Directors Report of Galaxy Consolidated Finance Ltd.

Mar 31, 2014

To The Members,

The Directors have pleasure in presenting the 28th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2014.

FINANCIAL RESULTS:

The working results of the Company for the year under review are as under:

Rs.(in lakhs)

31/3/2014 31/3/2013

Income 1.02 1.11

Gross Profit before interest & depreciation 0.05 0.05

Less: Interest — -

Profit before depreciation 0.05 0.05

Less: Depreciation 0.03 0.03

Tax provision - -

Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company is strategically pursuing its activity in agriculture related field with a view td enter contract farming,, greenhouse, biofuels etc. The management expects growth in this sector in the states of Gujarat, Rajasthan & Odisha as a result of government's special focus and promotion. In view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217 (2A) of the Company's Act 1956.

SECRETARIAL COMPLIANCE : In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

AUDITORS REPORT : Audited Report to the Shareholders does not contain any qualifications.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 2013 and the Articles of Association of the Company Shri. Dr. Dinesh Patel ( DIN: 00301953 ) and Smt. Saroj Vachhani ( DIN: 00302581 ) retire by rotation and are eligible for reappointment. None of the Directors is disqualified from being appointed as or holding office as directors, as stipulated under Section 152(4) of the Companies Act,2013.

STOCK EXCHANGE: The company's shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128).The company has paid the necessary listing fees for the year. In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTOR'S RESPONSIBILITY STATEMENT: In terms of Section 217(2AA) of The Companies Act 1956.

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s D. L. Vegad & Co, Chartered Accountants (ICAI Registration No:l 11347W) who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment.

ACKNOWLEDGEMENT: The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

Place: Rajkot, For and on behalf of the Board of Directors Dated: 21st May 2014

Ashok Patel Chairman & Managing Director

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Mar 31, 2013

To The Members,

The Directors have pleasure in presenting the 27th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2013.

FINANCIAL RESULTS:

The working results of the Company for the year under review are as under:

Rs.(in lakhs)

As on 31/3/2013 As on 31/3/2012

Income 1.11 1.15

Gross Profit before interest & depreciation 0.05 0.05

Less: Interest --- ---

Profit before depreciation 0.05 0.05

Less: Depreciation 0.03 0.03

Tax provision --- ---

Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company is strategically pursuing its activity in agriculture related field with a view to enter contract farming,, greenhouse, biofuels etc. The management expects growth in this sector in the states of Gujarat, Rajasthan & Odisha as a result of government''s special focus and promotion. In view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217(2A) of the Company''s Act 1956.

COMPLIANCE CERTIFICATE: In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 1956 and the Articles of Association of the Company Shri. Dr. Shirishkumar Vachhanil and Shri. Bhikhulal Hansaliya retire by rotation and are eligible for reappointment. None of the Directors is disqualified from being appointed as or holding office as directors, as stipulated under Section 274 of the Companies Act,1956.

STOCK EXCHANGE: The company''s shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128).The company has paid the necessary listing fees for the year. In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTOR''S RESPONSIBILITY STATEMENT:

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act,1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s V. V. Pandya & Company, Chartered Accountants who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment.

ACKNOWLEDGEMENT: The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

Place: Rajkot, On behalf of the Board of Directors

Dated: 23rd May 2013 Sd/-

Ashok Patel

Chairman

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Mar 31, 2012

The Directors have pleasure in presenting the 26th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2012.

FINANCIAL RESULTS:

The working results of the Company for the year under review are as under: Rs.(in lakhs)

As on 31/3/2011 As on 31/3/2012

Income 1.22 1.15

Gross Profit before interest & depreciation 0.06 0.05

Less: Interest _ _ Profit before depreciation 0.06 0.05

Less: Depreciation 0.04 0.03

Tax provision _ _ Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company is strategically pursuing its activity in agriculture related field with a view to enter contract farming,, greenhouse, bio fuels etc. The management expects growth in this sector in the states of Gujarat, Rajasthan & Orissa I as a result of government's special focus and promotion in view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217(2A) of the Company's Act 1956.

COMPLIANCE CERTIFICATE: In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 1956 and the Articles of Association of the Company Shri. Dr. Dinesh Patel and Smt. Sarojben Vachhani retire by rotation and are eligible for reappointment. None Of the Directors is disqualified from being appointed as or holding office as directors, as stipulated under Section 274 of the Companies Act, 1956.

STOCK EXCHANGE: The company's shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128) .The company has paid the necessary listing fees for the year. In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTOR'S RESPONSIBILITY STATEMENT:

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s V.V.Pandya & Company, Chartered Accountants who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment. ¦

ACKNOWLEDGEMENT: The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

Place: Rajkot, On behalf of the Board of Directors

Dated: 23rd May 2012

Ashok Patel

Chairman

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Mar 31, 2011

To The Members,

The Directors have pleasure in presenting the 25th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2011.

FINANCIAL RESULTS:

The working results of the Company for the year under review are as under: Rs.(in lakhs)

As on 31/3/2011 As on 31/3/2010

Income 1.22 1.23

Gross Profit before interest & depreciation 0.06 0.06

Less: Interest - -

Profit before depreciation 0.06 0.06

Less: Depreciation 0.04 0.04

Tax provision - -

Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company is strategically pursuing its activity in agriculture related field with a view to enter contract farming, warehousing, greenhouse, biofuels etc. The management expects growth in this sector in the states of Gujarat, Rajasthan & Orissa I as a result of government's special focus and promotion. In view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217(2A) of the Company's Act 1956.

COMPLIANCE CERTIFICATE: In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 1956 and the Articles of Association of the Company Shri.Dr.Shirishkumar Vachhani and Shri.Bhikhulal Hansaliya retire by rotation and are eligible for reappointment. None of the Directors is disqualified from being appointed as or holding office as directors, as stipulated under Section 274 of the Companies Act, 1956.

STOCK EXCHANGE: The company's shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128) .The company has paid the necessary listing fees for the year. In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTOR'S RESPONSIBILITY STATEMENT:

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s V.V.Pandya & Company, Chartered Accountants who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment.

ACKNOWLEDGEMENT:The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

On behalf of the Board of Directors

Ashok Patel Chairman

Place: Rajkot, Dated: 21st May 2011

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Mar 31, 2010

The Directors have pleasure in presenting the 24th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2010.

FINANCIAL RESULTS:

The working results of the Company for the year under review are as under: Rs.in lakhs)

As on 31/3/2009 As on 31/3/2010

Income 1.08 1.23

Gross Profit before interest & depreciation 0.07 0.06

Less: Interest -- --

Profit before depreciation 0.07 0.06

Less: Depreciation 0.05 0.04

Tax provision -- --

Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company is strategically pursuing its activity in agriculture related field with a view to enter contract farming, warehousing, greenhouse, biofuels etc. The management feels that the growth in this sector in the state of Gujarat, Rajasthan & Orissa is set to increase as a result of governments special focus and promotion. In view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217(2A) of the Companys Act 1956.

COMPLIANCE CERTIFICATE: In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 1956 and the Articles of Association of the Company Shri.Dr.Dinesh Patel and Smt.Sarojben Vachhani retire by rotation and are eligible for reappointment. None of the Directors is disqualified from being appointed as or holding office as directors, as stipulated under Section 274 of the Companies Act, 1956.

STOCK EXCHANGE: The companys shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128).The company has paid the necessary listing fees for the year. In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTORS RESPONSIBILITY STATEMENT:

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s V.V.Pandya & Company, Chartered Accountants who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment.

ACKNOWLEDGEMENT:The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

Place: Rajkot, On behalf of the Board of Directors

Dated: 24th Ma/2010. Ashok Patel

Chairman

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Mar 31, 2009

The Directors have pleasure in presenting the 23rd Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2009. FINANCIAL RESULTS: The working results of the Company for the year under review are as under:

Rs.(in lakhs) Rs.(in lakhs)

31/3/2009 31/3/2008

Income 1.08 1.12

Gross Profit before interest & depreciation 0.07 0.09

Less: Interest --- ---

Profit before depreciation 0.07 0.09

Less: Depreciation 0.05 0.07

Tax provision --- ---

Profit for the year 0.02 0.02

Proposed dividend on Equity Shares Nil Nil

Balance carried to balance sheet 0.02 0.02

OPERATIONS: The Company has continued its activity in agriculture related activities

with a view to enter contract farming, warehousing, greenhouse, biofuels etc.

The management feels that the growth in this sector in the state of Gujarat, Rajasthan & Orissa is set to increase as a result of governments special focus and promotion.

In view of the said facts we do not propose any dividend.

DEPOSITS: The Company has not accepted any deposits from the public during the accounting year.

PERSONNEL: The Company has no employees in the category specified under Sec 217(2A) of the Companys Act 1956.

COMPLIANCE CERTIFICATE: In terms of the proviso to Sec.383A of the Companies Act 1956, Compliance certificate obtained from a Company Secretary in practice for the year under review is annexed.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, and FOREIGN EXCHANGE EARNING AND

OUTGO: The company has no activities relating to conservation of energy or technology absorption. There has been no foreign exchange earning or outgo during the year under review.

DIRECTORS: In accordance with the provisions of the Companies Act 1956 and the Articles of Association of the Company Shri.Dr.Shirishkumar Vachhani and Shri. Bhikhulal Hansaliya retire by rotation and are eligible for reappointment.

STOCK EXCHANGE: The companys shares are listed on Bombay Stock Exchange Limited, Mumbai (Scrip Code: 511128).The company has paid the necessary listing fees for the year.

In accordance with the approval granted by the share holders, the company has applied for delisting from Ahmedabad Stock Exchange Limited.

DIRECTORS RESPONSIBILITY STATEMENT:

1. In the preparation of the Annual accounts, the applicable accounting standards have been followed.

2. The accounting policies have been applied consistently and adjustments and estimates that have been made for the preparation of the accounts are reasonable and prudent so as to give a true and fair view of the state of the affairs of the Company at the end of the financial year and of the profit of the Company for the year.

3. Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act,1956 and taken steps to safe guard the assets of the company and to prevent fraud and irregularities.

4. Directors have prepared the accounts on a going concern basis.

AUDITORS: M/s V.V.Pandya £ Company, Chartered Accountants who are Auditors of the Company retire at ensuing Annual General Meeting of the Company and are eligible for reappointment.

ACKNOWLEDGEMENT:The Directors record their sincere appreciation for the cooperation and support extended by the Bankers and employees of the Company during the year under review.

Place: Rajkot, On behalf of the Board of Directors

Dated: 2nd May 2009.

Ashok Patel

Chairman