SENSEX NIFTY India | Notes to Account > Media & Entertainment > Notes to Account from Galaxy Entertainment - BSE: 506186, NSE: N.A

Galaxy Entertainment

BSE: 506186|ISIN: INE403B01016|SECTOR: Media & Entertainment
May 26, 16:00
0.85 (4.24%)
VOLUME 1,450
Galaxy Entertainment is not listed on NSE
Mar 14
Notes to Accounts Year End : Mar '15
1. 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. Nil (Previous Year Rs.
 2. Contingent Liabilities not provided for:
 a) In respect of guarantees given by Company''s banker on behalf of the
 Company of Rs. 11,296,459 (Previous Year Rs. 11,298,459)
 3. Winding Up Petition
 A winding up petition has been fled by Manjiro Works against the
 company under Section 433 (e)/434 of the Companies Act, 1956 before the
 Hon''ble High Court of Bombay.
 The company had ordered certain gaming machinery from Manjiro Works in
 the year 2007 but there was no Specific contract executed amongst the
 parties. The company made part payments against the delivery of
 machinery and due to delay in delivery of shipments of machineries and
 damage of certain parts of machineries, the balance payments were
 disputed and the petition is yet to be admitted.
 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
 The Company has identified two reportable segments viz. Restaurants,
 Gaming & Others and Trading. Segments have been identified and reported
 taking into account nature of products and services, the differing
 risks and returns and the internal business reporting systems. The
 accounting policies adopted for segment reporting are in line with the
 accounting policy of the Company with following additional policies for
 segment reporting.
 a) Revenue and Expenses have been identified to a segment on the basis
 of relationship to operating activities of the segment. Revenue and
 Expenses which relate to enterprise as a whole and are not allocable to
 a segment on reasonable basis have been disclosed as Unallocable.
 b) Segment Assets and Segment Liabilities represent Assets and
 Liabilities in respective segments.
 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
 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 figure given above are directly identifiable
 to respective segments and expenditure on common services incurred at
 the corporate level are not directly identifiable to respective segments
 have been shown as Other Un-allocable Expenditure.
 4) The other Information figures given above are directly identifiable 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 notified under the Companies (Accounting Standard) Rules,
 2006, as amended, the relevant information for the year ended March 31,
 2015 is as under. Names of related parties and description of
 8. Employee Benefits:
 The Company has classified various Benefits provided to employees as
 (i) Defined Contribution Plans: Company''s contribution to the provident
 fund scheme is recognised during the year in which the related service
 is rendered with the following amounts in the financial Statement:
 9. 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, 2015 in terms of the provisions of
 The Micro, Small, Medium Enterprise Development Act, 2006.
 10. 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.
 11. Balances of Debtors and Creditors are subject to Confirmations and
 12. 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
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