Your Directors have pleasure in presenting the 9th Annual Report and Audited Accounts of the Company for the year ended 31st March, 2014.
The summarised financial results of the Company are given hereunder:
(Rs. in lakhs) | ||
Particulars | Year ended 31.03.2014 | Year ended 31.03.2013 |
Total Revenue | 19,46.89 | 32,79.42 |
Total Expenses | 18,55.85 | 26,24.37 |
Profit before Tax | 91.04 | 6,55.05 |
Less: Taxation | 0.74 | 0.75 |
Profit after Tax | 90.30 | 6,54.30 |
Review of Operations
During the year under review, your Company earned total revenue of Rs. 1946.89 lakhs as against Rs. 3279.42 lakhs in the previous year. The profit after tax for the year was at Rs. 90.30 lakhs as against Rs. 654.30 lakhs in the previous year.
Your Company has made significant progress in sale of the next generation software solution for Lending Companies, which has received encouraging demand from the market. Your Company has made deeper inroads into the Australian market and has also set up an office in Sharjah, UAE to tap into the potential of the Middle East market. There have been good enquiries from these markets.
Dividend
Your Directors do not recommend any dividend for the year under review.
Director
Sri K Swaminathan, retires by rotation and, being eligible, offers himself for re-election. Necessary resolution is submitted for your approval.
Directors Responsibility Statement
Your directors confirm that:
i) in the preparation of the annual accounts, the applicable accounting standards have been followed;
ii) they 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 at the end of the financial year and of the profit of the Company for that period;
iii) they 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; and
iv) they have prepared the annual accounts on a going-concern basis.
Information as per Section 217(1)(e) of the Companies Act, 1956
Your Company has no activity relating to conservation of energy or technology absorption. During 2013-14, expenditure in foreign currencies amounted to Rs. 432.29 lakhs and foreign currency earnings amounted to Rs. 698.58 lakhs.
Personnel
None of the employees of the Company is in receipt of remuneration in excess of the revised limits prescribed under Section 217(2A) of the Companies Act, 1956.
Deposits
Your Company has not accepted any public deposit during the period under review.
Auditors
M/s Brahmayya & Co, Chartered Accountants, Chennai, retire and are eligible for reappointment. A certificate from the Auditors that they satisfy the conditions prescribed under the Companies Act, 2013 and the Rules made thereunder (including satisfaction of criteria under Section 141 of the Companies Act, 2013), has been received from them.
Acknowledgement
Your Directors thank the holding company, Sundaram Finance Ltd. and the customers for their support. They also place on record their appreciation of all the employees of the Company for their sincere and dedicated service.
T T Srinivasaraghavan | |
Srinivas Acharya | |
S Venkatesan | |
Chennai 600 002 | K Swaminathan |
Date: 14th May, 2014 | Directors |
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www.indiainfoline.com is part of the IIFL Group, a leading financial services player and a diversified NBFC. The site provides comprehensive and real time information on Indian corporates, sectors, financial markets and economy. On the site we feature industry and political leaders, entrepreneurs, and trend setters. The research, personal finance and market tutorial sections are widely followed by students, academia, corporates and investors among others.
Copyright © IIFL Securities Ltd. All rights Reserved.
Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213, IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
This certificate demonstrates that IIFL as an organization has defined and put in place best-practice information security processes.