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Notes to Accounts of Gala Print City Ltd.

Mar 31, 2017

A.NOTES FORMING PART 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) Previous year figures are regrouped or rearranged whenever considered necessary. During the year Gala Products Limited has been merged with Gala Print City Limited w.e.f.1st April,2016Therefore previous year''s figures has been shown as Stand-alone of figures of Gala Print City Limited and current year figures has been shown as merged after giving the effect of Amalgamation.

(c) Gala Products Limited has been merged with Gala Print City Limited as per NCLT order dated 19th May, 2017 containing appointed date 1st April,2016. Therefore accounting treatment has been given in the books of accounts of GPCL as on date 1st April ,2016 as per clause 11 of NCLT order as per pooling of interest method of Amalgamation.

(d) 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.

Terms/rights attached to equity

e. shares

The company has only one class of equity shares having a par value of Rs.10 per share. Each holder of equity shares is entitled to one vote per share.

In the event of liquidation of the company, t he holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.


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 Transaction” 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 share.

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

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