Notes to Accounts of Vashu Bhagnani Industries Ltd.

Mar 31, 2014

NOTE - 1 CORPORATE INFORMATION

Pooja Entertainment and Films Limited ("the Company" or "PEFL") is engaged in film production and other related activities.

NOTE - 2 CONTINGENT LIABILITIES

Particulars As at As at 31st March, 2014 31st March, 2013

Guarantee given by bank on - 500,000 behalf of the Company

NOTE - 3

In case of movie production contract, cost of production/expenses are charged to statement of profit & loss in proportion to the revenue recognised for the reporting period considering the total estimated cost/expenses of such contract. Final adjustments, if any are made at the time of completion of the movie. These estimates as made by the management, being of technical nature, have been relied upon by auditors.

NOTE - 4

The management of the company is of the opinion that the decline in the fair value, if any of its investments is temporary in nature and hence, has valued the investment on "cost" basis. No provision has been made for the difference between Cost and fair value of the Investments.

NOTE - 5 EMPLOYEE BENEFITS

The Company has not made any provisions towards gratuity and other retirement benefits as in the view of management ,no provision is required to be made.

NOTE - 6

In the opinion of Board, Current Assets, Loans & Advances unless stated otherwise ,are approximately of value which are stated in the Balance Sheet if realised in the ordinary course of business.

NOTE - 7 PREVIOUS YEAR''S FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2013

NOTE - 1 CORPORATE INFORMATION

Pooja Entertainment and Films Limited (‘the Company or ‘PEFL'') is engaged in film production and other related activities.

NOTE 2 - SEGMENT REPORTING

The Company is predominantly engaged in the business of film production, which constitute a single business segment and therefore, disclosure under Accounting Standard (AS-17) on "Segment Reporting” issued by the ICAI is not applicable.

NOTE 3 - DISCLOSURES REQUIRED UNDER SECTION 22 OF THE MICRO,SMALL AND MEDIUM ENTERPRISES DEVELOPMENT ACT 2006

Based on the information available with the company, there are no suppliers who are registered as micro, small or medium enterprises under "The Micro, Small and Medium Enterprises Development Act, 2006” as at March 31, 2013.

NOTE 4 - CONTINGENT LIABILITIES (Amount in Rs.)

As at As at Particulars 31st March 2013 31st March 2012

Guarantee given by bank on behalf of the Company 500,000.00

NOTE 5 - LEASES

Operating lease for office premise has been charged as rent to Statement of Profit and Loss account. Operating lease expenses of Rs. 108.00 lacs for premise used for film production activities have been included in the cost of production of films.

NOTE 6

The management of the company is of the opinion that the decline in the fair value, if any of its investments is temporary in nature and hence, has valued the investment on "cost” basis. No provision has been made for the difference between Cost and fair value of the Investments.

NOTE 7 - EMPLOYEE BENEFITS

The Company has not made any provisions towards gratuity and other retirement benefits as in view of the management, no provision is required to be made.

NOTE 8

In the opinion of Board, Current Assets, Loans & Advances are approximately of value which are stated in the Balance Sheet if realised in the ordinary course of business.

NOTE 9 - PREVIOUS YEAR''S FIGURES

Previous year''s figures have been regrouped / reclassified wherever necessary to correspond with the current year''s classification / disclosure.

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Mar 31, 2010

1) Managerial Remuneration:

Details of remuneration of Managing Director is as follows :

Particulars March 31,2010 March 31,2009

Directors Remuneration 211,290.00



2) Capital commitment Rs. NIL. (Previous Year Rs. NIL)

3) Earning in foreign currency Rs. NIL. (Previous Year Rs. NIL)

4) Expenditure in foreigncurrency Rs. NIL. (Previous Year Rs. NIL)

6) As the company is not manufacturing any items, the additional information pursuant to Part II-B of Schedule V of the Companies Act, 1956 has not been furnished.

7) The Provision of Providend Fund & Gratuity Act are not applicable to the company.

8) Remuneration to Auditors as Auditor Rs. 15000/- (Previous Year Rs. 15000/-)

9) In the opinion of Board, Current Assets, Loans & Advances are approximately of value which are stated in the Balance Sheet if realised in the ordinary course of business.

10) The figures of Sundry Debtors, Sundry Creditors and Loans a Advances are subject to confirmation and reconciliation, wherever required.

11) Miscellaneous Expenditures are written off over a period of five years.

12) As per information and explanations from the management there are no micro, small and medium enterprises as defined in Micro, Small and Medium Enterprise Deveploment Act, 2006 to whom company owes any dues.

13) RELATED PARTY DISCLOSURE :

Information on related party transactions as required by Accounting Standard - 18 for the year ended 31st March, 2010 are as follows:

A) List of Related Parties:

Key Management Personnel Designation

1) Mr. Vashudev Bhagnani Managing Director

2) Mrs. Puja Bhagnani Director

3) Ms. Deepshikha Bhagnani Director

Enterprises under the control of key management personnel and their relatives:

1) Puja Entertainment (India) Limited

2) Pooja Devcon Limited

3) Puja Motion Pictures Private Limited

4) Beta Properties Private Limited

5) Pooja Constructions

6) Pooja Leisure & Lifestyle

7) Golden Crest

8) Red Line

9) Rising Sun

10) Kamal Enterprises

11) Platinum

12) Superkey Associates

13) Extrimist

14) Dynamix

15) New Age Associates

16) Catalyst

17) Hexagon Associates

18) Eminence

14) Previous Years figures have been regrouped and reclassified wherever necesslry to confirm with current years classification.