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Notes to Accounts of Broadcast Initiatives Ltd.

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 Equityshares® 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.

 
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