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Notes to Accounts of Perfect-Octave Media Projects Ltd.

Mar 31, 2015

1. The company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each and holder of equity shares is entitled to one vote per share.

2. During the year company has issued 6,87,300 shares at a premium of Rs. 10 per share.

3. Reconciliation of shares outstanding at the beginning and end of the year

Secured loan from bank is raised against security of the assets which are as follows

4. Property of Director Mr. Ratish Tagde located at Flat No. 72, Building No 6, A wing, Kalpataru Estate is mortgaged against CC limit of 1.69 Cr.

5. All Debtors are Hypothecated against CC Limit

The carrying values of assets/cash generating units , at each balance sheet date are reviewed for impairment, if any indication of impairment exists .If the carrying amount of the assets exceed the estimated recoverable amount , impairment is recognized for such excess amount. The impairment loss is recognised as an expense in the Statement of Profit & Loss a/c. During the year company has recognised contents to the extent of book value of Rs. 16,312,500.

6. Related party Disclosure

1. Relationships

a) Enterprises in which Key Management Personnel have significant Influence

Perfect Octave Private Limited

Perfect Company Advice Private Limited Insync Music Education Pvt.

Ltd Raga Cafe LLP

Valay Foundation (NGO- Trust)

b) Key Management Personnel and their relatives:

Mr. Ratish Tagde - Managing director

Mahesh Tagde - Director Vivek

Salian - Director Bharat Gada - Director

Seema Tagde - Director

Komal Deshmukh-Samant - Company Secretary

Geeta Gada - Relative of Director

Sharad Tagde - Relative of Director

Previous year's figures have been regrouped / rearranged wherever necessary, so as to make them comparable with those of the current year.

7. During the year the company was operational mainly in trading activity of contents .Hence Segment Reporting is not applicable.

8. Expenses in foreign currency: NIL (P.Y. NIL)

Earnings in foreign currency: NIL (P.Y. NIL)


Mar 31, 2014

1. Share Capital

(i) The company has only one class of shares referred to as equity shares having a par value of Rs. 10/- each and holder of equity shares is entitled to one vote per share.

2. Share Application Money Pending Allotment

The company shall be allotting shares against the share application money in the ensuing Annual General Meeting.

3. Deferred Tax Assets (net)

The net deferred tax asset is on carry forward losses, the company did not recognize the same because there is no virtual certainty that sufficient taxable income will be available.

4. Secured loan from bank is raised against security of the assets which are as follows

1) Property of Director Mr. Ratish Tagde located at Flat No. 72, Building No 6, A wing, Kalpataru Estate is mortgaged against CC limit of 1.69 Cr.

2) All Debtors are Hypothecated against CC Limit as collateral.

5. Capital Work in Progress

1) The valuation of the fixed assets has been taken, valued and certified by the managing director of the company

2) The company has received contents of Rs. 2,21,39,777 on account of merger with Gandhar Media Limited in FY 2012-13. The same was showed as closing stock in that year. During the current year some contents was selected to air on the new TV channel launched by the company. The management has identified such contents and they are capitalized in the books of accounts as on 31st March, 2014. The value of content capital capitalized amounts to Rs. 1,47,12,500.

3) The management has also selected some closing stock of contents shown in profit & loss account to be aired on its channel. The same is capitalized in the books of accounts as on 31st March, 2014. The value of such contents amounts to Rs. 16,00,000/-.

4) No Depreciation is charged on such assets as it is capitalized on the last day of the year.

6. Changes in inventories of finished goods, work-in progress and stock-in-trade

Note- During the year the company has selected the entire stock of contents for airing on its channel. On account of the same these stock are transferred to fixed assets on 31st March, 2014.

7. Related party Disclosure

1. Relationships

a. Enterprises in which Key Management Personnel have significant Influence:

Perfect Octave Private Limited Perfect Company Advice Private Limited Insync Music Education Pvt. Ltd Raga Cafe LLP Valay Foundation (NGO- Trust)

b. Key Management Personnel and their relatives:

Mr. Ratish Tagde - Managing director Mahesh Tagde - Director Vivek Salian - Director Bharat Gada - Director Komal Deshmukh-Samant - Company Secretary Geeta Gada - Relative of Director Seema Tagde - Relative of Director Sharadchandra Tagde - Relative of Director

8. Previous year''s figures have been regrouped/rearranged wherever necessary, so as to make them comparable with those of the current year.

9. During the year the company was operational mainly in trading activity of contents .Hence Segment Reporting is not applicable.

10. Expenses in foreign currency : NIL (P.Y. NIL)

Earnings in foreign currency : NIL (P.Y. NIL)


Mar 31, 2013

Note 1.1 Scheme of Amalgamation

The company during the previous year, pursuant to the scheme of Amalgamation and Arrangement ("the schemes”) under sections 391 to 394 of the Companies Act, 1956 approved by the Hon''ble High Court of respective Judicature, have recorded all necessary accounting effects, along with requisite disclosure in notes to accounts, in accordance with the provisions of the said scheme.

As per the scheme approved by the Honorable High Court for amalgamation of ''Gandhar Media Limited” (Transferor Company) with the "Perfect Octave Media Projects Limited” (Transferee Company) the same has been carried out as provisions mention in the court order. The assets are recorded as per audited balance sheet of Transferor Company as on 18/10/2012 being the effective date of amalgamation. As per the provisions mention in the court order the difference between the consideration and the value of net identified assets acquired is recognised as Goodwill.

Accordingly, on the effective date i.e. 18/10/2012, all assets & liabilities of the Transferor Company have been transferred to the Transferee Company at its Book value.


Mar 31, 2012

Company Overview :

Perfect-Octave Media Projects Limited, is engaged in broadcasting, managing events, producing concerts and promotes & manages performers and produces motion pictures and television programming.


Mar 31, 2011

1. Information under 4D of Para II, Para 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the Company.

2. In accordance with the Accounting Standard 22 on "Accounting for Taxes on Income",(AS 22) issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities are recognized for all timing differences in accordance with the said standard. Deferred Tax Asset and Provision for MAT Credit is not recognized as matter of prudence.

3. Directors Remuneration: Salaries Rs. NIL/- (P.Y. Rs. NIL)

4. Balance of Debtors, Creditors, Loan & Advances are subject to confirmation and/or reconciliation/consequential adjustments, if any.

5. The Company has issued equity shares amounting to Rs. 4,39,00,000 during the year.

6. The Company has given advance amounting to Rs. 4,27,00,000/- for purchase of copyright of old songs, T.V. channels.

7. Previous years figures have been re-grouped, re-classified and re-arranged, wherever considered necessary to conform to current years presentation.


Mar 31, 2010

1. Information under 4D of Para II, Para 3 and 4 of Part II of Schedule VI of the Companies Act, 1956 are not applicable to the company.

2. In accordance with the Accounting Standard 22 on "Accounting for Taxes on

Income",(AS 22) issued by The Institute of Chartered Accountants of India, Deferred assets and liabilities are recognized for all timing differences in accordance with the said standard. Deferred Tax Asset and Provision for MAT Credit is not recognized as matter of prudence.

3. Directors Remuneration: Salaries Rs. NIL/- (P.Y. Rs. NIL)

4. Balance of Debtors, Creditors, Loan & Advances are subject to confirmation and/or reconciliation/consequential adjustments, if any.

5. Related Party Disclosure

Key Management Personnel: Gopiram Jariwal - Chairman Anand J ariwal-Director

6. Previous years figures have been re-grouped, re-classified and re-arranged, wherever considered necessary to conform to current years presentation.

 
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