Your Director have pleasure in presenting their 41st Annual Report on the business and operation of the company and the
accounts for the financial year Ended 31st March 2024.

1. Financial summary or highlights/Performance of the Company (Standalone)

The Board's Report shall be prepared based on the stand-alone financial statements of the company.

2. Reserve & Surplus :

Out of the total profit of Rs 1,25,73,870 /- for the fiscal year, NIL amounts are proposed to be transferred to the General
Reserve.

3. Operations & State of Affairs of the Company :

During the year, the Company had not ventured into any new business and had not carried out any business activities. New
business avenues are still under consideration.

4. Change in the nature of business, if any :

There is no change in the nature of business.

5. Share Capital :

During the Financial Year, the Company had not issued any Equity shares with Differential rights, any Sweat equity Shares
and any Employee stock Option.

6. Details of new subsidiaries, associates and joint ventures :

During the Financial Year, no Company became or ceased to be the Subsidiary, Joint Venture or Associate Company.

7. Directors and Key Managerial Personnel

The constitution of board and key managerial personnel during the year is as follows:

8. Directors :

A) Changes in Directors and Key Managerial Persons:

Mr. Girdhari Sagarmal Biyani (DIN: 00523132) has resigned from the post of Chief Financial officer (CFO) of GSB Finance
Limited with effect from 12th July, 2023.

Mr. Suyash Ramakant Biyani was appointed as the Chief Financial Officer (CFO) of the Company with effect from 21st
July, 2023.

B) Declaration by an Independent Director(s) and reelection, if any :

The board of Directors of the Company hereby confirms that they have received the Declaration of the fulfilling the
criteria of Independent Director specified in sub section (6) of section 149 of the Companies Act, 2013 from Ms. Usha
Patel.

C) Details of Managerial Remuneration required to be Disclosed in Board Report as per Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014:

D) Policy on director's appointment and remuneration :

Pursuant to Section 178(3) of the Companies Act, 2013, the nomination and remuneration policy of the Company which
lays down the criteria for determining qualifications, competencies, positive attributes and independence for
appointment of Directors and policies of the Company relating to remuneration of Directors, KMP and other employees is
available on the Company's website at www.gsbgroup.co.in

9. Meetings :

Board Meetings

During the Financial Year 2024-24, the Company held 7 board meetings of the Board of Directors as per Section 173 of
Companies Act, 2013 which is summarized below. The provisions of Companies Act, 2013 were adhered to while
considering the time gap between two meetings.

Annual General Meeting :

The 41st Annual General Meeting of the company shall be held on Saturday, 14th September, 2024 at 02:30 p.m. at the
registered office of the company.

Extra Ordinary General Meeting :

As per Section 100 of Companies Act, 2013, Company had not held any Extra Ordinary General Meeting for the financial
year 2024-24.

10. Deposit :

The Company has neither accepted nor renewed any deposits during the year under review.

11. Statutory Auditors :

The Company had decided to re- appoint M/S Suvarna & Katdare [Firm Registration No.: 125080W] as the Statutory
Auditor of the company from the conclusion of the 41st Annual General Meeting till the financial year ended 31st March,
2029.

12. Auditors' Report

The Auditors' Report does not contain any qualification. Notes to Accounts and Auditors remarks in their report are self¬
explanatory and do not call for any further comments.

13. Secretarial Audit and Secretarial Audit Report :

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014, the company has appointed M/s. JK and Associates., a firm of Company Secretaries in
Practice to undertake the Secretarial Audit of the Company for the financial year 2024-24. The Secretarial Audit Report is
part of the Annual Report.

14. EXTRACT OF ANNUAL RETURN :

www.gsbgroup.co.in

15. Risk Management Policy :

The Company has developed and implemented a risk management policy which identifies major risks which may threaten
the existence of the Company. The same has also been adopted by your Board and is also subject to its review from time
to time. Risk mitigation process and measures have been also formulated and clearly spelled out in the said policy

16. Formal Annual Evaluation :

The Company has devised a Policy for Performance Evaluation of Independent Directors, Board, Committees and other
individual Directors which include criteria for performance evaluation of the non-executive directors and executive
directors.

On the basis of the Policy for performance evaluation of Independent Directors, Board, Committees and other individual
Directors, a process of evaluation was followed by the Board for its own performance and that of its Committees and
individual Directors.

At a separate meeting of independent Director, performance of non-independent directors, performance of the Board as a
whole and performance of the Chairman was evaluated, taking into account the views of executive directors and non¬
executive directors.

17. Particulars Of Loans, Guarantees Or Investments Under Section 186 :

The Company has not made any Loans and Investments and Guarantees in relation to section 186 of the Companies Act,
2013 during the fiscal year.

18. Particulars Of Contracts Or Arrangements with Related Parties :

The company has not entered in to any related party transactions during the year as specified under section 188 of the
companies Act 2013. Therefore no AOC-2 is attached.

19. Disclosure Under The Sexual Harassment Of Women At Workplace (Prevention, Prohibition And Redressal) Act,
2013

The company has in place a policy for prevention of sexual harassment in accordance with the requirements of the Sexual
Harassment of women at workplace (Prevention, Prohibition & Redressal) Act, 2013. Internal Complaints Committee has
been set up to redress complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy. The Company did not receive any complain during the year 2024-24.

20. Conservation Of Energy, Technology Absorption And Foregin Exchange Earning And Outgo:

A) Conservation of Energy :Nil

B) Technology Absorption :Nil

C) Foreign exchange earnings and outgo: During the year, the total foreign exchange used was Rs. Nil and the total foreign
exchange earned was Rs. Nil

21. Details of policy developed and implemented by the company on its corporate social responsibility initiatives :

The provisions Corporate Social Responsibility is not applicable to the company.

22. Internal financial control:

Your Company has Internal Control system to ensure an effective internal control environment that provides assurance on
the efficiency of conducting business, including adherence to the Company's policies, the safe guarding of its assets, the
prevention and detection of frauds and errors, the accuracy and completeness of Accounting records and the timely
preparation of reliable financial disclosures.

23. Establishment of vigil mechanism:

The Company has a Vigil Mechanism to deal with the instances of fraud and mismanagement, if any. The Vigil Mechanism
Policy had been recommended by the Audit Committee and thereafter approved and adopted by the Board of Directors of
the Company. The vigil mechanism is available on the Company's website at www.gsbgroup.co.in

24. Material changes and commitments, if any, affecting the financial position of the company which have
occurred between the end of the financial year of the company to which the financial statements relate and the
date of the report:

The Company had done Inter-se transfer of shares between promoters as under -

No other Material changes occurred subsequent to the close of the financial year of the Company to which the balance
sheet relates and the date of the report like settlement of tax liabilities, operation of patent rights, depression in market
value of investments, institution of cases by or against the company, sale or purchase of capital assets or destruction of
any assets etc.

25. Details of significant and material orders passed by the regulators or courts or tribunals impacting the
going concern status and company's operations in future:

During the year no significant and material orders passed by the regulators or courts or tribunals impacting the going
concern status and company's operations in future.

26. Directors' Responsibility Statement:

The Directors' Responsibility Statement referred to in clause (c) of sub-section (3) of Section 134 of the Companies Act,
2013, shall state that—

(a) In the 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 at
the end of the financial year 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 this Act 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, in the case of a listed company, 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.

27. Acknowledgements:

An acknowledgement to all with whose help, co-operation and hard work the Company is able to achieve the results.

For and on behalf of the Board
FOR GSB FINANCE LIMITED

Place: Mumbai Ramakant Biyani

Date: 22th August, 2024 Managing Director

DIN- 00523178