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Galaxy Agrico Exports Ltd.

BSE: 531911 Sector: Engineering
NSE: N.A. ISIN Code: INE803L01016
BSE 00:00 | 03 Apr Galaxy Agrico Exports Ltd
NSE 05:30 | 01 Jan Galaxy Agrico Exports Ltd
OPEN 35.25
PREVIOUS CLOSE 35.25
VOLUME 2
52-Week high 35.25
52-Week low 32.00
P/E 47.64
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 35.25
CLOSE 35.25
VOLUME 2
52-Week high 35.25
52-Week low 32.00
P/E 47.64
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Galaxy Agrico Exports Ltd. (GALAXYAGRICO) - Auditors Report

Company auditors report

To

Thp Members

GALAXY AGRICO EXPORTS LIMITED

Report on the Standalone Financial Statements

1 have audited the accompanying standalone financial statements at GALAXY AGRICOEXPORTS LIMITED ('the Company":. which rompnse the Bailee Sheet at 31^ March 2017the Statement of Profit and Loss and the Cash flow Statement for the year the ended onthat date and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in SectionL34(15) of the Companies Art 201? ("the Act'") with respect to the preparationand presentation of these standalone financial statements that give a true and fair viewof the financial position financial performance and cash flows of the Company inaccordance 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 2016. 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 deleting frauds and other irregularitiesselection and application of appropriate accounting policies; making judgments andestimates that are reasonable ana prudent and design implementation and maintenance ofadequate internal financial controls that are operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparatitjh andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

My responsibility is to express an opinion on these standalone financial statementsbased on my audit. 1 1 .jvl- taken into account the provisions of the Act thea ecu un* mg and auditing standards and matters which arc required to be included in thenudi: report undei the provisions of the Act and the Rules made there under

I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I comply wi'th jEthical'equipments 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 ohm in 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 financiastatements whether due to fraud or error In making those risk assessments the auditorconsiders internal financial controls system over financial reporting relevant to theCompany's preparation of the financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting polities used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion.

Opinion

In my opinion and to the best of my information and according to the explanations givento me the standalone 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 3141March 2017;

(b) in the case of the Statement of Profit and Loss of the loss for the year ended onthat date

(c) in the case of the Cash Flow Statement of the Cash Flows for the year ended onthat date.

Emphasis of Matter

I draw attention to Note - J of Statement on Significant Accounting Policies relatingto 'Retirement Benefits' The liability for Gratuity is determined on payment basis andnot in accordance with Accounting Standard IS "Employee Benefits". The amount ofGratuity liability has not been ascertained and therefore not quantified. My opinion isnot modified in this respect.

Report on Other Legal and Regulatory Requirements

1. 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 Act I give in the "Annexure A" the statement on the matters specified inparagraphs 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 ofmy knowledge and belief are necessary for the purpose of my audit;

b. in my opinion proper books of account as required by law have been kept by theCompany so far as appears from my examination of those books;

c. the Balance Sheet and 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 my opinion the aforesaid financial statements comply with the AccountingStandards referred to in Section 133 of the Companies Act 2013 read with Rule 7 of theCompanies (Accounts) Rules 2014 except In the case of accounting for Gratuity as per AS -IS on Employee Benefits;

e. on the basis of written representations received from the directors as on 31ftMarch 2017 taken on record by the Board of Directors none of the directors aredisqualified as on 31s1 March 2017 from being appointed as a director in termsof Section lu4(2} of the Act; and

f. with respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to myseparate report in "Annexure B".

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 201in my opinion andto the best of my information and according to the explanations given to me:

(i) The Company does not have any pending lit gations which would impact its financialposition;

(ii) The Company has not entered into any long term contracts including derivativecontracts which require provisioning under any law or accounting standards for materialforeseeable losses if any;

(iii) There are no amounts required to be transferred to Investor Education andProtection Fund by the company during the year ended 3 lsl March 2017.

(iv) The Company had provided requisite disclosures in its financial statements as toholdings as well as dealings in Specified Bank Notes during the period from 8lh November2016 to 30v December 2016 and these are in accordance with the books ofaccounts maintained by the company

For Arun M. Kothari Chartered Accountant
Arun M. Kothari
Proprietor
Ahmedabad

Dated 30th May 2017

Membership No. 108569

'AfWEXURE A': TO THE IN DEPENI ENT AUDITORS RFPDRT

(Referred to in paragraph 1 under the heading of "Report on other Legal andRegulatory Requirements"

or my report of even date)

On the basis of the records produced to me for my verification/perusal such checks asI considered

appropriate and in terms of information and explanations given to me on my enquiriesI state that;

(i) (a) The Company has maintained proper records showing full particulars indudinq

quantitative details and situation of fixed assets

(b) The nxed 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 myopinion 15 reasonable having regard to the size of the Company and the nature of itsassets uisuant to the programme a portion of the fixed assets have been physicallyverified by the Management during the year and no material discrepances have been noticedon such verification. '

(c) The title deeds of immovable properties are he*d in the name of the company

00 (a) According to the information and explanation given to me the inventory has been

physical y verified during the year by the management in my opinion the frequency ofver-ficatlon Is reasonable. ^ y

(b) In my opinion and according to the information & explanations given to me thediscrepancies noticed on physical verification of the inventory as compared to bookrecords which has been properly dealt with in the books of account were not material

(iii) According to the information and explanations given :o me during the periodcovered under report the Company has not granted unsecured loan to parties covered in thereqister maintained under Section 189 of the Companies Act 2013.

(iv) In my opinion and according to the information and explanations given to me thecompany has complied with the provisions of sechon 185 and 186 of the Companies Act 2013in respea of loans investments guarantees and security.

(v) In my opinion and according to the information and explanations given to me theCompany has not accepted any deposits from the public and hence the directives issued bythe Reserve Bank of Sections 73 to 76 or any other relevant provisions of the Act and heCompanies (Acceptance of Deposit) Rules 2Q1S with regard to the deposits accepted fromthe public are not applicable.

(vi) In my opinion and according to the information and explanations given to me theCentral

Government has prescribed the maintenance of cost records under Section 148(1) of theCompanies Act 2013 in respect of goods manufactured by the Company. However the overallturnover :rf the company in the immediately preceding financial year was not Rs. 35 croresor more Accordingly the provisions of clause 3 (vl) of the Order are not applicable tothe Company.

(vii) In respect of statutory dues;

(a) According to the information and explanations given to me the Company is generallyregular in depositing with appropriate authorities undisputed statutory dues includingEmployee Provident Fund Income Tax Value Added Tax Service Tax Excise Duty cess andother material statutory dues except few cases of delay in payment of Service Tax ValueAdded Tax during the period ending 31* March 2017.

(b) According to the information and explanations given to me there are no dues inrespect of Provident Fund Income Tax Sales Tax Value Added Tax Service Tax CustomsDuty and cess that have not been deposited with the appropriate authorities on account ofany dispute.

(viii) In my opinion and according to the information and explanations given to me theCompany has not defaulted in repayment of dues to bank or financial institutions duringthe period covered under this report. The Company has not taken any loan either fromfinancial institutions or from

the government and has not issued any debentures.

(ix) In my opinion and according to the information and explanations given to me thecompany has not raised moneys by way of initial public offer or further public offerincluding debt instruments and term Loans. Accordingly the provisions of clause 3 (ix) ofthe Order are not applicable to the Company.

(x) In my opinion and according to the information and explanations given to me Ireport that no fraud by the Company or on the company by its officers or employees hasbeen noticed or reported during the year

(xi) In my opinion and according to the information and explanations given to memanagerial remuneration have been paid in accordance with the provisions of section 197read with Schedule V to the Companies Act 2013

(xn) In my opinion and according to the information and explanations given to me theCompany 15 not a rvidhi Company. Accordingly the provisions of clause 3 (xii) of theOrder are not applicable to the Company

(xm) In my opinion and according to the information and explanations given to me alltransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 and

the details have been disclosed in the Financial Statements as required by theapplicable accounting standards.

(xiv) In my opinion and according bo the information and explanations given to me thecompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. Accordingly the provisions ofdause 3 (xiv) of the Order are not applicable to the Company.

(xv) In my opinion and according to the information and explanations given to me thecompany has not entered into any non-cash transactions with directors or persons connectedwith him. Accordingly the provision of dause 3 (xv) of the Order is not applicable to theCompany.

(xvi) In my opinion and according to the information and explanations given to me thecompany is not required to be registered under section 45 IA of the Reserve Bank of IndiaAct 1934 and accordingly the provision of dause 3 (xvi) of the Order is not applicableto the Company

Ahmedabad Dated 30lh May 2017 For Arun M Kothari Chartered Accountant

i

Arun M. Kothari Proprietor Membership No: 108669

' ANNEXURE 8" TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Interna! Financial Controls under Clause fi) of Sub-section 3 of Section143

of the Companies Act 2013 ("the Art")

[ haui audited the internal financial oontr aver financial reporting of GALAXY AGRICOEXPORTS LIMITED ("the Company") as of March 3! 201 ^ in conjunction .with myaudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Mote on Audit of Internal Financial Control over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate Internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherent - to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditor's Responsibility

My responsibility is to express an opinion on the Company's internal financial controlsover financial reporting based on my audit 1 have conducted my audit in accordance withthe Guidance Note on Audit of ] mom a I Financial Controls Over Financial Reporting {the"Guidance Note") and the Standards on Auditing issued by ICA1 and prescribedunder sectior 143(10} of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls issued by the Institute of Chartered Accountants of IndiaThose Standards arid the Guidance Note require that I comp!y with ethicalrequirements and plan and perform the audd to obtain reasonable assurance about whetheradequate internal Financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects

My audit mvolves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal eontrn. based on the assessed risk The proceduresselected depend on the auditor's judgment including the assessment of the risks of matsrial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company's internal financial controls systemover financial reporting.