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Notes to Accounts of Shalimar Productions Ltd.

Mar 31, 2018

1. Related Party Transactions

Name of related parties in Transactions with company and description of relationship Key Managerial Personnel (KMP):

Mr. Pankaj Dave - Managing Director

Ms. Preeti Panchal* - Company Secretary

Ms. Neha Karkera* -Company Secretary

Mr. Chandrashekhar Sharma - Chief Financial Officer

*Ms. Neha Karkera was a Company Secretary and she resigned w.e.f. 13.12.2017 and Ms. Preeti Panchal was appointed as Company Secretary w.e.f.13.02.2018.

*Ms. Neha Karkera was a Company Secretary and she resigned w.e.f. 13.12.2017 and Ms. Preeti Panchal was appointed as Company Secretary w.e.f.13.02.2018.

2. In accordance with Accounting Standard Ind AS 108 ''Operating Segment'' the Company has only one reportable business segment and have only one reportable geographic segment in India.

3. Capital Risk Management:

The Company aim to manages its capital efficiently so as to safeguard its ability to continue as a going concern and to optimize returns to our shareholders.

The capital structure of the Company is based on management''s judgment of the appropriate balance of key elements in order to meet its strategic and day-to-day needs. We consider the amount of capital in proportion to risk and manage the capital structure in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may adjust the amount of dividends paid to shareholders, return capital to shareholders or issue new shares.

The Company''s policy is to maintain a stable and strong capital structure with a focus on total equity so as to maintain investor, creditors and market confidence and to sustain future development and growth of its business. The Company will take appropriate steps in order to maintain, or if necessary adjust, its capital structure.

4. Contingent Liabilities: Nil (Previous Year - Nil)

5. Financial risk management objectives and policies

The Company''s principal financial liabilities comprise trade and other payables. The main purpose of these financial liabilities is to finance the Company''s operations. The Company''s principal financial assets include loans, trade and other receivables, and cash and cash equivalents that derive directly from its operations.

The Company''s activities expose it to a variety of financial risks: market risk, credit risk and liquidity risk. The Company''s focus is to foresee the unpredictability of financial markets and seek to minimize potential adverse effects on its financial performance.

Market Risk

Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and other price risk, such as equity price risk and commodity risk.

Credit Risk

Credit risk is the risk that counterparty will not meet its obligations under a financial instrument or customer contract, leading to a financial loss. The Company is exposed to credit risk from its operating activities (primarily trade receivables and deposits to landlords) and from its financing activities. The Company generally doesn''t have collateral.

Trade Receivables and Security Deposits

Customer credit risk is managed by business through the Company''s established policy, procedures and control relating to customer credit risk management. Credit quality of each customer is assessed and credit limits are defined in accordance with this assessment. Outstanding customer receivables and security deposits are regularly monitored.

Liquidity Risk

The company''s principal source of liquidity is cash and cash equivalents and the cash flow that is generated from operations. The company has no outstanding bank borrowings. The company believes that the working capital is sufficient to meet its current requirements. Accordingly, no liquidity risk is perceived

6. First time adoption of Ind AS

These financial statements, for the year ended 31 March 2018, are the first the Company has prepared in accordance with Ind AS. For periods up to and including the year ended 31 March 2017, the Company prepared its financial statements in accordance with Indian GAAP.

Accordingly, the Company has prepared financial statements which comply with Ind AS applicable for periods ending on or after 31 March 2018, together with the comparative period data as at and for the year ended 31 March 2017, as described in the summary of significant accounting policies. In preparing these financial statements, the Company''s opening statement of financial position was prepared as at 1 April 2016, the Company''s date of transition to Ind AS. This note explains the principal adjustments made by the Company in restating its Indian GAAP financial statements, including the statement of financial position as at 1 April 2016 and the financial statements as at and for the year ended 31 March 2017.

Exemption Applied

Ind AS 101 allows first-time adopters certain mandatory and voluntary exemptions from the retrospective application of certain requirements under Ind AS. The Company has applied the exemption with respect to Property, Plant & Equipment.

As permitted by IND AS 101, the Company has elected to continue with the carrying values under previous GAAP for all the items of property, plant & equipment.

Estimates

The estimates at 1 April 2016 and at 31 March 2017 are consistent with those made for the same dates in accordance with Indian GAAP (after adjustments to reflect any differences in accounting policies) apart from impairment of financial assets based on expected credit loss model where application of Indian GAAP did not require estimation.

7. The following reconciliations provides a quantification of the effect of significant differences arising from the transition from previous GAAP to Ind AS as required under Ind AS 101:

a) Reconciliation of Balance Sheet as at April 1, 2016

b) Reconciliation of Balance Sheet as at March 31, 2017

c) Reconciliation of Statement of Profit and Loss for the year ended March 31, 2017 Reconciliation of Balance Sheet as at April 1, 2016

8. Certain Balances of parties under sundry debtors, creditors, loans and advances are subject to confirmations/ reconciliation.

9. There was no expenditure/ earning in Foreign Currency during the year.


Mar 31, 2016

1. The Company has regrouped/reclassified previous year''s figures to conform to current year''s classification/disclosures.


Mar 31, 2015

1 SHARE CAPITAL

1.1 Rights, Preferences & Restrictions attached to Equity Shares

The company has only one class of Equity Shares having a par value of Re. 1/- per share.

2. Corporate Information

Shalimar Productions Limited (the Company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange.


Mar 31, 2014

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

a. Particulars of Purchase, Turnover and Stock of Goods traded in –

b. Other additional information – NIL (Previous Year NIL)

c. Earning & Expenditure in Foreign Currency – NIL ( Previous Year NIL)

5. Previous Year''s Figure have been Regrouped and rearrange wherever found necessary. Signature to the Schedule 1 to 24 forming part of the Balance Sheet & Profit & Loss Account.


Mar 31, 2013

1. In the opinion of the Board the value of Current Assets'' Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances'' Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL.

4. Additional information Pursuant to the Provision of Paragraph 3'' 4C and 4D of part II of the Schedule VI of the Companies Act'' 1956.

A. Particulars of Purchase'' Turnover and Stock of Goods traded in –

B. Other additional information – NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency – NIL ( Previous Year NIL)

5. Previous Year’s Figure have been Regrouped and rearrange wherever found necessary. Signature to the Schedule 1 to 21 forming part of the Balance Sheet & Profit & Loss Account.


Mar 31, 2012

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet except in case of those show in doubtful. Loans & Advances, Sundry Debtors & Sundry creditors are subject to confirmation from the parties.

2. No Interest has been provided for the year on loans & advances made by the Company during the year in many cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide for Rs. NIL

4. Additional information Pursuant to the Provision of Paragraph 3, 4C and 4D of part II of the Schedule VI of the Companies Act, 1956.

A. Particulars of Purchase, Turnover and Stock of Goods traded in-

B. Other additional information - NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency - NIL ( Previous Year NIL)

5. Previous Year's Figure have been Regrouped and rearrange wherever found necessary.

Signature to the Schedule 1 to 19 forming part of the Balance Sheet & Profit & Loss Account.


Mar 31, 2011

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet, except in case of those shown as doubtful.

2. No Interest has been provided for the year on LOANS !& ADVANCES made by the Company in few cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide is for Rs. NIL.

4. Related Party Information and transaction with Related Parties None.

5. There are no Micro and Small enterprises to whom the company owes amounts which are outstanding for more than 45 says as at 31st March 2011. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined on the basis or and to the extent information available with the Company.

6. Additional information Pursuant to the Provision of Paragraph 3, $C and $D of part II of the Schedule VI of the Companies Act, 1956.

A. Other additional information - NIL (Previous Year NIL)

B. Earning &,Expenditure in Foreign Currency - NIL (Previous Year NIL).

7. Tax expenses comprise both current tax and deferred tax at the applicable enacted or substantively enacted rates. Current tax represents the amount of Income tax payable / recoverable in respect of taxable income / loss for the reporting period. Deferred tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and are capable of reversal in one or more subsequent periods.

8. Previous Year's Figure have been Regrouped and rearrange wherever found necessary.


Mar 31, 2010

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet, except in case of those shown as doubtful.

2. No Interest has been provided for the year on LOANS & ADVANCES made by the Company in few cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide is for Rs. NIL.

4. Related Party Information and transaction with Related Parties

The company has paid remuneration of Rs.3.00 lac during the year to the Directors of the Company except this no payment is made to any related party.

5. There are no Micro and Small enterprises to whom the company owes amounts which are outstanding for more than 45 says as at 31st March 2010. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined on the basis of and to the extent information available with the Company.

6. Additional information Pursuant to the Provision of Paragraph 3, $C and $D of part II of the Schedule VI of the Companies Act, 1956.

B. Other additional information – NIL (Previous Year NIL)

C. Earning & Expenditure in Foreign Currency – NIL (Previous Year NIL).

7. Tax expenses comprise both current tax and deferred tax at the applicable enacted or substantively enacted rates. Current tax represents the amount of Income tax payable / recoverable in respect of taxable income / loss for the reporting period. Deferred tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and are capable of reversal in one or more subsequent periods.

8. Previous Year's Figure have been Regrouped and rearrange wherever found necessary.

Signature to the Schedule 1 to 16 forming part of the Balance Sheet & Profit & Loss Account.


Mar 31, 2009

1. In the opinion of the Board the value of Current Assets, Loans & Advances have a value in ordinary course of business at least equal to that stated in the Balance Sheet, except in case of those shown as doubtful.

2. No Interest has been provided for the year on LOANS & ADVANCES made by the Company in few cases.

3. Estimated Amount of Contracts Remaining to be executed on Capital Accounts and not provide is for Rs. NIL.

4. Related Party Information and transaction with Related Parties

The company has paid remuneration of Rs. 3.20 lac during the year to the Directors of the Company except this no payment is made to any related party.

5. There are no Micro and Small enterprises to whom the company owes amounts which are outstanding for more than 45 says as at 31st March 2009. This information as required to be disclosed under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined on the basis of and to the extent information available with the Company.

6. Tax expenses comprise both current tax and deferred tax at the applicable enacted or substantively enacted rates. Current tax represents the amount of Income tax payable / recoverable in respect of taxable income / loss for the reporting period. Deferred tax represents the effect of timing difference between taxable income and accounting income for the reporting period that originate in one period and are capable of reversal in one or more subsequent periods.

7. Previous Years Figure have been Regrouped and rearrange wherever found necessary.

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