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Accounting Policies of Gala Print City Ltd. Company

Mar 31, 2015

(a) Basis of Accounting:

The financial statements are prepared under historical cost convention and to comply in all material respect with the notified accounting standards by the Companies Accounting standard Rules - 2006 and the relevant provision of Companies Act, 1956.

(b) Fixed Assets

Fixed Assets are stated at cost less accumulated depreciation. The cost of fixed asset comprise of its purchase price and any directly attributable cost of bringing the assets in an operational condition for its intended use. However during the current year the value of the assets whose useful life has been fully utilized in the past years has been adjusted against the opening retained earnings.

(c) Depreciation

Depreciation has been provided at the rates and in the manner prescribed in Schedule XIV of the Companies act, 1956 on WDV Method. Depreciation on addition or on sale/ disposal of assets is calculated on pro-rata basis from the date of such addition or sale/ disposal as the case may be. However during the current year the depreciation method has been changed as per new Companies Act, 2013.

(d) Valuation of Inventories

Stock is valued at cost or net realizable value whichever is lower.

(e) Investment

Long term investments are stated at cost. Provision of diminution in the value of Long term investments is made only if such decline is other than temporary in nature in the opinion of the Management.

(f) Revenue Recognition

All the income & expenses are accounted on accrual basis.

(g) Retirement/ Post retirement Benefits

The company has not made provision for gratuity and leave encashment as prescribed by the Accounting Standard (AS) - 15(Revised) on Employee Benefits.

(h) Taxation

Current tax is determined as the amount of tax payable in respect of taxable income for the period. Deferred tax is recognized subject to the consideration of prudence in respect of deferred tax assets on timing differences, being the difference between the taxable incomes and accounting income that originate in, one period and are capable of reversal in one or more subsequent period.

Deferred tax assets are recognized and carried forward only to the extent that there is a reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realized.

(i) Provisions, Contingent Assets and Contingent Liabilities

A provision involving substantial degree of estimation are recognized when there is a present obligation as a result of past event and it is probable that there will be on outflow or resources.

NOTES FORMATING OF ACCOUNTS

a. The Company has not made any Provision regarding Gratuity liability as prescribed by the accounting standard 15 (Revised) on employee benefits ,as In the opinion of the management none of the employees are eligible for gratuity benefit.

b. 1/5th of the Preliminary Expenses are written off during the year.

c. Related Party Disclosure :

The transactions that has taken place during the year with related parties to be disclosed as required by Accounting Standard -18 " Related party Transaction" issued by the Institute of Chartered Accountants Of India and notified by the Companies Accounting standard Rules - 2006 are as under.

4. The numerators and Denometers used in calculation of Basic and Diluted Earnings per Share are as under

Particulars For period ended For period ended

31st March,2015 31st March,2014 (Amount Rs.) (Amount Rs.)

Net Profit/loss available To Equity Share Holders 1074637 147497

Weighted Average No. of Equity Shares O/sat the end of the year 2617418 991473

Basis and Diluted Earnings 0.41 0.15 per Share (Rs.)

d. Additional information pursuant to the provision of Para 3,4C & 4D of part III of Schedule-VI of the Companies Act, 1956. (To the extent applicable)

For the period ended For the year ended

31.03.2015 31.03.2014

(1) Licensed Capacity N. A. N. A.

(2) Installed Capacity N. A. N. A.

(3) The company does not maintain N. A. N. A.

quantitative details.

(4) C.I.F. Value of Imports Rs. Nil Rs. Nil.

(5) Expenditure in foreign currency Rs. Nil Rs. Nil.

(6) Earnings in Foreign Exchange Rs. Nil Rs. Nil.

(7) Particulars of payment made to Auditors :

(g) Particulars For the period ended on For the year ended on 31.03.2015 31.03.2014 Audit Fees Amount (Rs.) Amount (Rs.)

Audit Fees 20,000 15,000

(h) Particulars of payment made to Directors:

Particulars For the year For the year ended on ended on 31.03.2015 31.03.2014 Amount (Rs.) Amount (Rs.)

(1.) Vishal Gala. (Salary) 315000 120000

(2.) Neha Gala (Salary) 100000 180000

(3.) Sanket Sheth (Salary) 272171 --

(i) The balances shown in the Balance sheet under the head of Creditors, Current Assets are subject to confirmation from respective parties and are subject to adjustment if any, on receipt of confirmation.



 
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