Gazi Financial Services and Investments Ltd. के निदेशक की रिपोर्ट

Mar 31, 2013

Dear Members,

The Directors have pleasure in presenting the 19th Annual Report along with the Audited Accounts of the Company for the year ended 31st March 2013.

FINANCIAL RESULTS

(In Rupees) Particulars 2012-13 2011-12

Gross Income from Operation 2,24,000 7,12,500

Other Income Nil Nil

TOTAL INCOME 2,24,000 7,12,500 Employee benefits expense 1,90,317 3,73,467

Depreciation 83,309 1,35,192

Other Expenses 9,11,330 1,76,491

TOTAL EXPENDITURE: 11,84,956 6,85,150

NET PROFIT BEFORE TAX (9,34,896) 27,350

NET PROFIT AFTER TAX (9,34,896) 86,740

Add/Less: Balance brought forward (3,29,43,259) (3,30,29,999)

Balance Carried to Balance Sheet (3,38,78,155) (3,29,43,259)

PERFORMANCE

The year under review has not been good like some past few years solely due to financial constraints which your company is facing acutely and trying hard to overcome the situation. During the year under review, the Total Tumover/Sales and Other Income of the Company was Rs. 2,24,000/- as against Rs. 7,12,500/- during the previous financial year. The Company recorded a net loss of Rs. 9,34,896/-) against a net profit of Rs. 86,740/- during the previous financial year.

DIVIDEND

In view of the loss recorded by the Company during the year, your Board of Directors do not recommend any dividend for the financial year 2012-13.

DIRECTORS

In accordance with the Article of Association of the Company and the provision of Companies Act 1956, Mr. Rajiv Reshamia, the Director of the Company, retire by rotation and being eligible offer himself for re-appointment.

Your Directors recommend the re-appointment of-the aforesaid Director.

AUDITORS

M/s. D. N. Kanabar & Co., Chartered Accountants, the Statutory Auditor of the Company retire at the ensuing Annual General Meeting and have confirmed their eligibility and willingness to accept office if re-appointed.

The Company has received a letter from M/s. D. N. Kanabar & Co., to the effect that their re-appointment, if made would be within the limits specified under Section 224(1 B) of the Companies Act, 1956 and that they are not disqualified within the meaning of Section 226 of the Companies Act, 1956 for such re-appointment.

PUBLIC DEPOSITS

The Company has not accepted Public Deposits from public within the purview of section 58A, of the Companies Act, 1956, during the year under review.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be shown in terms of provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

As required by the Clause 49 of the Listing Agreement entered in to by your Company with the BSE Limited and Ahmadabad Stock Exchange Limited, a detailed Report on Corporate Governance together with a report on Management Discussion Analysis is included in the Annual Report. The Auditors have certified the Company''s Compliance with the Listing Agreement and the same is annexed to the report on Corporate Governance.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956, your Directors state that:-

1) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to; material departures, if any.

2) The Directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company as at the end of the financial year and profit for the year under review.

3) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the Company and for the preventing and detecting fraud and other irregularities.

4) The Directors have prepared th^accdtihtTfolThc financial year ended 31s'' March 2013 on a "going concern" basis.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION

The Company did not carry out any Business activities in reladon to conservation of energy, technology absorption in accordance with the Companies (Disclosure of Particulars in the report of Board of Directors) Rules 1988.

FOREIGN EXCHANGE EARNINGS AND OUTGO

During the year under review Company has:

Foreign exchange earnings : NIL

Foreign exchange outgo : NIL

ACKNOWLEDGEMENTS

The Board wishes to place on the record its sincere appreciation of the effort put in by your company''s senior management team , executives and consultants at all levels, with your wishes and trust we endeavors to delivers long term shareholder value.

Your Directors would like to thank all investors, customers, financial institutions, vendors, banks, government authorities, the registrars, business /alliance and technology partners for the support.

By Order of the Board of Directors

Munir Gazi Chairman

Place: Mumbai Date: 29th May, 2013

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Mar 31, 2010

The Directors have pleasure in presenting the 16th Annual Report along with the Audited Accounts of the Company for the year ended 31st March 2010.

FINANCIAL RESULTS

(In Rs.)

Particulars 2009-2010 2008-2009

Gross Income From

Operation 953000.00 193000.00

Other Income 6133.00 NIL

Total Expenditure 389673.00 158528.00

Gross Profit (Loss) 569460.00 34472.00

Net Profit (Loss) after Tax 321181.00 34472.00

Add/Less: Balance brought forward (33400072.00) (33434544.00)

Balance Carried to Balance Sheet (33078891.00) (33400072.00)

DIVIDEND

Owing to the development and expansion plans already undertaken by the company and the need of ploughing back in the company of the generated profits during the year, your Directors do not recommend any dividend for the year under review.

DIRECTORS

Mr. Taslim N. Gazi, the Directors of the Company, retire by rotation and being eligible offer himself for re-appointment.

Your Directors recommend die re-appointment of die aforesaid Directors.

AUDITORS

M/s. M. K. Gohel & Associates, Chartered Accountants, Mumbai Statutory Auditors of die Company holds office until die conclusion of the ensuing Annual General Meeting, and is eligible for re-appointment. The Company has received their consent under section 224(1B) of the Companies Act, 1956 for such re-appointment.

The notes to the accounts referred to in the AuditorsReport are self-explanatory and therefote do not call for any further comments.

FIXED DEPOSITS

The company has not accepted Fixed Deposits from public within the purview of section 58A, of the Companies Act, 1956, during the year under review.

PARTICULARS OF EMPLOYEES

There are no employees whose particulars are required to be shown in terms of provisions of Section 217 (2A) of the Companies Act, 1956 read with the Companies (Particulars of Employees) Rules, 1975 as amended.

CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS

Your Company believes in Corporate Governance not only in law but also in spirit. Your Company endeavors to maximize the wealth of the shareholder by managing the affairs of the Company with a pre-eminent level of accountability, transparency and integrity.

A report on Corporate Governance including the relevant Auditors Certificate regarding compliance with the conditions of Corporate Governance as stipulated in Clause 49 of the listing agreement with stock exchanges is annexed.

Management Discussion and Analysis is also annexed.

DIRECTORS RESPONSIBILITY STATEMENT

Pursuant to the requirement under section 217 (2AA) of the Companies Act, 1956, your Directors state that:-

1) In the preparation of the annual accounts, the applicable accounting standards have been followed along with proper explanation relating to; material departures, if any.

2) The directors have selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of thestate of affairs of the company as at the end of the financial year and profit for the year under review.

3) The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the act for safeguarding the assets of the Company and for the preventing and detecting fraud and other irregularities.

4) The Directors have prepared the accounts for the financial year ended 31st March 2010 on a "going concern" basis.

CONSERVATION OF ENERGY TECHNOLOGY ABSORPTION

The Company did not carry out any Business activities in relation to conservation of energy, technology absorption in accordance with die Companies (Disclosure of Particulars in die report of Board of Directors) Rules 1988.

FOREIGN EXCHANGE EARNINGS AND OUTGO

During the year under review Company has: Foreign exchange earnings : NIL

Foreign exchange outgo : NIL

ACKNOWLEDGEMENTS

The Board wishes to place on the record its sincere appreciation of die effort put in by your companys senior management team , executives and consultants at all levels, widi your wishes and trust we endeavors to delivers long term shareholder value.

Your Directors would like to thank all investors, customers, financial institutions, vendors, banks, government audiorities, the registrars, business/alliance and technology partners for die support.

Registered Office: By Order of the Board

12-A, Metha House

1st Floor, 36, Pandita Ramabai Road,

Chowpatty, Mumbai-400007 Munir Gazi Chairman

Place: Mumbai

Date: 29th August, 2010