| Galaxy Consolidated Finance Limited Rajkot Report on the Financial
Statements We have audited the accompanying financial statements of
GALAXY CONSOLIDATED FINANCE LIMITED, which comprise the Balance Sheet as at
March 31, 2014, and the Statement of Profit and Loss and Cash Flow
Statement for the year then ended, and a summary of Significant
Accounting Policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and presentation of the financial statements that
give a true and 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 our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. .
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
(b) in the case of the Statement Profit and Loss, of the profit for the
year ended on that date; and
(c) in the case of the Cash How Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
(a) we have obtained all the information and explanations which to the
best of our knowledge 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 the Company so far as appears from our examination of those
books.
(c) The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
(d) In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in sub-section (3C) of section 211 of the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS' REPORT
(Referred to in our report of even date to the members of GALAXY
CONSOLIDATED FINANCE LIMITED on the financial statements for the year
ended March 31, 2014)
i. (a) The Company has maintained proper records to show full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year under review, which we consider reasonable. Such
physical verification has revealed no material discrepancies.
(c) No substantial part of fixed assets of the Company has been
disposed off during the year.
ii. As the Company does not carry on any trading activities there are
no inventory of trading goods.
iii. The Company has not granted any loans, secured or unsecured, to
companies, firms or other parties covered in the register maintained
under section 301 of the Act. The Company has not obtained any loans
secured or unsecured, from companies, firms or other parties covered in
the register maintained under section 301 of the Act.
iv. In our opinion and according to information and explanations given
to us, there is an adequate internal control system commensurate with
the size of the Company and the nature of its business, for the
purchase of services and fixed assets and for the sale of services. We
have not observed any major weaknesses in the aforesaid internal
control system during the course of our audit.
v. In our opinion, and according to the information and explanations
given to us, there are no contracts and arrangements the particulars of
which need to be entered into the register maintained under section 301
of the Companies Act, 1956.
vi. The Company has not accepted any deposits from the public.
vii. In our opinion, the Company has an internal audit system
commensurate with its size and nature of its business.
viti. This clause is not applicable as maintenance of the cost records
and accounts are not prescribed by the Central Government under clause
(d) of sub-section (1) of section 209 of the Act.
ix. (a) The Company has been regular in depositing undisputed statutory
dues including Provident Fund, Investor Education and
Protection Fund, Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty, Cess and any other
statutory dues as applicable with the appropriate authorities in India.
(b) According to the information and explanations given to us & records
produced, at the end of the financial year there were no dues of income
tax, sales tax, wealth tax, service tax, customs duty, excise duty,
cess have not been deposited on account of any dispute.
x. The Company does not have accumulated losses at the end of the
financial year under review and it has not incurred cash loss during
financial year and in the immediately preceding financial year.
xi. According to the records produced, the Company has not defaulted in
repayment of dues to a financial institutions or bank as at Balance
Sheet date.
xii. According to the information and explanations given to us &
records produced the Company has maintained adequate documents and
records in cases of loans are granted by way of pledge of shares,
debentures and other securities.
xiii. This clause is not applicable to the Company.
xiv. This clause is not applicable to the Company.
xv. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from bank during the year.
xvi. This Clause is not applicable to the Company. Since it has not
taken any term loans.
xvii. On the basis of review of utilization of funds on an overall
basis, in our opinion, the funds raised on short-term bads have not
been used for long-term investment.
Kviii. The Company has not made any preferential allotment of shares
during the year to parties and companies covered in the register
maintained under section 301 of the Act.
xix. The Company has not issued any debentures during the year.
xx. The Company has not raised any money by way of public issue during
the year.
xxi. During the course of our examination of the books of account
carried out in accordance with the generally accepted auditing
practices in India, we have neither come across any instance of fraud
on or by the Company, noticed or reported during the year, nor have we
been informed of such case by the management.
Place: Bhuj Kachchh For D.L. Vegad & Co
Chartered Accountants
Date: 21st May 2014 .
(Nitin K Thacker)
M. No. 036016 Partner | 