sahara asset management company pvt ltd share price Directors report

DIRECTORS REPORT

SAHARA ASSET MANAGEMENT COMPANY PRIVATE LIMITED

We have pleasure in presenting the Report of the Directors together with the Audited Accounts for the financial year ended March 31, 2014

REVIEW OF FINANCIAL RESULTS OF THE COMPANY

The summarized financial results for the year are as under:

	2013-14	2012-13
Particulars	Amount (Rs)	Amount (Rs)
Gross Income	2,51,56,631	4,13,19,717
Loss Before Depreciation	(4,24,76,204)	(2,13,69,702)
Less: Depreciation	9,91,857	8,72,084
Loss Before Taxation & Prior Period Items	(4,34,68,061)	(2,20,01,864)
Less: Prior Period Expenditure	43,287	2,39,902
Net Loss For the Year	(4,35,11,348)	(2,22,41,786)

REVIEW OF OPERATIONS

The Companys incurred losses of Rs.4.35 cr for the current financial year ended 31st March, 2014 as compared to the total loss of Rs 2.22 cr during the financial year 2012-13. The Company is the Investment Manager to Sahara Mutual Fund. The total Assets under Management (AUM) was Rs 192.30 cr as on 31st March, 2014 as compared to total Assets under Management (AUM) of Rs 228.88 cr as on 31st March, 2013. The Company has 21 offices in operations as on 31st March, 2014

As on 31st March, 2014, Sahara Mutual Fund offers 16 schemes which include 9 open ended Equity schemes, 1 open ended Equity Linked Savings Scheme (ELSS), 1. open ended Liquid scheme, 1 open ended Gilt scheme and 4 open ended Income funds,

PORTFOLIO MANAGEMENT SERVICES (PMS)

The performance of Portfolio Management Services (PMS) has been found satisfactory. The Portfolio Investment approach has been disciplined.

CAPITAL

No further Equity or Preference Share Capital was issued by the Company during the year.

DIVIDEND

In the view of the losses incurred by the company the Board of Directors does not recommend the declaration of dividend.

DIRECTOR

Shri SC. Gupta was appointed as an Additional Director by the Board of Directors in its Meeting held on 27 th December, 2013. The Company has received notice in writing pursuant to Section 160 of the Companies Act, 2013 from a member along with deposits of requisite amount proposing the candidature of Shri S.C. Gupta as an Independent Director of the Company at the ensuing Annual General Meeting

FOREIGN EXCHANGE EARNINGS & OUTGO

There were no foreign exchange earnings or outgo during the year.

PERSONNEL

The statement as required under section 217(2A) of the Companies Act, 1956 containing the particulars of employees as prescribed under the Companies (Particulars of Employees) Rules, 1975, as amended, the names and the relevant particulars of the employees are set out in Annexure to the Directors Report.

STATUTORY DISCLOSURE OF PARTICULARS

The requirements of disclosure, in terms of Section 217(1)(e) of the Companies Act, 1956, read with Companies (Disclosure of particulars in the report of Board of Directors) Rules, pertaining to steps taken regarding conservation of energy & technology absorption, does not apply to the Company

The Board of Directors of the Company & the Audit Committee met five times during the financial year 2013-14. The Annual Accounts of the Company have been reviewed by the Audit Committee.

AUDITORS

The Statutory Auditors, Chaturvedi & Partners, Chartered Accountants, Mumbai who hold office until the conclusion of the forthcoming Annual General Meeting have expressed their eligibility & willingness to accept office, subject to the approval of the shareholders in the ensuing Annual General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

The Directors responsibility statement under Section 217 (2AA) of the Companies Act, 1956 is given below:

i That in the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures.

ii. That the directors had selected such accounting policies and applied them consistently and 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 and of the profit or loss of the company for that period.

iii. That the directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

iv. That the directors had prepared the annual accounts on a going concern basis.

ACKNOWLEDGEMENTS

Your Directors would like to place on record their gratitude for the valuable guidance and support received from the Securities and Exchange Board of India (SEBI), Association of Mutual Funds in India (AMFI), Reserve Bank of India (RBI) and other Government and Regulatory Agencies. Your Directors wishes to place on record the deep appreciation of the professional support and guidance received from the Trustees of Sahara Mutual Fund. Your Directors also acknowledge and wish to place their appreciation of Brokers, Registrars, Bankers and other service providers for their commendable efforts, teamwork and professionalism. Your Directors place on record its deep appreciation for the dedication & contribution of all the staff of Sahara Asset Management Company Private Limited towards the success of the company.

For and on behalf of the Board
C. Kamdar	R.M.Joshi
Director	Director
Place: Mumbai.
Date: 6 JUNE 2014