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Notes to Accounts of Creative Eye Ltd.

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 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 ` 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.

 
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