Incorporated in Nov.'82 as Bimex Mercantiles, GSB Finance had A K Khemka, H V Jhunjhunwala and D K Sengupta, as the first directors of the company. It was into finance, leasing and investment in shares and securities.
In May '92, the company decided to change its line of activity by setting up a mini-cement plant. Accordingly, the name was changed to Ravi Cements and a fresh certificate of incorporation was obtained. Owing to the recession in the cement industry, the company dropped the project of setting up a cement plant.
In Aug.'93, the board of directors was reconstituted with the induction of finance related professionals and G S Biyani was appointed as the chairman of the company. Consequently, the company's name was changed to the present one, thereby obtaining a fresh certificate of incorporation in Aug.'93. At present, the company is engaged in the business of finance, investment and trading in shares and securities. In 1994, it came out with a public issue to augment long-term working capital and expand its fund-based activities.
Company has done satisfying performance during the year 1998-99, although depressed condition prevailing in Capital Market. Company has achieved 35.88 lacs Profit as compared to Loss of Rs.54.43 lacs loss for previous year. Company has plan to shift its Registered Office to Mumbai to achieve more economy and efficieny in operation.
During the year 1999-2000, due to the change in its accounting policy with regard to valuation of inventories resulted in lowering the profit by Rs.124.74 lacs.