The Directors'' have pleasure in presenting the 30th Annual Reports
together with Audited Statement of Accounts forthe year ended 31st
The financial performance of the Company, forthe year ended March 31,
2013 is summarized below:
(Rs. in Lacs)
Profit /(Loss) before Depreciation & Tax 109.61 (0.26)
Depreciation 2.48 1.85
Provision for Taxation 22.58 0.00
Differed Tax Expenses 0.33 (0.12)
Deferred Tax Debit / (Credit) 14.25 19.31
Profit / (Loss) after Tax Available for
Appropriation 69.97 (21.31)
Less:- Transfer to Special Investment Reserve 17.00 0.00
Transfer to General Reserve 30.00 0.00
Add:- Balance brought forward from Previous
Year 61.88 83.19
Balance Carried Forward 84.85 61.88
During the year company has achieved a turnover of Rs.11358.09 Lacs as
against the in the previous year at Rs. Rs.2721.99 Lacs. However, as
the market was very volatile, therefore, trading in security , equity ,
mutual fund investment , equity derivatives were 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.
FY 2012-13 was a challenging year. The global economy, barely a year
after recession, witnessed lower economic growth, resulting primarily
from the Euro Zone debt crisis and high oil prices, which were fuelled
by uncertainties of supply. The European economies stagnated and the US
witnessed a downgrade in its credit rating, while the growth engines of
the global economy, China and India were forced to tighten liquidity to
tame rising inflation.
The Board, for the year ended 31 st March, 2013 in view of profit is to
be re invested in business hence regret there in ability to declare any
dividend forthe year.
Shri Yogesh Patel and Smt. Ritika Gupta retire by rotation, being
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 and offers themselves for re-appointment.
The Company has not accepted and/or renewed any public deposit during
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 (1B) of the Companies Act, 1956.
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 forthe financial year
ended 31 st March 2013, 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 forthe 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 31 st March 2013 on a going concern basis.
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.
Areport 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.
MANAGEMENTS 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,
CONSERVATION OF ENERGY:
The Company is engaged in the business of trading and dealings in
shares and securities am 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 (RY. Nil)
Outgo - Nil (P.Y. Nil)
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.
815, Stock Exchange Tower, For and on behaif of the Board
8th Floor, Dalai Street, '' For GSB FINANCE LTD
Mumbai -400 001.
Date : 27th May, 2013 G. S. BIYANI
Place : Mumbai Chairman