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Directors Report of Gallops Enterprise Ltd.

Mar 31, 2010

To, The Members

The Directors'' present the 16th Annual report on the business and operations of your Company for the year 2009-2010.

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

(Amount) Year Ended Year Ended Particulars 31.03.2010 31.03.2009 (Rs.) (Rs.)

Gross Sales/Income 3,66,428 14,28,992

Depreciation 1,00,443 1,04,449

Profit/(Loss) before Tax (4,90,926) 1,89,13,011

Taxes/Deferred Taxes 0.00 0.00

Profit/(Loss) After Taxes (4,90,926) 1,89,13,011

Profit/ (Loss) carried to Balance Sheet (2,78,43,840)(2,73,52,914)

FINANCIAL PERFORMANCE

During the year under review the total income from operations was Rs.3.66 Lacs as compared to Rs.14.28 Lacs of that of the previous Year. The Company has provided Rs.1.00 Lacs as depreciation for the year. The Company has incurred Loss of Rs. 4.91 Lacs during the period under review. Your Company has been trying to enhance its net worth as compared to the previous year.

DIRECTORS:

Mr. Narsinhbhai G. Patel, Mr. Riken B. Patel and Mr. Naman K. Vyas, Directors of the Company, retire by rotation and being eligible, offer herself for reappointment at the ensuing Annual General Meeting.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration with the provisions of section 217(2A) of the companies Act, 1956 read with the companies (Particulars of employee) Rules, 1975 as amended.

DIVIDEND:

In view of losses incurred by the Company during the current financial year 200940, your Directors do not recommend any dividend for the year.

DEPOSITS:

The Company has not accepted any deposit from the public during the year.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts:

The applicable accounting standards have been followed along with proper explanation relating to material departures.

Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, so as to give a true and fair view of the state of affairs of the company at the end of the financial Year and the profit/loss of the company for that period.

Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis.

APPOINTMENT OF AUDITORS:

M/S P. DOSHI & ASSOCIATES, Chartered Accountants, the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company for the next year till the conclusion of next Annual General Meeting of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed below after the Report as annexure A.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

For P Doshi & Associates

Chartered Accountants

F RNo; 102740W

Place: Ahmedabad

Date: 03-09-2010 (Parthiv C Doshi)

Proprietor


Mar 31, 2009

To, The Members

The Directors'' present the 15th Annual report on the business and operations of your Company for the year 2008-2009.

FINANCIAL RESULTS AND OPERATIONAL REVIEW:

(Amount)

Year Ended Year Ended Particulars 31.03.2009 31.03.2008 (Rs.) (Rs.)

Gross Sales/Income 14,28,992 13,82,741

Depreciation 1,04,449 1,04,450

Profit/(Loss) before Tax 1,89,13,011 (2,40,886)

Taxes/Deferred Taxes 0.00 1,140

Profit/(Loss) After Taxes 1,89,13,011 (2,42,026)

Profit/ (Loss) carried to Balance Sheet (2,73,52,914) (4,62,65,925)

FINANCIAL PERFORMANCE

During the year under review the total income from operations was Rs14.28 Lacs as compared to Rs. 13.81 Lacs of that of the previous Year. The Company has provided Rs.1,04,449 as depreciation for the year. The Company has incurred Profit of Rs. 189.13 Lacs during the period under review. Your Company has been trying to enhance its net worth as compare to the previous year.

DIRECTORS:

Mr. Shailesh Patel, Mr. Naginbhai Patel and Mr. Amrish Patel, Directors of the Company, retire by rotation and being eligible, offer herself for reappointment at the ensuing Annual General Meeting.

PARTICULARS OF EMPLOYEES:

There is no employee having remuneration with the provisions of section 217(2A) of the companies Act, 1956 read with the companies (Particulars of employee) Rules, 1975 as amended.

DIVIDEND:

In view of losses incurred by the Company during the current financial year 2008-09, your Directors do not recommend any dividend for the year.

DEPOSITS:

The Company has not accepted any deposit from the public during the year.

RESPONSIBILITY STATEMENT:

As required u/s 217(2AA) of the Companies Act, 1956 your Director confirms that in the preparation of the annual accounts:

The applicable accounting standards have been followed along with proper explanation relating to material departures.

Such accounting policies have been selected and applied consistently and reasonable and prudent judgments and estimates made, so as to give a true and fair view of the state of affairs of the company at the end of the financial Year and the profit/loss of the company for that period.

Proper and sufficient care has been taken for the maintenance of the adequate accounting records in accordance with provisions of this act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities.

The annual accounts have been prepared on a going concern basis.

APPOINTMENT OF AUDITORS:

M/S P. DOSHI & ASSOCIATES, Chartered Accountants, the retiring auditors being eligible offer themselves for re-appointment. Members are requested to appoint them as auditors of the company for the next year till the conclusion of next Annual General Meeting of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS:

Management discussion and analysis Report, pursuant to Clause 49 of the Stock Exchange Listing agreement, forms part of this Report and the same is annexed below after the Report as annexure A.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE:

As required under rule 3 of the companies (Disclosure of Particulars in the report of Board of Directors) Rules 1998, the particulars relating to the conservation of energy, Technology absorption, and the foreign exchange earnings and outgo are also Nil.

REPORT ON CORPORATE GOVERNANCE:

A separate Report on Corporate Governance along with Certificate from Auditors on its compliance as annexed hereto.

SEGMENT:

Your Company is engaged in a single segment only.

ACKNOWLEDGEMENT:

The management is grateful to the government authorities, Bankers, Vendors for their continued assistance and co-operation. The directors also wish to place on record the confidence of members in the company.

Place: Ahmedabad For & on behalf of the Board of Director

Date: 01st September, 2009 SDA SDA

Varun Patel Narsinhbhai Patel

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