Mar 31, 2015
1. Impairment of Assets
The company is in the Broadcasting business and it owns substantial
tangible and intangible assets.
The Company has internally reviewed for impairment of assets at the
Balance Sheet date and accordingly recognized an amount of Rs.93,429/-
as impairment loss in the Statement of Profit and Loss.
2. Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
3. Related Party Disclosure
a. List of Related Parties & Relationship where control exists and
with whom transactions are done in the financial year.
Name of Related Party Relationship
Mi Marathi Media Ltd Associate Company
Supriya Kanase Key Managerial Personnel (CEO)
4. Defined Benefits Plan
Employee's gratuity fund scheme managed by Life Insurance Corporation
of India is defined benefit plan.
The present value of obligations is determined based on actuarial
valuation using projected unit credit method which recognises each
period of service as giving rise to additional need of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment recognized in the same
manner.
5. Other Disclosures
i. Contingent Liabilities
a. The Company had imported certain equipments in earlier years at a
concessional duty under various licenses pursuant to the Export
Promotion Capital Goods ("EPCG") scheme. The said licenses have since
expired and the custom duty including interest / penalty thereon has
become payable though not ascertained till now. However, the company
has made adequate provision for custom duty saved earlier under above
scheme. Further, the interest thereon is above provided on estimated
basis which may vary upon determination of the final interest by the
concern authority.
b. The Company has maintained Fixed Deposits worth Rs. 92Lacs with the
bank to meet the said liability arising on account of custom duty. As
of March 31, 2015, the Fixed Deposit and interest accrued thereon
amounts to Rs. 110Lacs (approx) and the company feels that the same is
reasonably sufficient to meet such liability.
c. The Company has received legal notices from certain Creditors and
other parties for an amount of Rs. 1,55,77,598/- payable to them.
The Company may be liable for above amount including interest/ penalty
amount/ other charges if ordered by the court. As informed to us, the
Company is in the process of settling the cases with the respective
creditors. The amount of interest / penalty / other charges cannot be
quantified till the settlement of the cases. (Refer Note: 2.35)
6. Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
7. Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act has not been given.
8. Debtors /Creditors /Advances
Balances of Sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
9. Pending Legal cases against the company
The company has received legal notices from 10 parties who being sundry
creditors and other parties for an amount of Rs.1,55,77,598/- payable
to them. Out of this an amount of Rs.48,63,510/- is already provided in
the books of accounts. The company may be liable for interest / penal
amount if any ordered by the court.
As informed, the company is in the process of clearing the payments or
in arriving at settlement with these parties.
10. Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
Mar 31, 2014
1.1 Impairment of Assets
The company is in the Broadcasting business and it owns substantial
tangible and intangible assets. There is no formal policy of valuing
the fixed assets at regular except at historical cost.
Although, there is no policy of regular review of assets at each
balance sheet date to ascertain impairment in accordance with AS 28, an
impairment loss is recognized if there is an indication of impairment
based on internal/external factor.
The Company will initiate steps to review impairment of assets in the
coming financial year and provide for impairment losses, if any.
1.2 Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
1.3 Related Party Disclosure
a. List of Related Parties & Relationship where control exists and with
whom transactions are done in the financial year.
Name of Related Party I Relationship
Mi Marathi Media Ltd Associate Company
Live India Television Network Pvt. Ltd. Associate Company
Defined Benefits Plan
Employee''s gratuity fund scheme managed by Life Insurance Corporation
of India is defined benefit plan.
The present value of obligations is determined based on actuarial
valuation using projected unit credit method which recognises each
period of service as giving rise to additional need of employee benefit
entitlement and measures each unit separately to build up the final
obligation. The obligation for leave encashment recognized in the same
manner.
1.4 Other Disclosures Contingent Liabilities
a. The Company had imported certain equipments in earlier years at a
concessional duty under various licenses pursuant to the Export
Promotion Capital Goods ("EPCG") scheme. The said licenses have since
expired and the custom duty including interest / penalty thereon has
become payable though not ascertained till now. However, the company
has made adequate provision for custom duty saved earlier under above
scheme. Further, the interest thereon is above provided on estimated
basis which may vary upon determination of the final interest by the
concern authority.
The Company has maintained Fixed Deposits worth Rs. 61 Lacs with the
bank to meet the said liability arising on account of custom duty. As
of March 31,2014, the Fixed Deposit and interest accrued thereon
amounts to Rs. 102 Lacs (approx) and the company feels that the same is
reasonably sufficient to meet such liability.
b. The Company has received legal notices from certain Creditors and
other parties for an amount of Rs. 1,73,70,386/- payable to them.
The Company may be liable for above amount including interest/ penalty
amount/ other charges if ordered by the court. As informed to us, the
Company is in the process of settling the cases with the respective
creditors. The amount of interest / penalty / other charges cannot be
quantified till the settlement of the cases. (Refer Note: 2.36)
1.5 Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
1.6 Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable underthis Act has not been given.
1.7 Debtors /Creditors /Advances
Balances of Sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
1.8 Pending Legal cases against the company
The company has received legal notices from 15 parties who being sundry
creditors and other parties for an amount of Rs.2,80,52,221/- payable
to them. Out of this an amount of Rs.1,06,81,835/- is already provided
in the books of accounts. The company may be liable for interest /
penal amount if any ordered by the court.
As informed, the company is in the process of clearing the payments or
in arriving at settlement with these parties.
1.9 Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
Mar 31, 2013
1.1 Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
1.2 Other Disclosures
i. Shared Common Expenses
The Company has recovered certain shared common expenses from
associates company of Rs. 1,66,79,911 which are basically towards
sharing of common expenses like, up linking expenses, HR, finance and
common administration expenses.
ii. Contingent Liabilities
a. The Company has imported certain equipments at a concessional duty
under various licenses pursuant to the Export Promotion Capital Goods
("EPCG") scheme. Custom Duty of Rs.61 Lacs and interest thereon may be
determined may be levied if company could not achieve export obligation
in accordance with EPCG Scheme by July, 2013.
However, the Company has maintained Fixed Deposits worth Rs. 61 Lacs
with the bank to meet the said liability arising on account of custom
duty. As of March 31, 2013, the Fixed Deposit and interest accrued
thereon amounts to Rs. 95 Lacs (approx) and the company feels that the
same is reasonably sufficient to meet such liability.
b. The Company has received legal notices from certain Creditors for
amounts payable to them. The Company may be liable for interest/penalty
amount/other charges if ordered by the court. As informed to us, the
Company is in the process of settling the cases with the respective
creditors. The amount of interest/ penalty/other charges cannot be
quantified till the settlement of the cases. (Refer Note : 2.36)
1.3 Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
1.4 Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act has not been given.
1.5 Debtors /Creditors /Advances
Balances of sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
1.6 Legal cases against the company
The company has received legal notices from 24 parties who being sundry
creditors and suppliers for an amount of Rs.3,45,22,731/- payable to
them. Out of this an amount of Rs 3,23,61,111/- is already provided in
the books of accounts, the balance amount of Rs 21,61,620/- is disputed
by the Company. The company may be liable for interest / penal amount
if any ordered by the court. As informed, the company is in the process
of clearing the payments or in arriving at settlement with these
parties.
1.7 Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
Mar 31, 2012
1.1 Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
1.2 Related Party Disclosure
a. List of Related Parties & Relationship where control exist and with
whom transactions are done in the financial year.
Name of Related Party Relationship
Mi Marathi Media Ltd.( Formerly Associate Company
known as Sri Adhikari Brothers
Media Ltd.)
Technocraft Media Pvt. Ltd. Associate Company
Live India Television Network Pvt. Ltd. Associate Company
HDIL Infra Projects Pvt Ltd Promoter Company
Key Management Personnel
Shri Bua Singh Chairman
Shri. Ashok Kumar Gupta Managing Director (till
date 17.09.11)
Shri. Rakesh Kumar Wadhawan Promoter
Shri. Sarang Wadhawan Promoter
Shri. Waryam Singh Promoter
Shri. Karan Kumar Gupta Relative of Promoter
Others:
Sri Adhikari Brothers Television Directors having
Network Ltd. Substantial Interest
(till date 09.09.11)
Defined Benefits Plan
Employee's gratuity fund scheme managed by Life Insurance Corporation
of India is defined benefit plan. The present value of obligations is
determined based on actuarial valuation using projected unit credit
method which recognises each period of service as giving rise to
additional need of employee benefit entitlement and measures each unit
separately to build up the final obligation. The obligation for leave
encashment recognized in the same manner.
1.3 Other Disclosures
i. Shared Common Expenses
The Company has recovered certain shared common expenses from
associates company of Rs. 1,65,73,619 which are basically towards
sharing of common expenses like, up linking expenses, HR, finance and
common administration expenses.
ii. Contingent Liabilities
The Company has imported certain equipments at a concessional duty
under various licenses pursuant to the Export Promotion Capital Goods
("EPCG") scheme. Custom Duty of Rs. 61 Lacs and interest thereon may be
determined may be levied if company could not achieve export obligation
in accordance with EPCG Scheme By 2012-13.
However, the Company has maintained Fixed Deposits worth Rs. 61 Lacs
with the bank to meet the said liability arising on account of custom
duty. As of March 31,2012, the Fixed Deposit and interest accrued
thereon amounts to Rs. 89 Lacs (approx) and the company feels that the
same is reasonably sufficient to meet such liability.
1.4 Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
1.5 Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest
paid/payable under this Act has not been given.
1.6 Debtors/Creditors/Advances
Balances of sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
1.7 Legal cases against the company
The company has received legal notices from 17 parties who being sundry
creditors and suppliers for an amount of Rs. 1,97,57,857 payable to
them. This amount is already provided in the books of accounts. The
company may be liable for interest/penal amount if any ordered by the
court. The company is in the process of clearing the payments or in
arriving at settlement with these parties.
1.8 Sale of Investments and Land & Building to promoters and promoter
company
The company has during the year sold its Investment in Equity of MI
Marathi Media Limited for Rs. 6081.125 lacs & Technocraft Media
Private limited for Rs 1438.611 lacs and Land & Building for Rs.
588.942 lacs to the promoters and promoter company HDIL Infra-projects
Private Limited. The consideration receivable towards the sale is
adjusted against their loan liability and the share application money
received for the rights issue from them.
1.9 Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
Mar 31, 2011
1. Fixed Assets
Management has considered Media Assets representing equipment combined
with software /Licenses /Rights as Plant and is classified with Plants,
Machinery and Media Assets considering the nature of industry and
assets acquired.
2. Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
3. Investments
The company has made long term investment
in associate companies which is as follows:
(i) Mi Marathi Media Ltd.
4,864,900 Equity Shares @ Rs.10 each
(ii) Technocrats Media Pvt. Ltd.
1,511,500 Equitysharesî Rs.10each
(iii) Live India Television Network
Pvt.Ltd.
10,000 Equity Shares @ Rs. 10 each
As at balance sheet date the net worth of the above associate companies
is reduced. However the investment is strategic and long term in
nature and having regard to the future business plan and profitability,
the management perceives that diminution in value of investment is
temporary. Hence no provision for diminution in value is considered
necessary in respect of these investments.
4. Right Issue
During the financial year company has filed draft letter of offer with
SEBI with respect to its right issue of 2,02,51,200 equity shares,
approval from SEBI is awaited. The company has received Rs.
2,23,22,000 as share application money from promoters / directors
against the right issue and the same will be adjusted against allotment
subject to approval from SEBI.
5. Preferential Allotment
During the financial year company has made preferential allotment of
60,00,000 equity shares to HDIL Infra projects Pvt Ltd (promoter
company) and according the share capital has increased to 2,53,14,000
equity shares.
6. Related Party Disclosure
a. List of Related Parties & Relationship where control exist and with
whom transactions are done in the financial year.
Name of Related Party Relationship
Mi Marathi Media Ltd.(Formerly Associate Company
known as Sri Adhikari Brothers
Media Ltd.)
Technocraft Media Pvt. Ltd. Associate Company
Live India Television Network Associate Company
Pvt. Ltd
HDIL Infra Projects Pvt Ltd Promoter Company
Shri. Rakesh Kumar Wadhawan Promoter
Shri. Sarang Wadhawan Promoter
Shri Karan Kumar Gupta Promoter
Key Management Personnel
Shri. Ashok Kumar Gupta Promoter & Managing Director
Others:
Sri Adhikari Brothers Television Directors having
Network Ltd. Substantial Interest
7. Miscellaneous Expenditure
Miscellaneous Expenditures are written off over a period of 5 years.
Defined Benefits Plan
Employees gratuity fund scheme managed by Life Insurance corporation of
India is defined benefit plan. The present value of obligations is
determined based on actuarial valuation using projected unit credit
method which recognises each period of service as giving rise to
additional need of employee benefit entitlement and measures each unit
separately to build up the final obligation. The obligation for leave
encashment recognized in the same manner.
8. Other Disclosures
8.1 Shared Common Expenses
The Company has recovered certain shared common expenses from
associates company of Rs. 26,722 thousand which are basically towards
sharing of common expenses like, up linkingexpenses, HR, finance and
common administration expenses.
8.2 Other Income
Other Income includesRs. 46,996 thousand on account of sale of
transferable development rights.
8.3 Contingent Liabilities & Event occurring after the Balance Sheet
Date
i. The Company has imported certain equipments at a concessional duty
under various licenses pursuant to the Export Promotion Capital Goods
("EPCC") scheme. Custom Duty of Rs. 61 Lacs and interest thereon maybe
determined and levied if company could not achieve export obligation in
accordance with EPCC Scheme By 2012-13. However, the Company has
maintained Fixed Deposits worthRs.61 Lacs with the bank to meet the
said liability arising on account of custom duty. As of March 31,
2011, the Fixed Deposit and interest accrued thereon amounts to Rs. 84
Lacs (approx) and the company feels that the same is reasonably
sufficient to meet such liability.
ii. The Company had given its corporate guarantee for the term loan
availed by its previous subsidiary company "Technocraft Media Private
Limited" amounting to Rs.1360 lacs. As of March 31,2011, the
outstanding balance of the said loan is Rs.595.52 lacs.
8.4. Event occurring after the Balance Sheet Date
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
8.5 Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act has not been given.
8.6 Debtors /Creditors /Advances
Balances of sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
8.7 Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.
Mar 31, 2010
A. Basis for preparation of Financial Statements
The financial statements have been prepared under the historical cost
convention ignoring changes, if any, purchasing power of money and on
accounting principles of "going concern". All income and expenditure
having a material bearing on the financi2. Preferential Allotment & Open Offer
Subsequent to balance sheet date, upon obtaining
statutory permissions and completing the legal formalities, HDIL Infra
Projects Pvt Ltd ("HIPPL"), Mr. Rakesh Kumar Wadhawan and Mr. Sarang
Wadhawan ("Acquirers") and Mr. Wayram Singh and Mr. Ashok Kumar Gupta,
persons acting in concert ("PAC") acquired 1,29,10,140 fully paid up
equity shares of Rs.10/- each of the company constituting 51% of the
fully diluted paid up capital of the company through share
subscription, preferential allotment ,open offers and acquisition from
promoters in accordance with agreement dated June 24, 2008.
2. Investments
Sri Adhikari Brothers Media Limited "SABML":
During the previous year Company had made an application to MIB for
change in Management and Control of SABML to Acquirer and PAC. During
the year under consideration, MIB has considered the application and
noted the same in its record. Therefore, in accordance with Agreement
dated June 24, 2008, Company has transferred 21,35,100 equity shares of
SABML to Acquirers and PAC for total consideration of `4270 thousand.
Accordingly, SABML ceases to subsidiary of the Company with effect from
April 1, 2009 and therefore, the financial statements of SABML are not
considered for consolidation.
Technocraft Media Private Limited "TMPL" In accordance with Agreement
dated June 24, 2008, Company has transferred 6, 58,500 equity shares of
TMPL to Acquirers and PAC for total consideration of `1317 thousand.
Accordingly, TMPL cease to subsidiary of the Company with effect from
April 1, 2009 and therefore, the financial statements of TMPL are not
considered for consolidation.
3. Fixed Assets
Management has considered Media Assets representing equipment combined
with software /Licenses /Rights as Plant and is classified with Plants,
Machinery and Media Assets considering the nature of industry and
assets acquired.
4. Capital Commitment and Capital Work in Process
Estimated amount of contracts outstanding on account of capital
commitment (net of advances) is ` 6500 thousand (P.Y. `22303 thousand).
Capital work in process represents advances of ` 4325 thousand (P.Y.
`8602 thousand).
5. Segment Reporting
The company is operating in Single Primary Business Segment
Broadcasting and accordingly, there is no separate reportable Segment.
6. Related Party Disclosure
a. List of Related Parties & Relationship where control exists
Name of Related Party Relationship
Sri Adhikari Brothers Media Ltd. Associate Company
Technocraft Media Pvt. Ltd. Associate Company
Live India Television Network Pvt. Ltd. Associate Company
Key Management Personnel
Gautam Adhikari Chairman
Markand Adhikari Vice Chairman & Managing
Director
Bua Singh President
Sudhir Chaudhary Editor & CEO
Others:
Sri Adhikari Brothers Television
Network Ltd. Directors having Substantial
Interest
Westwind Realtors Pvt .Ltd. Directors having Substantial
Interest
Cinema Today Pvt .Ltd. Directors having Substantial
Interest
Regional Broadcasters Pvt.Ltd. Directors having Substantial
Interest
Dream Merchant Cinema Pvt.Ltd. Directors having Substantial
Interest
Sri Adhikari Brothers Assets Holding
Pvt.Ltd. Directors having Substantial
Interest
T.V.Vision Pvt .Ltd Director
UBJ Broadcasting Pvt.Ltd. Director
HHP Broadcasting Services Pvt.Ltd. Director
MPCR Broadcasting Services Pvt.Ltd. Director
7. Miscellaneous Expenditure
Miscellaneous Expenditures are written off over a period of 5 years.
8. Contingent Liabilities & Event occurring after the Balance Sheet
Date
Custom Duty of `6,100 thousand may be levied if company could not
achieve export obligation in accordance with EPCG Scheme By 2012-13 and
Bank Guarantee for Associate Company `1,36,000 thousand.
The Management of the company does not anticipate any contingent
liability having material effect on the position stated in the balance
sheet at the year end except as stated above.
To the best of knowledge of the management, there are no events
occurring after the balance sheet date that provide additional
information materially affecting the determination of the amount
relating to the conditions existing at the balance sheet date that
required adjustment to the assets or liabilities of the company.
9. Details about the Micro, Small and Medium Enterprises
In absence of information regarding vendors covered under the Micro,
Small and Medium Enterprises Development Act, 2006, disclosure relating
to amounts unpaid as at the year end together with interest paid /
payable under this Act has not been given.
10. Debtors /Creditors /Advances
Balances of sundry Debtors, Sundry Creditors, and Loans & Advances
receivable or payable are taken as per books and are subject to
confirmation and reconciliation, if any.
11. Figures of previous year have been regrouped, rearranged and
recast wherever considered necessary.