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Accounting Policies of Nouveau Global Ventures Ltd. Company

Mar 31, 2015

1. Basis of Accounting

a) The Financial Statements have been prepared in compliance with mandatory accounting standards as prescribed under Section133 of the Companies Act,2013 ('Act') read with Rule 7 of the Companies (Accounts) Rules,2014,theprovisions of the Act (to the extent notified) and guidelines issued by the Securities and Exchange Board of India (SEBI).

a) Financial Statements are based on historical cost convention and are prepared on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period.

Difference between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. Revenue Recognition

a) Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first- out" basis.

b) Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast.

c) Sales are recognized when all significant risks and reward of ownership of the goods are passed on to the buyer.

d) Dividend income is recognized on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Impairment of Fixed Assets

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets". Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Depreciation

Depreciation on all Fixed Assets is provided on 'Straight Line Method' over the useful lives of assets as prescribed under Part C of Schedule II of the Companies Act 2013.

7. Investments:

Investments that is intended to be held for more than a year from the date of acquisition are classified as long term investments and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair market value whichever is lower.

8. Miscellaneous Expenditure:

Preliminary expenses are amortized in the year in which they are incurred.

9. Inventories

Stock in Trade is valued as follows:

a) Quoted Shares / Debentures are Valued category wise at cost or market price, whichever is lower.

b) Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

c) In case of film and other rights - valued at lower of cost and net realisable value.

d) Work in Progress - cost of TV rights acquired is valued at actual cost.

e) Stock of traded goods is valued at cost or net realizable value whichever is lower

10. Employee Benefits

a) Company's contribution to Provident Fund for the year is accounted on accrual basis and charged to the Profit & Loss Account for the year.

b) Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.

11. Provisions and Contingent Liabilities

a) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for. Contingent

c) Liabilities are disclosed by way of notes.

12. Accounting for Taxation of Income : Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.


Mar 31, 2014

1. Basis of Accounting

a) The Financial Statements have been prepared in compliance with the Accounting Standards notified by Companies (Accounting Standard) Rules 2006 and the relevant provisions of the Companies Act, 1956 in all material aspects.

b) Financial Statements are based on historical cost convention and are prepared on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period. Difference between actual results and estimates are recognized in the periods in which the results are known/materialize.

3. Revenue Recognition

a) Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first-out" basis.

b) Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast.

c) Sales are recognized when all significant risks and reward of ownership of the goods are passed on to the buyer.

d) Dividend income is recognized on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Impairment of Fixed Assets

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets". Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Depreciation

Depreciation on all Fixed Assets is provided on ''Straight Line Method'' at the rates and in the manner prescribed in the Schedule XIV of the Companies Act, 1956.

7. Investments:

Investments that is intended to be held for more than a year from the date of acquisition are classified as long term investments and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair market value whichever is lower.

8. Miscellaneous Expenditure:

Preliminary expenses are amortized in the year in which they are incurred.

9. Inventories

Stock in Trade is valued as follows:

a) Quoted Shares / Debentures are Valued category wise at cost or market price, whichever is lower.

b) Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

c) In case of film and other rights - valued at lower of cost and net realisable value.

d) Work in Progress - cost of TV rights acquired is valued at actual cost.

e) Stock of traded goods is valued at cost or net realizable value whichever is lower

10. Employee Benefits

a) Company''s contribution to Provident Fund for the year is accounted on accrual basis and charged to the Profit & Loss Account for the year.

b) Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.

11. Provisions and Contingent Liabilities

a) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

c) Contingent Liabilities are disclosed by way of notes.

12. Accounting for Taxation of Income:

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.


Mar 31, 2012

1. Basis of Accounting

a) The Financial Statements have been prepared in compliance with the Accounting Standards notified by Companies (Accounting Standard) Rules 2006 and the relevant provisions of the Companies Act, 1956 in all material aspects.

b) Financial Statements are based on historical cost convention and are prepared on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period.

Difference between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. Revenue Recognition

a) Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first-out" basis.

b) Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast.

c) Sales are recognized when all significant risks and reward of ownership of the goods are passed on to the buyer.

d) Dividend income is recognized on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Impairment of Fixed Assets

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets". Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Depreciation

Depreciation on all Fixed Assets is provided on 'Straight Line Method' at the rates and in the manner prescribed in the Schedule XIV of the Companies Act, 1956.

7. Investments:

Investments that is intended to be held for more than a year from the date of acquisition are classified as long term investments and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair market value whichever is lower.

8. Miscellaneous Expenditure:

Preliminary expenses are amortized in the year in which they are incurred.

9. Inventories

Stock in Trade is valued as follows:

a) Quoted Shares / Debentures are Valued category wise at cost or market price, whichever is lower.

b) Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

c) In case of film and other rights - valued at lower of cost and net realisable value.

d) Work in Progress - cost of TV rights acquired is valued at actual cost.

e) Stock of traded goods is valued at cost or net realizable value whichever is lower

10. Employee Benefits

a) Company's contribution to Provident Fund for the year is accounted on accrual basis and charged to the Profit & Loss Account for the year.

b) Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.

11. Provisions and Contingent Liabilities

a) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

c) Contingent Liabilities are disclosed by way of notes.

12. Accounting for Taxation of Income : Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.


Mar 31, 2011

1. Basis of Accounting

a) The Financial Statements have been prepared in compliance with the Accounting Standards notified by Companies (Accounting Standard) Rules 2006 and the relevant provisions of the Companies Act, 1956 in all material aspects.

b) Financial Statements are based on historical cost convention and are prepared on accrual basis.

2. Use of Estimates

The preparation of financial statements in conformity with Generally Accepted Accounting Principles requires estimates and assumptions to be made that affect the reported amounts of assets and liabilities and disclosure of contingent liabilities on the financial statements and the reported amounts of revenues and expenses during the reporting period.

Difference between actual results and estimates are recognized in the periods in which the results are known/ materialize.

3. Revenue Recognition

a) Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first-out" basis.

b) Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast.

c) Sales are recognized when all significant risks and reward of ownership of the goods are passed on to the buyer.

d) Dividend income is recognised on receipt basis.

4. Fixed Assets:

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

5. Impairment of Fixed Assets

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets". Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Depreciation

Depreciation on all Fixed Assets is provided on 'Straight Line Method' at the rates and in the manner prescribed in the Schedule XIV of the Companies Act, 1956.

7. Investments:

Investments that is intended to be held for more than a year from the date of acquisition are classified as long term investments and are carried at cost less any provision for permanent diminution in value. Investments other than long term investments being current investments are valued at cost or fair market value whichever is lower.

8. Miscellaneous Expenditure:

Preliminary expenses are amortized in the year in which they are incurred.

9. Inventories Stock in Trade is valued as follows:

a) Quoted Shares / Debentures are Valued category wise at cost or market price, whichever is lower.

b) Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

c) In case of film and other rights - valued at lower of cost and net realisable value.

d) Work in Progress - cost of TV rights acquired is valued at actual cost.

e) Stock of traded goods is valued at cost or net realizable value whichever is lower

10. Employee Benefits

a) Company's contribution to Provident Fund for the year is accounted on accrual basis and charged to the Profit & Loss Account for the year.

b) Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.

11. Provisions and Contingent Liabilities

a) Provisions are recognized in terms of Accounting Standard 29- "Provisions, Contingent Liabilities and Contingent Assets issued by The Institute of Chartered Accountants of India (ICAI), when there is a present legal or statutory obligation as a result of past events where it is probable that there will be outflow of resources to settle the obligation and when a reliable estimate of the amount of the obligation can be made.

b) Contingent Liabilities are recognized only when there is a possible obligation arising from past events due to occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the company or where reliable estimate of the obligation cannot be made. Obligations are assessed on an ongoing basis and only those having a largely probable outflow of resources are provided for.

c) Contingent Liabilities are disclosed by way of notes.

12. Accounting for Taxation of Income :

Current Taxes

Provision for current income-tax is recognized in accordance with the provisions of Indian Income- tax Act, 1961 and is made annually based on the tax liability after taking credit for tax allowances and exemptions.

Deferred Taxes

Deferred tax assets and liabilities are recognized for the future tax consequences attributable to timing differences that result between the profits offered for income taxes and the profits as per the financial statements. Deferred tax assets and liabilities are measured using the tax rates and the tax laws that have been enacted or substantially enacted at the Balance Sheet date. Deferred tax assets are recognized only to the extent there is reasonable certainty that the assets can be realized in the future. Deferred tax assets are reviewed as at each Balance Sheet date.


Mar 31, 2010

1. Basis of Accounting :

The Financial Statements have been prepared under the historical cost convention on an accrual basis and in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Fixed Assets :

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

3. Depreciation :

The Company provides depreciation on Fixed Assets on Straight Line Method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. Investments :

Long Term Investments are valued at Cost less any provision for permanent diminution in value.

5. Impairment of Fixed Assets :

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets" issued by the ICAI. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Inventories:

Stock in Trade is valued as follows :

i. Quoted Shares / Debentures - Valued category wise at cost or market price, whichever is lower.

ii. Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

iii. In case of film rights, same is valued at lower of cost and net realisablevalue.

iv. Work in Progress: Cost of TV rights acquired is valued at actual cost.

7. Revenue Recognition :

i. Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first-out" basis. ii. Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast. iii. Dividend income is recognised on receipt basis.

8. Treatment of Contingent Liabilities :

i. Contingent liabilities under various fiscal laws includes those in respect of which the company / department is in appeal.

ii. Contingent liabilities are disclosed by way of notes.

9. Accounting for Taxation on income:

i. Provision for Income Tax is made, if applicable after considering exemptions and deductions available at the rates applicable under the Income Tax Act, 1961.

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation at each Balance Sheet date. The carrying amount of deferred tax asset is reviewed to reassure realisation.

10. Employee Benefits:

i. Companys contribution to Provident Fund and other Funds for the year is accounted on accrual basis and charged to the Profit & Loss Account for the year.

ii. Liability for leave encashment benefits has been provided on accrual basis.

iii. Retirement benefits in the form of Gratuity are considered as defined benefit obligations and are provided on the basis of the actuarial valuation, using the projected unit credit method as at the date of the Balance Sheet.


Mar 31, 2009

1. Basis of Accounting :

The Financial Statements have been prepared under the historical cost convention on an accrual basis and in accordance with the applicable accounting standards issued by The Institute of Chartered Accountants of India and the relevant provisions of the Companies Act, 1956.

2. Fixed Assets :

Fixed Assets are stated at actual cost less accumulated depreciation. Cost comprises the purchase price and any attributable cost of bringing the asset to its working condition for its intended use.

3. Depreciation :

The Company provides depreciation on Fixed Assets on Straight Line Method as per the rates prescribed in Schedule XIV to the Companies Act, 1956.

4. Investments :

Long Term Investments are valued at Cost less any provision for permanent diminution in value.

5. Impairment of Fixed Assets :

At the end of each year, the Company determines whether a provision should be made for impairment loss on fixed assets by considering the indication that an impairment loss may have occurred in accordance with Accounting Standard 28 on "Impairment of Assets" issued by the ICAI. Where the recoverable amount of any fixed assets is lower than its carrying amount, a provision for impairment loss on fixed assets is made for the difference.

6. Inventories :

Stock in Trade is valued as follows :

i. Quoted Shares / Debentures - Valued category wise at cost or market price, whichever is lower.

ii. Unquoted Shares - Valued scrip wise at cost or break up value, whichever is lower.

iii. In case of film rights, same is valued at lower of cost and net realisable value.

iv. Work in Progress: Cost of TV rights acquired is valued at actual cost.

7. Revenue Recognition :

i. Profits or Losses from Stock-in-trade are recognised on trade date on "First-in-first-out" basis. ii. Revenue in respect of various rights attached to the movies (Feature films) is recognised at the time of their respective telecast. iii. Dividend income is recognised on receipt basis.

8. Treatment of Contingent Liabilities :

i. Contingent liabilities under various fiscal laws includes those in respect of which the company

/ department is in appeal. ii. Contingent liabilities are disclosed by way of notes.

9. Accounting for Taxation on income:

i. Provision for Income Tax is made, if applicable after considering exemptions and deductions available at the rates applicable under the Income Tax Act, 1961.

ii. The deferred tax asset and deferred tax liability is calculated by applying tax rate and tax laws that have been enacted or substantively enacted by the Balance Sheet date. Unabsorbed depreciation under tax laws, are recognised, only if there is a virtual certainty of its realisation, supported by convincing evidence. Deferred tax assets on account of other timing differences are recognised only to the extent there is a reasonable certainty of its realisation at each Balance Sheet date. The carrying amount of deferred tax asset is reviewed to reassure realisation.

iii. Provisions for Fringe Benefit Tax (FBT) have been recognized on the basis of harmonious contextual interpretation of the provisions of the Income Tax Act, 1961.

 
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