Mar 31, 2014
Dear Members,
The Directors'' have pleasure in presenting the 31st Annual Reports
together with Audited Statement of Accounts for the year ended 31st
March 2014
FINANCIAL RESULTS:
The financial performance of the Company, for the year ended March
31,2014 is summarized below:
(Rs. in Lacs)
2013-14 2012-13
Profit /(Loss) before Depreciation & Tax 14.66 109.61
Depreciation (1.60) (2.48)
Provision for Taxation (2.75) (22.58)
Differed Tax Expenses / (Savings) (0.12) 0.33
Deferred Tax Assets Written off (4.36) (14.25)
MAT Credit 22.42
Profit / (Loss) after Tax Available
for Appropriation 28.49 69.97
Less:- Transfer to Special Investment Reserve (2.10) 17.00
Transfer to General Reserve 0.00 30.00
Add:- Balance brought forward from Previous Year 84.85 61.88
Balance Carried Forward 111.24 84.85
PERFORMANCE:
During the year company has achieved a turnover of Rs 914.07.Lacs as
against the in the previous year at Rs. 11358.09 Lacs, During previous
year due to general elections various uncertainty were prevailing about
continuity of congress government in Centre and this factor adversely
affected sentiment of security market due to it volatile was prevailing
in security market and equity , mutual fund, equity derivatives
affected and Directors are of the view that in spite of various
constrain company has fared reasonably good. Profit Margin was under
Pressure as market conditions were not favorable to equity trading.
ECONOMIC OUTLOOK:
FY 2013-14 was a challenging year. Now with the formation of stable
government at centre the outlook for forthcoming year is highly good
and global players also now started investing in Indian market, with
the changed scenario Directors are hopeful that current year shall end
with very positive effects allover subject to, if RBI is to control
inflation and policies of new government is conducive to encourage
Capitalization and Investment in core sector of the economy.
DIVIDEND:
The Board, for the year ended 31st March, 2014 in view of profit is
required for reinvested in business hence regret to declare any
dividend for the year.
DEPOSITS
The Company has not accepted and/or renewed any public deposit during
the year.
AUDITORS:
Members are requested to appoint Auditors for the current year and to
authorize the Board of Directors to fix their remuneration. At previous
meeting, M/s. S. K. Rathi & Co., Chartered Accountant, was appointed as
Statutory Auditors of your Company from the conclusion of the previous
Annual General Meeting. The said Statutory Auditors retire at the
ensuing Annual General Meeting and being eligible under section 139 of
the Companies Act, 2013, offer themselves for re-appointment.
AUDIT REPORT:
Report of the auditors read with the notes on accounts is
self-explanatory and need no elaboration.
DIRECTOR''S RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors hereby state:
(a) That in preparation of the annual accounts for the financial year
ended 31st March 2014, the applicable accounting standards had been
followed with proper explanations relating to material departures;
(b) That we have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent, so as to give 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 the year under review;
(c) That we 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 the fraud and other irregularities;
(d) That we have prepared the annual accounts for the financial year
ended 31st March 2014 on a "going concern" basis.
CORPORATE GOVERNANCE:
The Company has complied with the requirements regarding Corporate
Governance as required under Clause 49 of the Listing Agreement entered
into with the Stock Exchanges, where the Company''s shares are listed. A
report on the Corporate Governance in this regard is made as a part of
this Annual Report and a Certificate from the Auditors of the Company
regarding compliance of the conditions of the Corporate Governance is
attached to this report.
MANAGEMENT''S DISCUSSION AND ANALYSIS REPORT:
Management''s Discussion and Analysis Report for the year under review,
as stipulated under Clause 49 of the Listing Agreement with the Stock
Exchanges in India, is presented in a separate section forming part of
the Annual Report.
PARTICULARS OF EMPLOYEES:
The Company has no employee employed during the year drawing salaries
in excess of the limits prescribed u/s 217(2A) of the Companies Act,
1956.
CONSERVATION OF ENERGY:
The Company is engaged in the business of trading and dealings in
shares and securities and consequently various disclosures required u/s
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosures of Particulars in the Report of the Directors) Rules, 1988
are not applicable to this Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
During the year under review - Earnings - Nil (P.Y. Nil)
- Outgo - Nil (p.Y. Nil)
ACKNOWLEDGEMENT:
Your Directors wish to express their gratitude to the officials of the
Stock Broking Houses, Stock Exchanges, company''s bankers and
shareholders who have extended their valuable support to the Company.
Directors are also grateful to the staff and employees of the Company
for their devotion and relentless services.
Registered Office:
815, Stock Exchange Tower, For and on behalf of the Board
8th Floor, Dalal Street, For GSB FINANCE LTD
Mumbai - 400 001.
Sd/-
Place : Mumbai G. S. BIYANI
Date : 30th May, 2014 Chairman
Mar 31, 2011
The Members,
The Directors' have pleasure in presenting the 28th Annual Reports
together with Audited Statement of Accounts for the year ended 31st
March 2011
FINANCIAL RESULT :
(Rs. In Lacs)
2010-2011 2009-2010
Profit /(Loss) before Depreciation & Tax (73.40) 341.23
Depreciation 1.79 1.69
Provision for Taxation 1.35 67.78
Deferred Tax Debit / (Credit) (19.47) (105.32)
MAT Credit (51.58) 0.00
Profit / (Loss) after Tax Available
for Appropriation (5.49) 166.44
Less:- Transfer to Special Investment Reserve 0.00 35.00
Transfer to General Reserve 0.00 45.00
Add:- Balance brought forward from Previous Year 88.68 2.24
Balance Carried Forward 83.19 88.68
PERFORMANCE:
During the year company has achieved a turnover of Rs. 1219.10 Lacs as
against the in the previous year at Rs. 1028.90 Lacs. However, as the
market was very volatile, therefore, trading in equity derivatives not
resulted in gain during the year and it affected profitability for the
year.
ECONOMIC OUTLOOK:
The Indian economy has come through with resilience and strength in the
year 2010-11. Swift and broad based growth has put the economy on to
its pre-crisis growth trajectory. Dynamism in the rural economy due to
scaled up flow of resources to rural areas has added to overall
economic growth. Due to a better than average monsoon, agricultural
sector performed reasonably well compared to previous year. Services
sector also clocked robust performance.
KEY RISK FACTORS:
Key risk to economic growth forecasts come from inflation. WPI
inflation accelerated from 11.04% in March 2010 to a high of 11.23% in
April 2010 and continued around similar levels till June 2010.
Inflation continued around 8% to 9% thereafter till date. Despite the
Reserve Bank of India's (RBI) monthly assessment of WPI inflation
coming down below 7.5% by March 2011, it read at 8.98% leading to a
perception that RBI will continue rate hikes during the current fiscal
as well.
MONETARY POLICY HIGHLIGHTS:
In the RBI Monetary Policy issued on May 3, 2011, RBI strongly
expressed its view that controlling inflation is imperative to
sustaining growth over the medium-term. As such, RBI signaled that the
conduct of monetary policy will continue to condition and contain
perceptions of inflation in the range of 4.0-4.5% to be in line with
the medium-term objective of 3.0% inflation consistent with India's
broader integration into the global economy. Instead of its earlier
calibrated approach to fighting inflation, RBI took a large step hiking
key policy rates by 50 basis points. Accordingly, the Repo and Reverse
Repo rates have moved up to 7.25% and 6.25% respectively.
DIVIDEND:
The Board, for the year ended 31st March, 2011 in view of operating
loss regret to declare any dividend for the year.
DIRECTORS:
Smt. Ritika S. Gupta and Shri. Sajjan Poddar, Directors of the Company
retires by rotation at the forth coming Annual General Meeting under
the provisions of Articles of Association of the Company and being
eligible, offers themselves for re-appointment.
DEPOSITS
The Company has not accepted and/or renewed any public deposit during
the year.
AUDITORS:
M/S. S. K. Rathi & Co., Chartered Accountants who are the Auditors of
the Company hold the Office till the conclusion of ensuing Annual
General Meeting and express inability to continue to be appointed as
Auditors for the next financial year, therefore Board of Director has
recommended the appointment of M/s S.K.Rathi & Co., Chartered
Accountants. The Company has received consent from the Auditors
pursuant to Section 224 of the Companies Act, 1956.
AUDIT REPORT:
Report of the auditors read with the notes on accounts is
self-explanatory and need no elaboration.
DIRECTOR'S RESPONSIBILITY STATEMENT:
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors hereby state:
(a) That in preparation of the annual accounts for the financial year
ended 31st March 2011, the applicable accounting standards had been
followed with proper explanations relating to material departures;
(b) That we have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent, so as to give 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 the year under review;
(c) That we 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 the fraud and other irregularities;
(d) That we have prepared the annual accounts for the financial year
ended 31st March 2011 on a "going concern" basis.
CORPORATE GOVERNANCE:
The Company has complied with the requirements regarding Corporate
Governance as required under Clause 49 of the Listing Agreement entered
into with the Stock Exchanges, where the Company's shares are listed. A
report on the Corporate Governance in this regard is made as a part of
this Annual Report and a Certificate from the Auditors of the Company
regarding compliance of the conditions of the Corporate Governance is
attached to this report.
PARTICULARS OF EMPLOYEES:
The Company has no employee employed during the year drawing salaries
in excess of the limits prescribed u/s 217(2A) of the Companies Act,
1956.
CONSERVATION OF ENERGY:
The Company is engaged in the business of trading and dealings in
shares and securities and consequently various disclosures required u/s
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosures of Particulars in the Report of the Directors) Rules, 1988
are not applicable to this Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
During the year under review - Earnings - Nil (P.Y. Nil)
- Outgo - Nil (P.Y. Nil)
ACKNOWLEDGEMENT:
Your Directors wish to express their gratitude to the officials of the
Stock Broking Houses, Stock Exchanges, company's bankers and
shareholders who have extended their valuable support to the Company.
Directors are also grateful to the staff and employees of the Company
for their devotion and relentless services.
For and on behalf of the Board
For GSB FINANCE LTD
Sd/-
G.S.BIYANI
Chairman
Date : 31st May, 2011
Place : Mumbai
Registered Office:
815, Stock Exchange Tower,
8th Floor, Dalal Street,
Mumbai - 400 001.
Mar 31, 2010
The Directors have pleasure in presenting the 27th Annual Reports
together with Audited Statement of Accounts for the year ended 31st
March 2010
FINANCIAL RESULTS: (Rs. in Lacs)
2009-2010 2008-2009
Profit before Depreciation & Tax 341.23 (384.55)
Depreciation 1.69 1.64
Provision for Taxation (Incl.
Fringe Benefit Tax) 67.78 (3.38)
Deferred Tax Debit / (Credit) (105.32) 126.88
Profit / (Loss) after Tax 166.44 (259.41)
Less: Transfer to Special Investment Reserve 35.00 -
Transfer to General Reserve 45.00 -
Add: Transfer From General Reserve - 45.00
Add: Balance brought forward from Previous Year 2.24 216.66
Balance Carried Forward 88.68 2.25
PERFORMANCE:
ECONOMIC ENVIRONMENT
After witnessing slowdown in 2008-09, the global economy is slowly
regaining with the large unprecedented interventions by governments.
The speed of recovery, however, remains significantly divergent.
However, the global economy faces several challenges such as high
levels of unemployment, which are close to 10 per cent in the US and
the Euro area. Despite signs of renewed activity in manufacturing and
initial improvement in retail sales, the prospects of economic recovery
in Europe are clouded by the acute fiscal strains in some countries.
INDIAN ECONOMY
During 2009-10, the Indian economy showed resilience with a broad based
recovery. This was possible due to a rebound in industrial output,
better prospects for the Rabi crop and continuing resilience of the
services sector.
INDUSTRIAL SECTOR
The industrial sector recovered with the Index of Industrial Production
(IIP) registering double digit growth during October 2009 February 2010
and IIP was at 15.1 per cent in February 2010. The growth was mainly
driven by the manufacturing sector, with a weighted contribution of
88.8 per cent, higher than its weight of 79.4 per cent in the IIP.
EXTERNAL SECTOR
Indias external sector witnessed improvement with the recovery seen in
the global economy as reflected in the turnaround in exports, buoyancy
in capital inflows and further accretion to the countrys foreign
exchange reserves. Exports recovered from 12 months of consecutive
decline and posted an average growth of 20.5 per cent during November
2.009 February 2010. Imports also turned around and exhibited an
average growth of about 43.0 per cent during December 2009-February
2010, mirroring the impact of strong recovery in growth.
EQUITY MARKETS
The activity in the primary segment of the domestic capital market
displayed signs of revival in 02 and 03 of 2009-10. Stock prices
displayed a continuous upward momentum throughout the year, except for
some occasional corrections during the last two quarters caused by
Dubai World default and the Greek
sovereign debt concerns. Following the optimism on account of measures
announced in the Union Budget 2010-11 such as the roadmap for fiscal
consolidation and PSU divestment, stock prices recorded further gains.
As at end March 2010, the Sensex and the Nifty both registered gains of
81 per cent and 74 per cent, to close at 17528 and 5249 respectively.
The gains in stock prices were also led by the FN investments, while at
the same time mutual funds turned net sellers. Flls made net purchases
of US$23.7 billion in the Indian equity market during 2009- 10 (net
sales of US$ 10.4 billion in 2008-09), while the mutual funds net sales
during 2009-10 amounted to Rs. 10,512 crore(net purchases of Rs. 6,985
crore in 2008-09).
Your Company in the current year has shown good performance , by
posting net operating profit before tax at Rs. 337.85 Lacs as against
net operating loss at Rs. 382.91 Lacs in the previous year.
DIVIDEND: The Board for the year ended 31st March,2010 in view of
operating previous loss regret to declare any dividend for the year.
DIRECTORS:
Shri Parasram Kabra and Shri.Yogesh Patel, Directors of the Company
retires by relation at the forth coming Annual General Meeting under
the provisions of Articles of Association of the Company and being
eligible, offer themselves for re-appointment.
DEPOSITS
The Company has not accepted and/or renewed any public deposit during
the year.
AUDITORS:
M/S. S. K. Rathi & Co., Chartered Accountants who are the Auditors of
the Company hold the Office till the conclusion of ensuing Annual
General Meeting and express inability to continue to be appointed as
Auditors for the next financial year, therefore Board of Director has
recommended the appointment of M/ s S.K.Rathi & Co., Chartered
Accountants . The Company has received consent from the Auditors
pursuant to Section 224 of the Companies Act, 1956.
AUDIT REPORT
Report of the auditors read with the notes on accounts is
self-explanatory and need no elaboration.
DIRECTORS RESPONSIBILITY STATEMENT
Pursuant to the requirements of Section 217(2AA) of the Companies Act,
1956, your Directors hereby state:
(a) That in preparation of the annual accounts for the financial year
ended 31st March 2010, the applicable accounting standards had been
followed with proper explanations relating to material departures;
(b) That we have selected such accounting policies and applied them
consistently and made judgments and estimates that were reasonable and
prudent, so as to give 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 the year under review;
(c) That we 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 the fraud and other irregularities;
(d) That we have prepared the annual accounts for the financial year
ended 31st March 2010 on a "going concern" basis.
CORPORATE GOVERNANCE
The Company has complied with the requirements regarding Corporate
Governance as required under Clause 49 of the Listing Agreement entered
into with the Stock Exchanges, where the Companys shares are listed. A
report on the Corporate Governance in this regard is made as a part of
this Annual Report and a Certificate from the Auditors of the Company
regarding compliance of the conditions of the Corporate Governance is
attached to this report.
PARTICULARS OF EMPLOYEES
The Company has no employee employed during the year drawing salaries
in excess of the limits prescribed u/s 217(2A) of the Companies Act,
1956.
CONSERVATION OF ENERGY
The Company is engaged in the business of trading and dealings in
shares and securities and consequently various disclosures required u/s
217(1)(e) of the Companies Act, 1956 read with the Companies
(Disclosures of Particulars in the Report of the Directors) Rules, 1988
are not applicable to this Company.
FOREIGN EXCHANGE EARNINGS & OUTGO:
During the year under review - Earnings - Nil (P.Y. Nil)
Outgo - Nil (P.Y. Nil)
ACKNOWLEDGEMENT:
Your Directors wish to express their gratitude to the officials of the
Stock Broking Houses, Stock Exchanges, companys bankers and
shareholders who have extended their valuable support to the Company.
Directors are also grateful to the staff and employees of the Company
for their devotion and relentless services.
For and on behalf of the Board
For GSB FINANCE LTD.
Date: 31st May, 2010
Registered Office :
815, Stock Exchange Tower, Sd/-
8th Floor, Dalai Street, G. S. BIYANI
Mumbai - 400 001. Chairman
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