Home  »  Company  »  Cinevista L  »  Quotes  »  Directors Report
Enter the first few characters of Company and click 'Go'

Directors Report of Cinevista Ltd.

Mar 31, 2015

The Directors have pleasure in submitting the Eighteenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2015.

1. FINANCIAL RESULTS (Rs. in lacs)

STANDALONE 2014-15 2013-14

Income from Operations 5778.66 5047.27

Operating Expenditure 5309.97 4493.83

Depreciation and Amortisation 213.62 205.51

Operating Profit 255.07 347.93

Other Income 36.39 19.79 Profit before Finance Costs 291.46 367.72

Finance Costs 408.39 353.12

Profit after Finance Costs but before Tax (116.93) 14.60

Tax Expenses 12.01 5.34

Net Profit / Loss After Tax (128.94) 9.26

Financial and Operational Review:

The Company has earned a gross income of Rs. 5778.66 lacs for the financial year 2014-15, as compared to Rs. 5047.27 lacs in the previous year, recording an increase of Rs 731.39 lacs.

The Company has incurred a net loss of Rs. 128.94 lacs for the year as compared to net profit of Rs. 9.26 lacs in the previous year.

Interest expenditure for the year under review has marginally increased by Rs. 55.27 lacs as compared to the previous year. Depreciation during the year has recorded a marginal increase by Rs. 8.11 lacs as compared to the previous year.

Earnings per share have been NIL for the current year as compared to Rs. 0.02 in the previous year.

Resources & Liquidity:

The Company's paid up capital is Rs. 11,48,72,950 with accumulated Reserves & Surplus of Rs. 151,13,20,386

2. CHANGES IN CAPITAL STRUCTURE

There has been no change in the capital structure during the year under review.

3. TRANSFER TO RESERVES

The amounts decreased in the reserves during the year on account of the losses are Rs. 128,94,796 as compared to the previous year increase on account of profit Rs. 9,25,763.42

4. DIVIDEND

On account of losses, Your Directors do not propose any dividend for the year ended 31st March, 2015.

5. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS:

The details of loans or guarantees given by the Company and any investments made by the Company is given in the notes to the Accounts forming part of the financial statements

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an Internal Control System, commensurate with the size, scale and complexity of its operations. The scope and authority of the Internal Audit function is defined and to maintain its objectivity and independence, the Internal Audit function reports to the Chairman of the Audit Committee of the Board.

The Internal Audit Department monitors and evaluates the efficacy and adequacy of internal control system in the Company, its compliance with operating systems, accounting procedures and policies at all locations of the Company.

Based on the report of internal audit function, process owners undertake corrective action in their respective areas and thereby strengthen the controls. Significant audit observations and recommendations along with corrective actions thereon are presented to the Audit Committee of the Board.

7. BOARD OF DIRECTORS

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Prem Krishen Malhotra, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. The Board recommends his appointment.

In accordance with the provisions of Section 149 of the Companies Act, 2013, your Board of Directors are seeking the appointment of Mr. Niranjan Shivdasani, who is retiring by rotation at the ensuing Annual General Meeting under the erstwhile applicable provisions of Companies Act, 1956, as Independent Directors for 4 (four) consecutive years for a term up to the conclusion of the 22nd Annual General Meeting of the Company in the calendar year 2019.

Brief resume of the Directors, nature of their expertise in specific functional areas, names of companies in which they hold directorships and memberships / chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report.

All independent directors have given declarations that they meet the criteria of independence as laid down under section 149(6) of the Companies Act, 2013 and clause 49 of the Listing Agreement.

Board Evaluation

Pursuant to the provisions of the Companies Act, 2013 and Clause 49 of the Listing Agreement, the Board has carried out an evaluation of its own performance, the directors individually as well as the evaluation of the working of its Audit, Remuneration and other Committees. The manner in which the evaluation has been carried out has been explained in the Corporate Governance Report.

8. RELATED PARTY TRANSACTIONS:

All related party transactions that were entered into during the financial year were on arm's length basis and were in the ordinary course of the business. There are no material significant related party transactions made by the company with Promoters, Key Managerial Personnel or other designated persons which may have potential conflict with interest of the company at large. The details of the same are given in the notes to Accounts forming part of the financial statements. The Company has adopted Related Party Transactions Policy which is displayed on website of Company www.cinevistaas.com

9. CODE OF CONDUCT

The Board of Directors has approved a Code of Conduct which is applicable to the Members of the Board and all employees in the course of day to day business operations of the company. The Code has been posted on the Company's website www.cinevistaas.com.

All the Board Members and the Senior Management personnel have confirmed compliance with the Code. All Management Staff were given appropriate training in this regard.

10. MANAGEMENT DISCUSSION AND ANALYSIS REPORT (MDA)

The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report.

11. CORPORATE GOVERNANCE

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors' Certificate are appended as part of the Annual Report. The required certification by Chief Executive Officer and Chief Financial Officer is also appended to the Annual Report.

The requisite certificate from the Auditors of the Company, M/s Sarath & Associates, Chartered Accountants, confirming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report.

12. DIRECTORS' RESPONSIBILITY STATEMENT

In terms of Section 134 (5) of the Companies Act, 2013, the directors would like to state that:

i) In the preparation of the annual accounts, the applicable accounting standards have been followed.

ii) The directors have selected such accounting policies and applied them consistently and made judgments and estimates that were reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit or loss of the Company for the year under review.

iii) The directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv) The directors have prepared the annual accounts on a going concern basis.

v) The directors had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively.

vi) The directors had devised proper system to ensure compliance with the provisions of all applicable laws and that such system were adequate and operating effectively.

13. SUBSIDIARIES

Pursuant to General Circular No. 2/2011 No.51/12/2007-CL-III dated 08.02.2011 issued by the Ministry of Corporate Affairs, Government of India, the Board of Directors has passed a resolution for sending the Balance Sheet without attaching copy of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and Report of the Auditors of the Subsidiary Companies namely Chimera Entertainment Private Limited (Formerly Cinevista Studios Private Limited), Cinevista Eagle Plus Media Private Limited and Video Vista Inc. In accordance with the General Circular issued by the Ministry of Corporate Affairs, the Company will make available the Annual Accounts of the subsidiary companies and the related detailed information upon request by any member of the Company and its subsidiaries interested in obtaining the same. Further, the Annual Accounts of the subsidiaries would also be available for inspection by any member at the Registered Office of the Company and at the Office of the respective subsidiary companies, during working hours.

The Company has disclosed in the consolidated balance sheet the following information in aggregate for each subsidiary:- (a) Capital (b)reserves (c) total assets (d) total liabilities (e) details of investment (except in case of investment in subsidiaries) (f) turnover (g) profit before taxation (h) provision for taxation (i) profit after taxation (j) proposed dividend, as applicable.

The holding as well as subsidiary companies in question shall regularly file such data to the various regulatory and Government authorities as may be required by them.

The Company has given Indian rupee equivalent of the figures given in foreign currency appearing in the accounts of the subsidiary companies along with the exchange rate as on closing day of the financial year.

In addition to "Consolidation of Financial Statements" as required under Clause 32 of the Listing Agreement with the Stock Exchanges, the details on the performance of the Company's subsidiaries are attached.

14. FIXED DEPOSITS

Your Company has not accepted any deposits within the meaning of Section 73 of the Companies Act, 2013 and the Companies (Acceptance of Deposits) Rules, 2014.

15. AUDITORS

The Company's Statutory Auditors M/s. Sarath & Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. You are requested to appoint the Auditors.

The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 139 of the Companies Act, 2013 and that they are not disqualified for such appointment within the meaning of section 141 of the said Act.

The Auditors' Report to the members on the Accounts of the Company for the financial year ended March 31, 2015 does not contain any qualification.

The observation made in the Auditors' Report read together with relevant notes thereon are self- explanatory and hence, do not call for any further comments under Section 134 of the Companies Act, 2013.

16. SECRETARIAL AUDIT

Pursuant to provisions of section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 the company has appointed M/s. Yogesh D. Dabholkar and Co., Practicing Company Secretary to undertake the Secretarial Audit of the Company. The Secretarial Audit report is annexed herewith as "Annexure A".

As directed by Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specified period by the Practicing Company Secretary. The findings of the secretarial audit were entirely satisfactory.

Observation made in Secretarial Audit Report with regards to loan given to subsidiaries viz. M/s. Cinevista Eagle Plus Media Pvt. Ltd. and Chimera Entertainment Pvt. Ltd. of Rs.8589/- and Rs.7975/- respectively are towards statutory filing fees to be paid to Registrar of Companies (ROC). The same has been duly repaid by subsidiaries to M/s. Cinevista Ltd on 20th July, 2015. Loan was given to subsidiaries as the practice which was allowed in Companies Act, 1956. However, the same is repaid to be in compliance with Companies Act, 2013.

There are no other qualification in Secretarial Audit Report and observation made in the Report read together with relevant notes thereon are self-explanatory and hence, do not call for any further comments under the Companies Act, 2013.

17. EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in form MGT-9 is annexed herewith as "Annexure B".

18. BUSINESS RISK MANAGEMENT:

Pursuant to section 134 (3) (n) of the Companies Act, 2013 & Clause 49 of the listing agreement, the company has constituted a business risk management committee. The details of the committee and its terms of reference are set out in the corporate governance report forming part of the Directors' report.

At present the company has not identified any element of risk which may threaten the existence of the company.

19. PREVENTION OF INSIDER TRADING:

The Company has adopted a Code of Conduct for Prevention of Insider Trading with a view to regulate trading in securities by the Directors and designated employees of the Company. The Code requires pre-clearance for dealing in the Company's shares and prohibits the purchase or sale of Company shares by the Directors and the designated employees while in possession of unpublished price sensitive information in relation to the Company and during the period when the Trading Window is closed. The Board is responsible for implementation of the Code.

All Board Directors and the designated employees have confirmed compliance with the Code.

20. STATUTORY INFORMATION

Conservation of Energy & Technology Absorption

Considering the nature of the business of the Company, the particulars required to be furnished pursuant to the Companies Act, 2013, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable.

Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings have been Rs. 25.39 Lacs as compared to the previous year which amount to Rs. 78.78 Lacs and Foreign Exchange Outgo for current year is Rs. NIL as compared to previous year which was also Rs. NIL.

Particulars of Employees

The information required pursuant to Section 197 read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, will be provided upon request. In terms of Section 136 of the Act, the reports and accounts are being sent to the members and others entitled thereto, excluding the information on employees' particulars which is available for inspection by the members at the Registered office of the company during business hours on working days of the company up to the date of ensuing Annual General Meeting. If any member is interested in inspecting the same, such member may write to the company secretary in advance.

21. APPRECIATION

Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the company.

For and on behalf of the Board Cinevista Limited

Place: Mumbai Prem Krishen Malhotra

Date : 13th August, 2015 Chairman


Mar 31, 2014

Dear Members,

The Directors have pleasure in submitting the Seventeenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2014.

1. Financial Results (Rs. in lacs) standalone 2013-14 2012-13

Income from Operations 5047.27 5488.46

Operating Expenditure 4493.83 4955.69

Depreciation and Amortisation 205.51 194.76

Operating Profit 347.93 338.01

Other Income 19.79 18.87

Profit before Finance Costs 367.72 356.88

Finance Costs 353.12 338.21

Profit after Finance Costs but before Tax 14.60 18.67

Tax Expenses 5.34 6.17

Net Profit After Tax 9.26 12.50

Financial and Operational Review:

The Company has earned a gross income of Rs. 5047.27 lacs for the financial year 2013-14, as compared to Rs. 5488.46 lacs in the previous year, recording an decrease of Rs. 441.19 lacs.

The Company has earned a net profit of Rs. 9.26 lacs for the year as compared to net profit of Rs. 12.50 lacs in the previous year.

Interest expenditure for the year under review has marginally increased by Rs. 14.91 lacs as compared to the previous year. Depreciation during the year has recorded a marginal increase by Rs. 10.75 lacs as compared to the previous year.

Earnings per share have been Rs. 0.02 for the current year as well as in the previous year. Resources & Liquidity:

The Company''s paid up capital is Rs. 11,48,72,950 with accumulated Reserves & Surplus of Rs. 152,42,15,182.78

Management Discussion and Analysis Report (MDA)

The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report.

2. Changes in Capital Structure

There has been no change in the capital structure during the year under review.

3. Transfer to Reserves

The amounts increased in the reserves during the year on account of the profits are Rs. 9,25,763.42 as compared to the previous year increase on account of profit Rs. 12,49,624.21

4. Dividend

Your Directors do not propose any dividend for the year ended 31st March, 2014.

5. Board of Directors

As per the provisions of Section 152 of the Companies Act, 2013, Mr. Talat Aziz, Director of the Company retires by rotation at the ensuing Annual General Meeting and being eligible offers himself for reappointment. The Board recommends his appointment.

In accordance with the provisions of Section 149 of the Companies Act, 2013, your Board of Directors are seeking the appointment of Mrs. Sulochana Talreja and Mrs. Renu Anand, who are retiring by rotation at the ensuing Annual General Meeting under the erstwhile applicable provisions of Companies Act, 1956, as Independent Directors for 5 (five) consecutive years for a term up to the conclusion of the 22nd Annual General Meeting of the Company in the calendar year 2019.

Pursuant to Section 196, 197, Schedule V and other applicable provisions of the Companies Act, 2013, your Directors are seeking appointment of Mr. Sunil Mehta as Managing Director and Mr. Prem Krishen Malhotra as Whole Time Director of the Company for a period of 3 (three) years commencing from 1st April, 2014 and the Nomination and Remuneration Committee has recommended the same.

Brief resume of the Directors, nature of their expertise in specific functional areas, names of companies in which they hold directorships and memberships / chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report.

6. Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors'' Certificate are appended as part of the Annual Report. The required certification by Chief Executive Officer and Chief Financial Officer is also appended to the Annual Report.

The requisite certificate from the Auditors of the Company, M/s Sarath & Associates, Chartered Accountants, confirming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report.

7. Directors'' Responsibility Statement

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, the Directors'' confirm the following:

(i) that in the preparation of the Annual Accounts for the financial year ended 31st March, 2014, the applicable accounting standards have been followed and that there are no material departures from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014, and of the profit and loss of the Company for the year ended on that date;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts for the financial year ended 31st March, 2014, on a going concern basis.

8. Subsidiaries

Pursuant to General Circular No. 2/2011 No.51/12/2007-CL-III dated 08.02.2011 issued by the Ministry of Corporate Affairs, Government of India, the Board of Directors has passed a resolution for sending the Balance Sheet without attaching copy of the Balance Sheet, Profit and Loss Account, Report of the Board of Directors and Report of the Auditors of the Subsidiary Companies namely Chimera Entertainment Private Limited (Formerly Cinevista Studios Private Limited), Cinevista Eagle Plus Media Private Limited and Video Vista Inc. In accordance with the General Circular issued by the Ministry of Corporate Affairs, the Company will make available the Annual Accounts of the subsidiary companies and the related detailed information upon request by any member of the Company and its subsidiaries interested in obtaining the same. Further, the Annual Accounts of the subsidiaries would also be available for inspection by any member at the Registered Office of the Company and at the Office of the respective subsidiary companies, during working hours.

The Company has disclosed in the consolidated balance sheet the following formation in aggregate for each subsidiary:- (a) Capital (b)reserves (c) total assets (d) total liabilities (e) details of investment (except in case of investment in subsidiaries) (f) turnover (g) profit before taxation (h) provision for taxation (i) profit after taxation (j) proposed dividend, as applicable.

The holding as well as subsidiary companies in question shall regularly file such data to the various regulatory and Government authorities as may be required by them.

The Company has given Indian rupee equivalent of the figures given in foreign currency appearing in the accounts of the subsidiary companies along with the exchange rate as on closing day of the financial year.

In addition to "Consolidation of Financial Statements" as required under Clause 32 of the Listing Agreement with the Stock Exchanges, the details on the performance of the Company''s subsidiaries are attached.

9. Fixed Deposits

During the year under review, the Company did not accept any fixed deposits from the public.

10. Auditors

The Company''s Statutory Auditors M/s. Sarath & Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. You are requested to appoint the Auditors.

The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of section 226 of the said Act.

The Auditors'' Report to the members on the Accounts of the Company for the financial year ended March 31,2014 does not contain any qualification.

11. Secretarial Audit

As directed by Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specified period by the Practicing Company Secretary. The findings of the secretarial audit were entirely satisfactory.

12. Statutory Information

Conservation of Energy & Technology Absorption

Considering the nature of the business of the Company, the particulars required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable.

Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings have been Rs. 78.78 lacs as compared to the previous year which amount to Rs. 167.59 Lacs and Foreign Exchange Outgo for current year is Rs. NIL as compared to previous year which was 9.88 Lakhs.

Particulars of Employees

The provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable since there is no employee drawing remuneration exceeding the ceiling prescribed therein.

13. Appreciation

Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the company.

For and on behalf of the Board Cinevista Limited

Place: Mumbai Prem Krishen Malhotra Date: 13th August, 2014 Chairman


Mar 31, 2013

The Directors have pleasure in submitting the Sixteenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2013.

1. Financial Results (Rs. in lacs)

STANDALONE

2012-13 2011-12

Income from Operations 5488.46 3602.60

Operating Expenditure 4955.69 3124.45

Depreciation and Amortisation 194.76 166.55

Operating Proft 338.01 311.60

Other Income 18.87 15.55

Proft before Finance Costs 356.88 327.15

Finance Costs 338.21 312.11

Proft after Finance Costs but before Tax 18.67 15.04

Tax Expenses 6.17 13.84

Net Proft After Tax 12.50 1.20

Financial and Operational Review:

The Company has earned a gross income of Rs. 5507.33 lacs for the fnancial year 2012-13, as compared to Rs. 3618.15 lacs in the previous year, recording an increase of Rs1889.18 lacs.

The Company has earned a net proft of Rs. 12.50 lacs for the year as compared to net proft of Rs. 1.20 lacs in the previous year.

Interest expenditure for the year under review has marginally increased by Rs. 26.10 lacs as compared to the previous year. Depreciation during the year has recorded a marginal increase by Rs. 28.21 lacs as compared to the previous year.

Earnings per share have been Rs. 0.02 for the current year as compared to 0.002 in the previous year.

Resources & Liquidity:

The Company''s paid up capital is Rs.1148.73 lacs with accumulated Reserves & Surplus of Rs. 15232.89 lacs.

Management Discussion and Analysis Report (MDA)

The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report.

2. Changes in Capital Structure

There has been no change in the capital structure during the year under review.

3. Transfer to Reserves

The amounts increased in the reserves during the year on account of the profts are Rs. 12,49,624.21 as compared to the previous year increase on account of profts of Rs. 1,20,301.27

4. Dividend

Your Directors do not propose any dividend for the year ended 31st March, 2013.

5. Board of Directors

Smt. Renu Anand, retire by rotation as Director at the upcoming Annual General Meeting and being eligible offers herself for reappointment. The Board recommends her appointment.

Brief resume of the Directors, nature of their expertise in specifc functional areas, names of companies in which they hold directorships and memberships / chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report.

6. Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors'' Certifcate are appended as part of the Annual Report. The required certifcation by Chief Executive Offcer and Chief Financial Offcer is also appended to the Annual Report.

The requisite certifcate from the Auditors of the Company, M/s Sarath & Associates, Chartered Accountants, confrming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report.

7. Directors'' Responsibility Statement

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, the Directors'' confrm the following:

(i) that in the preparation of the Annual Accounts for the fnancial year ended 31 st March, 2013, the applicable accounting standards have been followed and that there are no material departures from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2013, and of the Statement of proft and loss of the Company for the year ended on that date;

(iii) that the Directors have taken proper and suffcient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts for the fnancial year ended 31st March, 2013, on a going concern basis.

8. Subsidiaries

There has been no material change in the nature of the business of the subsidiaries. The name of one of the subsidiaries of the Company has been changed from M/s. Cinevista Studios Private Limited to M/s. Chimera Entertainment Private Limited w.e.f. 14/08/2012 pursuant upon Fresh Certifcate of Incorporation consequent upon change of name issued by Government of India, Ministry of Corporate Affairs, Registrar of Companies, Mumbai. The statement containing brief fnancial details of the subsidiaries is included in the Annual Report.

As required under Clause 32 of the Listing Agreements entered into with the Stock Exchanges, a consolidated fnancial statement of the Company and all its subsidiaries is attached. The consolidated fnancial statements have been prepared in accordance with the relevant accounting standards as prescribed.

Pursuant to the provision of Section 212(8) of the Act, the Ministry of Corporate Affairs vide its circular dated February 8, 2011 has granted general exemption from attaching the balance sheet, statement of proft and loss and other documents of the subsidiary companies with the balance sheet of the Company. A statement containing brief fnancial details of the Company''s subsidiaries namely Chimera Entertainment Private Limited (Formerly Cinevista Studios Private Limited), Cinevista Eagle Plus Media Private Limited and Video Vista Incforthe fnancial year ended March 31, 2013 is included in the Annual Report. The annual accounts of these subsidiaries and the related detailed information will be made available to any member of the Company/its subsidiaries seeking such information at any point of time and are also available for inspection by any member of the Company/its subsidiaries at the registered offce of the Company. The annual accounts of the said subsidiaries will also be available for inspection, as above, at the head offces/registered offces of the respective subsidiary companies. The Company shall furnish a copy of the details of annual accounts of subsidiaries to any member on demand.

9. Fixed Deposits

During the year under review, the Company did not accept any fxed deposits from the public.

10. Auditors

The Company''s Statutory Auditors M/s. Sarath & Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. You are requested to appoint the Auditors.

The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 224(1B) of the Companies Act, 1956 and that they are not disqualifed for such appointment within the meaning of section 226 of the said Act.

11. Secretarial Audit

As directed by Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specifed period by the Practicing Company Secretary. The fndings of the secretarial audit were entirely satisfactory.

12. Statutory Information

Conservation of Energy & Technology Absorption

Considering the nature of the business of the Company, the particulars required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable.

Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings have been Rs. 167.59 lacs and Foreign Exchange Outgo is 9.88 lacs for the fnancial year 2012-13.

Particulars of Employees

The provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable since there is no employee drawing remuneration exceeding the ceiling prescribed therein.

13. Appreciation

Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the signifcant contributions made by all the employees for their dedicated services to the company.

For and on behalf of the Board

Cinevista Limited

(Formerly Cinevistaas Limited)

Place: Mumbai Prem Krishen Malhotra

Date : 6th August, 2013 Chairman


Mar 31, 2012

The Directors have pleasure in submitting the Fifteenth Annual Report of your Company together with the Audited Accounts for the year ended 31st March, 2012.

1. Financial Results (Rs. in lacs)

STANDALONE 2011-12 2010-11

Income from Operations 3602.60 3494.30

Operating Expenditure 3124.45 3376.73

Depreciation and Amortisation 166.55 173.94

Operating Profit 311.60 (56.37)

Other Income 15.55 81.41

Profit before Finance Costs 327.15 25.04

Finance Costs 312.11 251.70

Profit after Finance Costs but before Tax 15.04 (226.66)

Tax Expenses 13.84 73.56

Net Profit After Tax 1.20 (300.22)

Financial and Operational Review:

The Company has earned a gross income of Rs. 3618.15 lacs for the financial year 2011-12, as compared to Rs. 3575.70 lacs in the previous year, recording an increase of Rs. 42.45 lacs.

The Company has earned a net profit of Rs. 1.20 lacs for the year as compared to net loss of Rs.300.22 lacs in the previous year.

Interest expenditure for the year under review has marginally increased by Rs. 60.41 lacs as compared to the previous year. Depreciation during the year has recorded a marginal decrease by Rs. 7.40 lacs as compared to marginal increase of Rs. 7.02 lacs in the previous year.

Earnings per share have been Rs. 0.002 for the current year as compared to NIL in the previous year. Resources & Liquidity:

The Company's paid up capital is Rs.11,48,72,950 with accumulated Reserves & Surplus of Rs. 15220.39 lacs.

Management Discussion and Analysis Report (MDA)

The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report.

2. Changes in Capital Structure

There has been no change in the capital structure during the year under review.

3. Transfer to Reserves

The amounts increased in the reserves during the year on account of the profit of Rs. 1,20,301.27 as compared to the previous year decrease on account of loss of Rs. 300,21,500.24

4. Dividend

Your Directors do not propose any dividend for the year ended 31st March, 2012.

5. Board of Directors

Mr. Niranjan Shivdasani, retire by rotation as Director at the upcoming Annual General Meeting and being eligible offers himself for reappointment. The Board recommends his appointment.

Brief resume of the Directors, nature of their expertise in specific functional areas, names of companies in which they hold directorships and memberships / chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report.

6. Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors' Certificate are appended as part of the Annual Report. The required certification by Chief Executive Officer and Chief Financial Officer is also appended to the Annual Report.

The requisite certificate from the Auditors of the Company, M/s Sarath & Associates, Chartered Accountants, confirming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report.

7. Directors' Responsibility Statement

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, the Directors' confirm the following:

(i) that in the preparation of the Annual Accounts for the financial Year ended 31st March, 2012, the. applicable accounting standards have been followed and that there are no material departures from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2012, and of the Statement of profit and loss of the Company for the year ended on that date;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts for the financial year ended 31st March, 2012, on a going concern basis.

8. Subsidiaries

There has been no material change in the nature of the business of the subsidiaries. A statement containing brief financial highlights of the subsidiaries is included in the Annual Report.

As required under Clause 32 of the Listing Agreement entered into with the Stock Exchanges, a consolidated financial statement of the Company and all its subsidiaries are attached. The consolidated. financial statements have been prepared in accordance with the relevant accounting standards as prescribed.

Pursuant to the provision of Section 212(8) of the Act, the Ministry of Corporate Affairs vide its circular dated February 8, 2011 has granted general exemption from attaching the balance sheet, statement of profit and loss and other documents of the subsidiary companies with the balance sheet of the Company. A statement containing brief financial highlights of the Company's subsidiaries namely Cinevista Studios Private Limited, Cinevista Eagle Plus Media Private Limited and Video Vista Inc. for the financial year ended March 31, 2012 is included in the Annual Report. The annual accounts of these subsidiaries and the related detailed information will be made available to any member of the Company/its subsidiaries seeking such information at any point of time and are also available for inspection by any member of the Company/its subsidiaries at the registered office of the Company. The annual accounts of the said subsidiaries will also be available for inspection, as above, at the head offices/registered offices of the respective subsidiary companies. The Company shall furnish a copy of the details of annual accounts of subsidiaries to any member on demand.

9. Fixed Deposits

During the year under review, the Company did not accept any fixed deposits from the public.

10. Auditors

The Company's Statutory Auditors M/s. Sarath & Associates, Chartered Accountants, retire at the ensuing Annual General Meeting and, being eligible, offer themselves for re-appointment. You are requested to appoint the Auditors.

The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of section 226 of the said Act.

11. Secretarial Audit

As directed by. Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specified period by the Practicing Company Secretary. The findings of the secretarial audit were entirely satisfactory.

12. Statutory Information

Conservation of Energy & Technology Absorption

Considering the nature of the business of the Company, the particulars required to be furnished pursuant to Section 217(1)(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable.

Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings have been Rs. 52.83 lacs as compared to the previous year which amount to Rs. 69.31 lacs and Foreign Exchange Outgo is NIL as compared to previous year which was 0.70 lacs.

Particulars of Employees

The provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable since there is no employee drawing remuneration exceeding the ceiling prescribed therein.

13. Appreciation

Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State

Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the company.

For and on behalf of the Board

Cinevistaas Limited

Place: Mumbai Prem Krishen Malhotra

Date: 13th August, 2012 Chairman


Mar 31, 2010

The Directors have pleasure in submitting the Thirteenth Annual Report of your Company together with the Audited Accounts for the year ended 31 st March, 2010.

1. Financial Results (Rs. in lacs)

March 31,2010 March 31,2009

Realisation from serials 4737.22 5647.12

Other income 57.35 120.84

Total income 4794.57 5767.96

Total expenditure 4272.48 5615.45

Gross profit before interest, depreciation and taxation 522.09 572.67

Interest 257.89 252.50

Profit before depreciation and taxation 264.20 320.17

Depreciation 166.92 167.67

Provision for Taxation -

Under provision of previous years tax - 3.98

Current tax (14.80) -

Deferred Tax Liability 22.20 (57.98)

Deferred Tax Asset (68.45) -

Wealth Tax (1.49) (1.67)

Income Tax provision w/off - -

Fringe Benefit Tax (1-23) -

Net Profit(Loss) 33.51 88.87

2. Operations

Financial and Operational Review:

The Company has earned a gross income of Rs.4794.57 lacs for the financial year 2009-10, as compared to Rs.5767.96 lacs in the previous year, recording a decrease of Rs.973.39 lacs.

The Company has earned a net profit of Rs.33.51 lacs for the year as compared to Rs.88.87 lacs in the previous year.

Interest expenditure for the year under review has marginally increased by Rs. 5.39 lacs as compared to the previous year.

Depreciation during the year has recorded a marginal decrease by Rs.0.75 lacs as compared to Rs. 167.67 lacs in the previous year.

Earnings per share have been worked out as Rs.0.06 as compared to Rs.0.15 in the previous year.

Resources & Liquidity:

The Companys paid up capital is Rs. 11,48,72,950 with accumulated Reserves & Surplus of Rs. 155.19 crores.

Management Discussion and Analysis Report (MDA)

The detailed Analysis of the Operating performance of the Company for the year, the state of affairs and the key changes in the operating environment has been included in the Management Discussion and Analysis section which forms part of the Annual Report

3. Changes in Capital Structure

There has been no changes in the capital structure during the year under review.

4. Transfer to Reserves

The amounts transferred to reserves during the year are Rs.3351233.26

5. Dividend

Your Directors do not propose any dividend for the year ended 31 st March, 2010.

6. Board of Directors

Mrs. Sulochana Talreja, retire by rotation as Director at the upcoming Annual General Meeting and being eligible offers herself for reappointment.

The Board recommends her appointment.

Brief resume of the Directors, nature of their expertise in specific functional areas, names of companies in which they hold directorships and memberships / chairmanships of Board Committees, their shareholding and relationships between them inter se, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, are provided in the report on Corporate Governance forming part of the Annual Report.

7. Corporate Governance

Pursuant to Clause 49 of the Listing Agreement with the Stock Exchanges, Corporate Governance Report and Management Discussion and Analysis and Auditors Certificate are appended as part of the Annual Report. The required certification by Chief Executive Officer and Chief Financial Officer is also appended to the Annual Report.

The requisite certificate from the Auditors of the Company, M/s Vimal Punmiya & Co., Chartered Accountants, confirming Compliance with the conditions of Corporate Governance as stipulated under the aforesaid clause 49, is annexed to this Report.

8. Directors Responsibility Statement

Pursuant to the requirement under section 217(2AA) of the Companies Act, 1956, the Directors confirm the following:

(i) that in the preparation of the Annual Accounts for the financial year ended 31st March, 2010, the applicable accounting standards have been followed and that there are no material departures from the same;

(ii) that the Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at 31 st March, 2010, and of the profit and loss of the Company for the year ended on that date;

(iii) that the Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) that the Directors have prepared the annual accounts for the financial year ended 31 st March, 2010, on a going concern basis.

9. Subsidiaries and Joint Ventures

In addition to "Consolidation of Financial Statements" as required under Clause 32 of the Listing Agreement with the Stock Exchanges, the details on the performance of the Companys subsidiaries are attached as Annexure I.

10. Fixed Deposits

During the year under review, the Company did not accept any fixed deposits from the public.

11. Auditors

M/s Sarath & Associates, Chartered Accountants, who were appointed as Statutory Auditors by the Board, subject to shareholders approval, to fill the casual vacancy arising out of resignation of M/s Vimal Punimya & Co., Chartered Accountants, requires to be appointed at the ensuing Annual General Meeting and being eligible offers themselves for appointment. You are requested to appoint the Auditors.

The Company has received the letter from them to the effect that their appointment if made would be within the limits prescribed under Section 224(1 B) of the Companies Act, 1956 and that they are not disqualified for such appointment within the meaning of section 226 of the said Act.

12. Secretarial Audit

As directed by Securities & Exchange Board of India, (SEBI) secretarial audit is being carried out at the specified period by the Practicing Company Secretary. The findings of the secretarial audit were entirely satisfactory.

13. Statutory Information

Conservation of Energy & Technology Absorption

Considering the nature of the business of the Company, the particulars required to be furnished pursuant to Section 217(1 )(e) of the Companies Act, 1956, read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, relating to the Conservation of Energy and Technology Absorption are not applicable.

Foreign Exchange Earnings and Outgo

Foreign Exchange Earnings have been Rs. 88.83 lacs, while the expenses reported have been Nil.

Particulars of Employees

The provisions of Section 217(2A) of the Companies Act, 1956, read with the Companies (Particulars of Employees) Rules, 1975, are not applicable since there is no employee drawing remuneration exceeding the ceiling prescribed therein.

14. Appreciation

Your Directors thank the viewers, suppliers, bankers, Financial Institutions, Central and State Governments and Shareholders, for their consistent support to the Company. The Directors also sincerely acknowledge the significant contributions made by all the employees for their dedicated services to the company.

For and on behalf of the Board

Place : Mumbai Prem Krishen Malhotra

Date : 14th August, 2010 Chairman

 
Subscribe now to get personal finance updates in your inbox!