Mar 31, 2016
24 A Significant Accounting Policies 1 Basis Of Accounting
The financial statements have been prepared and presented under the historical cost convention method on accrual basis and materially comply with the Accounting Standards issued by the Institute of Chartered Accountants of India(ICAI) and the provisions of the Companies Act, 2013. All Income and Expenditure having material bearing on the financial statements have been recognised on accrual basis.
2 Use Of Estimates
The preparation and presentation of financial statements in conformity with the generally accepted accounting principles(GAAP).It requires the management to make estimates and assumptions considered in the reported amounts of assets and liabilities (including contingent liabilities) as of the date of the financial statement and the reported revenues and expenses for the reporting year. Difference between the actual result and estimates are recognized in the period in which the results are known/materialized.
3 Revenue Recognition
3(Income From Sale Of Goods & Shares :
Revenue from sale of goods is recognised when all the significant risks and rewards of the goods have been passed on to the buyer ,usually on the delivery of the goods. The company collects Sales Tax And Value Added Tax(VAT) on behalf of the government and therefore these are not economic benefits flowing to the Company. Hence they have been excluded from the preview of revenue. Excise duty deducted from the revenue(Gross) is the amount that is included in the revenue(Gross) and not the entire amount of liability arising during the year. Sale of shares is being accounted on the basis of date of settlement of transaction.
3(ii) Income From Sale Of Services:
Income from sale of services is recognised when the bills are raised and on their subsequent acceptance. The company collects Service Tax on behalf of the government and as such it is not an economic benefit flowing to the company.
3(iv) Income From Other Operations:
Income from other operations is recognised on accrual basis and as per the terms of the agreement.
3(v) Income from Interest:
Interest income is recognised on time proportion basis taking into account the amount outstanding and the applicable rate of interest. Interest income is included under the head âother incomeâ in the statement of profit and loss.
3(vi) Dividends:
Dividend Income is recognised when the company''s right to receive dividend is established by the reporting date
4 Fixed Assets
4(i) Tangible Assets:
Fixed assets are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. The cost comprises purchase price, borrowing cost if capitalization criteria are met and directly attributable costs of bringing the asset to its working condition for the intended use. Any trade discounts and rebates are deducted in arriving at the purchase price.
4(ii) Intangible Assets:
Intangible assets acquired separately are measured on initial recognition at cost. Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if any.
5 Depreciation/ Amortisation
All Fixed assets are capitalized at cost inclusive of legal and/or installation and incidental expenses, less accumulated depreciation. The Company provides depreciation on straight line basis on the basis of useful lives of assets as specified in Schedule II to the Companies Act, 2013. Depreciation on assets sold / purchased during the year is proportionately charged.
6 Foreign Currency Translations
6(Initial Recognition:
Foreign currency transactions are recorded in the reporting currency by applying to the foreign currency amount the exchange rate between the reporting currency and the foreign currency at the date of the transaction.
6(ii) Conversion:
Foreign currency monetary items are retranslated using the exchange rate prevailing at the reporting date. on-Monetary items which are measured in terms of historical cost denominated in a foreign currency are reported using the exchange rate at the date of transaction. on-Monetary items which are measured at fair value or other similar valuation denominated in a foreign currency are translated using the exchange rate at the date when such value was determined.
6(iii) Exchange Differences:
The Exchange Difference arising on settlement/translation are recognised in the revenue accounts.
7 Borrowing Costs
7(i) Borrowing Cost that are directly attributable to the acquisition, construction or production of qualifying asset are capitalised as part of cost of such asset.
7(ii) Borrowing cost other than those directly attributable to the acquisition, construction or production of a qualifying asset are recognized as expense in the period in which they are incurred.
8 Investments
Investments are classified as long term and current investments. Long term investments are carried at cost less provision, if any, for permanent diminution in their value. Current investments are valued at lower of cost and fair value.
9 Inventories
Inventories are valued at cost or net realizable value-Whichever is lower.
10 Employee Benefits:
10(The Provided Fund and Gratuity is not applicable to the company in view of number of employees is less than the required as per respective act.
11 Taxation
(Tax expense comprises current and deferred tax.
(ii) Current tax is measured at the amount expected to be paid to the tax authorities in accordance with the Income Tax Act, 1961 enacted in India and the tax Laws prevailing in the respective Tax jurisdiction where the Company operates. the tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to the items recognised directly in equity is recognised in equity and not in the statement of profit and loss.
(iii) Deferred income taxes reflect the impact of timing differences between the taxable income and accounting income originating during the current year and reversal of timing differences for the earlier years. Deferred tax is measured using the tax rates and the tax laws enacted or substantively enacted at the reporting date. Deferred income tax relating to the items recognised directly in equity is recognised in equity and not in the statement of profit and loss.
(iv) Deferred Tax Liabilities are recognised for all taxable timing differences.
(v) Deferred Tax Assets are recognised for deductible timing differences only to the extent that there is reasonable certainty that sufficient future taxable income will be available against which such deferred tax assets can be realised.
(vi) The carrying amount of deferred tax assets are reviewed at each reporting date. The company writes down the carrying amount of deferred Tax asset to the extent that it is no longer reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available against which deferred tax asset can be realised. Any such write down is reversed to the extent that it becomes reasonably certain or virtually certain, as the case may be, that sufficient future taxable income will be available.
(vii) Minimum Alternative Tax(MAT) paid in a year is charges to the statement of profit and loss as current tax. The company recognises MAT credit available as an asset only to the extent that there is a convincing evidence that the company will pay normal income tax during the specified period. i.e. the period for which MAT credit is allowed to be carried forward.IN the year in which the company recognises MAT credit as an asset in accordance with the Guidance Note On Accounting For Credit Available in respect of Minimum Alternative Tax under the income tax act, 1961, the said asset is created by way of credit to the statement of profit and loss and shown as âMAT Credit Entitlementâ.
(viii) The company reviews the âMAT credit Entitlementâ asset at each reporting date and writes down the asset to the extent the company does not have convincing evidence that it will pay normal tax during the specified period.
Mar 31, 2015
1 Basis Of Accounting
The financial statements have been prepared and presented under the
historical cost convention method on accrual basis and materially
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India(ICAI) and the provisions of the
Companies Act, 2013. All Income and Expenditure having material bearing
on the financial statements have been recognized on accrual basis.
2 Use Of Estimates
The preparation and presentation of financial statements in conformity
with the generally accepted accounting principles(GAAP).It requires the
management to make estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent liabilities) as
of the date of the financial statement and the reported revenues and
expenses for the reporting year. Difference between the actual result
and estimates are recognized in the period in which the results are
known/materialized.
3 Revenue Recognition
3 (i) Income From Sale Of Goods:
Revenue from sale of goods is recognized when all the significant risks
and rewards of the goods have been passed on to the buyer ,usually on
the delivery of the goods. The company collects Sales Tax And Value
Added Tax(VAT) on behalf of the government and therefore these are not
economic benefits flowing to the Company. Hence they have been excluded
from the preview of revenue. Excise duty deducted from the
revenue(Gross) is the amount that is included in the revenue(Gross) and
not the entire amount of liability arising during the year.
3 (ii) Income From Sale Of Services:
Income from sale of services is recognized when the bills are raised
and on their subsequent acceptance. The company collects Service Tax on
behalf of the government and as such it is not an economic benefit
flowing to the company.
3(iii) Sale Of Film Rights:
Income From Sale Of Film Rights Are Accounted For as per the terms of
the Agreement.
3(iv) Income From Other Operations:
Income From Other Operations is recognized on accrual basis and as per
the terms of the agreement.
3(v) Income from Interest:
Interest income is recognized on time proportion basis taking into
account the amount outstanding and the applicable rate of interest.
Interest income is included under the head "other income" in the
statement of profit and loss.
Dividend Income is recognized when the companies right to receive
dividend is established by the reporting date 4 Fixed Assets :
4(i) Tangible Assets:
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable costs of bringing the asset to its working condition for
the intended use Any trade discounts and rebates are deducted in arriving
at the purchase price.
4(ii) Intangible Assets :
Intangible assets acquired separately are measured on initial
recognition at lost. Following initial recognition, intangible assets are
carried at cost less accumulated amortization and accumulated impairment
losses, if any.
5 Depreciation/ Amortization
All Fixed assets are capitalized at cost inclusive of legal and/or
installation and incidental expenses, less accumulated depreciation.
The Company provides depreciation on straight line basis on the basis
of useful lives of assets as specified in Schedule II to the Companies
Act, 2013. Depreciation on assets sold / purchased during the year is
proportionately charged.
6 Foreign Currency Translations
6(i) Initial Recognition:
Foreign currency transactions are recorded in the reporting currency by
applying to the foreign currency amount the exchange rate between the
reporting currency and the foreign currency at the date of the
transaction. 6(ii) Conversion:
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. on-Monetary items which are
measured in terms of historical cost denominated in a foreign currency
are reported using the exchange rate at the date of
transaction. on-Monetary items which are measured at fair value or
other similar valuation denominated in a foreign currency are
translated using the exchange rate at the date when such value was
determined. 6(iii) Exchange Differences :
The Exchange Difference arising on settlement/translation are
recognized in the revenue accounts.
7 Borrowing Costs
7(i) Borrowing Cost that are directly attributable to the acquisition,
construction 7(ii) Borrowing cost other than those directly
attributable to the acquisition, construction or production of a
qualifying asset are recognized as expense in the period in which they
are incurred.
8 Investments
Investments are classified as long term and current investments. Long
term investments are carried at cost less provision, if any, for
permanent diminution in their value. Current investments are valued at
lower of cost and fair value.
9 Inventories
Inventories are valued at cost or net realizable value-Whichever is
lower.
10( p ) The payment of Gratuity is not applicable to the company in
view of non completion of qualifying years of service by the employees
11 Taxation
11(i) Tax expense comprises current and deferred tax.
11(ii) Current tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961 enacted in
India and the tax Laws prevailing in the respective Tax jurisdiction
where the Company operates. the tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted, at the
reporting date. Current income tax relating to the items recognized
directly in equity is recognized in equity and not in the statement of
profit and loss.
11(iii) Deferred income taxes reflect the impact of timing differences
between the taxable income and accounting income originating during the
current year and reversal of timing differences for the earlier
years. Deferred tax is measured using the tax rates and the tax laws
enacted or substantively enacted at the reporting date. Deferred income
tax relating to the items recognized directly in equity is recognized
in equity and not in the statement of profit and loss.
11(iv) Deferred Tax Liabilities are recognized for all taxable timing
differences.
11(v) Deferred Tax Assets are recognized for deductible timing
differences only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such
deferred tax assets can be realized.
11(vi) The carrying amount of deferred tax assets are reviewed at each
reporting date. The company writes down the carrying amount of deferred
Tax asset to the extent that it is no longer reasonably certain or
virtually certain, as the case may be, that sufficient future taxable
income will be available against which deferred tax asset can be
realized Any such write down is reversed to the extent that it becomes
reasonably certain or virtually certain, as the case may be, that
sufficient future taxable income will be available.
11(vii) Minimum Alternative Tax(MAT) paid in a year is charges to the
statement of profit and loss as current tax The company recognizes MAT
credit available as an asset only to the extent that there is a
convincing evidence that the company will pay normal income tax during
the specified period. i.e. the period for which MAT credit is allowed to
be carried forward.IN the year in which the company recognizes MAT
credit as an asset in accordance with the Guidance Note On Accounting
For Credit Available in respect of Minimum Alternative Tax under the
income tax act, 1961, the said asset is created by way of credit to the
statement of profit and loss and shown as "MAT Credit Entitlement.
11(viii) The Company Reviews the "MAT credit Entitlement" asset at each
reporting date and writes down the asset to the extent the company does
not have convincing evidence that it will pay normal tax during the
specified period.
12 Provisions, Contingent Liabilities And Contingent Assets
12(i) Provisions are recognized only when there is a present obligation
as a result of past events and when a reliable estimate of the amount
of obligation can be made.
12(ii) Contingent liability is disclosed for-
(1) Possible obligations which will be confirmed only by future events
not wholly within the control of the Company or
(2) Present obligations arising from past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation can
not be made.
12(iii) Contingent Assets are not recognized in the financial
statements since this may result in the recognition of income that may
never be realized.
13 Segment Reporting
i Business Segments have been identified on the basis of nature of
products/services. The Company's operations relate to Purchase And
Distribution Of Film Rights, Tickets And Other Entertainment Related
Expenses And Trading
(ii) Revenue and expenses have been identified to a segment on the
basis of relationship to operating activities of the segment. Revenue
and expenses which relates to enterprise as a whole and are not
allocable to a segment on reasonable basis have been disclosed as
"unallowable"
(iii) Segment Assets and Segment Liabilities represents assets and
liabilities in respective segments. Investments, tax related assets and
other assets and liabilities that cannot be allotted to a segment on
reasonable basis, have been disclosed as "unallowable".
14 Impairment of Assets :
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists
,the Company estimates the recoverable amount of the assets. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognized in the
Profit and Loss Account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount.
Figure in bracket relates to previous year.
vii The above information regarding Micro, Small And Medium Enterprises
has been determined to the extent such parties have been indentified on
the basis of the information available with the company. This has been
relied upon by the Auditor.
viii Segment Reporting:
During the year the company operated in signal business segment of
trading business in India. Hence there are no separate reportable
business or geographical segments as per Accounting Standard (AS-17) on
Segmental Reporting. ix Previous Years figures have been
regrouped/reclassified wherever necessary to confirm to the current
years classification.
Mar 31, 2014
1 Basis Of Accounting
The financial statements have been prepared and presented under the
historical cost convention method on accrual basis and materially
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India(ICAI) and the provisions of the
Companies Act, 1956. All Income and Expenditure having material bearing
on the financial statements have been recognised on accrual basis.
2 Use Of Estimates
The preparation and presentation of financial statements in conformity
with the generally accepted accounting principles(GAAP).It requires the
management to make estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent liabilities) as
of the date of the financial statement and the reported revenues and
expenses for the reporting year. Difference between the actual result
and estimates are recognized in the period in which the results are
known/ materialized.
3 Revenue Recognition
3(i) Income From Sale Of Goods:
Revenue from sale of goods is recognised when all the significant risks
and rewards of the goods have been passed on to the buyer ,usually on
the delivery of the goods. The company collects Sales Tax And Value
Added Tax(VAT) on behalf of the government and therefore these are not
economic benifits flowing to the Company. Hence they have been excluded
from the perview of revenue. Excise duty deducted from the
revenue(Gross) is the amount that is included in the revenue(Gross) and
not the entire amount of liability arising during the year.
3(ii) Income From Sale Of Services:
Income from sale of services is recognised when the bills are raised
and on their subsequent acceptence. The company collects Service Tax on
behalf of the government and as such it is not an economic benefit
flowing to the company.
3(iii) Sale Of Film Rights:
Income from sale of Film Rights are accounted for as per the terms of
the agreement.
3(iv) Income From Other Operations:
Income from other operations is recognised on accrual basis and as per
the terms of the agreement.
3(v) Income from Interest:
Interest income is recognised on time proportion basis taking into
account the amount outstanding and the applicable rate of interest.
Interest income is included under the head "other income" in the
statement of profit and loss.
3(vi) Dividends:
Dividend Income is recognised when the company's right to receive
dividend is established by the reporting date
4 Fixed Assets
4(i) Tangible Assets:
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable costs of bringing the asset to its working condition for
the intended use. Any trade discounts and rebates are deducted in
ariving at the purchase price.
4(ii) Intangible Assets:
Intangible assets aquired seperately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any.
5 Depreciation/ Amortisation
Depreciation on fixed assets is calculated on straight line basis as
per the rates prevailing in the schedule XIV of the Companies Act,
1956.Depreciation/Amortisation of the additions or deletions of assets
during the year is provided on a pro-rata basis.
The Company has used the following rates to provide depreciation on its
Fixed Assets:
Name Of the Asset Rate of Depreciation
Office Equipment 7.07%
Fax Machine 7.07%
EPBAX System 6.33%
Computer 16.21%
Furniture And Fixtures 6.33%
Motor Car 9.50%
Individual assets costing less than Rs.5000/- have been depreciated
fully in the year of purchase.
6 Foreign Currency Translations
6(i) Initial Recognition:
Foreign currency transactions are recorded in the reporting currency by
applying to the foreign currency amount the exchange rate.
6(ii) Conversion:
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Non-Monetary items which are
measured in terms of historical cost denominated in a foreign currency
are reported using the exchange rate at the date of transaction.
Non-Monetary items which are measured at fair value or other similar
valuation denominated in a foreign currency are translated using the
exchange rate at the date when such value was determined.
6(iii) Exchange Differences:
The Exchange Difference arising on settlement/translation are
recognised in the revenue accounts.
7 Borrowing Costs
7(i) Borrowing Cost that are directly attributable to the acquisition,
construction or production of qualifying asset are capitalised as part
of cost of such asset.
7(ii) Borrowing cost other than those directly attributable to the
acquisition, construction or production of a qualifying asset are
recognized as expense in the period in which they are incurred.
8 Investments
Investments are classified as long term and current investments. Long
term investments are carried at cost less provision, if any, for
permanent diminution in their value. Current investments are valued at
lower of cost and fair value.
9 Inventories
Inventories are valued at cost or net realizable value-Whichever is
lower.
10 Employee Benefits:
10(i) The Providend Fund and Gratuity is not applicable to the company
in view of number of employees is less than the required as per
respective act.
11 Taxation
(i) Tax expense comprises current and deferred tax.
(ii) Current tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961 enacted in
India and the tax Laws prevailing in the respective Tax jurisdiction
where the Company operates. the tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted, at the
reporting date. Current income tax relating to the items recognised
directly in equity is recognised in equity and not in the statement of
profit and loss.
(iii) Deferred income taxes reflect the impact of timing differences
between the taxable income and accounting income originating during the
current year and reversal of timing differences for the earlier years.
Deferred tax is measured using the tax rates and the tax laws enacted
or substantively enacted at the reporting date. Deferred income tax
relating to the items recognised directly in equity is recognised in
equity and not in the statement of profit and loss.
(iv) Deferred Tax Liabilities are recognised for all taxable timing
differences.
(v) Deferred Tax Assets are recognised for deductible timing
differences only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such
deferred taxassets can be realised.
(vi) The carrying amount of deferred tax assets are reviewed at each
reporting date. The company writes down the carrying amount of deferred
Tax asset to the extent that it is no longer reasonbly certain or
virtually certain, as the case may be, that sufficient future taxable
income will be available against which deferred tax asset can be
realised. Any such write down is reversed to the extent that it becomes
resonably certain or virtually certain, as the case may be, that
sufficient future taxable income will be available.
(vii) Minimum Alternative Tax(MAT) paid in a year is charges to the
statement of profit and loss as current tax. The company recognises MAT
credit available as an asset only to the extent that there is a
convincing evidence that the company will pay normal income tax during
the specified period.i.e.the period for which MAT credit is allowed to
be carried forward. IN the year in which the company recognises MAT
credit as an asset in accordance with the Guidance Note On Accounting
For Credit Available in respect of Minimum Alternative Tax under the
income tax act, 1961, the said asset is created by way of credit to the
statement of profit and loss and shown as "MAT Credit Entitlement".
(viii) The company reviews the "MAT credit Entitlement" asset at each
reporting date and writes down the asset to the extent the company does
not have convincing evidence that it will pay normal tax during the
specified period.
12 Provisions, Contingent Liabilities And Contingent Assets
(i) Provisions are recognised only when there is a present obligation
as a result of past events and when a reliable estimate of the amount
of obligation can be made.
(ii) Contingent liability is disclosed for
(1) Possible obligations which will be confirmed only by future events
not wholly within the control of the Company or
(2) Present obligations arising from past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation can
not be made.
(iii) Contingent Assets are not recognised in the financial statements
since this may result in the recognition of income that may never be
realised.
13 Segment Reporting
(i) Business Segments have been identified on the basis of nature of
products/services.The Company's operations relate to trading of goods,
trading in shares, selling of film rights and consultancy.
(ii) Revenue and expenses have been identified to a segment on the
basis of relationship to operating activities of the segment. Revenue
and expenses which relates to enterprise as a whole and are not
allocable to a segment on reasonable basis have been disclosed as
"unallowable".
(iii) Segment Assets and Segment Liabilities represents assets and
liabilities in respective segments. Investments, tax related assets and
other assets ans liabilities that can not be alloted to a segment on
reasonable basis, have been disclosed as "unallowable"
14 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists
,the Company estimates the recoverable amount of the assets. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount.
Mar 31, 2013
1 Basis Of Accounting
The financial statements have been prepared and presented under the
historical cost convention method on accrual basis and materially
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India(ICAI) and the provisions of the
Companies Act, 1956. All Income and Expenditure having material bearing
on the financial statements have been recognised on accrual basis.
2 Use Of Estimates
The preparation and presentation of financial statements in conformity
with the generally accepted accounting principles(GAAP).It requires the
management to make estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent liabilities) as
of the date of the financial statement and the reported revenues and
expenses for the reporting year. Difference between the actual result
and estimates are recognized in the period in which the results are
known/materialized.
3 RevenueRecognition
3(i) Income From Sale Of Goods:
Revenue from sale of goods is recognised when all the significant risks
and rewards of the goods have been passed on to the buyer ,usually on
the delivery of the goods. The company collects Sales Tax And Value
Added Tax(VAT) on behalf of the government and therefore these are not
economic benefits flowing to the Company. Hence they have been excluded
from the preview of revenue. Excise duty deducted from the
revenue(Gross) is the amount that is included in the revenue(Gross) and
not the entire amount of liability arising during the year.
3(ii) Income From Sale Of Services:
Income from sale of services is recognised when the bills are raised
and on their subsequent acceptence. The company collects Service Tax on
behalf of the government and as such it is not an economic benefit
flowing to the company.
3(iii) Sale Of Film Rights:
Income From Sale Of Film Rights Are Accounted For as per the terms of
the Agreement. 3(iv) Income From Other Operations:
Income From Other Operations is recognised on accrual basis and as per
the terms of the agreement.
3(v) Income from Interest:
Interest income is recognised on time proportion basis taking into
account the amount outstanding and the applicable rate of
interest. Interest income is included under the head "other income"
in the statement of profit and loss.
3(vi) Dividends:
Dividend Income is recognised when the companies right to receive
dividend is established by the reporting date
4 Fixed Assets :
4(i) Tangible Assets:
Fixed assets are stated at cost, net of accumulated depreciation and
accumulated impairment losses, if any. The cost comprises purchase
price, borrowing cost if capitalization criteria are met and directly
attributable costs of bringing the asset to its working condition for
the intended use. Any trade discounts and rebates are deducted in
arriving at the purchase price.
4(ii) Intangible Assets:
Intangible assets acquired separately are measured on initial
recognition at cost. Following initial recognition, intangible assets
are carried at cost less accumulated amortization and accumulated
impairment losses, if any.
5 Depreciation/ Amortisation
Depreciation on fixed assets is calculated on straight line basis as
per the rates prevailing in the schedule XIV of the Companies Act,
1956.Depreciation/Amortisation of the additions or deletions of assets
during the year is provided on a pro-rata basis.
The Company has used the following rates to provide depreciation on its
Fixed Assets:
Individual assets costing less than Rs.5000/- have been depreciated
fully in the year of purchase.
6 Foreign Currency Translations
6(i) Initial Recognition:
Foreign currency transactions are recorded in the reporting currency by
applying to the foreign currency amount the exchange rate between the
reporting currency and the foreign currency at the date of the
transaction.
6(ii) Conversion:
Foreign currency monetary items are retranslated using the exchange
rate prevailing at the reporting date. Non-Monetary items which are
measured in terms of historical cost denominated in a foreign currency
are reported using the exchange rate at the date of
transaction. Non-Monetary items which are measured at fair value or
other similar valuation denominated in a foreign currency are
translated using the exchange rate at the date when such value was
determined.
6(iii)Exchange Differences:
The Exchange Difference arising on settlement/translation are
recognised in the revenue accounts.
7 Borrowing Costs
7(i) Borrowing Cost that are directly attributable to the acquisition,
construction or production of qualifying asset are capitalised as part
of cost of such asset.
7(ii) Borrowing cost other than those directly attributable to the
acquisition, construction or production of a qualifying asset are
recognized as expense in the period in which they are incurred.
8 Investments
Investments are classified as long term and current investments. Long
term investments are carried at cost less provision, if any, for
permanent diminution in their value. Current investments are valued at
lower of cost and fair value.
9 Inventories
Inventories are valued at cost or net realizable value-Whichever is
lower.
10 Employee Benefits
10(i) The payment of Gratuity is not applicable to the company in view
of non completion of qualifying years of service by the employees.
11 Taxation
11(I) Tax expense comprises current and deferred tax.
11(ii) Current tax is measured at the amount expected to be paid to the
tax authorities in accordance with the Income Tax Act, 1961 enacted in
India and the tax Laws prevailing in the respective Tax jurisdiction
where the Company operates. the tax rates and tax laws used to compute
the amount are those that are enacted or substantively enacted, at the
reporting date. Current income tax relating to the items recognised
directly in equity is recognised in equity and not in the statement of
profit and loss. 11(iii) Deferred income taxes reflect the impact of
timing differences between the taxable income and accounting income
originating during the current year and reversal of timing differences
for the earlier years. Deferred tax is measured using the tax rates and
the tax laws enacted or substantively enacted at the reporting
date. Deferred income tax relating to the items recognised directly in
equity is recognised in equity and not in the statement of profit and
loss.
11(iv) Deferred Tax Liabilities are recognised for all taxable timing
differences.
11(v) Deferred Tax Assets are recognised for deductible timing
differences only to the extent that there is reasonable certainty that
sufficient future taxable income will be available against which such
deferred tax assets can be realised.
11(vi) The carrying amount of deferred tax assets are reviewed at each
reporting date. The company writes down the carrying amount of deferred
Tax asset to the extent that it is no longer reasonably certain or
virtually certain, as the case may be, that sufficient future taxable
income will be available against which deferred tax asset can be
realised. Any such write down is reversed to the extent that it becomes
reasonably certain or virtually certain, as the case may be, that
sufficient future taxable income will be available.
11(vii) Minimum Alternative Tax(MAT) paid in a year is charges to the
statement of profit and loss as current tax. The company recognises MAT
credit available as an asset only to the extent that there is a
convincing evidence that the company will pay normal income tax during
the specified period. i.e. the period for which MAT credit is allowed to
be carried forward.IN the year in which the company recognises MAT
credit as an asset in accordance with the Guidance Note On Accounting
For Credit Available in respect of Minimum Alternative Tax under the
income tax act, 1961, the said asset is created by way of credit to the
statement of profit and loss and shown as "MAT Credit Entitlement".
11(viii) The Company Reviews the "MAT credit Entitlement" asset at
each reporting date and writes down the asset to the extent the company
does not have convincing evidence that it will pay normal tax during
the specified period.
12 Provisions, Contingent Liabilities And Contingent Assets
12(I Provisions are recognised only when there is a present obligation
as a result of past events and when a reliable estimate of the amount
of obligation can be made.
12(ii) Contingent liability is disclosed for-
(1) Possible obligations which will be confirmed only by future events
not wholly within the control of the Company or
(2) Present obligations arising from past events where it is not
probable that an outflow of resources will be required to settle the
obligation or a reliable estimate of the amount of the obligation can
not be made.
12(iii) Contingent Assets are not recognised in the financial
statements since this may result in the recognition of income that may
never be realised.
13 Segment Reporting
(i) Business Segments have been identified on the basis of nature of
products/services. The Company''s operations relate to Purchase And
Distribution Of Film Rights, Tickets And Other Entertainment Related
Expenses And Trading
(ii) Revenue and expenses have been identified to a segment on the
basis of relationship to operating activities of the segment. Revenue
and expenses which relates to enterprise as a whole and are not
allocable to a segment on reasonable basis have been disclosed as
"unallowable"
(iii) Segment Assets and Segment Liabilities represents assets and
liabilities in respective segments. Investments, tax related assets and
other assets ans liabilities that cannot be allotted to a segment on
reasonable basis, have been disclosed as "unallowable".
14 Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists
,the Company estimates the recoverable amount of the assets. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount.
Mar 31, 2011
Basis of Accounting
The financial statements have been prepared and presented under the
historical cost convention method on accrual basis and materially
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India(ICAI) and the provisions of the
Companies Act, 1956. All Income and Expenditure having material bearing
on the financial statements have been recognised on accrual basis
Use of Estimates
The preparation and presentation of financial statements in conformity
with the generally accepted accounting principles requires the
management to make estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent liabilities) as
of the date of the financial statement and the reported revenues and
expenses for the reporting yean Difference between the actual result
and estimates are recognized in the period in which the results are
known/materialized
Revenue Recognition
Income from Sale of Services are recognised when the bills are raised
on the customer and their subsequent acceptance. Sale of Film rights
are accounted for as per terms of the agreements Income from Other
Operations is recognised on accrual basis as per the terms of agreement
Interest Income is recognised on time proportionate basis Sale of
Shares is recognised
Fixed Assets
Tangible Assets
Fixed assets are stated/valued at cost of acquisition plus installation
charges and/or revalued less accumulated depreciation thereon and
impairment in value, if any
Intangible Assets
Intangible Assets are stated at cost, less any accumulated
amortisation/impairment losses Cost includes original cost of
acquisition, including incidental expenses related to such acquisition
Depreciation / Amortisation
Depreciation on all assets has been provided on Straight Line basis as
per the rates prevailing in Schedule XIV of the Companies Act 1956
Depreciation/amortisation on addition /deletion to assets during the
year is provided on pro rata basis
Individual assets costing less than Rs. 5,000/- have been depreciated
fully in the year of purchase
Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing at the date of transaction. Monetary items
denominated in foreign currency at the year end are translated at year
end rates. In respect of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and the
rate on the date of the contract is recognized as exchange difference
and the premium on such forward contracts is recognized over the life
of the forward contract. The exchange difference arising on settlement/
translation are recognized in the revenue accounts
Borrowing Cost
Borrowing Cost that are directly attributable to the acquisition,
construction or production of qualifying asset are capitalised as part
of cost of such asset
Borrowing cost other than those directly attributable to the
acquisition, construction or production of a qualifying asset are
recognized as expense in the period in which they are incurred
Investments
Investments are classified as long term and current investments Long
term investments are carried at cost less provision, if any, for
permanent diminution in their value. Current investments are valued at
lower of cost and fair value
Inventories
Inventories are valued at lower of cost and net realisable value
whichever is lower
Employee Benefits
i) Gratuity
The payment of gratuity is not applicable to the Company in view of the
non-completion of qualifying years of service by the employees
i) Leave Salary/Compensated absences
Leave encashment is paid and payable at the end of the year and
necessary provision, if any, required is being made in the accounts
Taxation
Current tax is determined as the tax payable in respect of taxable
income for the year and is computed in accordance with relevant tax
regulations
Deferred Tax is recognized for all timing differences between
accounting income and taxable income which are quantified using the
enacted/substantively enacted rates as at the balance sheet date.
Deferred tax assets are recognized only to the extent that there is
reasonable certainty that the assets can be realised in future, except
in the case of deferred tax assets arising out of unabsorbed
depreciation or carried forward losses, where deferred tax assets are
recognised only if there is virtual certainty of their realisation
Leases
"Lease rentals on assets taken/given on operating lease are charged
/credited to the Profit & Loss Account in accordance with Accounting
Standard 19 - Leases - notified by The Companies (Accounting Standard)
Rules, 2006 Assets taken on finance lease have been capitalised in
accordance with AS-19 notified by The Companies [Accounting Standard)
Rules, 2006."
Provisions, Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made. Contingent liability is disclosed for [1]
Possible obligations which will be confirmed only by future events not
wholly within the control of the Company or (ii) Present obligations
arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation or a reliable
estimate of the amount of the obligation can not be made. Contingent
Assets are not recognised in the financial statements since this may
result in the recognition of income that may never be realised
Segment Reporting
Business Segments have been identified on the basis of nature of
products/services. The company's operations relates to the consultancy
services and trading in Shares
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which relates to enterprise as a whole and are not allocable
to a segment on reasonable basis have been disclosed as "unallowable"
b) Segment Assets and Segment Liabilities represents assets and
liabilities in respective segments. Investments, tax related assets and
other assets and liabilities that can not be alloted to a segment on
reasonable basis, have been disclosed as "unallowable"
Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists
,the Company estimates the recoverable amount of the assets. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount
Mar 31, 2010
Basis of Accounting
The financial statements have been prepared and presented under the
historical cost convention method on accrual basis and materially
comply with the Accounting Standards issued by the Institute of
Chartered Accountants of India(ICAI) and the provisions of the
Companies Act, 1956. All Income and Expenditure having material bearing
on the financial statements have been recognised on accrual basis.
Use of Estimates
The preparation and presentation of financial statements in conformity
with the generally accepted accounting principles requires the
management to make estimates and assumptions considered in the reported
amounts of assets and liabilities (including contingent liabilities) as
of the date of the financial statement and the reported revenues and
expenses for the reporting year. Difference between the actual result
and estimates are recognized in the period in which the results are
known/materialized.
Revenue Recognition
Income from Sale of Services are recognised when the bills are raised
on the customer and their subsequent acceptance. Sale of Film rights
are accounted for as per terms of the agreements.
Income from Other Operations is recognised on accrual basis as per the
terms of agreement.
Interest Income is recognised on Time proportionate basis.
Fixed Assets
Tangible Assets:
Fixed assets are stated/valued at cost of acquisition plus installation
charges and/or revalued less accumulated depreciation thereon and
impairment in value, if any.
Intangible Assets:
Intangible Assets are stated at cost, less any accumulated
amortisation/ impairment losses. Cost includes original cost of
acquisition, including incidental expenses related to such acquisition.
Depreciation / Amortisation
Depreciation on all assets has been provided on Straight Line basis as
per the rates prevailing in Schedule XIV of the Companies Act 1956.
Depreciation/ amortisation on addition / deletion to assets during the
year is provided on pro rata basis.. Individual assets costing less
than Rs.5000/- have been depreciated fully in the year of purchase.
Foreign Currency Transactions
Transactions denominated in foreign currencies are recorded at the
exchange rates prevailing at the date of transaction. Monetary items
denominated in foreign currency at the year end are translated at year
end rates. In respect of monetary items which are covered by forward
exchange contracts, the difference between the year end rate and the
rate on the date of the contract is recognized as exchange difference
and the premium on such forward contracts is recognized over the life
of the forward contract. The exchange difference arising on
settlement/translation are recognized in the revenue accounts.
Borrowing Cost
Borrowing Cost that are directly attributable to the acquisition,
construction or production of qualifying asset are capitalised as part
of cost of such asset.
Borrowing cost other than those directly attributable to the
acquisition, construction or production of a qualifying asset are
recognized as expense in the period in which they are incurred.
Investments
Investments are classified as long term and current investments. Long
term investments are carried at cost less provision, if any, for
permanent diminition in their value. Current investments are valued at
lower of cost and fair value.
Inventories
Inventories are valued at lower of cost and net realisable value
whichever is lower
Employee Benefits
i) Gratuity :
The payment of gratuity is not applicable to the Company in view of the
non-completion of qualifying years of service by the employees.
ii) Leave Salary/Compensated absences
Leave encashment is paid and payable at the end of the year and
necessary provision, if any, required is being made in the accounts
Taxation
Current tax is determined as the tax payable in respect of taxable
income for the year and is computed in accordance with relevant tax
regulations.
Fringe benefit tax is provided in accordance with the provisions of
Income Tax Act, 1961.
Deferred Tax is recognized for all timing differences between
accounting income and taxable income which are quantified using the
enacted/ substantively enacted rates as at the balance sheet date.
Deferred tax assets are recognized only to the extent that there is
reasonable certainty that the assets can be realised in future, except
in the case of deferred tax assets.
Leases
"Lease rentals on assets taken/given on operating lease are charged /
credited to the Profit & Loss Account in accordance with Accounting
Standard 19 - Leases - notified by The Companies (Accounting Standard)
Rules, 2006."Assets taken on finance lease have been capitalised in
accordance with AS-19 notified by The Companies (Accounting Standard)
Rules, 2006."
Provisions. Contingent Liabilities and Contingent Assets
Provisions are recognised only when there is a present obligation as a
result of past events and when a reliable estimate of the amount of
obligation can be made. Contingent liability is disclosed for (1)
Possible obligations which will be confirmed only by future events not
wholly within the control of the Company or (ii) Present obligations
arising from past events where it is not probable that an outflow of
resources will be required to settle the obligation or a reliable
estimate of the amount of the obligation can not be made. Contingent
Assets are not recognised in the financial statements since this may
result in the recognition of income that may never be realised.
Segment Reporting
Business Segments have been identified on the basis of nature of
products/services. The companys operations relates to the consultancy
services and trading in Shares
a) Revenue and expenses have been identified to a segment on the basis
of relationship to operating activities of the segment. Revenue and
expenses which realtes to enterprise as a whole and are not allocable
to a segment on reasonable basis have been disclosed as "unallwoable"
b) Segment Assets and Segment Liabilities represents assets and
liabilities in respective segments. Investments, tax related assets
and other assets ans liabilities that can not be alloted to a segment
on reasonable basis, have been disclosed as "unallwoable"
Impairment of Assets
The Company assesses at each Balance Sheet date whether there is any
indication that an asset may be impaired. If any such indication exists
,the Company estimates the recoverable amount of the assets. If such
recoverable amount of the asset or the recoverable amount of the cash
generating unit to which the asset belongs is less than its carrying
amount, the carrying amount is reduced to its recoverable amount. The
reduction is treated as an impairment loss and is recognised in the
Profit and Loss Account. If at the Balance Sheet date there is an
indication that if a previously assessed impairment loss no longer
exists, the recoverable amount is reassessed and the asset is reflected
at the recoverable amount.
Mar 31, 2009
Not Available
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