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Notes to Accounts of Gala Print City Ltd.
Mar 31, 2016
1. 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.
2. Previous year figures are regrouped or rearranged whenever considered necessary.
3. 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 Transactionâ issued by the Institute of Chartered Accountants Of India and notified by the Companies Accounting standard Rules - 2006 are as under.
4. 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.
Mar 31, 2015
1. Terms/rights attached to equity shares
The company has only one class of equity shares having apar value of'10
per share. Each holder ofequity shares is entitled to one vote per
2. In the event of liquidation of the company, the holders of equity
shares will be entitled to receive remaining assets ofthe company,
after distribution ofall preferential amounts. The distribution will be
in proportion to the number of equity shares held by the shareholders.
3. Term loans from State Bank of India was taken during the financial
year 2012-13 to 2017-18 and carries interest 12.9% p.a. The loan is
repayable in 60 monthly installments along with interest, from the date
of loan. The loan is secured by hypothecation of Plant & Machinery