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Accounting Policies of 52 Weeks Entertainment Ltd. Company

Mar 31, 2015

1. Fixed Assets:

- Tangible fixed assets are stated at cost of acquisition or construction less accumulated depreciation. The cost of fixed asset includes non-refundable taxes & levies, freight and other incidental expenses related to the acquisition and installation of the respective assets. Borrowing cost attributable to acquisition or construction of qualifying fixed assets is capitalized to respective assets when the time taken to put the assets to use is substantial.

- Depreciation on fixed assets is provided on Written Down Value on the basis of the depreciation rates prescribed in Schedule II of the Companies Act, 2013 or based on useful life of the asset as estimated by the management, whichever is higher.

2. Basis of Accounting:

The financial statements have been prepared and presented under the historical cost convention on accrual basis of accounting and in accordance with the Generally Accepted Accounting Principles (GAAP) in India. GAAP includes Accounting Standards (AS) notified by the Government of India under Section 133 of the Companies Act, 2013, provisions of the Companies Act, 2013, pronouncements of Institute of Chartered Accountants of India and guidelines issued by Securities and Exchange Board of India (SEBI). The Company has presented financial statements as per format prescribed by Revised Schedule III, notified under the Companies Act, 2013, issued by Ministry of Corporate Affairs. Except where otherwise stated, the accounting policies are consistently applied.

3. Investments:

Long Term Investments are stated at cost except that there is permanent diminution in value of the said investment as required by AS-13. Company has acquired 50% stake Four Lions Films Pvt. Ltd.

4. Taxation:

Provision for current tax is made for the tax liability payable on taxable income after considering the allowances, deductions and exemptions and disallowances if any determined in accordance with the prevailing tax laws.

Deferred tax resulting from "timing differences" between book and taxable profit is accounted for using the tax rates and laws that have been enacted or substantively enacted as on the balance sheet date. In the case of unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only to the extent there is virtual certainty or realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Such assets are reviewed as at each Balance Sheet date to reassess realization.

5. Earnings per Share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

6. Use of Estimates:

The preparation of financial statements in conformity with GAAP requires management to make assumptions, critical judgements and estimates, which it believes are reasonable under the circumstances that affect the reported amounts of assets, liabilities and contingent liabilities on the date of financial statements and the reported amounts of revenue and expenses during the period. Actual results could differ from those estimates. Difference between the actual results and estimates are recognized in the period in which the results are known or materialize.


Mar 31, 2014

1. Fixed Assets:

Fixed assets are capitalized at cost inclusive of freight, duties, taxes, insurance, installation and net of cenvat credit and VAT set off.

2. Depreciation:

Depreciation on fixed assets for own use has been provided based on straight-line method and at the rates prescribed by Schedule XIV of the Companies Act, 1956. Depreciation on assets added/disposed off during the year is provided on pro-rata basis from the date of addition or up to the date of disposal, as applicable.

3. Basis Of Accounting:

The financial statements have been prepared under the historical cost convention on an accrual system based on principle of going concern and are in accordance with the generally accepted accounting principles and the accounting standards referred to in section 211 (3C) of the Companies Act, 1956.

4. Investments:

Long Term Investments are stated at cost except that there is permanent diminution in value of the said investment as required by AS-13 .Current investments are carried at cost or market value.

5. Taxation:

Income tax expense comprises current tax, deferred tax charge or release and charge on account of fringe benefit tax. The deferred tax charge or credit is recognized using substantially enacted rates. In the case of unabsorbed depreciation or carry forward losses, deferred tax assets are recognized only to the extent there is virtual certainty or realization of such assets. Other deferred tax assets are recognized only to the extent there is reasonable certainty of realization in future. Such assets are reviewed as at each Balance Sheet date to reassess realization.

6. Earnings per Share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

7. Provisions, Contingent Liabilities and Contingent Assets:

Provisions involving substantial degree of estimation in measurement are recognized when there is present obligation as a result of past event and it is probable that there will be an outflow of resources. Contingent Liabilities are not recognized but are disclosed in the notes. Contingent Assets are neither recognized nor disclosed in the financial statement except where virtual certainty is there.

8. Use of Estimates:

The preparation of financial statements is in conformity with the generally accepted accounting principles, which requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities on the date of financial statements and the reported amounts of revenues and expenses during the reported Period. Difference between the actual results and estimates are recognized in the Period in which the results and estimates are recognized in the Period in which the results are known or materialize.


Mar 31, 2012

A) Basis of Accounting

The financial statements are prepared under the historical cost convention on accrual basis.

b) Fixed Assets and Depreciation

During the year, there are no fixed assets in the Company, hence there is no provision of Depreciation made during the year.

c) Current Assets:

Current assets are accounted at cost or realisable value whichever is lower.

d) Taxation:

No provision for Income-Tax has been made for the financial year 2011-2012 in view of set off available in respect of unabsorbed depreciation under the Income Tax Act.

e) Earnings per Share

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

f) Deferred Tax Asset

There is unabsorbed business loss of Rs. 744.35 lakhs as per Income Tax assessment. However, in view of suspension of operations, no deferred tax asset has been recognised in the books of account as prescribed under Accounting Standard 22, Accounting for Taxes on Income, issued by the Institute of Chartered Accountants of India. The above unabsorbed loss does not include loss suffered on sale of the part of the company's total assets disposed off by the banks under the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002. The profit or the loss as the case may be, will be calculated and claimed once the entire project, which is under pari-passu charge, is disposed off and or settled by the consortium banks against their loans.


Mar 31, 2010

(i) systems of accounting]

The financial statements are prepared under the historical cost convention on accrual basis.

(ii) FIXED ASSETS AND DEPRECLATION:

a) Foxed assets ate stated at cost depreciation. The cost of fixed assets includes interest on specific borrowings obtained for the purpose of a Acquiring fixed assets up to the date of commencement of commercial production and other incidental and pre-operation expense incurred up to that date.

b) Depreciation is provided on straight Line Method at to rates and in the meaner specified in such XIV to the companies Act, 1956.

(iii) Current Assets

a) Current assets are accounted at cost or realisable value whichever is lower.

b) Inventories are valued at cost or market value whichever is lower, where cost is worked out on weighed average basis.

(iv) Preliminary and pre operative Expenses:

All expense incurred on the formation of the company and other expense up to the date of commercial production is grouped under preliminary and pre-Operative expense. Preliminary and public issue expenses was written off over a period of 10 years.

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