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Notes to Accounts of Midvalley Entertainment Ltd.

Mar 31, 2014

1. The confirmation of parties balances relating to sundry debtors, sundry creditors, loans and advances has not been obtained. The sundry debtors and advances are recoverable in the opinion of the management.

2. SEGMENT REPORTING

The company is operating in a single segment and hence the segment reporting is not applicable to the company

3. MICRO, SMALL AND MEDIUM ENTERPRISES:

Sundry Creditors includes amount due to SSI as on 31.03.14: Rs.NIL (NIL) with available information from Micro, Small and Medium Enterprises regarding their registration with Central/State Government authorities the disclosure as per Sec 23 of The Micro Small Medium Enterprises Development Act 2006 is made.

4. During the year the company has written off its unused rights for the value of Rs. 84,21,051

5. CONTINGENT LIABILITES:

Rs. in Lakhs

a) Disputed Income tax Demand for the Year 2001-2002 91.71 (out of which Rs.30 lakhs paid under protest)

6. The current financial year of the company relates to a period of 11 months and hence cannot be strictly compared to the previous year which relates to twelve months.


Apr 30, 2013

A. Previous years figures have been regrouped / recast wherever necessary.

b CONTINGENT LIABILITES:

Rs. in Lakhs

a) Disputed Income tax Demand for the Year 2001-2002 91.71

(out of which Rs.30 lakhs paid under protest)

c The current financial year of the company relates to a period of 11 months and hence cannot be strictly compared to the previous year which relates to thirteen months


May 31, 2012

A. Fixed assets;

No depreciation has been claimed on fixed assets amounting to Rs22,00,00,000/- in respect of which asssets are stated to have been received but not installed. The software for these assets are to be received and installed.

d. SEGMENT REPORTING

The company is operating in a single segment and hence the segment reporting is not applicable to the company

c. MICRO, SMALL AND MEDIUM ENTERPRISES:

Sundry Creditors includes amount due to SSI as on 31.05.12: Rs.NIL (NIL) with available information from Micro, Small and Medium Enterprises regarding their registration with Central/State Government authorities the disclosure as per Sec 23 of The Micro Small Medium Enterprises Development Act 2006 is made.

g. SUNDRY DEBTORS, LOANS AND ADVANCES:

a. Sundry Debtors, Loans and Advances and Deposits are subject to confirmation and reconciliation. However in the opinion of the management, these Current Assets are realizable in the ordinary course of the business at the values as stated in the accounts.

b. During the Year the company has written of its sundry debtors which have been attached by the income tax department amounting to Rs. 19,31,35,673/-.

j. CONTINGENT LIABILITES:

Rs. in Lakhs

a) Disputed Income tax Demand for the Year 2001-2002 91.71 (out of which Rs.30 lakhs paid under protest)

k. The current financial year of the company relates to a period of 13 months and hence cannot be strictly compared to the previous year which relates to twelve months.

l. Some of the bank accounts of the company and receivables from debtors have been under attachment for recovery of tax dues by the Income tax department which have been written off during the year. The company has submitted a monthly scheme of settlement of tax dues which is under consideration by the income tax department.

 
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