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
Dec 18, 12:34
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Galaxy Entertainment is not listed on NSE
« Mar 12
Notes to Accounts Year End : Mar '13
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 17
 centers offering a variety of facilities such as bowling, pool and
 video games, restaurant services, bakery, food court, etc.
 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. Nil (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. 651,000
 (Previous Year Rs. 2,170,000).
 3. Contingent Liabilities not provided for:
 a) In respect of guarantees given by Company''s banker on behalf of the
 Company of Rs. 11,398,459 (Previous Year Rs. 11,533,959)
 b) In respect of disputed tax demand not provided as following:
 Particulars                               2012-2013      2011-2012
                                           Rupees         Rupees
 Entertainment Tax Demand                  1,603,718      1,603,718 
 Indirect Tax Demand 
 2003-2004                                 2,168,316      2,168,316
 2008-2009                                 7,492,720              -
 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 fulfill export obligation by October
 2015. Outstanding as at balance sheet date is Rs. 529, 663,942
 (Previous Year Rs. 529,663,942).
 4. Going Concern:
 The Statutory Auditors had made an observation in their audit report
 for the year ending 31 March, 2012 as the going concern assumption due
 to complete erosion of net worth. The Company has turned around during
 the year and there is no negative net worth as on 31 March, 2013.
 5.  The Board of Directors of the Company has decided to transfer,
 sell and/or dispose off 5 centres of Sports Bar Undertaking operated by
 the Company in terms of business transfer agreement dated 28th March
 2012, The approval of Shareholders of the Company under the provision
 of section 293(1) (a) read with section 192A is also given, As the
 agreement is subject to certain conditions, the disclosure required
 under Accounting Standard 24-Discontinuing Operations will be made
 after fulfillment of such conditions.
 6. The Company operates in a single business segment of Leisure and
 Entertainment services. Further, the Company operates in a single
 reportable geographical segment, i.e.  within India.
 7. 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.
 8. 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,
 2013 is as under:
 Names of related parties and description of relationship:
 I.  Entities where control exists - Subsidiaries: Rain Fruits & More
 Pvt. Ltd. (RFMPL) Galaxy Rain Restaurants Pvt. Ltd. (GRRPL)
 II.  Entity where control exists through substantial equity interest:
 Pantaloon Retail (India) Ltd. (PRIL)
 III.  Key Managerial Personnel:
 M r. Rohinton Rabady (April – September)
 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, 2013 in terms of the
 provisions of The Micro, Small, Medium Enterprise Development Act,
 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.  The agreement for certain premises occupied by the Company has
 expired during the year the Company is in the process of executing
 revised agreements.
 12.  During the year the Company has assigned/transferred the Brand
 Sports Bar Express. The brand was self generated and hence had no
 cost of acquisition. The amount receivable on such assignment has been
 disclosed under Other Operating Income.
 13.  Balances of Debtors and Creditors are subject to confirmations and
 14.  In the opinion of the Board, all assets other than fixed assets
 and non-current investments have value on realisation in the ordinary
 course of business at least equal to the amount at which they are
Source : Dion Global Solutions Limited
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