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Notes to Accounts of High Ground Enterprise Ltd.

Mar 31, 2015

Notes:

(i) Geographical segment and its composition are India and Rest of the world.

(ii) The Company has identified India and Rest of the World as geographical segments for secondary segment reporting. Geographical sales are segregated based on the location of the customer who is invoiced or in relation to which the sale is otherwise recognized.

1. General Reserve

During the F.Y. 2014-15, an adhoc amount of Rs.1,68,51,500 (being 20% of profit after tax approx.) has been transferred to General Reserve which is to be may utilized either for dividend or any other purpose as deemed appropriate.

2. The Company has converted 810000 warrants into Equity shares of Rs. 10/- each at an issue price of Rs. 90/- each on March 7, 2015 and 728991 warrants into Equity shares Rs. 10/- each at an issue price of Rs. 90/- on April 21, 2015. 288145 warrants are still pending for conversion from the respective allotters.


Mar 31, 2014

1. CORPORATE INFORMATION

High Ground Enterprise Limited (BSE Scrip Code 517080) was incorporated in New Delhi on 15th Jan,1986 as Woo Yang Electronics (India) Limited. The Company was taken over by the current management led by Mr Sandeep R Arora in 2009.The Name of the company was changed from Woo Yang Electronics (India) Limited to High Ground Enterprise Limited in 2010. The registered office of the company was shifted from New Delhi to Mumbai in 2011. The Company is engaged in two business divisions during the year, first being Engineering, Procurement, Construction Management (EPCM). Its second division is Media, Consulting and Allied services.

2.1 Cash and cash equivalents

Cash and cash equivalents include all cash balances and short-term highly liquid investments with an original maturity of three months or less that are readily convertible into known amounts of cash.

2.2 Employee Benefit Accounting

The company recognized a liability and an expense for bonuses and profit sharing, based on a formula that takes into consideration the profit attributable to the company''s shareholders after certain adjustments. The company recognizes a provision where contractually obliged or where there is a past practice that has created a constructive obligation and the obligation can be measured reliably.

2.3 Segments

Operating segments are components of the company''s business activities about which separate financial information is available that is evaluated regularly by the board of management of company. The board of management decides how to allocate resources and assesses performance. reportable segments comprises the operating sectors Engineering Procurement Construction Management (EPCM) and Media , Consulting & Allied services Segment reporting comparatives are reclassified for profit or loss purposes.

2.4 Cash Flow statement

Cash flow statements are prepared using the indirect method.

2.5 Financial guarantees

The company recognizes a liability at the fair value of the obligation at the inception of a financial guarantee contract. The guarantee is subsequently measured at the higher of the best estimate of the obligation or the amount initially recognized.

2.6 Accounting changes

In the Absence of explicit transition requirements for new accounting pronouncements, the company accounts for any change in accounting principle retrospectively.

2.7 Reclassifications

Certain items previously reported under specific financial statement captions have been reclassified to conform to the current year presentation.

g. Segment information

Primary Segment Information

The Company operates in two primary reportable business segments, i.e. "Engineering, Procurement, Construction Management" and "Media Consulting and Allied Services" as per Accounting Standard 17 – "Segment Reporting".

Notes:

(i) Geographical segment and its composition are India and Rest of the world.

(ii) The Company has identified India and Rest of the World as geographical segments for secondary segment reporting. Geographical sales are segregated based on the location of the customer who is invoiced or in relation to which the sale is otherwise recognized.

h. General Reserve

During the F.Y. 2013-14, an adhoc amount of Rs.20 lacs (being 5% of profit after tax approx.) has been transferred to General Reserve which is to be may utilized either for dividend or any other purpose as deemed appropriate.

3. During the quarter ended Mar''2014 the company has approved the allotment of Equity shares and warrants by way of

(i) Conversion of loan from unsecured lenders & creditors and

(ii) By way of fresh issue of shares. The Company has complied with all the regulatory and statutory compliances for the same. However, the allotment of shares as at 31/03/2014 was pending due to non receipt of "In-Principle approval" from the BSE which the company eventually received on April 9, 2014. Pursuant to the receipt of such "IPA" the Company had subsequently allotted 31,01,262 Equity Shares of Rs. 90 each (including premium of Rs. 80 per share) on April 22, 2014.

Further, permission has been received for issue of 18,27,136 warrants (face value of Rs.10/- per warrant) with in next 18 months w.e.f. 22/04/2014.


Mar 31, 2013

1. CORPORATE INFORMATION

High Ground Enterprise Limited (BSE Scrip Code 517080) was incorporated in New Delhi on 15" Jan,1986 as Woo Yang Electronics (India) Limited. The Company was taken over by the current management led by Mr Sandeep R Arora in 2009.The Name of the company was changed from Woo Yang Electronics (India) Limited to High Ground Enterprise Limited in 2010. The registered office of the company was shifted from New Delhi to Mumbai in 2011. The Company is engaged in two business divisions during the year, first being Media, consulting and allied services. Engineering, procurement, construction management (EPCM) is its second division.

2. OTHER NOTES

a- Managerial Remuneration

Remuneration paid or provided in accordance with Section 198 of Companies Act, 1956 to Managing Director and whole time Director is as under:

Notes:

(i) Geographical segment and its composition are India and Rest of the world

(ii) The Company has identified India and Rest of the World as geographical segments for secondary segment reporting. Geographical sales are segregated based on the location of the customer who is invoiced or in relation to which the sale is otherwise recognized.

3. The Figures have been regrouped / recasted / rounded off whenever necessary.


Mar 31, 2012

1 Corporate information

The primary business activity spans from Independent Film production, Co production alliances & acquisitions, Consulting & bridge funding (global production incentives) to Post production facilities.

2.1 Monies received against share warrants

The Board of Directors of the Company at their meeting held on 1st November 2010 and as approved at its Extra Ordinary General Meeting held on 27th November 2010 have resolved to allot up to 7338000 warrants, convertible into same no of equity shares of Rs - 10/- each on a preferential allotment basis, pursuant to Section 81(1A) of the Companies Act, 1956, at a conversion price of Rs - 10/- per equity share of the Company, arrived at in accordance with the SEBI Guidelines in this regard and subsequently these warrants were allotted on 25.01.2011 to the promoters and non promotors the 25% application money amounting to Rs - 1,38,00,000/- was received from them. The warrants may be converted into equivalent number of shares on payment of the balance amount at any time on or before 25 July, 2012. In the event the warrants are not converted into shares within the said period, the Company is eligible to forfeit the amounts received towards the warrants. During the year the company has converted 2624525 warrents into same no of Equity Shares on 20th October 2011.

2.2 Share application money pending allotment

As at 31 March 2012, the Company has received an amount of Rs -Nil towards share application money towards Nil equity / preference shares of the Company (As at 31 March, 2011 Rs - 15000).

Note 3 Previous year's figures

3 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, 2010

1. Balance shown under head Sundry Debtors, Creditors and Advances are subject to confirmation.

2. Previous Years Figures have been re- arranged or re- grouped wherever considered necessary.

3. Figures have been rounded off to the nearest rupees.

4. Figures in brackets indicate negative (-) figures

5. Additional Information as required under Part- IV of Schedule- VI of the Companies Act, 1956 has been given in the Annexure hereto.

 
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