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Notes to Accounts of Cinevista Ltd.

Mar 31, 2015

1. Cost of Production:

Estimation of cost of serials 'under production' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

2. During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand raised by the income-tax department and filed an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

3. Segment reporting:

There is only one primary reportable business segment viz. production of serials, films and ad films. The disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

4. All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

5. Previous year's figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year's figures.


Mar 31, 2014

1.1 Cost of Production:

Estimation of cost of serials ''under production'' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

1.2 During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand raised by the income-tax department and filed an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, films ad films, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classified as current or non-current as per the Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.

1.5 Previous year''s figures have been re-grouped, re-arranged, re-classified and re-casted wherever necessary to make them comparable with current year''s figures.


Mar 31, 2013

1.1 Cost of Production:

Estimation of cost of serials ''under production'' being of technical nature, cannot be verifed by the Auditors and have been taken as certifed by the Management of the Company.

1.2 During the fnancial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/s.132 of the income tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,09/-. The company disputed the demand raised by the income-tax department and fled an appeal against the order before the Commissioner of income-tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority.

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, flms ad flms, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classifed as current or non-current as perthe Company''s normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classifcation of assets and liabilities.

1.5 Previous year''s fgures have been re-grouped, re-arranged, re-classifed and re-casted wherever necessary to make them comparable with current year''s fgures.


Mar 31, 2012

Notes:

1. Shareholders holding more than 5% of the total share capital

Pamma Mehta holds 94,90,355 ( 2011: 94,90,355) Equity shares of Re.2/- each aggregating to 16.52% (2011: 16.52%) Premkrishen Malhotra holds 93,16,355 ( 2011: 93,16,355) Equity shares of Re.2/-each aggregating to 16.22% (2011: 16.22%) Sunil Mehta holds 90,09,315 ( 2011: 90,09,315) Equity shares of Re.2/- each aggregating to 15.69% (2011: 15.69%)

Sunita P Malhotra holds 51,65,135 ( 2011: 51,65,135) Equity shares of Re.2/- each aggregating to 8.99% (2011: 8.99%)

1.1 Cost of Production:

Estimation of cost of serials 'under production' being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

1.2 During the financial year 1997-98 search action was carried out by the income-tax authorities at the premises of the company u/'s.132 of the Income Tax Act, 1962 and assessment for the same was completed on 31-01-2000 thereby resulting in a demand of Rs.48,30,381/- on the company. As against the said demand the company has paid Rs.41,07,093/-. The company disputed the demand' raised by the Income-Tax department and filed an appeal against the order before the Commissioner of Income-Tax (Appeals) who has partly allowed it to the extent of Rs.31,00,524/-. The company disputing the balance liability has gone in to appeal before Income-Tax Appellate Tribunal, the order of which went in the favour of the company. Further the department had gone into appeal before the High Court and the matter is still pending before the said authority. "

1.3 Segment reporting:

There is only one primary reportable business segment viz. production of serials, films, ad films, the disclosure requirement of accounting standard (AS-17) on segment reporting is not provided.

1.4 All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set out in the Revised Schedule VI to the Companies Act, 1956. Based on the nature of products and the time between the acquisition of assets for processing and their realization in cash and cash equivalents, the Company has determined its operating cycle as twelve months for the purpose of current- non current classification of assets and liabilities.


Mar 31, 2010

1. Inventories :

(a) U-Matic Cassettes:

The company values stock of U-Matic Cassettes at Weighted Average Cost as permissible under the Accounting Standard 2 (AS 2) "Valuation of Inventories" issued by the Institute of Chartered Accountants of India.

(b) Work in progress:

Under production cost of serials, ad films etc. is valued at actual cost on incurred basis.

2. Contingent Liabilities :

During the Financial Year 1997-98 search action was carried out by the Income Tax Authority at the premises of the company Under Section 132 of the Income Tax Act, 1961, and assessment under the same was completed on 31st January, 2000 thereby raising a demand of Rs.48,30,381/- on the Company As against the said demand the company has paid Rs. 41,07,093/- .

The Company disputed the demand raised by the Income Tax Department and filed an Appeal against the order before the Commissioner of Income Tax (Appeals) who has partly allowed it to the extent of Rs. 31,00,524/-. Disputing the balance liability the company has gone into Appeal to Income Tax Appellate Tribunal which went into favour of the company. Further the department has gone into Appeal to the High court.

3. Income In Foreign Currency :

Realisation from export of serials, feature film, medical transcription & ad films: 88,83,218/- (Previous Year: Rs. 44,82,791/-)

4. Expenditure In Foreign Currency : Travelling Expenses Rs. Nil (Previous Year: Rs.Nil)

5. Cost of Production:

Estimation of cost of serials under production being of technical nature, cannot be verified by the Auditors and have been taken as certified by the Management of the Company.

6. Directors Remuneration :

Salaries : Rs. 45,60,000/- (Previous Year : Rs.40,80,000/-)

Sitting Fees: Rs. 68,000/- (Previous Year : Rs.61,000/-)

7. Auditors Remuneration :

Audit Fees : Rs.82,725/- (Previous Year : Rs.90,000/-)

Tax Audit Fees : Rs.82,725/- (Previous Year : Rs.60,000/-)

8. Balance of Debtors & Creditors :

Balances of Sundry Debtors and Sundry Creditors, Loans and Advances, are taken as per books of accounts and are subject to confirmation.

9. Preliminary Expenses :

Preliminary expenses incurred before 1st April, 1998 are being amortised in ten equal instalments over the years. Preliminary Expenses incurred on or after 1 st April, 1998 are being amortised in five equal instalments over the years. The above Write-Offs have been made as per the Provisions of Section 35 D of the Income Tax Act, 1961.

10. Taxation:

Provision for Deferred Tax Liability created during the year Rs.215128.70 has been made as per the requirements of AS-22 "Accounting for Taxes on Income" on the difference of depreciation as per Companies Act , 1956 & Income Tax Act ,1961, Deferred Tax Asset has been written off on the current years profit of Rs3,07,49,959/-. Deffered Tax Liability of Rs.2004,723/- has been written off on the deffered cost of production of feature film "Garv-Pride & Honour". Deferred Tax Asset arising on account of Capital Loss brought forward from assessment year 2002-03. Provision for wealth tax of Rs. 1,48,758/- has been made as per the provision of Wealth Tax Act, 1957.

11. Related Party Disclosures :

Related party disclosure as required under Accounting Standard on "Related Party Disclosure" issued by the Institute of Chartered Accountants of India are given below:

a) Relationship: Subsidiary Companies

Cinevista Eagle Plus Media Pvt. Ltd.

Cinevista Studios (P) Ltd.

Video Vista lnc.-(Foreign Subsidiary, based in U.S.A.)

Key Management personnel

Mr. Sunil Mehta Mr. Prem Krishen Malhotra

Relatives of Key Management personnel

Mr. Vishnu T. Mehta - Father Mrs. Bina Rai - Mother

Mrs. Kaushalya Mehta - Mother Mrs. Sunita Malhotra - Wife

Mrs. Pamma Mehta - Wife Mr. Kailashnath Malhotra - Brother

Mr. Mahesh Mehta - Brother Mr. Siddharth Malhotra - Son

Mrs. Sunita Malhotra - Sister Mrs. Aakansha Agarwal - Daughter

Mrs. Sapna Malhotra- Daughter in Law

Entities over which Key Management personnel are able to exercise significant influence:

Fame Communications Sat - tel Communications

Fascination Network Cinevista Ads

b) The following transactions were carried out with related parties in the ordinary course of business. Advances given to Cinevista Studios (P) Ltd. Rs. Nil /-

Repayment of Advances from Cinevista Studios Pvt Ltd. Rs 4,75,000/-

Share of Technical Service charges (Income) from Cinevista Studios Pvt Ltd. Rs Nil/-

Paid to Mr. Sunil Mehta as Directors Remuneration Rs. 22,80,000/-

Paid to Mr. Prem Krishen Malhotra as Directors Remuneration Rs. 22,80,000/-

Paid to Mrs.Pamma Mehta as Salary Rs. 19,80,000/-

Paid to Mrs. Sunita Malhotra as Salary Rs. 19,80,000/-

Paid to Mr. Siddharth Malhotra as Professional fees Rs. 24,28,190/-

Repaid partly loan of Mr. Sunil Mehta of Rs. Nil/-

Repaid partly loan of Mr. Premkishen Malhotra of Rs. 14,61,111/-

Loan given by Pamma Mehta during the year of Rs 6,00,000/-

From Video Vista Company has realized income from medical transcription of Rs 88,83,218/-

Advance to Eagle Plus Media Pvt Ltd of Rs 1804/-

All the figures have been rounded off to the nearest Rupee.

Previous years figures have been re-grouped and re-arranged, wherever necessary.