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Notes to Accounts of GSB Finance Ltd.

Mar 31, 2014

1. Provision has not been made for the gratuity as no employee has attained the qualifying period of service for the entitlement of benefits.

2. Provision has not been made for Listing Fees payable to Calcutta, Ahmadabad, Jaipur and Uttar Pradesh Stock Exchanges, as stock exchange are not working and company shares could not be dealt with in these stock exchanges. Previous year''s provisions written off.

3. Expenditures incurred in Foreign currency is Nil ( P.Y. Nil) = Nil (P.Y. Rs. Nil ).

4. Earning in foreign currency is NIL (Previous year Nil).

5. Previous year figures have been re-grouped and re-arranged wherever found necessary.

6. No Person was employed by the company either throughout the year or for a part of the year under review whose remuneration for the year in the aggregate was not less than Rs. 6,00,000/- (Previous year Rs. 6,00,000/-) or for any part of that year at a rate which in the aggregate was not less than Rs. 50,000/- (Previous year Rs. 50,000/-) per month.

7. The Company has not accepted any deposits from public during the year.

8. These accounts are not signed by Secretary as the company has no secretary as on date, the accounts were approved by the directors.



9. Related Party Disclosures:

As per Accounting Standard 18, the disclosures of transactions with the related parties are given below: List of related Parties

i) Associates

a) GSB Capital Markets Ltd. c) GSB Share Custodian Services Ltd.

b) GSB Securities Pvt. Ltd.

ii) Key Management Personnel

a) Shri G. S. Biyani, Director e) Shri Yogesh Patel, Director

b) Shri R. S. Biyani, Director f) Shri Sajjan Poddar, Director

c) Mrs. Ritika Gupta, Director g) Shri Manish Zanwar, Director d) Shri Parasram Kabra, Director


Mar 31, 2013

1. Provision has not been made for the gratuity as no employee has attained the qualifying period of service for the entitlement of benefits.

2. Provision has not been made for Listing Fees payable to Calcutta , Ahmadabad, Jaipur and Uttar Pradesh Stock Exchanges , as stock exchange are not working and company shares could not be dealt with in these stock exchanges. Previous year''s provisions written off.

3. Particulars of goods traded in (Shares, Units etc.).

4. Expenditures incurred in Foreign currency is Nil ( P.Y. Nil) = Nil (PY. Rs. Nil).

5. Earning in foreign currency is NIL (Previous year Nil).

6. Previous year figures have been re-grouped and re-arranged wherever found necessary.

7. No Person was employed by the company either throughout the year or for a part of the year under review whose remuneration for the year in the aggregate was not less than Rs. 6,00,000/- (Previous year Rs.6,00,000/-) or for any part of that year at a rate which in the aggregate was not less than Rs 50 000/- ( Previous year Rs.50,000/-) per month.

8. Debts due from the Companies under the same management are as under: -

i) GSB Securities Pvt. Ltd. Rs. 28,11,548/- (P.Y. Rs. 65,72,976/-) Maximum amount due at any time during the year Rs. 76,57,208/- (Rs. 1,58,28,158/-) ii) GSB Capital Markets Ltd. Rs. Nil (P.Y. Rs. 1,46,080/-) Maximum amount due at any time during the year Rs. 4,06,996/- (Rs. 25,54,400/-)


Mar 31, 2012

1. Provision has not been made for the gratuity as no employee has attained the qualifying period of service for the entitlement of benefits.

2. Provision has not been made for Listing Fees payable to Calcutta , Ahmadabad, Jaipur and Uttar Pradesh Stock Exchanges , as stock exchange are not working and company shares could not be dealt with in these stock exchanges. Previous year's provisions written off.

3. Expenditures incurred in Foreign currency is Nil ( P.Y. Nil) = Nil (P.Y Rs. Nil).

4. Earning in foreign currency is NIL (Previous year Nil).

5. Previous year figures have been re-grouped and re-arranged wherever found necessary.

6. No Person was employed by the company either throughout the year or for a part of the year under review whose remuneration for the year in the aggregate was not less than Rs.6,00,000/- (Previous year Rs.6,00,000/-) or for any part of that year at a rate which in the aggregate was not less than Rs.50,000/- (Previous year Rs. 50,000/-) per month.

7. The Company has not accepted any deposits from public during the year.

8. These accounts are not signed by Secretary as the company has no secretary as on date, the abcounts were approved by the directors.

9. Company recognizes deferred tax credit & debit in the accounts on prudent basis.

[A] Tax effect due to current year loss to be carry forward

Company recognized Deferred Tax Assets at Rs.21,46,600/- (P.Y. 40,78,400/-) on Unabsorbed Loss and Depreciation as company has made profit in previous year which justify the chances of recovering current year and brought forward loss in future, on prudent basis as per Accounting Standard 22 issued by ICAI

10. Debts due from the Companies under the same management are as under: -

i) GSB Securities Pvt. Ltd. Rs. 65,72,976/- (P.Y. Rs. 42,80,557/-) Maximum amount due at any time during the year Rs. 1,58,28,158/- (Rs. 1,97,88,736/-) ii) GSB Capital Markets Ltd. Rs. 1,46,080/- (RY. Rs. NIL) Maximum amount due at any time during the year Rs. 25,54,400/- (Rs. 1,29,42,332/-)


Mar 31, 2011

1. Provision has not been made for the gratuity as no employee has attained the qualifying period of service for the entitlement of benefits.

2. Expenditures incurred in Foreign currency is Nil ( P.Y. Nil) = Nil (PY. Rs. Nil).

3. Earning in foreign currency is NIL (Previous year Nil).

4. Previous year figures have been re-grouped and re-arranged wherever found necessary.

5. No Person was employed by the company either throughout the year or for a part of the year under review whose remuneration for the year in the aggregate was not less than Rs.6,00,000/- (Previous year Rs.6,00,000/-) or for any part of that year at a rate which in the aggregate was not less than Rs 50,000/- ( Previous year Rs.50,000/-) per month.

6. The Company has not accepted any deposits from public during the year.

7. These accounts are not signed by Secretary as the company has no secretary as on date, the accounts were approved by the directors.

8. Company recognizes deferred tax credit & debit in the accounts on prudent basis.

[A] Tax effect due to -

Difference between the written down values of Assets under-

The Companies Act, 1956 Rs. 10,87,881 /-

And as per Income Tax Act, 1961. Rs. 5,73,200 /-

Deferred Tax Liabilities (Net) Rs. 1,59,037 /- (P.Y. 1,85,377/-)

Deferred Tax Savings Expenses Rs. 26,340/-(P.Y. 1,261/-)

[B] Tax effect due to current year loss to be carry forward

Company recognized Deferred Tax Assets at Rs. 40,78,400/-(P.Y. 21,57,600/-) on Unabsorbed Loss and Depreciation as company has made profit in previous year which justify the chances of recovering current year and brought forward loss in future, on prudent basis as per Accounting Standard 22 issued by ICAI

Carry Forward of Loss under IT Provision 1,31,05,006/-

Carry Forward of unabsorbed Depreciation 93,626/-

1. Related Party Disclosures

List of related Parties

i) Associates

a) GSB Capital Markets Ltd.,

b) GSB Securities Pvt. Ltd.,

c) GSB Share Custodian Services Ltd.,

ii) Key Management Personnel

a) Shri G.S. Biyani, Director

b) Shri R.S. Biyani, Director

c) Mrs. Ritika S.Gupta, Director

d) Shri Parasram Kabra

e) Shri Yogesh Patel

f) Shri Sajjan Podar

9. Debts due from the Companies under the same management are as under: -

i) GSB Securities Pvt. Ltd. Rs. 42,80,557/- (P.Y. Rs. 4,48,764/-) Maximum amount due at any time during the year Rs. 1,97,88,736/- (Rs. 1,67,30,375/-)

ii) GSB Capital Markets Ltd. Rs. NIL (RY. Rs. 65,271/-) Maximum amount due at any time during the year Rs. 1,29,42,332/- (Rs. 1,47,33,307/-)


Mar 31, 2010

1. Provision has not been made for the gratuity as no employee has attained the qualifying period of service for the entitlement of benefits.

2. Particulars of goods traded in (Shares, Units etc.).

3.Expenditures incurred in Foreign currency is Nil ( P.Y. Nil) = Nil (P.Y. Rs. Nil).

4. Earning in foreign currency is NIL (Previous year Nil).

5. Previous year figures have been re-grouped and re-arranged wherever found necessary.

6. No Person was employed by the company either throughout the year or for a part of the year under review whose remuneration for the year in the aggregate was not less than Rs. 6,00,000/- (Previous year Rs. 6,00,000/-) or for any part of that year at a rate which in the aggregate was not less than Rs. 50,000/- (Previous year Rs. 50,000/-) per month.

7. The Company has not accepted any deposits from public during the year.

8. These accounts are not signed by Secretary as the company has no secretary as on date, the accounts were approved by the directors.

9. Company recognize deferred tax credit & debit in the accounts on prudent basis.

[A] Tax effect due to - Difference between the written down values of Assets under - The Companies Act, 1956 Rs. 12, 66,750 7- And as per Income Tax Act, 1961. Rs. 6, 66,826 7- Deferred Tax Liabilities (Net) Rs. 1, 85,377 7- (P.Y. 1,84,1167-) Deferred Tax Savings Expenses Rs.1,261 7- (P.Y. 22097-)



[B] Tax effect due to current year loss to be carry forward

Company recognized Deferred Tax Assets at Rs. 21,57,600 /- (P.Y. 12,68,8518/-) on Unabsorbed Loss as company has made profit which justify the chances of recovering brought forward loss in future, on prudent basis as per Accounting Standard 22 issued by ICAI



Carry Forward of Loss under IT Provision 67,37,534/-

Carry Forward of unabsorbed Depreciation 2,44,992/-

10. Related Party Disclosures List of related Parties

i) Associates

a) GSB Capital Markets Ltd.,

b) GSB Securities Pvt. Ltd.,

c) GSB Share Custodian Services Ltd.,

ii) Key Management Personnel

a) Shri G. S. Biyani, Director

b) Shri R. S. Biyani, Director

c) Mrs. Ritika Gupta, Director

d) Shri Parasram Kabra

e) Shri Yogesh Patel

f) Shri Sajjan Podar

11. Debts due from the Companies under the same management are as under: -

i) GSB Securities Pvt. Ltd. Rs.4, 48,764/- (P.Y. Rs. 11, 61,673/-) Maximum amount due at any time during the year Rs.1, 67, 30,375/-(Rs. 2, 28, 14,237/-)

ii) GSB Capital Markets Ltd. Rs.65,271/- NIL (P.Y. Rs. NIL) Maximum amount due at any time during the year Rs. 1,47,33,307/- (Rs. 1, 41, 12,007/-)

 
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