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