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Auditor Report of Galaxy Consolidated Finance Ltd.

Mar 31, 2014

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


Mar 31, 2013

We have audited the attached Balance Sheet of Galaxy Consolidated Finance Limited, as at 31st March, 2013 and the Profit and 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 company''s management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with the 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 misstatements. 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.

2. As required by the Companies (Auditor''s Report) Order,2003 as amended by the Companies (Auditor''s Report)(Amendment)Order 2004¸ issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956.We enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been kept by the company so far as appears from our examination of the books.

c. The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and the 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 2013 and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2013 from being appointed as a Director in terms of Section 274 (1)(g) of the Companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us the said Financial Statements read together with the notes thereon 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.

i. in the case of Balance Sheet of the state of company''s affairs as at 31st March, 2013 and ii. in the case of Profit & Loss Account of the profit for the year ended on that date and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph (2) of our Report of even date

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

(b).The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c).The company has not disposed off a substantial part of fixed assets during the year.

2. As explained to us the company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956.

3. In our opinion and in accordance with the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of assets.

4. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act,1956.

5. The company has not accepted any deposits from the public during the year under review.

6. The company has an internal audit system commensurate with the size and nature of its business.

7. According to the information and explanation given to us there are neither disputed nor undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs, Excise Duty and Service Tax, and any other statutory dues with the appropriate authorities in India.

8. The company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and the immediately preceding financial year.

9. We are informed that the provisions of any special statue applicable to Chit funds, Nidhi, or Mutual benefit society are not applicable to the company.

10. The company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The company has not raised any term loan during the year under review.

12. According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, the company has not raised any funds on short-term basis, which has been used during the year for long-term investment and vice-versa.

13. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. During the year, the company has not raised monies by public issues during the year.

15. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Rajkot For V. V. PANDYA & COMPANY

Date : 23rd May 2013 Chartered Accountants

Sd/- (Vijay V.Pandya)

Proprietor

Membership No.036210


Mar 31, 2012

We have audited the attached Balance Sheet of Galaxy Consolidated Finance Limited, as at 31st March, 2012 and the Profit and 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 company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with the 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 misstatements. 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.

2. As required by the Companies (Auditor's Report) Order,2003 as amended by the Companies (Auditor's Report)(Amendment)Order 2004, issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956.We enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been kept by the company so far as appears from our examination of the books.

c. The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and the 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 record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2012 from being appointed as a Director in terms of Section 274 (1) (g) of the Companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us the said Financial Statements read together with the notes thereon 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.

i. in the case of Balance Sheet of the state of company's affairs as at 31st March, 2012 and

ii. in the case of Profit & Loss Account of the profit for the year ended on that date and

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

Referred to in Paragraph (2) of our Report of even date

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

(b).The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c).The company has not disposed off a substantial part of fixed assets during the year.

2. As explained to us the company has not granted/taken any loans, secured or unsecured, to/from companies/firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of assets.

4. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

5. The company has not accepted any deposits from the public during the year under review.

6. The company has an internal audit system commensurate with the size and nature of its business.

7. According to the information and explanation given to us there are neither disputed nor undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs, Excise Duty and Service Tax, and any other statutory dues with the appropriate authorities in India.

8. The company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and the immediately preceding financial year.

9. We are informed that the provisions of any special statue applicable to Chit funds, Nidhi, or Mutual benefit society are not applicable to the company.

10. The company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The company has not raised any term loan during the year under review.

12. According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, the company has not raised any funds on short-term basis, which has been used during the year for long-term investment and vice-versa.

13. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. During the year, the company has not raised monies by public issues during the year.

15. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

Place: Rajkot for V. V. PANDYA & COMPANY

Date : 23rd May 2012 Chartered Accountants

(Vijay V.Pandya)

Proprietor

Membership No.036210


Mar 31, 2011

We have audited the attached Balance Sheet of Galaxy Consolidated Finance Limited, as at 31st March, 2011 and the Profit and 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 company's management. Our responsibility is to express an opinion on these financial statements based on our audit.

1. We have conducted our audit in accordance with the 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 misstatements. 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.

2. As required by the Companies (Auditor's Report) Order,2003 as amended by the Companies (Auditor's Report) (Amendment)Order 2004, issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956.We enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been kept by the company so far as appears from our examination of the books.

c. The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and the 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 2011 and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2011 from being appointed as a Director in terms of Section 274 (l)(g) of the Companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us the said Financial Statements read together with the notes thereon 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.

i. in the case of Balance Sheet of the state of company's affairs as at 31 st March, 2011 and

ii. in the case of Profit & Loss Account of the profit for the year ended on that date and

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

ANNEXURE TO THE AUDITORS REPORT Referred to in Paragraph (2) of our Report of even date

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

(b).The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c).The company has not disposed off a substantial part of fixed assets during the year.

2. As explained to us the company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act,1956.

3. In our opinion and in accordance with the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of assets.

4. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act, 1956.

5. The company has not accepted any deposits from the public during the year under review.

6. The company has an internal audit system commensurate with the size and nature of its business.

7. According to the information and explanation given to us there are neither disputed nor undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs, Excise Duty and Service Tax, and any other statutory dues with the appropriate authorities in India.

8. The company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and the immediately preceding financial year.

9. We are informed that the provisions of any special statue applicable to Chit funds, Nidhi, or Mutual benefit society are not applicable to the company.

10. The company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The company has not raised any term loan during the year under review.

12. According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, the company has not raised any funds on short-term basis, which has been used during the year for long-term investment and vice-versa.

13. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. During the year, the company has not raised monies by public issues during the year.

15. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.

For V. V. PANDYA & COMPANY Chartered Accountants

(Vijay V.Pandya) Proprietor Membership No.036210

Place: Rajkot Date :21st May 2011


Mar 31, 2010

We have audited the attached Balance Sheet of Galaxy Consolidated Finance Limited, as at 31st March, 2010 and the Profit and 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.

1. We have conducted our audit in accordance with the 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 misstatements. 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.

2. As required by the Companies (Auditors Report) Order,2003 as amended by the Companies (Auditors Report) (AmendmentjOrder 2004, issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956.We enclose in the Annexure a Statement on the matters specified in paragraphs 4 &. 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been kept by the company so far as appears from our examination of the books.

c. The Balance Sheet, Profit &. Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and the 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 2010 and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2010 from being appointed as a Director in terms of Section 274 (1)(g) of the Companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us the said Financial Statements read together with the notes thereon 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.

i. in the case of Balance Sheet of the state of companys affairs as at 31st March, 2010 and

ii. in the case of Profit & Loss Account of the profit for the year ended on that date and

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

21. There was no redemption of preference shares or debentures during the financial year.

22. There was no transaction necessitating the company to keep in abeyance the right to dividend, rights shares and bonus shares pending registration of transfer of shares.

23. The company has not invited / accepted any deposits including any unsecured loans falling within the purview of section 58A during the financial year.

24. The company has not made any borrowing during the financial year ended 31-03-10.

25. The company has not made any loans or advances or given guarantees or provided securities to other bodies corporate and consequently no entries have been made in 4he register kept for the purpose.

26. The company has not altered the provisions of Memorandum with respect to situation of the companys registered office from one state to another during the year under scrutiny.

27. The company has not altered the provisions of Memorandum with respect to objects of the company during the year under scrutiny.

28. The company has not altered the provisions of Memorandum with respect to name of the company during the year under scrutiny.

29. The company has not altered the provisions of Memorandum with respect to share capital of the company during the year under scrutiny.

30. The company has not altered its Articles of Association during the financial year.

31. There was/were no prosecution initiated against or show cause notices received by the company, during the financial year, for offences under the Act.

32. The company has not received any money as security from its employees during the financial year.

33. The company has not deducted any contribution towards provident fund during the financial year.

ANNEXURE TO THE AUDITORS REPORT Referred to in Paragraph (2) of our Report of even date

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

(b).The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c).The company has not disposed off a substantial part of fixed assets during the year.

2. As explained to us the company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of assets.

4. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act,1956.

5. The company has not accepted any deposits from the public during the year under review.

6. The company has an internal audit system commensurate with the size and nature of its business.

7. According to the information and explanation given to us there are neither disputed nor undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs, Excise Duty and Service Tax, and any other statutory dues with the appropriate authorities in India.

8. The company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and the immediately preceding financial year.

9. We are informed that the provisions of any special statue applicable to Chit funds, Nidhi, or Mutual benefit society are not applicable to the company.

10. The company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The company has not raised any term loan during the year under review.

12. According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, the company has not raised any funds on short-term basis, which has been used during the year for long-term investment and vice-versa.

13. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. During the year, the company has not raised monies by public issues during the year.

15. To the best of our knowledge and belief and according to the information and explanations given to us, no fraud on or by the company was noticed or reported during the year.



Place: Ahmedabad Pinakin Shah

Date: 12/4/10 Company Secretary

C.P.No:/F.C.S No.2932/2562


Mar 31, 2009

We have audited the attached Balance Sheet of Galaxy Consolidated Finance Limited, as at 31st March, 2009 and the Profit and 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.

1. We have conducted our audit in accordance with the 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 misstatements. 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.

2. As required by the Companies (Auditors Report) Order,2003 as amended by the Companies (Auditors Report)(Amendment)Order 2004, issued by the Government of India in terms of Section 227(4A) of the Companies Act, 1956.We enclose in the Annexure a Statement on the matters specified in paragraphs 4 & 5 of the said order to the extent applicable to the company.

3. Further to our comments in the Annexure referred to in paragraph 2 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 accounts as required by the law have been kept by the company so far as appears from our examination of the books.

c. The Balance Sheet, Profit & Loss Account and the Cash Flow Statement dealt with by this report are in agreement with the books of accounts.

d. In our opinion the Balance Sheet, Profit & Loss Account and the 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 2009 and taken on record by the Board of Directors we report that none of the Directors is disqualified as on 31st March 2009 from being appointed as a Director in terms of Section 274 (1)(g) of the Companies Act 1956.

f. In our opinion and to the best of our information and according to the explanations given to us the said Financial Statements read together with the notes thereon 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.

i. in the case of Balance Sheet of the state of companys affairs as at 31st March, 2009 and ii. in the case of Profit & Loss Account of the profit for the year ended on that date and iii. in the case of Cash Flow Statement, of the cash flows for the year ended on that date.

ANNEXURE TO THE AUDITORS REPORT

Referred to in Paragraph (2) of our Report of even date

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

(b).The fixed assets have been physically verified by the management during the year and no material discrepancies have been noticed on such verification.

(c).The company has not disposed off a substantial part of fixed assets during the year.

2. As explained to us the company has not granted/taken any loans, secured or unsecured, to/from companies, firms or other parties covered in the register maintained under section 301 of the Companies Act, 1956.

3. In our opinion and in accordance with the information and explanations given to us there are adequate internal control procedures commensurate with the size of the company and nature of its business for purchase of assets.

-4. In our opinion and according to the information and explanations given to us, there are no transactions that need to be entered into the register maintained under section 301 of the Companies Act,1956.

5. The company has not accepted any deposits from the public during the year under review.

6. The company has an internal audit system commensurate with the size and nature of its business.

7. According to the information and explanation given to us there are neither disputed nor undisputed amounts payable in respect of Income Tax, Wealth Tax, Sales Tax, Customs, Excise Duty and Service Tax, and any other statutory dues with the appropriate authorities in India.

8. The company does not have accumulated losses at the end of the financial year and it has not incurred any cash losses in the financial year under report and the immediately preceding financial year.

9. We are informed that the provisions of any special statue applicable to Chit funds, Nidhi, or Mutual benefit society are not applicable to the company.

10. The company has not given any guarantee for loans taken by others from banks or financial institutions.

11. The company has not raised any term loan during the year under review.

12. According to the Cash Flow Statement and other records examined by us and the information and explanations given to us, on an overall basis, the company has not raised any funds on short-term basis, which has been used during the year for long-term investment and vice-versa.

13. The Company has not made preferential allotment of shares to parties and companies covered in the register maintained under section 301 of the Companies Act, 1956.

14. During the year, the company has not raised monies by public issues during the year.

15. To the best of our knowledge and belief and according to the information and explanations, given to us, no fraud on or by the company was noticed or reported during the year.

Place: Rajkot For V. V. PANDYA & COMPANY

Date : 2nd May 2009 Chartered Accountants



(Vijay V.Pandya)

Proprietor

Membership No,036210

 
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