Annual Report - Bombay Stock Exchange · GALA PRINT CITY LIMITED 3 | Page Annual Report 2015-16...

6th

Annual Report

2015‐16

GALAPRINTCITYLIMITED

GALA PRINT CITY LIMITED

1 | P a g e Annual Report 2015-16

CONTENT

02CorporateInformation

03NoticeofAGM

09Director’sReport

16AnnexurestoDirectorsReport

34ManagementDiscussionsandAnalysisReport

36ReportonCorporateGovernance

49StandaloneFinancialStatements

68ProxyFormandAttendanceSlip



CorporateInformation

BoardofDirectors

VishalM.Gala DIN:00692090 ‐Chairman&ManagingDirectorAlpaJ.Pandya DIN:07013011 ‐Non‐ExecutiveIndependentDirectorMaulikR.Vyas DIN:06921705 ‐Non‐ExecutiveIndependentDirectorRajanN.Mehta DIN:06923405 ‐Non‐ExecutiveIndependentDirectorAnujM.Shah DIN:07349001 ‐AdditionalDirectorChandrakantLiladharShah‐ChiefFinancialOfficer

CommitteesofBoardofDirectors AuditCommittee

MaulikR.Vyas‐ChairmanRajanMehta‐MemberVishalGala‐Member

StakeholdersRelationshipCommittee

MaulikR.Vyas‐ChairmanRajanMehta‐MemberAnujM.Shah‐Member

NominationandRemunerationCommittee

MaulikR.Vyas‐ChairmanRajanMehta‐MemberAlpaJ.Pandya‐Member

AuditorsBankers

M/sPPShah&Co.StateBankofIndiaCharteredAccountantsAhmedabad1‐SiddharthAppt.,17‐BSuryodayColony,SardarPatelStatueRoadNaranpura,Ahmedabad‐380013 Registrar&TransferAgent

KarvyComputersharePrivateLimited701,HallmarkBusinessPlaza,SantDyaneshwarMarg,OffBandraKurlaComplex,Bandra East ,Mumbai–400051.

CIN:L22219GJ2010PLC063243ISIN:INE480S01018

RegisteredOffice

GalaPrintCityLimitedB‐1LaxmiCom.Co.Op.Estate,B/HOldNavneetPress,Sukhramnagar,Ahmedabad‐380021



NOTICE

NOTICEisherebygiventhat6thAnnualGeneralMeetingofthecompanywillbeheldon30thSeptember,2016at11:00A.M.at the registeredofficeof thecompanyatB‐1 ,LaxmiCom.Co.Op.Estate,B/HOldNavneetPress,Sukharamnagar,Ahmedabad‐380021totransactthefollowingbusiness:

ORDINARYBUSINESS

1.Toreceive,considerandadopttheAuditedFinancialStatementofthecompanyforthefinancialyearendedon31stMarch,2016includingauditedBalanceSheetason31stMarch,2016andstatementofProfit and Loss account for the year ended on that date along with the Report of the Board ofDirectorsandAuditorsthereon;and

2. To re‐appointMr. Vishal M. Gala DIN: 00692090 , who is liable to retire by rotation and beingeligible,offershimselfforre‐appointment.

3.ToappointAuditorsandfixtheirremunerationandinthisregardtoconsiderand,ifthoughtfit,topasswithorwithoutmodification s ,asanOrdinaryResolution:

“RESOLVEDTHATpursuanttoSection139andotherapplicableprovisions,ifany,oftheCompaniesAct,2013,and theCompanies AuditandAuditors Rules,2014, theappointmentofM/s.PPShah&Co.,CharteredAccountants Registrationno.131378W astheStatutoryAuditorsoftheCompanyand that they shallhold the saidoffice till the conclusionofnextAnnualGeneralMeetingat suchremuneration inclusiveoftheaboveperiod asmayberecommendedbytheAuditCommitteeandapprovedbytheBoardofDirectorsoftheCompanyinconsultationwiththeStatutoryAuditors.”

SPECIALBUSINESS

4.Toconsiderandifthoughtfit,topasswithorwithoutmodification s ,thefollowingresolutionasanOrdinaryResolutionforRegularisingAdditionalDirectorMr.AnujM.Shah:

“RESOLVEDTHATpursuanttotheprovisionsofSections152,161andotherapplicableprovisionsofthe Companies Act, 2013 “the Act” and the rules made thereunder including any statutorymodification s orre‐enactmentthereof Mr.ANUJMAYURKUMARSHAH DIN‐07349001 ,whowasappointedasanAdditionalDirectorinthecapacityofanExecutiveDirectoronNovember26,2015and inrespectofwhomtheCompanyhasreceivedanotice inwritingunderSection 160of theCompaniesAct,2013,beandisherebyappointedasanExecutiveDirectoroftheCompanywhoseperiodofofficeshallbeliabletodeterminationbyretirementofdirectorsbyrotation.”

5.Toconsiderandifthoughtfit,topasswithorwithoutmodification s ,thefollowingresolutionasan

SpecialResolutiontoReviseRemunerationofMr.VishalM.Gala,ManagingDirector:

“RESOLVEDTHATinpartialmodificationoftheresolutionpassedattheGeneralMeetingheldon22ndJanuary,2015andpursuanttotheprovisionsofSections196,197,ScheduleVandotherapplicableprovisions,ifany,oftheCompaniesAct,2013andsubjecttosuchconsents,approvalsorpermissionsasmaybenecessary,approvalofthemembersbeandisherebyaccordedtotherevisioninthesalaryofMr. VishalM. Gala DIN : 00692090 ,Whole‐timeDirector, designated as ExecutiveDirector totake effect from 01st February 2016, for the unexpired period of his term, upon the terms andconditionssetoutintheexplanatorystatementannexedtothenoticeconveningthisAnnualGeneralMeeting.



“RESOLVEDFURTHERthattheBoardofDirectorsbeandisherebyauthorisedtoalterandvarytheterms and conditions of the said appointment, to the extent the Board of Directorsmay considerappropriate,orasmaybepermittedorauthorisedinaccordancewiththeprovisionsoftheActforthetimebeinginforceandwithinsuchlimits,ifany,asmaybesetoutintheActincludingthesaidScheduleVtotheAct, insuchmannerasmaybedecidedbytheBoardofDirectorsand, thetermsshallbesuitablymodifiedtogiveeffecttosuchalterationand/orvariation.”

Date:31.08.2016For,GalaPrintCityLimited

VishalGala

Chairman&ManagingDirector



Notes

• TheExplanatory Statement, pursuant to provisionsof section102of theCompaniesAct, 2013andrulesmadethereunderisannexedheretoandformspartofthenotice.

• AMEMBERENTITLEDTOATTENDANDVOTEATTHEMEETINGISENTITLEDTOAPPOINTONEORMOREPROXIESTOATTENDANDVOTEINSTEADOFHIMSELF,ONAPOLLONLYANDSUCHPROXYNEEDNOTBEAMEMBEROFTHECOMPANY.Apersoncanactasproxyonbehalf ofmembernotexceeding50 fifty andholdingintheaggregatenotmorethantenpercentofthetotalsharecapitaloftheCompany.

•TheinstrumentofProxyinordertobeeffective,shouldbedepositedattheRegisteredOfficeoftheCompany, duly completed and signed, not less than 48 hours before the commencement of themeeting. A Proxy form is attached therewith. Proxy form submitted on behalf of the Companies,Societies,etc.mustbesupportedbyanappropriateresolution/authority,asapplicable.Proxyshallnotvote,exceptonapoll.

•The Book Closure Date for Members of the Company will be on Friday, 23rd September, 2016 toFriday,30thSeptember,2016 bothdaysinclusive .

• TheRegisterofDirectorsandKeyManagerialPersonneland theirshareholding,maintainedunderSection170oftheCompaniesAct,2013willbeavailableforinspectionbythemembersattheAnnualGeneralMeetingoftheCompany.

• Members/ProxiesshouldbringtheAttendanceSlipdulycompletedandsignedinaccordancewiththespecimensignatureregisteredwiththeCompanyforattendingtheMeeting.AnAttendanceSlipisannexedtothisreport.

• CorporateMembers intending tosend theirauthorizedrepresentativesarerequested tosenddulycertifiedcopyofBoardResolutionauthorizingtheirrepresentativestoattendandvoteattheensuingAnnualGeneralMeeting.

• Membersholdingsharesinelectronicformarerequestedtointimateanychangeintheirregisteredaddress/E‐mailaddressand/orbankmandatestotheirDepositoryParticipantswithwhomtheyaremaintaining their demat account simultaneously. Members holding shares in physical form arerequested to advise any change in their registered address toM/s. Karvy Computershare PrivateLimited,theRegistrarandShareTransferAgent.

• Trading in the sharesof theCompanycanbedone indematerialized formonly.Dematerializationwould facilitate paperless trading through state‐of‐the‐art technology, quick transfer of corporatebenefitstomembersandavoidinherentproblemsofbaddeliveries, lossinpostaltransit,thefraudandmutilationofsharecertificateandwillnotattractanystampduty.

•MembersarerequestedtocontactourRegistrarandTransferAgentforanyqueryrelatedtoshares,andotherinquiryatfollowingaddress.KarvyComputersharePrivateLimited701,HallmarkBusinessPlaza,SantDyaneshwarMarg,OffBandraKurlaComplex,Bandra East ,Mumbai–400051.

•Pleasequotefoliono./DPID&CL.IDforanyCommunicationfortheirshareholding.Bringthecopyof



AnnualReportatthemeeting.•TheCompany’ssharesarelistedatMumbaiStockExchange BSE .TheCompanyhaspaidlistingfeestoBSEforfinancialyear2016‐2017.

•GreeninitiativematterThe Ministry of Company Affairs MCA has taken the “Green Initiative in CorporateGovernance” CircularNo.17/2011datedApril,2011andCircularNo.18/2011datedApril20,2011 alongwithpaperlesscompliancebycompliancesbycompaniesthroughelectronicmode.

KeepinginviewunderlyingthemeandcircularissuedbyMCA,weproposetosendalldocumentstobe sent to shareholders like General Meeting Notice including the AGM, Annual Report includingAuditedFinancial Statements,DirectorReport,AuditorReport etc.to our shareholder in electronicform,totheemailaddressprovidedbythemandmadeavailabletousbytheDepositories.Pleasealsonotethatyouwillbeentitledtobefurnishedfreeofcost,withacopyoftheAnnualReportof theCompanyandallotherdocumentsrequiredby lawtobeattached thereto,uponreceiptofarequisitionfromyou,anytime,asamemberof theCompanysucharequisitionmaybesent to theRegisteredOfficeoftheCompanyattheaddressmentionedelsewhereinthereport.

Date:31.08.2016For,GalaPrintCityLimited

VishalGala

Chairman&ManagingDirector



EXPLANATORYSTATEMENTPURSUANTTOSECTION102OFTHECOMPANIESACT,2013ITEMNO.3

AsperSection139andotherapplicableprovisions,ifany,oftheCompaniesAct,2013,andtheCompaniesAudit and Auditors Rules, 2014,the appointment of M/s. PP Shah &Co., Chartered AccountantsRegistrationno.131378W astheStatutoryAuditorsoftheCompanyandthattheyshallholdthesaidofficetilltheconclusionofnextAnnualGeneralMeeting.

As per the Companies Act, 2013, M/s. PP Shah &Co., Chartered Accountants have confirmed that theappointment,ifmade,wouldbewithinthelimitsspecifiedunderSection141 3 g oftheActthattheyarenot disqualified to be appointed as the StatutoryAuditors in termsof theprovisions of Section 139 1 ,141 2 and141 3 oftheAct.

TheDirectorsrecommendthepassingoftheresolutionasanOrdinaryResolutionasproposedunderItemNo.3oftheNoticefortheratificationandappointmentofM/s.PPShah&Co.,CharteredAccountants,astheStatutoryAuditorsuntiltheconclusionofthenextAGM.

Noneof theotherDirectors/keymanagerialpersonnelof theCompanyor their relativesare, inanyway,concernedorinterested,financiallyorotherwise,intheseresolutionsatitemno.3oftheNotice.

All the documents referred to in the Notice and Explanatory Statements are available for inspectionbetween11a.m.and1p.m.tillthedateofthisAnnualGeneralMeeting.

ITEMNO.4

Aspercompaniesact,2013pursuanttotheprovisionsofSections149,152andotherapplicableprovisionsoftheCompaniesAct,2013 “theAct” andtherulesmadethereunder includinganystatutorymodifications or re‐enactment thereof read with the Listing Regulations, MR. ANUJ MAYURKUMAR SHAH DIN‐07349001 ,whowasappointedasanAdditionalDirector,nowRegularizeasaDirectorofthecompany.

ITEMNO.5TheBoardofDirectorsattheirboardmeetingheldon03.02.2016hasapprovedincreaseinremunerationofMr.VishalM.Gala,ManagingDirectorof the company fromRs. 6,00,000p.a. toRs. 10,00,000p.a. for theremainingperiodofhistenurei.e.upto21.01.2020,consideringhisexperience,expertise,knowledgeandhisendlesseffortsforgrowthofthecompany.Pursuant to provisions of Sections 196, 197, Schedule V of the Companies Act, 2013 approval ofshareholdersisrequiredforpaymentofremunerationtoDirectorinexcessofprescribedlimit.NoneoftheotherDirectors/keymanagerialpersonneloftheCompanyortheirrelativesexceptMr.VishalGalaare,inanyway,concernedorinterested,financiallyorotherwise,intheseresolutionsatitemNo.5oftheNotice.

All the documents referred to in the Notice and Explanatory Statements are available for inspectionbetween11a.m.and1p.m.tillthedateofthisAnnualGeneralMeeting.



DetailsofDirectorsseekingreappointment/changeindesignation:

Name VishalMulchandbhaiGala Anuj MayurkumarShahDIN 00692090 07349001Appointedon 14.12.2010 26.11.2015Qualification B.Com. B.Com,MCABriefProfile He is graduate in commerce and

handlingmarketing, finance, andadministration of the Company.Hehasexperienceof12years inthe field of paper printing andstationerymanufacturing and asmanaging director of theCompany from more than 5years. He has vast experience inmanagement,administrationandeffective policy formulations forefficient and smooth running oftheCompany.

He is a commercegraduatewithMasters of ComputerApplications. He has vastexperience in the field of I.T. Heis handling administration andI.T.Departmentofthecompany.

Directorship held in othercompanies

2 Nil

Membership/chairmanship ofcommitteeinothercompanies

Nil Nil

No.ofSharesheldinthecompany 15,05,263 Nil



Directors’Report

DearMembers,TheDirectors takes pleasure in presenting the 6th Annual Report on the business and operations of thecompanytogetherwiththeAuditedFinancialStatementsforthefinancialyearendedon31stMarch,2016.1 FINANCIALSUMMARY/HIGHLIGHTSOFPERFORMANCEOFTHECOMPANY:

FinancialResults RupeesinLacs

Particulars Yearended31‐03‐2016

Yearended31‐03‐2015

TotalRevenue 2169.26 1390.13

Profit Loss beforetax 19.37 13.44

Less:TaxExpenses

CurrentTax

MATCredit

DeferredTax

4.20

‐

1.91

2.56

2.56

2.69

NetProfit Loss Aftertax 13.26 10.75

2 PERFORMANCE:

Despite acute competition, performance of your Company for the year under review has remainedencouraging.ThecompanyhasbookedprofitofRs.13.26lacswhichisincreasedby23.35%ascomparedtolastyear.TheEPSwasrecordedat0.30,whichwaslowercomparedtothatoflastyear.Thesameisloweredinviewofthe12,66,000Eq.SharesbeingaddedtothepoolthrowanIPOduringtheyearunderreview.3 INITIALPUBLICOFFERING&SHARECAPITALDuringtheyearunderreview,yourcompanycameupwithanIPOof12,66,000EquitysharesofRs.10/‐eachatapremiumofRs.14/‐persharewithTotalIssuesizeofRs.303.84Lacs.YourBoardisreallythankfulforthetrustposedintheCompany.SubsequentlythesharesofthecompanyhavebeenlistedonSMEPlatformofBSEsinceJuly16,2015.Atpresent,theCompanyhasonlyoneclassofshare–EquitysharesofparvalueRs.10each.TheauthorizedsharecapitalofthecompanyisRs.6,50,00,000/‐dividedinto65,00,000equitysharesofRs.10each.ThepaidupsharecapitalofthecompanyisRs.4,75,65,000/‐dividedinto47,56,500equitysharesofRs.10each.



Duringtheyearunderreview,theCompanyhasnot issuedshareswithdifferentialvotingrightsnorgrantedstockoptionsnorsweatequity.4 DIVIDENDInviewofConservingResources,yourDirectorsdonotrecommendanyDividendonequitysharesfortheyearended31stMarch,2016.5 RESERVES

TheBoardproposestotransfercurrentyearprofitofRs.13.26LacstoGeneralReserveA/CfortheFinancialYearendedon31stMarch,2016.

6 DEPOSITS

TheCompanyhasnotacceptedanydepositswithinthemeaningofSection73ofthecompaniesAct,2013andundertheCompanies AcceptanceofDeposit Rules,2014duringtheyearunderreview.

7 FUTUREOUTLOOK

Thecompanylookforwardtodiversifyitsproductbaseandemphasizingfocusonpaperwastebeingthemajorrawmaterialrequiredbypapermanufacturers.8 ENERGY,TECHNOLOGYANDFOREIGNEXCHANGE

Inaccordancewith theprovisionsofClause m ofSubSection 3 ofSection134 theCompaniesAct,2013readwithCompanies Accounts Rules,2014,therelevantinformationpertainingtoconservationofenergy,technologyabsorption,foreignexchangeearningsandoutgoisgiveninANNEXURE‐1andformspartofthisreport.

9 MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION OFTHECOMPANYTheBoardofDirectorsoftheCompanyhasapprovedtheproposalofAmalgamationofM/s.GalaProductsLtd.withM/s.GalaPrintCityLtd.ontheboardmeetingheldon26thMarch,2016andthecompanyhaspreparedandapprovedschemeofAmalgamation.ThecompanyhasfilledapplicationforAmalgamationofM/s.GalaProductsLtd.withM/s.GalaPrintCityLtd.totheBSE‐DesignatedStockExchangeandtotheHighCourtofGujaratalso.There were no such other material changes occurred subsequent to the close of the financial year of theCompanytowhichthebalancesheetrelatesandthedateofthereportwhichcanaffectthefinancialpositionoftheCompany.10 DETAILSOFSIGNIFICANTANDMATERIALORDERSNosuchOrdershavebeenpassedbytheRegulators/CourtorTribunalswhichcanimpactthegoingconcernstatusandCompany'soperationinfuture.



11 DETAILSOFSUBSIDIARY/JOINTVENTURES/ASSOCIATECOMPANIESThe Company has no any Subsidiary/Joint Ventures/Associate Companies. Hence, details relating toSubsidiary/JointVentures/AssociateCompaniesarenotprovidedfor.

12 PARTICULARSOFLOANS,GUARANTEESORINVESTMENTSBYTHECOMPANYDetailsofLoans,GuaranteesandInvestments,ifanycoveredundertheprovisionsofSection186oftheActaregiveninthenotestotheFinancialStatements.13 EXTRACTSOFANNUALRETURN

AnextractofAnnualReturninFormMGT_9isattachedherewith. ANNEXURE‐2

14 PARTICULARSOFCONTRACTSORARRANGEMENTSWITHRELATEDPARTIES

Allrelatedpartytransactionsthatwereenteredintoduringthefinancialyearwereonanarm'slengthbasisandwere in the ordinary course of business. There are nomaterially significant related party transactionsmadebytheCompanywhichmayhaveapotentialconflictwiththeinterestoftheCompanyatlargeandthusdisclosureinFormAOC‐2isnotrequired.TheBoardhasformulatedPolicyonRelatedPartyTransactions.15 DIRECTORATEANDKEYMANAGERIALPERSONNEL:The Board of Directors of your company has various executive and non‐executive directors includingIndependentDirectorswhohavewideexperienceindifferentdisciplinesofcorporatefunctioning.InaccordancewiththeprovisionsofSection152oftheCompaniesAct,2013andArticlesofAssociationoftheCompany,Mr.VishalM.Gala DIN:00692090 retiresbyrotationattheensuingAnnualGeneralMeetingandbeingeligibleintermsofSection164oftheActoffershimselfforre‐appointment.TheCompanyhad,pursuanttotheprovisionsofregulation17oftheListingRegulation,appointedMr.MaulikR. Vyas DIN: 06921705 , Mr .Rajan N.Mehta DIN:06923405 ,Mrs. Alpa J. Pandya DIN:07013011 , as anIndependentDirectorsoftheCompany.Mr.SanketRajeshbhaiSheth,ExecutiveDirectorofthecompanyhasresignedwitheffectfrom25.12.2015dueto his other pre‐occupations.The board has accepted his resignation in themeeting held on 26.12.2015 &appointedMr.AnujM.Shahasadditionaldirector.The Board of Directors record its sincere appreciation and recognition of the valuable contribution andservicesrenderedbyMr.SanketShethduringtheirassociationwithcompany.All Independent Directors have given declarations under section 149 7 that they meet the criteria ofindependenceaslaiddownunderSection149 6 oftheCompaniesAct,2013.The Board recommends re‐appointment/ re‐designation of Mr. Anuj M. Shah from Additional Director toExecutiveDirectorofthecompany,attheensuingAnnualGeneralMeeting.TherewerenootherchangesintheconstitutionofBoardofDirectorsduringtheyear.RemunerationtoKeyManagerialPersonnel,SeniorManagementandotheremployeeswill involveabalancebetween fixedand incentivepay reflectingshortand long termperformanceobjectivesof theemployees inlinewiththeworkingoftheCompanyanditsgoals.



Thebriefparticularofalldirectors,forwhichapprovalofmemberfortheirappointmentorreappointmentissought,isfurnishedwiththenotice.16 EVALUATIONOFBOARD,COMMITTEESANDDIRECTORSPursuant to the provisions of the Listing Regulation and Companies Act, 2013, the Board had carried outperformance evaluation of its own, the Board Committees and of the Independent directors. IndependentDirectorsataseparatemeetingevaluatedperformanceof theNon‐IndependentDirectors,BoardasawholeandoftheChairmanoftheBoard.ThemannerinwhichtheevaluationhasbeencarriedouthasbeendetailedintheCorporateGovernanceReport.17 POLICYONAPPOINTMENTANDREMUNERATIONOFDIRECTORSTheBoardhasontherecommendationoftheNomination&RemunerationCommittee,formulatedcriteriaforDetermining, Qualifications, Positive Attributes and Independence of a Director and also a Policy forremuneration of Directors, Key managerial Personnel and senior management. The details of criteria laiddownandtheRemunerationPolicyaregivenintheCorporateGovernanceReport.18 VIGILMECHANISMANDWHISTLEBLOWERPOLICYIn accordance with Section 177 of the Companies Act, 2013 andListingRegulation, the Company hasconstituted aWhistle Blower Policy/ VigilMechanism to establish a vigilmechanism for the directors andemployeestoreportgenuineconcernsinsuchmannerasmaybeprescribedandtoreporttothemanagementinstancesofunethicalbehaviour,actualorsuspectedfraudorviolationoftheCompany'scodeofconduct.ThedetailoftheWhistleBlowerPolicyisexplainedintheCorporateGovernanceReport.19 MANAGERIALREMUNERATIONDetailsofremunerationpaid/payabletotheDirectorsforFinancialYear2015‐2016isdisclosedinExtractstoAnnualReturni.e.Annexure2oftheBoard’sReportThestatementcontainingparticularsofemployeesasrequiredunderSection197 12 oftheCompaniesAct,2013readwithRule5 2 oftheCompanies AppointmentandRemunerationofManagerialPersonnel Rules,2014formspartofthisReportasAnnexure‐3.20 INDEPENDENTDIRECTORS'MEETINGIndependentDirectorsoftheCompanyhadmetduringtheyearundertheviewdetailsofwhicharegivenintheCorporateGovernanceReport.21 COMMITTEESOFTHEBOARDDuringtheyear,inaccordancewiththeCompaniesAct,2013,theBoardre‐constitutedsomeofitsCommittees.TherearecurrentlyfourCommitteesoftheBoard,asfollows:1.AuditCommittee2.Stakeholders'RelationshipCommittee3.NominationandRemunerationCommittee

.



DetailsofalltheCommitteesalongwiththeircompositionandmeetingsheldduringtheyearareprovidedinthe“ReportonCorporateGovernance”,apartofthisAnnualReport.22 AUDITORSA.STATUTORYAUDITORSM/s.PPShah&Co. CharteredAccountants,Ahmedabadwhoholdofficeuntil the conclusionof theensuingAnnualGeneralMeetingare recommended for re‐appointment toaudit theaccountsof theCompany for thefinancial year 2016‐2017. The Company has obtained a written confirmation under section 139 of theCompaniesAct,2013fromM/s.PPShah&Co.thattheirappointment,ifmade,wouldbeinconformitywiththelimitsspecifiedunderthesaidsection.YouarerequestedtoappointtheAuditorsandfixtheirremuneration.

ThenotestotheaccountsreferredtointheAuditors’Reportareself‐explanatoryandthereforedonotcallforanyfurthercomments.

M/s.PP Shah & Co. Chartered Accountants, Ahmedabad FRN:131378W were appointed as StatutoryAuditorsofyourCompanyatthepreviousAnnualGeneralMeetingheldon30thSeptember,2015foratermoffiveconsecutiveyears.AspertheprovisionsofSection139of theCompaniesAct,2013, theappointmentofAuditorsisrequiredtoberatifiedbyMembersateveryAnnualGeneralMeeting.TheCompanyhasobtainedawrittenconfirmationundersection139oftheCompaniesAct,2013fromM/s.PPShah&Co,CharteredAccountants,Ahmedabadthattheirappointment,ifmade,wouldbeinconformitywiththelimitsspecifiedundertheAct.It isproposedtoratifytheappointmentM/s.PPShah&Co,CharteredAccountants,AhmedabadtoaudittheaccountsoftheCompanyforthefinancialyear2016‐2017.TheReportgivenbytheAuditorsonthefinancialstatementsoftheCompanyispartoftheAnnualReport.ThenotestotheaccountsreferredtointheAuditors'Reportareself‐explanatoryandthereforedonotcallforanyfurthercomments.There has been no qualification, reservation, adverse remark or disclaimer given by the Auditors in theirReport.

B.SECRETARIALAUDITOR

PursuanttotheprovisionsofSection204oftheActandtheCompanies AppointmentandRemunerationofManagerialPersonnel Rules,2014,theCompanyhasappointedM/s.MehulThakkar&Associates,PracticingCompanySecretaries,Ahmedabad toundertake the SecretarialAuditof theCompany.TheSecretarialAuditReportisannexedherewithasAnnexure4.Thereisnoqualification,reservationoradverseremarkinthereport.23 INTERNALCONTROLSYSTEMANDCOMPLIANCEFRAMEWORK

TheCompanyhasanInternalControlSystem,commensuratewithsize,scaleandcomplexityofitsoperations.Theinternalfinancialcontrolsareadequateandareoperatingeffectivelysoastoensureorderlyandefficientconduct of business operations. The Audit Committee formulates the scope, functioning, periodicity andmethodologyforconductingtheinternalaudit.Thecommitteecarryoutaudit,coveringinteralia,monitoringand evaluating the efficiency & adequacy of internal control systems in the Company, its compliance withoperating systems, accounting procedures and policies at all locations and submit their periodical internal



auditreportstotheAuditCommittee.BasedontheauditreportandreviewbytheAuditcommittee,processowners undertake necessary actions in their respective areas. The board have expressed that the internalcontrol system in the Company is robust and effective. The Board has also put in place requisite legalcomplianceframeworktoensurecomplianceofalltheapplicablelawsandthatsuchsystemsareadequateandoperatingeffectively.24 PREVENTIONOFSEXUALHARASSMENTATWORKPLACEAs per the requirement of The Sexual Harassment of Women at Workplace Prevention, Prohibition&Redressal Act,2013 'Act' andRulesmadethereunder,yourCompanyhasassignedtheresponsibilitiestoAudit Committee. During the year, no complaint with allegations of sexual harassment was filed with theCompany.

25 PREVENTIONOFINSIDERTRADING

TheCompanyhasadoptedaCodeofConductforPreventionofInsiderTradingwithaviewtoregulatetradinginsecuritiesbytheDirectorsanddesignatedemployeesoftheCompany.TheCoderequirespre‐clearancefordealingintheCompany'ssharesandprohibitsthepurchaseorsaleofCompanysharesbytheDirectorsandthe designated employeeswhile in possession of unpublished price sensitive information in relation to theCompany and during the period when the Trading Window is closed. The Board is responsible forimplementationof theCode.AllBoardDirectorsand thedesignatedemployeeshave confirmed compliancewiththeCode.26 CORPORATEGOVERNANCEAs required by the existing Regulation 34 3 of the Listing Regulation, a detailed report on CorporateGovernanceisgivenasapartoftheAnnualReport.TheCompanyisinfullcompliancewiththerequirementsanddisclosuresthathavetobemadeinthisregard.TheAuditors'CertificateofthecompliancewithCorporateGovernance requirements by the Company is attached to the Report on Corporate Governance. Report onCorporateGovernanceisgivenelsewhereinthisAnnualReport.27 CORPORATEGOVERNANCECERTIFICATETheCompliancecertificatefromtheauditorsregardingcomplianceofconditionsofCorporateGovernanceasstipulatedListingRegulationisappendedtothereportonCorporateGovernance.28 GENERALSHAREHOLDERINFORMATIONGeneral Shareholder Information is given in Report on Corporate Governance forming part of the AnnualReport.29 DIRECTORS’RESPONSIBILITYSTATEMENTInaccordancewiththeprovisionsofclause c ofsub‐section 3 ofSection134oftheCompaniesAct,2013,YourDirectorsstatethat—a inthepreparationoftheannualaccounts,theapplicableaccountingstandardshadbeenfollowedalongwithproperexplanationrelatingtomaterialdepartures;

b thedirectorshadselectedsuchaccountingpoliciesandappliedthemconsistentlyandmade judgmentsandestimatesthatarereasonableandprudentsoastogiveatrueandfairviewofthestateofaffairsofthe



companyat theendof the financialyear31‐03‐2016andof theprofitand lossof thecompany for thatperiod;

c thedirectorshadtakenproperandsufficientcareforthemaintenanceofadequateaccountingrecordsinaccordancewiththeprovisionsofthisActforsafeguardingtheassetsofthecompanyandforpreventinganddetectingfraudandotherirregularities;

d thedirectorshadpreparedtheannualaccountsonagoingconcernbasis;ande the directors, had laid down internal financial controls to be followed by the company and that suchinternalfinancialcontrolsareadequateandwereoperatingeffectively.

f thedirectorshaddevisedpropersystemstoensurecompliancewiththeprovisionsofallapplicablelawsandthatsuchsystemswereadequateandoperatingeffectively.

30 ACKNOWLEDGEMENTYour Directors take this opportunity to express their gratitude for the co‐operation and support from itscustomers,vendors,bankersandbusinessassociatesandlookforwardtotheircontinuedsupport.

TheDirectorsarealsogratefultotheshareholdersfortheconfidencereposedintheCompany.YourDirectorsalsowishtoplaceonrecordtheirsincereappreciationofthevaluablecontributionandeffortsmadebyalltheemployeestoachieveinthesetryingtimes.

ForandonbehalfoftheBoard

Place:AhmedabadDate:31.08.2016

VishalM.Gala Chairman



ANNEXURE1TOTHEDIRECTORSREPORTCONVERSATION OF ENERGY / ABSORPTION AND FOREIGN EXCHANGE EARNINGS ANDOUTGOA.CONSERVATIONOFENERGYCare is taken for economic consumption of energy at workshop of the company. Company has consumedelectricityand thecostofpower fuel is reasonable.Thecompanyhassuccessfullyworkedouteffectiveandefficientdesignofthelightingandenergydevicesintheofficeandsiteworkingareas.B.TECHNOLOGYABSORPTION,ADAPTATIONANDINNOVATIONa.EffortsMade:‐TheCompanydeploysindigenoustechnologyandcontinuesitseffortstoincreaseitsyield,production,scaleofoperationsandupgradationoftechnology.b.Benefitsderivedasaresultofaboveefforts:‐ProductimprovedthroughhighefficiencyandenergysavinghasimprovedanoverallworkingoftheCompany. C.FOREIGNEXCHANGEEARNINGSANDOUTGOTherewasnoForeignExchangeearningsandoutgoduringtheyearunderreview.



ANNEXURE2TOTHEDIRECTORSREPORT

FormNo.MGT‐9

EXTRACTOFANNUALRETURNasonthefinancialyearendedon31/03/2016Pursuanttosection92 3 oftheCompaniesAct,2013andrule12 1 oftheCompanies

ManagementandAdministration Rules,2014

I REGISTRATIONANDOTHERDETAILS:

i CIN L22219GJ2010PLC063243

ii RegistrationDate 14/12/2010

iii NameoftheCompany GALAPRINTCITYLIMITED iv Category/SubCategoryofthe

CompanyCOMPANYLIMITEDBYSHARES/INDIANNONGOVERNMENTCOMPANY

v AddressoftheRegisteredoffice

andContactDetailsB‐1LaxmiCo‐op.Estate, Old NavneetPressCompound,AjodDairyRoad,Sukhramnagar,Ahmedabad‐360021GujaratTeleNo.‐079‐22772921EmailId‐ [email protected]

vi WhetherListedCompany:Yes/No YES

BSESMESegment

vii Name,AddressandContactDetailsofRegistrarandTransferAgent,ifany

KarvyComputersharePrivateLimited701,HallmarkBusinessPlaza,SantDyaneshwarMarg,OffBandraKurlaComplex,Bandra East ,Mumbai–400051.



II PRINCIPALBUSINESSACTIVITIESOFTHECOMPANYAllthebusinessactivitiescontributing10%ormoreofthetotalturnoverofthecompanyshallbestated:‐

Sr.No. NameandDescriptionofmainproducts/services

NICCodeoftheProduct/service

%tototalturnoverofthecompany

1 Businessofoffsetprintingandall typesofbindling,photo polymer printing, offset plate makers, letterpress printing and all allied lines in offset printingand printing of packing materials, advertisementmaterials, carton printing and all allied lines inprintingprocess.

2109 100

III PARTICULARSOFHOLDING,SUBSIDIARYANDASSOCIATECOMPANIES‐

IV SHAREHOLDINGPATTERN. EquityShareCapitalBreakupasPercentageoftotalEquity i Category‐wiseShareHolding

CategoryofShareholders

No.ofsharesatthebeginningoftheyear No.ofSharesattheendoftheyear %Changeduringtheyear

Demat Physical Total %ofTotalShares

Demat Physical Total %ofTotalShares

A.Promoters 1 Indian a Individual/HUF

0 22,75,300 22,75,300 65.19 22,75,300 0 22,75,300 47.83 17.35

b CentralGovt.

0 0 0 0 0 0 0 0 0

c State 0 0 0 0 0 0 0 0 0

Sr.No.

NAMEANDADDRESSOFTHECOMPANY

CIN/GLN

HOLDING/SUBSIDIARY/ASSOCIATE

%ofsharesheld ApplicableSection

NIL



Govt s .d BodiesCorporate

0 0 0 0 0 0 0 0 0

e Banks/FI 0 0 0 0 0 0 0 0 0f AnyOther 0 0 0 0 0 0 0 0 0 Sub‐TotalA 1 :‐

0 22,75,300 22,75,300 65.19 22,75,300 0 22,75,300 47.84 17.35

2 Foreign a NRIs‐Individuals

0 0 0 0 0 0 0 0 0

b otherIndividuals

0 0 0 0 0 0 0 0 0

c BodiesCorporate

0 0 0 0 0 0 0 0 0

d Banks/FI 0 0 0 0 0 0 0 0 0e AnyOther 0 0 0 0 0 0 0 0 0 Sub‐TotalA 2 :‐

0 0 0 0 0 0 0 0 0

TotalShareholdingofPromoterA A 1 A 2

0 22,75,300 22,75,300 65.19 22,75,300 0 22,75,300 47.84 17.35

B.PublicShareholding

1.Institutions

a MutualFunds

0 0 0 0 0 0 0 0 0

b Banks/FI 0 0 0 0 0 0 0 0 0c CentralGovt.

0 0 0 0 0 0 0 0 0

d StateGovt s .

0 0 0 0 0 0 0 0 0

e VentureCapitalFunds

0 0 0 0 0 0 0 0 0

f InsuranceCompanies

0 0 0 0 0 0 0 0 0

g FIIs 0 0 0 0 0 0 0 0 0h ForeignVentureCapitalFunds

0 0 0 0 0 0 0 0 0

Others: 0 0 0 0 0 0 0 0 0



SubTotalB 1 :‐

0 0 0 0 0 0 0 0 0

2.Non‐Institutions

a BodiesCorp.

i Indian 0 0 0 0 1,48,057 0 1,48,057 3.11 3.11

ii Overseas 0 0 0 0 0 0 0 0 0 b Individuals

i IndividualShareholdersholdingnominalshareCapitaluptoRs.1.00Lacs

0 10,100 10,100 0.29 3,80,043 15,000 3,95,043 8.31 8.02

ii IndividualShareholdersholdingnominalshareCapitalinexcessofRs.1.00Lacs

0 9,00,000 9,00,000 25.78 14,38,100 5,00,000 19,38,100 40.75 14.97

c OthersSpecify

0 3,05,400 3,05,400 8.75 0 0 0 0 08.75

SubTotalB 2 :‐

0 12,15,500 12,15,500 34.82 19,66,200 5,15,000 23,33,143 52.17 17.35

TotalPublicSharehodingB B 1 B 2

0 12,15,500 12,15,500 34.82 19,66,200 5,15,000 23,33,143 52.17 17.35

C.SharesHeldbyCustodianforGDRs&ADRs

0 0 0 0 0 0 0 0 0

GrandTotalA B C

0 34,90,500 34,90,500 100 42,41,200 5,15,000 47,56,500 100 0



ii ShareholdingofPromoters

Sr.No.

ShareholdersName

Shareholdingatthebeginningoftheyear

No.ofSharesattheendoftheyear %ChangeinShareholdingduringtheyear

No.ofShares

%ofTotalSharesoftheCompany

%ofSharesPledged/EncumberedtoTotalShares

No.ofShares

%ofTotalSharesoftheCompany

%ofSharesPledged/EncumberedtoTotalShares

1 VishalGala 15,05,263 43.13 0 15,05,263 31.65 0 11.482 AvaniN.Shah 100 0.002 0 100 0.002 0 03 PinalD.

Trivedi100 0.002 0 100 0.002 0 0

4 NehaV.Gala 7,69,737 22.05 0 7,69,737 16.18 0 5.875 ParulA.

Chheda100 0.002 0 100 0.002 0 0

(iii) ChangeinPromoters’Shareholding pleasespecify,ifthereisnochange Thereisnochangeinnumberofsharesheldbypromoter.Changein%holdingisbecauseofincreaseinpaidupcapitalbyFurtherallotmentofsharesi.e.IPOdated14.07.2015.

(iv) ShareholdingPatternoftoptenShareholders otherthanDirectors,PromotersandHoldersofGDRsandADRs :

Sr.No. NameofTop10Shareholders Shareholdingatthebeginning

oftheyearCumulativeShareholdingduringtheyear

No.ofshares %oftotalsharesofthecompany


1 KHEEMJIJAIN

AttheBeginningoftheyear 0 0 0 0

Changesduringtheyear 2,58,000 5.4242 2,58,000 5.4242

AttheEndoftheyear 2,58,000 5.4242 2,58,000 5.4242

2 ShahAkashShrenik

AttheBeginningoftheyear 100 0.003 100 0.003

Changesduringtheyear

216000 4.53 216100 4.54

AttheEndoftheyear 216100 4.54 216100 4.54

3 HardikDPatwa




Changesduringtheyear 1,44,000 3.0274 1,44,000 3.0274


4 AmbujaCredit&LeaseFinanceLtd


Changesduringtheyear 78,000 1.6399 78,000 1.6399

AttheEndoftheyear 78,000 1.6399 78,000 1.6399

5 GuinessSecuritiesLimited


Changesduringtheyear 66,000 1.3876 66,000 1.3876


6 JitendraNavinchandraNagda

AttheBeginningoftheyear 50,000 1.4324 0 0

Changesduringtheyear Thereisno changeinnumberofsharesheldbyshareholder.Changein % holding is because of increase in paid up capital by Furtherallotmentofsharesi.e.IPOdated14.07.2015.


7 JayeshVasantNagda




8 JayabenJayantilalNagda




9 MayankVasantNagda




10 VipulShantilalNagda


Changesduringtheyear Thereisno changeinnumberofsharesheldbyshareholder.Change



in % holding is because of increase in paid up capital by Furtherallotmentofsharesi.e.IPOdated14.07.2015.


V ShareholdingofDirectorsandKeyManagerialPersonnel:

Sr.No. NameofDirector Shareholdingatthebeginningoftheyear

CumulativeShareholdingduringtheyear



1 VishalMulchandbhaiGala

Atthebeginningoftheyear 15,05,263 43.13 15,05,263 31.65

Changeduringtheyear Thoughtherewasnochangeinthenumberofshares held bypromoter,%ofshareholdingdecreasedduetoallotmentofsharesduringtheyear2015‐16.

15,05,263 31.65


2 MaulikkumarRajulkumarShah

Atthebeginningoftheyear ‐‐ ‐‐ ‐‐ ‐‐

Changeduringtheyear ‐‐ ‐‐ ‐‐ ‐‐

AttheEndoftheyear ‐‐ ‐‐ ‐‐ ‐‐

3. RajanNavnitbhai Mehta

AttheBeginningoftheyear ‐‐ ‐‐ ‐‐ ‐‐



4 AlpaJigneshPandya

AttheBeginningoftheyear ‐‐ ‐‐ ‐‐ ‐‐



5 AnujMayurkumarShah AppointedasAdditionalDirectorw.e.f.26.11.2015




Changeduringtheyear ‐‐ ‐‐ ‐‐


6 ChandrakantLiladharShah


Changeduringtheyear ‐‐ ‐‐ ‐‐


7 SanketSheth ResignedfromthepostofDirectorw.e.f.25.11.2015

Atthebeginningoftheyear 100 0.002 100 0.002

Changeduringtheyear ‐‐ 100 0.002

AttheEndoftheyear ‐‐ ‐‐ 100 0.002

V. INDEBTEDNESS : Indebtedness of the Company including interestoutstanding/accruedbutnotdueforpayment

SecuredLoansexcludingdeposits

UnsecuredLoans Deposits TotalIndebtedness

Indebtednessatthebeginningofthefinancialyear

i PrincipalAmount

92,69,593 0 0 92,69,593

ii Interestduebutnotpaid 0 0 0 0

iii Interestaccruedbutnotdue

0 0 0 0

Total i ii iii 92,69,593 0 0 92,69,593

ChangeinIndebtednessduringthefinancialyear

• Addition 0 0 0 0

• Reduction 30,36,876 0 0 30,36,876

NetChange 0 0 0 0

Indebtednessattheendofthefinancialyear

i PrincipalAmount 62,32,717 0 0 62,32,717

ii Interestduebutnotpaid 0 0 0 0



iii Interestaccruedbutnotdue

0 0 0 0

Total i ii iii 62,32,717 0 0 62,32,717

VI. REMUNERATIONOFDIRECTORSANDKEYMANAGERIALPERSONNELA. RemunerationtoManagingDirector,Whole‐timeDirectorsand/orManager:

Sr.No.

ParticularsofRemuneration NameofMD/WTD/Manager

Total

VishalM.Gala

1. GrossSalary

a SalaryasperProvisionscontainedinSection17 1 oftheIncomeTaxAct,1961

6,60,000 6,60,000

b Valueofperquisitesu/s17 2 ofIncomeTaxAct,1961

‐ ‐

c Profitsinlieuofsalaryundersection17 3 ofIncomeTaxAct,1961

‐ ‐

2. StockOption ‐ ‐

3. SweatEquity ‐ ‐

4. Commission ‐ ‐

‐Others,Specify ‐ ‐

5. Others, PleaseSpecify ‐ ‐

Total A 6,60,000 6,60,000



B. Remunerationtootherdirectors:

Sl.no.

Particulars ofRemuneration

NameofDirectors TotalAmount

1. IndependentDirectors

Feeforattendingboardcommitteemeetings

Nil

‐

• Commission ‐

• Others,pleasespecify

• SalarytoRemuneration

‐

Total 1 ‐

2. OtherNon‐ExecutiveDirectors

Feeforattendingboardcommitteemeetings

Nil

‐

Commission Salaryto

Remuneration‐

Total 2

Total B 1 2 ‐

TotalManagerialRemuneration

OverallCeilingaspertheAct

‐

C.REMUNERATIONTOKEYMANAGERIALPERSONNELOTHERTHANMD/MANAGER/WTD

Sl.no.

ParticularsofRemuneration

KeyManagerialPersonnel

CompanySecretary

Total

1. Grosssalary

a Salaryasperprovisionscontainedinsection17 1 oftheIncome‐taxAct,1961

2,02,427 2,02,427

b Valueofperquisitesu/s17 2 Income‐taxAct,1961

‐ ‐

c Profitsinlieuofsalaryundersection17 3 Income‐taxAct,1961

‐ ‐



2. StockOption ‐ ‐

3. SweatEquity ‐ ‐

4. Commission ‐ ‐

‐As%ofProfit

‐Others,Specify

5. Others,PleaseSpecify ‐ ‐

Total 2,02,427 2,02,427

VII.PENALTIES/PUNISHMENT/COMPOUNDINGOFOFFENCES:Therewerenopenalties/punishment/compoundingofoffencesfortheyearendingMarch31,2015

Type SectionoftheCompaniesAct

BriefDescription

DetailsofPenalty/Punishment/CompoundingfeesImposed

AuthorityRD/NCLT/COURT

Appealmade,ifanyGiveDetails

A. COMPANY

Penalty

N.A.

Punishment

Compounding

B. DIRECTORS

N.A.Penalty

Punishment

Compounding

C. OTHEROFFICERSINDEFAULT

Penalty N.A.

Punishment

Compounding



ANNEXURE3TOTHEDIRECTORSREPORTDETAILSPERTAININGTOREMUNERATIONASREQUIREDUNDERSECTION197 12 OFTHECOMPANIESACT,2013READWITHRULE5 1 OFTHECOMPANIES APPOINTMENTANDREMUNERATIONOFMANAGERIALPERSONNEL RULES,2014i ThepercentageincreaseinremunerationofeachDirector,ChiefFinancialOfficerandCompanySecretaryduringthefinancialyear2015‐16,ratiooftheremunerationofeachDirectortothemedianremunerationoftheemployeesoftheCompanyforthefinancialyear2015‐16andthecomparisonofremunerationofeachKeyManagerialPersonnel KMP againsttheperformanceoftheCompanyareasunder:Sr.No.

Name of Director/KMP anddesignation

Remuneration tothe Director/KMPfor the F.Y. 2015‐16

Percentageincrease/decreaseinremunerationinF.Y.2015‐16

Ration ofremuneration of eachdirector to themedianremuneration ofemployees

1 VishalMulchandbhaiGalaManagingDirector

Rs.6,60,000/‐ 37.50% 7.33

2 MaulikkumarRajulkumarVyasIndependent Non‐ExecutiveDirector

‐ ‐ ‐

3 RajanNavnitbhaiMehtaIndependent Non‐ExecutiveDirector

‐ ‐ ‐

4 ChandrakantLiladharShahDirectorandCFO

‐ ‐ ‐

5 AlpaJigneshPandyaIndependent Non‐ExecutiveDirector

‐ ‐ ‐

6 AnujMayurkumar ShahAdditionalDirector Appointed as on26.11.2015

‐ ‐ ‐

7 SanketR.ShethExecutiveDirector Resignedw.e.f.25.11.2015

Rs.2,18,512/‐ 17.39% 2.43

8 DhrupaThakkarCompanySecretaryResignedw.e.f30.11.2015

Rs.1,20,000/‐ ‐ 1.50

9 KhyatiShahCompanySecretaryAppointedon18.12.2015

Rs.82,427/‐ ‐ ‐

ii ThemedianremunerationofemployeesoftheCompanyduringthefinancialyearwasRs.0.90lacs.iii Inthefinancialyear,therewasanincreaseofRs. 30,000 inthemedianremunerationofemployees;iv Therewere9permanentemployeesontherollsofCompanyasonMarch31,2016;v Relationshipbetweenaverageincreaseinremunerationandcompanyperformance:‐



TheProfitbeforeTax for the financial yearendedMarch31,2016 increasedbyRs.5,93,339/‐whereas theincreaseinmedianremunerationwasRs. 30,000 TheaverageincreaseinmedianremunerationwasinlinewiththeperformanceoftheCompany.vi ComparisonofRemunerationoftheKeyManagerialPersonnel s againsttheperformanceoftheCompany:ThetotalremunerationofKeyManagerialPersonnelwasRs.10.81lacsin2015‐16whileitwasRs.8.27lacsin2014‐15whereastheProfitbeforeTaxincreasedby44.15%toRs.19.37Lacsin2015‐16 Rs.13.44Lacsin2014‐15 .vii a VariationsinthemarketcapitalisationoftheCompany:ThemarketcapitalisationasonMarch31,2016wasRs.36064.5Lacs Rs.8422.9LacsasonMarch31,2014 b PriceEarningsratiooftheCompanywas83.39asatMarch31,2016andwasNAasatMarch31,2015c PercentageincreaseoverdecreaseinthemarketquotationsofthesharesofthecompanyinComparisontothe rateatwhich the companycameoutwith the lastpublicoffer‐TheCompanyhadcomeoutwith initialpublic offer IPO in the year 2015 at the rate of Rs. 24 per share. The Market Price of the shares as on31/03/2016wasRs.25.15pershare.Themarketquotationsofthesharesincreasedby4.79%incomparisontotherateatwhichthecompanycameoutwiththeIPOinyear2015.viii Averagepercentage increasemade inthesalariesofemployeesotherthanthemanagerialpersonnel inthelastfinancialyeari.e.2015‐16was‐2.98%whereastherewasnochangeinthemanagerialremunerationforthesamefinancialyear;ix ThekeyparametersforthevariablecomponentofremunerationavailedbythedirectorsareconsideredbytheBoardofDirectorsbasedontherecommendationsoftheNominationandRemunerationCommitteeaspertheRemunerationPolicyforDirectors,KeyManagerialPersonnelandotherEmployees.x Theratiooftheremunerationofthehighestpaiddirectortothatoftheemployeeswhoarenotdirectorsbutreceiveremunerationinexcessofthehighestpaiddirectorduringtheyear–NotApplicable;andxi ItisherebyaffirmedthattheremunerationpaidisaspertheaspertheRemunerationPolicyforDirectors,KeyManagerialPersonnelandotheremployees.



ANNEXURE4TOTHEDIRECTORSREPORT

FormNo.MR‐3

SECRETARIALAUDITREPORT

FortheFinancialYearended31.03.2016

Pursuanttosection204 1 oftheCompaniesAct,2013andRuleNo.9oftheCompaniesAppointmentandRemunerationPersonnel Rules,2014

To,TheMembers,GalaPrintCityLimited,B‐1,LAXMICOM.CO.OP.ESTATE,B/HOLDNAVNEETPRESS,SUKHRAMNAGAR‐380021,AHMEDABAD,GUJARAT.IhaveconductedthesecretarialauditofthecomplianceofapplicablestatutoryprovisionsandtheadherencetogoodcorporatepracticesbyM/sGalaPrintCityLimited.SecretarialAuditwasconductedinamannerthatprovidedmeareasonablebasisforevaluatingthecorporateconducts/statutorycompliancesandexpressingmyopinionthereon.Basedonmyverificationof the company’sbooks, papers,minutebooks, formsand returns filed andotherrecordsmaintainedbythecompanyandalsotheinformationprovidedbytheCompany,itsofficers,agentsandauthorized representatives during the conduct of secretarial audit, I hereby report that inmy opinion, thecompany has, during the Audit Period covering the financial year ended on 31.03.2016 compliedwith thestatutory provisions listed hereunder and also that the Company has proper Board‐ Management andcompliance‐mechanisminplacetotheextent,inthemannerandsubjecttothereportingmadehereinafter:Ihaveexaminedthebooks,papers,minutebooks,formsandreturnsfiledandotherrecordsmaintainedbythecompanyforthefinancialyearendedon31stMarch,2016accordingTotheprovisionsof:i TheCompaniesAct,2013 theAct andtherulesmadethereunder;ii TheSecuritiesContracts Regulation Act,1956 'SCRA' andtherulesmadethereunder;iii TheDepositoriesAct,1996andtheRegulationsandBye‐lawsframedthereunder;iv ForeignExchangeManagementAct,1999andtherulesandregulationsmadethereundertotheextentof

Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowing ; NotApplicabletothecompanyduringtheAuditReport .

v The followingRegulationsandGuidelines prescribedundertheSecuritiesandExchangeBoardof India

Act,1992 'SEBIAct' :‐

a The Securities and Exchange Board of India Substantial Acquisition of Shares andTakeovers Regulations,2011;

b The Securities and Exchange Board of India Prohibition of Insider Trading Regulations, 1992

effectivefrom15thMay,2015 ;



c The Securities and Exchange Board of India Issue of Capital and Disclosure Requirements

Regulations,2009;d TheSecuritiesandExchangeBoardofIndia IssueandListingofDebtSecurities Regulations,2008;

NotApplicableasthecompanyhasnotissuedandlistedanydebtsecuritiesduringthefinancialyearunderreview

e The Securities and Exchange Board of India Registrars to an Issue and Share Transfer

Agents Regulations,1993regardingtheCompaniesActanddealingwithclient NotapplicableasthecompanyisnotregisteredasRegistrarstoanIssueandShareTransferAgentduringthefinancialyearunderreview ;

f The Securities and Exchange Board of India Delisting of Equity Shares Regulations, 2009 Notapplicableasthecompanyhasnotdelisted/proposedtodelistitsequitysharesduringthefinancialyearunderreview ;

g TheSecuritiesandExchangeBoardofIndia BuybackofSecurities Regulations,1998 Notapplicableasthecompanyhasnotboughtback/proposedtobuybackanyofitssecuritiesduringthefinancialyearunderreview ;

vi I have relied on the representation made by the company and its officers for system and mechanism

formed by the company for compliances under other applicable Acts, Laws and regulations to thecompany.Ihavereliedonthereportofstatutoryauditorsofthecompanyforcompliancesystemrelatingtodirecttax,indirecttaxandothertaxlaws.

Themanagementhasidentifiedandconfirmedthefollowinglawsasspecificallyapplicabletothecompany:1.Environmental Protection Act,1986.2.LabourLaws.3.FactoriesAct,1948.Ihavealsoexaminedcompliancewiththeapplicableclausesofthefollowing:i SecretarialStandardsissuedbyTheInstituteofCompanySecretariesofIndiaandmadeeffectivefrom1st

July,2015.ii SMEListingAgreemententeredintobythecompanywithBSELimitedandSEBI ListingObligationsand

DisclosureRequirements Regulations,2015made,effectivefrom01stDecember,2015;DuringtheperiodunderreviewtheCompanyhascompliedwiththeprovisionsoftheAct,Rules,Regulations,Guidelines,Standards,etc.mentionedabovesubjecttothefollowingobservations:1 CertaincompliancesregardingInitialPublicOffer IPO ,subscription,reviseremunerationand

appointmentofAuditorweremadewithintime‐limitbuttheintimationofthesametoRegistrarofCompanies ROC wasnotdonewithinthestipulatedtimeperiodandthereforeadditionalFeeswascharged.

Ifurtherreportthat‐TheBoardofDirectorsoftheCompanyisdulyconstitutedwithproperbalanceofExecutiveDirectors,Non‐ExecutiveDirectorsandIndependentDirectors.AdequatenoticeisgiventoalldirectorstoscheduletheBoardMeetings,agendaanddetailednotesonagendaweresentatleastsevendaysinadvance.



Majoritydecisioniscarriedthroughwhilethedissentingmembers'Viewsarecapturedandrecordedaspartoftheminutes.I furtherreport that thereareadequatesystemsandprocesses in thecompanycommensuratewith thesizeandoperationsofthecompanytomonitorandensurecompliancewithapplicablelaws,rules,regulationsandguidelines:

Asinformedthecompanyhasrespondedappropriatelytonoticesreceivedfromvariousstatutory/regulatoryauthoritiesincludinginitiatingactionsforcorrectmeasures,whereverfoundnecessary.

I further report that during the previous financial year i.e. 2014‐15, The Company has already obtainedapprovalofmembersu/s180 1 c of theCompaniesAct,2013bywayofspecial resolutionat thegeneralmeetingdated12thJanuary,2015forborrowinguptoRs.5croreoverandabovetheaggregateofthepaidupsharecapitalandfreereservesofthecompany.Ifurtherreportthatduringtheauditperiodtherewerefollowingevents/actionshavingamajorbearingoncompany’saffairsinpursuanceoftheabove‐referredlaws,rules,regulations,guidelines,andStandards,etc.;i TheBoardofDirectorsattheirmeetingheldon13thJuly,2015hasconsideredandapprovedthescheme

relatedtoInitialPublicOffering IPO andtheallotmentofthesameisdonewithinstipulatedtime.Date:09/08/2016For,MehulThakkar&AssociatesPlace:AhmedabadCompanySecretaries C.P.No.11478

MehulThakkar ACSNo.31211

Note:‐Thisreport istobereadwithmyletterofevendatewhichisannexedasAnnexure“A”andformsanintegralpartofthisreport.



ANNEXURE“A”OFSECRETARIALAUDITREPORTTo,TheMembers,GalaPrintCityLimited,B‐1,LAXMICOM.CO.OP.ESTATE,B/HOLDNAVNEETPRESS,SUKHRAMNAGAR‐380021,AHMEDABAD,GUJARAT.Myreportofevendatewhichistobereadalongwiththisletter.Management’sresponsibility1 It is the responsibilityof themanagementof thecompany tomaintainsecretarial records,deviseproper

systems,toensurecompliancewiththeprovisionsofallapplicablelawsandregulationsandtoensurethatthesystemsareadequateandoperateeffectively.

Auditor’sresponsibility2 Myresponsibilityistoexpressanopiniononthesesecretarialrecords,standardsandproceduresfollowed

bythecompanywithrespecttosecretarialcompliances.3 Ibelieve thatauditevidenceand informationobtained fromthecompany’smanagement isadequateand

appropriateforustoprovideabasisofmyopinion.4 Whereverrequired,Ihaveobtainedthemanagementrepresentationaboutthecomplianceoflaws,rules,

andregulationsandhappeningofeventsetc.Disclaimer5 The secretarial audit report is neither an assurance as to the future viability of the company nor the

efficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsofthecompany.Date:09/08/2016 For,MehulThakkar&AssociatesPlace:Ahmedabad CompanySecretaries C.P.No.11478

MehulThakkar ACSNo.31211



MANAGEMENTDISCUSSIONANDANALYSISREPORTINDUSTRIALSTRUCTUREANDDEVELOPMENTTheCompanyisinthebusinessofoffsetprintingandsupplyofvariousstationeryitems.Astheworldbecomesaglobalvillage,distanceandgeographicboundariesarevirtuallydisappearing.Inthisscenario,brandbuildingisaprerequisiteforsuccessandprofitability.ManyIndianprintersaremakinganameforthemselvesbothinquality and competence. The ranks of Indianprinters doingworld class printing andwinning internationalawardsfortheexcellenceinprintingisgrowing.IncreasingnumberofprintersinIndiaarealsoconcentratingon exports andundertakingoutsourcing jobs. Printing in Indiamaybe growingat40%but thepoint tobenotedisthecapacityoftheprinthasgrownalotmore.However,CompetitionintheindustryiscontinuouslyincreasingbutoverallPerformanceoftheCompanyissatisfactory.OVERVIEWThefinancialstatementshavebeenpreparedincompliancewiththerequirementoftheCompaniesAct,2013andGenerallyAcceptedAccountingPrinciples GAAP intheIndia.Themanagementofthecompanyacceptsresponsibility for the integrityandobjectivityof these financial statements,aswell as forvariousestimatesandjudgmentsusedtherein.Theestimatesandjudgmentsrelatingtothefinancialstatementshavebeenmadeonaprudentandreasonablebasis,inorderthatthefinancialstatementsreflectinatrueandfairmannertheformandsubstanceof transactions,andreasonablypresent thecompany'sstateofaffairsandprofit fortheyear.OPERATIONALPERFORMANCEIndiaisoneofthefewmarketsintheworldwhichoffershighprospectsforgrowthandearningpotentialinprintingindustry. India isoneofthelargestproducers inagricultureworldwiderankingamongthetop3intheproductionofpulses,milk,sugarandfruit.Therebythecountryoffersabundantrawmaterialforfurtherprocessing.There’snodoubtthatnewvalue‐addedservicesarethelifebloodoftheprintingindustry,andwillbecomeevenmorecriticalinthedecadetocome.Competition in thedomesticaswellas internationalmarkethas intensifiedand forced theplayers toadoptaggressivemarketing strategy and promotional campaigns to capture andprotect theirmarket shares, TheCompany has the plans to penetrate better in to market, especially through the customer retention andbusinessdevelopmentintheregionswhichhavenotbeentapped.TheCompany'sbroadproductrangeandfrequentvisitsbyitsmarketingpeopletotheoutletsandensurethattheCompany'sproductsreceivemaximumresponseandareadequatelypromoted.SEGMENTWISEANDPRODUCTWISEPERFORMANCETheCompanyoperateswithinasolitarybusinesssegmenti.e.printingofstationeryitems.Hence,Segment/Productwisereportisnotgivenseparately.RISKANDCONCERNRisksareintegraltobusiness.Atindustries,riskmanagementencompassesanorganizedandcoherentprocessofidentifying,assessingandmanagingtheexistingandpotentialrisksinaplannedmanner.Themanagementstriveshardtobalancebusinessrisksandopportunitiesandanalysepotentiallynegativeorpositiveoutcomes.Theriskmanagementfunctionisintegraltothecompanyanditsobjectivesincludesensuringthatcriticalriskareidentifiedcontinuously,monitoredandmanagedeffectivelyinordertoprotectthecompany'sbusiness.



However, the changes in the tax laws, Government policies and regulatory requirement might affect thecompany's business. Uncontrolled variation in price of input materials could impact the company'sprofitabilitytotheextentthatthesamearenotabsorbedbythemarketthroughpriceincreaseand/orcouldhaveanegativeimpactonthedemandinthemarket.Currencyrisksmainlyariseoutofoverseasoperationsandfinancingactivities.The company is operating in highly competitive market. The management has already taken initiatives inadvance for mitigating the above mentioned risk and concerns/challenges. The company has taken majorinitiatives like hedging of exposure in foreign currencies, strongmarketing efforts focus on cost reductionthroughinventorymanagementtechniques,introductionofnewproductsandmanufacturingprocesswithoutcompromisingqualityofproductsandretaintalentedemployeesetc.INITIATIVESBYTHECOMPANYTheCompanyhastakenthefollowinginitiatives:•Concentrationonreductionofcostsbyundertakingspecificexerciseindifferentfields.•ConcentrationinIncreaseofProduction.•Stressonuntouchedmarketswhicharegrowingonaregularbasis.•Focusingonmodernizationofmanufacturingprocesstoimprovisequalityandreductionofcosts.•TheCompanyisquiteconfidentthattheoverallproductivity,profitabilitywouldimproveinasustainablemanner,asaresultofthisstrategy.OUTLOOKTheprofitmarginsintheindustryareunderpressure.However,theCompanyhastakenremedialmeasures.TheCompanyisconfidenttomeetthechallengeswithitsstrengthinmarketingnetwork,itsstrategicplanning,Research&Developmentproductivityimprovementandcostreductionexercise.INTERNALCONTROLSYSTEMSANDTHEIRADEQUACYYourCompanyplacessignificantemphasisandeffortsontheinternalcontrolsystems.TheCompanyisintheprocess of appointing independent firm of Chartered Accountant for the same with such powers andresponsibilitiesthatarerequiredtoensuretheadequacyoftheinternalControlSystem.HUMANRESOURCETheCompanyhascontinuedtogivespecialattentiontoHumanResources/Industrialrelationsdevelopment.Industrialrelationsremainedcordialthroughouttheyearandtherewasnoincidenceofstrike,lockoutetc.Ourworkforceconsistsof:i OurPermanentemployeesii LabourContractorsandiii Consultantswhichareengagedbyusonprofessionalbasis.CAUTIONARYSTATEMENTThe statements in the "Management Discussion and Analysis Report" section describes the Company'sobjectives,projections,estimates,expectationsandpredictions,whichmaybe"forward lookingstatements"withinthemeaningoftheapplicablelawsandregulations.Theannualresultscandiffermateriallyfromthoseexpressedor implied,dependingupontheeconomicandclimaticconditions,Governmentpoliciesandotherincidentalfactors.



CORPORATEGOVERNANCEREPORTFORTHEYEAR2015‐161 COMPANY’SPHILOSOPHYONCORPORATEGOVERNANCECorporate Governance is about ensuring Transparency, disclosure and Reporting that confirms fully to theexisting laws of the country and to promote ethical conduct of business throughout organisation.YourCompanyadheres togoodpractices inCorporateGovernance in its true spirit andbenchmarks itwithhighstandards.CorporateGovernanceissetofsystemsandpracticestoensurethattheoperationsoftheCompanyarebeingmanagedinawaywhichensuresfairness,integrity,transparencyandaccountabilityinitsdealingswith its customers, stakeholders, dealers, lenders, government and employees. Company has guidingprinciples laidout through itsCodeofbusinessconduct,dulyadoptedbydirectorsandseniormanagementpersonnelwhichhavebeenpostedonwebsiteofCompany www.galaprintcity.com .2 BOARDOFDIRECTORSa CompositionofBoardofDirectors:TheCompany’spolicyistomaintainoptimumcombinationofExecutiveandNon‐ExecutiveDirectorspursuanttoListingRegulation.TheBoardofDirectorscomprisesofsixdirectorsason31stMarch,2016.Nodirectorisrelatedtoeachother.All the IndependentDirectorshaveconfirmedthattheymeetcriteriaasmentionedunderListingregulationandSec.149oftheCompaniesAct,2013.ThecompositionofBoardofDirectorsisasfollows:Sr.No.

NameofDirector Category

1 MaulikkumarRajulkumarShah Non‐ExecutiveIndependentDirector2 RajanNavnitbhaiMehta Non‐ExecutiveIndependentDirector3 AlpaJigneshPandya Non‐ExecutiveIndependentDirector4 ChandrakantLiladharShah ChiefFinancialOfficer5 VishalMulchandbhaiGala ChairmanandChiefExecutiveOfficer6 AnujMayurkumarShah AdditionalExecutiveDirectorb NumberofDirectorsMeetingandAttendanceofDirectors:Duringthefinancialyear2015‐16boardmet10timeson30thApril2015,25thJune2015,09thJuly2015,13thJuly, 2015, 04th September, 2015, 14th October, 2015 ,26th November,2015, 18th December,2015, 03rdFebruary,2016and26thMarch,2016.



ThecompositionofDirectorsand theattendanceat theBoardMeetingduring theyear2015‐2016and lastAnnualGeneralMeetingareasunder:SrNo.

NameofDirector No. ofotherDirectorship

Membership ofCommittee inothercompany

No. of BoardMeetingsAttended

Attendance atlastAGM

Shareholdingas on31.03.2016

Chairman

Director

1 MaulikkumarRajulkumarShah ‐ ‐ ‐ 10 Yes ‐2 RajanNavnitbhaiMehta ‐ ‐ ‐ 10 Yes ‐3 AlpaJigneshPandya ‐ ‐ ‐ 10 Yes ‐4 ChandrakantLiladharShah ‐ ‐ ‐ 10 Yes ‐5 VishalMulchandbhaiGala 2 ‐ ‐ 10 Yes 15,05,2636 AnujMayurkumarShah

Appointedon26.11.2015 ‐ ‐ ‐ 4 No ‐

7 SanketR.Sheth Resignedon25.11.2015

‐ ‐ ‐ 7 Yes 100

c During the year one meeting of Independent directors was held on 18th March, 2016. The details ofDirectorFamiliarisationProgrammeheldispublishedonthewebsiteofthecompanywww.galaprintcity.com

3 BOARDCOMMITTEE

AsperrequirementofCompaniesAct,2013readwithRulesandListingRegulation,variousboardcommitteeshave been formed for better governance and accountability viz. Audit Committee, Nomination andRemunerationCommittee,StakeholdersRelationshipCommittee .

ThetermofreferenceofeachcommitteeisdeterminedbytheBoardaspertherequirementoflawandtheirrelevanceisreviewedfromtimetotime.

A.AUDITCOMMITTEE

AsameasureofgoodcorporategovernanceandtoprovideassistancetotheBoardofDirectorsinfulfillingtheBoard'sresponsibilities,anAuditCommitteehadbeenconstitutedbytheBoard.Thetermsofreferenceofthiscommittee covers matters specified under regulation 18 of Listing Regulation and Section 177 of theCompaniesAct,2013andothermattersreferredbytheBoardfromtimetotime.Committeelaysemphasisonadequatedisclosuresandcompliancewithallrelevantstatues.

Mainareasaredeliberatedasunder:

1 Oversightofthelistedentity’sfinancialreportingprocessandthedisclosureofitsfinancialinformationtoensurethatthefinancialstatementiscorrect,sufficientandcredible;2 Recommendationforappointment,remunerationandtermsofappointmentofauditorsofthelistedentity.3 Approvalofpaymenttostatutoryauditorsforanyotherservicesrenderedbythestatutoryauditors;4 Reviewing, with themanagement, the annual financial statements and auditor's report thereon beforesubmissiontotheboardforapproval5 Scrutinyofinter‐corporateloansandinvestments.6 Prevention,Prohibition&RedressalofSexualHarassmentsatWorkPlace



TheConstitutionofthecommitteeandtheattendanceofeachmemberofthecommitteearegivenbelow:

TheCommitteecomprisesofthreeDirectorsandallthethreeDirectorsareIndependentDirectors.Allmembers of the Audit Committee are financially literate.During the financial year Four Meetings of AuditCommitteewereheldonfollowingdates:

Sr.No. DateofMeeting1 18thApril,20152 09thJuly,20153 14thOctober,20154 20thJanuary,2016

Compositionofcommitteeason31March,2016andmember'sattendanceatthemeetingsduringtheyearareasunder

Name Designation Category No. of Meetings

AttendedMaulikkumarRajulkumarShah Non‐ExecutiveIndependentDirector Chairman 4

RajanNavnitbhaiMehta Non‐ExecutiveIndependentDirector Member 4

VishalMulchandbhaiGala ChairmanandChiefExecutiveOfficer Member 4B.NOMINATIONANDREMUNERATIONCOMMITTEE

Termsof referenceof thecommitteecomprisevariousmattersprovidedunderRegulation19of theListingRegulationandsection178oftheCompaniesAct,2013,andothermattersreferredbytheBoardfromtimetotime.TheCommitteecomprisesofthreeIndependentDirectors.Inthefinancialyear2015‐16,twomeetingsoftheCommitteewereheldon Sr.No. DateofMeeting1 26thNovember20152 10thFebruary,2016The composition, names of members, chairperson, and particulars of the meetings and attendance of themembersduringtheyearareasfollows:

Name Designation Category No. of MeetingsAttended

MaulikkumarRajulkumarShah Non‐ExecutiveIndependentDirector Chairman 2

RajanNavnitbhaiMehta Non‐ExecutiveIndependentDirector Member 2

AlpaJigneshPandya Non‐ExecutiveIndependentDirector Member 2



PERFORMANCEEVALUATION

PursuanttotheprovisionsoftheCompaniesAct,2013andregulation17oftheListingRegulation,theBoardhascarriedouttheannualperformanceevaluationofitsownperformance,theDirectorsindividuallyaswellas the evaluation of the working of its Audit, Nomination and Remuneration Committee, Shareholder andInvestorGrievanceCommitteeandIndependentDirectors.VariousaspectsoftheBoard’sfunctioningwereevaluatedsuchasadequacyofthecompositionoftheBoardanditsCommittees,Boardculture,executionandperformanceofspecificduties,obligationsandgovernance.AseparateexercisewascarriedouttoevaluatetheperformanceofindividualDirectorsincludingtheChairmanoftheBoard,whowereevaluatedonparameterssuchaslevelofengagementandcontribution,independenceofjudgement,safeguardingtheinterestoftheCompanyanditsminorityshareholdersetc.The performance evaluation of the Independent Directors was carried out by the entire Board. ThePerformance evaluation of the Chairman and the Non Independent Directors was carried out by theIndependentDirectors.TheDirectorsexpressedtheirsatisfactionwiththeevaluationprocess.ThecriteriaforevaluationoftheIndependentDirectorswereonthefollowingparameters:PersonalTraits/GeneralCriteria:

Highestpersonalandprofessionalethics,integrityandvalues; Inquisitiveandobjectiveperspective,practicalwisdomandmaturejudgment; Demonstratedintelligence,maturity,wisdomandindependentJudgment Self‐confidencetocontributetoboarddeliberations,andstaturesuchthatotherboardmemberswill

respecthisorherview; Thewillingnessandcommitmenttodevotetheextensivetimenecessarytofulfilhis/herduties; The ability to communicate effectively and collaborate with other board members to contribute

effectively to the diversity of perspectives that enhances Board and Committee deliberations,includingawillingnesstolistenandrespecttheviewsofothers;and

Theskills,knowledgeandexpertiserelevanttotheCompany’sbusiness,withextensiveexperienceata senior leadership level in a comparable company or organization, including, but not limited torelevant experience in manufacturing, international operations, public service, finance, accounting,strategicplanning,supplychain,technologyandmarketing.

SpecificCriteria:

ParticipationandcontributionbyaDirector; Commitment,includingguidanceprovidedtotheSeniorManagementoutsideofBoard/Committee

Meetings; Effectivedeploymentofknowledgeandexpertise; Effectivemanagementofrelationshipwithvariousstakeholders; Independenceofbehaviourandjudgment. Maintenanceofconfidentialityofcriticalissues.

FurthertheCommittee/Boardshallbeauthorisedtomodifythecriteriaasitmaydeemfitandnecessary.



REMUNARATIONOFDIRECTOR

CriteriaofMakingPaymenttoNon‐ExecutiveDirectors:

TheNon‐ExecutiveDirectorsshallbeentitledtoreceiveremunerationbywayofsittingfees,reimbursementofexpensesforparticipationintheBoard/Committeemeetingsandcommissionasdetailedhereunder:

i.ANon‐ExecutiveDirectorshallbeentitledtoreceivesittingfeesforeachmeetingoftheBoardorCommitteeoftheBoardattendedbyhim,ofsuchsumasmaybeapprovedbytheBoardofDirectorswithintheoveralllimits prescribed under the Companies Act, 2013 and The Companies Appointment and Remuneration ofManagerialPersonnel Rules,2014;ii.ANon‐ExecutiveDirectorwillalsobeentitledtoreceivecommissiononanannualbasis,ofsuchsumasmaybeapprovedbytheBoardontherecommendationoftheN&RCommittee;iii. Indetermining thequantumof commissionpayable to theDirectors, theN&RCommittee shallmake itsrecommendation after taking into consideration the overall performance of the Company and the onerousresponsibilitiesrequiredtobeshoulderedbytheDirector.ThetotalcommissionpayabletotheDirectorsshallnotexceed1%ofthenetprofitoftheCompany;

RemunerationPaidtoDirectors

DetailsofremunerationpaidtotheDirectorsaregiveninFormMGT–9‐ExtractofAnnualReturn.

C.STAKEHOLDERSGRIEVANCECOMMITTEE

Stakeholders'RelationshipCommitteeperformsvariousfunctionsprovidedundertheListingRegulationandsection178oftheCompaniesAct,2013.TheCommitteecomprisesofthreedirectorsandisheadedbyNon‐ExecutiveDirector.Thecompositionofcommitteeisasfollows:

DetailsofComplaintsreceivedandredressduringtheperiodunderreview:

No.ofInvestorsComplaintspendingatthebeginningofthefinancialyear

NIL

No.ofInvestorsComplaintsreceivedduringtheperiod NIL

No.ofInvestorsComplaintsdisposedoffduringtheperiod NIL

No.ofInvestorComplaintsthoseremainingunsolvedattheendofthefinancialyear

NIL

Name Designation CategoryMaulikkumar RajulkumarShah Non‐ExecutiveIndependentDirector Chairman

RajanNavnitbhaiMehta Non‐ExecutiveIndependentDirector Member

AnujM.Shah AdditionalDirector Member



D.INDEPENDENTDIRECTORS’MEETINGDuring the year under review, one meeting of independent Directors was held on 18th March, 2016 incompliance with the requirements of schedule IV of the Companies Act, 2013. Following items wereconsideredatthesaidmeeting:i.PresentationonfamiliarizingtheIndependentDirectorswithoperationsoftheCompany;ii.PerformancereviewofNon‐independentdirectors,BoardasawholeandChairmanoftheCompany;iii.Assessed thequality,quantityandtimelinessof flowof informationbetweenCompanymanagementandtheBoard.AlltheIndependentDirectorsexceptMr.RajanMehtawerepresentatthemeeting.E.INDEPENDENTDIRECTORS'FAMILIARISATIONPROGRAMMEAs per requirements under the Listing Regulation, the Company undertook familiarization Programme forIndependent Directors in order to familiarize them with business model, management structure, productportfolio, Industry overview, manufacturing operations, internal control system and processes, riskmanagementframework,functioningofvariousdivisions,HRManagementetc.Thedetailsofthesameisdisclosedonthewebsiteofthecompanywww.galaprintcity.com4 GENERALBODYMEETINGi .ThedetailsofAnnualGeneralMeetingsheldduringthelastthreeyearsandspecialresolutionspassedthereatareasfollows:FinancialYear Day,DateandTime Venue SpecialResolution

Passed2012‐13 Monday,

September30,201311:30AM

B‐1,LaxmiCom.Co.Op.Estate, B/hOldNavneetPress,Sukhramngar,Ahmedabad‐380021

Nil

2013‐14 Tuesday,September30,201411:00AM


Nil

2014‐15 Wednesday,September30,201511:00AM


Nil

ii POSTALBALLOTDuring the year, the Company had not sought approval from the shareholders through Postal Ballot. TheCompanyhadprovidede‐votingfacilityatthetimeofAnnualGeneralMeetingfortheyearended31March,2015. The Company had appointed Mr. Mehul Thakkar‐ Mehul Thakkar& Associate, Practising CompanySecretarytoactasScrutinizerfortheentiree‐votingprocess.



5.MEANSOFCOMMUNICATION

The Company’s corporate website, www.galaprintcity.com provides comprehensive information totheShareholders.

TheHalfyearlyandAnnualFinancialresultsaresubmittedtotheStockExchangeinaccordancewiththeListingAgreementandarealsomadeavailableontheCompany’swebsite,www.galaprintcity.com.

TheCompany’sShareholdingPatternisfiledonaquarterlybasiswiththeStockExchangesandalsodisplayedontheCompany’swebsite,www.galaprintcity.com

6.GENERALSHAREHOLDERINFORMATIONa.AGM:DateandDay:Friday,30thSeptember2016Time:11:00AMVenue:B‐1,LaxmiCom.Co.Op.Estate,B/hOldNavneetPress,Sukhramngar,Ahmedabad‐380021b.FinancialYear:April01st2015toMarch31st2016c.DateofBookClosure:Friday,23rdSeptember2016toFriday,30thSeptember2016d.Dividendpaymentdate:Nodividendhasbeendeclarede.DetailsofStockExchangewheresharesofcompanyarelisted:TheCompany’sequitysharesarelistedonSMEPlatformofBSELimitedAddress:P.J.Towers,DalalStreet,Fort,Mumbai‐400001CompanyhasdulypaidAnnuallistingfeesfortheF.Y.2015‐16f.Stockcode:539228ScriptId:GPCLISIN:INE480S01018g.MarketPriceData:Month Month’sHigh Month’s LowJuly,2015 25.3 22.95August,2015 26.1 24.1September,2015 24.2 24October,2015 23.9 23.9November,2015 23.8 23.3February,2016 25.60 22.80March,2016 25.25 22.00*Company’ssharesListingdateisJuly162015.*NodataavailableforthemonthofDecember2015andJanuary2016onBSESite.



h.DetailsofRegistrartoanissueandShareTransferAgent;KarvyComputersharePrivateLimited*701,HallmarkBusinessPlaza,SantDyaneshwarMarg,OffBandraKurlaComplex,Bandra East ,Mumbai–400051.Ph:04067161632Email:[email protected]

PursuanttoSEBIOrderNo.WTM/RKA/MIRSD2/41/2016 dated22nd March 2016 thecompanyhaschangeditsRTAfromM/s.ShareproServices India PrivateLimitedtoKarvyComputersharePrivateLimited.

i.ShareTransferSystem:ApplicationsfortransferofsharesheldinphysicalformarereceivedattheofficeoftheRegistrarsandShareTransferAgentsoftheCompany.Allvalidtransfersareprocessedwithinduedatesfromthedateofreceipt.j.ShareholdingPattern:Sr.No. Category No.ofSharesHeld %ofholding1 PromotersandPromoterGroup 22,75,300 47.842 BodiesCorporate 1,48,057 3.113 PublicShareholders 23,33,143 49.05 Total 47,56,500 100.00

k.DistributionofShareholdingason31stMarch,2016:RangeofNo.ofShares No.of

Shareholders% NoofShares %

1‐500 4 3.64 400 0.0084501‐1000 ‐ ‐ ‐ ‐1001‐2000 1 0.90 1,943 0.04082001‐3000 ‐ ‐ ‐ ‐

3001‐4000 ‐ ‐ ‐ ‐

4001‐5000 4 3.64 19,057 0.4006

5001‐10000 63 57.27 3,78,000 7.9470

10001‐99999999999 38 34.55 43,57,100 91.6031

Total 110 100.00 47,56,500 100.00

l.DematerialisationofSharesandLiquidityThe Securities and Exchange Board of India SEBI , through a notification have made it compulsory thatdeliveryintheCompany'ssharesagainstStockExchangetradesbecamecompulsoryinDematformat.Ason31March,2016,42,41,500equityshares 89.17%ofthetotalnumberofshares havebeendematerialized.



m.OutstandingGDRs/ADRs/WarrantsorConversioninstruments,Conversiondateandlikeimpactonequity‐Notapplicablen.PlantLocation:B‐1,LaxmiCom.Co.Op.Estate,B/HoldNavneetpress,Sukhramnagar,Ahmedabad‐380021o.Addressforcorrespondence:B‐1,LaxmiCom.Co.Op.Estate,B/HoldNavneetpress,Sukhramnagar,Ahmedabad‐3800217.OTHERDISCLOSURES:a Disclosuresonmateriallysignificant relatedparty transactions thatmayhavepotentialconflictwiththeinterestsoflistedentityatlarge:Therearenosuchmateriallysignificantrelatedparty transactions thatmayhavepotential conflictwith theinterestsoflistedentityatlarge.b Detailsofnon‐complianceby the listedentity,penalties,andstrictures imposedon thelisted entityby stock exchange s or theboardor any statutory authority, on anymatterrelatedtocapitalmarkets,duringthelastthreeyears:Companyhasneverbeenpenalised fornon‐complianceby stockexchange s or theboardorany statutoryauthority,onanymatterrelatedtocapitalmarkets.c Detailsofestablishmentofvigilmechanismwhistleblowerpolicy,andaffirmationthatnopersonnelhavebeendeniedaccesstotheauditcommittee:ThecompanyhasconstitutedaWhistleBlowerPolicy/VigilMechanismtoestablishavigilmechanismforthedirectorsandemployeestoreportgenuineandtoreporttothemanagementinstancesofunethicalbehaviour,actualorsuspectedfraudorviolationoftheCompany'scodeofconduct.TheWhistle Blower Vigil mechanism provides a channel to the employees to report to themanagementconcernsaboutunethicalbehaviour,actualorsuspectedfraudorviolationoftheCodesofconductorpolicy.The mechanism provides for adequate safeguards against victimization of employees to avail of themechanismandalsoprovidefordirectaccesstotheChairmanoftheAuditCommitteeinexceptionalcases.Thisneitherreleasesemployees fromtheirdutyofconfidentiality in thecourseof theirworknorcan itbeusedasarouteforraisingmaliciousorunfoundedallegationsagainstpeopleinauthorityand/orcolleaguesingeneral.The Whistle Blower policy adopted by the company is published on the website of the companywww.galaprintcity.comd Detailsofcompliancewithmandatoryrequirements:The company has duly complied all mandatory requirements under Company Act,2013 and SEBI LODR Regulation, 2013. Various policies are framed by company to smoothen the corporate management andcomplywithlegalobligation.



e Weblinkforvariouspoliciesandcompliancedisclosure:Thefollowingdetailsaredisclosedontheofficialwebsiteofthecompanyi.e.www.galaprintcity.comDetailsofbusiness

Termsandconditionsofappointmentofindependentdirectors

Compositionofvariouscommitteesofboardofdirectors

Codeofconductofboardofdirectorsandseniormanagementpersonnel

Detailsofestablishmentofvigilmechanism/WhistleBlowerpolicy

Policyondealingwithrelatedpartytransactions

Policyfordetermining‘material’subsidiaries

Detailsoffamiliarizationprogrammesimpartedtoindependentdirectors

Contactinformationofthedesignatedofficialsofthelistedentitywhoareresponsibleforassistingandhandlinginvestorgrievances

emailaddressforgrievanceredressalandotherrelevantdetails

Financialresults

Shareholdingpattern



AnnualDeclarationbyCEO/ManagingDirectorPursuanttoPartDofScheduleVRegulation34 OftheListingRegulation

I,VishalM.Gala ,ChairmanandManagingDirectorofM/sGalaPrintCityLimitedherebydeclarethatall themembers of the Board of Directors of the Company and Senior Management Personnel have affirmedcompliancewith the Code of Conduct applicable to them as laid down by the Company in terms of Part DScheduleV Regulation 34 of the ListingRegulation entered intowith the StockExchanges for the financialyearendedMarch31,2016.Place:Ahmedabad FORGALAPRINTCITYLIMITEDDate:May27,2016

VishalGala ManagingDirector DIN:00692090



ComplianceCertificateonCorporateGovernance

To,TheMembersofGalaPrintCityLimited,WehavereviewedthecomplianceoftheconditionsofCorporateGovernancebyM/sGalaPrintCityLimitedfortheyearendedMarch31,2016,asstipulatedinRegulation27 1 & 2 oftheListingRegulationofthesaidCompanywiththeStockExchangeinIndia.ThecomplianceofconditionsofCorporateGovernance is theresponsibilityof themanagement.Ourreviewwas limited to the procedures and implementation thereof, adopted by the Company for ensuring thecomplianceoftheconditionsoftheCorporateGovernance.ItisneitheranauditnoranexpressionofopiniononthefinancialstatementsoftheCompany.Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,wecertifythatthe Company has compliedwith the conditions of Corporate Governance as stipulated in abovementionedListingRegulations.WefurtherstatethatsuchcomplianceisneitheranassuranceastothefutureviabilityoftheCompanynortheefficiencyoreffectivenesswithwhichthemanagementhasconductedtheaffairsoftheCompany.Date:23/08/2016 ForMehulThakkar&AssociatesPlace:Ahmedabad CompanySecretaries C.P.No.11478 MehulThakkar ACSNo.31211



CertificationbyManagingDirectorandChiefFinancialOfficeronFinancialStatementsoftheCompany

Wehave reviewed financial statementsand the cash flowstatement fortheyearand that to thebestofourknowledgeandbelief:1 These statements do not contain anymaterially untrue statement or omit anymaterial fact or containstatementsthatmightbemisleading;2 Thesestatementstogetherpresentatrueandfairviewofthelistedentity’saffairsandareincompliancewithexistingaccountingstandards,applicablelawsandregulations.B.Thereare,tothebestofourknowledgeandbelief,notransactionsenteredintobythelistedentityduringtheyearwhicharefraudulent,illegalorviolativeofthelistedentity’scodeofconduct.C.Weacceptresponsibilityforestablishingandmaintaininginternalcontrolsforfinancialreportingandthatwe have evaluated the effectiveness of internal control systems of the listed entity pertaining to financialreporting and they have disclosed to the auditors and the audit committee, deficiencies in the design oroperationofsuchinternalcontrols,ifany,ofwhichweareawareandthestepstheyhavetakenorproposetotaketorectifythesedeficiencies.D.WehaveindicatedtotheauditorsandtheAuditcommittee1 Significantchangesininternalcontroloverfinancialreportingduringtheyear;2 Significant changes inaccountingpoliciesduring theyearand that thesamehavebeendisclosed in thenotestothefinancialstatements;and3 Instancesofsignificantfraudofwhichwehavebecomeawareandtheinvolvementtherein,ifany,ofthemanagement or an employee having a significant role in the listed entity’s internal control system overfinancialreporting.Place:Ahmedabad FORGALAPRINTCITYLIMITEDDate:May27,2016

VishalM.GalaChandrakantShah ManagingDirector ChiefFinancialOfficer DIN:00692090 DIN:06954474



IndependentAuditor’sReport

TotheMembersofGalaPrintCityLimitedAhmedabadWe have audited the accompanying financial statements of “Gala Print City Limited” which comprise theBalanceSheetasatMar31,2016,andtheStatementofProfitandLossfortheperiodendedonthatdate,andasummaryofsignificantaccountingpoliciesandotherexplanatoryinformation.Managementisresponsibleforthepreparationofthesefinancialstatementsthatgiveatrueandfairviewofthefinancialposition,financialperformanceandcashflowsoftheCompanyinaccordancewiththeAccountingStandardsasperSection129ofCompaniesAct,2013.Thisresponsibilityincludesthedesign,implementationandmaintenanceofinternalcontrolrelevanttothepreparationandpresentationofthefinancialstatementsthatgiveatrueandfairviewandarefreefrommaterialmisstatement,whetherduetofraudorerror.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudit.WeconductedourauditinaccordancewiththeStandardsonAuditingissuedbytheInstituteofCharteredAccountantsofIndia.ThoseStandardsrequirethatwecomplywithethicalrequirementsandplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreefrommaterialmisstatement.Anaudit involvesperformingprocedurestoobtainauditevidenceabouttheamountsanddisclosures inthefinancialstatements.Theproceduresselecteddependontheauditor’sjudgment,includingtheassessmentoftherisksofmaterialmisstatementofthefinancialstatements,whetherduetofraudorerror.Inmakingthoserisk assessments, the auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management, as well as evaluating the overallpresentationofthefinancialstatements.Webelievethattheauditevidencewehaveobtainedissufficientandappropriatetoprovideabasisforourauditopinion.Inouropinionandtothebestofourinformationandaccordingtotheexplanationsgiventous,thefinancialstatementsgivetheinformationrequiredbytheActinthemannersorequiredandgiveatrueandfairviewinconformitywiththeaccountingprinciplesgenerallyacceptedinIndia:a inthecaseoftheBalanceSheet,ofthestateofaffairsoftheCompanyasatMarch31,2016;b inthecaseoftheProfitandLossAccount,oftheprofit/lossfortheperiodendedonthatdate;1.AsrequiredbytheCompanies Auditor’sReport Order,2015issuedbytheCentralGovernmentofIndiainterms of sub‐section 11 of section 143 of the Act, we give in the Annexure a statement on the mattersspecifiedinparagraphs3and4oftheOrder.2.Asrequiredbysection143oftheCompaniesAct,2013wereportthat:a Wehaveobtainedalltheinformationandexplanationswhichtothebestofourknowledgeandbeliefwerenecessaryforthepurposeofouraudit;b inouropinionproperbooksofaccountasrequiredbylawhavebeenkeptbytheCompanysofarasappearsfromourexaminationofthosebooks



c theBalanceSheet andStatementofProfit andLoss,dealtwithby thisReportare inagreementwith thebooksofaccount.d inouropinion,theBalanceSheetandStatementofProfitandLosscomplywiththeAccountingStandardsreferredtosection129oftheCompaniesAct,2013;e on thebasis ofwritten representations received from thedirectors asonMarch31, 2016, and takenonrecord by the Board of Directors, none of the directors is disqualified as on March 31, 2016, from beingappointedasadirectorintermsofsection164oftheCompaniesAct,2013.

For,PPSHAH&CO.CHARTEREDACCOUNTANTS

PLACE:AHMEDABAD PRANAVSHAH DATE:27/05/2016 PARTNER M.No.130500

FRN:131378W



The Annexure referred to in paragraph 1 of the Our Report of even date to themembers of Gala Print CityLimitedontheaccountsofthecompanyfortheyearended31stMarch,2016.Onthebasisofsuchchecksasweconsideredappropriateandaccordingtotheinformationandexplanationgiventousduringthecourseofouraudit,wereportthat:1. a Thecompanyhasmaintainedproperrecordsshowingfullparticularsincludingquantitative details

andsituationoffixedassets.

b Asexplainedtous,majorityoftheassetshavebeenphysicallyverifiedbythemanagementduringtheyear and there is a regular programme of verificationwhich, in our opinion, is reasonable havingregardtothesizeofthecompanyandthenatureofitsassets.Nomaterialdiscrepancieswerenoticedonsuchverification.

c Asexplainedtous,titledeedsofimmovablepropertiesareheldinthenameofthecompany.2. a As explained to us, inventories have been physically verified during the year by themanagement atreasonableintervals.b Inouropinionandaccordingtotheinformationandexplanationsgiventous,theproceduresofphysicalverificationofinventoriesfollowedbythemanagementarereasonableandadequateinrelationtothesizeofthecompanyandthenatureofitsbusiness.c Inouropinionandaccordingtotheinformationandexplanationsgiventousthecompanyismaintainingproper records of inventory and there were no discrepancies between the physical stocks and the bookrecords.3. a The Company has not granted any loans, secured or unsecured to companies, firms or other partiescoveredinregistermaintainedundersection189oftheCompaniesAct,2013.b TheTermsandconditionsatwhichthesaidloanhasbeengrantedarenotprejudicialintheinterestofthecompany.c InrespectofloansgrantedtheamountofPrincipalisregular.d ThereisnooverdueamountofloansgrantedtoCompanieslistedintheregistermaintainedundersection189oftheCompaniesact,20134.Inouropinionandaccordingtotheinformationandexplanationsgiventous,thereisgenerallyanadequateinternalcontrolprocedurecommensuratewiththesizeofthecompanyandthenatureofitsbusiness,forthepurchaseofinventories&fixedassetsandpaymentforexpenses&forsaleofgoods.Duringthecourseofouraudit, nomajor instance of continuing failure to correct anyweaknesses in the internal controls has beennoticed.5. The Company has not accepted any deposits from the public covered under section 73 to 76 of theCompaniesAct,2013oranyotherprovisionsoftheCompaniesActandtherulesframedthereunder.6. Inouropinionandaccordingtothe informationandexplanationgiventous,theCentralGovernmenthasnotprescribedmaintenanceofcostrecordsundersection148oftheCompaniesAct,2013.7. a Accordingtotherecordsofthecompany,undisputedstatutoryduesincludingProvidentFund,InvestorEducation andProtectionFund,Employees’ State Insurance, Income‐tax, Sales‐tax,WealthTax, ServiceTax,CustomDuty,ExciseDuty,ValueAddedTax,cesstotheextentapplicableandanyotherstatutorydueshavegenerally been regularly deposited with the appropriate authorities. According to the information and



explanationsgiventoustherewerenooutstandingstatutoryduesason31stofMarch,2016 foraperiodofmorethansixmonthsfromthedatetheybecamepayable.b According to the information and explanations given to us, there is no amounts payable in respect ofincometax,wealthtax,servicetax,salestax,customsdutyandexcisedutywhichhavenotbeendepositedonaccountofanydisputes.8.Basedonourauditproceduresandontheinformationandexplanationsgivenbythemanagement,weareoftheopinionthat,theCompanyhasnotdefaultedinrepaymentofduestoafinancialinstitutionorbank.9.Basedonauditproceduresandaccordingtotheinformationandexplanationsgiventous,thefundraisedbywayofpublicissuehavebeenappliedforthepurposesforwhichthoseareraised.However,wereportthatthecompanyhasnotraiseanytermloanduringtheyear.10.Basedontheauditproceduresperformedandtheinformationandexplanationsgiventous,wereportthatnofraudonorbytheCompanyhasbeennoticedorreportedduringtheyear,norwehavebeeninformedofsuchcasebythemanagement.

11. Based on our audit procedures and on the information given by the management, we report that themanagerialremunerationhasbeenpaid/providedinaccordancewiththerequisiteapprovalsmandatedbytheprovisionsofsection197readwithscheduleVtotheCompaniesAct.

12.ThecompanyisnotNidhiCompany.Thereforethisclauseisnotapplicable.13. Based on our audit procedures and on the information given by the management, we report alltransactionswith the related parties are in compliancewith Section 188 and 177 of Companies Act, 2013where applicable and the details have been disclosed in the Financial Statements etc. as required by theaccountingstandardsandCompaniesAct,2013.14.Basedonourauditproceduresandontheinformationgivenbythemanagement,wereportthecompanyhasmadeanypreferentialallotment/privateplacementof sharesor fullyorpartlyconvertibledebenturesduringtheyearunderreview.15.Basedonourauditproceduresandontheinformationgivenbythemanagement,wereportthecompanyhasnotenteredintoanynon‐cashtransactionswithdirectorsorpersonsconnectedwithhim.14. Based on the information given by the management, we report the company is not required to beregisteredundersection45IAoftheReserveBankoflndiaAct,1934.

For,PPSHAH&CO.CHARTEREDACCOUNTANTS

PLACE:AHMEDABAD PRANAVSHAH DATE:27/05/2016 PARTNER M.No.130500

FRN:131378W



Asperourreportofevendate: ForandonbehalfoftheboardofdirectorsofForPPSHAH&CO.................................GALAPRINTCITYLTD.CHARTEREDACCOUNTANTSFirmregistrationnumber:131378W VishalGala ChandrakantShahPRANAVSHAH............................. MD ................... CFO PARTNERMembershipno.:130500Date:27/05/2016KhyatiShahPlace:Ahmedabad CS

Balance sheet as at 31st March 2016

Notes 31 March, 2016 31 March, 2015

Equity and liabilities

Shareholder's funds Share capital 2 47,565,000 34,905,000

Reservers and surplus 3 20,334,541 1,284,512

Share Application Money ‐ ‐

67,899,541 36,189,512

Non‐current liabilities

Long‐term borrowings 4 3,232,717 6,269,593

Deferred tax liability (net) 5 1,062,830 871,669

Long‐term provisions ‐ ‐

4,295,547 7,141,262

Current Liabilities

Short‐term provisions 6 634,039 307,820

Short‐term borrowings 7 9,991,428 4,223,547

Trade payables 8 1,711,655 1,153,858

Other current liabilities 9 3,410,031 4,910,536

15,747,153 10,595,761

TOTAL 87,942,241 53,926,535

Assets

Non‐current assets

Fixed assets

Tangible assets 10 13,286,860 14,367,410

Intangible assets ‐ ‐

Capital work‐in‐progress Intangible assets under development

Long‐term loans and advances 11 830,533 662,676

Trade receivables ‐ ‐

Other non‐current assets 13 ‐ ‐

14,117,393 15,030,086

Current assets

Inventories 14 8,173,548 3,660,575

Trade receivables 12 61,438,184 31,862,777

Cash and bank balances 15 121,848 238,175

Short‐term loans and advances 11 4,091,268 3,134,922

Other current assets 13 ‐ ‐

73,824,848 38,896,449

Total 87,942,241 53,926,535



Statementofprofitandlossfortheyearended31stMarch2016

Notes 31March,2016 31March,2015

Continuingoperations

Income

Revenuefromoperations gross 16 216,733,441 138,778,838

Less:exciseduty ‐ ‐

Revenuefromoperations net 216,733,441 138,778,838

OtherIncome 17 193,368 234,172

Totalrevenue I 216,926,809 139,013,010Expenses

Costofrawmaterialandcomponentsconsumed 18 205,454,789 129,210,158

Purchaseoftradedgoods

Increase /decreaseininventoriesoffinishedgoods,

work‐in‐progressandtradedgoods

Employeebenefitsexpense 19 2,047,120 2,612,359

Otherexpenses 20 4,750,457 3,519,380

Total II 212,252,366 135,341,897

Earningsbeforeinterest,tax,depreciationand

amortization EBITDA I – II 4,674,443 3,671,113

Depreciationandamortizationexpense 1,155,150 1,165,642

Financecosts 21 1,582,103 1,161,620

Profitbeforetax 1,937,190 1,343,851

Taxexpenses

Currenttax 420,000 256,000

Less:MATCredit ‐ 256,000

Deferredtax 191,161 269,214

Totaltaxexpenses 611,161 269,214

Profitfortheyear 1,326,029 1,074,637

Earningsperequityshare nominalvalueofshare`10

31March2015:`10

Basic

Computedonthebasisoftotalprofitfortheyear 0.30 0.41

Summaryofsignificantaccountingpolicies 1

Theaccompanyingnotesareanintegralpartofthefinancialstatements.

Asperourreportofevendate: ForandonbehalfoftheboardofdirectorsofForPPSHAH&CO.................................GALAPRINTCITYLTD.CHARTEREDACCOUNTANTSFirmregistrationnumber:131378W VishalGala ChandrakantShahPRANAVSHAH.......................... MD ........................ CFO PARTNERMembershipno.:130500Date:27/05/2016KhyatiShahPlace:Ahmedabad CS



Asperourreportofevendate: ForandonbehalfoftheboardofdirectorsofForPPSHAH&CO..............................GALAPRINTCITYLTD.CHARTEREDACCOUNTANTSFirmregistrationnumber:131378W VishalGala ChandrakantShahPRANAVSHAH............................................ MD ............................ CFO PARTNERMembershipno.:130500Date:27/05/2016KhyatiShahPlace:Ahmedabad CS

Cashflowstatementfortheyearended31stMarch2016

Rs. Rs.

31March,2016 31March,2015Cashflowfromoperatingactivities Profitbeforetaxfromcontinuingoperations 1,937,190 1,343,851Non‐cashadjustmenttoreconcileprofitbeforetaxtonetcashflows

Depreciation/amortizationoncontinuingoperation 1,155,150 1,165,642Interestexpense 1,582,103 2,051,446Interestincome 0 938,161Operatingprofitbeforeworkingcapitalchanges 4,674,443 3,622,778Movementsinworkingcapital: Increaseintradepayables 557,797 6,302,268Increase/ decrease inshort‐termprovisions 51,820 225,976Increase/ decrease inothercurrentliabilities 1,500,505 1,275,210Decrease/ increase intradereceivables 29,575,407 14,563,336Decrease/ increase ininventories 4,512,973 631,895Decrease/ increase inloansandadvances 167,857 218,365Decrease/ increase inshort‐termloansandadvances 998,307 1,684,662Decrease/ increase inothercurrentassets 0 8,200Decrease/ increase inothernon‐currentassets 0 0Cashgeneratedfrom/ usedin operations 31,574,629 14,899,038Directtaxespaid netofrefunds 0 0Netcashflowfrom/ usedin operatingactivities A 31,574,629 14,899,038Cashflowsfrominvestingactivities Purchaseoffixedassets,includingintangibleassets,CWIP 74,600 19,985Interestreceived 0 332,098Netcashflowfrom/ usedin investingactivities B 74,600 312,113Cashflowsfromfinancingactivities Proceedsfromlong‐termborrowings

‐‐

IssueofShareCapital 30,384,000 19,650,000Repaymentoflong‐termborrowings 3,036,876 3,031,187Proceedsfromshort‐termborrowings 5,767,881 584,062Interestpaid 1,582,103 2,051,446Netcashflowfrom/ usedin infinancingactivities C 31,532,902 13,983,305Netincrease/ decrease incashandcashequivalents A B C 116,327 603,620Cashandcashequivalentsatthebeginningoftheyear 238,175 841,795Cashandcashequivalentsattheendoftheyear 121,848 238,175Componentsofcashandcashequivalents Cashonhand 215,294 229,206Withbanks‐oncurrentaccount 93,446 8,969Totalcashandcashequivalents note15 121,848 238,175Summaryofsignificantaccountingpolicies 1



NOTE‐1

NOTESFORMINGPARTOFACCOUNTS

A.SignificantaccountingPoliciesa BasisofAccounting:

Thefinancialstatementshavebeenpreparedincompliancewiththerequirementsundersection133ofthe Companies Act, 2013 to the extent notified , readwith Rule 7 of the Companies Accounts Rules,2014,andothergenerallyacceptedaccountingprinciples GAAP inIndia,totheextentapplicable,ontheaccrualbasisofaccounting,underthehistoricalcostconventionandtocomplyinallmaterialrespectwiththenotifiedaccountingstandardsbytheCompanies AccountingStandards Rules–2006.

b FixedAssets

Fixed Assets are stated at cost less accumulated depreciation. The cost of fixed asset comprise of itspurchasepriceandanydirectlyattributablecostofbringingtheassetsinanoperationalconditionforitsintendeduse.Howeverduring the current year the value of the assetswhose useful life has been fullyutilizedinthepastyearshasbeenadjustedagainsttheopeningretainedearnings.

c Depreciation

Depreciation has been provided at the rates and in the manner prescribed in Schedule XIV of theCompaniesact,1956onWDVMethod.Depreciationonadditionoronsale/disposalofassetsiscalculatedonpro‐ratabasisfromthedateofsuchadditionorsale/disposalasthecasemaybe.HoweverduringthecurrentyearthedepreciationmethodhasbeenchangedaspernewCompaniesAct,2013.

d ValuationofInventories

Stockisvaluedatcostornetrealizablevaluewhicheverislower.e Investment

Longterminvestmentsarestatedatcost.ProvisionofdiminutioninthevalueofLongterminvestmentsismadeonlyifsuchdeclineisotherthantemporaryinnatureintheopinionoftheManagement.

f RevenueRecognition

Alltheincome&expensesareaccountedonaccrualbasis.g Retirement/PostretirementBenefits

ThecompanyhasnotmadeprovisionforgratuityandleaveencashmentasprescribedbytheAccountingStandard AS –15 Revised onEmployeeBenefits.

h Taxation

Current tax is determined as the amount of tax payable in respect of taxable income for the period.Deferred tax is recognizedsubject to theconsiderationofprudence inrespectofdeferred taxassetsontimingdifferences,beingthedifferencebetweenthetaxableincomesandaccountingincomethatoriginatein,oneperiodandarecapableofreversalinoneormoresubsequentperiod.



Deferred tax assets are recognized and carried forward only to the extent that there is a reasonablecertaintythatsufficientfuturetaxableincomewillbeavailableagainstwhichsuchdeferredtaxassetscanberealized.

i Provisions,ContingentAssetsandContingentLiabilities

Aprovisioninvolvingsubstantialdegreeofestimationarerecognizedwhenthereisapresentobligationasaresultofpasteventanditisprobablethattherewillbeonoutfloworresources.

B.NOTESFORMINGPARTOFACCOUNTSa The Company has notmade any Provision regarding Gratuity liability as prescribed by the accounting

standard15 Revised onemployeebenefits,asIntheopinionofthemanagementnoneoftheemployeesareeligibleforgratuitybenefit.

b Previousyearfiguresareregroupedorrearrangedwheneverconsiderednecessary.c RelatedPartyDisclosure:

ThetransactionsthathastakenplaceduringtheyearwithrelatedpartiestobedisclosedasrequiredbyAccountingStandard‐18“RelatedpartyTransaction”issuedbytheInstituteofCharteredAccountantsOfIndiaandnotifiedbytheCompaniesAccountingstandardRules‐2006areasunder.

Sr.No

RelatedParty Relation DescriptionOfTransaction

Receipts Rs.

Payments Rs.

1 VishalGala Director LoanRemuneration

400000 400000660000

2 NehaGala RelativeofDirector

RentExpense ‐‐ 395085

3 SanketSheth Director Remuneration ‐‐ 2185124 GalaProductsLtd. Common

DirectorLoan 1942958 1942958

e ThenumeratorsandDenometersusedincalculationofBasicandDilutedEarningsperShareareasunderParticulars ForperiodendedForperiodended31stMarch,2016 31stMarch,2015 AmountRs. AmountRs. NetProfit/lossavailableToEquityShareHolders 13260291074637WeightedAverageNo.ofEquitySharesO/sattheendoftheyear 43967622617418BasicandDilutedEarningsperShare Rs. 0.30 0.41



g ParticularsofpaymentmadetoAuditors:Particulars Fortheperiodendedon Fortheyearendedon 31.03.2016 31.03.2015 AuditFees Amount Rs. Amount Rs. AuditFees 20,000 20,000h ParticularsofpaymentmadetoDirectors:Particulars Fortheyearendedon Fortheyearendedon 31.03.2016 31.03.2015 Amount Rs. Amount Rs. 1 VishalGala. Salary 660000 6000002 NehaGala Salary ‐‐‐ 100000 3 SanketSheth Salary 218512 272171 i ThebalancesshownintheBalancesheetundertheheadofCreditors,CurrentAssetsaresubjecttoconfirmationfromrespectivepartiesandaresubjecttoadjustmentifany,onreceiptofconfirmation.



Notestofinancialstatementsfortheyearended31stMarch2016

31March

201631March2015

Rs. Rs.

2 Sharecapital

Authorizedsharecapital

50,00,000 31March2015:50,00,000 equitysharesofRs.10/‐ each 50,000,000 50,000,000

Issued,subscribedandfullypaid‐upsharecapital 47,565,000 34,905,000

47,56,500 31March2015:34,90,500 equitysharesofRs.10/‐ each

Totalissued,subscribedandfullypaid‐upsharecapital 47,565,000 34,905,000

a. Reconciliationofthesharesoutstandingatthebeginningandattheendofthereportingperiod

Equityshares 31March2016 31March2015 Number Rs Number Rs Atthebeginningofthe

period 3,490,500 34,905,000

1,525,50015,255,000

Add/Lessduringtheperiod

1,266,000

12,660,000

1,965,000

19,650,000

Outstandingattheendoftheperiod

4,756,500

47,565,000

3,490,500

34,905,000

b. Terms/rightsattachedtoequityshares

Thecompanyhasonlyoneclassofequityshareshavingaparvalueof`10pershare.Eachholderofequity

sharesisentitledtoonevotepershare.

Intheeventofliquidationofthecompany,theholdersofequityshareswillbeentitledtoreceiveremaining

assetsofthecompany,afterdistributionofallpreferentialamounts.Thedistributionwillbeinproportiontothenumberofequitysharesheldbytheshareholders.

c. Detailsofshareholdersholdingmorethan5%sharesinthecompany

31March2016 31March2015

Number %holdingintheclass

Number %holdingintheclass

EquitysharesofRs.10eachfullypaid

VISHALGALA 1505263

31.65% 1505263 43.12%

NEHAGALA 769737 16.18% 769737 22.05%

KHEEMJIJAIN 258000 5.42% ‐ 31March

201631March

20153 Reservesandsurplus Rs. Rs.

SecurityPremiumA/c 17,724,000 ‐

Generalreserve

Balanceasperthelastfinancialstatements

ClosingBalance 17,724,000



Surplusinthestatementofprofitandloss 1,284,512 210,907

Balanceasperlastfinancialstatements ‐ 1,032

Less:Bookvalueoffullyutilizedfixedassets

1,284,512 209,875

Profitfortheyear 1,326,029 1,074,637

Netsurplusinthestatementofprofitandloss

2,610,541

1,284,512

Totalreservesandsurplus

20,334,541 1,284,512

4 Long‐termborrowings Non‐currentportionCurrentmaturities

31March2016

31March2015

31March2016

31March2015

Rs. Rs. Rs. Rs.

Termloans

FromBank 3,232,717

6,269,593

3,000,000

3,000,000

OtherLoans ‐

‐

Theaboveamountincludes

Securedborrowings 3,232,717

6,269,593

3,000,000

3,000,000

Unsecuredborrowings ‐

‐

Amountdisclosedunderthehead 3,000,000

3,000,000

“othercurrentliabilities” note9

Netamount 3,232,717

6,269,593

‐

‐

TermloansfromStateBankofIndiawastakenduringthefinancialyear2012‐13to2017‐18andcarriesinterest12.9%p.a.Theloanisrepayablein60monthlyinstallmentsalongwithinterest,fromthedateofloan.TheloanissecuredbyhypothecationofPlant&Machinery

5 DeferredtaxLiability net 31March2016 31March2015

DeferredtaxLiabilityFixedassets:Impactofdifferencebetweentaxdepreciationanddepreciation/amortizationchargedforthefinancialreporting

1,062,830 871,669

Grossdeferredtaxliability 1,062,830 871,669

Deferredtaxasset

Impactofexpenditurechargedtothestatementofprofitandlossinthecurrentyearbutallowedfortaxpurposesonpaymentbasis

Others Grossdeferredtaxasset

Netdeferredtaxliability 1,062,830 871,669



6Provisions Long‐term Short‐term 31stMarch,2016 31stMarch,2015 31stMarch,2016 31stMarch,

2015Provisionforemployeebenefits Provisionforgratuity Provisionforleavebenefits Otherprovisions: ProvisionforIncometax 634,039 270,530Provisionforexpenses ‐ 37,290 634,039 307,8207 Short‐termborrowings


Rs. Rs.

FromBank:

Cashcredit/packingcredit/S.L.C. secured9,991,428

4,223,547

9,991,428

4,223,547

Theaboveamountincludes

Securedborrowings 9,991,428

4,223,547

Unsecuredborrowings ‐

‐

9,991,428

4,223,547

HypothecationofentirebookdebtsandInventoryofthecompany

Thecashcreditisrepayableondemandandcarriesinterest@13%p.a.

8 Tradepayables


Rs. Rs.

Tradepayables 1,711,655 1,153,858

1,711,655 1,153,858

9 Other current liabilities

Current maturities of long‐term borrowings (Note:5)

3,000,000

3,000,000

Statutory liabilities payable 32,490 538,828

Advance received from customers ‐ ‐

Creditorsfor Exp. 377,541 1,371,708

Interest accrued and due on borrowings ‐ ‐

3,410,031 4,910,536



10 Tangibleassets

Plantand Office Computers Furniture Total

Machinery Equipments &fixture

Costorvaluation

At01.04.2015 18,561,263

84,375

55,750

170,190

18,871,578

Additions ‐

‐

74,600

‐

74,600

Disposals ‐

‐

‐

‐

‐

At31March2016

18,561,263

84,375

130,350

170,190

18,946,178

Plantand Office Computers Furniture Total

Machinery Equipments &Fixture

Depreciation

At01.04.2015 4,337,393

25,368

52,962

88,445

4,504,168

Chargefortheyear

1,086,333

43,219

11,812

13,786

1,155,150

Disposals ‐

‐

‐

‐

‐

At31March2016

5,423,726

68,587

64,774

102,231

5,659,318

NetBlock

At31March2015

14,223,870

59,007

2,788

81,745

14,367,410

At31March2016

13,137,537

15,788

65,576

67,959

13,286,860



11 Loansandadvances

Non‐current Current

31March2016 31March2015 31March2016 31March2015

Rs. Rs. Rs. Rs.

Capitaladvances

Unsecured,consideredgood ‐ ‐

A ‐ ‐

Securitydeposit

Unsecured,consideredgood 303,748 302,972 2,985,659 2,036,566

B 303,748 302,972 2,985,659 2,036,566

Advancesrecoverableincashorkind

Unsecuredconsideredgood ‐ 84,344 121,500

C ‐ ‐ 84,344 121,500

Otherloansandadvances

MATCreditentitlement 441,509 483,470

Prepaidexpenses 22,754 33,731

InterestSubsidyReceivable 557,002 459,655

Balanceswithstatutory/governmentauthorities

526,785

359,704

D 526,785 359,704 1,021,265 976,856

Total A B C D 830,533 662,676 4,091,268 3,134,922

Tradereceivablesandotherassets

12 Tradereceivables


31March2016

31March2015

31March2016

31March2015

Rs. Rs. Rs. Rs.

Unsecured,consideredgood

unlessstatedotherwise

Outstandingforaperiodexceedingsixmonths

fromthedatetheyaredueforpayment

Secured,consideredgood


Doubtful

Provisionfordoubtfulreceivable

A



Otherreceivables

Secured,consideredgood 61,438,184 31,862,777


Doubtful

61,438,184 31,862,777

Provisionfordoubtfulreceivable

‐

‐

B ‐

‐ 61,438,184

31,862,777

Total A B ‐

‐ 61,438,184

31,862,777

13 Otherassets


31March2016

31March2015

31March2016

31March2015

Rs. Rs. Rs. Rs.


unlessstatedotherwise

Non‐currentbankbalances note18

A

Others

preliminaryexp.

B Total A B

.

14 Inventories valuedatlowerofcostandnetrealizablevalue


Rs. Rs.

Finishedgoods 8,173,548 3,660,575

8,173,548 3,660,575

15 Cashandbankbalances


31March2016 31March2015 31March2016 31March2015

Rs. Rs. Rs. Rs.

Cashandcashequivalents

Balanceswithbanks:

StateBankofIndia ‐ ‐ 93,446 8,969

Cashonhand ‐ ‐ 215,294 229,206

‐ ‐ 121,848 238,175

Otherbankbalances

Depositswithoriginal



maturityformorethan12months

‐ ‐

‐ ‐ ‐ ‐

Amountdisclosedunder

non‐currentassets ‐ ‐ ‐ ‐

‐ ‐ 121,848 238,175

16 Revenuefromoperations


Rs. Rs.

Revenuefromoperations

Saleofproducts:

Finishedgoods 216,733,441 138,778,838

Revenuefromoperations gross 216,733,441 138,778,838

Less:Exciseduty# ‐ ‐

Revenuefromoperations net 216,733,441 138,778,838

17 Otherincome


Rs. Rs.

KasarVatav ‐ 2,462

RateDifferance 34,240 58,867

InterestonITRefundIncome 3,140 ‐

NSCInterestIncome 776 5,532

BankFDInterestIncome 155,212 141,264

SpecialDiscount ‐ 26,047

193,368 234,172

18 Costofrawmaterialconsumed


Rs. Rs.

Inventoryatthebeginningoftheyear 3,660,575 3,028,680

Add:PurchasesandLabourPurchase 209,967,762 129,842,053

213,628,337 132,870,733

Less:inventoryattheendoftheyear 8,173,548 3,660,575

Costofrawmaterialandcomponentsconsumed 205,454,789 129,210,158



19 EmployeeBenefitsExpense 31March2016 31March2015

Rs. Rs.

Salaries,wagesandbonus 2,047,120 2,612,359

Contributiontoprovidentandotherfund ‐ ‐

Gratuityexpense ‐ ‐

Staffwelfareexpenses ‐ ‐

2,047,120 2,612,359

20 Otherexpenses


Rs. Rs.

AdvertisingExpense 4,725 ‐

AuditFees 20,000 20,000

ComputerExpenses 24,703 ‐

ConveyanceExpense 22,972 14,364

ElectricityBurning 588,800 581,361

ElectricExpense 12,988 1,695

MachineryRepairs&Spares 667,620 146,877

PackingMaterials 698 25,236

PostExpense 3,208 500

StampExpense 6,460 2,900

Tempafare 328,361 385,808

WeightExpense 10,420 560

RentExpense 507,474 300,675

OfficeExpense 68,336 50,411

StationaryandPrintingExpenses 25,204 7,369

TelephoneExpenses 38,323 37,018

VehicleExpenses ‐ 2,230

InsuranceExpense 49,021 51,956

Legal&ProfessionalFee 1,677,296 1,761,701

LicenceFees ‐ 400

Misc.Expense 2,770 5,223

ProcessingFees 39,000 56,643

Professionaltax 2,400 2,440

TenderFees 127,800 29,000

TravellingExpense 43,338 6,178

FactoryMaintenanceExpense 418,800 8,135

Preliminaryexp ‐ 8,200

SecurityExpense ‐ 2,500

VatExpense ‐ 10,000

Short/ExcessProvisionofIncomeTax 37,277 ‐

InternetExpense 4,120 ‐



VatavKasarandRatedifferenceExp. 18,343 ‐

4,750,457 3,519,380

Paymenttoauditor:


Rs. Rs.

Asauditor:

Auditfee 10,000 10,000

Taxauditfee 10,000 10,000

20,000 20,000


Rs. Rs.

21 Financecosts:

BankInterest 1,496,770 1,078,650 BankCharges 75,289 48,335 InterestonIncomeTax 6,882 1,549

InterestonVAT 3,162 86

InterestExpense ‐ 33,000

1,582,103 1,161,620

Asperourreportofevendate: ForandonbehalfoftheboardofdirectorsofForPPSHAH&CO.................................GALAPRINTCITYLTD.CHARTEREDACCOUNTANTSFirmregistrationnumber:131378W VishalGala ChandrakantShahPRANAVSHAH.............................. MD ...................... CFO PARTNERMembershipno.:130500Date:27/05/2016KhyatiShahPlace:Ahmedabad CS

FormMGT‐11Proxyform

[Pursuanttosection105(6)oftheCompaniesAct,2013andrule19(3)oftheCompanies(ManagementandAdministration)Rules,2014]

GALAPRINTCITYLIMITEDCIN:L22219GJ2010PLC063243RegisteredOffice:B‐1,Laxmicom.Co.Op.Estate,B/hOldNavneetPress,

SukhramnagarAhmedabad‐380021Nameofmember(s):______________________________________________________________________________________Registeredaddress:______________________________________________________________________________________E‐mailId:___________________________________________________________________________________________________FolioNo./ClientId:_______________________________________________________________________________DPID:_____________________________________________________________________________________________________I/We,beingthemember(s)of____________sharesoftheabovenamedcompany,herebyappoint:1.Name:_________________________________________E‐mailId:______________________________________Address:__________________________________________________________________________________________________________________________________________________________________________________________________________________Signature____________________________orfailinghim;2.Name:_________________________________________E‐mailId:______________________________________Address:__________________________________________________________________________________________________________________________________________________________________________________________________________________Signature____________________________orfailinghim;3.Name:_________________________________________E‐mailId:______________________________________Address:__________________________________________________________________________________________________________________________________________________________________________________________________________________Signature____________________________

asmy/our proxy to attend and vote (on a poll) forme/us and onmy/our behalf at the 6thAnnualGeneralMeetingoftheCompany,tobeheldontheFriday,the30thdayofSeptember,2016 at 11.30 a.m. at the Regd. office of the Company at 11:00 AM and at any adjournmentthereofinrespectofsuchresolutionsasareindicatedbelow:Sr.No.

Resolution For Against

1 To receive, consider and adopt the Audited FinancialStatementofthecompanyforthefinancialyearendedon31stMarch,2016includingauditedBalanceSheetason31stMarch,2016 and statement of Profit and Loss account for the yearended on that date along with the Report of the Board ofDirectorsandAuditorsthereon.

2 Re‐appointmentofMr.VishalM.Gala(DIN:00692090),whoisliabletoretirebyrotation.

3 AppointmentofAuditorsandfixtheirremuneration. 4 RegularizationofAdditionalDirectorMr.AnujMayurkumar

Shah

5 ReviseRemunerationofMr.VishalM.Gala,ManagingDirector Signedthis____________________dayof__________________________2016.Signatureofshareholder__________________________SignatureofProxyholder(s)_______________________Notes:1.ThisformofproxyinordertobeeffectiveshouldbedulycompletedanddepositedattheRegisteredOfficeoftheCompany,notlessthan48hoursbeforethecommencementoftheMeeting.2.ApersoncanactasproxyonbehalfofMembersuptoandnotexceedingfiftyandholdingintheaggregatenotmorethantenpercentofthetotalsharecapitaloftheCompany.Further, aMember holdingmore than ten percent, of the total share capital of the Companycarryingvoting rightsmay appoint a singleperson asproxy and suchperson shallnot act asproxyforanyotherpersonorMember.*Itisoptionaltoputa‘√‘intheappropriatecolumnagainsttheResolutionsindicatedintheBox.Ifyouleavethe‘For'or‘Against'columnblankagainstanyorallResolutions,yourproxywillbeentitledtovoteinthemannerashe/shethinksappropriate.

AffixRevenueStampofRs.1

RegisteredOffice:B‐1,LaxmiCom.Co.Op.Estate,B/hOldNavneetPress,Sukhramngar,Ahmedabad‐380021

CIN:L22219GJ2010PLC063243E‐Mail:[email protected]

ATTENDANCESLIP

(Tobehandedoverattheentranceofthemeetinghall6thAnnualGeneralMeeting,30thSeptember,2016)

IherebyrecordmypresenceattheSIXTHANNUALGENERALMEETINGoftheCompanyatB‐1,LaxmiCom.Co.Op.EstateB/hOldNavneetPress,SukhramngarAhmedabad‐380021at11:00AMFullNameoftheMember:_____________________________________________________________________RegisteredFolioNumber:_______________________No.ofSharesHeld:________________________DPID:____________________________________________ClientID:____________________________________FullNameoftheProxy:_________________________________________________________________________Member’s/Proxy’sSignature:_________________________________________________________________Note:MembersarerequestedtobringtheircopiesofAnnualReporttothemeeting

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