Directors Report of GDL Leasing & Finance Ltd.

Mar 31, 2014

NOT AVAILABLE

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Mar 31, 2012

The Directors have pleasure in presenting The Nineteenth Annual Report together with the Audited Accounts of Your Company for the year ended 31st March 2012.

FINANCIAL HIGHLIGHTS

PARTICULAR (Rs. In Lacs) (Rs. In Lacs) CURRENT YEAR PREVIOUS YEAR

INCOME FROM OPERATION 30.74 19.73

OTHER INCOME 0.24 —

TOTAL EXPENDITURE 29.30 17.55

GROSS PROFIT AFTER INTEREST BUT BEFORE 1.68 2.18

DEPRECIATION & TAXATION

DEPRECIATION 0.22 1.28

PROVISION FOR TAXATION 0.45 0.45

NET PROFIT 1.01 0.45

RESERVE EXCLUDING REVALUATING RESERVE 10.42 7.63

OPERATIONS

During the year your Company has deployed the funds in various areas viz., Inter Corporate Deposits, Loans to individuals & firms, Primary Market, Secondary Market and Deposit with Banks etc. Since your company mainly concentrated on Loans & Advances to various individuals, firms, corporate etc and earned a handsome interest income but due to losses in bad debts, your company could not achieve the desired results. However the profit before Tax & Depreciation comes to Rs. 1.68 Lacs during the year under review, as compared to Rs. 2.18 Lacs in the previous year.

PROSPECTS

The Finance Industry during the year under review remained under tremendous pressure but with the Government's continued efforts towards liberalization and Globalization process this area is likely to continue to grow in the years to come. Since finance for Industries is like blood for human Body, without finance Industrialization is not possible. Your company besides continuing the existing activities is contemplating to diversify into financial services Industry to boost its Income.

The Directors are confident that in the coming year the Company will be able to effectively meet Competition and improve its profitability.

DEPLOYMENT OF FUNDS

Fixed Assets 0.67

Investment in Primary & Secondary Market 39.16

Inter corporate deposits and loans to Individuals & Firms 222.93

Other Assets 51.23

DIVIDEND

Due to depressed market condition in Primary and secondary market (which would have been the main sources of Income for the Company) the Company has managed to earn a meager profit and therefore, regret its inability to declare dividend this year.

MANAGEMENT

1. Mr. Raj Kumar Kukreja & Ms. Divya Directors of the Company tendered their resignation and shall retire from the Directorship w.e.f the date of Annual General Meeting i.e 29.09.2012.

2. Mr. Jeetender Kumar and Mr. Sagar has been proposed to appoint as Independent Directors w.e.f the date of Annual General Meeting i.e. 29.09.2012. They shall be appointed as Independent Directors subject to approval of Shareholders.

REGISTRAR

The Company's registrars are M/s Skyline Financial Services Ltd. for DMAT as well as physical activities. In this way the shareholders do not face any problem while demating their shares or transferring their shares.

HUMAN RESOURCES

Your Company as ever is essentially a Board managed company and to strengthen it further has the pride to have top-notch professionals by its side. Company's staff is the major source of company's strength in its operations & contributes significantly in terms competitive in the field.

During the year the company didn't have any employees on the payroll whose particulars are required to be disclosed U/s 217 (2A) of the Companies Act read with rules thereunder.

CONSERVATION OF ENERGY. TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

The company has no activities in relation to conservation of energy and technological absorption. The company has no outgo of Foreign Exchange earnings during the under review.

BOARD MEETINGS & COMMITTEES

Board meetings are normally held at Company offices, and typically scheduled about a month in advance. The Board meets at least once a quarter to, inter-alia, review all relevant the Directors, in consultation with the Chairman, prepare matters where necessary and papers are circulated to all Directors in advance. Directors have access to the all information of the Company and are free to suggest inclusion of any matter in the Agenda. In the year under review the Board met 12 times on April 28, 2011, June 30, 2011, July 28 2011, August 12, 2011, September 15, 2011, September 30, 2011, October 28, 2011, December 22, 2011, January 30, 2012, February 18, 2012 March 17, 2012 and March 28,2012 To enable fuller attention to the affairs of the Company the Board delegates specified matters to its committees, which, while preparing the groundwork for decision-making, report to the Board, or requires its explicit approval, is left to the final decision of any committee.

AUDITORS'

M/s D. Galhotra & Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and have offered themselves for reappointment as auditors of the company to hold office from the conclusion of the ensuing Annual General Meeting until the conclusion of the next Annual General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, the Board of Directors hereby state and confirm.

(i) That in the preparation of the annual accounts for the financial year ended 31st March, 2012 the applicable accounting standards, have been followed along with proper explanation relating to material departures.

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affair of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the annual accounts for the financial year ended 31st March 2012 on a 'going' concern basis.

ACKNOWLEDGEMENTS

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Banks, Our valued customers and shareholders during the year under review. Your Directors also wish to place on the record their deep appreciation for the contribution of the employees at all levels for the success, growth and development of the company.

For and on Behalf of the Board of Directors

Sd/- (GOPI CHAND GANGWANI) CHAIRMAN PLACE: NEW DELHI DATE: 16.08.2012

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Mar 31, 2010

The Directors have pleasure in presenting The Seventeenth Annual Report together with the Audited Accounts of Your Company for the year ended 31st March 2010.

FINANCIAL HIGHLIGHTS

PARTICULAR (Rs. In Lacs) (Rs. In Lacs)

CURRENT YEAR PREVIOUS YEAR

INCOME FROM OPERATION 22.57 22.56

OTHER INCOME - -

TOTAL EXPENDITURE 19.66 19.72

GROSS PROFIT AFTER INTEREST BUT BEFORE 2.91 2.84

DEPRECIATION & TAXATION

DEPRECIATION 2.05 2.05

PROVISION FOR TAXATION 0.62 0.76

NET PROFIT 0.24 0.03

RESERVE EXCLUDING REVALUTING RESERVE 7.18 7.27



OPERATIONS



During the year your Company has deployed the funds in various areas viz., Inter Corporate Deposits, Loans to individuals & firms, Primary Market, Secondary Market and Deposit with Banks etc. Since your company mainly concentrated on Loans & Advances to various individuals, firms, corporate etc and earned a handsome interest income but due to losses in secondary market, your company could not achieve the desired results. However the profit before Tax & Depreciation comes to Rs. 2.91 Lacs during the year under review, as compared to Rs. 2.84 Lacs in the previous year.

PROSPECTS

The Finance Industry during the year under review remained under tremendous pressure but with the Governments continued efforts towards liberalization and Globalization process this area is likely to continue to grow in the years to come. Since finance for Industries is like blood for human Body, without finance Industrialization is not possible. Your company besides continuing the existing activities is contemplating to diversify into financial services Industry to boost its Income.

The Directors are confident that in the coming year the Company will be able to effectively meet Competition and improve its profitability.

DEPLOYMENT OF FUNDS

Fixed Assets 2.17

Investment in Primary & Secondary Market 12.16

Intercorporate deposits and loans to Individuals & Firms 275.37

Other Asset 46.32



DIVIDEND



Due to depressed market condition in Primary and secondary market (which would have been the main sources of Income for the Company) the Company has managed to earn a meager profit and therefore, regret its inability to declare dividend this year.

MANAGEMENT

Ms. Sangeeta Gangwani & Sh. Deepak Kumar Gangwani Directors of the Company retire by rotation at the Annual General Meeting and being eligible offer themselves for reappointment.

REGISTRAR

The Companys registrars are M/s Skyline Financial Services Ltd. for DEMAT as well as physical activities. In this way the shareholders do not face any problem while demating their shares or transferring their shares.

HUMAN RESOURCES

Your Company as ever is essentially a Board managed company and to strengthen it further has the pride to have top-notch professionals by its side. Companys staff is the major source of companys strength in its operations & contributes significantly in terms competitive in the field.

During the year the company didnt have any employees on the payroll whose particulars are required to be disclosed U/s 217 (2A) of the Companies Act read with rules thereunder.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO.

The company has no activities in relation to conservation of energy and technological absorption. The company has no outgo of Foreign Exchange earnings during the under review.

BOARD MEETINGS & COMMITTEES

Board meetings are normally held at Company offices, and typically scheduled about a month in advance. The Board meets at least once a quarter to, inter-alia, review all relevant the Directors, in consultation with the Chairman, prepare matters where necessary and papers are circulated to all Directors in advance. Directors have access to the all information of the Company and are free to suggest inclusion of any matter in the Agenda. In the year under review the Board met 12 times on April 28, 2009, June 30, 2009, July 29 2009, August 12, 2009, September 21, 2009, September 29, 2009,October 01, 2009, October 29, 2009, December 30, 2009, January 26, 2010, January 28, 2010 March 22, 2010, To enable fuller attention to the affairs of the Company the Board delegates specified matters to its committees, which, while preparing the groundwork for decision-making, report to the Board, or requires its explicit approval, is left to the final decision of any committee.

AUDITORS

M/s D. Galhotra & Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and have offered themselves for reappointment as auditors of the company to hold office from the conclusion of the ensuing Annual General Meeting until the conclusion of the next Annual General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956, with respect to Directors Responsibility Statement, the Board of Directors hereby state and confirm.

(i) That in the preparation of the annual accounts for the financial year ended 31st March, 2010 the applicable accounting standards, have been followed along with proper explanation relating to material departures.

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affair of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

(iii) That the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provision of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

(iv) That the Directors have prepared the annual accounts for the financial year ended 31st March 2010 on a going concern basis.



AKNOWLEDGEMENTS

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Banks, Our valued customers and shareholders during the year under review. Your Directors also wish to place on the record their deep appreciation for the contribution of the employees at all levels for the success, growth and development of the company.

For and on Behalf of the

Board of Directors.

PLACE: NEW DELHI

DATE : 16.08.2010

Sd/-

(GOPICHAND GANGWANI)

CHAIRMAN

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Mar 31, 2009

The Directors have pleasure in presenting The Sixteenth Annual Report together with the Audited Accounts of Your Compare for the year ended 31st March 2009.

PARTICULAR (Rs. in Lacs) (Rs. In Lacs) CURRENT YEAR PREVIOUS YEAR

INCOME FROM OPERATION 22.56 19.04

OTHER INCOME -- --

TOTAL EXPENDITURE 19.72 16.35

GROSS PROFIT AFTER INTEREST BUT BEFORE 2.84 2.69

DEPRECTION & TAXATION -- --

DEFRECIATION 2.05 2.04

PROVISION FOR TAXTAION 0.76 0.54

NET PROFIT 0.03 0.08

RESERVE EXCLUDING REVALUTING RESERVE 7.27 7.26

OPERATIONS

During the year vour Company has deployed the kinds in various areas viz., Inter Corporate Deposits. Loans to individuals & firms. Primary Market. Secondary Market. and Deposit with Banks etc.. Since your company mainly concentrated on Loans & Advances to various individuals, finms, corporate etc and earned a handsome interest income but due to losses in secondare market, your company could not achieve the desired results. However the profit before fax & Depreciation comes to Rs. 2.84 Lacs during the year under review, as compared to Rs. 2.69 Lacs in the previous year.

Ihe finance Industry during the vear under review remained under tremendous pressure hut with the Governments continued efforts towards liberalization and Globalization process this area is likely to continue to grow in the years to come. Since finance for industries is like blood for human Body, without finance Industrialization is not possible. Your company besides continuing the existing activities is contemplating to diversify into financial services industry to boost its Income.

The Directors are confident that m the coining year the Company will be able to effectively meet Competition and improve its profitability.

Fixed Assets 1.23

Investment in Primarx & Seeondarx Market 1.12

intercorporate deposits and loans to Individuals & Firms 263.63

Other Assets 41.84

Due to depressed market condition in Primary and secondare market (which would have been the main sources of Income for the Company) the Company has managed to earn a meager profit and therefore, regret its inability to declare dividend this year.

MANAGEMENT

Sh. Gopi Chand Gaugwani & Sh. Dinesh Gaugwani Directors of the Company retire by rotation at the Annual General Meeting and being eligible offer themselves for reappointment.

REGISTRAR

The Companys registrars are M/s Skyline Financial Services Ltd. for DEMAT as well as physical activities. In this way the shareholders do not face any problem while demating their shares or transferring their shares.

HUMAN RESOURCES

Your Company as ever is essentially a Board managed company and to strengthen it further, has the pride to have top notch professionals by its side. Companys staff is the major source of companys strength in its operations & contribute significantly in terms competitive in the field.

During the sear the company didnt have any employees on the payroll whose particulars are required to be disclosed U/s 217 (2A) of the Companies Act read with rules thereunder.

EXCHANGE EARNINGS AND OUTGO.

The company has no activities in relation to conservation of energy and technological absorption. The company has no outgo of Foreign Exchange earnings during the under review.

BOARD MEETINGS & COMMITTEES

Board meetings are normally held at Company offices, and typically scheduled about a month in advance. The Board meets at least once a quarter to. inter-alia. review all relevant the Directors, in consultation with the Chairman, prepare matters where necessary and papers are circulated to ail Directors in advance. Directors have access, to the all information of the Company and are free to suggest inclusion of any matter in the Agenda. In the year under review the Board met 10 times on April 28. 2008. June 30. 2008 July 26 2008. August.12 . 2008. September 10, 2008, October 27. 2008, December 17. 2008, January 28. 2009. February 18, 2009 March 16. 2009, To enable fuller attention to the affairs of the Company the Board delegates specified matters to its committees. which, while preparing the groundwork for decision-making, report to (he Board, or requires its explicit approval, is left to the final decision of any committee.

AUDITORS

M/s D. Galhotra & Associates, Chartered Accountants, Auditors of the Company, retire at the ensuing Annual General Meeting and have offered themselves for reappointment as auditors of the company to hold office from the conclusion of the ensuing- Annual . General Meeting until the conclusion of the next Annua] General Meeting.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2 A A) of the Companies Act, 1956, with respect to Directors Responsibility Statement, the Board of Directors hereby state and confirm.

(i) That in the preparation of the accounts for the financial year ended 31st March, 2009 the applicable accounting standards, have been followed along with proper explanation relating to materia! departures.

(ii) That the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and lair view of the state of affair of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

(iii) That the Directors hae taken proper and sufficient care for the maintenance of adequate records in accordance with the provision, of the Companies Act. 1956 for safeguarding fraud-and other irregularities.

(iv) That the Directors have prepared (he accounts for the financial year ended 31st March 2009 on a going concern basis.

AKNOWLEDGEMENTS:

Your Directors would like to express their grateful appreciation for the assistance and cooperation received from the Banks. Our valued customers and shareholders during the Year under review. our Directors also wish, to place on the record their deep appreciation for the contribution of the employees at all levels for the success, growth and development of the company.

For and on Behalf of the Board of Directors. PLACE: NEW DELHI DATE: 12.08.2009 Sd/- (GOPI CHAND GANGWANI) CHAIRMAN