galactic enterprises ltd Directors report

DIRECTOR

To,

The Shareholders of

GALACTIC ENTERPRISES LTD.

AHMEDABAD.

Ladies & Gentlemen,

Your Directors have pleasure in presenting the 18th Annual Report together with the Audited Statement of Accounts for the year ended 31st March 2014

Financial Results:

	2013 2014	2012-2013
	(Rs)	(Rs)
Profit/(Loss) before Depreciation & Tax	(83,056)	(59,441)
Add: Depreciation	-	-
Provision for Taxation	-	-
Profit /(Loss) after Depreciation & Tax	(83,056)	(59,441)
Add: Brought forward Profit / (Loss)	(48,17,728)	(47,58,287)
Balance (Loss) Carried Forward	(49,00,784)	(48,17,728)

Operations:

The company continues its role in the advisory capacity to manage its investment in its subsidiary companies. The total operational income of the subsidiary company with Hospitality operations improved by approx. 4%.

Dividend:

Due to the carried forward losses of the company, your directors have decided to refrain from announcing dividend for the year under review.

Prospects:

I n the coming year, your company will continue to participate in the management of its investment in Victoria Capital Ventures Ltd., its wholly owned subsidiary. The Subsidiary Companies investment in new hotel rooms, online e-porta l aswell as other hospitality related online business will bear fruit in coming years.

Conservation of Energy & Technology Absorption:

The Company is not engaged in any manufacturing activity. Therefore there is no information to submit in respect of conservation of the energy and absorption and technology.

Foreign Exchange Earning and Outgoings:

The company has no foreign exchange earnings and out goings during the year.

Deposits:

No deposits from the public were accepted or outstanding with the company during the year ended 31st March 2014.

Particulars of Employees:

During the year under report none of the employees of your company were in receipt of remuneration in excess of the limits prescribed for disclosure as per section 217 (2A) of the companies Act, 1956, read with the companies (Particulars of Employees) Rules, 1975 asamended.

Directors:

There is no change in directors during the year.

Appointment of Auditors:

You are requested to appoint auditors and fix their remuneration at the ensuing Annual General Meeting.

Directors Responsibility Statement:

Pursuant to the provisions of subsection (2AA) of Section 217 of the Companies Act, 1956, your Directors confirm:

• that in the preparation of the Annual Accounts, the applicable accounting standards hadbeen followed along with proper explanation relating to material departures;

• that the Directors had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company, at the end of the financial year and of the profit of the Company for the year ended 31st March 2014

• That the Directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities; and

• That the Directors had prepared the annual accounts on a going concern basis.

ON BEHALF OF THE BOARD OF DIRECTORS

ABHAY MANGALDAS

CHAIRMAN

Date: 14/08/2014

Place: Ahmedabad