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Galaxy Commercial Ltd.

BSE: 539909 Sector: Financials
NSE: N.A. ISIN Code: INE515K01018
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Galaxy Commercial Ltd. (GALAXYCOMMERCIA) - Auditors Report

Company auditors report

To the Members of Galaxy Commercial Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Galaxy Commercial Limitedwhich comprise the Balance Sheet as at March 31 2016 the statement of Profit and Lossand Cash Flow Statement for the year ended and a summary of significant accountingpolicies and other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments; theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of

the accounting estimates made by the Company's Directors as well as evaluating theoverall 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 on the standalone financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2016 and its profit and its cash flows for the year ended on that date.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of Sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure A a statement on the matters specifiedin paragraphs 3 and 4 of the Order to the extent applicable.

As required by the non-banking financial companies Auditors report (Reserve Bank)directions 2008 issued by Reserve Bank of India (RBI) based on our audit we give hereunder a statement on the matters specified in paragraphs 3&4 of the said directions:

(i) The company is engaged in the business of Non-banking financial institution and hasobtained certificate of registration from RBI as a Non- banking financial companywithout accepting public deposit vide COR no. 00670.

(ii) Company meeting the 50% income/assets criteria is eligible to hold certificate ofregistration but on verification of accounts and on basis of our judgment we report thatthe company under reporting has maintained more than 50% of assets as financial assets and50% of total income as Financial income as on 31st March 2016.

(iii) Company is not an Asset Finance Company (AFC) as defined in Non-Banking FinancialCompanies Acceptance of Public Deposits (Reserve Bank) Directions 1998 with reference tothe business carried on by it during the applicable financial year.

(iv) A resolution for non-acceptance of any public deposit was passed in the meeting ofthe board of directors.

(v) The company has not accepted any public deposit during the year ended 31st march2016.

(vi) In our opinion and to the best of our information and according to the explanationgiven to us the company has complied with the prudential norms related to incomerecognition accounting standards assets classification and provisioning for bad anddoubtful debts as applicable to it in terms of non-financial (Non-deposit Accepting orHolding) Companies Prudential Norms (Reserve Bank) Directions 2007.

(vii) The company is not required to compute capital adequacy ratio in form NBS-7.

(viii) The company is not required to furnish to reserve bank of India the annualstatement of capital funds risk assets/ exposures and risk assets ratio (NBS-7).

As required by Section 143 (3) of the Act we report that:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

(e) On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in terms of Section164 (2) of the Companies Act 2013;

(f) With respect to the adequacy of the internal financial controls over financialreporting of Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A"; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

(i) There is no pending litigation which would have its impact on financial statementof the company.

(ii) The Company has made provision where ever required as required under theapplicable law or accounting standards for material foreseeable losses if any on thelong term contract and company has not entered in any derivative contracts under audit.

(iii) There are no amounts required to be transfer to the Investor Education andProtection Fund by the company.

For Mamraj & Co.
Chartered Accountants
Firm Regn No.: 006396N
Sd/-
Praveen Gupta
(Partner) Place: New Delhi
M. No.: 093403 Date: 03-09-2016

Galaxy Commercial Limited

Annexure to the Auditors' Report

The annexure referred to in our report to the members of Galaxy Commercial Limited forthe year Ended 31st March 2016. We report that:

Referred to in paragraph 1 under "Report on Other Legal and RegulatoryRequirements" section of our report of even date

Particulars Auditors Remark
(i) (a) whether the company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; Yes
(b) whether these fixed assets have been physically verified by the management at reasonable intervals; whether any material discrepancies were noticed on such verification and if so whether the same have been properly dealt with in the books of account; Yes
(c) Whether the title deeds of immovable properties are held in the name of the company. If not provide the details thereof; Yes
(ii) (a) Whether physical verification of inventory has been conducted at reasonable intervals by the management and whether any material discrepancies were noticed and if so whether they have been properly dealt with in the books of account. Yes
(iii) Whether the company has granted any loans secured or unsecured to companies firms Limited Liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013. If so Yes
(a) whether the terms and conditions of the grant of such loans are not prejudicial to the company's interest; No
(b) whether the schedule of repayment of principal and payment of interest has been stipulated and whether the repayments or receipts are regular; Yes
(c) if the amount is overdue state the total amount overdue for more than ninety days and whether reasonable steps have been taken by the company for recovery of the principal and interest; NA
(iv) In respect of loans investments guarantees and security whether provisions of section 185 and 186 of the Companies Act 2013 have been complied with. If not provide the details thereof. NA
(v) in case the company has accepted deposits whether the directives issued by the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevant provisions of the Companies Act and the rules framed thereunder where applicable have been complied with? If not the nature of such contraventions be stated; If an order has been passed by Company Law Board or National Company Law NA
T ribunal or Reserve Bank of India or any court or any other tribunal whether the same has been complied with or not?
(vi) Where maintenance of cost records has been specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013 and whether such accounts and records have been so made and maintained. NA
(vii) (a) whether the company is regular in depositing undisputed statutory dues including provident fund employees' state insurance income-tax sales-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues to the appropriate authorities and if not the extent of the arrears of outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable shall be indicated; Yes company is regular in depositing statutory dues and no outstanding statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable.
(b) where dues of income tax or sales tax or service tax or duty of customs or duty of excise or value added tax or cess have not been deposited on account of any dispute then the amounts involved and the forum where dispute is pending shall be mentioned. (A mere representation to the concerned Department shall not be treated as a dispute). NA
(viii) Whether the company has defaulted in repayment of loans or borrowing to a financial institution bank Government or dues to debenture holders? If yes the period and amount of default to be reported (in case of defaults to banks financial institutions and Government lender wise details to be provided). No
(ix) Whether moneys raised by way of initial public offer or further public offer (including debt instruments) and term loans were applied for the purposes for which those are raised. If not the details together with delays or default and subsequent rectification if any as may be applicable be reported; NA as no money raised by company by way of initial public offer or further public offer or term loan.
(x) Whether any fraud by the company or any fraud on the company by its officers or employees has been noticed or reported during the year; If yes the nature and the amount involved is to be indicated. No fraud has been noticed during the year.
(xi) Whether managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act? If not state the amount involved and steps taken by the company for securing refund of the same; NA as no managerial remuneration has been paid during the year.
(xii) whether the Nidhi Company has complied with the Net Owned Funds to Deposit in the ratio of 1:20 to meet out the liability and whether the Nidhi Company is maintaining ten percent unencumbered term deposits as specified in the Nidhi Rules 2014 to meet out the liability; NA
[xiii] whether all transactions with the related parties are in compliance with sections 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards; Yes
(xiv) Whether the company has made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review and if so as to whether the requirement of section 42 of the Companies Act 2013 have been complied with and the amount raised have been used for the purposes for which the funds were raised. If not provide the details in respect of the amount involved and nature of non-compliance; NA as the company does not issue shares during the year under review.
(xv) whether the company has entered into any non-cash transactions with directors or persons connected with him and if so whether the provisions of section 192 of Companies Act 2013 have been complied with; No the company has not entered into any non-cash transactions with directors or persons connected with him.
(XVI) Whether the company is required to be registered under section 45- IA of the Reserve Bank of India Act 1934 and if so whether the registration has been obtained. Yes the company has registered under section 45-IA of RBI Act 1934.
For Mamraj & Co.
Chartered Accountants
Firm Regn No.: 006396N
Sd/-
Praveen Gupta
(Partner) Place: New Delhi
M. No.: 093403 Date: 03-09-2016