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Notes to Accounts of Picturehouse Media Ltd.

Mar 31, 2015

1.1 The Company has entered into operating lease agreements for its office premises which can be cancelled at any point of time by giving necessary notice period. During the year, the Company also entered into a Hire purchase Agreement for purchase of Vehicles.

The lease rentals paid during the year and the future lease obligations including HP and EMI repayment for the agreement in vogue as at March 31, 2015 are as follows:

In respect of the defined contribution plans, an amount of Rs. 2,91,069/- (2014 : Rs. 1,86,661/-) has been recognized in the statement of profit and loss during the year.

1.2 On a conservative basis, the Company has, provided for the entire amount of investments and advances to its subsidiary company M/s PVP Cinema (P) Ltd and the management does not expect any further provision on these investments and advances.

1.3 Long Term and Short Term Secured Loans are borrowed for the purpose of advancing film production/film finance. Bank loans are secured by charge on the film production rights undertaken by the company and collateral security of land given by group companies. Borrowings from banks and others are secured by way of charge on some of the advance to film production/finance and also personally guaranteed by Mr.Prasad V Potluri, Managing Director.

1.4 Advance made for film finance are on the security of hypothecation of assets , mortgage of property, personal guarantee, assignment of rights, lien on film negative , undertaking to create security, etc.

1.5 Related party disclosures

List of related parties where control exists and related parties with whom transactions have taken place and relationships are as follows:

1.6 Expenditure in Foreign Exchange

During the year the Company has incurred expenditure in foreign exchange of Rs.22,61,633/- towards Film Production Expenses and Travel expenditure. (2014- Rs.69,90,298)

1.7 The Company has not received any intimation from Suppliers, regarding their status under the Micro, Small Enterprises Development Act, 2006 and hence required disclosures such as amounts unpaid as at the year-end together with interest paid/payable have not been given.

1.8 The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.

1.9 Contingent liabilities

Company has given a corporate guarantee of Rs.100.00 Cr for its subsidiary compay ie PVP Capital Limited as security for availing working capital limits from the Bank. The subsidiary company has outstanding loan with bank of Rs. 99.41 Crs as of 31st March 2015. (Rs.61.67 Crs as of 31st March 2014)

1.10 Corporate Social Responsibility(CSR)

As per section 135 of companies act 2013, the company should have spent Rs. 20.11 lakhs, towards CSR activities during the year 2014-15. Management have formed the Committee and formulated the policy, but could not effect payment before 31st March 2015 and the same will be expensed during the current financial year 2015-16.

1.11 The previous year's figures have been regrouped/rearranged wherever necessary to make it comparable with the current year figures.


Mar 31, 2014

1.1 Provision for Taxation and deferred tax

The provision for deferred tax asset/liability has been made in accordance with AS-22 on Accounting for

Taxes on Income.

Considering the principles of prudence, the above deferred tax asset has not been recognised as at 31.03.2014.

The provision for income tax has been made as per the Income Tax Act, 1961.

2.2 Employee benefits

The following table sets forth the status of the Gratuity Plan of the Company and the amounts recognized in the financial statements

Defined contribution plans

In respect of the Defined contribution plans, an amount of Rs. 1,86,661/- (2013: Rs. 1,46,003) has been recognized in the Statement of Profit and Loss during the year.

2.3 The Company has entered into operating lease agreements for its ofce premises which can be cancelled at any point of time by giving necessary notice period. During the year, the Company also entered into a hire purchase Agreement for purchase of Vehicles.

2.4 On a conservative basis, the Company has, provided for the entire amount of investments and advances to its subsidiary company M/s PVP Cinema (P) Ltd and the management does not expect any further provision on these investments and advances.

2.5 Long Term and Short Term Secured Loans are borrowed for the purpose of advancing flm production/ flm finance. Bank loans are secured by charge on the flm production undertaken by the company and collateral security of land given by group companies. Borrowings from others are secured by way of charge on some of the advance to flm production/finance and also personally guaranteed by Mr. Prasad V Potluri, Managing Director.

2.6 Advance made for flm finance are on the security of hypothecation of assets , mortgage of property, personal guarantee, assignment of rights, lien on flm negative , undertaking to create security, etc.

2.7 Expenditure in Foreign Exchange

During the year the Company has incurred expenditure in foreign exchange of Rs.6,990,298/- towards film Production Expenses and Travel expenditure. (2013- Rs.55,568,139)

2.8 The Company has not received any intimation from Suppliers, regarding their status under the Micro, Small Enterprises Development Act, 2006 and hence required disclosures such as amounts unpaid as at the year- end together with interest paid/payable have not been given.

2.9 The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.

2.10 Contingent liabilities :

1. Claims against the company not acknowledged as debts :- One of the Vendor of the company has fled a case in high court of Bombay for an amount of Rs.7.82 Crs and the same has been disputed for defciency of service and failure to adhere to time lines and a counter claim by the company has been fled for a sum of Rs.16.82 Crs. Pending hearing of the case , the court has ordered to deposit a sum of Rs.1 Cr to be deposited with the high court which was shown under other advances.

2. Company has given a corporate guarantee of Rs.100 Cr for its subsidiary compay ie PVP Capital Limited as security for availing working capital limits from the Bank. The subsidiary company has outstanding loan with bank of Rs. 61.67 Crs as of 31st March 2014.

2.11 The previous year''s figures have been regrouped/rearranged wherever necessary to make it comparable with the current year figures.

2.12 The Ministry of Corporate Affairs, Government of India, vide General Circular No. 2 and 3 dated february 08, 2011 and february 21, 2011 respectively has granted a general exemption from compliance with section 212 of the Companies Act, 1956, subject to fulfllment of conditions stipulated in the circular. The Company has satisfed the conditions stipulated in the circular and hence is entitled to the exemption. Necessary information relating to the subsidiaries has been included in the Consolidated financial Statements.


Mar 31, 2013

1.1 The Company has entered into two operating lease agreements for its office premises and one of these agreements are binding on the Company upto May 17, 2013. In case the Company cancels the agreement any time before the end of the contracted period, security deposit of Rs. 10,52,000 shall not be refunded to the Company. The Other Lease agreement is binding for 11 months upto February 05, 2013 renewable after every 11 months till 33 months period. During the year, the Company also entered into a Hire purchase Agreement for purchase of a Vehicle.

1.2 On a conservative basis, the Company has, provided for the entire amount of investments and advances to its subsidiary company M/s PVP Cinema (P) Ltd and the management does not expect any further provision on these investments and advances.

1.3 Long Term and Short Term Secured Loans are borrowed for the purpose of advancing film production/film finance. All these borrowings are secured by way of charge on some of the advance to film production/finance and also personally guaranteed by Mr. Prasad V Potluri, Managing Director.

1.4 The Company has advanced loans on the security of hypothecation of assets, mortgage of property, personal guarantee, assignment of rights, lien on film negative, undertaking to create security, etc relating to media finance activities.

1.5 Expenditure in Foreign Exchange

During the year the Company has incurred expenditure in foreign exchange of Rs.5,55,68,139/- towards Film Production Expenses. (2012- Rs.52,74,227).

1.6 The Company has not received any intimation from Suppliers, regarding their status under the Micro, Small Enterprises Development Act, 2006 and hence required disclosures such as amounts unpaid as at the year-end together with interest paid/payable have not been given.

1.7 The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.

1.8 The previous year''s figures have been regrouped/rearranged wherever necessary to make it comparable with the current year figures.


Mar 31, 2012

(A) Pursuant to the approval of the shareholders and the FIPB, the Company allotted 47,50,000 warrants of Rs. 10 each to Sparrow Asia Diversified Opportunities Fund (earlier known as Sparrow India Diversified Opportunities Fund I), a sub-accounj of an FN. Each of the warrants were convertible, within 12 months, into One (1) equity share of 110 per share each in terms of SEBIICDR Pricing guidelines. On February 25, 2012, the Company converted 2,59,97,722 Zero Percent Compulsorily Convertible Preference Shares and 1,07,56,490 Convertible Warrants and allotted 3,67,54,212 equity shares of Rs. 10/- each to the respective holders. Post such allotment, the Issued, subscribed and paid-up share capital of the Company increased to Rs. 52,25,00,000/- divided into 5,22,50,000 equity shares of Rs. 10 each fully paid up in cash.

1.1 Provision for Taxation and deferred tax

The provision for deferred tax asset/liability for the year ended March 31,2012 has been made in accordance with AS-22 on Accounting for Taxes on Income. The deferred tax liability on amount of depreciation is Rs. 1,12,614 (2011: Rs. 23,084/-) and the deferred tax liabilities on account of timing differences with regard to gratuity and leave encashment provisions is Rs. 8,43,275 (2011: Rs.12,1 3,772/-). On a conservative basis, the net deferred tax asset of Rs. 2,34,799 (2011:Rs. 11,90,688/-) has not been recognised as on March 31, 2012. .

The provision for income tax has been made as per the Income Tax Act, 1961.

1.2 Employee Benefits

The following table sets forth the status of the Gratuity Plan of the Company and the amounts recognized in the financial statements

Defined contribution plans

In respect of the defined contribution plans, an amount of Rs. 1,07,206 (2011: Rs. 1,48,761) has been recognized in the Statement of Profit and Loss during the year.

1.3 The Company has entered into two operating lease agreements for its office premises and one of these agreements are binding on the Company upto May 17,2013. In case the Company cancels the agreement any time before the end of the contracted period, security deposit of Rs. 10,52,000 shall not be refunded to the Company. The Other Lease agreement is binding for 11 months upto February 05,2013 renewable after every 11 months till 33 months period. During the year, the Company also entered into a Hire purchase Agreement for purchase of a Vehicle.

1.4 On a conservative basis, the Company has, in earlier years, provided for the entire amount of investments and advances to its subsidiary company and the management does not expect any further provision on these investments and advances.

1.5 Related party disclosures

List of related parties where control exists and related parties with whom transactions have taken place and relationships are as follows:

Names of related party Relation

PVP Cinema Private Limited (PCPL)_100% Subsidiary company

Mr. Prasad V Potluri Key Managerial Personnel

1.6 Expenditure in Foreign Exchange

During the year the Company has incurred expenditure in foreign exchange of Rs. 52,74,227/- towards Film Production Expenses. (2011 - Nil)

1.7 The Company has not received any intimation from Suppliers, regarding their status under the Micro, Small Enterprises Development Act, 2006 and hence required disclosures such as amounts unpaid as at the year- end together with interest paid/payable have not been given.

1.8 The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.

1.9 The financial statements for the year ended March 31,2012 have been prepared as per revised Schedule- VI of the Companies Act, 1956. Accordingly, the previous quarters/years figures have been regrouped/ rearranged wherever necessary to make it comparable with the current quarter/year.


Mar 31, 2010

1. Contingent Liabilities:

The estimated amount of contracts remaining to be executed on capital account as at March 31, 2010 is Rs. Nil (Previous year Rs. Nil)

2. Quantitative details:

The quantitative details as required under paragraphs 4(D) (III) of part II of schedule VI to the Companies Act, 1956 are not applicable

3. Imports (Value on CIF basis) [on payment basis] - NIL (Previous year - NIL)

4. Expenditure in Foreign Exchange:

During the year the Company has incurred an expenditure of Rs.75,064/- (Previous Year - Rs. 140,372)

5. Provision for taxation:

No tax provision is made for the period, as the Company does not have any taxable profit. The provisions of Section 115 JB of the Income Tax act, 1961 is not applicable for the current year, as the Company does not have any book profits as defined under that Section.

6. The Company has not received any intimation from Suppliers, regarding their status under Micro, Small Enterprises Development Act, 2006 and hence disclosure of any relating to amounts unpaid as at the period end together with interest paid/payable as required under the said Act have not been given.

7. Name of Telephoto International Pte Limited, Singapore, (TIPL) 100% subsidiary of the Company was struck off from the records of the Accounting and Corporate Regulatory Authority, Singapore, w.e.f. January 15, 2010 and hence TIPL ceased to be in existence effective from this date.

8. The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.

9. The Company does not have a Managing Director or whole time director as there are no operations in the company at present. However, once the future endeavours of the management starts bearing results, the Company would make suitable appointment(s).

 
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