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Galaxy Entertainment
BSE: 506186|ISIN: INE403B01016|SECTOR: Media & Entertainment
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Galaxy Entertainment is not listed on NSE
Mar 13
Notes to Accounts Year End : Mar '14
1.  Background
 
 Galaxy Entertainment Corporation Limited (''the Company'') was
 incorporated on August 13, 1981. It operates leisure and entertainment
 centers across the country and as at the balance sheet date it has 28
 centers offering a variety of facilities such as bowling, pool and
 video games, restaurant services, bakery, food court, etc.  Further,
 during the year 2013-14, the company has undertaken trading activity.
 
 2. Capital and Other Commitments
 
 a) Capital Commitment
 
 Estimated amount of contracts remaining to be executed on capital
 account and not provided for (net of advances) Rs. 12,213,561 (Previous
 Year Rs. Nil).
 
 b) Other Commitment
 
 The Company has entered into certain non-cancellable agreements with
 landlord for premises. Commitment toward the same is Rs. NIL (Previous
 Year Rs. 6,51,000).
 
 3. Contingent Liabilities not provided for
 
 a) In respect of guarantees given by Company''s banker on behalf of the
 Company of Rs.11,298,459 (Previous Year Rs. 11,398,459).
 
 b) In respect of disputed tax demand not provided as following:
 
 Particulars                      2013-2014             2012-2013
 
 Entertainment Tax Demand         20,04,648             1,603,718
 
 Indirect Tax Demand
 
 2003-2004                        16,68,316             2,168,316
 
 2008-2009                        74,92,720             7,492,720
 
 Income Tax
 
 A.Y. 2009-2010                   33,56,688                   Nil
 
 c) Claims on accounts of service tax on rental premises consequent to
 retrospective charge of service on renting activity by Finance Act
 2010. Amount which is not demanded has not been provided.
 
 d) The Company has imported Capital Goods under the Export Promotion
 Capital Goods Scheme of the Government of India, at concessional rates
 of duty, on an undertaking to fulfll export obligation by October 2015.
 Outstanding as at balance sheet date is Rs. 66,316,951 (Previous Year Rs.
 66,316,951).
 
 4. Going Concern Assumption
 
 The enterprise is normally viewed as a going concern, that is, as
 continuing in operation for the foreseeable future. It is assumed that
 the enterprise has neither the intention nor the necessity of
 liquidation or of curtailing materially the scale of the operations.
 
 5. Segment Reporting
 
 Since incorporation the Company operated in a single business segment
 of Leisure and Entertainment services.  However, during the year it has
 done trading activity in Fabric also. Thus, this disclosure is
 applicable. As per geographical segment, the Company operates in a
 single reportable geographical segment, i.e. within India.
 
 Notes:
 
 1) Segments have been identified in line with the Accounting Standard on
 Segment Reporting (AS-17) taking into account the organization''s
 structure as well as the differential risks and returns of these
 segments.
 
 2) The Company has disclosed Business Segment as the primary segment
 and type of products and services in each segment.
 
 3) The revenue and results figures given above are directly identifable
 to respective segments and expenditure on common services incurred at
 the corporate level are not directly identifable to respective segments
 have been shown as Other Un-allocable Expenditure.
 
 4) The Other Information figures given above are directly identifable to
 respective segments and information for corporate services for head
 office and investments related to acquisitions have been shown as
 Others Un-allocable.
 
 6. Deferred Tax Asset/(Liability)
 
 On a conservative basis, the Company has not recognized any deferred
 tax asset on unabsorbed business losses/unabsorbed depreciation during
 the current year.
 
 7. Related Party Disclosure
 
 In accordance with the Accounting Standard 18 on Related Party
 Disclosure notifed under the Companies (Accounting Standard) Rules,
 2006, as amended, the relevant information for the year ended March 31,
 2014 is as under. Names of related parties and description of
 relationship:
 
 I.  Entities where control exists - Subsidiaries:
 
 a) Rain Fruits & More Pvt. Ltd. (RFMPL)
 
 b) Galaxy Rain Restaurants Pvt. Ltd. (GRRPL)
 
 II.  Entity where control exists through substantial equity interest:
 
 a) Future Retail Limited (FRL) (formally known as Pantaloon Retail
 (I) Limited)
 
 b) Future Value Retail Limited (FVRL) (Merged with Future Retail
 Limited)
 
 8.  Based on the available information with the management, the
 Company does not owe any sum to suppliers who are registered as Micro,
 Small, Medium Enterprise as at March 31, 2014 in terms of the
 provisions of The Micro, Small, Medium Enterprise Development Act,
 2006.
 
 9.  In respect of amounts payable to overseas creditors for import of
 certain gaming machinery all liability has been provided in the
 respective year of imports and the management believes no further
 liability is to be recorded in respect of such imports.
 
 10.  Balances of Debtors and Creditors are subject to confirmations and
 reconciliation.
 
 11.  In the opinion of the Board, all assets other than fixed assets and
 non-current investments have value on realization in the ordinary
 course of business at least equal to the amount at which they are
 stated.
 
 12.  The Company made investments in National Saving Certifcates (NSC)
 in the name of Managing Director of the company and the same has been
 pledged with excise authority at Mumbai (Maharashtra) on behalf of the
 company. The interest accrued on such investment will be accounted for
 on maturity.
Source : Dion Global Solutions Limited
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