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Notes to Accounts of Mediaone Global Entertainment Ltd.

Jun 30, 2012

Note: 1

Corporate Information

The Primary business of MEDIAONE GLOBAL ENTERTAINMET LIMITD (MOGEL) is in the business of Production, distribution and exhibition of films. MOGEL is focused to grow in Film Exhibition (theaters) through an asset based ownership model. MOGEL is a BSE listed company with market capitalization of Rs. 1237 million. MOGEL shall develop their primary vertical of asset based exhibition and combining them with existing and new activities to build up a major integrated media and entertainment company which will be based on three central columns, namely,

1. Exhibition

2. Content provider and

3. Content distributers.

MOGEL is headquartered in Chennai and it has a wholly owned subsidiary, MEDIA ONE GLOBAL ENTERTAINMENT, UK which has produced films for international release.

2: Related party Disclosure:

a) Enterprises in which key Management personnel or their relatives have significant influence

i. Ocher Studios (P) Limited

ii. Sultan Productions (P) Limited

iii. MetronetMultimedia (P) Limited

iv. Metro Films (P) Limited

v. Asian Vision Limited

vi. Majestic Multimedia Limited

vii. Ceeitv Entertainment Limited

viii. S4U Limited

ix. South For You Limited

b) Subsidiary Companies:

- Mediaone Global Limited UK

c) Key Management Personnel

I. SURYARAJKUMAR-Managing Director


3: Consolidated Financial Statements: Consolidated financial statements are prepared and enclosed to the statement.

4: Accounting for taxes on income: (Amount in Rs.)

a) Current Tax: Provision for Income Tax is determined in accordance with the provisions of Income Tax Act, 1961. Provision fortheyearRs.23,013,000/-(PYRs.21,300,918/-).

b) Deferred Tax Provision: Deferred Tax is recognised on timing differences being the difference between the taxable income and accounting income that originate in one period and are capable of reversal in one or more subsequent periods. Deferred tax assets are recognised only if there is a reasonable certainty of their realization.

5: Accounting for Investments in Associates: There are no investments in associates during the year.

6: Discontinuing Operations: The Company has not discontinued any operations during the year.

7: Interim Financial Reporting: Forthe above accounting year, this Standard is not applicable.

8: Intangible Assets: Intangible in form of software acquired and License of film rights acquired are stated at acquisition cost and depreciated at 40% (WDV) and 10% (SLM) respectively.

9: Financial reporting of interests in joint ventures: The Company has not entered into any joint venture agreement during the year.

10: Impairment of Assets: There was no impairment of assets during the year.

11: Provisions, Contingent Liabilities and Contingent Assets: A provision is recognized when an enterprise has a present obligation as a result of past event; it is probable that an outflow of resources will be required to settle the obligation, in respect of which a reliable estimate can be made. Provisions are not discounted to its present value and are determined based on best estimate required to settle the obligation at the Balance Sheet date. These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates.

Contingent Liabilities & Contingent Assets: As on Balance sheet date there are no contingent liabilities.

1. Capital commitments: Capital Commitment not provided for is Rs. NIL (Rs. 82,518,625/-).

2. Amount due to MSME Undertaking as on 30 JUNE 2012 is Rs. Nil (Rs. Nil)

3. a) Amount earned in Foreign Currency during the year is Rs. Nil Rs. 270,000,000/-

b) Amount spent in Foreign Currency during the year is Rs. 95,953,166/- Rs.116, 870,078/-

4. The Previous period figures have been restated / reclassified, wherever necessary to make them comparable to those of the current year.

5. Third party balance are subject to confirmation.

Jun 30, 2011

A. Dues to Small-Scale Industrial undertakings

The Company has no outstanding dues to small-scale industrial undertakings as of June 30th 2011 and June 30th 2010. All amounts included under sundry creditors in schedule - 9 to the financial statements are in respect of creditors, other than small-scale industrial undertakings

b. Dues to Small-Scale industrial undertakings

Management has determined that there were no balances outstanding as at the beginning of the year and no transactions entered with Micro, Small and Medium Enterprises as defined under Micro & , Small and Medium Enterprises Development Act, 2006, during the year, based on information available with the company as at June 30th 2011.

c. Related party disclosures (to the extent not disclosed elsewhere in these financial statements)

a. Enterprises in which key Management personnel or their relatives have significant influence

i. Ocher Studios (P) Limited

ii. Sultan Productions (P) limited

iii. Metronet Multimedia (P) limited

iv. Metro Films (P) ltd

v. Asian Vision limited

vi. Majestic Multimedia Limited

vii. Ceeitv Entertainment limited

viii. S4U limited

ix. South For You Limited

b. Subsidiary companies

i. Mediaone Global Ltd. U.K

c. Key Management personnel

i. Mr. suryaraj Kumar - Managing Director

ii. J.Murali Manohar - Additional Director

d. Prior year comparatives

a. Prior year figures have been regrouped wherever necessary to conform current year classification.

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