for re-appointment
CORPORATE GOVERNANCE
The company has a system of Corporate Governance in place. As required
by the company's Listing Agreement, a separate report on Corporate
Governance is enclosed as part of this Annual Report. A certificate
from the Auditors of the Company regarding compliance is also annexed
to the report on Corporate Governance.
LISTING
Your Company's shares are listed only in the Bombay Stock Exchange at
Mumbai under Scrip Code 517320 and the listing fee for FY 2014-2015 has
been duly paid.
DIRECTORS RESPONSIBILITY
In accordance with the provisions of Section 217 (2AA) of the Companies
Act, 1956 as amended by Companies (Amendment) Act, 2000, your Directors
state:
a. That in the preparation of the annual accounts, the applicable
accounting standards have been followed along with proper explanation
relating to material departures;
b. That the Directors have selected such accounting polices and
applied them consistently and have made judgments and estimates that
are reasonable and prudent so as to give a true and fair view of the
state of affairs of the company at the end of the financial year ended
on 31 March 2014;
c. 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;
d. That the Directors have prepared Annual Accounts on the assumption
that the company is a going concern.
AUDITORS
M/s N.Raja & Associates, Chartered Accountants, Chennai retire and
being eligible, offer themselves for reappointment As regards the
Auditors' observations in their report, the relevant notes are
self-explanatory.
PARTICULARS OF EMPLOYEES:
No employee has been employed in the Company attracting provisions of
Section 217 (2A) of the Companies' Act 1956 read with Companies
(Particulars of Employees) Rules 1975, as amended.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTFLOW
Pursuant to Section 217(e) of the Companies Act, 1956 read with the
Companies (Disclosures of Particulars in the Report of Board of
Directors) Rules 1988, the following information is provided.
(a) Your Company's operations involve low energy consumption. However
efforts to conserve energy will continue.
(b) Foreign Exchange:
a) Foreign Exchange Earnings: Rs. Nil (Previous Year: Rs. Nil)
b) Foreign Exchange Outgo : Rs. Nil (Previous Year: Rs. Nil)
(c) Your Company has nothing to report on particulars relating to
research and development, technology absorption etc.
FOR AND BEHALF OF THE BOARD
Place: Chennai
Date: 28 July 2014 M.R.RAJAGOPALAN NAIR PRAKASH DAMODARAN
DIRECTOR DIRECTOR |