Mar 31, 2015
1. Defined benefits plan:
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
As at 31st As at 31st
Particulars March 2015 March, 2014
AMOUNT AMOUNT AMOUNT AMOUNT
Rs. Rs. Rs. Rs.
2. Contingent Liabilities :
a. Bank Guarantees Outstanding 300,000 300,000
b. Claim against the company not 140,800,000 140,800,000
acknowledged as Debt
The National Broadcaster claimed a sum of Rs. 1408.00 lacs which is
under dispute. The arbitration proceedings into the matter is under
process. The amount disclosed is the minimum liability on this count
excluding interest thereon which is presently not quantifiable
3. Expenditure / Earnings in Foreign Currency :
There is no expenditure and earnings in foreign currency during the
year.
4. The following Premises are yet to be transferred in the name of
the Company :
6/7 Blue Diamond at Juhu Tara Road, Mumbai
5. Related party disclosure :
Related party disclosure as required by AS - 18 issued by the Institute
of Chartered Accountants of India.
a) Relationship :
Key Management Personnel
Mr. Dheeraj Kumar Chairman & Managing Director
Mrs. Zuby Kochhar Executive Director
Other Directors
Mr. Shiv S. Sharma Non Executive Director
Mr. M.R. Sivaraman Non Executive Director
Mr. TK. Choudhary Non Executive Director
6. Arbitration proceeding with National Broadcaster (Doordarshan)
As per the order of Hon'ble arbitrator, the Company had paid an amount
of Rs. 2,00,00,000/- to Prasar Bharti Broadcasting Corporation of India
(PBBCI). And also PBBCI/The Directorate General, Doordarshan had
acquired programmes from the existing library of the company for Rs.
1,34,78,831/-, representing cost of acquisition of programmes payable,
which had not been paid directly to CEL but had been adjusted /
credited / treated as amount received in kind by PBBCI / The
Directorate General, Doordarshan on behalf of Creative Eye Limited. The
said amounts are included in Others Short Term Loans & Advances. Also,
Trade Receivable includes Rs. 3,00,000/-, receivable from Prasar
Bharati Broadcasting Corporation of India. The final accounting /
financial implication in the respective account shall be reflected /
adjusted at the time of final outcome of the arbitration proceedings.
7. Amounts Written Off/ Written Back: -
During the financial year an amount of Rs. 49,301/- (Previous Year Rs.
28,925/-) has been written off on account of Trade Receivable which
became irrecoverable in spite of best efforts for recovery.
An amount of Rs. 2,29,895/- (Previous Year Rs. 6,20,228/-) has been
written back as it became no longer payable.
8. Figures of previous year have been regrouped/ reclasified/
rearranged wherever necessary.
9. There is only One Reportable Segment - 'Production of Audio-Visual
T. V. Content'. Accordingly no separate segment wise disclosure has
been made.
Mar 31, 2014
1. Contingent Liabilities :
a.Bank Guarantees Outstanding 300,000 300,000
b.Claim against the company not 140,800,000 140,800,000
acknowledged as Debt
2. Arbitration proceeding with National Broadcaster (Doordarshan)
As per the order of HonÂble arbitrator, the Company had paid an amount
of Rs. 2,00,00,000/- to Prasar Bharti Broadcasting Corporation of India
(PBBCI). And also PBBCI/The Directorate General, Doordarshan had
acquired programmes from the existing library of the company for Rs.
1,34,78,831/-, representing cost of acquisition of programmes payable,
which had not been paid directly to CEL but had been adjusted /
credited / treated as amount received in kind by PBBCI / The
Directorate General, Doordarshan on behalf of Creative Eye Limited. The
said amounts are included in Others Short Term Loans & Advances. Also,
Trade Receivable includes ` 3,00,000/-, receivable from Prasar Bharati
Broadcasting Corporation of India. The final accounting / financial
implication in the respective account shall be reflected / adjusted at
the time of final outcome of the arbitration proceedings.
3. Amounts Written Off/ Written Back: -
During the financial year an amount of Rs. 28,925/- (Previous Year Rs.
71,03,751/-) has been written off on account of Trade Receivables which
became irrecoverable in spite of best efforts for recovery. An amount
of Rs.6,20,228/- (Previous Year Rs. 22,80,733/-) has been written back
as it became no longer payable.
4. Figures of previous year have been regrouped/ reclasified/
rearranged wherever necessary.
Mar 31, 2013
As at 31st March 2013 As at 31st March 2012
Particulars Amount Amount Amount Amount
Rs. Rs. Rs. Rs.
1. Contingent
Liabilities :
a. Bank Guarantees
Outstanding 300,000 300,000
b. Claim against the
company not 140,800,000 140,800,000
acknowledged as Debt
The National Broadcaster claimed a sum of Rs. 1408.00 lacs which is
under dispute. The arbitration proceedings into the matter is under
process. The amount disclosed is the minimum liability on this count
excluding interest thereon which is presently not quanitifable
2. Expenditure / Earnings in Foreign Currency :
There is no expenditure and earnings in foreign currency during the
year.
3. Related party disclosure :
Related party disclosure as required by AS - 18 issued by the Institute
of Chartered Accountants of India.
a) Relationship :
Key Management Personnel
Mr. Dheeraj Kumar Chairman & Managing Director
Mrs. Zuby Kochhar Executive Director
Other Directors
Mr. Shiv S. Sharma Non Executive Director
Mr. M.R. Sivaraman Non Executive Director
Mr. T.K. Choudhary Non Executive Director
4. Arbitration proceeding with National Broadcaster (Doordarshan)
As per the order of Hon''ble arbitrator, the Company had paid an amount
of Rs. 2,00,00,000/- to Prasar Bharti Broadcasting Corporation of India
(PBBCI). And also PBBCI/The Directorate General, Doordarshan had
acquired programmes from the existing library of the company for Rs.
1,34,78,831/-, representing cost of acquisition of programmes payable,
which had not been paid directly to CEL but had been adjusted /
credited / treated as amount received in kind by PBBCI / The
Directorate General, Doordarshan on behalf of Creative Eye Limited. The
said amounts are included in Others Short Term Loans & Advances. Also,
Trade Receivable includes Rs.3,00,000/-, receivable from Prasar Bharati
Broadcasting Corporation of India. The fnal accounting/ fnancial
implication in the respective account shall be refected/adjusted at the
time of fnal outcome of the arbitration proceedings.
5. Amounts Written Off/ Written Back: -
During the fnancial year an amount of Rs.71,03,751/- (Previous Year Rs.
78,87,008/-) has been written off on account of Advances, Loans and
Trade Receivables which became irrecoverable in spite of best efforts
for recovery.
An amount of Rs.22,80,733/- (Previous Year Rs. 22,39,815/-) has been
written back as it became no longer payable.
6. Figures of previous year have been regrouped/ reclasifed/
rearranged wherever necessary.
7. There is only One Reportable Segment - ''Production of Audio-Visual
T. V. Content''. Accordingly no separate segmentwise disclosure has been
made.
Mar 31, 2012
1.1. The company has only one class of equity shares having a par value
of Rs. 5/- per share. Each holder of equity shares is entitled to one
vote per share.
2.1. Vehicle loan availed from Kotak Mahindra Prime Ltd against
hypothecation of the vehicle.
2.2. Cash Credit Limit / facility availed from Oriental bank of
commerce for working capital purpose against hypothecation of trade
receivable and personal guarantee of Managing Director and Executive
Director of the company.
3.1. As per information available with the Company, none of the
creditors have confirmed that they are registered under the Micro,
Small & Medium Enterprises Development Act, 2006. Accordingly,
disclosure as required by the said Act is made on that basis.
4.1 As per Accounting Standard 15 "Employee benefits", the
disclosures as defined in the Accounting Standard are given below :
Defined benefits plan:
The present value of obligation is determined based on actuarial
valuation using the Projected Unit Credit Method, which recognises each
period of service as giving rise to additional unit of employee benefit
entitlement and measures each unit separately to build up the final
obligation.
The discount rate is based on the prevailing market yields of Indian
government securities as at the balance sheet date for the estimated
term of the obligations.
The estimates of rate of escalation in salary considered in actuarial
valuation, take into account inflation, seniority, promotion and other
relevant factors including supply and demand in the employment market.
As at 31st
March 2012 As at 31st
March 2011
Particulars Amount Amount Amount Amount
Rs. Rs. Rs. Rs.
5. Contingent Liabilities :
a. Bank Guarantees Outstanding 300,000 300,000
b. Claim against the company not 140,800,000 140,800,000
acknowledged as Debt
The National Broadcaster claimed a sum of Rs. 1408.00 lacs which is
under dispute. The arbitration proceedings into the matter is under
process. The amount disclosed is the minimum liability on this count
excluding interest thereon which is presently not quanitifiable
6. Expenditure / Earnings in Foreign Currency :
There is no expenditure and earnings in foreign currency during the
year.
7. Related party disclosure :
Related party disclosure as required by AS - 18 issued by the Institute
of Chartered Accountants of India.
a) Relationship :
Key Management Personnel
Mr. Dheeraj Kumar Chairman & Managing Director
Mrs. Zuby Kochhar Executive Director
Other Directors
Mr. Shiv S. Sharma Non Executive Director
Mr. M.R. Sivaraman Non Executive Director
Mr. T.K. Choudhary Non Executive Director
8. Arbitration proceeding with National Broadcaster (Doordarshan)
Others Short Term Loans & Advances includes Rs.3,34,78,831/-,
Rs.2,00,00,000/- paid to PBBCI and Rs.1,34,78,831/- towards cost of
acquisition of programmes acquired by Prasar Bharti Broadcasting
Corporation of India / The Directorate General, Doordarshan, and Trade
Receivable includes Rs.3,00,000/-, receivable from Prasar Bharati
Broadcasting Corporation of India respectively.
As per the order of Hon'ble arbitrator, the Company will pay an
amount of Rs. 2,00,00,000/- to Prasar Bharti Broadcasting Corporation
of India (PBBCI). And also PBBCI/The Directorate General, Doordarshan
will acquire programmes from the existing library of the company and
cost of acquisition of programmes payable, shall not be paid directly
to CEL but shall be adjusted / credited / treated as amount received in
kind by PBBCI / The Directorate General, Doordarshan on behalf of
Creative Eye Limited.
The final accounting / financial implication in the respective account
shall be reflected / adjusted at the time of final outcome of the
arbitration proceedings.
9. Amounts Written Off/ Written Back: -
During the financial year an amount of Rs.78,87,008/- has been written
off as bad debts on account of Advances and Trade Receivables which
became irrecoverable in spite of best efforts for recovery.
An amount of Rs.22,39,815/- has been written back as it became no
longer payable.
10. Figures of previous year have been regrouped/ reclasified/
rearranged wherever necessary.
Mar 31, 2010
1. Arbitration proceeding with National Broadcaster (Doordarshan) :
Current Assets, Loans & Advances includes Rs.3,44,50,000/- and
Rs.3,00,000/- as Advance and Sundry Debtors respectively, receivable
from PrasarBharati Broadcasting Corporation of India. As per the
orderof Honble arbitrator, the Company will pay an amount of Rs.
2,00,00,000/- to Prasar Bharti Broadcasting Corporation of India
(PBBCI). And also PBBCI/The Directorate General, Doordarshan will
acquire programmes from the existing library of the company and cost
of acquisition of programmes payable, shail not be paid directly to CEL
but shall be adjusted / credited / treated as amount received in kind
by PBBCI / The Directorate General, Doordarshan on behalf of Creative
Eye Limited. Advance includes Rs.2,00,00,000/- paid to PBBCI and
Rs.1,44,50,000/- towards cost of acquisition of programmes acquired by
Prasar Bharti Broadcasting Corporation of India /The Directorate
General, Doordarshan. The final accounting /financial implication in
the respective account shall be reflected / adjusted at the time of
final outcome of the arbitration proceedings.
2. Amounts Written Off/ Written Back:
During the financial year an amount of Rs.67,37,460/- has been written
off as bad debts on account of Sundry Debtors, Loans & Advances which
became irrecoverable in spite of best efforts for recovery. An amount
of Rs.33,65,420/- has been written back as it became not payable.
3. The sundry debtors, loans and advances and sundry creditors are
subject to confirmation and reconciliation if any.
4. Contingent Liabilities: 31/03/2010 31/03/2009
(Rs. In lacs) (Rs. in lacs)
a. Bank Guarantees Outstanding 3.00 3.00
b. Claim against the company not
acknowledged as Debt 1,408.00 1,408.00
The National Broadcaster claimed a
sum of Rs. 1408 lacs
which is under dispute. The arbitr
ation proceedings into the matter is
under process.
5. Expenditure / Earnings in Foreign Currency :
There is no expenditure and earnings in foreign currency during the
year.
6. Loans and Cash Credit :
a. Cash Credit is secured by way of hypothecation of book debts and
personal guarantee of Directors
b. Vehicle Loans from finance companies secured byway of charge on
vehicles.
7. The following Premises are yet to be transferred in the name of the
Company:
6/7 Blue Diamond at Juhu Tara Road, Mumbai
8. Related party disclosure:
Related party disclosure as required by AS-18 issued by the Institute
of Chartered Accountants of India
a) Relationship:
Key Management Personnel
Mr. Dheeraj Kumar Mrs.ZubyKochhar Wg. Cdr. Devendra Dass Kochar
Chairman & Managing Director
Executive Director
Executive Director (upto September 30,2009)
Other Directors
Mr. ShivS.Sharma Mr. M.R. Sivaraman Mr. T.K. Choudhary
Non Executive Director Non Executive Director Non Executive Director
9. Figures of previous year have been regrouped/ reclassified/
rearranged wherever necessary to confirm to current years
presentation.