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Gala Global Products Ltd.

BSE: 539228 Sector: Services
NSE: N.A. ISIN Code: INE480S01018
BSE LIVE 19:40 | 19 Oct 159.95 10.50
(7.03%)
OPEN

153.50

HIGH

161.00

LOW

153.50

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 153.50
PREVIOUS CLOSE 149.45
VOLUME 31500
52-Week high 161.00
52-Week low 50.60
P/E 666.46
Mkt Cap.(Rs cr) 396
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 153.50
CLOSE 149.45
VOLUME 31500
52-Week high 161.00
52-Week low 50.60
P/E 666.46
Mkt Cap.(Rs cr) 396
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Gala Global Products Ltd. (GALAGLOBAL) - Auditors Report

Company auditors report

To the Members of

Gala Print City Limited

Ahmedabad

We have audited the accompanying financial statements of "Gala Print CityLimited" which comprise the Balance Sheet as at Mar 31 2017 and the Statement ofProfit and Loss for the period ended on that date and a summary of significant accountingpolicies and other explanatory information.

Management is responsible for the preparation of these financial statements that give atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the Accounting Standards as per Section 129 of Companies Act2013. This responsibility includes the design implementation and maintenance of internalcontrol relevant to the preparation and presentation of the financial statements that givea true and fair view and are free from material misstatement whether due to fraud orerror.

Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal control relevant to the Company's preparation and fair presentation ofthe financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accountingpolicies used and the reasonableness of the accounting estimates made by management aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March31 2017;

b) in the case of the Profit and Loss Account of the profit/ loss for the period endedon that date;

1. As required by the Companies (Auditor's Report) Order 2015 issued by the CentralGovernment of India in terms of sub-section (11) of section 143 of the Act we give in theAnnexure a statement on the matters specified in paragraphs 3 and 4 of the Order.

2. As required by section 143 of the Companies Act 2013 we report that:

a) We have obtained all the information and explanations which to the best of ourknowledge 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 theCompany so far as appears from our examination of those books

c) the Balance Sheet and Statement of Profit and Loss dealt with by this Report are inagreement with the books of account.

d) in our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards referred to section 129 of the Companies Act 2013;

e) on the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164 of theCompanies Act 2013.

PLACE: AHMEDABAD For P P SHAH & CO.
DATE: 12/06/2017 CHARTERED ACCOUNTANTS
Sd/-
(PRANAV SHAH)
PARTNER
M.No. 130500
FRN: 131378W

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof Gala Print City Limited on the accounts of the company for the year ended 31stMarch 2017.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

1. (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) As explained to us majority of the assets have been physically verified by themanagement during the year and there is a regular programme of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

(c) As explained to us title deeds of immovable properties are held in the name of thecompany.

2. (a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals.

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventories followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) In our opinion and according to the information and explanations given to us thecompany is maintaining proper records of inventory and there were no discrepancies betweenthe physical stocks and the book records.

3. (a) The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in register maintained under section 189 of the Companies Act2013.

(b) The Terms and conditions at which the said loan has been granted are notprejudicial in the interest of the company.

(c) In respect of loans granted the amount of Principal is regular.

(d) There is no overdue amount of loans granted to Companies listed in the registermaintained under section 189 of the Companies act 2013

4. In our opinion and according to the information and explanations given to us thereis generally an adequate internal control procedure commensurate with the size of thecompany and the nature of its business for the purchase of inventories & fixed assetsand payment for expenses & for sale of goods. During the course of our audit no majorinstance of continuing failure to correct any weaknesses in the internal controls has beennoticed.

5. The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013 or any other provisions of the Companies Act and therules framed there under.

6. In our opinion and according to the information and explanation given to us theCentral Government has not prescribed maintenance of cost records under section 148 of theCompanies Act 2013.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty Value Added Taxcess to the extent applicable and any other statutory dues have generally been regularlydeposited with the appropriate authorities. According to the information and explanationsgiven to us there were no outstanding statutory dues as on 31st of March 2017for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there is no amountspayable in respect of income tax wealth tax service tax sales tax customs duty andexcise duty which have not been deposited on account of any disputes.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution or bank.

9. Based on audit procedures and according to the information and explanations given tous the company has not raised any fund during the year under review. However due tomerger of this company with Gala Products Limited the share capital has been merged withthe capital of this company.

10. Based on the audit procedures performed and the information and explanations givento us we report that no fraud on or by the Company has been noticed or reported duringthe year nor we have been informed of such case by the management.

11. Based on our audit procedures and on the information given by the management wereport that the managerial remuneration has been paid / provided in accordance with therequisite approvals mandated by the provisions of section 197 read with schedule V to theCompanies Act.

12. The company is not Nidhi Company. Therefore this clause is not applicable.

13. Based on our audit procedures and on the information given by the management wereport all transactions with the related parties are in compliance with Section 188 and177 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the accounting standards and Companies Act 2013.

14. Based on our audit procedures and on the information given by the management wereport the company has made any preferential allotment / private placement of shares orfully or partly convertible debentures during the year under review. However during thefinanacial year under review Gala Products Limited has been merged with Gala Print CityLimited w.e.f. 1st April2016 and consequently share capital of GPL has beenmerged in GPCL and therefore the paid up capital has been increased from Rs. 47565000/-to Rs. 147565000/-

15. Based on our audit procedures and on the information given by the management wereport the company has not entered into any non-cash transactions with directors orpersons connected with him.

16. Based on the information given by the management we report the company is notrequired to be registered under section 45 IA of the Reserve Bank of lndia Act 1934.

PLACE: AHMEDABAD For P P SHAH & CO.
DATE: 12/06/2017 CHARTERED ACCOUNTANTS
Sd/-
(PRANAV SHAH)
PARTNER
M.No. 130500
FRN: 131378W