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GSB Finance
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Directors Report Year End : Mar '14    « Mar 13
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
Source : Dion Global Solutions Limited
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