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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