The Directors'' have pleasure in presenting the 31st Annual Reports
together with Audited Statement of Accounts for the year ended 31st
The financial performance of the Company, for the year ended March
31,2014 is summarized below:
(Rs. in Lacs)
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
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.
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.
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.
The Company has not accepted and/or renewed any public deposit during
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.
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.
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,
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)
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 behalf of the Board
8th Floor, Dalal Street, For GSB FINANCE LTD
Mumbai - 400 001.
Place : Mumbai G. S. BIYANI
Date : 30th May, 2014 Chairman