Click it and Unblock the Notifications
Directors Report of Gujarat Lease Financing Ltd.
Mar 31, 2025
Your Directors have pleasure in presenting the 42nd Annual Report of the Company together with the Audited Financial
Statements for the year ended March 31,2025
1. FINANCIAL SUMMARY AND STATE OF AFFAIRS
The highlights of the Financial Results of the Company for the year under review are given below:
|
Particulars |
Yearended |
Year ended |
|
Income: |
||
|
Interest Income |
42.24 |
40.75 |
|
Dividend Income |
0.08 |
0.22 |
|
Miscellaneous Income |
0.00 |
7.04 |
|
Total Income |
42.32 |
48.01 |
|
Expenses: |
||
|
Employees Benefits |
11.84 |
12.53 |
|
Professional Fees |
3.98 |
5.17 |
|
Administrative & Other Expenses |
20.51 |
21.52 |
|
Total Expenses |
36.33 |
39.22 |
|
Profit/ (Loss) for the year before Depreciation |
5.99 |
8.79 |
|
Depreciation |
0.13 |
0.11 |
|
Profit/ (Loss) before exceptional items and Tax |
5.86 |
8.68 |
|
Exceptional Items-Impairment of Property, Plant and Equipment |
- |
- |
|
Profit/ (Loss) before tax |
5.86 |
8.68 |
|
Tax Expenses Current - ? 0.00 |
- |
- |
|
Tax Expenses (Previous) - ? (0.00) |
||
|
Profit/ (Loss) after Taxation |
5.86 |
8.68 |
|
Other Comprehensive Income |
- |
2.88 |
|
Total Income for the Year (net of Tax) |
5.86 |
11.56 |
Accounting Policies have been consistently applied except where newly issued accounting standard is initially
adopted or revision to the existing standards requires a change in the accounting policy in use. Management
evaluates all recently issued or revised accounting standards on non-going basis.
The Financial Statements comprising Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity
and Cash Flow Statement, together with notes for the year ended March 31,2025 have been prepared in accordance
with Indian Accounting Standards (âInd ASâ) as notified.
The Financial Statements of the Company have been prepared and presented in accordance with the Ind AS under
the historical cost convention on accrual basis of accounting, except for financial instruments classified as Fair Value
through profit or loss or Fair Value through OCI are measured at Fair Value.
Honâble High Court had sanctioned the scheme of compromise and arrangement between the Company and
Consortium of 16 Banks under section 391 of the Companies Act, 1956 during 2004-05. As per the order, the
Company released the payment. Approval from the banks regarding assignment documentation is still awaited.
It may be observed from the Statement of Profit and Loss that:
a) Income during the year is '' 42.24 lakh towards the interest of '' 41.97 lakh on FD, on tax refund of '' 0.27 lakh
and dividend income of '' 0.08 lakh as against income of '' 40.97 including interest income of '' 40.75 lakh and
dividend income of ''.0.22 lakh for the previous year. The marginal increase in the interest income was due to
increase in the rate of interest on FD.
b) The Company has no source of income other than interest on Bank deposits, dividends, etc. while it has to
incur administrative expenses to run the Company. Major expenses include listing fees to stock exchanges,
custodian fees to CDSL & NSDL, remuneration to Key Managerial Personnel appointed in accordance with the
applicable provisions of the Companies Act, 2013, Legal & professional expenses. After meeting the
expenses, the Company earned a profit of '' 5.86 lakh during FY 2024-25 against the profit of '' 8.68 lakh for the
previous year. The profit during the year declined due to the decrease in the total income of the company.
During the previous year the company accounted '' 7.04 lakh being the market value of shares of Savita Oil
Technologies Ltd. The Company could trace physical share certificate of the said Company and was
accounted as other income in the previous year.
The OCI for the current year is NIL as against '' 2.88 lakh for the previous year on account of market value of
investment remain unchanged.
After considering the above, profit for the year is to the order of '' 5.86 lakh as against the profit of '' 11.56 lakh
for the previous year.
No Tax provision is required for the year in view of the losses as per the Income Tax Act.
c) The expenses for current and previous year are summarized below:
(i) Salary payment to Employees of '' 11.84 lakh as against '' 12.53 lakh for the previous year.
(ii) Professional and Legal expenses of '' 3.98 lakh as against '' 5.17 lakh for the previous year.
(iii) Administrative and other expenses mainly include Listing fees to NSE '' 3.54 lakh, BSE '' 3.36 lakh and
other service charges to CDSL '' 0.89 lakh and NSDL '' 1.06 lakh. Total payment of listing and custodian
fee is to the order of '' 8.85 lakh for the current year as against '' 8.88 lakh in the previous year. Other
expenses also include expenses towards rate and taxes, Printing, Stationery and postage expenses,
sitting fees to Directors etc.
d) Depreciation of '' 0.13 lakh ('' 0.11 lakh in the year 2023-24).
The cumulative loss reduced to '' 15,753.78 lakh is carried to the Balance Sheet (previous year '' 15,759.64
lakh). This was due to profit of '' 5.86 after other compressive income.
It may be observed from the Balance Sheet that:
a) Negative net-worth of '' 406.14 lakh as on March 31,2025, as against '' 412.00 lakh as on March 31,2024, as a
result of profit during the current year.
b) Unsecured loan outstanding at March 31,2025 was:
From one of the Promoters, i.e. Torrent Investments Limited (formerly known as Torrent Investments Private
Limited) - '' 1000.00 lakh (Previous year '' 1000.00 lakh).
The Company has no external debt as at the end of the year.
2. DIVIDEND
In view of accumulated losses, the Board does not recommend any dividend for the year 2024-25.
3. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any sum to reserve, in view of loss incurred during the
year as well as carry forward losses incurred in the previous years.
4. FINANCE
During the year under review, the Company has not made any borrowings from banks or any financial institutions or
other parties.
5. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY
During the year under review, the Company has no Subsidiary, Joint venture and Associate Company.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL
Directors:
The Board of Directors as on the date of this report comprises of 6 (six) Directors, all of whom are Non-Executive
Directors including 3 (three) Independent Directors and 2 (two) Women Directors.
Raghuveer Parakh (DIN: 03546937) was appointed as a Non Executive Independent Director of the Company for a
period of 5 years w.e.f. July 13, 2020. His 1st term as an Independent Director will end on July 12, 2025. The Board has
approved his appointment for a second and final term of 5 years from July 13, 2025 to July 12, 2030 at its
Meeting held on May 06, 2025. Therefore, the Board hereby recommends to the shareholders, for their approval
of his re-appointment as an Independent Director for second term as mentioned in the Notice forming part of
Annual Report. A brief resume and other relevant details of the Directors proposed to be appointed/re-appointed
are given in the Explanatory Statement to the Notice convening the AGM.
As per the provisions of the Companies Act, 2013, Saurabh Mashruwala (DIN: 01786490), Director of the Company
retires by rotation and being eligible, has offered himself for re-appointment.
Key Managerial Personnel:
During the year under review, Parag Dave, Company Secretary of the Company resigned with effect from November
30, 2024 and Meera Gudka was appointed as Company Secretary of the Company with effect from February 17,
2025.
7. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from the Independent Directors confirming that they meet the
criteria of independence as prescribed under Companies Act, 2013 and SEBI (Listing Obligations & Disclosure
Requirements) Regulations, 2015 and they have registered their names in the Independent Directorsâ Databank.
The Independent Directors are in compliance with the Code of Conduct prescribed under Schedule IV of the
Companies Act, 2013 and the Code of Business Conduct adopted by the Company.
8. POLICY ON DIRECTORSâ APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee (NRC) has approved following criteria and process for identification/
appointment of Directors which are as under:
(a) Criteria for appointment
Proposed Director (âPersonâ) shall meet all statutory requirements and should:
⢠possess the highest ethics, integrity and values
⢠not have direct/ indirect conflict with present or potential business/ operations of the Company
⢠have the balance and maturity of judgment
⢠be willing to devote sufficient time and energy
⢠have demonstrated high level of leadership and vision and the ability to articulate a clear direction for an
organization
⢠have relevant experience with respect to Companyâs business (in exceptional circumstances,
specialization/ expertise in unrelated areas may also be considered)
⢠have appropriate comprehension to understand or be able to acquire that understanding:
o relating to Corporate Functioning
o involved in scale, complexity of business and specific market and environment factors affecting
the functioning of the Company.
(b) Process for Identification / Appointment of Directors
(i) Board members may (formally or informally) suggest any potential person to the Chairperson of the
Company meeting the above criteria. If the Chairperson deems fit, necessary recommendation shall be
made by him to the NRC.
(ii) Chairperson of the Company can himself also refer any potential person meeting the above criteria to
the NRC.
(iii) The NRC will process the matter and recommend such proposal to the Board.
(iv) The Board will consider such proposal on merit and decide suitably.
(c) Remuneration Policy
The Company has formulated policy relating to the remuneration for the Directors, Key Managerial Personnel
and other employees of the Company. The remuneration policy is available on the website of the Company at
http://www.guiaratleasefinancing.co.in.
9. EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Evaluation of Board, its Committees and Individual Directors was carried out as per the process and criteria laid
down by the Board of Directors.
One of the Independent Director obtained and consolidated feedback from all Directors. Based on the feedback, the
Board expressed satisfaction with the overall functioning of the Board, the Committees and performance of the
Directors.
10. MEETINGS OF THE BOARD, COMMITTEES & COMPLIANCE TO SECRETARIAL STANDARDS
The Board of Directors met 4 (four) times during FY 2024-25 on May 02, 2024, July 19, 2024, October 17, 2024 and
February 12, 2025. The gap between two Board Meetings was within the maximum time gap prescribed under the
Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. The requisite quorum was present in all the
Meetings.
The Board has three committees viz. Audit Committee (AC), Nomination and Remuneration Committee (NRC) and
Stakeholders Relationship Committee (SRC). A detailed note on the composition of the Committees and its Meetings
are provided in the Corporate Governance Report included in the Annual Report. The Minutes of all the Committee
Meetings are reviewed at every Board Meeting.
During the year under review, the Company has complied with the provisions of Secretarial Standard 1 (relating to
meetings of the Board of Directors) and Secretarial Standard 2 (relating to General meetings) issued by the Institute
of the Company Secretaries of India.
11. DIRECTORSâ RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3) of the Companies Act, 2013 in relation to the Financial
Statements of the Company for the year ended March 31,2025, the Board of Directors states that:
a) in preparation of the Financial Statements, the applicable accounting standards have been followed and there
are no material departures;
b) 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 of the
Company as on March 31,2025 and of the profit of the Company for the year ended March 31,2025;
c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities;
d) the Financial Statements have been prepared on Non going concern basis;
e) the Directors have laid down internal financial controls to be followed by the Company and that such internal
financial controls are adequate and are operating effectively; and;
f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and
that such systems are adequate and operating effectively.
12. AUDITORS
(i) STATUTORY AUDITORS
The Members of the Company at 39th AGM held on June 29, 2022 had considered appointment of M/s. G.K.
Choksi & Co. Chartered Accountants (FRN: 101895W), Ahmedabad, as Statutory Auditors of the Company to
hold office from the close of 39th AGM till the conclusion of 44th AGM.
The Auditorsâ report for FY 2024-25 forms part of this Annual Report and does not contain any qualification,
reservation or adverse remark.
(ii) INTERNAL AUDITORS
Pursuant to the provisions of Section 138 of the Companies Act, 2013, the Board of Directors of the Company
had appointed M/s. JMT & Co., Chartered Accountants (FRN: 126286W), Ahmedabad, as an Internal Auditors
of the Company for the FY 2024-25.
(iii) SECRETARIALAUDITORS
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and
Remuneration Personnel) Rules, 2014, the Board of Directors had appointed M/s. RPAP & Co., Practicing
Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company for FY 2024-25. The Secretarial
Audit Report for FY 2024-25 is annexed herewith as Annexure-A.
There are no adverse observations in the Secretarial Audit Report which call for explanation.
Further, your directors have approved appointment of M/s. RPAP & Co., Practising Company Secretaries as
Secretarial Auditor of the Company for a term of five consecutive years from FY 2025-26 to FY 2029-30 at a
remuneration as may be determined by the Members of the Company pursuant to SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
(iv) COST AUDITORS
The Company was not required to maintain cost records and appoint Cost Auditor as specified by the Central
Government under Section 148(1) of the Companies Act, 2013.
13. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to Financial Statements. The Statutory
Auditors of the Company have audited such controls with reference to Financial Reporting and their Audit Report is
annexed as Annexure B to the Independent Auditorâs Report under Financial Statements which forms part of the
Annual Report.
14. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In compliance with Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015, the Corporate
Governance Report together with the Certificate from the Auditors of the Company regarding compliance of
conditions of Corporate Governance is annexed herewith as Annexure-B.
Management Discussion and Analysis Report is annexed herewith as Annexure-C.
15. VIGIL MECHANISM
The Company has established the vigil mechanism through Whistle Blower Policy for all the stakeholders of the
Company, which also provides for direct access to the Chairperson of the Audit Committee in appropriate or
exceptional cases as per the Policy.
16. RISK MANAGEMENT
The Company recognizes that risk is an integral part of business and is committed to managing the risks in proactive
and efficient manner. The Company periodically assesses risk in the internal and external environment, along with
the cost of treating risks and incorporates risk treatment plans in its strategy, business and operational plans.
The Company has adopted a Risk Management Policy for a systematic approach to control risks. The Risk
Management Policy of the Company lays down procedures for risk identification, evaluation, monitoring, review and
reporting. The Risk Management Policy has been developed and approved by the Senior Management in
accordance with the business strategy.
Management Discussion and Analysis Report of the Annual Report identifies key risks which can affect the
performance of the Company.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES.
All the related party transactions are entered on armâs length basis, in the ordinary course of business and are in
compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015. There are no materially significant related party transactions made by
the Company with Promoters, Directors, Key Managerial Personnel etc. which may have potential conflict with the
interest of the Company at large or which warrants the approval of the Member. Accordingly, no transactions are
being reported in Form AOC-2 in terms of Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies
(Accounts) Rules, 2014.
However, the details of the transactions with Related Parties are provided in the Companyâs Financial Statements in
accordance with the Accounting Standards.
18. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The details in terms of Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time, are forming part of this Report
as Annexure-D.
19. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION &
REDRESSAL) ACT, 2013
During the year under review, the Company had one women employee. It was not required to constitute Internal
Complaints Committee as per the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition
& Redressal) Act, 2013.
20. EXTRACT OF THE ANNUAL RETURN
In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and
Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company
http://www.guiaratleasefinancing.co.in.
21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND
OUTGO
The Company discontinued its business operations since FY 1999-2000. Therefore, there are no reportable details
relating to conservation of energy or technology absorption. There were no foreign exchange earnings or outgo
during the year under review.
22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES
ACT, 2013
During the year under review, the Company has not given loans, made investments, provided guarantees or security
to any entity under Section 186 of the Companies Act, 2013.
23. CORPORATE SOCIAL RESPONSIBILITY
The Company does not fall under the criteria as mentioned in the provisions of Section 135 of the Companies Act,
2013 read with the Companies (Corporate Social Responsibilities) Rules, 2014. Therefore, the Company was not
required to formulate Corporate Social Responsibility (CSR) Policy and constitute CSR Committee and
consequently the Company had not spend any amount on CSR activities.
24. INTERNAL FINANCIAL CONTROL
The Company has in well-placeed, proper and adequate internal financial controls with reference to the Financial
Statements. The Statutory Auditors of the Company have audited such controls with reference to the Financial
Reporting and their Audit Report is annexed as Annexure A to the Independent Auditorsâ Report under the
Standalone Financial Statements which forms part of the Annual Report.
25. OTHER DISCLOSURES
⢠During the year under review, the Company has neither accepted nor renewed any fixed deposits.
⢠During the year under review, there are no changes in the nature of business.
⢠There are no material changes and commitments, affecting the financial position of the Company which has
occurred between end of the Financial Year of the Company i.e. March 31,2025 and the date of this Report.
⢠No significant and material orders were passed by the regulators or courts or tribunals impacting the going
concern status and your Companyâs operation in future.
⢠During the year the Company has prepared the account on Non-Going Concern Basis.
26. ACKNOWLEDGEMENTS
Your Directors are grateful to GIIC Limited, the Government of Gujarat and Torrent Group for their continued
guidance and support to the Company. The Directors are pleased to place on record their appreciation for the
excellent support extended by the Banks. The Board is thankful to the Members and Employees for their unstinted
support and contribution.
For and on behalf of the Board of Directors
Saurabh Mashruwala Luna Pal
Place: Ahmedabad Director Director
Date: May 06, 2025 DIN: 01786490 DIN: 08415379
Mar 31, 2024
Your Directors have pleasure in presenting the 41st Annual Report of the Company together with the Audited Financial Statements for the year ended March 31,2024
1. FINANCIAL SUMMARY AND STATE OF AFFAIRS
The highlights of the Financial Results of the Company for the year under review are given below:
|
('' in lakh) |
||
|
Particulars |
Yearended |
Year ended |
|
31.03.2024 |
31.03.2023 |
|
|
Income: |
||
|
Interest Income |
40.75 |
28.92 |
|
Dividend Income |
0.22 |
0.00 |
|
Miscellaneous Income |
7.04 |
25.08 |
|
Total Income |
48.01 |
54.00 |
|
Expenses: |
||
|
Employees Benefits |
12.53 |
9.08 |
|
Professional Fees |
5.17 |
5.52 |
|
Administrative & Other Expenses |
21.52 |
19.68 |
|
Total Expenses |
39.22 |
34.28 |
|
Profit/ (Loss) for the year before Depreciation |
8.79 |
19.72 |
|
Depreciation |
0.11 |
1.19 |
|
Profit/ (Loss) before exceptional items and Tax |
8.68 |
18.53 |
|
Exceptional Items-Impairment of Property, Plant and Equipment |
0.00 |
0.00 |
|
Profit/ (Loss) before tax |
8.68 |
18.53 |
|
Tax Expenses Current -'' 0.00 |
0.00 |
0.00 |
|
Tax Expenses (Previous) - '' (0.00) |
||
|
Profit/ (Loss) after Taxation |
8.68 |
18.53 |
|
Other Comprehensive Income |
2.88 |
(0.10) |
|
Total Income for the Year (net of Tax) |
11.56 |
18.43 |
Accounting Policies have been consistently applied except where newly issued accounting standard is initially adopted or revision to the existing standards requires a change in the accounting policy in use. Management evaluates all recently issued or revised accounting standards on a non-going basis.
The Financial Statements comprising Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity and Cash Flow Statement, together with notes for the year ended March 31,2024 have been prepared in accordance with Indian Accounting Standards (âInd ASâ) as notified.
The Financial Statements of the Company have been prepared and presented in accordance with the Ind AS under the historical cost convention on accrual basis of accounting, except for financial instruments classified as Fair Value through profit or loss or Fair Value through OCI are measured at Fair Value.
Honâble High Court of Gujarat had sanctioned the Scheme of Compromise and Arrangement between the Company and Consortium of 16 Banks under section 391 of the Companies Act, 1956 during FY 2004-05. As per the Order, the Company released the payment. Approval from the banks regarding assignment documentation is still awaited.
It may be observed from the Statement of Profit and Loss that:
a) Income during the year is '' 40.97 lakh towards the interest of '' 40.75 lakh on Fixed Deposit and dividend income of '' 0.22 lakh as against income of '' 28.92 lakh including interest income of '' 28.78 lakh and tax refund of '' 0.14 lakh for the previous year. Increase in the interest income was due to increase in the rate of interest on FD.
b) During the year, the Company accounted '' 7.04 lakh being the market value of December 2023 of 2000 Equity shares of Savita Oil Technologies Ltd. The Company could trace the physical share certificate of the said Company and demated the same after completion of required procedure which necessitated the Company to record such shares in the books of accounts. The Company, therefore, recognized such shares at market value by debiting investment account with corresponding credit to other income. The present value of the shares as on 19.04.2024 is around ''12.00 lakh.
c) The Company has no source of income other than interest on Bank deposits, dividend, etc. while it has to incur administrative expenses to run the Company. Major expenses include listing fees to stock exchanges, custodian fees to CDSL & NSDL, remuneration to Key Managerial Personnel appointed in accordance with the applicable provisions of the Companies Act, 2013, Legal & professional expenses.
After meeting the expenses, the Company earned a profit of '' 8.68 lakh during FY 2023-24 against the profit of ''18.53 lakh for the previous year. The profit for the previous year included ''25.08 lakh on account of dissolution of GLFL Gratuity Trust Fund and the same was accounted under the head miscellaneous income.
The OCI for the current year is ''2.88 lakh as against '' (0.10) lakh for the previous year on account of decrease in the value of investment.
After considering the Comprehensive Income for the year, profit for the year is to the order of '' 11.56 lakh as against the profit of '' 18.43 lakh for the previous year.
No Tax provision is required for the year in view of the losses as per Income Tax Act.
d) The expenses for current and previous year are summarized below:
(i) Salary payment to Employees of '' 12.53 lakh as against '' 9.08 lakh for the previous year due to revision in salary of employees.
(ii) Professional and Legal expenses of '' 5.17 lakh as against '' 5.52 lakh for the previous year.
(iii) Administrative and other expenses mainly includes Listing fees to NSE of '' 3.54 lakh, BSE of '' 3.36 lakh and other service charges to CDSL of '' 0.89 lakh and NSDL of '' 1.09 lakh total payment of listing and custodian fee is to the order of '' 8.88 lakh for the current year as against '' 8.61 lakhs in the previous year. Other expenses also includes expenses towards rate and taxes, Printing, Stationery and postage expenses, sitting fees to Directors etc.
e) Depreciation of '' 0.11 lakh ('' 1.19 lakh in the year 2022-23).
f) The cumulative loss reduced to ''15,759.64 lakh is carried to the Balance Sheet (previous year '' 15,771.20 lakh). This was due to profit of '' 11.56 lakh after other compressive income.
The Company has no external debt as at the end of the year.
2. DIVIDEND
In view of accumulated losses, the Board does not recommend any dividend for the year 2023-24.
3. TRANSFER TO RESERVES
During the year under review, the Company has not transferred any sum to reserves.
4. FINANCE
During the year under review, the Company has not made any borrowings from banks or any financial institutions or other parties.
5. SUBSIDIARY, JOINT VENTURE AND ASSOCIATE COMPANY
During the year under review, the Company has no Subsidiary, Joint venture and Associate Company.
6. DIRECTORS AND KEY MANAGERIAL PERSONNEL Directors:
The Board of Directors as on the date of this report comprises of 6 (six) Directors, all of whom are Non-Executive Directors including 3 (three) Independent Directors and 2 (two) Women Directors.
As per the provisions of the Companies Act, 2013, Luna Pal (DIN: 08415379), Director of the Company retires by rotation and being eligible, has offered herself for re-appointment. A brief resume and other relevant details of her are given in the Explanatory Statement to the Notice convening the Annual General Meeting (AGM).
Key Managerial Personnel:
During the year under review, there was no change in the Key Managerial Personnels of the Company.
7. DECLARATION BY INDEPENDENT DIRECTORS
The Company has received necessary declaration from the Independent Directors confirming that they meet the criteria of independence as prescribed under Companies Act, 2013 and SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 and they have registered their names in the Independent Directorsâ Databank. The Independent Directors are in compliance with the Code of Conduct prescribed under Schedule IV of the Companies Act, 2013 and the Code of Business Conduct adopted by the Company.
8. POLICY ON DIRECTORSâ APPOINTMENT AND REMUNERATION
The Nomination and Remuneration Committee (NRC) has approved following criteria and process for identification/ appointment of Directors which are as under:
(a) Criteria for appointment
Proposed Director (âPersonâ) shall meet all statutory requirements and should:
⢠possess the highest ethics, integrity and values
⢠not have direct/ indirect conflict with present or potential business/ operations of the Company
⢠have the balance and maturity of judgment
⢠be willing to devote sufficient time and energy
⢠have demonstrated high level of leadership and vision and the ability to articulate a clear direction for an organization
⢠have relevant experience with respect to Companyâs business (in exceptional circumstances, specialization/ expertise in unrelated areas may also be considered)
⢠have appropriate comprehension to understand or be able to acquire that understanding: o relating to Corporate Functioning
o involved in scale, complexity of business and specific market and environment factors affecting the functioning of the Company.
(b) Process for Identification / Appointment of Directors
(i) Board members may (formally or informally) suggest any potential person to the Chairperson of the Company meeting the above criteria. If the Chairperson deems fit, necessary recommendation shall be made by him to the NRC.
(ii) Chairperson of the Company can himself also refer any potential person meeting the above criteria to the NRC.
(iii) The NRC will process the matter and recommend such proposal to the Board.
(iv) The Board will consider such proposal on merit and decide suitably.
(c) Remuneration Policy
The Company has formulated policy relating to the remuneration for the Directors, Key Managerial Personnel and other employees of the Company. The remuneration policy is available on the website of the Company at http://www.guiaratleasefinancing.co.in.
9. EVALUATION OF BOARD, ITS COMMITTEES AND INDIVIDUAL DIRECTORS
The Evaluation of Board, its Committees and Individual Directors was carried out as per the process and criteria laid down by the Board of Directors.
One of the Independent Director obtained and consolidated feedback from all Directors. Based on the feedback, the Board expressed satisfaction with the overall functioning of the Board, the Committees and performance of the Directors.
10. MEETINGS OF THE BOARD, COMMITTEES & COMPLIANCE TO SECRETARIAL STANDARDS
The Board of Directors met 4 (four) times during FY 2023-24 on May 11,2023, July 20, 2023, October 26, 2023 and January 19, 2024. The gap between two Board Meetings was within the maximum time gap prescribed under the Companies Act, 2013 and the SEBI (LODR) Regulations, 2015. The requisite quorum was present in all the Meetings.
The Board has three committees viz. Audit Committee (AC), Nomination and Remuneration Committee (NRC) and Stakeholders Relationship Committee (SRC). A detailed note on the composition of the Committees and its Meetings are provided in the Corporate Governance Report included in the Annual Report. The Minutes of all the Committee Meetings are reviewed at every Board Meeting.
During the year under review, the Company has complied with the provisions of Secretarial Standard 1 (relating to meetings of the Board of Directors) and Secretarial Standard 2 (relating to General meetings) issued by the Institute of the Company Secretaries of India.
11. DIRECTORSâ RESPONSIBILITY STATEMENT
In accordance with the provisions of Section 134(3) of the Companies Act, 2013 in relation to the Financial Statements of the Company for the year ended March 31,2024, the Board of Directors states that:
a) in preparation of the Financial Statements, the applicable accounting standards have been followed and there are no material departures;
b) the Directors have selected such accounting policies and applied them consistently and made iudgments 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 on March 31,2024 and of the profit of the Company for the year ended March 31,2024;
c) the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) the Financial Statements have been prepared on Non going concern basis;
e) the Directors have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively; and;
f) the Directors have devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems are adequate and operating effectively.
12. AUDITORS
(i) STATUTORY AUDITORS
The Members of the Company at 39th AGM held on June 29, 2022 had considered appointment of M/s. G.K. Choksi & Co. Chartered Accountants (FRN: 101895W), Ahmedabad, as Statutory Auditors of the Company to hold office from the close of 39th AGM till the conclusion of 44th AGM.
The Auditorsâ report for FY 2023-24 forms part of this Annual Report and does not contain any qualification, reservation or adverse remark.
(ii) INTERNALAUDITORS
Pursuant to the provisions of Section 138 of the Companies Act, 2013, the Board of Directors of the Company had appointed M/s. JMT & Co., Chartered Accountants (FRN: 126286W), Ahmedabad, as Internal Auditors of the Company for the FY 2023-24.
(iii) SECRETARIALAUDITORS
Pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration Personnel) Rules, 2014, the Board of Directors had appointed M/s. RPAP & Co., Practicing Company Secretaries, Ahmedabad, as Secretarial Auditors of the Company for FY 2023-24. The Secretarial Audit Report for FY 2023-24 is annexed herewith as Annexure-A.
There are no adverse observations in the Secretarial Audit Report which call for explanation.
(iv) COST AUDITORS
The Company was not required to maintain cost records and appoint Cost Auditor as specified by the Central Government under Section 148(1) of the Companies Act, 2013.
13. INTERNAL FINANCIAL CONTROLS
The Company has in place adequate internal financial controls with reference to Financial Statements. The Statutory Auditors of the Company have audited such controls with reference to Financial Reporting and their Audit Report is annexed as Annexure B to the Independent Auditorâs Report under Financial Statements which forms part of the Annual Report.
14. CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORT
In compliance with Regulation 34 read with Schedule V of the SEBI (LODR) Regulations, 2015, the Corporate Governance Report together with the Certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance is annexed herewith as Annexure-B.
Management Discussion and Analysis Report is annexed herewith as Annexure-C.
15. VIGIL MECHANISM
The Company has established the vigil mechanism through Whistle Blower Policy for all the stakeholders of the Company, which also provides for direct access to the Chairperson of the Audit Committee in appropriate or exceptional cases as per the Policy.
16. RISK MANAGEMENT
The Company recognizes that risk is an integral part of business and is committed to managing the risks in proactive and efficient manner. The Company periodically assesses risk in the internal and external environment, along with the cost of treating risks and incorporates risk treatment plans in its strategy, business and operational plans.
The Company has adopted a Risk Management Policy for a systematic approach to control risks. The Risk Management Policy of the Company lays down procedures for risk identification, evaluation, monitoring, review and reporting. The Risk Management Policy has been developed and approved by the Senior Management in accordance with the business strategy.
Management Discussion and Analysis Report of the Annual Report identifies key risks which can affect the performance of the Company.
17. PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
All the related party transactions are entered on armâs length basis, in the ordinary course of business and are in compliance with the applicable provisions of the Companies Act, 2013 and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel etc. which may have potential conflict with the interest of the Company at large or which warrants the approval of the Member. Accordingly, no transactions are being reported in Form AOC-2 in terms of Section 134 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014.
However, the details of the transactions with Related Parties are provided in the Companyâs Financial Statements in accordance with the Accounting Standards.
18. PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
The details in terms of Section 197 (12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended from time to time, are forming part of this Report as Annexure-D.
19. PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE (PREVENTION, PROHIBITION & REDRESSAL) ACT, 2013
During the year under review, the Company had no women employee. It was not required to constitute Internal Complaints Committee as per the provisions of Sexual Harassment of Women at Workplace (Prevention, Prohibition & Redressal) Act, 2013.
20. EXTRACTOFTHEANNUALRETURN
In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company http://www.guiaratleasefinancing.co.in.
21. CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNINGS AND OUTGO
The Company discontinued its business operations since FY 1999-2000. Therefore, there are no reportable details relating to conservation of energy or technology absorption. There were no foreign exchange earnings or outgo during the year under review.
22. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS UNDER SECTION 186 OF THE COMPANIES ACT, 2013
During the year under review, the Company has not given loans, made investments, provided guarantees or security to any entity under Section 186 of the Companies Act, 2013.
23. CORPORATE SOCIAL RESPONSIBILITY
The Company does not fall under the criteria as mentioned in the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibilities) Rules, 2014. Therefore, the Company was not required to formulate Corporate Social Responsibility (CSR) Policy and constitute CSR Committee and consequently the Company had not spend any amount on CSR activities.
24. OTHER DISCLOSURES
⢠During the year under review, the Company has neither accepted nor renewed any fixed deposits.
⢠During the year under review, there are no changes in the nature of business.
⢠There are no material changes and commitments, affecting the financial position of the Company which has occurred between end of the Financial Year of the Company i.e. March 31,2024 and the date of this Report.
⢠No significant and material orders were passed by the regulators or courts or tribunals impacting the going concern status and your Companyâs operation in future.
⢠During the year the Company has prepared the account on Non-Going Concern Basis.
25. ACKNOWLEDGEMENTS
Your Directors are grateful to GIIC Limited, the Government of Gujarat and Torrent Group for their continued guidance and support to the Company. The Directors are pleased to place on record their appreciation for the excellent support extended by the Banks. The Board is thankful to the Members and Employees for their unstinted support and contribution.
Mar 31, 2015
Dear Members,
The Directors present the 32nd Annual Report of your Company together
with the Audited Accounts for the year ended 31st March, 2015.
FINANCIAL RESULTS
The highlights of the financial results are given below:
(Rs. in lacs)
Particulars Year ended Year ended
31.3.2015 31.3.2014
Other Income 2.37 1.67
Profit on sale of assets 17.18 -
Total Revenue 19.55 1.67
Expenses :
Administrative & other expenses 22.39 13.51
Profit/(Loss) for the year before Depreciation. (2.84) (11.84)
Depreciation 4.12 1.57
Profit/(Loss) Before taxation (6.96) (13.41)
Tax Expenses 0.00 0.00
Profit/ (Loss)After Taxation (6.96) (13.41)
YEAR UNDER REVIEW
It may be observed from the Profit and Loss Account that other income
during the year is Rs. 19.55 lacs that includes Interest on bank
deposits of Rs 2.37 lacs as against Rs 1.67 lacs for the previous year
and Rs.17.18 from profit on sale of part office at Baroda (Fixed
Assets).
GLFL has no source of income other than interest on Bank deposit while
it has to meet the administrative expenses to run the company. Major
expenses include Securities Listing Fees to stock exchanges and
custodian fees to CDSL & NSDL, remuneration to Key Managerial Personnel
appointed in accordance with the applicable provisions of the Companies
Act, 2013, Printing & Postage of Annual Reports and professional and
Legal expenses.
After meeting the expenses, the Company incurred loss of Rs 6.96 lacs
against the loss of Rs 13.41 lacs in the previous year.
Your company is not accepting the Public deposit since 1999-2000.
During the year 2010-11, Reserve Bank of India (RBI) changed
Certificate of Registration from Category 'A' as Deposit Accepting
Company to Category 'B ' as Non Deposit Accepting company.
During the year 2004-05, the Hon'ble High Court of Gujarat had
sanctioned the scheme of Compromise and Arrangement under section 391
of the Companies Act 1956, to discharge the liability of the Banks.
Your company had released payment as per the court order. Approval in
respect of deed of assignment of receivables is still awaited from the
banks.
As per the Court's order, the income received pertaining to assigned
assets after July, 2004 is transferred to the consortium of banks.
Subsequent to the court's order, GLFL has recovered Rs.475 lacs till
date from the charged assets and deposited with the member banks.
It is worthwhile to note that the company has no external debts at the
end of the year.
FIXED DEPOSITS
The company has discontinued accepting fixed deposits since September,
2000. There was no outstanding liability of fixed deposit as on 31st
March, 2015.
TRANSTER TO THE INVESTOR EDUCATION FUND
The company does not have any liability towards unclaimed Fixed
Deposits, Debentures and other liabilities. The liability have been
discharged / transferred on completion of prescribed period to the
Investor Education and Protection Fund.
SUBSIDIARIES
The Company has three subsidiary companies viz. GLFL Housing Finance
Limited, GLFL Securities Limited and GLFL International Limited.
* GLFL Housing Finance Limited
After disinvestments of the major Housing Loan Portfolio, along with
liabilities, in favour of LIC Housing Finance Ltd., recovery from
balance accounts has been the main thrust area during the year. The
company has incurred the loss of Rs. 4.25 lacs against the loss of Rs
0.53 lacs, during the previous year.
* GLFL Securities Limited
The company has incurred loss of Rs.0.58 lacs due to increase in the
administrative expenses.
* GLFL International Limited
The Company has yet not commenced business.
FINANCIAL PERFORMANCE OF SUBSIDIARIES: (Rs. in Lacs)
Particulars GLFL Housing Finance Limited GLFL Securities Limited
For the year For the year For the year For the year
ended on ended on ended on ended on
31st March, 31st March, 31st March, 31st March,
2015 2014 2015 2014
Total Income 2.29 2.78 3.38 29.93
Profit/(Loss)
before
Depreciation, (3.88) (0.42) (0.57) 19.06
Interest and
Tax
Depreciation 0.37 0.11 0.00 0.00
Interest 0.00 0.00 0.00 0.00
Profit before (4.25) (0.53) (0.57) 19.06
Tax
Current Tax - - - 0.66
Particulars GLFL International Limited
For the year For the year
ended on ended on
31st March, 31st March,
2015 2014
Total Income 0.00 0.00
Profit/(Loss)
before
Depreciation, (0.31) (0.11)
Interest and
Tax
Depreciation 0.00 0.00
Interest 0.00 0.00
Profit before (0.31) (0.11)
Tax
Current Tax - -
DIRECTORS AND KEY MANAGERIAL PERSONNEL
Subsequent to the notification of Section 149 and other applicable
provisions of the Companies Act 2013, the shareholders have at the 31st
Annual General Meeting of the Company, held on 21st July, 2014,
appointed the existing Independent Directors - Shri Vasant A. Shah and
Shri Surendra M. Shah for a term of three consecutive years ending 31st
March, 2017. The Shareholders have, in the same meeting, also approved
the re-appointment of Shri Pradip J. Mehta as Director-in- charge of
the Company w.e.f 27th July, 2014 for a term of two years.
Subsequently, Shri Pradip J. Mehta has resigned from the position of
Director-in-charge w.e.f. 20th January, 2015 and continued as
Non-executive Director of the Company pursuant to recent changes in the
provisions of the Company Law for balancing composition of Board.
Also, Shri Pankaj J. Patel, nominee of Gujarat Industrial Investment
Limited (GIIC) has resigned as director of the Company effective from
28th February, 2015 due to his resignation from GIIC. Shri Ashok B.
Shah, nominee of GIIC has resigned as Director of the Company effective
from 18th February, 2015 upon nomination of Shri Yogesh K. Vyas in his
place by GIIC. Shri Yogesh K. Vyas has been appointed as Additional
Director effective from 30th March, 2015.
The Board has also appointed Smt. Sahana Rao as an Additional Director
effective from 30th March, 2015.
During the year under the review, the Board has appointed following
persons as Whole-time Key managerial personnel (KMP) of the Company:
1) Shri Anil K. Jhaveri as Non-Board Member Chief Executive Officer
2) Shri Janak J. Mehta as Chief Financial Officer
3) Shri Ankit P. Patniya as Company Secretary and Compliance Officer
Shri Harnish Patel, director of the Company retires by rotation and
being eligible, has offered himself for re-appointment. The Board
recommends his re-appointment as director as detailed in the notice
convening the Annual General Meeting. The Board had appointed Shri
Harnish Patel as Director-In-Charge for a period of two years, as
detailed in the notice convening the Annual General Meeting, subject to
approval of the shareholders.
For your perusal, a brief resume and other relevant details of Shri
Harnish Patel, Shri Yogesh K. Vyas and Smt. Sahana Rao, are given in
the Explanatory Statement to the Notice convening the Annual General
Meeting and in the corporate Governance Report.
NUMBER OF MEETINGS OF THE BOARD
The Board meets at regular interval with gap between two meetings not
exceeding 120 days. Additional meetings are held as and when necessary.
The Directors are also being provided with an option to participate in
meeting through video conferencing or other audio visual technologies,
keeping in view the applicable provisions of the the Companies Act,
2013 and Listing Agreement. During the year under the review, the Board
met five times.
AUDIT COMMITTEE
During the year under review the Board has re-constituted the Audit
Committee in accordance with the applicable provisions of the Companies
Act, 2013 and Equity Listing Agreement. The composition and terms of
reference of the Audit Committee is as under:
Name of the Director Category of Directorship No. of meetings
attended
Shri Surendra M. Shah Independent Director 4
Chairman
Shri Vasant A. Shah Independent Director 4
Shri Ashok B. Shah* Non-Executive Director 4
Shri Pankaj J. Patel * Non-Executive Director 4
*Resigned from the Company w.e.f 18.02.2015 and 28.02.2015 respectively
and accordingly ceased to be member of the Committee.
There has been no instance where the Board has not accepted the
recommendations of the Audit Committee.
The Company has established the vigil mechanism through Whistle Blower
Policy for all the stakeholders of the Company which also provides for
direct access to the Chairperson of the Audit Committee in appropriate
or exceptional cases as per the Policy.
The Whistle Blower Policy will be applicable to all the stakeholder of
the Company, which is an extension of the Code of Business Conduct
through which the Company seeks to provide a mechanism for the
Stakeholders to disclose their concerns and grievances on Unethical
Behavior and Improper/Illegal Practices and Wrongful Conduct taking
place in the Company for appropriate action. The Company shall oversee
the vigil mechanism only through the Audit Committee. If any of the
members of the Audit Committee have a conflict of interest in a given
case, they should resuse themselves and the others in the Committee
would deal with the matter on hand.
The Policy provides necessary safeguards to all Whistle Blowers for
making Protected Disclosures in Good Faith and any Stakeholder
assisting the investigation. It also provides the detailed scope and
role of Whistle Blower and the manner in which concern can be raised.
Further, the Policy contains provisions relating to investigation of
the protected disclosures, protection to the whistle blower, decision
by CFO, CEO or Audit Committee and reporting & monitoring by the
Company.
The policy has been placed on the website of the company at the below
link:
http://www.gujaratleasefinancing.co.in/>policies
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION INCLUDING CRITERIA
FOR DETERMINING QUALIFICATIONS, POSITIVE ATTRIBUTES, INDEPENDENCE OF A
DIRECTOR AND OTHER MATTERS PROVIDED UNDER SUB-SECTION (3) OF SECTION
178 AND PERFORMANCE EVALUATION:
The company has discontinued it operation since FY 1999-2000 and
considering to the financial conditions of the Company, none of the
directors are being paid any remuneration. However during the year the
company has appointed Key Managerial Personnel in compliance of the
section 203 of the Companies Act, 2013 and they are being remunerated
in accordance with their terms of appointment.
Considering the above facts, during the year under review the Company
has not formulated Remuneration Policy, Criteria for
determining/appointing directors and senior management, Evaluation
Criteria. However the Company shall formulate suitable remuneration
policy and such criteria in due course.
FAMILIARISATION PROGRAMME
The Company undertook various steps to make the Independent Directors
have full understanding about the Company. The details of such
familiarisation programmes have been disclosed on the company's website
and a web link thereto is given below:
http://www.gujaratleasefinancing.co.in/>policies
CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION AND ANALYSIS REPORTS
A separate report on Corporate Governance and Management and Analysis
forms part of Annual Report and the certificate from the Company's
Auditors regarding compliance of conditions of Corporate Governance is
annexed to the Corporate Governance Report.
SECRETARIAL AUDIT REPORT
Pursuant to Section 204 read with Section 134(3) of the Companies Act,
2013, the Board of Directors has appointed M/s. Rajesh Parekh & Co.,
Company Secretaries, Ahmedabad as Secretarial Auditor of the Company
for FY 2014-15. A Secretarial Audit Report provided by M/s. Rajesh
Parekh & Co. is annexed with the Board's report as Annexure A.
AUDITORS' REPORT
Notes on accounts are self-explanatory and do not require any further
explanations on the Auditors' qualifications.
AUDITORS
M/s. C.C. Chokshi & Co., Chartered Accountants, the Statutory Auditors
of the Company holds office till the conclusion of the ensuing Annual
General Meeting and is eligible for re-appointment. They have furnished
a certificate regarding their eligibility for re-appointment as
Statutory Auditors of the Company, pursuant to Section 139 (1) of the
Companies Act, 2013 read with applicable rules. The Board of Directors
recommends their re-appointment for one year until the conclusion of
next AGM.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of section 134 (3) (c) of the Companies Act, 2013 in relation
to the financial statements for the year 2014-15, the Board of
Directors state that
a) in preparation of the annual accounts, the applicable accounting
standards had been followed along with proper explanation relating to
material departures;
b) the directors had 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 of
the company for the financial year ended on 31st March, 2015 and of the
profit and loss of the company for that period;
c) the directors had taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013 for safeguarding the assets of
the company and for preventing and detecting fraud and other
irregularities;
d) the directors had prepared the annual accounts on a going concern
basis; and
e) the directors, had laid down internal financial controls to be
followed by the company and that such internal financial controls are
adequate and were operating effectively.
f) the directors had devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems were
adequate and operating effectively.
STATEMENT ON DECLARATION GIVEN BY INDEPENDENT DIRECTORS UNDER
SUB-SECTION (6) OF SECTION 149
Shri Surendra M. Shah and Shri Vasant A. Shah, Independent Directors of
the Company have given their declarations to the Board that they meet
the criteria of Independence as provided under the applicable
provisions of the Companies Act, 2013 and Listing Agreement.
PARTICULARS OF CONTRACTS OR ARRANGEMENTS WITH RELATED PARTIES
A Related Party Transaction Policy has been devised by the Board of
Directors at its meeting held on 20th January, 2015. The said policy
may be referred to, at the Company's official website at the below web
link:
http://www.quiaratleasefinancinq.co.in/>policies
During the year under the review there have been no related party
transactions.
INTERNAL FINANCIAL CONTROLS
The Company has its internal financial control systems commensurate
with operations of the company, However as the operations of the
Company has been discontinued since long no internal financial control
framework in place. The managements regularly monitors and controls to
address safeguarding of its assets, prevention and detection of frauds
and errors, controls to monitor accuracy and completeness of the
accounting records including timely preparation of reliable financial
information.
RISK MANAGEMENT POLICY
Considering the present conditions of the company the company has yet
to formulate the risk management policy, however the Board are being
regularly provided with information which may have potential threat of
risk as and when required, However the company shall formulate suitable
Risk Management Policy in due course.
PARTICULARS OF EMPLOYEES
The information required underpursuant to Section 197 read with the
Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014 are provided below:
1. The ratio of the remuneration of each director to the median
employee's remuneration:
No directors is being paid any remuneration except the sitting fees to
Independent Directors only, hence no ratio is worked out.
2. The percentage increase in remuneration of each director, Chief
Financial Officer, Chief Executive Officer, Company Secretary or
Manager, if any, in the financial year: The Company has appointed Key
Managerial Personnel during the year under the review, hence the
percentage increase not calculated.
3. The percentage increase in the median remuneration of employees in
the financial year: 10%
4. The number of permanent employees on the rolls of company: 3
employees as on 31st March, 2015.
5. The explanation on the relationship between average increase in
remuneration and company performance:
The Company has discontinued its business operation since the FY
1999-2000 hence performance evaluation of the Company could not done.
The Company does not have any operational income. The Company pays
remuneration to its 3 employees who have been appointed as Key
Managerial Personnel during the year in accordance with applicable
provisions of the Companies Act, 2013.
6. Comparison of the remuneration of the Key Managerial Personnel
against the performance of the company:Refer point no. 5
7. Variations in the market capitalisation of the company, price
earnings ratio as at the closing date of the current financial year and
previous financial year:
Market Capitalization BSE NSE
31.3.2015 Rs. 5.78 Crs Rs. 5.78 Crs
(@ Rs. 2.13 per (@ Rs. 2.13 per share)
share)
31.3.2014 Rs. 3.11 Crs Rs. 3.11 Crs
(@ Rs. 1.5 per (@ Rs. 1.15 per share)
share)
P/E Ratio BSE NSE
31.3.2015 3.26 times 3.26 times
31.3.2014 (0.11) times (0.11) times
The shares of the company are not frequently traded.
8. Average percentile increase already made in the salaries of
employees other than the managerial personnel in the last financial
year: Not applicable
9. Comparison of the each remuneration of the Key Managerial Personnel
against the performance of the company:Refer point no. 5
10. The key parameters for any variable component of remuneration
availed by the directors: Not applicable
11. The ratio of the remuneration of the highest paid director to that
of the employees who are not directors but receive remuneration in
excess of the highest paid director during the year:Not applicable
12. Affirmation that the remuneration is as per the remuneration
policy of the company: Refer point no. 5. The Company does not have
employee under the category as specified in Rule 5(2) of the Companies
(Appointment and Remuneration of Managerial Personal) Rules, 2014.
THE EXTRACT OF THE ANNUAL RETURN (sec 134 (a))
The details forming part of the extract of the Annual Return in Form
MGT 9 are attached as Annexure B to this Report.
Conservation of Energy, Technology Absorption, Foreign Exchange earning
and Outgo.
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
ACKNOWLEDGEMENTS
Your Directors are grateful to RBI, GIIC Limited, the Government of
Gujarat and Torrent Group for their continued guidance and support to
the Company. The Directors are pleased to place on record their
appreciation for the excellent support extended by the banks.
The Board would also like to express great appreciation for the
understanding and support extended by the employees and Shareholders of
the company in the difficult period.
Ahmedabad For and on behalf of the Board
Date :- 19-05-2015
(Harnish Patel) (Pradip Mehta)
(Director-In-Charge) (Director)
(Din : 00114198) (Din : 00254359)
Mar 31, 2013
The Directors present the 30th Annual Report of your Company together
with the Audited Accounts for the year ended 31st March, 2013.
FINANCIAL RESULTS
The highlights of the financial results are given below:
(Rs. in lacs)
Particulars Year ended Year ended
31.3.2013 31.3.2012
Income from operation 0.00 0.00
Other Income '' 1.73 2.49
Total Revenue 1.73 2.49
Expenses : Administrative
& other expenses 16.82 16.46
Loss for the year before
Depreciation (15.09) (13.97)
Depreciation 1.62 1.73
Loss before taxation (16.71) (15.70)
Tax Expenses 0.00 0.00 .
Excess/(Short) provision of
Tax of earlier year 0.00 (0.09)
Loss after Taxation (16.71) (15.79)
YEAR UNDER REVIEW
It may be observed from the Statement of Profit and Loss that income
during the year is Rs 1.73 lacs as against last year income of Rs2.49
lacs. The income for the year under review includes interest on bank
deposits.
GLFL has no source of income other than interest on Bank deposit while
it has to meet the administrative expenses to run the company. Major
expenses include listing fees to stock exchanges, custodian fees to
CDSL & NSDL and printing & postage of Annual Reports. .
After meeting the expenses, the Company incurred loss of Rs 16.71 lacs
as against loss of Rs 15.79 lacs in the previous year.
Your company is not accepting the Public deposit since 1999-2000.
During the 2010-11, Reserve Bank of India (RBI) changed Certificate of
Registration from Category ''A'' as Deposit Accepting Company to
Category ''B '' as Non Deposit Accepting company.
During the year 2004-05, the scheme of compromise and arrangement under
section 391 of the Companies Act to discharge the liability of the
Banks was sanctioned by the Hon''ble High Court of Gujarat. Your
company has released payment as per the court order. Approval in
respect of deed of assignment of receivables is awaited from the banks.
As per the court''s order, the income received pertaining to assigned
assets after July,.2004 is transferred to the consortium of Banks.
Subsequent to the court''s order, GLFL has recovered Rs.475 lacs till
date from the charged assets and deposited with the member banks.
It is worthwhile to note that the company has no external debts at the
end of the year.
FIXED DEPOSITS
The company has discontinued accepting fixed deposits since September,
2000. There was no outstanding liability of fixed deposit as on 31st
March, 2013. -
TRANSTER TO THE INVESTOR EDUCATION FUND
The company does not have any liability towards unclaimed Fixed
Deposits, Debentures and other liabilities. The liability has been
discharged / transferred on completion of prescribed period to the
Investor Education and Protection Fund, formed by the Central
Government.
SUBSIDIARIES
GLFL Housing Finance Limited
After disinvestments of the major Housing Loan Portfolio, along with
liabilities, in favour of LiC Housing Finance Ltd., recovery from
balance accounts has been the main thrust area during the year. The
company has incurred loss of Rs 2.19 lacs as against the profit of Rs
2.34 lacs, during the previous year.
GLFL Securities Limited
The company has earned marginal profit of Rs.0.09 lacs mainly on
account of sale of shares held by the company.
GLFL international Limited
The Company has yet not commenced business.
EMPLOYEES
The Company does not have any employee in the category as specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
DIRECTORS
The Board in its meeting held on 27-7-2012 appointed Shri Pradip J
Mehta as Director In Charge of the company. On the same day, Shri Viren
Thakkar has resigned from the Board. The Board of Directors appreciated
the contribution made by Shri Thakkar, during his tenure.
The Board proposed the appointment of Shri Pradip J Mehta as Director
in Charge at the ensuing General Meeting.
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Shri S.M. Shah and Shri Ashok B Shah,
Directors of the Company retire by rotation and are eligible for
re-appointment.
CORPORATE GOVERNANCE REPORT
A separate report on Corporate Governance is furnished as a part of the
Directors'' Report and the certificate from the Company''s Auditors
regarding compliance of conditions of Corporate Governance is annexed
to the said Report.
AUDITORS'' REPORT
Notes on accounts are self-explanatory and do not require any further
explanations on the Auditors'' qualifications.
AUDITORS
The Auditors, M/s C.C. Chokshi & Company, Chartered Accountants,
Ahmedabad retire at the ensuing Annual General Meeting and are eligible
for re-appointment. The Audit Committee in their meeting held on 27th
May, 2013 has recommended the reappointment of M/s. C.C. Chokshi &
Company, Chartered Accountants, as Auditors of the Company.
DIRECTORS'' RESPONSIBILITY STATEMENT
In terms of section 271 (2AA) of the Companies Act,1956 in relation to
the financial statements for the year 2012-13, the Board of Directors
state that:
1. In preparation of the annual accounts, the applicable accounting
standards, as specified by the Institute of Chartered Accountants of
India have been followed along with proper explanation relating to
material departures;
2. The Accounting Policies have been applied consistently and judgments
and estimates that have been made for the preparation of the accounts
are reasonable and prudent so as to give a true and fair view of the
state of the affairs of the Company at the end of the financial year
and of the loss of the Company for the year;
3. Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
Company and to prevent fraud and irregularities and
4. Directors have prepared accounts on a going concern basis.
ACKNOWLEDGEMENTS
Your Directors are grateful to RBI, GIIC Limited, the Government of
Gujarat and Torrent Group for their continued guidance and support to
the Company. The Directors are pleased to place on record their
appreciation for the excellent support extended by the banks.
The Board would also like to express great appreciation for the
understanding and support extended by the employees and Shareholders of
the company in the difficult period.
For and on behalf of the Board
Date : 27-05-2013
Place : Ahmadabad Directors/ Chairman
Mar 31, 2012
The Directors present the Twenty Ninth Annual Report of your Company
together with the Audited Accounts for the year ended on 31stMarch,
2012.
FINANCIAL RESULTS
The highlights of the financial results are given below:
(Rs. in lacs)
Particulars Year ended Year ended
31.3.2012 31.3.2011
Other Income 2.49 1.39
Provision written back
as no longer required 0.00 16.25
Total Revenue 2.49 17.64
Expenses ;
Administrative & other expenses 16.46 15.65
(Loss)/Profit for the year
before Depreciation. (13.97) 1.99
Depreciation . 1.73 1.83
(Loss)/Profit before taxation (15.70) 0.16
Tax Expenses 0.00 0.00
Short provision of Tax of
earlier year (0.09) 0.00
(Loss)/Profit After Taxation (15.79) 0.16
YEAR UNDER REVIEW
It may be observed from the Profit and Loss Account that income during
the year is Rs 2.49 lacs as against last year income of Rsl.39 lacs.
The income for the year under review includes interest on bank
deposits. During the previous year, company had written back provision
of Rs. 16.25 lacs as the same was no longer required written back, due
to sale of investment.
GLFL has no source of income other than interest on Bank deposit while
it has to meet the administrative expenses to run the company. Major
expenses include listing fees to stock exchanges and custodian fees to
CDSL & NSDL and printing & postage of Annual Reports.
After meeting the expenses, the Company incurred the loss of Rs 15.79
lacs against the marginal profit of Rs 0.16 lacs in the previous year.
Your company is not accepting Public deposit since 1999-2000. During
the year , Reserve Bank of India (RBI) has changed Certificate of
Registration from Category 'A' as Deposit Accepting Company to Category
'B 1 as Non Deposit Accepting company effective from 23rd
December,2011.
During the year 2004-05, the scheme of compromise and arrangement under
section 391 of the Companies Act 1956 to discharge the liability of '
the banks was sanctioned by the Hon'ble High Court of Gujarat. Your
company has released payment as per the court order. Approval in
respect of deed of assignment of receivables is awaited from the banks.
As per the court's order, the income received pertaining to assigned
assets after July, 2004 is transferred to the consortium of Banks.
Subsequent to the court's order, GLFL has recovered Rs.475 lacs till
date from the charged assets and deposited with the member banks.
It is worthwhile to note that the company has no external debts at the
end of the year.
FIXED DEPOSITS
The company has discontinued accepting fixed deposits since September,
2000. There was no outstanding liability of fixed deposit as on 31st
March, 2012.
TRANSTER TO THE INVESTOR EDUCATION FUND
The company does not have any liability towards unclaimed Fixed
Deposits, Debentures and other liabilities. The liability have been
discharged / transferred on completion of prescribed period to the
Investor Education and Protection Fund, formed by the Central
Government.
SUBSIDIARIES
GLFL Housing Finance Limited
After disinvestments of the major Housing Loan Portfolio, along with
liabilities, in favor of LIC Housing Finance Ltd., recovery from
balance accounts has been the main thrust area during the year. The
company has been able to recover Rs 6.54 lacs, (Rs 2.40 lacs) from the
overdue /NPA accounts, during the year under report. The company has
earned the profit of Rs.2.34les mainly on account of recovery from
written off and NPA accounts as against the profit of Rs 0.39 lacs,
during the previous year.
GLFL Securities Limited
The company has incurred loss of Rs. 1.78 lacs mainly on account of
decrease in the value of shares held by the company.
GLFL International Limited
The Company has yet not commenced business.
EMPLOYEES
The Company does not have any employee in the category as specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO.
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
DIRECTORS ,
The Board in its meeting held on 13-7-2011 appointed Shri Pankaj J
Patel as an Additional Director of the Company. On the same day, Shri
Shri
S.M. Khanjiwala has resigned from the Board. The Board of Directors
appreciated the contribution made by him, during his tenure. Board also
place on record sincere appreciation for the valuable services rendered
by Shri S.M. Khanjiwala during his tenure as Director. Additional
Director is proposed to be re-appointed as Director in the ensuing
General Meeting. .
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company, Shri VA.Shah and Shri Harnish Patel,
Directors of the Company retire by rotation and are eligible for
re-appointment.
CORPORATE GOVERNANCE REPORT
A separate report on Corporate Governance is furnished as a part of the
Directors' Report and the certificate from the Company's Auditors
regarding compliance of conditions of Corporate Governance is annexed
to the said Report.
AUDITORS' REPORT
Notes on accounts are self-explanatory and do not require any further
explanations on the Auditors' qualifications.
AUDITORS
The Auditors M/s C.C. Chokshi & Company, Chartered Accountants,
Ahmedabad retire at the ensuing Annual General Meeting and are eligible
for re-appointment. The Audit Committee in their meeting held on 25th
May, 2012 has recommended the re appointment of M/s. C.C. Chokshi &
Company, Chartered Accountants, as Auditors of the Company.
DIRECTORS' RESPONSIBILITY STATEMENT
In terms of section 217(2AA)of the Companies Act,1956 in relation to
the financial statements for the year 2011-12, the Board of Directors
state that
1. In the preparation of the annual accounts, the applicable
accounting standards, as specified by the Institute of Chartered
Accountants of India have been followed along with proper explanation
relating to material departures.
2. The Accounting Policies have been applied consistently and
judgments and estimates that have been made for the preparation of the
accounts are reasonable and prudent so as to give a true and fair view
of the state of the affairs of the Company at the end of the financial
year and of the loss of the Company for the year;
3. Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
Company and to prevent fraud and irregularities; .
4. Directors have prepared accounts on going concern basis.
ACKNOWLEDGEMENTS
Your Directors are grateful to RBI, GIIC Limited, the Government of
Gujarat and Torrent Group for their continued guidance and support to
the Company. The Directors are pleased to place on record their
appreciation for the excellent support extended by the Banks.
The Board would also like to express great appreciation for the
understanding and support extended by the employees and Shareholders of
the company in the difficult period.
For and on behalf of the Board
Ahmedabad
Date: 25-05-2012 Chairman
Mar 31, 2011
The Directors present the Twenty Eighth Annual Report of your Company
together with the Audited Accounts for the year ended 31st March, 2011.
Financial Results
The highlights of the financial results are given below:
(Rs. in lacs)
Particulars Year ended Year ended
31.3.2011 31.3.2010
Other Income 1.39 8.07
Provision written back as
no longer required 16.25 12.85
Total Income 17.64 20.92
Expenditure :
Administrative & other expenses 15.65 29.92
Profit/(Loss) for the year before
Depreciation. 1.99 (9.00)
Depreciation 1.83 1.88
Profit/(Loss) before taxation 0.16 (10.88)
Provision of tax 0 0
Profit/(Loss)After Taxation 0.16 (10.88)
YEAR UNDER REVIEW
It may be observed from the Profit and Loss Account that Income during
the year is Rs. 1.39 lacs as against last year income of Rs. 8.07 lacs.
The income for the year under review includes interest on fixed
deposits. The interest income of last year includes interest on
deposits of Rs 2.25 lacs and other income of Rs 5.82 lacs received by
way of recovery of expenses charged to subsidiary companies. The income
is declining year by year due to reducing activity of the Company. In
addition to above, company has written back provision of Rs. 16.25 lacs
mainly on account of sale of investments as against last year of Rs.
12.85 lacs. After meeting the expenses, the Company earned the marginal
profit of Rs 0.16 lacs as against the loss of Rs 10.88 lacs in the
previous year. There is no provision for tax during the year. As a
result there is a marginal profit of Rs. 0.16 lacs as against of loss
of Rs. l0.88 lacs, for the previous year.
During the year 2004-05, the scheme of compromise and arrangement under
section 391 of the Companies Act to discharge the liability of the
banks was sanctioned by the Honble High Court of Gujarat. Your company
has released payment as per the court order. Approval in respect of
deed of assignment of receivables is awaited from the banks.
As per the courts order, the income received pertaining to assigned
assets after July, 2004 is transferred to the consortium of Banks.
Subsequent to the courts order, GLFL has recovered Rs. 344 lacs till
date from the charged assets and deposited with the member banks.
It is worthwhile to note that the company has no external debts at the
end of the year.
FIXED DEPOSITS
The company has discontinued accepting fixed deposits since September,
2000. There was no outstanding liability of fixed deposit as on 31"
March, 2011.
TRANSTER TO THE INVESTOR EDUCATION FUND
The company does not have any liability towards unclaimed Fixed
Deposits, Debentures and other liabilities. The liabilities have been
discharged / transferred on completion of prescribed period to the
Investor Education and Protection Fund, formed by the Central
Government.
SUBSIDIARIES
GLFL Housing Finance Limited
After disinvestments of the major Housing Loan Portfolio, along with
liabilities, in favour of LIC Housing Finance Ltd., recovery from
balance accounts has been the main thrust area during the year. The
company has been able to recover Rs 2.40 lacs, from the overdue /NPA
accounts, during the year under report. The company has earned the
profit of Rs. 0.39 lacs mainly on account of recovery from written off
and NPA accounts as against the profit of Rs 11.00 lacs, during the
previous year.
GLFL Securities Limited
The Company has earned profit of Rs. 0.32 lacs mainly on account of
sale of shares held by the company.
GLFL International Limited
The Company has yet not commenced business.
EMPLOYEES
The Company does not have any employee in the category as specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO.
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
DIRECTORS
The Board in its meeting held on 27.1.2011 reappointed Shri Harnish
Patel as Director In Charge for the further period of TWO years from
1st April 2011 to 31st March 2013 without any remuneration subject to
the approval of the share holders at next AGM. Shri Harnish Patel has
tendered his resignation as Director In Charge wef 24th May, 2011.
However he shall continue to be the director of the company.
In his place, the board in its meeting held on 24th May 2011 has
appointed Shri Viren Thakkar as Director in Charge for a period of two
years wef 24th May, 2011 without any remuneration and shall look after
affairs of the company and shall not be liable to retire by rotation.
He shall be in-charge of operations and overall affairs of the company
and has been delegated with necessary power to look after the affairs
of the company under section 269 and other applicable provisions of the
Companies Act, 1956.
The Board proposed the appointment of Shri Viren Thakkar at the
ensuring General Meeting.
Shri S.M. Khanjiwala and Shri Pradip J Mehta are appointed as
Additional Directors of the company with effect from 27th January,
2011. On the same day, Shri R.R. Rajayaguru and Shri Ajay Mehta have
resigned from the Board. The Board of Directors appreciated the
contribution made by them, during their tenure. Board also place on
record sincere appreciation for the valuable services rendered by Shri
Harnish Patel during his tenure as Director In Charge. Additional
Directors are proposed to be appointed as Director in the ensuing
General Meeting.
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company Shri S.M. Shah, Director of the Company
retire by rotation and is eligible for re-appointment.
CORPORATE GOVERNANCE REPORT
A separate report on Corporate Governance is furnished as a part of the
Directors Report and the certificate from the Companys Auditors
regarding compliance of conditions of Corporate Governance is annexed
to the said Report.
AUDITORS REPORT
Notes on accounts are self-explanatory and do not require any further
explanations on the Auditors qualifications.
AUDITORS
The Auditors M/s C.C. Chokshi & Company, Chartered Accountants,
Ahmedabad retire at the ensuing Annual General Meeting and are eligible
for re-appointment. The Audit Committee in their meeting held on 24th
May, 2011 has recommended the re appointment of M/s. C.C. Chokshi &
Company, Chartered Accountants, as Auditors of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
1. In the preparation of the annual accounts, the applicable
accounting standards, as specified by the Institute of Chartered
Accountants of India have been followed along with proper explanation
relating to material departures.
2. The Accounting Policies have been applied consistently and
judgments and estimates that have been made for the preparation of the
accounts are reasonable and prudent so as to give a true and fair view
of the state of the affairs of the Company at the end of the financial
year and of the profit of the Company for the year;
3. Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
Company and to prevent fraud and irregularities;
4. Directors have prepared accounts on going concern basis.
ACKNOWLEDGEMENTS
Your Directors are grateful to RBI, GIIC Limited, the Government of
Gujarat and Torrent Group for their continued guidance and support to
the Company. The Directors are pleased to place on record their
appreciation for the excellent support extended by the Banks.
The Board would also like to express great appreciation for the
understanding and support extended by the employees and Shareholders of
the company in the difficult period.
For and on behalf of the Board
Director In-Charge
Ahmedabad
Date: 24-05-2011
Mar 31, 2010
The Directors present the Twenty Seventh Annual Report of your Company
together with the Audited Accounts for the year ended31"March,2010.
Financial Results
The highlights of the financial results are given below:
(Rs. in lacs)
Particulars Year ended Year ended
31.3.2010 31.3.2009
Other Income 8 46
Provision written back as no longer required 13 65
Total Income 21 111
Expenditure
Administrative & other expenses 30 51
Profit/(Loss) for the year before Depreciation (9) 60
Depreciation 2 2
Profit/(Loss) before Taxation (11) 58
Short Provision of tax of earlier years 0 6
Profit/(Loss) After Taxation (11) 52
YEAR UNDER REVIEW
It may be observed from the Profit and Loss Account that Income during
the year is Rs.8 lacs as against last year income of Rs.46 lacs. The
income for the year under review includes interest on deposits and
other income received by way of recovery of expenses charged to
subsidiaries companies. The interest income of last year also includes
interest on refund of wealth tax Rs.411acs. The income is declining
year by year due to reducing activity of the company. In addition to
above, company has written back provision of Rs. 13 lacs as against
last year of Rs.65 lacs. After meeting the expenses, the Company
incurred a loss of Rs. 11 lacs as against a profit of Rs.58 lacs in the
previous year. There is no provision for tax during the year as against
the provision of Rs.6 lacs (including short provision of earlier
years). As a result there is a net loss of Rs. 11 lacs as against of
profit of Rs.52 lacs.
During the year 2004-05, the scheme of compromise and arrangement under
section 391 of the Companies Act to discharge the liability of the
banks was sanctioned by the Honble High Court of Gujarat. Your company
has released payment as per the court order. Approval in respect of
deed of assignment of receivables is awaited from the banks.
As per the courts order, the income received pertaining to assigned
assets after July, 2004 is transferred to the consortium of Banks.
Subsequent to the courts order, GLFL has recovered Rs.344 lacs till
date from the charged assets and deposited with the member banks.
It is worthwhile to note that the company has no external debts at the
end of the year.
FIXED DEPOSITS
The company has neither accepted nor renewed any fixed deposits during
the year. The outstanding liability of Fixed Deposits, as on 31st
March, 2010, is Rs.Nil.
TRANSFER TO THE INVESTOR EDUCATION FUND
In terms of Section 205 (C) of the Companies Act 1956, during the year
an amount of Rs.35 lacs being unclaimed Fixed Deposits, Debentures and
other liabilities have been transferred on completion of prescribed
period to the Investor Education and Protection Fund, formed by the
Central Government.
SUBSIDIARIES
GLFL Housing Finance Limited
After disinvestments of the major Housing Loan Portfolio, along with
liabilities, in favour of LIC Housing Finance Ltd., recovery from
balance accounts has been the main thrust area during the year. The
company has been able to recover Rs.20 lacs, from the overdue /NPA
accounts, during the year under report. The company has earned the
profit of Rs. 11 lacs mainly on account recovery from written off and
NPA accounts as against the loss of Rs.2 lacs, during the previous
year.
GLFL Securities Limited
The company has earned profit of Rs. 10 lacs mainly on account of
sale/increase in the value of stock of shares held by the company.
GLFL International Limited
The Company has yet not commenced business.
EMPLOYEES
The Company does not have any employee in the category as specified
under Section 217(2A) of the Companies Act, 1956.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE EARNING
AND OUTGO.
The Company has no activities relating to conservation of energy or
technology absorption. There has been no foreign exchange earning or
outgo during the year under review.
DIRECTORS
The company has re-appointed Shri Harnish Patel as Director In-charge
for a further period of one year from 1st April,2010 to 31" March,2011,
without any remuneration. He shall not be liable to retire by rotation
during his tenure as Director In-charge of the company. He shall be
In-charge of operations and overall affairs of the company and has been
delegated with necessary power to look after the affairs of the company
under section 269 and other applicable provisions of the Companies Act,
1956.
The Board proposed the appointment of Shri Harnish Patel at the ensuing
General Meeting.
Pursuant to the provisions of the Companies Act, 1956 and Articles of
Association of the Company Shri Vasant Shah and Shri Ashok B Shah,
Directors of the Company retire by rotation and are eligible for
re-appointment.
CORPORATE GOVERNANCE REPORT
A separate report on Corporate Governance is furnished as a part of the
Directors Report and the certificate from the Companys Auditors
regarding compliance of conditions of Corporate Governance is annexed
to the said Report.
AUDITORS REPORT
Notes on accounts are self-explanatory and do not require any further
explanations on the Auditors qualifications.
AUDITORS
The Auditors M/s C.C. Chokshi & Company, Chartered Accountants,
Ahmedabad retired at the ensuing Annual General Meeting and are
eligible for re-appointment. The Audit Committee in their meeting held
on 15* May,2010 has recommended the re appointment of M/s. C.C. Chokshi
& Company, Chartered Accountants, as Auditors of the Company.
DIRECTORS RESPONSIBILITY STATEMENT
1. In the preparation of the annual accounts, the applicable
accounting standards, as specified by the Institute of Chartered
Accountants of India have been followed along with proper explanation
relating to material departures.
2. The Accounting Policies have been applied consistently and
judgments and estimates that have been made for the preparation of the
accounts are reasonable and prudent so as to give a true and fair view
of the state of the affairs of the Company at the end of the financial
year and of the profit of the Company for the year;
3. Directors have taken proper and sufficient care for the maintenance
of adequate accounting records in accordance with the provisions of the
Companies Act, 1956 and taken steps to safeguard the assets of the
Company and to prevent fraud and irregularities;
4. Directors have prepared accounts on going concern basis.
ACKNOWLEDGEMENTS
Your Directors are grateful to RBI, GIIC Limited, the Government of
Gujarat and Torrent Group for their continued guidance and support to
the Company. The Directors are pleased to place on record their
appreciation for the excellent support extended by the Commercial
Banks.
The Board would also like to express great appreciation for the
understanding and support extended by the employees and Shareholders of
the company in the difficult period.
For and on behalf of the Board
Ahmedabad
Date :15-05-2010 Director In-charge
Disclaimer: This is 3rd Party content/feed, viewers are requested to use their discretion and conduct proper diligence before investing, GoodReturns does not take any liability on the genuineness and correctness of the information in this article
More Information on Gujarat Lease Financing Ltd.
-
Gujarat Lease Financing Ltd. Tools
- Bulk Deals
-
Gujarat Lease Financing Ltd. Company Details
- Company Profile
- Company History
- Management Team
- Capital Structure
- Banker/Auditor/Registrar
-
Company History
- Bonus
- Rights
- BSE Price History
- NSE Price History
-
Gujarat Lease Financing Ltd. Key Financial Ratios
- Ratios
-
Gujarat Lease Financing Ltd. Results
- Quarterly Results
- Half Yearly Results
- Nine Months Results
- Annual Results
-
Gujarat Lease Financing Ltd. Financial Data
- Audited Results
- Cash Flow
- Balance Sheet
-
Gujarat Lease Financing Ltd. Reports
- Accounting Policies
- Auditors Report
- Directors Report
- Notes To Account
-
Gujarat Lease Financing Ltd. Corporate Announcements
- Book Closure
- Board Meetings
-
Stocks To Buy Today, Dec 19: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Stocks To Buy Today, Dec 18: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday -
Stocks To Buy Today, Dec 17: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
Stocks To Buy Today, Dec 16: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
India Stock Market Weekly Review: Nifty and Sensex Fall as Caution Spreads -
Stocks To Buy Today, Dec 15: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday
-
Stocks To Buy Today, Dec 12: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Friday -
Market Outlook 2026: Kotak Securities Sees Nifty 50 at 30,000; THESE 4 Sectors Lead Rally, Gold To Stay Strong -
Stocks To Buy Today, Dec 10: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Wednesday -
D-Street Bleeds For 2nd Day! Sensex Slumps 678 Pts; Nifty Cracks 25,800; Why Stock Market Is Falling Today? -
Stocks To Buy Today, Dec 9: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Tuesday -
Stocks To Buy Today, Dec 8: Top 4 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Monday -
Stock Market Alert! Major Pre-Open Session Change From Dec 8: Full Timings, Rules & All You Need To Know -
Bank Nifty Surges: RBI’s 25 bps Rate Cut Triggers Strong Upside in Major Banking Stocks -
Closing Bell: Sensex Ends 158 pts Higher, Nifty Climbs Above 26,000; Hero MotoCorp, HAL Up 2% Each -
Stocks To Buy Today, Dec 4: Top 2 Picks By Riyank Arora of Mehta Equities For Profitable Trading On Thursday
-
Block for 8 hours
-
Block for 12 hours
-
Block for 24 hours
-
Don't block
Sign in with Google- Male
- Female
- Others
- Under 18
- 18 to 25
- 26 to 35
- 36 to 45
- 45 to 55
- 55+