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Notes to Accounts of Padmalaya Telefilms Ltd.

Mar 31, 2015

1. Share Capital

Company is having existing Equity share capital to the extent of 1,70,00,000 Shares @ Rs.10/- each fully subscribed as on 01.04.2013 and no further issue of shares during the year under review.

2. Secured Loans:

Term Loan of Rs.448.78 Lakhs (Previous year Rs.448.78 Lakhs) from HDFC Bank, Mumbai is secured by fixed and Current Assets of the Company. The Executive Director and chief promoter have given their personnel guarantees to the Bank in their personal capacity.

3. Depreciation:

a. During the year the Company has provided Depreciation on Fixed Assets based on the Useful life in the manner prescribed in Schedule II Part C to the Companies Act, 2013.

b. Other Assets include Ornaments, Costumes, Library Etc.

4. Segment Reporting:

The Company operates in four segments, T.VSoftware, Infrastructure, Films and Animation. Segments wise operational information have been reported based on the guiding principles of Accounting Standard 17 (A.S.17) issued by the Institute of Chartered Accountants of India.

Revenue and expenses in relation to segments is categorized based on items that are individually identifiable to that segment.

Expenses like Depreciation have been segregated among the segments according to the period of usage of Fixed Assets by the Segments. However, the Management believes that it is not practicable to provide segment wise capital employed, as the Assets are being used interchangeably by different segments.

5. Details of Related Party Transactions

Name of the Party Relationship

Padmalaya Studios LLP - Controlled by key managerial personnel

Yamuna Enterprises Private Limited - Controlled by key managerial personnel

Green Chillies entertainment (P) Ltd. - Controlled by key managerial personnel

Sri Geethika Films & Media Ltd., - Controlled by key managerial personnel

Transaction details - Nil

6. Expenses: This is the profit and loss charges for the accounting period, and comprises the sum of the service and Recognized in interest costs less the expected returns on assets, adjusted for Actuarial Gain/Loss recognized for the P& L A/C.

Contributions are made to Recognized Provident fund / Government Provident Fund, Family pension Fund, ESIC and other Statutory Funds which covers all regular employees. While both the employees and the Company make predetermined contributions to the Provident Fund and ESIC, contribution to the Family pension Fund is made only by the Company. The contributions are normally based on a certain proportion of the employee's salary.

In respect of Gratuity, Company made necessary provision. Provision for Gratuity is based on actuarial valuation done by independent actuary as at the year end. Actuarial valuation for compensated absences is done as at year end and the provision is made as per Company rules and its cover all regular employees. Major drivers in actuarial assumption, typically are years of service and employee compensation. After the issuance of the Accounting Standard 15 on "Employee Benefits" commitments are actuarially determined using the "Projected Unit Credit" method. Gains and losses on changes in actuarial assumptions are accounted for in the Profit and Loss account.

7. Foreign exchange inflow and Outflow

a) Foreign exchange inflow - Nil (Previous Year - Nil)

b) Foreign exchange outflow - Nil (Previous Year - Nil)

8. Contingent Liabilities

The company's has filed appeal before Hon'ble Commissioner of Income Tax (Appeals), Hyderabad against the demand of Income Tax amounting to Rs. 1.50 crores for the Assessment years 2003-2004 and the same is disposed - off in favour of the company. As per orders passed by the Hon'ble Commissioner of Income Tax (Appeals), Hyderabad, the demand has become nil.

9. Legal cases:

a. M/s Data Soft, Mumbai filed recovery petition against the company for recovering its dues to the tune of Rs. 2.52 lakhs. The company negotiating with the party for settlement.

b. HDFC bank has filed a case against the Company for recovery of secured loan given to the Company for due amount in DRT. Further the company has been approached with bank for one time settlement and still it is pending for consideration. The Company has not provided the interest on loan outstanding for the financial year 2014-2015.

10. Balances of Sundry debtors/creditors, loans are subject to Confirmations

11. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

12. Previous years' figures are restated/regrouped/rearranged wherever necessary in order to confirm to the current years' grouping and classifications.

13. Figures have been rounded off to the nearest rupee.


Mar 31, 2014

1. SHARE CAPITAL

Company is having existing Equity share capital to the extent of 1,70,00,000 Shares @ Rs.10/- each fully subscribed as on 01.04.2013 and no further issue of shares during the year under review.

2. Secured Loans:

Term Loan of Rs.448.78 Lakhs (Previous year Rs.448.78 Lakhs) from HDFC Bank, Mumbai is secured by fixed and Current Assets of the Company. The Executive Director and chief promoter have given their personnel guarantees to the Bank in their personal capacity.

3. Depreciation:

a. Depreciation is provided on Straight line method as per Schedule XIV of the Companies Act, 1956.

b. Other Assets include Ornaments, Costumes, Library Etc.

4. Segment Reporting:

The Company operates in four segments, T.VSoftware, Infrastructure, Films and Animation. Segments wise operational information have been reported based on the guiding principles of Accounting Standard 17 (A.S.17) issued by the Institute of Chartered Accountants of India.

Expenses: This is the profit and loss charges for the accounting period, and comprises the sum of the service and Recognized in interest costs less the expected returns on assets, adjusted for Actuarial Gain/Loss recognized for the P& L A/C.

Contributions are made to Recognized Provident fund / Government Provident Fund, Family pension Fund, ESIC and other Statutory Funds which covers all regular employees. While both the employees and the Company make predetermined contributions to the Provident Fund and ESIC, contribution to the Family pension Fund is made only by the Company. The contributions are normally based on a certain proportion of the employee''s salary.

In respect of Gratuity, Company made necessary provision. Provision for Gratuity is based on actuarial valuation done by independent actuary as at the year end. Actuarial valuation for compensated absences is done as at year end and the provision is made as per Company rules and its cover all regular employees. Major drivers in actuarial assumption, typically are years of service and employee compensation. After the issuance of the Accounting Standard 15 on "Employee Benefits" commitments are actuarially determined using the "Projected Unit Credit" method. Gains and losses on changes in actuarial assumptions are accounted for in the Profit and Loss account.

5. Foreign exchange inflow and Outflow

a) Foreign exchange inflow - Nil (Previous Year - Nil)

b) Foreign exchange outflow - Nil (Previous Year - Nil)

6. Contingent Liabilities

The company''s has filed appeal before Hon''ble Commissioner of Income Tax (Appeals), Hyderabad against the demand of Income Tax amounting to Rs.1.50 crores for the Assessment years 2003-2004 and the same is disposed - off in favour of the company. As per orders passed by the Hon''ble Commissioner of Income Tax (Appeals), Hyderabad, the demand has become nil. The company is awaiting the orders from Assessing Offices.

Further the Hon''ble Income Tax Appellate Tribunal, Hyderabad has awarded the orders in favour of the company for the Assessment year 2003-2004 against the orders u/s 269 of the Income Tax Act passed by Commissioner of Income Tax for the enhanced demand to Rs. 6.58 Crores.

7. Legal cases:

a. M/s Data Soft, Mumbai filed recovery petition against the company for recovering its dues to the tune of Rs. 2.52 lakhs. The company negotiating with the party for settlement.

b. HDFC bank has filed a case against the Company for recovery of secured loan given to the Company for due amount in DRT. Further the company has been approached with bank for one time settlement and still it is pending for consideration. The Company has not provided the interest on loan outstanding for the financial year 2013-2014.

8. Balances of Sundry debtors/creditors, loans are subject to Confirmations

9. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

10. Previous years'' figures are restated/regrouped/rearranged wherever necessary in order to confirm to the current years'' grouping and classifications.

11. Figures have been rounded off to the nearest rupees in Lakhs.


Mar 31, 2013

1 Share Capital

Company is having existing Equity share capital to the extent of 1,70,00,000 Shares @ Rs. 10/- each fully subscribed as on 01.04.2012 and no further issue of Share during the year under review.

2. Secured Loans:

Term Loan of Rs.448.78 Lakhs (Previous year Rs.448-78 Lakhs) from HDFC Bank, Mumbai is secured by fixed and Current Assets of the Company. The Executive Director and chief promoter have given their personnel guarantees to the Bank in their personal capacity.

3. Depreciation:

a. Depreciation is provided on Straight line method as per Schedule XIV of the Companies Act, 1956.

b. Other Assets include Ornaments, Costumes, Library Etc.

4. Segment Reporting:

The Company operates in four segments, T.V Software, Infrastructure, Films and Animation. Segments wise operational information have been reported based on the guiding principles of Accounting Standard 1 7 (A.S. 17) issued by the Institute of Chartered Accountants of India.

Financial information about the business segments is presented in the table givem below:

Revenue and expenses in relation to segments is categorized based on items that are individually identifiable to that segment.

Expenses like Depreciation have been segregated among the segments according to the period of usage of Fixed Assets by the Segments. However, the Management believes that it is not practicable to provide segment wise capital employed, as the Assets are being used interchangeably by different segments.

Expenses: This is the profit and loss charges for the accounting period, and comprises the sum of the service and Recognized in interest costs less the expected returns on assets, adjusted for Actuarial Gain/Loss recognized for the P& L A/C. '' -

Contributions are made to Recognized Provident fund / Government Provident Fund, Family pension Fund, ESIC and other Statutory Funds which covers all regular employees. While both the employees and the Company make predetermined contributions to the Provident Fund and ESIC, contribution to the Family pension Fund is made only by the Company. The contributions are normally based on a certain proportion of the employee''s salary.

In respect of Gratuity, Company made necessary provision. Provision for Gratuity is based on actuarial valuation done by independent actuary as at the year end. Actuarial valuation for compensated absences is done as at year end and the provision is made as per Company rules and its cover all regular employees. Major drivers in actuarial assumption, typically are years of service and employee compensation. After the issuance of the Accounting Standard 15 on "Employee Benefits" commitments are actuarially determined using the "Projected Unit Credit" method. Gains and losses on changes in actuarial assumptions are accounted for in the Profit and Loss account. ''

5. Contingent Liabilities

Against the demand of Income Tax amounting to Rs.l .50 crores for the Assessment years 2003- 2004, the company has preferred an appeal before the Hon''ble Commissioner of Income Tax (Appeals)-

II, Hyderabad. The Company is confident to get the orders in favour of the company.

Further the Commissioner of Income Tax has re-assessed u/s 269 of the Income Tax Act for the Assessment years 2003-2004 and enhanced the demand to Rs. 6.58 Crores. The company has preferred an appeal before the Hon''ble Income Tax Appellate Tribunal, Hyderabad. The Company is confident to get the orders in favor of the company.

6. Legal cases:

a. Mr.Naryan Das Mukheja has filed a case to recover an amount of Rs.55.00 lakhs for which he has advanced for the film. The company has entered into an MOU to settle the issue for Rs. 50.00 laks payable out of court and company has already met the commitment given.

b. M/s Data Soft, Mumbai filed recovery petition against the company for recovering its dues to the tune of Rs. 2.52 lakhs. The company negotiating with the party for settlement.

c. HDFC bank has filed a case against the Company for recovery of secured loan given to the Company for due amount in DRT. Further the company has been approached with bank for one time settlement and still it is pending for consideration. The Company has not provided the interest on loan outstanding for the financial year 2012-2013.

7. Balances of Sundry debtors/creditors are subject to Confirmations

8. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

9. Previous years'' figures are regrouped/ rearranged wherever necessary in order to confirm to the current years'' grouping and classifications.

10. Figures have been rounded off to the nearest rupees in Lakhs.


Mar 31, 2012

Description of Business:

padmalaya Telefilms Limited (PTL) is engaged in production of television software, feature films, animation serials, distribution of feature films and also facilities provider in pre-production production, post-producTiori including 2D & 3D Special effects for television software and feature films, Training in Multi Media Software and Animation. PTL was incorporated on 17th September, 1991 in Hyderabad, Andhra Pradesh, India.

1. SHARE CAPITAL

Company is having existing Equity share capital to the extent of 1,70,00,000 Shares @ Rs. 10/- each fully Paid as on 01.04.2011.

2. Secured Loans:

Term Loan of Rs. 448.78 Lakhs (Previous year Rs.448.78 Lakhs) from HQFC Bank, Mumbai is secured by fixed and Current Assets of the Company. The Executive Director and chief promoter have given their personnel guarantees to the Bank in their personal capacity.

3. Depreciation:

a. Depreciation is provided on Straight line method as per Schedule XIV of the Companies Act, 1956.

b. Other Assets include Ornaments, Costumes, Library Etc.

4. Segment Reporting:

The Company operates in four segments, T.V. Software, Infrastructure, Films and Animation. Segments wise operational information have been reported based On the guiding principles of Accounting Standard 17 (A.S. 17) issued by the Institute of Chartered Accountants of India.

5. Details of Related Party Transactions

Name of the Party Relationship

Padmalaya Studios Private Limited - Controlled by key managerial personnel

Yamuna Enterprises Private Limited - Controlled by key managerial personnel

Green Chillies entertainment (P) Ltd. - Controlled by key managerial personnel

Transaction details - An amount of Rs. 4.55 lakhs taken from

- Yamuna Enterprises Pvt. Ltd. as advance.

6. Disclosures as required under Accounting Standard AS-15

In respect of Gratuity, Company made necessary provision. Provision for Gratuity is based on actuarial valuation done by independent actuary as at the year end. Actuarial valuation for compensated absences is done as at year end and the provision is made as per Company rules and its cover all regular employees. Major drivers in actuarial assumption, typically are years of service and employee compensation. After the issuance of the Accounting Standard 15 on "Employee Benefits" commitments are actuarially determined using the "Projected Unit Credit" method. Gains and losses on changes in actuarial assumptions are accounted for in the Profit and Loss account.

7. Foreign exchange inflow and Outflow

a) Foreign exchange inflow - Nil (Previous Year - Nil)

b) Foreign exchange outflow - Nil (Previous Year - Nil)

8. Contingent Liabilities

Against the demand of Income Tax amounting to Rs. 1.50 crores for the Assessment years 2003- 2004, the company has preferred on appeal before the Hon'ble Commissioner of income Tax, Hyderabad. The appeal is yet to post for rearing. The Company is confident to get the orders in favour of the company.

9. The company has approached the HDFC for one time settlement, the bank has approved the same at reduced rate of interest. As per the OTS sanction the interest on the loan charged to the profit and loss account. Closing balance as on 31.03.2012 stood at Rs. 4.49 Crores.

10. Legal cases:

a. Mr. Naryan Das Mukheja has filed a case to recover an amount of Rs. 55.00 lakhs for which he has advanced for the film for witch company has already made a provision.

b. M/s Data Soft, Mumbai filed winding-up petition against the company for recovering its dues to the tune of Rs. 2.52 lakhs. The company negotiating with the party for settlement.

11. Balances of Sundry debtors/creditors, loans are subject to Confirmations

12. There are no Micro, Small and Medium Enterprises, as defined in the Micro, Small and Medium Enterprises Development Act 2006 to whom the Company owes dues on account of principal amount together with interest and accordingly no additional disclosures have been made.

13. Previous years' figures are restated/regrouped/rearranged wherever necessary in order to confirm to the current years' grouping and classifications.

14. Figures have been rounded off to the nearest rupees in Lakhs.


Mar 31, 2010

1. Share Capital:

The Share application money (Rs.2.50 crores) received by the company was shown in the share capital schedule is subject to allotment of shares. The allotment will be done after getting the approvals from the concerned regulatory authorities.

2. Secured Loans:

Term Loan of Rs.448.78 Lakhs (Previous year Rs.448.78 Lakhs) from HDFC Bank, Mumbai is secured by fixed and Current Assets of the Company. The Executive Director and chief promoter have given their personnel guarantees to the Bank in their personal capacity.

3. Deferred Tax & Income Tax:

Deferred Tax has been provided as per the provisions of the Accounting Standard 22 of the ICAI and Income Tax Provision has been made as per the Income Tax Act .the current year provision for deferred tax Liability has been made at Rs.72.08 laks (Previous year Deffered Tax Asset Rs.53.90 lakhs)

4. Depreciation:

a. Depreciation is provided on Straight line method as per Schedule XIV of the Companies Act, 1956.

b. Other Assets include Ornaments, Costumes, Library Etc.

5. Segment Reporting:

The Company operates in four segments, T.V. Software, Infrastructure, Films and Animation. Segments wise operational information have been reported based on the guiding principals of Accounting Standard 1 7 (A.S.I 7) issued by the Institute of Chartered Accountants of India.

Expenses like Depreciation have been segregated among the segments according to the period of usage of Fixed Assets by the Segments. However, the Management believes that it is not practicable to provide segment wise capital employed, as the Assets are being used interchangeably by different segments.

6. a). Earnings in Foreign Currency Current Year Nil (Previous Year Nil)

b). Expenditure in Foreign Currency Current Year Nil (Previous Year Nil)

7. Related Party Transactions

The Companys related parties are as under:

Name of the Party Relationship

Padmalaya Studios Private Limited - Controlled by key managerial personnel

Yamuna Enterprises Private Limited - Controlled by key managerial personnel

Green Chillies entertainment (P) Ltd. - Controlled by key managerial personnel

Transaction details - An amount of Rs.84.50 lakhs taken from

Yamuna Enterprises Pvt. Limited as advance.

8. Contingent Liabilities:

a. The Company has to full fill an export obligation of Rs.850 Lakhs before 19.01.2009, on import of Capital goods at concession rate of Customs Duty. The Duty benefit availed amounting to Rs.61.61 Lakhs is a contingent liability.

b. Against the demand of Income Tax amounting to Rs. 1.50 crores for the Assessment years 2003-2004, the company has preferred an appeal before the Honble Commissioner of Income Tax, Hyderabad. The Company is confident to get the orders in favour of the company.

9. Information required under Paragraph 4 (C) of Part II of Schedule VI of the Companies Act, 1956, is not given since it is not possible to express production of video generated Software in generic units.

10. As per the information to the company that, there is no over due to SSI Units outstanding for more than 30 days.

11. The balances of Sundry Debtors, Sundry Creditors, Loans and Advances payable or receivable are taken as per books and they are subject to confirmation and reconciliation as the confirmations are awaited.

12. The company has approached the HDFC for one time settlement, the bank has approved the same at reduced rate of interest. As per the OTS sanction the interest on the loan charged to the profit and loss account. Further the company has paid Rs.1.00 crore as down payment based on request the bank against the principle out standing of Rs.6.00 crores. For the balance installment commitments the company could not met due to .delay in expected realisations. The bank has recovered an amount of Rs. 1.32 crores by selling the property situated at first floor of the premises at A-33, Road No. 2, Filmnagar, Jubilee Hills, Hyderabad.

13. Legal cases:

a.Mr.Naryan Das Mukheja has filed a case to recover an amount of Rs.55.00 lakhs for which he has advanced for the film.

b.M/s Data Soft, Mumbai filed winding-up petition against the company for recovering its dues to the tune of Rs2.52 lakhs. The company negotiating with the party for settlement.

c. Mr.A.Mallikarjuna Rao has filed a case to recover an amount of Rs.10.00 lakhs for which he has advanced for the film.

d.M/s.Santosh Pictures has filed a case to recover an amount of Rs.20.00 lakhs for which he has advanced for the film.

14. Prior Period Adjustment:

The company has reversed the income tax excess provision of Rs. 245.08 lakhs made in the books pertaining to the assessment years 1999-2000 to 2003-2004 during the current year Profit and Loss Account.

15. Un-disputed Statutory Liabilities payable, P.F. dues of Rs. 0.98 Lakhs, E.S.I, dues of Rs.0.10 Lakhs. Subsequently, paid to the concerned authorities.

16. Figures of previous year have been regrouped, rearranged and recasted, wherever considered necessary.









 
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