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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