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GSB Finance Ltd.

BSE: 511543 Sector: Financials
NSE: N.A. ISIN Code: INE777C01011
BSE LIVE 15:14 | 14 Dec 9.57 -0.50






NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 9.57
52-Week high 12.97
52-Week low 5.29
P/E 5.56
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.57
Sell Qty 4274.00
OPEN 9.57
CLOSE 10.07
52-Week high 12.97
52-Week low 5.29
P/E 5.56
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 9.57
Sell Qty 4274.00

GSB Finance Ltd. (GSBFINANCE) - Auditors Report

Company auditors report

To the Members of GSB FINANCE LTD.

Report on the Financial Statements

We have audited the accompanying financial statements of GSB FINANCE LIMITED.("the Company") which comprise the Balance Sheet as at March 31 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors are responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the act") with respect to preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Companies Act 2013 read with Rule 7 of Companies (Accounts) Rules 2014. Thisresponsibility includes the maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding of the assets of the company and for preventionand detection of the frauds and other irregularities; selection and application of theappropriate accounting policies ; making judgments and estimates that are responsible andprudent; and design implementation and maintenance of internal control that areoperating effectively for ensuring accuracy and completeness of the accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and the matters that are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the standards on auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the financial statements.


In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2015;

(b) In the case of the Profit and Loss Account of the profit for the year ended onthat date.

(c) In the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

As required by section 143(3) of the Act we report that:

a. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

b. In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books [and proper returns adequatefor the purposes of our audit have been received from branches not visited by us];

c. The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d. In our opinion the aforesaid financial statements comply with the accountingstandards specified under Section 133 of the Act read with Rule 7 of the companies(Accounts) Rules 2014.

e. On the basis of the written representations received from the directors as on 31March 2015 taken on the records by the Board of Directors none of the director isdisqualified as on 31 March 2015 from being appointed as the director in terms of Section164(2) of the Act.

f. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) The Company does not have any pending litigations which would impact its financialposition.

(ii) The Company did not have any long-term contract including derivatives contract forwhich there were any material foreseeable losses.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For S. K. Rathi & Co.
Chartered Accountants
Place : MUMBAI. M. No.: 031071
Date : 30th May 2015 FRN.: 108724W


Re: GSB Finance Limited

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements'section of our report of even date)

(1) In Respect of Fixed Assets

(a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) Fixed assets have been physically verified by the management at reasonableintervals; No material discrepancies were noticed on such verification.

(2) In Respect of Inventory

(a) Physical verification of inventory has been conducted at reasonable intervals bythe management.

(b) Procedures for physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness. There is no inadequacy in such procedures that should be reported.

(c) Company is maintaining proper records of inventory. No material discrepancies werenoticed on physical verification.

(3) Loans and advances to parties covered under section 189

During the Year Company repaid the Loan taken from Group Companies with interest therewas no overdue amounts.

(a) In respect of loans granted repayment of the principal amount is as stipulated andpayment of interest have been regular.

(b) There is no overdue amount of any loans secured or unsecured to companies firmsor other parties covered in the register maintained under section 189 of the Companies Act

(4) Internal Control in reference to Purchase of Inventory and Fixed Assets and whetherthere is continue failure of Internal control

There are adequate internal control systems commensurate with the size of the Companyand the nature of its business for the purchase of inventory and fixed assets and for thesale of goods and services. During the course of our audit no major weakness has beennoticed in the internal control system.

(5) Rules followed while accepting Deposits

No deposits within the meaning of Sections 73 to 76 or any other relevant provision ofthe Act and rules farmed there under have been accepted by the Company.

(6) Maintenance of cost records

The Company is not required to maintain cost records pursuant to the Rules made by theCentral Government for the maintenance of cost records under sub-section (l) of section148 of the Companies Act.

(7) According to the information and explanations given to us in respect of statutorydues

(a) The company is regular in depositing with appropriate authorities undisputedstatutory dues including Provident fund Investor education protection fund Employees`state insurance Income tax Sales tax Wealth tax Service tax Custom duty Excise dutyCess and other material statutory dues applicable to it.

(b) According to the records of the Company there are no dues of provident fundemployees' state insurance income-tax sales-tax wealth tax service tax duty ofcustoms duty of excise value added tax or cess and any other statutory dues with theappropriate authorities that have been not been deposited on amount of any dispute.

(c) Company has Transferred the amount as required to the Investor Education andprotection Fund in accordance with the relevant provisions of the Companies Act 1956.

(8) Company which has been registered for a period less than five years and accumulatedlosses are more than 50% of Net worth Reporting of cash Losses

The company does not have any accumulated losses at the end of the financial year andhas not incurred cash losses in the financial year and in the immediately precedingfinancial year.

(9) Default in Repayment of Loans taken from Bank or Financial Institutions

The company has not defaulted in repayment of dues to financial institution or bank.

(10) Terms for Loans and Advances from Banks or Financial Institutions prejudicial tothe interest of the company

On the basis of records examined by us and information provided by the management weare of the opinion that the company has not given guarantees for loans taken by other frombanks or financial institutions.

(11) Application versus purpose for which Loan Granted

The company did not have any term loans outstanding during the year.

(12) Reporting of Fraud During the Year Nature and Amount

According to the information and explanation given to us no fraud on or by the companyhas been noticed or reported during the year.

For S. K. Rathi & Co.
Chartered Accountants
(CA. S.K. Rathi)
Place : Mumbai Membership No. 031071
Date : 30th May 2015 FRN:108724W