Notes to Accounts of Galaxy Consolidated Finance Ltd.

Mar 31, 2014

1. NOTE ON PAST ACTIVITIES

The Company has not conducted any NBFC activities during the current year. The Company has discontinued its NBFC business division and is presently carrying on agriculture business only. The Company had become Non Banking Non Finance Company. It has surrendered its NBFC registration certificate to the Reserve Bank Of India in the year 2007 and the same has been cancelled by the Reserve Bank Of India.

2. PUBLIC DEPOSITS

The Board of Directors have passed a resolution for non acceptance of any deposits from public.

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Mar 31, 2013

Note : 1: Earnings per Share (EPS)

a) Net profit as per Profit and Loss Account - `. 2399.

b) Number of equity shares used as denominator for calculating EPS- 1000000

c) Basic and diluted earning per share of `. 10/- each - 0.002

Note : 2 Other Notes to Accounts.

1. Accounts for the current period are for 12 months.

2. The amount of income tax has not been provided considering the provisions of the Income tax Act.

3. Income has been accounted for taking month as a unit.

4. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure. Comparative figures are given in the Balance Sheet and Profit & Loss account. Figures of Current & Previous Years are rounded off to nearest rupee, regrouped, rearranged whenever considered necessary.

5. Depreciation on fixed assets of the company has been provided on written down value method at the rates prescribed in the schedule XIV of the Companies Act 1956.

6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along with other accounts are subject to confirmations by concerned parties and Bank Balances are subject to reconciliation.

7. Accounting Standard 18- related party disclosures- there were no related parties transactions during the year.

8. The company does not owe any sum to small scale industrial undertakings.

9. The company has neither paid any remuneration to the Managing Director nor paid any sitting fees to the Board of Directors.

10. The company has not conducted any NBFC business during current year. The company had discontinued its NBFC business division and is presently conducting agricultural business only. The company had become Non-Banking Non-Finance Company. It had surrendered its NBFC Registration Certificate to the Reserve Bank of India in the year 2007.

11. The Board of Directors have passed a board resolution for the Non acceptance of any public deposits.

12. Amount paid/payable to Auditors consists of only statutory audit fees.

13. Registration Details: Registration No: L65910GJ1985PLC007784 State Code: 04

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Mar 31, 2012

Note: 1: Earnings per Share (EPS)

a) Net profit as per Profit and Loss Account - Rs.2314.

b) Number of equity shares used as denominator for calculating EPS-1000000

c) Basic and diluted earning per share of Rs.10/- each - 0.002

1. Accounts for the current period are for 12 months.

2. The amount of income tax has not been provided considering the provisions of the Income tax Act.

3. Income has been accounted for taking month as a unit.

4. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year’s figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure. Comparative figures are given in the Balance Sheet and Profit & Loss account. Figures of Current & Previous Years are rounded off to nearest rupee, regrouped, rearranged whenever considered necessary.

5. Depreciation on fixed assets of the company has been provided on written down value method at the rates prescribed in the schedule XIV of the Companies Act 1956.

6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along with other accounts are subject to confirmations by concerned parties and Bank Balances are subject to reconciliation.

7. Accounting Standard 18- related party disclosures- there were no related parties transactions during the year,

8. The company does not owe any sum to small scale industrial undertakings.

9. The company has neither paid any remuneration to the Managing Director nor paid any sitting fees to the Board of Directors.

10. The company has not conducted any NBFC business during current year. The company had discontinued its NBFC business division and is presently conducting agricultural business only. The company had become Non-Banking Non-Finance Company. It had surrendered its NBFC Registration Certificate to the Reserve Bank of India in the year 2007.

11. The Board of Directors have passed a board resolution for the Non acceptance of any public deposits.

12. Amount paid/payable to Auditors consists of only statutory audit fees.

13. Registration Details: Registration No: L65910GJ1985PICD07784

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Mar 31, 2011

1. Accounts for the current period are for 12 months.

2. The amount of income tax has not been provided considering the provisions of the Income tax Act.

3. Income has been accounted for taking month as a unit.

4. Comparative figures are given in the Balance Sheet and Profit & Loss Account. Figures of Current & Previous Years are rounded off to nearest rupee, regrouped, rearranged wherever considered necessary.

5. Depreciation on fixed assets of the company has been provided on written down value method at the rates prescribed in the schedule XIV of the Companies Act 1956.

6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along with other accounts are subject to confirmations by concerned parties and Bank Balances are subject to reconciliation.

7. Accounting Standard 18- related party disclosures- there were no related parties transactions during the year.

8. The company does not owe any sum to small scale industrial undertakings.

9. Earning per Share(EPS)

a).Net profit as per Profit & Loss Account-Rs.2205.

b).Number of equity shares used as denominator for calculating EPS-1000000.

c).Basic and Diluted Earning per Share of Rs.10/- each - 0.002.

10. The company has neither paid any remuneration to the Managing Director nor paid any sitting fees to the Board of Directors.

11. The company has not conducted any NBFC business during current year. The company had discontinued its NBFC business division and is presently conducting agricultural business only. The company had become Non-Banking Non-Finance Company. It had surrendered its NBFC Registration Certificate to the Reserve Bank of India in the year 2007.

12. The Board of Directors have passed a board resolution for the Non acceptance of any public deposits.

13. Amount paid/payable to Auditors consists of only statutory audit fees.

14. Information pursuant to paragraph 4(c) of Part II of schedule VI of the Company's Act 1956 - Not Applicable.

Information pursuant to paragraph 4(d) of Part II of schedule VI of the Company's Act 1956 - Not Applicable.

15. Schedule 1 to 11 form an integral part of the Balance Sheet and Profit & Loss Account.

16. Additional Information as required under Part IV of Schedule VI of the Companies Act 1956. Balance Sheet Abstract and Company's General Business Profits.

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Mar 31, 2010

1. Earning per Share(EPS)

a.Net profit as per Profit &. Loss Account- Rs.2177.

b) .Number of equity shares used as denominator for calculating EPS-1000000.

c).Basic and Diluted Earning per Share of Rs.10/- each - 0.002.

2. The company has neither paid any remuneration to the Managing Director nor paid any sitting fees to the Board of Directors.

3. The company has not conducted any NBFC business during current year. The company had discontinued its NBFC business division and is presently conducting agricultural business only. The company had become Non-Banking Non-Finance Company. It had surrendered its NBFC Registration Certificate to the Reserve Bank of India in the year 2007.

4. The Board of Directors have passed a board resolution for the Non acceptance of any public deposits.

5. Amount paid/payable to Auditors consists of only statutory audit fees.

6. Information pursuant to paragraph 4(c) of Part II of schedule VI of the Companys Act 1956 - Not Applicable.

Information pursuant to paragraph 4(d) of Part II of schedule VI of the Companys Act 1956 - Not Applicable.

7. Schedule 1 to 10 form an integral part of the Balance Sheet and Profit & Loss Account.

8. Additional Information as required under Part IV of Schedule VI of the Companies Act 1956.

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Mar 31, 2009

1. Accounts for the current period are for 12 months.

2. The amount of income tax has not been provided considering the provisions of the Income tax Act.

3. Income has been accounted for taking month as a unit.

4. Comparative figures are given in the Balance Sheet and Profit & Loss Account. Figures of Current & Previous Years are rounded off to nearest rupee, regrouped, rearranged wherever considered necessary.

5. Depreciation on fixed assets of the company has been provided on written down value method at the rates prescribed in the schedule XIV of the Companies Act 1956.

6. The Balance of Sundry Debtors, Sundry Creditors and Loanees along with other accounts are subject to confirmations by concerned parties and Bank Balances are subject to reconciliation.

7. Accounting Standard 18- related party disclosures- there were no related parties transactions during the year 8. The company does not owe any sum to small scale industrial undertakings.

8. Earning per Share(EPS)

a).Net profit as per Profit & Loss Account- Rs.2100.

b).Number of equity shares used as denominator for calculating EPS- 1000000.

c) .Basic and Diluted Earning per Share of Rs.10/- each - 0.002.

9. The company has neither paid any remuneration to the Managing Director nor paid any sitting fees to the Board of Directors.

10. The company has not conducted any NBFC business during current year. The company has discontinued its NBFC business division and is presently conducting agricultural business only. Hence the company has become Non-Banking Non- Finance Company. It has surrendered its NBFC Registration Certificate to the Reserve Bank of India.

11. The Board of Directors have passed a board resolution for the Non acceptance of any public deposits.

12. Amount paid/payable to Auditors consists of only statutory audit fees.

13. Information pursuant to paragraph 4(c) of Part II of schedule VI of the Companys Act 1956 - Not Applicable.

Information pursuant to paragraph 4(d) of Part II of schedule VI of the Companys Act 1956 - Not Applicable.

14. Schedule 1 to 10 form an integral part of the Balance Sheet and Profit & Loss Account.