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Notes to Accounts of CDI International Ltd.

Mar 31, 2014

1. The current assets and loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business.

2. Income tax Demand against the company of Rs. 183,19,67,316/- out of Rs. 39,42,17,900/- pertains to AY 2007-08 & Rs. 24,12,60,919/- pertains to AY 2008-09 & Rs. 15,07,23,180/- pertains to AY 2009- 2010 & Rs.104,57,65,317 pertains to AY 2010-11. The cases against these demands are pending with CIT (Appeal).

3. Earning and Expenditures in foreign currency is Nil.

4. HSBC has sanctioned vide letter dt.21/08/2008 export facility for purchase / negotiation of documents etc. for Rs. 19 crores creating a first charge on the current Assets and other movable fixed assets of the Borrower and personal gaurantee from Suresh Kumar Seengal and Rashmee Seengal. Bank has declared the packing limit account as NPA and litigation is going on with the bank and the case is pending with DRT Court, Delhi. HSBC Bank has also filed winding up petition in Punjab and Haryana High Court, Chandigarh.

5. PNB has sanctioned term loan for Rs. 25 crores not disbursed fully for setting up of Animation Studio at Chandigarh at interest @ rate of BPLR TP 1.5%-1.5% (as per letter dated 24.02.2010) by equitable mortgage of leasehold land measuring 0.996 acres (4820.840 sq. yards) at Rajiv Gandhi Technology Park, Chandigarh.The account was declared NPA and the case is pending in DRT Court, Chandigarh.

6. In respect of Long Term borrowings,no provision for interest has been made as the cases are pending in court and will be settled soon.

7. No TDS has been deducted and deposited on payments made to professionals u/s 194J of the Income Tax Act,1961 during the F/Y 2013-14.

8 The balances of Trade Receivables, payables and Loans and advances are subject to confirmation from parties.

9 The Company had acquired land of area 1.00 acre from Kerala Industrial Infrastructure Development Corporation ( A statutory body of Govt. Of Kerala) during the Financial Year 2007-2008 for the purpose of investment and Company failed to commence any activity which is the most important condition of the Licence Agreement out of which Kerala Industrial Infrastructure Development Corporation ( A statutory body of Govt. Of Kerala) cancelled allotment of such land and refunded amount of Rs. 22,76,677.00 and during the financial year 2013-14 and on cancelation company has incurred loss of Rs. 8,09,652.00 and loss of work done on land of Rs.19,97,363.00 total loss of Rs. 28,07,015.00.

Transaction with Related Party

An advance of Rs.15000/-given to Kanta seengal Education Foundation.

A sum of Rs. 51300/- paid by PBPL on our behalf.

Payment of Rs.2000000/- made to Barsana Food Pvt Ltd on behalf of laser Infomedia ltd.


Mar 31, 2013

1 The current assets and loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business

2 Income tax Demand against the company of Rs. 183,19,67,316/- out of Rs. 39,42,17,900/ pertains to AY 2007-08 & Rs. 24,12,60,919/- pertains to AY 2008-09 & Rs. 15,07,23,180/- pertains to AY 2009-2010 & Rs. 104,57,65,317 pertains to AY 2010-11. The cases against these demands are pending with CIT (Appeal).

3 Earning and Expenditure in foreign currency is NIL

4 In respect of Long Term borrowings, the cases are pending in court and will be settled soon.

5 The balances of sundry debtors and sundry creditors are subject to confirmation by the respective parties the figures included in the financial statements are as certified by the management.


Mar 31, 2011

A) Figures of previous year have been regrouped and reclassified wherever necessary to make them comparable.

b) The current assets and loans and advances are approximately of the value stated in the Balance Sheet, if realized in the ordinary course of business

c) Related Party Transactions:

As per Accounting Standard (AS-18) 'Related Party Disclosures', notified in the Companies (Accounting Standards) Rules-2006, the disclosure of Transactions with the related parties are given below:

d) The balances of sundry debtors and sundry creditors are subject to confirmation by the respective parties. The figures included in the financial statements are as certified by management.

e) All receipts and expenditures(including traveling expenses) received / incurred in foreign currency have been properly accounted in respective heads i.e. Income From Operations, Project Development Expenses and Traveling Expenses (Head Office).

f) There was no revenue generated from own film production business during the year.

g) The accounting of investment in Rims has been made as per International Accounting Standards.

h) As per Accounting Standards 21 on "Consolidated Financial Statements" issued by ICAI the company has presented consolidate financial separately including subsidiary, in this annual return.

i) Deferred Tax Adjustment for the current year amounted to Rs. 163172.89

j) Additional information pursuant to provision of part II of schedule VI of the Companies Act, 1956 (to the extent applicable). The income from operation of the Company comprises of to develop, produce and market animation films. The nature of which is such that it is not possible to give details regarding capacity, quantitative details of turnover, purchase and stocks.

k) There was not any employee who was paid remuneration exceeding the prescribed limit under section 217 (2A) of the Companies Act, 1956 during the year.

l) Two entries in the name of Eternal Love amounting to Rs.201,661,257/- and Futebol Rs.329,683,749/- re-classified under the head of investments by shifting from other current assets

m) Total demand of Rs.688,875,185/- raised by the ITAT for Assessment Year 2007-08 Rs.441,524,048/- and for Assessment Year 2008-09 Rs.247,351,137/- against which the proceedings are pending before authorities.

 
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