1.1 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.
Key Management Personnel:
(1) Vishal Mulchandbhai Gala
(2) Avani Mulchandbhai Gala
(3) Maulikkumar Rajulkumar Vyas Relative of the Key Management Personnel:
Navya Papers Plaza
1.2 Provisions:
A provision is recognized when the company has a present obligation as a result of past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. Provisions are not discounted to their present value and are determined based on the best estimate required to settle the obligation at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates.
Where the company expects some or all of a provision to be reimbursed, for example under an insurance contract, the reimbursement is recognized as a separate asset but only when the reimbursement is virtually certain. The expense relating to any provision is presented in the statement of profit and loss net of any reimbursement.
1.3 Details of dues to micro and small enterprises as defined under the MSMED Act, 2006 Based on the information available with the company there are no suppliers who are registered under the Micro, Small and Medium Enterprises Development Act, 2006 as at March 31st, 2017. Hence, the disclosure relating to amounts unpaid as at the year end to gather interest paid / payable under this Act have not been given. This is relied upon by the auditors.
1.4 Value of Imports Calculated On CIF basis. : Rs. Nil
1.5 Expenditure in Foreign Currency: Rs. Nil
1.6 Earnings in Foreign Currency: Rs. Nil
1.7 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.
1.8 GALA PRODUCTS LIMITED has been merged with GALA PRINT CITY LIMITED as per NCLT order dated 19th May, 2017containing appointed date 1st April,2016. The name of the Company has been changed from Gala Print City Limited to Gala Global Products Limited with effect from 18th August, 2017.
1.9 Events after Reporting date:
Where events occurring after the Balance Sheet date provide evidence of conditions that existed at the end of the reporting period, the impact of such events is adjusted within the financial statements. Otherwise, events after the Balance Sheet date of material size or nature are only disclosed as per Accounting Standard-4” Contingencies and Events Occurring after the Balance Sheet Date”.
The company has effected share split of face value of Rs.10 each to face value of Rs. 5 each as on record date of 12th May,2018 resulting into increase in number of shares by 2,59,94,325. Further, the company has issued bonus shares in ratio of 1:20 resulting into incremental number of equity shares by 25,99,433. The issue of Bonus shares was approved by the shareholders on 02nd May,2018 and allotted by board on17th May,2018.
1.10 Applicability of Indian Accounting standards (IND AS):
Company is originally listed on BSE SME platform and was successfully migrated to BSE main board platform with effect from 9th Nov. 2017 as per the BSE Notice No. - 20171107-19, dated Nov. 07-2017.
As per the road map issued by MCA for applicability of Indian Accounting Standard wide Companies (Indian Accounting Standards) Rules, 2015, the applicability criteria for the implementation of Indian Accounting Standards are given. The same are applicable to the company even if the company is in the process of listing in main board but the testing date for the criteria as per Para - 4, Explanation - 2 shall be the last date of the accounting year. (i.e - 31st March 2017, if company wants to apply for FY 2017-18.)
Company is neither in the process of listing nor fulfilling any other criteria for applicability on Ind AS as on 31st March 2017, so All financial results as well as Annual accounts for the Financial Year 2017-18 must be prepared under IGAAP. Applicability criteria testing was fulfilled as on 31st March 2018, so Ind AS are applicable for the financial year 2018-19.
1.11 Previous year’s figures have been regrouped and rearranged wherever Consider Necessary to make them comparable with those of the current year.
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