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Auditor Report of Galaxy Agrico Exports Ltd.

Mar 31, 2015

I have audited the accompanying standalone financial statements of GALAXY AGRICO EXPORTS LIMITED, ('the Company'), which comprise the balance sheet as at 31st March, 2015, the statement of profit and loss and the cash flow statement for the year the ended on that date, and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 ("the Act") with respect to the preparation and presentation 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 principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, 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

My responsibility is to express an opinion on these standalone financial statements based on my audit.

I have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the rules made there under.

I conducted my audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that I 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 financial control system over financial reporting and the operating effectiveness of such controls 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, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by Company's Directors, as well as evaluating the overall presentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion

In my opinion and to the best of my information and according to the explanations given to me, 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 31st March, 2015;

(b) in the case of the Statement of Profit and Loss, of the Loss for the year ended on that date.

(c) in the case of the Cash Flow Statement, of the Cash Flows for the year ended on that date.

Emphasis of Matter

I draw attention to Note - J of Statement on Significant Accounting Policies relating to Employee Benefits. The treatment of Gratuity is on payment basis and not in accordance with AS-15 "Employee Benefits". The amount of Gratuity liability has not been ascertained and therefore not quantified.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order, 2015 ("the Order") issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, I give in the Annexure a statement on the matters specified in the paragraph 3 and 4 of the Order.

2. As required by Section 143(3) of the Act, I report that:

a. I have sought and obtained all the information and explanations which to the best of my knowledge and belief were necessary for the purpose of my audit;

b. in my opinion, proper books of account as required by law have been kept by the Company so far as appears from my examination of those books;

c. the Balance Sheet, the Statement of Profit and Loss and the Cash flow statement dealt with by this Report are in agreement with the books of account;

d. in our opinion, the aforesaid financial statements comply with the Accounting Standards referred to in section 133 of the Companies Act, 2013 read with Rule 7 of the Companies (Accounts) Rules, 2014;

e. on the basis of written representations received from the directors as on 31st March, 2015, taken on record by the Board of Directors, none of the directors are disqualified as on 31s March, 2015 from being appointed as a director in terms of Section 164(2) of the Act; and

f. with respect to the other matters to be included in the Auditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in my opinion and to the best of my information and according to the explanations given to me:

(i) The company has no pending litigations, the impact of which, on its financial position, requires disclosure in its financial statement;

(ii) The company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any, and as required on long term contracts including derivative contracts.

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

Annexure To The Independent Auditors' Report

(Referred to in paragraph 1 under the heading of "Report on other Legal and Regulatory Requirements" of my report of even date)

On the basis of the records produced to me for my verifiedtion/perusal, such checks as I considered appropriate, and in terms of information and explanations given to me on my enquiries, I state that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of two years which, in my opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification. (ii) (a) According to the information and explanation given to me, the inventory has been physically verified during the year by the management. In my opinion, the frequency of verification is reasonable.

(b) In my opinion and according to the information & explanations given to me, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of inventory. As explained to me, there was no material discrepancies noticed on physical verification of inventory as compared to the book records.

(iii) (a) According to the information and explanations given to me, during the period covered under report, the Company has not granted any secured or unsecured loan to parties covered in the register maintained under Section 189 of the Companies Act, 2013.

(b) Since, there were no loans granted which are covered under Section 189 of the Companies Act, 2013; the question of regularity of receipt of principal amount and interest is not applicable.

(iv) In my opinion and according to the information and explanations given to me, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of fixed assets and for sale of goods. During the course of my audit, I have not observed any continuing failure to correct major weakness in internal controls.

(v) The Company has not accepted any deposits from the Public.

(vi) The Central Government has prescribed the maintenance of cost records under Section 148(1) of the Companies Act, 2013 in respect of goods manufactured by the Company. However, the overall turnover of the company in the immediately preceding financial year was not Rs. 35 crores or more. Hence, the requirement of maintenance of cost records do not apply to the company at the instance.

I have broadly reviewed the accounts and records of the company in this connection and am of the opinion, that prima facie, the prescribed accounts and records have been maintained. I have not, however, made a detailed examination of the same.

(vii) In respect of statutory dues;

(a) According to the information and explanations given to me, the Company is regular in depositing with appropriate authorities undisputed statutory dues including Provident Fund, ESIC, Income Tax, Wealth Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty, cess and other material statutory dues apart from few cases of delay in payment of tax deducted at source.

(b) According to the information and explanations given to me, there are no dues in respect of Provident Fund, ESIC, Income Tax, Wealth Tax, Sales Tax, Value Added Tax, Service Tax, Customs Duty, Excise Duty and cess that have not been deposited with the appropriate authorities on account of any dispute.

(c) According to the information and explanations given to me, no amounts were required to be transferred to Investor education and protection fund in accordance with the relevant provision of the Companies Act, 1956 and rules made there under.

(viii) In my opinion, the Company has no accumulated losses. The Company has not incurred cash losses during the year and immediately preceding year financial year.

(ix) In my opinion, and according to the information and explanations given to me, the Company has not defaulted in repayment of dues to bank or financial institutions during the period covered under this report.

(x) In my opinion, and according to the information and explanations given to me, the Company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, clause 3(x) of the Order is not applicable for the period covered under this report.

(xi) In my opinion, and according to the information and explanations given to me and on an overall examination, the company has not raised any term loan during the period covered under report. Hence, the question of application of proceeds of term loan(s) for the purpose for which the loans were obtained does not apply for the period covered under this report.

(xii) According to the information and explanations given to me, no fraud on or by the Company has been noticed or reported during the course of my audit.

For Arun M. Kothari, Chartered Accountant

Arun M. Kothari Proprietor Membership No.: 108669

Ahmedabad, dated 27th May, 2015


Mar 31, 2014

I have audited the accompanying financial statements of Galaxy Agrico Exports Limited ("the Company"), its Subsidiary (Collectively referred as "The Group") which comprises the Balance Sheet as at 31st March, 2014, the Statement of Profit and Loss and the Cash Flow Statement for the year the ended on that date, 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 consolidated financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Group in accordance with the Accounting Standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956 ("the Act") read with the General Circular 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs in respect of section 133 of the Companies Act, 2013. 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.

Auditors'' Responsibility

My responsibility is to express an opinion on these consolidated financial statements based on my audit. I conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that I 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, but not for the purpose of expressing an opinion on the effectiveness of the entity''s internal control. 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.

I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my audit opinion.

Opinion

In my opinion and to the best of my information and according to the explanations given to me, 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 Consolidated Balance Sheet, of the state of affairs of the Company as at 31st March, 2014;

(b) in the case of the Consolidated Statement of Profit and Loss, of the loss for the year ended on that date; and

(c) in the case of the Consolidate Cash Flow Statement, of the cash flows for the year ended on that date

Emphasis of Matter

I draw attention to Note - L of Statement on Significant Accounting Policies relating to Employee Benefits. The treatment of Gratuity is on payment basis and not in accordance with AS-15 "Employee Benefits". The amount of Gratuity liability has not been ascertained and therefore not quantified.

ANNEXURE TO INDEPENDENT AUDITOR''S REPORT

(Referred to in Paragraph 1 under the head "Report on other legal and regulatory requirements" of my report of even date)

To,

The Members,

GALAXY AGRICO EXPORTS LIMITED

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) The fixed assets are physically verified by the Management according to a phased programme designed to cover all the items over a period of two years which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. Pursuant to the programme, a portion of the fixed assets have been physically verified by the Management during the year and no material discrepancies have been noticed on such verification.

(c) During the year, the company has not disposed off a substantial part of its fixed assets and the going concern status of the company is not affected.

(ii) (a) As explained to me, the inventories have been physically verified during the year by the management. In my opinion, the frequency of verification is reasonable.

(b) In my opinion and according to the information and explanations given to me, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the company and the nature of its business.

(c) The company has maintained proper records of inventory. As explained to me, there was no material discrepancy noticed on physical verification of inventories as compared to the book records.

(iii) As explained to me, 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. Accordingly, the provisions of clauses (iii)(a) to (iii)(d) of Para 4 of the Order are not applicable to the Company.

(e) The Company has accepted unsecured loans from three parties covered in the register maintained under section 301 of the Act. Maximum amount involved during the year was Rs. 158.38 lakhs and the year-end balance was Rs. 111.38 lakhs.

(f) In my opinion, rate of interest and other terms and conditions on which loans have been taken from parties covered in the register maintained under section 301 of the Act are not, prima facie, prejudicial to the interest of the company.

(g) According to the information and explanations given to me, no stipulations for repayment of principal amount and payment of interest have been specified and accordingly the question of regularity in payment does not arise.

(iv) In my opinion and according to the information and explanations given to me, there is an adequate internal control system commensurate with the size of the Company and the nature of its business for the purchases of inventory and fixed assets and for the sale of goods and services. During the course of my audit, I have not observed any continuing failure to correct major weakness in internal controls.

(v) In respect of transactions covered under Section 301 of the Companies Act, 1956;

(a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in section 301 of the Act have been entered in the register required to be maintained under that section.

(b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements have been made at prices which are reasonable having regard to the prevailing market prices at the relevant time.

(vi) In our opinion and according to information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of section 58A and 58AA of the Companies Act, 1956 and the rules framed there under. Accordingly, the provisions of Clause (vi) of paragraph 4 of the Order are not applicable to the Company.

(vii) The company has no formal internal audit system. However, its control procedures ensure reasonable internal checking of its financial and other records.

(viii) The Central Government has prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of goods manufactured by the Company. We have broadly reviewed the accounts and records of the company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.

(ix) According to the information and explanations given to me, in respect of statutory dues;

(a) The Company has been generally regular in depositing undisputed statutory dues including Provident fund, Income tax, Central Sales Tax, Value added tax, Service tax, Excise duty, Cess and other material statutory dues applicable to it with the appropriate authorities except delay in payment of provident fund.

(b) There were no undisputed amounts payable in respect of Provident fund, Income tax, Central Sales Tax, Value added tax, Service tax, Excise duty, Cess and other material statutory dues in arrears as at 31st March, 2014 for a period of exceeding six months from the date they became payable.

(b) There were no dues in respect of Income tax, Central Sales Tax, Value added tax, Service tax, Excise duty, Cess and other material statutory dues applicable to it that have not been deposited as at 31st March, 2014 on account of any dispute.

(x) The company has no accumulated losses at the end of the financial year. It has not incurred cash loss during the financial year covered by my audit. However it has incurred cash loss in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the company has not defaulted in repayment of dues to a bank. Accordingly, paragraph 4(xi) of the Order is not applicable to the Company.

(xii) In my opinion and according to the information and explanations given to me, no loans and advances have been granted on the basis of security by way of pledge of shares, debentures and other securities. Accordingly, provisions of clause (xii) of Para 4 of the Order are not applicable to the company.

(xiii) In my opinion, the company is not a Chit Fund or a Nidhi Mutual benefit fund/society. Accordingly, provisions of Clause (xiii) of Para 4 of the Order are not applicable to the company.

(xiv) In my opinion and according to the information and explanations given to me, the company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, provisions of Clause (xiv) of Para 4 of the Order are not applicable to the company.

(xv) In my opinion and according to the information and explanations given to me, the company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, provisions of Clause (xv) of Para 4 of the Order are not applicable to the company.

(xvi) In my opinion and according to the information and explanations given to me and on an overall examination, the company has not raised any term loan during the year. Accordingly, paragraph 4(xvi) of the Order is not applicable to the Company.

(xvii) In my opinion and according to the information and explanations given to me and on an overall examination, the company has not raised any fund on short term basis. Accordingly, paragraph 4(xvi) of the Order is not applicable to the Company.

(xviii) The company has not made any preferential allotment of shares to parties and companies covered in the register maintained under Section 301 of the Act.

(xix) According to the information and explanations given to me, the company has not issued any debentures till date. Accordingly, provisions of Clause (xix) of Para 4 of the Order are not applicable to the company.

(xx) The company has not raised any money by way of public issues during the year. Accordingly, provisions of Clause (xx) of Para 4 of the Order are not applicable to the company.

(xxi) In my opinion and according to the information and explanations given to me, no fraud on or by the company has been noticed or reported during the year under review.

For Arun M. Kothari, Chartered Accountant

Sd/- Arun M. Kothari Proprietor Membership No. 108669

Ahmedabad, 28th May, 2014


Mar 31, 2012

We have audited the accompanying financial statements of GALAXY AGRICO EXPORTS LIMITED, which comprise the Balance Sheet as at 31st March 2012, the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of the significant accounting policies and other explanatory information. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditor's Report) Order, 2003 and as amended by Companies (Auditor's Report) (Amendment) Order, 2005 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order.

Further to our comments in the Annexure referred to above, 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 & 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 & Loss and Cash Flow Statement dealt with by this report 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 31st March, 2012, and taken on records by the Board of Directors, we report that none of the director is disqualified as on 31st March, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, 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 31st March, 2012;

(b) In the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and

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

Referred to in paragraph 3 of our report of even date,

(i) (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.

(b) All the assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.

(c) Some of the fixed assets have been disposed during the year, however based on the information and explanation given by the management and on the basis of audit procedures performed by us; we are of the opinion that the sale of the said assets has not affected the going concern status of the Company.

(ii) (a) As explained to us, the inventory has been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable.

(b) In our opinion and according to the information & explanations given to us, the procedures of physical verification of inventories followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business.

(c) The Company has maintained proper records of inventory. As explained to us, there was no material discrepancy noticed on physical verification of inventory as compared to the book records.

(iii) The Company has not granted or taken any loans, secured or unsecured, to or from Companies, firms, or other parties covered in the Register maintained under section 301 of the Companies Act, 1956.

(iv) In our opinion and according to the information and explanations given to us, there are adequate internal control systems commensurate with the size of the Company and the nature of its business with regard to purchases of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weakness in internal controls.

(v) According to the information and explanation given to us, we are of the opinion that there were no transactions that were required to be entered in the register maintained under section 301 of the Companies Act, 1956.

(vi) The Company has not accepted any deposits from the Public.

(vii) The Company does not have a formal internal audit system. However, according to the information and explanations given to us, operating control systems are commensurate with the size of the Company and nature of its business.

(viii) The Central Government has prescribed the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956 in respect of goods manufactured by the Company. We have broadly reviewed the accounts and records of the Company in this connection and are of the opinion, that prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the same.

(ix) In respect of Statutory dues;

(a) According to the information and explanations given to us, the Company is regular in depositing with appropriate authorities undisputed statutory dues including provident fund, income tax, value added tax, service tax, excise duty, cess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, income tax, value added tax, service tax, excise duty, cess and other material statutory dues were in arrears, as at 31st March, 2012 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us, there are no dues in respect of income tax, wealth tax, service tax, sales tax, value added tax, customs duty, excise duty and cess that have not been deposited with the appropriate authorities on account of any dispute except as given below:

Name of the Nature of the Amount Period to which Pending statue dues the amount before relates

Income Tax Income Tax 33,240 Financial Year Commissioner of Act, 1961 2006 -07 Income Tax (Appeal), Rajkot

(x) The company has no accumulated losses at the end of the financial year and it has not incurred cash losses during the financial year covered by our audit. Also no cash loss was incurred in the immediately preceding financial year.

(xi) In our opinion and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to a financial institution or bank.

(xii) In our opinion and according to the information & explanations given to us, no loans and advances have been granted on the basis of security by way of pledge of shares, debentures and other securities.

(xiii) In our opinion, the Company is not a chit fund or a nidhi mutual benefit fund/ society. Accordingly, the provisions of Clause 4(xiii) of the Order are not applicable to the Company.

(xiv) In our opinion, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4(xiv) of the Order are not applicable to the Company.

(xv) According to the information and explanations given to us, in our opinion, the Company has not given guarantees for loans taken by others from banks or financial institutions. Accordingly, the provisions of clause 4(xv) of the Order are not applicable to the Company.

(xvi) In our opinion, and according to the information and explanation given to us and on an overall examination, the term loans have been applied for the purpose for which they were raised.

(xvii) According to the information and explanations given to us, and on an overall examination of the balance sheet of the Company, we report that funds raised on short-term basis to the extent of approximately Rs.22 lakhs have been used for long-term investment.

(xviii) The Company has not made any preferential allotment of shares to parties covered in the register maintained under section 301 of the Companies Act, 1956. Accordingly, the provisions of clause 4 (xviii) of the Order are not applicable to the Company.

(xix) The Company has not issued any debentures. Accordingly, the provisions of clause 4(xix) of the Order are not applicable to the Company.

(xx) The Company has not raised any money by public issues during the year. Accordingly, the provisions of clause 4(xx) of the Order are not applicable to the Company.

(xxi) According to the information and explanations given to us, no fraud on or by the Company has been noticed or reported during the course of our audit.

For ARUN M. KOTHARI, Chartered Accountant

s/d ARUN M. KOTHARI Proprietor Membership No. 108669 Ahmedabad, Dated 4th August, 2012


Mar 31, 2010

We have audited the attached Balance Sheet of GALAXY AGRICO EXPORTS LIMITED, as at 31st March, 2010/ the Profit & Loss Account and also the Cash Flow Statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion.

As required by the Companies (Auditors Report) Order, 2003 and as amended by Companies (Auditors Report) (Amendment) Order, 2005 issued by the Central Government of India in terms of sub-section (4A) of section 227 of the Companies Act, 1956, we enclose in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order

Further to our comments in the Annexure referred to above, we report that:

(i) 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;

(ii) 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;

(iii) The Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report are in agreement with the books of account;

(iv) In our opinion, subject to Note No II to the Notes to Accounts, the Balance Sheet, Profit & Loss Account and Cash Flow Statement dealt with by this report comply with the accounting standards referred to in sub-section (3C) of section 211 of the Companies Act, 1956;

(v) On the basis of written representations received from the directors, as on 31st March, 2010, and taken on records by the Board of Directors, we report that none of the director is disqualified as on 31st March, 2010 from being appointed as a director in terms of clause (g) of sub-secbon (1) of section 274 of the Companies Act, 1956;

(vi) In our opinion and to the best of our information and according to the explanations given to us, subject to Note No II to the Notes to Accounts, the said accounts give the information required by the Companies Act, 1956, 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 31st March,2010;

(b) in the case of the Profit & Loss Account, of the Loss for the year ended on that date; and

(c) in the case of Cash Flow Statement, of the cash flows for the year ended on that date.





For Mistry & Associates,

Chartered Accountant

(Firms Registration NO.120526W)

Suresh Mistry

Proprietor

Idar, Dated 20th July, 2010

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