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Gandhinagar Leasing & Finance Ltd.

BSE: 511489 Sector: Financials
NSE: N.A. ISIN Code: INE202J01015
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Gandhinagar Leasing & Finance Ltd. (GANDHINAGLEAS) - Director Report

Company director report

DIRECTORS

Dear Shareholders,

Your Directors have pleasure in presenting the 26th Annual Report togetherwith the Audited Accounts for the year ended 31st March, 2012

FINANCIAL RESULTS (Amount In Rupees)
Particulars For the year Ended 31st March, 2012 For the year ended 31st March, 2011
Profit /Loss before Non Cash Expenses -161598 23,54,357
Less : Non Cash Expenses 1,63,499 1,63,499
Profit/Loss For the year -325,097 21,90,858
Balance Brought forward from the previous year -79,23,041 -1,01,13,899
Balance Carried to Balance Sheet -82,48,138 -79,23,041

REVIEW OF OPERATIONS

During the year under review was very turbulent with heavy economic uncertainties. Theperformance of the Company was also affected. The Company’s gross revenue amounted toRs.1,15,48,635/- as against Rs.1,47,97,891/- for previous year. The Company has sufferedloss of Rs.3.25 Lacs as against profit of Rs.21,90,858/- earned during the previous year.

PARTICULARS OF EMPLOYEES

There were no employees covered under the provisions of Section 217 (2A) of theCompanies Act, 1956 read with Companies (particulars of employees) rules, 1975 hence,particular are not given for the same.

DIVIDEND

In view of the losses incurred and to sustain the business operations of the Company,your Directors do not recommend Dividend for the financial year ended on 31.03.2012.

INSURANCE

The Company has taken all necessary steps to insure its properties and insurableinterest as deem appropriate and as required to have under various statutory and otherrequirement.

DIRECTORATE

Shri Jayendrakumar P Bhatt retire at ensuing Annual General Meeting and are eligiblefor reappointment. The Board of Directors recommends his appointment at the ensuing AnnualGeneral Meeting.

Shri Yogeshchandra T Joshi resigned with effect from 31st January, 2012. TheBoard of Directors hereby the services rendered to the Company during his tenure asDirector of the Company.

DIRECTOR’S RESPONSIBILITY STATEMENT

As Required under Section 217(2AA) of the Companies Act 1956, we hereby state that:-

1. That in the preparation of the annual accounts, the applicable accounting standardshas been followed, along with proper explanation read with the notes to the accountsrelating to material departures;

2. That the Directors have selected such accounting policies and applied themconsistently and made judgments and estimates that are reasonable and prudent so as togive a true and fair view of the state of affairs as at 31st March, 2012 and of theprofits of the Company for the year end on that date.

3. That the Directors have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act, 1956for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities.

4. That the Directors had prepared the Annual Accounts on a going concern basis.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE ERNNIGS AND OUTGO

As the Company is engaged in financial services the, particulars required to beincorporated in terms of Section 217 (1)(e) of the Companies Act, 1956 read with Companies(Disclosure of particular in the report of the Board of Directors) Rules, 1988, are notapplicable. There was neither foreign exchange earnings nor outgo during the year underreview.

DEPOSITS

The Company has not accepted deposits from the public within the meaning of provisionsof Section 58A of the Companies Act, 1956 and the Rules made there under.

AUDITORS

M/s G C Patel & Co. Chartered Accountants, Gandhinagar and M/s. G J K &Associates, Chartered Accountants, Joint Statutory Auditors of the Company retire at theensuing Annual General Meeting. The Audit Committee has recommended to the Board theirre-appointments. You are requested to consider their re-appointments as joint Auditors.The Auditors have given the certificate that the reappointment, if made, will be withinthe prescribed limit specified under section 224 (1B) of the Companies Act, 1956.

The Auditors’ observations read with the Notes to the accounts are selfexplanatory.

REPORT ON CORPORATE GOVERNANCE AND MANAGEMENT DISCUSSION ANALYSIS

As required under Clause 49 of the Listing Agreement, your Company has alreadyimplemented Corporate Governance for the financial year 2011-2012. A Management Discussionand Analysis Report along with detailed report on Corporate Governance attached with thisReport and form part of the Annual Report.

ACKNOWLEDGMENTS

The Directors wish to place on record their gratitude to the shareholders of theCompany, Company’s Bankers and concerned Government Departments for theirCo-operation and continued support to the Company.

By Order of the Board
For GANDHINAGAR LEASING AND FINANCE LTD
Place: Gandhinagar Pritesh V Joshi
Date : 14.08.2012 Chairman