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Galactico Corporate Services Ltd.

BSE: 542802 Sector: Financials
NSE: N.A. ISIN Code: INE906Y01028
BSE 00:00 | 28 Nov 15.35 -0.25
(-1.60%)
OPEN

15.65

HIGH

15.65

LOW

14.85

NSE 05:30 | 01 Jan Galactico Corporate Services Ltd
OPEN 15.65
PREVIOUS CLOSE 15.60
VOLUME 758978
52-Week high 88.15
52-Week low 3.23
P/E 139.55
Mkt Cap.(Rs cr) 229
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 15.65
CLOSE 15.60
VOLUME 758978
52-Week high 88.15
52-Week low 3.23
P/E 139.55
Mkt Cap.(Rs cr) 229
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Galactico Corporate Services Ltd. (GALACTICOCORPO) - Auditors Report

Company auditors report

To The Members of

Galactico Corporate Services Limited

REPORT ON THE STANDALONE FINANCIAL STATEMENTS

We have audited the accompanying financial statements of GalacticoCorporate Services Limited ("the Company") which comprise the Balance Sheet asat March 31 2022 and the Statement of Profit and Loss and Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

MANAGEMENT'S RESPONSIBILITY FOR THE FINANCIAL STATEMENTS

The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation and presentation of these standalone financial statements that give a true andfair view of the financial position financial performance and cash flows of the Companyin accordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these financialstatements based on our audit. We conducted our audit in accordance with the Standards onAuditing issued by the Institute of Chartered Accountants of India. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and disclosures in the financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made bymanagement as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion.

OPINION

In our opinion and to the best of our information and according to theexplanations given to us the financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

a. in the case of the Balance Sheet of the state of affairs of theCompany as at March 31 2022;

b. in the case of the Profit and Loss Account of the profit for theyear ended on that date; and

c. in the case of the Cash Flow Statement of the cash flows for theyear ended on that date.

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2020("the Order") issued by the

Central Government of India in terms of Section 143(11) of the Act wegive in the Annexure A

statement on the matters specified in the paragraphs 3 and 4 of theOrder to the extent applicable.

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

a. we have obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purpose of our audit;

a. in our opinion proper books of account as required by law have beenkept by the Company so far as appears from our examination of those books;

b. the Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account;

c. in our opinion the Balance Sheet Statement of Profit and Loss andCash Flow Statement comply with the Accounting Standards specified under Section 133 ofthe Act read with Rule 7 of the Companies (Accounts) Rules 2014;

d. on the basis of written representations received from the directorsas on March 31 2022 and taken on record by the Board of Directors none of the directorsis disqualified as on March 31 2022 from being appointed as a director in terms ofSection 164 (2) of the Act;

e. With respect to adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referour separate Report in Annexure - B.

f. In our opinion and to the best of our information and according tothe explanations given to us we report as under with respect to other matters to beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014:

(i) The Company does not have any pending litigations which wouldimpact its financial position

(ii) The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.

(iii) There has not been an occasion in case of the Company during theyear under report to transfer any sums to the Investor Education and Protection Fund. Thequestion of delay in transferring such sums does not arise.

Annexure A to Independent Auditors' Report

The Annexure referred to in our report to the members of GalacticoCorporate Services Limited ('the Company') on Standalone Financial Statements for the yearended 31st March 2022. We report that:

i. In respect of Property Plant and Equipment:

(a) The Company is maintaining proper record to show full particularsincluding quantitative details and situation of all Property Plant and Equipment on thebasis of available information.

(b) We are informed that the Company has a regular programme ofphysical verification of its Property Plant and Equipment by which Property Plant andEquipment are verified in a phased manner over a period of three years. In accordance withthis programme Property Plant and Equipment were verified during the period and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to size of the Company and the natureof its assets.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of all theimmovable properties (other than properties where the Company is the lessee and the leaseagreements are duly executed in favor of the lessee) disclosed in the financial statementsare held in the name of the Company;

(d) The Company has not revalued its Property Plant and Equipment(including Right of Use assets) or intangible assets or both during the year;

(e) No proceedings have been initiated or are pending against theCompany for holding any Benami property under the Benami Transactions (Prohibition) Act1988 (45 of 1988) and rules made thereunder;

ii. (a) In respect of its inventories: As explained to us the Companyis into service sector and does not hold any inventories.

(b) The Company has not been sanctioned working capital limits of overfive crore rupees in aggregate from banks or financial institutions based on thesecurity of current assets during any point time of the year;

iii. During the year the Company has not made investments in providedany guarantee or security or granted any loans or advances like loans secured orunsecured to companies firms Limited Liability Partnerships or any other parties.Accordingly reporting requirements of this clause is not applicable;

iv. According to the information and explanation given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made during the period. The Company has not given anyguarantee or provided any securities during the period;

v. According to the information and explanation given to us theCompany has not accepted any deposits from the public and accordingly clause 3(v) of theOrder is not applicable;

vi. As informed to us the Central Government has not prescribedmaintenance of the cost records under Section 148(1) of the Companies Act 2013;

vii. (a) According to the information and explanations given to us andthe records of the Company examined by us the Company is generally regular in depositingwith appropriate authorities undisputed statutory dues including Provident Fundemployee's state insurance income tax service tax sales tax tax deducted at sourcecess and other material statutory dues applicable to it there are no such outstandingstatutory arrears as at 31st March 2022 for a period of more than six months from the datethey becomes payable;

lame of the tatute Nature of the dues Amount (in Rs. 000) Period to which the amount relates
icome Tax Act 961 TDS 37.88 FY 2017-18

(b) According to the information and explanations given to us and therecord of the Company examined by us there were statutory dues which have not beendeposited on account of any dispute pending which are as follows:

viii. There are no such transactions that are not recorded in the booksof account and have been surrendered or disclosed as income during the year in the taxassessments under the Income Tax Act 1961 (43 of 1961);

ix. (a) The Company has not defaulted in repayment of loans or otherborrowings or the payment of interest thereon to any lender;

(b) The Company is not a declared willful defaulter by any bank orfinancial institution or another lender;

(c) As per information and explanations given to us and on the basis ofrecords examined by us term loans were applied for the purpose for which the loans wereobtained;

(d) Funds raised on a short-term basis have not been utilized for longterm purposes;

(e) The Company has not taken any funds from any entity or person onaccount of or to meet the obligations of its subsidiaries associates or joint ventures;

(f) The Company has not raised loans during the year on the pledge ofsecurities held in its subsidiaries joint ventures or associate companies;

x. (a) In our opinion and according to the information and explanationsgiven to us and on the basis of our examination of the records of the Company during thecurrent year the Company has utilized all the money raised by way of initial publicoffer for the purpose for which they were raised. The shares of the Company were listedon BSE SME on October 9 2019. Refer Note no. 6 for detailed information. Further theCompany did not raise any money by way of further public offer (including debtinstruments) during the year.

(b) As per explanations given to us; the Company has not made anypreferential allotment or private placement of shares or convertible debentures (fullypartially or optionally convertible) during the year. Accordingly reporting requirementof this clause is not applicable;

xi. (a) According to information and explanations given to us no fraudon or by the Company has been noticed or reported during the year;

(b) There is no report under Section 143(12) of the Companies Act 2013has been filed by the auditors of the Company;

(c) No whistle-blower complaints were received during the year by theCompany;

xii. In our Opinion and according to the information and explanationsgiven to us the Company is not a Nidhi Company and hence no such compliances are requiredunder clause;

xiii. According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with Sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards;

xiv. (a) The Company has an internal audit system commensurate with thesize and nature of its business.

(b) The internal audit reports of the Company issued till the date ofits audit report for the period under audit have been considered by us.

xv. According to the information and explanations given to us and basedon our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly clause3(xv) of the Order is not applicable;

xvi. The Company is not required to be registered under Section 45-IAof the Reserve Bank of India Act 1934. Accordingly reporting requirements of this clauseis not applicable;

xvii. The Company has not incurred cash losses in the financial yearand the immediately preceding financial year;

xviii. There has been no resignation of the statutory auditors duringthe year. Accordingly reporting requirements of this clause is not applicable;

xix. In our opinion and according to information and explanations givento us based on the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements knowledge of the Board of Directors and management plans there isno material uncertainty that exists as on the date of the audit report that Company iscapable of meeting its liabilities existing at the date of the balance sheet as and whenthey fall due within one year from the balance sheet date;

xx. As per the provisions of Section 135(5) the Company is notmandatorily required to constitute a Corporate Social Responsibility Committee and spendfunds for the Corporate Social Responsibility (CSR) activities. Accordingly reportingrequirements of this clause is not applicable.

xxi. There has not been any qualifications or adverse remarks by therespective auditors in the companies (Auditor's Report) Order (CARO) reports of thecompanies included in the consolidated financial statements.

Annexure B to Independent Auditors' Report

Referred to in paragraph 2(f) of the Independent Auditors' Report ofeven date to the members of Galactico Corporate Services Limited on the financialstatement for the year ended 31 March 2022

Report on the internal financial controls under clause (i) of Section143(3) of Act

1. We have audited the internal financial controls over financialreporting of Galactico Corporate Services Limited ('the Company') as of March 31 2022 inconjunction with our audit of the financial statement of the Company for the year ended onthat date.

Management's responsibility for internal financial controls

2. The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the 'Guidance Note') and the Standards on Auditing deemed to beprescribed under Section 143(10) of the Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit an internal financial controlsand both issued by the ICAI. Those Standards and the Guidance Note require that we complywith ethical requirements and plan and perform the audit to obtain reasonable assuranceabout whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statement whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of internal controls over financial reporting

6. A Company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statement for external purposes in accordancewith generally accepted accounting principles. A Company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the Company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the Company are being made only in accordance with authorizations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of internal financial controls over financialreporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of change in conditions orthat the degree of compliance with the policies or procedures may deteriorate.

Opinion

8. In our opinion the Company has in all material respects anadequate internal financial controls system over financial reporting and such internalfinancial controls over financial reporting were operating effectively as at March 312022 based on the internal control over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

For M/s. G R A N D M A R K & Associates
Chartered Accountants
(FRN:011317N)
Sd/-
Vinit P. Picha
Partner
Membership No: 159938
Place : Nashik
Date : May 13 2022
UDIN : 22159938AJAIZL2438

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