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Galaxy Entertainment

BSE: 506186|ISIN: INE403B01016|SECTOR: Media & Entertainment
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Mar 15
Notes to Accounts Year End : Mar '16

1. Capital and Other Commitments

a) Capital Commitment

Estimated amount of contracts remaining to be executed on capital account and not provided for '' Nil (Previous Year '' Nil)

28. Contingent Liabilities not provided for:

a) In respect of guarantees provided by Company''s banker on behalf of the Company of '' 11,138,459 (Previous Year '' 11,296,459)

b) In respect of disputed tax demand not provided as following:

c) 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 or such other dates as may be permitted by DGFT. Outstanding as at balance sheet date is '' 65,396,367 (Previous Year '' 66,316,951).

2. Winding Up Petition

A winding up petition has been filed 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 has imported certain gaming machinery from Manjiro Works, Japan in the year 2007. 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 payment were disputed is yet to be admitted.

3. The demand notice from Sales Tax Authority (Agra) was challenged by the Company and the same was set aside vide orders dated December 29, 2015 passed by Additional Commissioner Grade II (Appeal), Sales Tax Agra and referred for reassessment.

4. Going Concern Assumption

An entity is viewed as continuing in business for the foreseeable future. General purpose financial statements are prepared on a going concern basis, unless management either intends to liquidate the entity or to cease operations, or has no realistic alternative but to do so.

Based on the projections made by the Company considering the new business plans the Company hope to better the financial position in the coming financial years.

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.

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 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, 2014, as amended, the relevant information for the year ended March 31, 2016 is as under.

(i) List of related parties where control exists and related parties with whom transactions have taken place and relationships:

Sr. Name of the Related Party Nature of Relationship No.

1 Future Retail Limited Enterprises where control exists through substantial equity interest

2 Rain fruits & More Pvt. Ltd. Subsidiaries up to 31st March 2016

3 Galaxy Rain Restaurants Pvt. Ltd. Subsidiaries up to 31st March 2016

4 Vikas Kedia Key Managerial Personnel

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, 2016 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 Trade Receivable and Payables 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. i. During the year, the company has sold its entire investments held in its non-operative subsidiaries viz

Galaxy Rain Restaurants Private Limited and Rain Fruits & More Private Limited hence the consolidation of accounts are not made.

ii. The Sale consideration received towards the sale of investments held by the Company in Rain Fruits & More Private Limited was based on fair value derived by an independent Chartered Accountant in practice; vide valuation report dated January 2, 2016, which was less than the cost of acquisition of the said investment.

13. Prior year comparative:

The figures for the previous financial year are re-classified / re-arranged / re-grouped, wherever necessary, to correspond with the current period''s classification / disclosure.

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