Mar 31, 2016
1. 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. 2,61,748/- (2015: Rs. 2,91,069) has been recognized in the Statement of Profit and Loss during the year.
2. 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 previous year, the Company also entered into a Hire purchase Agreement for purchase of Vehicles.
3. On a conservative basis, the Company has, provided for the entire amount of investments and advances to its subsidiary company m/s PVP Cinemas (P) Ltd and the management does not expect any further provision on these investments and advances.
4. 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 promoters. Borrowings from banks and others are secured by way of charge on some of the advance to film production/ finance. All the loans are personally guaranteed by Mr.Prasad V Potluri, Managing Director and Mrs.Jhansi Sureddi wife of Managing Director.
5. 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.
6. EXPENDITURE IN FOREIGN EXCHANGE
During the year the Company has incurred expenditure in foreign exchange of Rs. 2,07,88,351/- towards Film Production Expenses and Travel expenditure. (2015-Rs.22,61,633)
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.
8. The Company has not entered into any Derivative transactions during the year. There are no outstanding foreign currency exposures.
9. Contingent liabilities :
a. Company has given a corporate guarantee of Rs.100.00 Cr for its subsidiary companies PVP Capital Limited as security for availing working capital limits from the Bank. The subsidiary company has outstanding loan with bank of Rs. 101.16 Crs as of 31st March 2016.( Rs.99.41 Crs as of 31st March 2015)
b. Company has issued a Bank guarantee of Rs.5.00 lakhs to ''The Public Relation Officer, Southern Railway for the Production related activities in Railways and the same is pending as of 31st March 2016.
As per section 135 of companies act 2013, the company should have spent Rs. 8.22 lakhs, towards CSR activities during the year 2015-16, but could not effect payment before 31st March 2016 and the same will be expensed during the current financial year 2016-17.
10. The previous year''s figures have been regrouped/rearranged wherever necessary to make it comparable with the current year figures.
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).