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GSB Finance Directors Report, GSB Finance Reports by Directors
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GSB Finance
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Directors Report Year End : Mar '13    « Mar 12
The Members,
 
 The Directors'' have pleasure in presenting the 30th Annual Reports
 together with Audited Statement of Accounts forthe year ended 31st
 March 2013
 
 FINANCIAL RESULTS:
 
 The financial performance of the Company, forthe year ended March 31,
 2013 is summarized below:
 
 
 
                                                   (Rs. in Lacs)
 
                                              2012-13         2011-12
 
 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
 
 
 
 PERFORMANCE:
 
 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.
 
 ECONOMIC OUTLOOK:
 
 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.
 
 DIVIDEND:
 
 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.
 
 DIRECTORS:
 
 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.
 
 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 (1B) 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 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.
 
 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.
 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,
 1956.
 
 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)
 
 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 behaif of the Board
 
 8th Floor, Dalai Street, ''               For GSB FINANCE LTD 
 
 Mumbai -400 001.
 
                                                 Sd/-
 
 Date : 27th May, 2013                       G. S. BIYANI
 
 Place : Mumbai                                Chairman
Source : Dion Global Solutions Limited
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