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Notes to Accounts of Kohinoor Broadcasting Corporation Ltd.

Mar 31, 2014

NOTE 1'' CORPORATE INFORMATION

The company''s principal business is Broadcasting Activities. The Company has Uplinked its free-to-air channel, "KBC News". The channel is available on Satellite-INSAT 4A, 83 Degrees East, Symbol Rate 3000, FEC-3/4, Downlink Frequency- 3868, Pole- Vertical.

Note No. 2 Contingent Liabilities

Contingent Liabilities provided for: Nil.

Contingent Liability in respect of Income Tax Demand for which appeal has been filed before the CIT (Appeals):

Assessment year 2008-09: Rs. 1004.64 Million

Assessment year 2009-10: Rs. 187.34 Million

Assessment year 2010-11: Rs. 23.60 Million

Assessment year 2011-12: Rs. 27.68 Million

Contingent Liabilities not provided for on account of capital commitments towards capital expenditure (Net of Advances):

NIL (Previous Year: Rs. NIL)

The Company does not have any other contested liabilities.

Note No. 3 Related Party Disclosure

(a) List of Related Parties:-

(i) Subsidiary Company (Overseas): Kohinoor Broadcasting Corporation FZE, Sharjah, UAE.

(ii) Subsidiary Company (Indian) : KBC Power Corporation Limited and Asian IT Education Pvt Ltd

(iii) Joint Venture : NIL

(iv) Holding Company : NIL

(v) Group Company: NIL

(vi) Associate Company : NIL

(vii) Key Managerial Persons : Mr. Mangal Singh, Mr. Harjinder Singh and Mr. Gunjot Singh

(viii) Relatives of Key Managerial Persons : NIL

(be) Entities over which Key Managerial persons / their relatives are able to exercise significant influence:

Tagore Theatres Private Limited and Creative Infosystems Private Limited.

(b) Transactions Carried Out with related parties:-

(i) Investments made in the Indian subsidiary stood at Rs. 20.20 Million

(ii) Investment made in following related party entities stood at: Creative Infosystems Pvt Ltd: Rs. 8.17 Million

(iii) Remuneration to Key Managerial Persons Rs. 0.38 Million

Note No. 4 Liability towards SSIs

As per the information available with the Company, amount due to Small Scale Ancillary Industry Undertakings as at 31st March 2014 is NIL (Previous Year - NIL)

Note No. 5 Disclosure in terms of clause 32 of listing agreement with stock exchange

- The Company has not given any Loans and Advances to its subsidiaries for which disclosure is required.

- The Company does not have any Holding Company.

- The company has following subsidiaries:

-wholly owned Indian Subsidiary KBC Power Corporation Limited

-wholly owned foreign subsidiary Kohinoor Broadcasting Corporation FZE, registered at Hamriyah Free Trade Zone, Sharjah - UAE

-Indian subsidiary Asian IT Education Pvt Ltd

Note No. 6 Additional Information required to be given pursuant to Part II of Schedule VI to the Companies Act, 1956

- The Company is not engaged in any manufacturing activity. The Company is in the business of producing television content, which is not subject to any license. Hence licensed capacity is not given. Further the nature of business of Company is such that the installed capacity is not quantifiable.

- The Company is not engaged in to any manufacturing activity. Therefore, the additional information with respect to Raw Material, Production, Sale and quantity details thereof has not been given.

- CIF Value of Imports NIL (Previous Year NIL)

- Other Expenditure in Foreign Currency-

a) Consultancy Fee: NIL (Previous Year NIL)

b) Securities: NIL (Previous Year NIL)

c) Travelling Expenditure: NIL (Previous Year NIL)

d) Investment in wholly owned subsidiaries during the year: NIL (Previous Year NIL)

- Earning in Foreign Exchange (FOB value of Exports): NIL (Previous Year NIL)

- Receipts in Foreign Exchange- NIL (Previous Year NIL)


Mar 31, 2013

NOTE ''1'' PRIOR PERIOD ITEMS

An amount of Rs. 21781 / in the previous year relating to taxes paid for the prior years had been debited to Profit and Loss Account. The corresponding amount for current year is Nil.

NOTE ''2'' CONTINGENT LIABILITIES

Contingent Liabilities provided for: Nil.

Contingent Liability in respect of Income Tax Demand for which appeal has been filed before the CIT (Appeals):

Assessment year 2009-10 : Rs. 187.54 Million Assessment year 2010-11 : Rs. 23.60 Million

Contingent Liabilities not provided for on account of capital commitments towards capital expenditure (Net of Advances): NIL (Previous Year Rs. 1 Million)

The Company does not have any other contested liabilities.

NOTE ''3'' RELATED PARTY DISCLOSURE (a) List of Related Parties:-

(i) Subsidiary Company (Overseas) : Kohinoor Broadcasting Corporation FZE, Sharjah, UAE.

(ii) Subsidiary Company (Indian) : KBC Power Corporation Limited and Asian IT Education Pvt Ltd

(iii) Joint Venture : NIL

(iv) Holding Company : NIL

(v) Group Company : NIL

(vi) Associate Company : NIL

(vii) Key Managerial Persons : Mr. Mangal Singh, Mr. Harjinder Singh and Mr. Gunjot Singh

(viii) Relatives of Key Managerial Persons : NIL

(ix) Entities over which Key Managerial persons / their relatives are able to exercise significant influence:

Tagore Theatres Private Limited and Creative Info systems Private Limited.

(b) Transactions Carried Out with related parties:-

(i) Investments Realized during the Year from wholly owned subsidiary Company viz. Kohinoor Broadcasting Corporation Limited FZE, Sharjah, UAE: NIL

(ii) Investments made in the Indian subsidiary stood at Rs. 19.44 Million

(iii) Investment made in following related party entities stood at: Creative Infosystems Pvt Ltd: Rs. 8.12 Million

(iv) Remuneration to Key Managerial Persons Rs. 0.52 Million_

NOTE ''4'' DISCLOSURE IN TERMS OF CLAUSE 32 OF LISTING AGREEMENT WITH STOCK EXCHANGE

- The Company has not given any Loans and Advances to its subsidiaries for which disclosure is required.

- The Company does not have any Holding Company.

- The company has following subsidiaries:

-wholly owned Indian Subsidiary KBC Power Corporation Limited

-wholly owned foreign subsidiary Kohinoor Broadcasting Corporation FZE, registered at Hamriyah Free Trade Zone, Sharjah - UAE

-Indian subsidiary Asian IT Education Pvt Ltd

NOTE ''5'' LIABILITIES TOWARDS SSIs.

As per the information available with the Company, amount due to Small Scale Ancillary Industry Undertakings as at 31st March 2013 is NIL (Previous Year - NIL)

NOTE ''6'' ADDITIONAL INFORMATION REQUIRED TO BE GIVEN PURSUANT TO PART II OF SCHEDULE VI TO THE COMPANIES ACT, 1956

- The Company is not engaged in any manufacturing activity. The Company is in the business of producing television content, which is subject to any license. Hence licensed capacity is not given. Further the nature of business of Company is such that the installed capacity is quantifiable.

- The Company is not engaged in to any manufacturing activity. Therefore, the additional information with respect to Raw Material,

Sale and quantity details thereof has not been given.

- CIF Value of Imports NIL (Previous Year NIL)

- Other Expenditure in Foreign Currency-

a) Consultancy Fee: NIL (Previous Year NIL)

b) Securities: NIL (Previous Year NIL)

c) Travelling Expenditure: NIL (Previous Year US$ 7250)

d) Investment in wholly owned subsidiaries during the year: NIL (Previous Year NIL)

- Earning in Foreign Exchange (FOB value of Exports): NIL (Previous Year NIL)

- Receipts in Foreign Exchange- NIL (Previous Year US$ 0.05 Million)_

NOTE ''7'' PREVIOUS YEAR FIGURES

The revised schedule VI has become effective from 01.04.2011 for the preparation of the financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year figures have been re-grouped/ re-classified wherever necessary to correspond with the current year''s classification/ disclosure.


Mar 31, 2012

NOTE '1' CORPORATE INFORMATION

The company's principal business is Broadcasting Activities. The Company has Uplinked its free-to-air channel, "KBC News". The channel is available on Satellite-INSAT 4A, 83 Degrees East, Symbol Rate 3000, FEC-3/4, Downlink Frequency- 3868, Pole- Vertical. The company is in the process of making the channel available on DTH and cable network.

NOTE '2' CONTINGENT LIABILITIES

Contingent Liabilities provided for: Nil. Contingent Liability in respect of Income Tax Demand for the Assessment year 2009-10 for has been filed before the CIT (Appeals): Rs. 189.41 Million.

Contingent Liabilities not provided for on account of capital commitments towards capital expenditure (Net of Advances):

Rs. 1 Million (Previous Year Rs. 100 Million)

The Company does not have any other contested liabilities.

NOTE '3'

RELATED PARTY DISCLOSURE

(a) List of Related Parties:-

(i) Subsidiary Company (Overseas) : Kohinoor Broadcasting Corporation FZE, Sharjah, UAE.

(ii) Subsidiary Company (Indian) : KBC Power Corporation Limited.

(iii) Joint Venture : NIL

(iv) Holding Company : NIL

(v) Group Company : NIL

(vi) Associate Company : NIL

(vii) Key Managerial Persons : Mr. Mangal Singh, Mr. Harjinder Singh and Mr. Gunjot Singh

(viii) Relatives of Key Managerial Persons : NIL

(ix) Entities over which Key Managerial persons/their relatives are able to exercise significant influence:

Tagore Theatres Private Limited, Asian IT Education Private Limited and Creative Infosystems Private Limited.

(b) Transactions Carried Out with related parties:-

(i) Investments Realized During the Year from wholly owned subsidiary Company viz. Kohinoor Broadcasting Corporation Limited FZE, Sharjah, UAE Rs. 1.98 Million

(ii) Investments made in the Indian subsidiary stood at Rs. 3.76 Million

(iii) Investment made in following related party entities stood at:

- Asian IT Education Pvt Ltd: Rs. 4.9 Million

- Creative Infosystems Pvt Ltd.: Rs. 8.17 Million

(iv) Remuneration to Key Managerial Persons Rs. 0.63 Million

NOTE '4'

LIABILITIES TOWARDS SSIs.

As per the information available with the Company, amount due to Small Scale Ancillary Industry Undertakings as at 31st March 2012 (Previous Year - NIL)

NOTE '5'

DISCLOSURE IN TERMS OF CLAUSE 32 OF LISTING AGREEMENT WITH STOCK EXCHANGE

- The Company has not given any Loans and Advances to its subsidiaries for which disclosure is required.

- The Company does not have any Holding Company.

- The company has a wholly owned Indian subsidiary KBC Power Corporation Limited and another wholly owned subsidiary, Broadcasting Corporation FZE, registered at Hamriyah Free Trade Zone, Sharjah - UAE.

NOTE '6'

ADDITIONAL INFORMATION REQUIRED TO BE GIVEN PURSUANT TO PART II OF SCHEDULE VI TO THE COMPANIES

- The Company is not engaged in any manufacturing activity. The Company is in the business of producing television content, which subject to any license. Hence licensed capacity is not given. Further the nature of business of Company is such that the installed quantifiable.

- The Company is not engaged in to any manufacturing activity. Therefore, the additional information with respect to Raw Material, Sale and quantity details thereof has not been given.

- CIF Value of Imports NIL (Previous Year NIL)

- Other Expenditure in Foreign Currency- a) Consultancy Fee: NIL (Previous Year NIL)

b) Securities: NIL (Previous Year NIL)

c) Travelling Expenditure: US$ 7250 (Previous Year US$ 18500)

d) Investment in wholly owned subsidiaries during the year: NIL (Previous Year NIL)

- Earning in Foreign Exchange (FOB value of Exports): NIL (Previous Year NIL)

- Receipts in Foreign Exchange-US$ 0.05 Million (Previous Year US$ 1.6 Million)

NOTE '7'

PREVIOUS YEAR FIGURES

The revised schedule VI has become effective from 01.04.2011 for the preparation of the financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year figures have been re-grouped/re-classified wherever necessary to correspond with the current year's classification/disclosure.


Mar 31, 2010

(a) Investments

-Made During the year - NIL

-Realized during the year:- During the year the Company has realized its investment to the tune of INR 19.07 Million {US$ 0.5 Million} in Kohinoor Broadcasting Corporation FZE, a wholly owned subsidiary Company, registered at Hamriyah Free Trade Zone, Sharjah - UAE.

-The total value of the Investment- INR 921.96 Million {US$ 20.42 Million) till the close of the financial year.

(b) Accounting for Employees Benefits

During the current financial year an amount of Rs. 1.42 Million has been reversed on account of excess provision in respect of Gratuity provision. The estimated Liability at the end of the financial year is INR 0.16 Million. The actuarial valuation has been carried out on the following assumptions:- -Discount Rate @ 8%, Salary Escalation rate 5%, Average Age 42 Years. The estimates of future salary increases, considered in actuarial valuation, takes account of inflation, seniority, promotion and other relevant factors.

(c) Earnings per share

For the purpose of calculation of EPS (Basic and Diluted) the net profit has been taken at INR (-) 5.62 Million (Previous Year 197.25 Million) which is as per the profit and loss account. The weighted number of shares for the purposed of calculation of basic and diluted EPS has been taken as 110205700.

(d) At the Year end the Company has recognized its net deferred tax liability of INR 3.99 Million (Previous Year 6.82 Million). Please refer Schedule 3 forming part of the accounts.

(e) The maximum amount invested in non scheduled bank at any time during the year is NIL (Previous Year Nil).

(f) Trade and other receivables are stated at their original invoice amount less allowance for doubtful debts based on a review of all outstanding amounts at year end. An allowance for doubtful debts is made when there is objective evidence that the Company will not be able to collect all amounts due according to original terms of receivables. Bad debts are written off when identified.

(g) Trade and other payables are stated at cost

(h) As per the information available with the Company, no amount is due to Small Scale Ancillary Industrial Undertakings as at 31st March 2010.

(i) Contingent Liabilities -NIL {Previous Year-NIL)

(1) Contingent Liabilities not provided for on account of capital commitments towards capital expenditure (Net of AdvancesHNR 150 Million (Previous Year 110 Million)

(j) Tax deducted at source on interest income is NIL (Previous Year Nil)

(k) Audit Fee Comprises:-

- As Statutory Auditors - INR1.25 Lacs (Previous Year INR1.25 Lac)

- Certification Matters -INR 0.20 Lacs (Previous Year INR 0.20 Lacs)

- Reimbursement of Expenses -INR 0.05 Lacs (Previous Year INR 0.05 Lacs)

(o) Disclosure in terms of Clause 32 of Listing Agreement with Stock Exchange.

- The Company has not given any Loans and advances for which disclosure is required.

- During the year the Company has realized its investment to the tune of INR 19.07 Million (US$ 0.5 Million} in Kohinoor Broadcasting Corporation FZE, a wholly owned subsidiary Company, registered at Hamriyah Free Trade Zone, Sharjah - UAE.

- The Company does not have any holding Company.

(l) Remuneration to Directors INR 8.80 Lacs (Previous Year INR 8.80 Lacs) which is in terms of Section 198, 269,309 read with Schedule XII and other applicable provisions of the Companies Act, 1956

(m) Additional information required to be given pursuant to Part II of Schedule VI to the Companies Act, 1956 is as follows:

- The Company is not engaged in to any manufacturing activity. The Company is in the business of producing television content, which is not subject to any license. Hence licensed capacity is not given. Further the nature of business of Company is such that the installed capacity is not quantifiable.

- The Company is not engaged in to any manufacturing activity. Therefore the additional information with respect to Raw Material, Production, Sale and quantity details thereof has not been given.

- CIF Value of Imports NIL (Previous Year NIL)

- Other Expenditure in Foreign Currency-

- Consultancy Fee : NIL (Previous Year US$ 127000/-)

- Securities : NIL (Previous Year US$ 33836)

- Travelling Expenditure: US$ 5500/-

" Investment in wholly owned subsidiary: Nil (Previous Year US$ 4.51 Million)

- Earning in Foreign Exchange (FOB value of Exports)- NIL (Previous Year NIL)

- Receipts in Foreign Exchange~US$ 0.50 Million (Previous Year NIL)

(n) Previous years figures are regrouped, rearranged, or recast wherever necessary to conform to this years classification.

 
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