| The Directors have pleasure in presenting the 26th Annual Report
together with the Audited Accounts for the year ended 31st March, 2012.
FINANCIAL RESULTS
(Amount In Rupees)
For the year For the year
Particulars ended ended
31.03.2012 31.03.2011
Profit /Loss before Non Cash
Expenses -1,61,598 23,54,357
Less : Non Cash Expenses 1,63,499 1,63,499
Profit/Loss For the year -3,25,097 21,90,858
Balance Brought forward from
the previous year -79,23,041 -1,01,13,899
Balance Carried to Balance Sheet -82,48,138 -79,23,041
REVIEW OF OPERATIONS
During the year under review was very turbulent with heavy economic
uncertainties. The performance of the Company was also affected. The
Company's gross revenue amounted to Rs.1,15,48,635/- as against
Rs.1,47,97,891/- for previous year. The Company has suffered loss of
Rs.3.25 Lacs as against profit of Rs.21,90,858/- earned during the
previous year.
PARTICULARS OF EMPLOYEES
There were no employees covered under the provisions of Section 217
(2A) of the Companies Act, 1956 read with Companies (Particulars of
Employees) Rules, 1975 hence, particular are not given for the same.
DIVIDEND
In view of the losses incurred and to sustain the business operations
of the Company, your Directors do not recommend Dividend for the
financial year ended on 31.03.2012.
INSURANCE
The Company has taken all necessary steps to insure its properties and
insurable interest as deem appropriate and as required to have under
various statutory and other requirement.
DIRECTORATE
Shri Jayendrakumar P Bhatt retire at ensuing Annual General Meeting and
are eligible for reappointment. The Board of Directors recommends his
appointment at the ensuing Annual General Meeting.
Shri Yogeshchandra T Joshi resigned with effect from 31st January,
2012. The Board of Directors hereby appreciates the services rendered
to the Company during his tenure as Director of the Company.
DIRECTOR'S RESPONSIBILITY STATEMENT
As Required under Section 217(2AA) of the Companies Act 1956, we hereby
state that:- 1. That in the preparation of the annual accounts, the
applicable accounting standards has been followed, along with proper
explanation read with the notes to the accounts relating to material
departures.
2. That the Directors have selected such accounting policies and
applied them consistently and made judgments and estimates that are
reasonable and prudent so as to give a true and fair view of the state
of affairs as at 31st March, 2012 and of the profits of the Company for
the year end on that date.
3. That the Directors 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 fraud and other
irregularities.
4. That the Directors had prepared the Annual Accounts on a going
concern basis.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
ERNNIGS AND OUTGO
As the Company is engaged in financial services the, particulars
required to be incorporated in terms of Section 217 (1)(e) of the
Companies Act, 1956 read with Companies (Disclosure of particular in
the report of the Board of Directors) Rules, 1988, are not applicable.
There was neither foreign exchange earnings nor outgo during the year
under review.
DEPOSITS
The Company has not accepted deposits from the public within the
meaning of provisions of Section 58A of the Companies Act, 1956 and the
Rules made there under.
AUDITORS
M/s G. C. Patel & Co. Chartered Accountants, Gandhinagar, Statutory
Auditors of the Company retires at the ensuing Annual M/s G C Patel &
Co. Chartered Accountants, Gandhinagar and M/s. G J K & Associates,
Chartered Accountants, Joint Statutory Auditors of the Company retire
at the ensuing Annual General Meeting. The Audit Committee has
recommended to the Board their re-appointments. You are requested to
consider their re-appointments as joint Auditors. The Auditors have
given the certificate that the re-appointment, if made, will be within
the prescribed limit specified under section 224 (1B) of the Companies
Act, 1956.
The Auditors' observations read with the Notes to the accounts are self
explanatory.
REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION ANALYSIS
As required under Clause 49 of the Listing Agreement, your Company has
already implemented Corporate Governance for the financial year
2011-2012. A Management Discussion and Analysis Report along with
detailed report on Corporate Governance attached with this Report and
form part of the Annual Report.
ACKNOWLEDGMENTS
The Directors wish to place on record their gratitude to the
shareholders of the Company, Company's Bankers and concerned Government
Departments for their Co-operation and continued support to the
Company. The Directors also take this opportunity to express their
appreciation for the sincere and dedicated services of the employees of
the Company at all levels.
By Order of the Board
For GANDHINAGAR LEASING AND FINANCE LTD
Place: Gandhinagar Pritesh V Joshi
Date : 14.08.2012 Chairman | 