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Notes to Accounts of Divine Multimedia (India) Ltd.

Mar 31, 2015

1. Contingent liabilities and commitments

Claims against the company not acknowledged as debt -

- Contingent Liabilities

(i) Income Tax Demand forAY 2011-12 of ' 8,99,61,810/- (PY ' 8,99,61,810/-)

(ii) Income Tax Demand for AY 1994 -95 of ' 36,84,285/- (PY 36,84,285/-)

(iii) SEBI Penalty - ' 17,00,000/- (PY - ' 17,00,000)

2. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given.

3. Earnings per share (EPS)

4. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

5. In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

6. All known liabilities are provided for on the basis of available information/ estimates.

7. Segment Reporting:

The Company operates in one segment i.e. film productions and allied TV contents hence no separate disclosure of segment-wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India.

8. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure The accompanying notes are an integral part of the financial statements

9. Related party transactions

Description of relationship Names of related parties

Key Management Personnel (KMP) Prakash Dhebar

Smita Pandya

Lokanath Mishra

Relatives of KMP Nil

Company in which KMP/Relatives Gujarat Capital Ventures Limited of KMP can (Company in which Mr Prakash Dhebar is a Director)

exercise significant influence Suntech Consultants Private Limited (Company in which Mr Prakash Dhebar is a Director)

Note: Related parties have been identified by the Management.


Mar 31, 2014

1. Contingent liabilities and commitments

Claims against the company not acknowledged as debt - -

Contingent Liabilities

(i) Income Tax Demand for AY 2011-12 of Rs.8,99,61,810/- (PY Rs. 8,99,61,810/-)

(ii) Income Tax Demand for AY 1994 -95 of Rs.10,79,505/- (PY Rs. 10,79,505/-)

(iii) SEBI Penalty - Rs.7,00,000/- (PY Rs.7,00,000)

2. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006:

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the year end together with interest payable as required under the said Act have not been given.

3. Earnings per share (EPS)

The following reflects the profit and share data used in the basic and diluted EPS computations:

4. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

5. In the opinion of the Board, the Current Assets, Loans and Advances have value on realisation in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

6. All known liabilities are provided for on the basis of available information/ estimates.

7. Segment Reporting:

The Company operates in one segment i.e. film productions and allied TV contents hence no separate disclosure of segment-wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India.

8. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure The accompanying notes are an integral part of the financial statements.


Mar 31, 2013

31st March, 2013 31st March, 2012

1. Contingent liabilities and commitments (to the extent not provided for)

Contingent liabilities

(a) Claims against the Company not acknowledged as debt Nil Nil

(b) Legal suits and claims filed against the company Nil Nil

2. Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

Micro, Small and Medium Enterprises in terms of section 22 of the Micro, Small and Medium Enterprises Development Act, 2006 have been determined to the extent such parties have been identified on the basis of information available with the Company and relied upon by the auditors. The Company has not received any instruction from suppliers regarding their status under the Micro, Small and Medium Enterprises Development Act, 2006 and hence, disclosures if any, relating to amounts unpaid as at the yearend together with interest payable as required under the said Act have not been given.

3. The balances appearing under unsecured loans, sundry creditors, loans and advances, and certain banks are subject to confirmation and reconciliation and consequential adjustment, if any, will be accounted for in the year of confirmation and/or reconciliation

4. In the opinion of the Board, the Current Assets, Loans and Advances have value on realization in the ordinary course of business, at least equal to the amount at which they are stated in the Balance Sheet.

5. All known liabilities are provided for on the basis of available information/ estimates.

6. Other advances includes Rs. 4,00,00,000/- (Previous year Rs. 6,00,00,000) paid to M/s. Divine Vidyut Ltd. as loan, Rs. 50,00,000/- (Previous year Rs. 50,00,000) paid to M/s. Neha Cassettes Private Limited as loan, Rs. 25,00,000 (Previous year Rs. 25,00,000) paid to M/s. Panjon Limited as loan, and Rs. 38,12,500/- (Previous year Rs. 65,00,000/-) paid to Pranjali India Private Limited as loan.

7. Segment Reporting:

The Company operates in one segment i.e. film productions and allied TV contents hence no separate disclosure of segment-wise information has been made as per Accounting Standards (AS-17) Segment Reporting issued by the Institute of Chartered Accountants of India

8. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification disclosure


Mar 31, 2012

(a) Balances of Sundry Debtors, Sundry Creditors, Loan to Companies, Loan to Others, Unsecured Loans Advance to suppliers, Advance to customers and Loans and Advances are subject to confirmation and reconciliation.

(b) Provision for Income Tax has been made for Rs.15,01,000/-{P.Y.- Rs. 7,000/-(net) }is made after considering the deductions available to the company on payments to be made before due date for filing income tax return for the year.

(c) The Company provides for Income tax on estimated taxable income and based on expected outcome of assessment appeals, in accordance with the provisions of Income Tax Act, 1961 and rules framed there under. Consequent to the issuance of the Accounting Standard 22-"Accounting for Taxes on Income "by Institute of Chartered Accountants of India which states that deferred tax should be recognized based on timing differences between the accounting income and estimated income for the year and quantify the same using the tax rates and law enacted or substantively enacted as at the balance sheet date. As in the opinion of management, there is no virtual certainty, deferred tax assets are not recognized and carried forward.

(d) In the opinion of the Board of Directors of the company and to their best of knowledge and belief all the Current Assets and Loans and Advances have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the Balance Sheet.

(e) Earning Per shares

Basic earning per share is computed by dividing the net profit after tax and preference dividend by the weighted average number of equity shares outstanding during the period.

(f) In the opinion of management, there is no virtual certainty and hence deferred tax assets not created.

(g) The Company does not owe any amount to Small Scale Industries as on Balance Sheet.

(h) Contingent Liabilities not provided for Income Tax amounting to Rs. 42.87 (Previous Year f 42.87 Lacs). As the matter is pending before Tribunal. In the opinion of the Management, there is no contingent liabilities except stated above.

(i) Auditors' Remuneration:

As Audit Fees Rs.40,000/- (Previous Year Rs.40,000/-) Tax Tax audit fees Rs. 20,000/- (Previous Year f 20,000/-)

(j) Managerial Remuneration Rs. NIL (Previous Year Rs. NIL)

(k) The Company has not entered into any transaction with related parties during the year.

(l) Disclosure of Earning per share (EPS) computation as per Accounting Standard - 20 of the institute of Chartered Accountants of India :

(m) CIF Value of Imports Rs. NIL (Previous Year Rs. NIL) and Earnings in Foreign Exchange Nil (Previous Year Rs. Nil)

(n) The company's business activity falls within a single primary business segment.

(o) The Company is engaged in the business of Media and Entertainment. The production and sale cannot be express in generic terms and hence it is not possible to give quantitative details in terms under paragraph 3 and 4C of Part II of Schedule VI of the Companies Act, 1956.

(p) Previous Year's figures have been regrouped, rearranged and recast to correspond with the figures of the current year.


Mar 31, 2011

1) The schedules referred to in the balance sheet and Profit and loss Account form an integral part of accounts.

2) In the opinion of the Board and to the best of their knowledge and belief, the value on realization of Loans and Advances and Current Assets, in the ordinary course of business will not be less than the amount at which they are stated in the Balance Sheet.

3) Debtors, Creditors, Loans to companies, Advances and Unsecured Loans are subject to confirmation and Investments are subject to verification.

4) Provision for Income Tax has been made for Rs.7,000/- (Previous Year - NIL).

5) In the opinion of management, there is no virtual certainty and hence deferred tax assets not created.

6) The Company does not owe any amount to Small Scate Industries as on Balance Sheet.

7) Contingent Liabilities not provided for Income Tax amounting to Rs. 42.87 (Previous Year Rs. 29.59 Lacs). As the matter is pending before Tribunal. In the opinion of the Management, there is no contingent liabilities except stated above.

8) Auditors' Remuneration:

As Audit Fees Rs. 40,000/- (Previous Year Rs.19,500/-) Tax audit fees Rs. 20,000/- (Previous Year Rs.Nil)

9) Managerial Remuneration Rs. NIL (Previous Year Rs.NIL)

10) The Company has not entered into any transaction with related parties during the year.

11) CIF Value of Imports Rs. NIL (Previous Year Rs. NIL) and Earnings in Foreign Exchange Rs. Nil (Previous Year Rs. Nil)

12) The company's business activity falls within a single primary business segment.

13) The Company is engaged in the business of Media and Entertainment. The production and sale cannot be express in generic terms and hence it is not possible to give quantitative details in terms under paragraph 3 and 4C of Part II of Schedule VI of the Companies Act, 1956.

14) Previous Year's figures have been regrouped, rearranged and recast to correspond with the figures of the current year.

 
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